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Ichigo Acquires 7.08% Stake in PATLITE, Announces Support for New President and Business Vision, Will Vote for Proposed Directors at EGM

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[Tokyo, August 7, 2007] Ichigo Asset Management, Ltd. announced today that Ichigo Japan Fund A (“Ichigo”) has filed a Large Shareholder report in Japan for a 7.08% percent holding in PATLITE Corporation (Tokyo/Osaka 6825) (“PATLITE”). Ichigo also indicated that it will vote for the two board director candidates, Mr. Atsushi Fujii and Mr. Teruhisa Kousaka, at the upcoming PATLITE extraordinary general meeting (EGM) on September 14. PATLITE is a leading manufacturer of revolving lights and sirens for special-purpose vehicles and signal lights for factory automation use.

Ichigo strongly endorses the business vision laid out by PATLITE’s new president, Mr. Kazunori Ueda, in his initial written statement as president on June 29, 2007. As a shareholder, Ichigo agrees that PATLITE should refocus on its core capabilities as a great manufacturer, bring back a spirit of cooperation within the company, and stop non-core real estate investments and unsuccessful product sales that have wasted PATLITE’s hard-earned profits.

Scott Callon, Partner and Chief Executive Officer of Ichigo Asset Management, Ltd., comments: “Ichigo supports PATLITE as an extraordinary company with a sixty-year history of continuous product innovation and manufacturing excellence. Ichigo believes that PATLITE’s new management team and employees will successfully revitalize PATLITE’s historical spirit and core business strengths, and build value for all stakeholders, including employees, suppliers, customers, local communities, and shareholders.”

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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/