Corporate Factors

Asahi Life Capital Co., Ltd.

Globis Capital Partners Inc.

Hokkaido Venture Capital Inc.

* We invest in business models that has good potential to ignite the emergence of a new industry, and in that sense, we feel it is very important that the company sees iSigma as a value-added partner, thus enabling us to provide whatever support possible. Target Business Sectors * iSigma’s main target business sectors are as the following. - Information Technology - Life Science - New Energy, Environment * Such business sectors are the areas that we can effectively leverage on whatever experience and skills from our past investments and also are areas that we see synergy effects with Marubeni Corporation’s business activities. However, by no means our investments are limited to the above business sectors. We have invested into various business sectors in the past, and we are always open to investments in business sectors that cannot be categorized by the above three sectors. Investment Criteria * Entry barrier/Ease of imitation（Intellectual Property protection, etc.） * Scalability * Valuation * Capability and balance of the management team * Judgment of target Market（How comprehensively the “Real” customer is defined） * Marketing/Customer acquisition strategy Investment Stage * We participate in all stages, from seed, early, middle to pre-IPO. Top An unique approach from sourcing to evaluation Workflow Top Marubeni Venture Capital FundⅠ Established on November 2000 Fund Size 3.8 billion yen iSigma Tokyo Venture Fund Ⅰ Established on December 2004 Target Fund Size 3.0 billion yen

ITOCHU Finance Corporation

ITOCHU Technology Ventures, Inc.

ITX Capital Innovation Co.,Ltd

Iyogin Capital Co., Ltd.

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

Japan Private Equity Co., Ltd.

MILLENNIA VENTURE PARTNERS,CO., LTD.

Mitsui Ventures is a provider of early stage venture capital for various types of technology firms with a special expertise in helping to build their businesses globally. Mitsui Ventures Mitsui Venture is the venture investment arm of Mitsui & Co., Ltd. We are a global venture capital group, actively investing through two subsidiaries, MVC and MCVP. Mitsui & Co.'s Tradition of Developing and Launching New Ventures In its history, Mitsui & Co. has been developing on its own, or supporting launching by others of, numerous new businesses. The venture investment initiative of Mitsui Ventures follows Mitsui's tradition of developing and launching new ventures. True Hands-On Support With a view to leading ventures to success, we will contribute to the formulation and implementation of business strategy of portfolio companies, through board seat, by collaborating with them to accelerate the growth, and by providing other various support. Our target includes not only investing in existing venture companies, but also introduction of overseas business models to the domestic market, and "spin-out" of product or technology from large companies. Cross-border Perspective Provision of cross-border support: We will provide cross-border support to venture companies by the use of Mitsui & Co.'s worldwide network (e.g., giving assistance to foreign companies regarding their marketing in Japan, or to Japanese venture companies regarding their sales or alliance in foreign countries). To keep up with the world trend: Mitsui Venture's investment is decided and made based on the most updated global standard, taking advantage of its international investment experience. Further, we always carefully look at market trends in major countries to achieve a well-balanced global portfolio. Utilization of Most of our key fund manages have experience in engaging in actual business at a variety of business units of Mitsui & Co. or other companies. We form teams in charge of each core area (IT, bio-pharma and medical devices), and make investment based on the knowledge and expertise accumulated by each team. We make available to venture companies Mitsui's business resources such as international as well as domestic network, marketing ability, industry knowledge, business know-how and so on. Mitsui Ventures Investment Criteria Stage and Investment Amount Investing hundreds of million Yen (or millions of U.S. Dollars) or more (including follow-on) in early stage venture companies for which Mitsui's capability of helping business building and global business development would be of help. Industry Focusing mainly on IT industry (software, telecommunications, semiconductor, electronics, information service and so on) and Life Science industry (bio-pharma, medical device). Any other promising area could be targeted depending on the locality (such as restaurant chain and retail service business in Japan). Portfolio Balance Unlike many Japanese VCs (that are typically a Japanese bank's subsidiary), Mitsui Ventures does not pursue a strategy to invest a small amount of money into a number of venture companies. We would, however, be flexible regarding later stage venture companies, so long as our portfolio balance is maintained.

NEW BUSINESS INVESTMENT Co., LTD.

SANSEI CAPITAL INVESTMENT CO., LTD.

Strategic Investment Partners Inc.

投資分野 当社では、優れたテクノロジーやアイデアを基盤として、短期間に高い成長を遂げる可能性のあるベンチャー企業に投資させていただいております。こういったベンチャー企業は広義のIT分野において多く見受けられ、中でも一般的にエンタープライズ・ソフトウェアと呼ばれる事業領域に属するベンチャー企業が当社の投資先の中核を構成しております。 その他の分野としては、卓越したテクノロジーを有するハードウェア分野のベンチャー企業、IT技術を活用した斬新なビジネスモデルを有するサービス/コンテンツ分野のベンチャー企業等への投資活動も積極的に行っております。 PAGE TOP 投資ステージ 当社は、ハンズオン支援の効果が最も高い、設立期を含むアーリーステージのベンチャー企業を中心とした投資活動を行っております。将来的に高い成長を遂げる可能性があるベンチャー企業（もしくはすでに高い成長力を示しているベンチャー企業）であるならば、投資時点における売上および損益の状況、企業の規模などは投資のための絶対条件とはなりません。 PAGE TOP 様々なご支援 一般的に初回の投資は、3,000万円から5,000万円の規模で行わせていただきます。ベンチャー企業の成長に応じて段階的な投資を行なう場合、投資総額の限度は1億円前後となります。 PAGE TOP 様々なご支援 まず事業の概要が把握できる資料をお送りいただきます。その資料に基づき、事業自体の成長性、市場の有無、事業遂行の難易度などの観点より検討を行い、より詳細な検討へ進むかどうかを判断させていただきます。検討の次の段階においては、深いレベルでの事業モデルの理解、およびそのモデルを支える様々な要素（テクノロジー、顧客ニーズ、事業パートナー等）について精査をするのと同時に、経営者の方々の情熱や人柄といったところも拝見させていただきます。すでにお客様もしくは事業パートナーがいらっしゃる場合には、通常直接ご訪問させていただきます。詳細につきましてはこちらをご参照ください。 PAGE TOP 様々なご支援 平均的には検討に3ヶ月程度を要しております。長い場合は投資実行まで1年近く検討させていただいた場合もございます。 PAGE TOP 様々なご支援 資本政策の策定や事業パートナーの紹介、その他日常的な経営面でのご支援は、弊社担当者が可能な限り行います。その他、営業・マーケティング支援、システム開発、リクルーティング等のご支援は、当社のグループ会社を通じて有償にてご提供させていただいております。会計・経理、会社登記関連、法務関連の実務については、当社が日頃お付き合いしているベンチャー企業へのサービス経験豊富なプロフェッショナルの方々を随時ご紹介しております。詳細はこちらをご参照ください。 PAGE TOP 様々なご支援 詳細はこちらをご参照ください。

我が社は、独立系ベンチャーキャピタルとして、ベンチャービジネスの中心である米国との強いつながりと新しい技術に対する鋭い感性をもって、内外ベンチャー企業と我が国有力企業との懸け橋となり、日本の将来を担う新産業の創出を援けて社会に貢献いたします。 我が社の3つの特徴 1.独立系ベンチャーキャピタルである 創業者鮎川義介とゆかりの深い日産・日立グループとの絆を維持しつつ、あくまでも独立系ベンチャーキャピタルとして中立的立場を堅持しております。 2.ベンチャービジネスの中心である米国に太いパイプを持つベンチャーキャピタルである 米国で第一級のベンチャーキャピタルは少数であり、それらとの20年以上の親密な関係を維持する日本のベンチャーキャピタルは当社のみであると自負しております。 3.技術に明るいベンチャーキャピタルである 当社は、広い分野にわたり技術評価のできる技術スタッフを揃えており、技術移転や、技術移転に伴うマネージメントサービスまでを行っております。

TOA CAPITAL CORP.

Toyo Capital Co.,Ltd.

VASDAQ Japan.Ltd.

Angel Capital Co., Ltd.

Investment in IT and biotech-related businesses, where future growth is expected, account for approximately half of the total. With respect to other business sectors, we are attempting to maintain a good balance between our investments in each sector.

Bio-Sight Capital,Inc

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.”

Future Venture Capital Co., Ltd.