Please note that as a holding company, SPARX Group Co., Ltd., is not conducting the following businesses by itself, however, its subsidiaries are managing those businesses as follows:

Asset Management Business and Investment Advisory Business

SPARX Group invests through a number of innovative strategies on behalf of a wide cross-section of investors around the globe. Our clients include corporate pension annuities, government entities, private and trust banks and public pension funds.

SPARX Group's investment strategies are managed by various entities. Our Japanese equity related are managed by Tokyo-based SPARX Asset Management Co., Ltd. Pan-Asian fund-of-funds alternative products are managed by SPARX International (Hong Kong), Ltd. Asia ex-Japan alternatives (such as credit, short-enabled and macro-oriented strategies) are managed by PMA Investment Advisors, Limited in Hong Kong. Select Korean strategies are managed by Cosmo Investment Management Co., Ltd. of Seoul, Korea.

• SPARX Asset Management Co., Ltd. (SAM) is engaged in carrying out Japanese equity research operations and making investment decisions for the Group's Japan-focused strategies. With the formation of a holding company on October 1, 2006, SAM became the primary asset management vehicle within the group and the organizational successor to asset management operations dating back to the firm's founding.

  Contact	SPARX Asset Management Co., Ltd. Website: www.sparx.co.jp Tel. +81-3-5435-8200 Fax. +81-3-5435-8201

• SPARX International (Hong Kong), Ltd. manages the Group's pan-Asian fund-of-funds alternative products. It boasts what we believe to be one of the longest track records in the region, with products dating back to 1997.

  Contact	SPARX International (Hong Kong), Ltd. Tel. +852-3413-9000 Fax. +852-3413-9099

• PMA Investment Advisors, Limited (PMA) manages the Group's Asia ex-Japan funds and strategies from its head offices in Hong Kong. PMA was founded in 2002 as a multi-strategy platform and formally became part of the SPARX Group in June of 2006.

  Contact	PMA Investment Advisors, Limited Website: www.pmaia.com Tel. +852-3102-7500 Fax. +852-3105-9700

• Cosmo Investment Management Co., Ltd. manages select strategies focused exclusively on the South Korean equity market.

  Contact	Cosmo Investment Management Co., Ltd. Tel. +82-2-570-1600 Fax. +82-2-570-1690

Mutual Fund Business

We offer various mutual funds to financial institutions and individual investors directly or through brokerage houses, banks and other intermediaries in Japan, Europe and the United States.

Contact for Clients in Japan and Europe	SPARX Asset Management Co., Ltd. Website: www.sparx.co.jp Tel. +81-3-5435-8200 Fax. +81-3-5435-8201
U.S. Investors	Hennessy Funds Website: www.hennessyfunds.com Tel. +1-800-966-4354 Email: fundsinfo@hennessyfunds.com

Securities Business

SPARX Securities Co., Ltd. in Tokyo provides investors with advisory services.

Contact for Clients in Japan	SPARX Securities Co., Ltd. Website: www.sparxsec.co.jp Tel. +81-3-5435-8300 Fax. +81-3-5435-8299

SPARX's Investment Business

SPARX invests its proprietary capital in both our own investment funds and public and private companies.