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Ichigo Announces Support for Tokyo Kohtetsu Takeover Defense Plan

[Tokyo, June 18, 2007] Ichigo Asset Management, Ltd. announced today that Ichigo Japan Fund A (“Ichigo”) will vote for the proposed takeover defense plan of Tokyo Kohtetsu Co., Ltd. (JASDAQ 5448) (“Tokyo Kohtetsu”) at its annual shareholder meeting on June 28.

Ichigo has very strict conditions for deciding whether or not to approve a takeover defense plan. Upon careful analysis of the details of Tokyo Kohtetsu’s takeover defense plan, Ichigo has concluded that the plan contains significant protections for all Tokyo Kohtetsu shareholders. These shareholder protections include:

1) Shareholder approval – the plan requires shareholder approval at the June 28 shareholder meeting. Ichigo believes that it is vitally important that takeover defenses be fully approved by shareholders and that the shareholder vote follow quickly to confirm board-level approval.

2) A one-year “sunset” provision – if approved, the plan will automatically expire within one year. Ichigo believes that takeover defenses should be reviewed and approved by shareholders on at least an annual basis to make sure the plan is up-to-date and to verify continuing shareholder support for the plan.

3) An independent oversight committee – the plan establishes an independent committee, which Ichigo has concluded is truly independent and fully qualified and which is empowered to hire external advisors on behalf of the shareholders in order to review a takeover proposal.

In addition to these fundamental structural protections for shareholders, in order to approve a takeover defense plan, Ichigo also requires that the company seeking approval has a proven record of excellent operating results that grow value for the shareholders. Tokyo Kohtetsu has an operating margin and return on equity (ROE) which is continually among the highest in the Japanese steel industry, clearly demonstrating the strength of its management team and employees.

Scott Callon, Partner and Chief Executive Officer of Ichigo Asset Management, Ltd., comments: “Ichigo supports Tokyo Kohtetsu as an outstanding steel company with a bright future. In light of Tokyo Kohtetsu’s strong operational performance and a takeover defense plan which meets Ichigo’s requirements of protection for all shareholders, Ichigo is pleased to vote for the plan.”

-Ends-

For further information, please contact:
Gavin Anderson & Company: Hayden/Hattori/Wada +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/