1. November 2010 Hideaki Fujiyama Recent Trend of PE/VC investors in Japan

2. 1. Introduction of JAIC 2. Review on Current Economic Environment 3. “Equity Capitalism” and The Next 4. Two Sustainability 5. Challenge for PE/VC Investors Contents

3. JAIC at Present (At March 31, 2010)

6. Global Linkage Network JAIC has the largest number of domestic and overseas entities among the Japanese VCs. Japan Japan Asia Investment (China) Co., Ltd. Beijing Branch China (Beijing) Tokyo Osaka USA (Palo Alto) JAIC America, Inc. Korea (Seoul) JAIC Korea Co., Ltd. China (Shanghai) Japan Asia Investment (China) Co., Ltd. Vietnam (Ho Chi Minh City) JAIC Vietnam Representative Office Thailand (Bangkok) JAIC (Thailand) Co., Ltd. JAIC Asia Holdings Pte. Ltd. (HQ) JAIC Asia Capital Pte. Ltd. Singapore Indonesia (Jakarta) PT. JAIC Indonesia Taiwan (Taipei) JAIC International (Hong Kong) Co., Ltd. Taipei Branch Hong Kong JAIC International (Hong Kong) Co., Ltd. (HQ)

7. Fund Management

8. Investment by Country

9. Investment by Industry

10. Examples of Investment

11. JAIC-Backed IPOs 8 18 26 23 29 7 7 22 Investment multiple by Initial price 37 28 12 6months 23 （ Principal + Funds ） 6 (No. of IPOs) (Investment multiple) Note: IPOs include backdoor listings (1 in 2001/3, 5 in 2002/3,1 in 2003/3,1 in 2004/3, 2 in 2005/3, 6 in 2006/3,3 in 2007/3, 2 in 2008/3 1 in 2009/3(2Q)). Investment multiple is calculated on initial price basis. (consolidated basis)

15. Two Sustainability Environmental Sustainability and Corporate Sustainability

18. Corporate Network Govt.-Academia Network Financial Network Introduction of JAIC “E&E Project” Platform to support the growth of unlisted companies in Asia/America/Japan which drive for the global business in the area of ecology and energy. We aim to achieve the goal by financing as well as becoming a catalyst for cooperation among leading companies, research institutions, and unlisted companies. As a result, we aim to create ” Ｔｒｉｐｌｅ - Ｗｉｎ” relationship, not only by increasing our profits, but also offering the opportunity of growth to unlisted companies and that of “open innovation” and M&A to leading companies. Governments Hopeful “E&E”Venture Companies Global Market Singapore Indonesia America Vietnam JAIC Malaysia Korea （ Seoul ） Taiwan Thailand China Hong Kong Leading Companies Investee Companies Venture Companies Foreign Companies Research Institutions Universities Venture Capitals Banks Securities Companies Institutional Investors Partner Funds

19. Introduction of JAIC “E&E Project” Technology Pollution Treatment Water Waste Air Eco Products Energy Facility/ System Development Operation Operation Facility/ System Development Devices/Machinery Eco-friendly New Energy Solar Wind Biomass Marine Others Energy Saving ESCO/Fuel Cells Conservation/ Regeneration Green Project Service Value-added Service Finance Consultation CSR Report Emissions Trading Eco Funds Issei Takeei Co., Ltd. Clean Venture 21 Corp. Zephyr Co., Ltd. Hyper Drive Corp. Sun Care Fuels Corp. Aquafairy Corp. EpiPhotonics Corp. First Energy Service Co., Ltd. GreatPoint Energy, Inc. Recycle Tech Japan Refinverse Inc. Earth Clean Tohoku Solar Silicon Technology Corp Earth-Appraisal Co., Ltd. EMSI System-KK Intematix Nagaoka International Corp. Oasys Solution, Inc. MTI Water Holdings Pte Ltd. Midac Holdings e-reverse.com, Inc. G&R (Daerim Solar ）

22. Challenge for PE investors (1) (a) Modification of concept of growth If investors insist on rapid growth without paying attention to industry cycles and growth stages of companies, “Going Concern” is at risk. Sustainable growth and risk management should be keywords. Different growth targets must be considered in different industries - matured industry or growing industry; and different sizes of companies – large, medium or small companies. (b) Concept of Gain The IPO market may be no longer an ideal exit for PE/VC investors. We have to change our mindset of return concept to income gain and other gains .