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Ichigo Announces “Against” Votes Total Over 20% in First Week of Tokyo Kohtetsu Proxy Solicitation

[Tokyo, February 9, 2007] Ichigo Asset Management, Ltd. (“Ichigo”) announced today that it has received proxies worth greater than 10% of Tokyo Kohtetsu shares, including those from over 300 individual investors. The proxies are votes against a proposed mandatory share exchange of Tokyo Kohtetsu shares into shares of Osaka Steel Co., Ltd. (Tokyo, Osaka 5449) (“Osaka Steel”), and are in addition to Ichigo Japan Fund A’s (“Ichigo Fund”) approximately 10% of shares.

Thus, after the first week of Ichigo’s proxy solicitation, over 20% of shareholder votes are against the share exchange. At Tokyo Kohtetsu’s extraordinary shareholder meeting on February 22, approval of the share exchange requires a 2/3 majority, so shareholders will need 1/3 of votes cast to defeat the share exchange proposal.

Scott Callon, Partner and Chief Executive Officer of Ichigo, comments: “Ichigo sincerely thanks the many individual shareholders of Tokyo Kohtetsu who have responded to our proxy solicitation. Ichigo believes in the future of Tokyo Kohtetsu, and that the consolidation of the Japanese steel industry can occur while still protecting shareholders. We have just finished the first week and do not yet have the necessary 1/3 of votes. We humbly appeal to all shareholders to join together in this vote.”

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For further information, please contact:
Gavin Anderson & Company: Hayden/Hattori/Higashi +81-3-5404-0640

Notes to editors:

Ichigo is an independent asset manager specializing in Japanese equities. Ichigo believes good corporate governance lies at the heart of strong company performance, and is seeking a new model for Japanese corporate governance that includes active, committed, and responsible shareholders. Ichigo’s Singapore-based fund manager, Ichigo Asset Management International, Pte. Ltd., undertakes investments for a Cayman Islands-domiciled unit trust, Ichigo Japan Fund A, and its Japan-based investment advisor, Ichigo Asset Management, Ltd., provides investment advice.

For further information, please visit the website: http://www.ichigoasset.com/

Ichigo Fund A is the shareholder of record on Tokyo Kohtetsu’s shareholder registry and as the official proxy solicitor has delegated the proxy solicitation process to Ichigo.