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Ichigo Announces "Against" Votes Total Over 31% in Tokyo Kohtetsu Proxy Solicitation

[Tokyo, February 16, 2007] Ichigo Asset Management, Ltd. ("Ichigo") announced today that it has received proxies worth more than 14% of Tokyo Kohtetsu shares from over 400 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"). Ichigo has also received either proxies or commitments to vote against the share exchange from institutional investors with 7% of Tokyo Kohtetsu shares, in addition to Ichigo Japan Fund A's ("Ichigo Fund") approximately 10% of shares.

Thus, over 31% of shareholder votes are now 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.This proxy solicitation has reaffirmed our belief in the power of Japan's individual shareholders to make a positive difference. We have not yet reached the required 1/3 of votes to definitively defeat the current share exchange ratio, and we humbly appeal to all shareholders to join together in this vote. Ichigo continues to seek a dialogue with the managements of Tokyo Kohtetsu and Osaka Steel in order to support the business integration of the two companies at an appropriate price for Tokyo Kohtetsu's many shareholders."

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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.