Marubeni America Corporation

Investment

Foundation: Renamed from MAC Investment Business Group and created in January 2003, MAC Investment Business Unit (IBU) plans to conduct direct investment activities for companies generating positive cash flows in an "old-economy" manufacturing sector. This current investment focus shall be distinguished from the previous, which heavily focused on telecom and biotech.

Going Forward: IBU plans to continue locating and identifying sound investment opportunities, which will benefit both MAC via capital gain and Marubeni Tokyo through business alliance. In an effort to better facilitate the procurement process for such opportunities, IBU has to date made a number of investments in funds focused on new technologies in both emerging and old-economy industries and had them serve as deal flow sources. The typical amount invested ranged from $1.0 million to $4.0 million per fund. Among the IBU-invested funds include Boston Capital Venture, Boston Venture Limited Partners, Bear Stearns Health Innoventures, RockPort Capital, Caduceus Private Investment I & II, and Morgan Stanley Venture Partners III & IV.

Securing Backward: While ready to move forward with new investment objective, IBU will continue focusing on our current portfolio companies, whose business success will have a direct positive impact on MAC and Marubeni Tokyo. The IBU-invested portfolio companies are Corsolutions and our recent investment in PhotoSecure, which well reflects IBU's manufacturing-focused investment strategy.

Advisory Services: Internally within MAC, IBU continues undertaking the responsibility of providing financial advisory services to other MAC companies / subsidiaries, particularly in the areas of acquisition analysis and corporate valuation. The advisory service has long been an integral part of investment business of MAC, and IBU is more than willing to take part in the process of working together with MAC companies / subsidiaries to such effect.

Investment Proposal For Us?: Please take a moment to stop by www.macinvestco.com to find more about our private equity business and to see if we can work together!

The Bio & New Materials Department of IBU is actively pursuing various possibilities in emerging industry such as the healthcare and biotech industry. Current activities in this sector include private equity investment at various levels, partnerships, incubation services and joint ventures, university grant endowment, and marketing and distribution services among other commercial arrangements. Our general functionality encompasses all aspects of bi-directional business and technology transfer between US and Japan. We assist US companies' access to the Far East market as well as Japanese companies' access to the US market. Our goal is to become a top-pier investor and commercial partner in the market. To this end, we currently propel the Healthcare/Biotech operation. We take an approach to achieve a common goal in collaboration with Marubeni's four groups (See below). Many projects warrant interdependent functions among the four groups and collaborative projects are endorsed within our company to broaden the scope of our capability. IT-Bio Team, Chemicals Group in Tokyo HQ: IT-Bio Team operations focuses on the projects associated with innovative technologies in emerging industry as well. In particular, this unit operates in both investment and partnership capacity to assist pharmaceutical and biotech companies in its commercial expansion in Biotechnology and Biomedicine. All applicable fields of biotechnology are within our scope, and our involvement varies from pure investment to product distribution and business development services. Marubeni Chemix in Japan: Marubeni Chemix is a wholly owned subsidiary of Marubeni Corporation that specializes in providing pharmaceutical and biotech companies with drug intermediate compounds. Chemix has made a global presence as a "virtual contract manufacturer” and serve most major pharmaceutical companies across the globe as well. Chemix is propelled by experienced organic and inorganic chemists who implement novel techniques for synthesizing drug intermediates in a cost-effective fashion. The recent boom in the biotech industry has compelled Chemix to expand its business into biological solutions, reagents, and macromolecules market. In addition, Chemix provide a range of custom-made chemical production and services covering pre-IND through commercialization. Chemix also provide full support for IND filing, methods development, validation, quick technology transfer, clinical quantities quickly and full cGMP capabilities through its "virtual contract network". Berevno Corporation: Berevno Corp. was created in April, 2001 as Marubeni's information retrieval and analysis arm for biotech projects. The company is staffed by scientific advisors located in both US and Japan to perform due diligence on potential investment and commercial projects. Berevno complements its primary function by making MicroCap investments in early stage bioventures.