JAPAN - U.S. SYMPOSIUM

Since 1998, PIFS, under the leadership of Hal Scott and Robin Radin, has hosted the annual Symposium on Building the Financial System of the 21st Century: An Agenda for Japan and the United States. The Symposium offers invited participants the opportunity to exchange views on important issues and network with a wide range of leaders in their fields. Discussions at these sessions have also had real policy impact. PIFS and The International House of Japan will co-host the tenth annual Japan-U.S. Symposium in the fall of 2007 in at Harvard Law School in Cambridge, Massachusetts.

Each meeting brings together about 100 participants, half from Japan and half from the United States, composed of senior government officials, politicians and their advisers, financial firm leaders, lawyers and consultants, scholars, and a few media representatives. They gather for off the record discussions of matters affecting the function and stability of the global financial system. Three topics are discussed in detail, focusing on one or both countries, matters of regional concern in Asia, or of significance worldwide. For each topic, two distinguished panelists (one from Japan and one from the U.S.) each identify the major issues they recommend for discussion. The participants then split into small groups to discuss the topic, where most of the time is spent.

The names of past Symposia participants indicate the significance of the conference. On the government side, past attendees include Lawrence Summers (former Secretary, U.S. Treasury), Kenneth Dam (former Deputy Secretary, U.S. Treasury), Roger Ferguson (Vice Chairman of the Board of Governors, Federal Reserve System), R. Glenn Hubbard (former Chairman, Council of Economic Advisors), Timothy Geithner (President, Federal Reserve Bank of New York), Thomas Foley (former Ambassador), Hakuo Yanagisawa (former Minister, Financial Regulatory Agency), Haruhiko Kuroda (Vice Minister of Finance), Eisuke Sakakibara (former Vice Minister of Finance), and Masayuki Matsushima (Executive Director, Bank of Japan). Legislators have included William Roth (former Chairman, U.S. Senate Finance Committee), and Tsushima Yuji and Yasuhisa Shiozaki (Japanese House of Representatives). Leaders from financial firms have included Marshall Carter (former Chairman, State Street Corporation), Thierry Porté (Shinsei Bank), John Wadsworth (Morgan Stanley), Robert Fallon (formerly of JP Morgan Chase), Yoshiyuki Fujisawa (former Chairman, IBJ), Shin Nakahara (Senior Managing Director, The Bank of Tokyo-Mitsubishi Ltd.), and Takayasu Tanaka (Managing Director, The Dai-Ichi Kangyo Bank, Ltd.). Academics and experts have included Martin Feldstein, Barry Eichengreen, Hugh Patrick, Mitsuhiro Fukao, Masahiro Kawai and Toyoo Gyoten.

The participant list, agenda, summary of discussions, and list of sponsors appear in the annual Symposium Report. You can read or download the reports by clicking on the links below.

SYMPOSIUM ON BUILDING THE FINANCIAL SYSTEM OF THE 21st CENTURY:
AN AGENDA FOR JAPAN AND THE UNITED STATES

Date:   September 14-16, 2007
Place:   Harvard Law School, Cambridge MA

Three topics, relevant to both continents, will be discussed in detail:

     The Competitiveness of Capital Markets in Japan and the U.S.
     Financial Regulatory Enforcement Systems in Japan and the U.S.
     Retrospective Views on 10 Years of the Symposium and of Financial Reform in Japan and the U.S.

Keynote Speakers:
Clay Lowery, Assitant Secretary for International Affairs, United States Department of the Secretary

Naoyuki Shinohara, Vice Finance Minister for International Affairs

Lawrence Summers, Charles W. Eliot University Professor, Harvard University

Junichi Ujiie, Chairman, Nomura Holdings, Inc.

2007 Symposium:
Log in for privileged access to information

RSVP to Katie Bosley by email kbosley@law.harvard.edu or phone 1-617-496-5542.

2007 LEAD SPONSOR:

With $13 trillion in assets under custody and $1.9 trillion under management (as of June 30, 2007), State Street Corporation (NYSE: STT) is the world's leading specialist in providing institutional investors with investment servicing, investment management and investment research and trading. We combine an unwavering customer focus with in-depth experience and leading-edge technology to offer an unrivaled breadth of products and services to the global investment community.

State Street's customers are among the most sophisticated investors in the world: investment managers, pension plan sponsors, collective investment fund managers, banks, multinational corporations and non-profit organizations. As a specialist provider, we work closely with our customers to develop a thorough understanding of their needs. This consultative approach enables us to deliver a comprehensive array of customized solutions that help global investors achieve their business objectives, across all phases of the investment process.

2007 SPONSORS:

For more than 50 years, Aflac products have given policyholders the opportunity to direct cash where it is needed most when a life-interrupting medical event causes financial challenges. Aflac is the number one provider of guaranteed-renewable insurance in the United States and the number one insurance company in terms of individual insurance policies in force in Japan. Our insurance products provide protection to more than 40 million people worldwide. Aflac has been included in Fortune magazine's listing of America's Most Admired Companies for seven consecutive years and in Fortune magazine's list of the 100 Best Companies to Work For in America for nine consecutive years. Aflac has also been recognized three times by both Fortune magazine's listing of the Top 50 Employers for Minorities and Working Mother magazine's listing of the 100 Best Companies for Working Mothers. Aflac Incorporated is a Fortune 500 company listed on the New York Stock Exchange.

American International Group, Inc. (AIG), world leaders in insurance and financial services, is the leading international insurance organization with operations in more than 130 countries and jurisdictions. AIG companies serve commercial, institutional and individual customers through the most extensive worldwide property-casualty and life insurance networks of any insurer. In addition, AIG companies are leading providers of retirement services, financial services and asset management around the world.

AIG traces its roots in Japan to property-casualty operations that were established in 1946. Over the course of the past 60 years, AIG's businesses in Japan have grown substantially. Today, AIG Japan consists of more than 20 member companies including five major insurers; AIU Insurance, American Home Assurance, ALICO Japan, AIG Star Life and AIG Edison Life.

American Securities was founded in 1947 as the investment office of the William Rosenwald Family.

 As financial markets have changed and needs and interests of the Rosenwald Family have evolved, American Securities has responded by identifying smart people and partnering with them to create new businesses early in investment cycles.
 
Among the areas in which American Securities has recognized opportunities and built operating businesses, joint ventures or private investment vehicles are:

·        Computer Technology – 1983
·        Merger Arbitrage – 1986
·        Private Equity – 1991
·        Real Estate – 1991
·        Distressed Advisory and Investing – 2005
·        Japan – 2006

American Securities’ activities are created with like minded investors and private families, combining smart people, well executed investment ideas and absolute discretion.

Baker & McKenzie’s 3,200 qualified lawyers in 70 offices across 38 countries deliver the broad scope of quality corporate and commercial legal services required to respond to global and local business needs.  The Firm has a presence in all of the major financial centers around the world, including Tokyo.  Baker & McKenzie Tokyo is the largest integrated law firm in Japan.  Our attorneys in Tokyo have been assisting domestic and international companies in addressing the full spectrum of legal and business issues in Japan for over three decades.  Baker & McKenzie Tokyo has also been meeting the wide range of needs, challenges and opportunities faced by banks and financial institutions worldwide.  We regularly act for major Japanese, US and European banks.  Our Japanese Banking and Finance practice comprises thirty attorneys, four of whom were named leading individuals in the banking and finance practices by Asia Pacific Legal 500 in 2007.

Bank of America is one of the world's largest financial institutions, serving individual consumers, small and middle market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk-management products and services. The company provides unmatched convenience in the United States, serving more than 57 million consumer and small business relationships with more than 5,700 retail banking offices, more than 17,000 ATMs and award-winning online banking with more than 22 million active users. Bank of America is the No. 1 overall Small Business Administration (SBA) lender in the United States and the No. 1 SBA lender to minority-owned small businesses. The company serves clients in 175 countries and has relationships with 98 percent of the U.S. Fortune 500 companies and 80 percent of the Fortune Global 500. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.

The Bank of Tokyo-Mitsubishi UFJ, Ltd. (BTMU) was formed in January 2006 through the merger of The Bank of Tokyo-Mitsubishi, Ltd. and UFJ Bank Limited. BTMU offers an extensive scope of commercial and investment banking products and services to its domestic and overseas customers. It also provides trust banking, securities, credit card, consumer finance and many more fields of financial services in close cooperation with group companies. The bank has the largest overseas network of any Japanese bank, comprising office and subsidiaries, including Union Bank of California, in more than 40 countries.

Bayview Asset Management Co., Ltd. (BVAM) is a Tokyo-based asset management boutique focused on the active investment in Japanese and U.S. equities as well as currency.  The firm has advised Japanese investors on assets of approximately $2.5 billion in traditional and alternative investment strategies that include equity and currency hedges. Originally founded as a subsidiary of RS Investments in January 1998, BVAM, with a staff of 31 professionals, is today an employee-owned Japanese company that primarily serves institutional clients in the life insurance, property and casualty insurance, banking, and quasi-governmental sectors as well as corporate pension programs and university endowments.

One of the few fully-licensed independent boutiques in Japan
 - Securities Investment Trust Management Business License: Prime Minister’s Certification No.17
 - Discretionary Investment Management Business License: Financial Reconstruction Committee No.20
 - Investment Advisor Business License: Kanto Local Finance Bureau No. 774

Successful track records of managing Japanese equity products since July 2002
 - Bayview Fund: Fundamentals bottom-up Long/Short strategy <Hard Closed>
 - Active Plus Fund: Fundamentals bottom-up Long/Cash strategy
 - Tokyo Financial Collection Fund: Model-driven multi strategy <Hard Closed>

For further information, please visit our website at: http://www.bayview.co.jp/en/index.html

Bingham McCutchen Murase is a 1,000 lawyer U.S. firm with global capabilities, focused on serving clients in complex financial transactions, high-stakes litigation and a full range of corporate matters.  In addition, the firm has over 50 years of experience in Japanese cross-border matters and provides strategic legal, business and governmental advice crucial for business success.

Attorneys in our U.S., London, Hong Kong and Tokyo offices advise and represent major U.S. and European companies in Japan and Asia, as well as nearly 500 Japanese-affiliated companies.  The firm provides clients with the strategic insight  crucial for navigating the unique cultural framework of the region.  Our firm offers teams of professionals with broad experience in cross-border matters, including M&A, project finance, financial transactions, joint ventures, complex litigation, intellectual property, governmental relations and regulatory matters as well as major cross-border insolvency and corporate restructuring matters.

Our Tokyo office is expanding to over 50 Japanese lawyer (bengoshi) and U.S. lawyers with the addition of New Tokyo International law office, and focuses on large-scale, cross-border financial restructurings, corporate/M&A, finance, intellectual property, antitrust and litigation matters.

Caxton Associates, L.L.C

Citi, the leading global financial services company, partners with clients, corporations, governments and institutional investors in more than 100 countries and offers a broad range of financial products, advice and services, including consumer banking and finance, corporate and investment banking, securities brokerage, and wealth management. Citi is a component of the Dow Jones Sustainability Index and FTSE4Good Index, which acknowledge leadership in setting standards in sustainable growth and in demonstrating exceptional environmental, social and economic performance.  Additional information may be found at www.citigroup.com or www.citi.com.

Since Citibank opened its first Japanese branch in Yokohama in 1902, Citi companies in Japan have grown to become some of the country's most recognized financial services companies. As of June 2007, Citi and Nikko Cordial Corporation combined have more than 15,000 employees nationwide, in entities conducting its corporate, consumer and investment banking businesses as well as its credit cards, consumer fi83" height="37" border="0" alt="Cerberus">

The Daiwa Securities Group is a full line securities group of companies providing diversified financial services.  The Group is engaged in four core businesses: retail securities, wholesale securities, asset management, and investment.  Each of these core businesses and other businesses supporting them is led by independent companies in the Group.

Daiwa Securities Co. Ltd. handles the Group’s retail securities business. Serving mainly Japanese individuals and unlisted companies, it provides financial products and services via a domestic network of 117 branches (as of September 4, 2006), as well as online and the call center.

The Group’s wholesale securities business is mainly operated by Daiwa Securities SMBC Co. Ltd.(and its overseas subsidiaries)—a joint venture with Sumitomo Mitsui Financial Group. The company provides brokerage and investment banking services, including M&A advisory services, targeting domestic and overseas institutions.

The Group’s asset management business, which includes investment trust and pension fund management, is handled by Daiwa Asset Management Co. Ltd. and Daiwa SB Investments Ltd.
The investment business, a new core business for the Group, is led by Daiwa Securities SMBC Principal Investments Co. Ltd. as well as NIF SMBC Ventures Co., Ltd, the only publicly listed subsidiary.

Elliott Associates, L.P. and its sister fund, Elliott International, L.P. have more than $9 billion of capital under management. Founded in 1977, Elliott is one of the oldest funds of its kind under continuous management. The Elliott funds’ investors include large institutions, high-net-worth individuals and families, and employees of the firm.

Elliott and its sister companies have investment professionals in New York, London and Hong Kong. The firm has major investment interests around the world, and pursues a diversified investment and trading program, including distressed securities, a broad range of arbitrage activities, and direct investments in companies. Elliott’s culture emphasizes thoroughness, hard work, creativity, and tenacity. The firm seeks to generate a moderate return with a high degree of consistency, regardless of fluctuations in the stock and bond markets. From inception Elliott Associates, L.P. has generated for its investors a 14.6% net compound annual return, compared to 12.6% for the S&P 500 stock index. During the same period, the volatility of Elliott’s returns was only one-third that of the S&P 500 stock index and lower than that of investment-grade bonds.

Fidelity International Limited (FIL) was established nearly 40 years ago and operates in markets outside the Americas. The company and its subsidiaries currently manage more than $250b for major institutions and individual investors globally. Our US affiliate, Fidelity Management and Research (FMR), was founded in Boston in 1946 and is one of America's largest mutual fund companies. Fidelity opened its first overseas office in Tokyo in 1969 and operates throughout the world. In Asia Pacific, Fidelity has offices in Japan, Hong Kong, Taiwan, Australia, Korea, India (Delhi & Mumbai), Singapore, and China. Over 70 research professionals and fund managers based in these offices identify investment opportunities in this diverse and rapidly growing market. With access to over 600 total Fidelity investment professionals globally, FIL and FMR together covers 95% of the world's stockmarkets by capitalization, giving us a view of the world markets that few other investment managers are able to match.

GE is Imagination at Work -- a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. GE operates in Japan over 100 years and employs more than 8,000 people.

For more information, visit the company's Web site at http://www.ge.com/.

Genworth Financial, Inc. (NYSE: GNW) is a leading, U.S.-based insurance holding company, with growing international scope, serving the retirement income, longevity and lifestyle protection, investment and mortgage insurance needs of more than 15 million customers in 25 countries. The company has mortgage insurance operations in the U.S., Canada, Australia, New Zealand, Japan, Mexico and nine countries in Europe.

Genworth maintains leadership positions in key products that are expected to benefit from significant demographic, governmental and market trends globally. The company distributes its products and services through an extensive and diversified distribution network that includes financial intermediaries, independent producers and dedicated sales specialists around the world.

The company, has more than 7,000 employees worldwide, total assets of more than U.S. $110 billion, and generated revenues of more than U.S. $11 billion in 2006.

For more information, visit www.genworth.com.

Japan Securities Dealers Association (JSDA) is an entity functioning as both self-regulatory organization (SRO) and trade association in the Japanese securities market. Authorized as an SRO by the Prime Minister, its more than 500 members consist of securities companies and registered financial institutions (banks, insurance companies, etc. conducting securities business) in Japan.

JSDA’s main missions are: (1) to make and enforce self-regulatory rules to protect investors by ensuring fair and smooth trading in securities and other transactions by its members, and (2) to promote the implementation of policy measures to revitalize Japanese securities markets.

JPMorgan is the wholesale investment banking arm of JPMorgan Chase & Co. (NYSE: JPM) a leading global financial services firm with assets of $1.5 trillion and operations in more than 50 countries. The firm is a leader in investment banking, financial services for consumers, small business and commercial banking, financial transaction processing, asset management, and private equity. Under the JPMorgan and Chase brands, the firm serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients.

In Asia Pacific, JPMorgan has over 7,000 employees in 14 countries with an unparalleled client base and leadership across the full spectrum of financial services. The firm has a strong regional footprint with its Asia Pacific headquarters in Hong Kong and offices in Tokyo, Sydney, Beijing, Singapore and other major financial centers in the region.

In Japan, JPMorgan offers specialized services across a range of businesses from investment banking, corporate banking, treasury & securities services, foreign exchanged to asset management with a client base that includes public bodies, financial institutions and multinational corporations. Based on the fiOffices offers a full range of legal services in international and domestic business transactions. Practice areas are: International, Corporate, Commercial, Banking, Trust, Securities, Finance, Leases, Anti-Monopoly, Mergers and Acquisitions, Foreign Investments, Intellectual Property and Litigation. Based on the firm’s expertise and primary focus on international business transactions, the firm regularly assists overseas clients conducting business in Japan, as well as guiding Japanese clients with investments and businesses abroad.

Mr. Hiroyuki Kamano, the firm’s founding partner, and otl network of professional services firms. With nearly 94,000 people world wide, KPMG member firms provide audit, tax and advisory services from 714 cities in 148 countries.

Kamano Sogo Law Offices offers a full range of legal services in international and domestic business transactions.  Practice areas are: International, Corporate, Commercial, Banking, Trust, Securities, Finance, Leases, Anti-Monopoly, Mergers and Acquisitions, Foreign Investments, Intellectual Property and Litigation.  Based on the firm’s expertise and primary focus on international business transactions, the firm regularly assists overseas clients conducting business in Japan, as well as guiding Japanese clients with investments and businesses abroad.

Mr. Hiroyuki Kamano, the firm’s founding partner, and other members of the firm have various international experience which enables them to provide clients with a comprehensive legal representation from a global perspective.  All of the members of the firm are committed to providing clients with legal representation based on dedication, experience, continuing legal education and active involvement in legal and business developments.

KPMG AZSA & Co. is one of Japan’s leading audit corporation with approximately 3,700 people in major cities across the country. KPMG AZSA & Co. offers clients a variety of professional services tailored to the emerging needs of today's business environment, including audit, attestation and advisory services such as preparation for initial public offerings and financial advisory services.

KPMG AZSA & Co. is a Japanese member firm of KPMG International, a global network of professional firms that encompass nearly 113,000 people in member firms worldwide. KPMG member firms provides audit, tax, and advisory services in 148 countries.

Linklaters specialises in advising the world's leading companies, financial institutions and governments on their most challenging transactions and assignments. With offices in systems ensure you are supported by a firm that is thinking, planning and moving in one direction: your direction.

Additional information can be found at http://www.linklaters.com/.

Lone Star Funds

Mitsubishi Corporation (MC) is Japan's largest general trading company (sogo shosha) with over 200 bases of operations in approximately 80 countries worldwide. Together with its over 500 group companies, MC employs a multinational workforce of approximately 48,000 people. MC has long been engaged in business with customers around the world in virtually every industry, including energy, metals, machinery, chemicals, food and general merchandise.

MC seeks to contribute to the enrichment of society through business firmly rooted in principles of fairness and integrity. Although our activities encompass everything from trading to business investment, the essence of what we do at MC can best be described as focusing on the needs and seeds of customers and society, conceiving business models, and reliably providing functions and services to propel these businesses forward.

Through consistent and dedicated efforts, MC is committed to further strengthening the high level of trust earned from our customers over the years.

Mizuho Corporate Bank, Ltd.

Mizuho Corporate Bank provides optimal solutions to the increasingly diverse and sophisticated needs of clients in the areas of both finance and business strategies, focusing its efforts on serving major corporations (such as those listed on the first section of domestic stock exchanges), financial institutions and their group companies, public sector entities, and overseas corporations including subsidiaries of Japanese corporations.

More especially, it is revamping its organization to dramatically strengthen its ability to provide financial solutions through competitive services at the global level.

In addition to taking full advantage of the functions of the group companies of Mizuho such as Mizuho Bank, Mizuho Securities and Mizuho Trust & Banking, it is working in broadly-based cooperation with foreign investment banks and various types of investment funds as it purses a “deal after deal” marketing strategy that offers customers cutting-edge financial solutions on a continuous, multi-faceted basis.

Since its incorporation in October 2000, Mizuho Securities aims to establish Japan’s first full-fledged investment bank, while playing important role on the wholesale securities business of Mizuho Financial Group. As a leader in the investment banking industry in Japan, Mizuho Securities adheres to a management philosophy through which it consistently seeks to create and maximize value from a market perspective, serves as a sincere and fair partner to help provide the best financial outcome for clients, and contributes to the sustainable growth of global capital markets. This is the basis on which we are promoting our core businesses in investment banking business and secondary market business (trading of investment securities). Mizuho Securities provides specialized, cutting-edge financial products and services that are highly effective for domestic and global institutional investors, corporations, financial institutions and public entities.        

Mizuho Securities has already established a global business base through its subsidiaries, including Mizuho Securities USA (New York), Mizuho International plc (London), and Mizuho Securities Asia (Hong Kong). In December 2006, Mizuho Corporate Bank, Ltd., its parent company, obtained the status of a financial holding company (FHC) in the United States.  This enables Mizuho Securities to engage in a full range of securities businesses and promote its investment banking business on a broader basis in the United States. 

In Mach 2007, Mizuho Securities and Shinko Securities agreed to complete a merger in January 2008 to provide globally competitive, leading-edge and integrated financial services.

Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services. With a long-term commitment to the development of our businesses and financial markets worldwide, the Firm's employees serve clients worldwide including corporations, governments, institutions and individuals from more than 600 offices in 32 countries.

Our long-term, relationship oriented approach has led to more than 35 years of capital markets innovation and growth in Japan. From a two-person office in 1970, today the Firm has more than 1,600 people in Tokyo and is a leading provider of investment banking, sales & trading, research, securitization, real estate and investment management services.

Nagashima Ohno & Tsunematsu, established in 2000, is widely known as a leading law firm in Japan and a foremost provider of international and commercial legal services. We represent domestic and foreign companies and organizations involved in every major industry sector and legal service area in Japan.  We have successfully structured and negotiated many of Japan’s largest and most significant corporate and finance transactions, and have deep litigation strength spanning key commercial areas, including intellectual property and taxation. As of September 1, 2007, we have 268 lawyers (inclusive of 12 foreign-licensed lawyers) capable of providing our clients with practical solutions to meet their business needs.

For more information, please visit: http://www.noandt.com/

Nikko Asset Management Co., Ltd. has over 45 years of history and received the Lipper Award for Best Fund Group in Japan in 2005.  Since new management embarked on major corporate reform in 2003, the firm has gained world-class financial investors like Warburg Pincus and the Government of Singapore Investment Corporation (GIC), and a mostly new and highly motivated workforce.  Under its new leadership, Nikko AM has created a new culture and now offers customers a diverse range of asset classes, including traditional and alternative investments, while enjoying its fastest growth ever.

Nikko AM provides in-house funds, investing mainly in Japanese equities, fixed income, and REITs, as well as  China A-shares and Indian equities, and, through its sub-advisory platform, “World Series,” access to top-performing global asset managers.

Nikko AM has assets under management totaling ¥13.7 trillion ($111.7 billion) and employs over 550 people in Tokyo, New York, London and Singapore.**

For further information, please visit: http://www.nikkoam.com/english/

* “Nikko AM” stands for Nikko Asset Management Co., Ltd. and its overseas subsidiaries.
** Nikko AM’s assets under management as of June 30, 2006 (includes advised assets).

Nikko Cordial Corporation is a diversified financial service group for providing securities related services and meeting various financial needs such as capital funding and asset management.

The major group companies are described as below and are providing solutions with the customers.
Nikko Cordial Securities Inc.:                         Retail Securities and Whole Sales
                                                                      Relationship Managers Services
Nikko Citigroup Limited:                                Wholesale Investment Bank
Nikko Asset Management:                             Asset Management Business
Nikko Principle Investment Japan Limited      Merchant Banking Business

Nikko Cordial Corporation, on March 6, 2007, has announced comprehensive strategic alliance with Citigroup, which includes business and capital alliance, based on Nikko Cordial Group’s mid-to-long term business strategy.

Please see the additional information at www.nikko.jp/index_e.html.

The Nomura Group (the Group) is a global financial services group that provides financial services for individual, institutional, corporate and government clients.  Founded in Osaka, Japan in 1925, by Tokushichi Nomura, Group companies employ more than 16,000 people worldwide.

The Group offers financial and advisory solutions through its global headquarters in Tokyo, more than 150 branches in Japan, and an international network, doing business in 30 countries with regional headquarters in New York, London and Hong Kong. The Group in the U.S. offers investment banking and securities brokerage services through its broker-dealers, Nomura Securities International, Inc. and Instinet, Inc. and Harborview, which are members of SIPC.

The Group's business activities include investment consultation and brokerage services for retail investors in Japan and, on a global basis, brokerage and trading, underwriting, investment banking, merchant banking and asset management.

For additional information on the Nomura Group, please visit our web site at http://www.nomura.com/.

The Norinchukin Bank (the "Bank") was established in 1923 as a quasi-governmental financial institution. Privatized in 1959, the Bank is one of Japan's largest and most distinguished banks.

The Bank is the central bank for Japan's agricultural, forestry and fishery cooperative systems. Based on constant funds procurement from member cooperatives, the Bank carries out efficient and flexible asset management by investing in various financial products. This is carried out on a global scale. The profits from these activities are then continuously passed on to its members.

The Bank has branches in the world's major financial centers, including New York, London and Singapore. Coupled with its head office in Tokyo, this network enables 24-hour coverage of the global financial markets.

Prudential Financial companies, with approximately $648 billion in total assets under management as of June 30, 2007, serve individual and institutional customers worldwide. In Japan, Prudential Financial has two life insurance operations, The Prudential Life Insurance Company, Ltd (POJ) and The Gibraltar Life Insurance Company, Ltd (Gibraltar Life). POJ focuses on need-based selling services by Life Planners, who are insurance professionals. POJ has achieved 20 years of consecutive growth in policies in force. Gibraltar Life serves the broad middle-income market through Life Advisors. Gibraltar Life's strength is in its close long time relationships with associations such as Kyoko (Teachers' Association) and Shoko (Small Business Owner's Association).

Prudential Financial has several other operations in Japan with Prudential Investment Management (Japan), Limited and Pricoa Relocation Asia Pte. Ltd  being of significance. PIMJ manages fixed income assets and is responsible for strengthening the company's institutional asset management business while Pricoa Relocation Asia Pte. Ltd provides comprehensive mobility management and relation services.management and relocation services.

Ramius Capital Group, LLC is a privately owned investment management firm that pursues low-volatility absolute returns that are also “non-market-directional” in nature.  The Firm’s expertise lies in the allocation and management of a series of arbitrage and hedged strategies that seek to provide, depending on the Fund, net annualized returns of 5 – 10%* above the “risk-free” rate of 91-day U.S. Treasury Bills over a complete market cycle.  Returns have exhibited minimal correlation when compared to the historical return pattern of traditional asset classes such as equities and bonds.

Ramius Capital’s investment strategies have been designed to address the institutional and high net worth individual’s need to preserve and grow allocated capital on an absolute basis.  The Firm’s philosophy is one of long-term wealth enhancement rather than one that purports to achieve rapid wealth creation.

Portfolios are usually managed with minimal leverage, thereby making specific return targets more dependent on portfolio manager skills and the particular strategies selected.  Core investment strategies employed are often arbitrage-based and designed to capture market inefficiencies.  The historical returns of several of these strategies have been

Rating and Investment information,Inc.(R&I) is the most recognized credit rating agency in Japan and the broder Asian markets. R&I is a respected independent source of financial information among overwhelming majority of broker-dealers and institutional investors throughout Japan and U.S.

R&I provides a variety of credit rating services for publicly issued instruments, structured finance products, senior long-term financial obligations of incorporated schools and hospitals and creditworthiness of borrowers of syndicated loans.

R&I ing Bloomberg and Reuters.

On may 21, 2007, the Division of Market Regulation of US SEC provided R&I with written assurance that it will not recommend enforcement action to the SEC if R&I is considered by broker-beakers to be a “nationally recognized statistical rating organization (NRSRO) for the purpose of applying the relevant provisions of Exchange Act Rule 15c3-1.

Headquartered in New York and with offices in Boston and Washington, DC, Rockefeller & Co., Inc. is a leading global wealth management firm that provides comprehensive wealth and investment management services to a large and diverse client base of high net worth individuals, families, trusts, foundations and endowments. The firm has three wholly owned subsidiaries: The Rockefeller Trust Company, a New York limited " width=271 border=0 longDesc=NO&T_logo.gif>

Ernst & Young ShinNihon is the largest professional services firms of about 5,000 people in 35cities in Japan. As a member of Ernst & Young Global (EYG) of over 114,000 people in 140   countries, we are committed to delivering seamless, consistent, high-quality client service, world-wide.

The economic climate surrounding Japan and the world is changing rapidly. At Ernst & Young ShinNihon, amid the progress of corporate integration and restructuring as well as the increased transparency in corporate governance, we promise to the value “Quality in Everything We do” which is shared by all members of EYG and our aim is to continue to be an audit firm which could contribute to public and is trusted by public and our stakeholders.

Shinsei Bank (TSE: 8303)
Shinsei Bank is a Japanese financial institution providing a full range of financial products and services to both institutional and retail customers based on a three pillar strategic business model comprising Institutional Banking, Consumer and Commercial Finance and Retail Banking. The Bank has total assets of US$ 92 billion on a consolidated basis (as of March 2007) and a network of 30 Shinsei Bank branches in Japan. Shinsei Bank demands uncompromising levels of integrity and transparency in all its activities to earn the trust of customers, staff and shareholders. The Bank is committed to delivering long-term profit growth and increasing value for all its stakeholders by developing and delivering innovative products, services and solutions focused on its customers' needs in all three business pillars in order to position Shinsei as its customers' "bank of choice" .

For additional information on Shinsei Bank, please visit our web site at http://www.shinseibank.com/english/    

Established in 1866, Sidley is one of the world's largest law firms. With more than 1,500 lawyers practising in 13 offices on three continents the firm offers a comprehensive, multi-jurisdictional legal service.

In 2002, Sidley formed a joint enterprise with Nishikawa & Partners. Led by Tomoo Nishikawa, a prominent former government policy maker who was actively involved in Diet and central government matters, we offer clients the unique services of a highly-regarded Japanese team of 13 bengoshi supported by the breadth of experience and quality of a global firm. We have expertise in and focus on areas such as Lobbying/Regulatory Advice, International IP Litigation and HR for Foreign Companies. We also have unique expertise in Pharmaceutical and Insurance industries. In the financing areas we focus on Securitization, Structured Financing and Real Estate Financing.

Strong domestic business base, speed in implementing strategies, and sector-leading group companies are Sumitomo Mitsui Banking Corporation's strengths. We leverage these strengths to provide comprehensive financial services to our customers. Operating under the umbrella of Sumitomo Mitsui Financial Group, a holding company, SMBC and other member companies, such as Sumitomo Mutsui Card Company, Ltd., work as one to create new value for our customers.

We provide global services not just to our domestic customers but also to overseas Japanese and non-Japanese companies, sovereigns, and government agencies. Building on our strong business platform in Japan, we are proactively developing business in Europe, the Americas, and East Asia, tailoring our products and services to meet local needs.

We will continue to develop and provide leading-edge products and services that answer our customers' increasingly diversified and sophisticated needs, wherever they may be, in order to remain their bank of choice.

The Sumitomo Trust & Banking Co., Ltd. (Sumitomo Trust) is a trust bank established in 1925. We currently have approximately 5,600 employees working in 60 domestic branches and 8 overseas offices. Sumitomo Trust’s management model is an indispensable financial institution providing real estate related services, asset management and custody services based on commercial banking. This model guides the operations of Sumitomo Trust’s five business groups and divisions, and enables the company to actively carry out our unique strategies.

Over our 80-year history, Sumitomo Trust has been cultivating our "customer first" spirit. Based on this, we aim to help society and ourselves achieve sustainable growth. At the same time, we are striving to earn yet deeper trust from our customers and enhance our corporate value through the promotion of our original business model focusing on our commitment to being a top-quality trust bank group that puts the customer first.

Tokyo Stock Exchange, Inc. (TSE) is a leading global exchange and maintains the largest securities market in the Asia-Pacific region. TSE prides itself on its strengths as a leader and as a partner, and is committed to working together with other major exchanges around the world to shape the global financial market of the future. Over the years, TSE has greatly diversified its product range and its derivatives market is now home to both bond and equity-based products.

TSE makes the utmost effort to maintain abundant liquidity and a high level of integrity, and to provide market participants both domestic and global with attractive investment opportunities.

Established in 1998 in Tokyo with main focus on investing in Japanese mid-size companies, Unison has led efforts to develop the private equity market in Japan. Unison has raised \168 billion of capital from leading financial institutions, endowments, pension funds, governmental agencies, and family offices in Japan and other countries. Unison’s investments are aimed at creating value through a combination of operational improvement and financial structuring with hands-on management approach with its portfolio companies.

With independent decision making capability in Japan, Unison’s 17 investment professionals are supported by Management Advisors and Executive Council which are made up of distinguished business leaders in Japan to provide guidance on strategy and various investment initiatives.

Operating 35 offices in 23 countries, White & Case is distinguished by the depth and scope of our global legal services.  Wherever our clients do business, our entire global resources are available to help solve the most challenging business and legal issues promptly and efficiently.  We move quickly, effectively and with expert knowledge of global and local legal environments to mitigate problems, resolve complexities and close deals simultaneously across multiple borders.

Our Tokyo office has been a leading law firm in Japan for over 20 years. Our foreign and Japan-qualified lawyers work seamlessly together to deliver integrated foreign and Japanese legal and tax advice to domestic and international clients. White & Case has consistently been rated as a leading firm in Japan in Capital Markets, Banking, Corporate, Asset and Project Finance, Mergers and Acquisitions, Tax, Dispute Resolution, Regulatory and Intellectual Property. We have advised clients on some of the most innovative and challenging transactions in the Japanese market during the past twenty years. Robert Grondine and Chris Wells have been leading figures in the international legal and business community in Japan through their leadership in the American Chamber of Commerce in Japan, Bob as President and Chairman and Chris Wells as Co-Chairman of the Financial Cervices Committee, which has brought major positive changes to the Japanese financial system for the benefit of all players in the past decade. From September 3, 2007, they will also be joined by Arthur Mitchell upon his retirement as General Counsel to the ADB, bringing his well known breadth of experience in Japan and Asia to the White & Case team.

September 30-October 2, 2005     Gotemba, Japan
Discussion Topics:
Capitalism in Japan and the United States: The Purpose of Corporations and the Contestability of
   Corporate Control
Management and Regulation of Large Complex Financial Institutions
Reform of the Postal Savings and Insurance System in Japan and Fannie Mae and Freddie Mac in the U.S.
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Agenda
Participants
Sponsors

October 22-24, 2004     Portsmouth, New Hampshire
Discussion Topics:
The Future Competitiveness of Japan in International Capital Markets
The Future Competitiveness of the U.S. in International Capital Markets
The Significance of China for U.S. and Japanese Financial Markets
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Agenda
Participants
Sponsors

October 3-5, 2003     Gotemba, Japan
Discussion Topics:
Global Deflation, Interest Rates and Exchange Rates
Corporate Governance Standards and Capital Markets
Industrial Revitalization in Japan: Mechanisms and Obstacles
Report
Agenda
Participants
Sponsors

September 20-22, 2002     Warrenton, Virginia
Discussion Topics:
Accounting Reforms and Auditor Independence
Information Flow to Capital Markets
Regulatory Reform in Japan
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Agenda
Participants
Sponsors

December 7-9, 2001     Gotemba, Japan
Discussion Topics:
Financial Restructuring (Government, Banks, Debtors)
The Regulation of Capital Markets
Stock Exchange Competition
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Agenda
Participants
Sponsors

September 15-17, 2000     Bretton Woods, New Hampshire
Discussion Topics:
Interdependence of Japanese and U.S. Financial Markets
Financing the New Economy in Japan and the U.S.
The Role of Official Multilateral Organizations
Report
Agenda
Participants
Sponsors

June 25-27, 1999      Kyoto, Japan
Discussion Topics:
Changing Conditions in the Global Financial System
Financing Retirement in Aging Societies: Japan and the U.S.
Globalism, Regionalism, Localism: Coexistence, Conflict, Convergence
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Agenda
Participants
Sponsors

July 17-19, 1998     Chatham, Massachusetts
Discussion Topics:
Japan's Big Bang
The Asian Financial Crisis
International Financial Regulation
Report
Agenda
Participants
Sponsors