Corporate Factors

3V SourceOne ("3VS1") is a next generation venture capital partnership based in Singapore and Silicon Valley, with our office in Shanghai. We specialize in investments in fast-growth companies developing cutting-edge enabling technologies in the communications, IT and the life sciences sectors. 3VS1 was founded in 2000 by Michael Wu, Jeffrey Khoo and Kim Seng Tan. The three founding General Partners combine over 60 years of venture capital investment, entrepreneurial and operational experience in fast-growth technology companies. The partners formerly managed the U.S. and China portfolios of venture funds totaling US$125 million. They also led the organization of a technology fund anchored by reputable financial institutions in the US, Singapore and Taiwan.

Founded in 1997, AsiaTech is one of the most seasoned technology venture capital firms in Greater China. Our investment approach combines what makes Silicon Valley venture firms successful with the necessary know-how in building companies, teams and products in Greater China. Like our successful peers in Silicon Valley, AsiaTech assembled a team with deep operations background in select complementary technology sectors, designed a disciplined and focused strategy, and developed a team culture that engenders loyalty and integrity. AsiaTech has successfully crystallized a set of operating know-how. We have used this expertise to assist in transplanting technology products and business models from the US to Asia and in building sustainable value in Asia-based companies. Additionally AsiaTech has developed within Greater China the access and capability to assemble top performing teams, to develop product and services for local and global markets, and to nurture sustainable and scalable corporate cultures towards customers, investors and employees. AsiaTech has earned the reputation as a pioneer venture capital firm in Greater China with its unique approach towards building world-class portfolios. The Firm’s track record, team and knowledge base will be leveraged together with this reputation to capitalize on the burgeoning technology venture capital opportunity. AsiaTech is a strong believer in the correlation between high returns from investments and quality corporate culture in both our firm and portfolio companies based on meritocracy, participatory management and high standards of corporate governance.

AsiaVest Partners, TCW/YFY Ltd. is a leading venture capital firm investing in private companies in the Greater China Region, namely Taiwan, China, Hong Kong and the United States. Since its founding in 1995, the Firm has been nurturing companies with innovative technologies, competitive market positions, and strong management teams to develop high growth businesses. The Firm manages over US$890 million with strong presence throughout Asia and the U.S. Our investment focus is on the semiconductor, information technology, wireless, software, manufacturing and consumer related industries. We have investments in over 140 companies located in Taiwan, China, Hong Kong, Singapore, and the US -- a portfolio representing a valuable network of business relationships in the region. At AsiaVest Partners, we focus on companies that are strongly positioned to capitalize on the strengths and resources offered by the Greater China Region, and assist them in developing business and financing options. Our role with portfolio companies extends far beyond the provision of capital. Rather, we view our role as that of a service provider to portfolio companies. We work actively to assist them in securing critical business partners, developing new customer relationships, establishing distribution channels, formulating corporate strategy, and structuring financial transactions. Our value-added approach has helped to create many leading enterprises throughout the Greater China Region and the U.S.

Athena Technology Ventures makes investments in early stage companies in the global information technology industry. Athena's portfolio includes companies focusing on software, semiconductors, networking systems, and network-based services. The principals and support staff bring a broad array of technical, financial, and operational experience to making each investment decision, and supporting each portfolio company. Athena’s corporate partners are from Korea and are market leaders in semiconductor, consumer electronics, networking systems, and telecommunication services, both wireless and wireline. Athena leverages its contacts in Korea to help US portfolio companies enter Korean and other Asian markets; and Korean portfolio companies expand into US and global markets.

Chengwei Ventures seeks to create entrepreneurial returns on capital by investing in and helping build companies that have scalable business opportunities in the global Chinese economy. We are first and foremost in the business of backing capable entrepreneurs, and seek to add value to the creation and building of their businesses. We build substantial ownership interests in our portfolio companies by investing financial capital that is leveraged by our expertise and experience in entrepreneurial wealth creation. Chengwei Ventures is headquartered in Shanghai . Our firm is owned and controlled by its full-time partners. Our financial investors consist of the world's leading financial institutions. We are indigenous to the Chinese economy, yet our capital base and business perspectives are global. We manage an evergreen fund that is significant in size and permanent in duration. This allows us to make and hold long-term investments. Our investment strategy and approach evolve over time as our environment changes, yet with a few enduring characteristics. Broad Scope, Few Deals We are opportunistic investors. Our investment interests span widely and include various industries and stages. Our portfolio companies operate in communication software, enterprise software, branded consumer goods, niche manufacturing, IC design, healthcare, and media industries. Our investment sizes range from small start-up capital of below US$1 million to over $10 - 20 million in expansion capital. However, we tend to focus our capital and time on a very small number of investments. We take relatively large ownership positions and each of our partners spends a significant amount of time with each of our portfolio companies and plays an instrumental role in its development. Industrial Investors, Entrepreneurial Value-Creation We are industrial investors, not financial investors. Our financial terms are straight-forward and designed to align our interests with founders and managers. We avoid financial structures that put investors and managers on different sides of the table as environment and conditions change. We get deeply involved in the companies' strategic, and sometimes operational, developments. We are full partners with the founders and managers of our companies. Entrepreneur Centric, Management Focused We see our roles as key supporters of the entrepreneurs we back. Our financial capital is not a rent-seeking instrument, but a method of participating in the entrepreneurial wealth creation process. Our upside comes only as a part of the success of our entrepreneurs. We place significant weight in competent and capable management, which supports and balances entrepreneurial drive. Therefore we seek significant upside incentives for professional managers. Growth Driven, Franchise Oriented Rapid growth of the Chinese economy is also accompanied by a vast number of businesses that generate extraordinary top-line growth with little margin sustainability. We look for unique competitive barriers in our potential investment opportunities and help build them in our portfolio companies. While growth is essential, wealth creation can only come from achieving sustained superior returns on capital. Significant Ownership, Long-Term Wealth Creation We make very few investments and spend significant amount of time with each of our portfolio companies. So we require substantial ownership stakes in our portfolio companies. We do not engage in short-term financial engineering. We place our capital and time with the building of franchises that can generate and compound superior returns on capital over long duration. Local Operation, Global Leverage Our operation is locally rooted. All of Chengwei Ventures' partners work and live full-time in Shanghai . We accumulate deep knowledge of the environment in which we and our companies operate. We also leverage on a global network that gives us access to best practices and top-level human connections. We work closely with our lead investor and partner Sutter Hill Ventures – a leading venture capital firm in Silicon Valley . We have built and continue to expand a network of world-class executive talents.

China is one of the world's fastest-growing economies, providing unparalleled opportunities for both foreign and local companies. Nevertheless, numerous cultural, commercial and governmental issues separate investors from opportunities and entrepreneurs from capital. ChinaVest helps companies, including foreign multinationals, private equity funds, local firms and other investors, plot a course through this often difficult environment. We offer a unique mix of financial experience, cultural knowledge and innovation, providing our clients with the ability to get deals completed in China. Founded in China by Americans over a quarter century ago, ChinaVest is a leading merchant bank with offices in Shanghai, Beijing, Hong Kong and San Francisco. We have operated in China longer than almost any other firm, concurrently developing keen market intelligence and essential relationships with both the business community and with the government. In a country with a deeply embedded culture, we truly understand the nuances of doing business in China. Over the past twenty five years, we have been able to navigate through vast political changes, earning increasing respect and influence in this complex society. The trust and experience we have gained over the years puts us in a unique position to advise clients. ChinaVest operates in two main segments—as a financial intermediary, and as a principal investor. As a financial intermediary, ChinaVest assists foreign multinational companies, local Chinese firms, private equity funds and other investors, evaluate and execute cross-border transactions. Our expertise includes mergers and acquisitions, private placements, divestures, joint ventures, management buyouts, leveraged buyouts and corporate restructuring in both private and public companies. ChinaVest's on-the-ground research team complements the deal execution team, providing in-depth company, financial and industry analysis on Chinese companies. We also offer follow-on assistance and advice after the completion of the transaction. As a principal investor, ChinaVest's acquisition philosophy is based upon buying excellent businesses at reasonable prices. Our local Chinese team has experience, knowledge and relationships, giving ChinaVest an unparalleled ability to find excellent deals. ChinaVest takes both majority and minority equity stakes in Chinese firms and may also co-invest with hedge funds or private equity funds. Since 1981, ChinaVest has invested in more than 60 firms in Greater China.

Overview ChrysCapital manages $2.25 billion across five funds and aspires to build the leading investment firm focused on India. Our disciplined investment approach translates the growth in the Indian economy into superior returns for our investors. We have developed a strong track record with several successful realizations. Partnering with us At ChrysCapital, we believe that partnerships with excellent entrepreneurs in attractive sectors are the foundation of successful private equity investing. The integrity and execution capability of management are the two most important factors in our evaluation of an investment opportunity. Our aim is to be your: * Trustworthy financial partner * Stable long-term investor We are here to help you build a robust business and add sustainable value for the future. We want to be your partner in growth. Established Track Record Our fund is ranked in the top decile of global private equity funds of similar vintage. We have proven to our global investors that India is an extremely attractive investment destination. ChrysCapital has assisted in building several world-class companies: * Mphasis: Leading IT services/BPO firm * Spectramind: Startup to 15,000 employees in five years * Suzlon: Fifth-largest wind energy company in the world * Axis Bank: India's third largest private sector bank Consistent Investment Philosophy Our relentless focus at ChrysCapital is to generate superior investment returns for our investors. To accomplish this, we follow a few fundamental principles of value investing: * Invest in businesses that we understand * Take a contrarian approach * Disciplined risk aversion and diversification * Focus on long-term fundamentals

CrossBridge is a private equity fund managed by a group of highly experienced investment professionals at CrossBridge Ventures who have successfully teamed together in the past. The primary aim is to earn substantial capital gains by linking the explosive growth of Silicon Valley technology companies to the Asian markets. CrossBridge employs the same Investment Strategy that produced 50% net annualized returns over a ten-year period ending December 1999. Over one-half of the investments made by the Fund Managers resulted in an IPO because of the excellent deal flow generated from their co-investment partners ( leading U.S. venture capital firms ) and their network of contacts in Asia and the U.S. The Funds focus will be on early to late stage investments in U.S. companies and in their subsidiaries located in Asia. Targeted industries include communications, software, Internet (B2B,B2C, infrastructure), and semiconductors. The CrossBridgeAdvantage is a hands-on approach that offers portfolio companies both timely and strategic access to the world's second largest market. Management consists of former senior partners at Silicon Valley Bank, JAFCO, and Techno-Venture in Tokyo who have extensive experience in venture capital investing in the United States and Asia.

Based in Palo Alto, California, DoCoMo Capital, Inc. is a wholly owned U.S. subsidiary of NTT DoCoMo, Inc. (NYSE:DCM), the leading mobile communication company based in Japan. The Japanese mobile phone market is quite outstanding in its rigorous demands for new features while at the same time, highly intensive market competition continues to increase. For more than ten years NTT DoCoMo has been perceived as the leading mobile network operator in the competitive market by continuously offering new, disruptive technologies and services such as i-mode®, i-Appli®, FOMA® (3G), and integrated Felica® mobile handsets. Working closely with NTT DoCoMo's business and R&D divisions, DoCoMo Capital is in charge of NTT DoCoMo's early to middle stage venture investments in mobile communications related start-up companies predominantly in the United States. DoCoMo Capital is committed to investing in and strategically backing applicable start-up companies in their early to middle product stages of development. That is, DoCoMo Capital will focus on evolving and advancing cutting-edge new technologies provided by its portfolio of start-up companies to promote growth and ultimately introducing them into NTT DoCoMo's future services and products. We believe the unique experience, significant market share, and expertise in the Japanese mobile market will add extremely high value to our future portfolio of start-up companies. The company has officially started its operation as of July 1, 2005, and has a committed capital of USD 100 million for 10 years.

Entrepia Ventures manages VC funds that invest in expansion-stage, technology-based, private companies. After investing, we actively support business development initiatives of our portfolio companies in Japan and other Asian markets. Leveraging Entrepia’s relationships, many of our portfolio companies benefit from distribution arrangements, joint-ventures, partnerships and alliances with Japanese companies resulting in incremental revenues as well as additional financing sources. Entrepia’s distinctive approach to delivering value goes well beyond making introductions to prospective customers and partners. Based on the many years of hands-on experience of its team with distribution, manufacturing and service companies in Japan, we help leverage management’s time and assemble/manage the right set of resources in Asian markets – markets that are often high-growth and attractive yet difficult to efficiently access. Entrepia’s office in Tokyo plays a key role in our effort. On-the-ground presence of Entrepia’s well-connected and experienced staff enables portfolio companies to be positioned optimally, to work the system from the inside, to read and respond to changes rapidly and to avoid pitfalls, thereby maximizing the likelihood of success. Besides supporting Entrepia Ventures’ portfolio companies, Entrepia Japan also invests in Japanese start-ups and seeds businesses that can take advantage of Entrepia’s cross-border operations.”

Fortune Taiwan Established in November 1995 in Taipei, the capital of Taiwan, and is close to Hsinchu Science Park. This venture fund management company specializes in high-tech investments in Taiwan, USA, Hong Kong, and Mainland China. Fortune Taipei provides venture capital funding to promising businesses in their early, expansion, and mature phases. Fortune Taipei also participates in post-management of its investment companies by offering value-added services in diverse areas such as technology transfer, strategic alliance, financial planning, operations and manufacturing advice. Fortune USA Based in Silicon Valley, Fortune USA is the spearhead for FVIG's investments in USA. Fortune USA facilitates investments between Asia and the US by providing excellent contacts and resources in both regions. The connections would commence with it's funding to high potential seed stage high tech companies, and bring in additional funds from FVIG's global network to support the follow-on rounds' financing. In addition to providing a presence for FVIG investments in Silicon Valley and the US, Fortune USA also acts as a liason to assist US or Asia based companies in the acquisition of technology or entry into new global markets. Fortune Singapore Established in Singapore in April 1999 to engage in the exciting growth of technorpreneur development in Singapore. This also enlarged FVIG's scope of networking and business partners in Asia by including countries in the ASEAN region. It focuses in high-tech investments, specifically in software, information technology, and the Internet, areas which Singapore companies have strong domain knowledge and core competency. Fortune Singapore provides a valuable platform for investment companies to enter new markets in Greater China, USA, and ASEAN. Fortune Shanghai, China Based in Shanghai, Fortune China focuses on the local deals with huge market and explosive growth potential. Fortune China also focuses on the cross border deals which replicates the successful model from USA/Taiwan to China. The IT-enable and internet related deals with proven revenue model, and the high growth service industries and consumer industries that have demonstrated sound return to the investors. China is the most import engine for economic growth in the world. China Merchants & Fortune Assets Management Ltd. ("CMFAM") CMFAM is a venture fund management company jointly set up by China Merchants Technology Holdings, affiliated to the China Merchants Group (headquartered in Hong Kong), and Fortune Venture Investment Group (headquartered in Taiwan).CMFAM will make full use of the funds and HR advantages of the China Merchants Group and China Merchants Technology Holdings within China as well as the investment experience and Asia-Pacific/Silicon Valley networking of Fortune Venture Investment Group in an effort to bring the best returns for fund shareholders.

GIC is a global investment management company established in 1981 to manage Singapore's foreign reserves. With a network of eight offices in key financial capitals around the world, GIC invests internationally in equities, fixed income, foreign exchange, commodities, money markets, alternative investments, real estate and private equity. Since our inception, we have grown from managing a few billion dollars, to well above US$100 billion today. With a portfolio this size, we are now amongst the world's largest fund management companies. The group strives to achieve good long-term returns on assets under our management, to preserve and enhance Singapore's reserves.

In 1992, GLOBIS started with one marketing course in a small, rented classroom in Shibuya. Since then, we have continuously strived to realize our vision of building a business infrastructure of People, Capital and Knowledge to bring about creative change and innovation to society. In the area of “People,” we have turned out a large number of business leaders from the Graduate School of Management, Globis University (MBA program) as well as from the Globis Management School (non-degree). We also support corporate clients in enhancing their management capabilities through Globis Organizational Learning (GOL). In the area of “Capital,” Globis Capital Partners (GCP) offers comprehensive assistance in providing management resources as a value-creating venture capital that propels start-up businesses toward growth. And in the area of “Knowledge,” we disseminate management expertise by publishing the GLOBIS MBA Series and other management books as well as through an online management magazine, GLOBIS.JP. From our beginnings in a single apartment room and a rented classroom, GLOBIS has grown to encompass campuses in Tokyo, Osaka and Nagoya, and has become an institution that is certified to award an MBA degree. We also have an executive school for top managers as well as an international school offering MBA courses in English. Our venture capital business, which started with a 500 million yen, now manages funds totaling approximately 40 billion yen. Looking ahead, we remain committed to our goal of becoming the No.1 business school in Asia and the No.1 venture capital in Asia. With each new day, we will continue to bring creative change and innovation to society, in Asia and across the world, driven by the unique GLOBIS way and vision. See you at GLOBIS.

Granite Global Ventures (GGV) leads expansion-stage venture capital investments in the United States and Asia. Since its inception, GGV has focused on expanding global innovation through a dual focus on the U.S. and China. We are one of the first VC firms to fund start-ups in China and among the first to actively introduce U.S. companies to new markets in the region. GGV works closely with entrepreneurs – providing the experience, global perspective, and extensive networks of relationships that accelerate success. GGV at a Glance * $1B in expansion-stage venture capital * $33B market value of successful exits * Broad-based technology coverage * Integrated global investment * Range of $3M-$15M for initial investments * Offices in Silicon Valley, Shanghai, and Singapore * Founded in 2000

Background H&Q Asia Pacific (H&QAP) is a leading Asian private equity firm that has managed an aggregate of over $2.2 billion in committed capital through 20 funds since its inception in 1985. Originally founded by Dr. Ta-lin Hsu as a division of U.S. investment banking firm Hambrecht & Quist, H&QAP is currently an independent organization that conducts both later-stage control investments and earlier-stage venture capital investments. It focuses on growth sectors including technology, technology manufacturing, consumer brands and financial services. The firm's offices are located in the principal markets of Asia as well as in the Silicon Valley, providing it with a unique combination of local market presence and global perspective. H&QAP is dedicated to identifying superior commercial potential in Asia and working closely with companies to unlock that untapped potential. Throughout its rich history, H&QAP has developed an extensive network specifically geared towards helping its portfolio companies emerge into global business leaders. Experience Providing Growth Capital in Asia As one of the most established private equity platforms in Asia, H&QAP has 22 years of experience in financing and guiding growth in both young and mature companies throughout the Pacific Rim. The Asia Pacific region is one of the world's most dynamic and rapidly growing areas. The economic growth in Asia has generated an abundance of growth industries and entrepreneurial companies. H&QAP is well suited to provide investment management and financial advisory services to investors and companies in this dynamic region. As a leading Asian private equity firm, H&QAP capitalizes on the exciting investment possibilities presented by Asia. A Deep Market Understanding. An Extensive Asian Network H&QAP's current infrastructure of eight offices and local investment professionals located throughout Asia and the U.S. provides the firm with unparalleled knowledge of the economic and cultural dynamics that drive Asia's markets. The firm's Asian network of strategic, financial and government partners also serves as a valuable resource for its portfolio companies seeking to expand their businesses. H&QAP's professionals in Asia have considerable experience in the local markets. Most of the firm's professionals are Asian, fluent in Asian languages, and have "hands-on" experience in operations, finance, marketing and business development. They have encountered first-hand the complexities of running and expanding businesses in the region, bringing valuable advice to help clients achieve stable, profitable growth. H&QAP's professionals have also obtained successful public listings for companies in the region's vibrant equity markets. Through the establishment of long-term working relationships with its investee companies, H&QAP is in a position to assist them with their developing financial and business needs as they grow or as they seek new business opportunities through mergers and acquisitions or subsequent rounds of financings. The H&QAP worldwide network is a critical part of the success of H&Q Asia Pacific.

"Harbinger's mission is to be a value-added venture investor in the core technologies that will enhance the productivity and experience at the workplace or at home. Leveraging the MiTAC-SYNNEX Group's strong financial backing and web of networks, we strive to create synergy and forge strategic relationships among our investee companies and the Group's affiliated companies at every opportunity. Welcoming challenge, Harbinger will continue to be a forerunner in the technologies that will change the communications and computing networks of tomorrow while generating tangible results and real value for both its investees and investors." -T.C. Chou and C.K. Cheng, Co-Presidents of Harbinger Venture

The Hitachi Corporate Venture Capital Fund (Hitachi CVC Fund) effective July 1, is a 10 billion-yen investment fund to invest in promising technology startup companies. The mission of the Hitachi CVC Fund will be to explore new business frontiers and accelerate the creation of new business opportunities in line with the objectives of the "i.e. Hitachi Plan," the medium-term business plan announced last November. Specifically, the main aim of the Hitachi CVC Fund is to seek out globally and invest in high technology entrepreneurial ventures developing innovative technologies and concept in the progressive business fields, such as next-generation Internet technologies or biotechnology. Hitachi will build collaborative structures among the venture businesses and provide its own technology, sales networks and business resources to nurture and incubate these ventures. The fund is also preparing for spin-offs innovated within Hitachi itself. In addition, through such investment activities, Hitachi also expects to acquire knowledge of, and access to, new technologies and market trends, on a timely basis, which can be utilized in the Hitachi's own business strategies. The fund is managed by the CVC Office, which consists from experts of business planning and finance as well as members from R&D division, having profound knowledge on the technology in the investment area. Shigemichi Matsuka, Executive Vice President and Director, is the general manager of the office. In the U.S., Hitachi America*, Ltd., Hitachi's subsidiary company in North America, is setting up a new office, the U.S. CVC Center headed by Dr. Kenji Takeda, Senior Vice President and Chief Technology Officer of Hitachi America. Dr. Takeda will head a group responsible for analyzing the type of companies to fund, arranging investments and supporting venture company management in the North America marketplace. The establishment of the Hitachi CVC Fund will accelerate the opening up of new markets and the creation of new business opportunities of Hitachi, helping to achieve the goals of the "i.e. HITACHI Plan" and thereby providing more value to Hitachi's customers, shareholders and other stakeholders.

1.Sophisticated Experience and Tradition of Excellence Hotung Group was founded in 1987. In the past decade, with investors and employees working together, we have accumulated extensive industrial and business experience. Now we are one of the largest venture capital investment groups in Taiwan with the total assets under management exceeding NT$ 11 billion. We have more than 130 companies in our portfolio that went public. 2.Strong Management Team The professionalism and experience of the management team directly impact the results of venture capital firms. Hotung International’s team of professional managers is one of the strongest in the industry. Collectively, the key managements have over 200 years of experience in securities, private equity and venture capital business. Currently, all of Hotung International’s 20 managers hold master’s degrees or higher. Among them, we have 10 professionals which expertise covered in the field of chemical engineering, industry engineering, electric engineeriung, telecom engineering, information engineering and mechanical engineering etc. In addition, we have one certified public accountant, and 30 members with a financial or MBA background in our team. 3.Abundant Resources through Powerful Networking Our investment managers, over the past two decade have evaluated thousands of high-tech companies in Taiwan and overseas. Not only have we accumulated broad industrial knowledge, but also the abilities for keen judgment. Through the mutual interactions with these companies, we have established a powerful network within the high-tech industry. Over time, Hotung Group has invested in 460 high-tech companies in Taiwan and worldwide, more than 90 of which are in the US. These are all important resources for our future investments. 4. Early & Broad Globalization Aside from Taiwan, Hotung Group has branched out internationally, and has been aggressively building channels with partnership worldwide. Currently, we have strategic partners in the US, Japan, Korea, Germany, and China, in addition to our own affiliate offices in the Silicon Valley (US), and Shanghai (China).

ICCP VENTURE PARTNERS (IVP) is a global private direct investment management firm based in the Philippines, geared toward making equity and equity-related investments in emerging growth companies with sound business fundamentals and promising potential to achieve significant medium to long-term capital appreciation. Since 1998, IVP's investment portfolio has remained focused upon companies that have salable proprietary products and services, a defensible market position in an identifiable growing or stable market, a well-defined comparative advantage, and are managed by a team whose individual members posses track records of success in their respective fields and areas of specialization. IVP positions itself as a minority shareholder and an active member of the Board of Directors in its investee partners. IVP is prepared to take a supportive role in nurturing its investee partners by providing functional value-added services in such areas as financial advisory, executive search and recruitment, and business development linkages via the vast resources of the ICCP Group and its relationships. Since its founding, IVP has developed goodwill and a reputation for professionalism, transparency, and integrity in the global venture capital industry. As a result, it has established a small, but value-added meaningful presence in the private equity direct investment industry, while developing a global network of contacts and relationships with leading financial institutions and Tier-1 venture capital firms. IVP’s principals provide significant added-value with their combined relevant industry and operating experiences. In addition to their track record and professional experience in finance, business development, and industry, IVP’s principals are also experienced investors in their own right, thus, they understand the risks, nuances, joys, and sufferings of investing their own risk capital. IVP's professional staff are themselves equipped with solid investing experience, having successfully raised investment funds and completed transactions in a wide range of industry sectors including high-technology, value-added business services, retail merchandising, and electronics manufacturing.

We created iGlobe Partners to fundamentally change the way venture capital works - a fund that operates on a global basis, with a team of partners in North America, Europe and Asia working together to help young companies become global market leaders. Our global scope provides an exceptional edge. We evaluate investment opportunities on international "best of breed" criteria. And we facilitate the worldwide expansion of portfolio companies through our substantial knowledge of the major world regions in which we operate and our far-reaching network of investors, industry experts and other advisors. Our strategy is to invest in technology-driven companies that are led by passionate management and have globally scaleable business models. We focus on the information technology arena, with particular interest in the telecommunications, storage, multimedia, semiconductor and enterprise markets. Our team has extensive experience in every aspect of investing and company building, drawing on our backgrounds in technology start-ups, Fortune 500 companies, investment firms, banks and government agencies. Our expertise covers an array of disciplines including operating management, international business, engineering, marketing, law and venture investing. iGlobe Partners - building superior global market value.

IGNITE Group

In July of 2003, JAFCO re-established its U.S. venture capital operations with the formation of JAFCO Ventures and the closing of JAFCO Technology Partners I, a $100 million venture capital fund. With a new team of highly experienced venture capital investors, the fund's charter is to invest in U.S. based early expansion-stage technology companies sponsored by top-tier venture capital firms. The goal is to invest in venture opportunities of true "breakout" potential where JAFCO Ventures can meaningfully add value with capital, the experience of seasoned venture capital investors, and the deployment of its Asia business development team.

During fiscal 2006, ended March 31, 2006, JAIC celebrated its 25th anniversary by posting its highest ever net income. Highlights of Fiscal 2006 Operating Performance PresidentFor the JAIC Group, fiscal 2006 was a very significant year. As well as celebrating the 25th anniversary of our founding, the fruits of our long efforts were bolstered by favorable conditions in the stock markets, setting the stage for our highest ever net income result. Over the past several years, we have steadily reinforced our profit structure through the successful implementation of a range of strategies. These include raising the quality of our core venture capital investment portfolio and increasing our profit opportunities by building up such non-venture capital operations as private equity investment. Reviewing the macroeconomic environment during fiscal 2006, JAIC enjoyed a generally strong operating climate. This was borne out by a substantial rebound in the benchmark Nikkei 225 stock average, which surpassed 17,000, while most other Asian stock markets achieved similarly robust recoveries. These conditions also led to a steady number of IPOs in the emerging-company markets. Against this background, the JAIC Group was able to post solid operating results, which we believe will provide a launching pad for the Group’s next stage of growth. In fiscal 2006, we were able to provide clear indications of enhanced profitability in our core venture capital investment operations, both in Japan and overseas. These included higher capital gains realized from the sale of operational investment securities and a large increase in contingency fees from our fund management operations owing to improved fund performance. We also steadily expanded our portfolio in the broader private equity investment sphere and built up our profit capabilities in this area. These operations comprise such specialist fields as buyout investments, restructuring finance and secondary investments. Although the macro-environment contains a number of potential sources of concern, we are committed to maintaining robust operating results in the years ahead. PresidentI wish to take this opportunity to express the gratitude felt by everyone at the JAIC Group for the continuing support we have received from our shareholders and other stakeholders over the past year. We look forward to your ongoing cooperation in our endeavors. June 2006 Toyoji Tatsuoka Toyoji Tatsuoka President and CEO

k1's mission is as follows: * To maximize returns for shareholders by investing in a wide range of investments across diverse industry sectors, with a constant view towards risk management. * To be a world-class investment company. * To proactively look for new investment opportunities to expand our existing platforms as well as look for investments in new markets.

We seek companies that will benefit from the strategic advantage of our investment, beyond mere capital. We invest in companies that have a sustainable competitive advantage in addressing a large market. Our overarching goal throughout the life of our investment is to remain unfailingly open-minded and utterly honest. Our unique insight and access to the Asian market, with our offices in Seoul, Beijing, Shanghai, Tokyo, Singapore and Palo Alto, affords us an unparalleled position to stay ahead of worldwide market dynamics in our core areas. We also enable our portfolio companies to get connected to the leading Asian companies in each vertical.