Taiyo Fund,


Fund Investment Objectives

The Taiyo Fund's investment objective is to achieve capital appreciation by investing, on an opportunistic basis, in securities issued by any public Japanese company which has a market capitalization or equity valuation greater than approximately JPY65 billion and less than approximately JPY220 billion at the time of the Taiyo Fund's initial investment in such company. The Fund opened to investment on June 30, 2003. Beginning on January 1, 2008, the Taiyo Fund ceased to be denominated in USD and was denominated instead in JPY. The Taiyo Fund therefore discontinued such hedging. The returns presented for the Taiyo Fund are in USD from inception through December 31, 2007 and thereafter in Japanese Yen ("JPY"). Please note: Net returns presented herein are gross returns after accounting for the effect of management fees, incentive allocations and other Fund expenses. For purposes of calculating net returns, the management fees and incentive allocation applicable to the Investor is assumed to have been at the highest rate (i.e., 2% per annum for management fees and 20% for incentive allocations) applicable to new investors in the applicable Fund, in each case, as applied in accordance with such Fund's limited partnership agreement. The impact of Fund expenses, other than management fees, on net returns was calculated in a manner consistent with that presented in each Fund's financial statements prepared in accordance with US GAAP.