<SEC-DOCUMENT>0000905148-16-002019.txt : 20161102
<SEC-HEADER>0000905148-16-002019.hdr.sgml : 20161102
<ACCEPTANCE-DATETIME>20161102170831
ACCESSION NUMBER:		0000905148-16-002019
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20160831
FILED AS OF DATE:		20161102
DATE AS OF CHANGE:		20161102
EFFECTIVENESS DATE:		20161102

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			JAPAN SMALLER CAPITALIZATION FUND INC
		CENTRAL INDEX KEY:			0000859796
		IRS NUMBER:				133553469
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0228

	FILING VALUES:
		FORM TYPE:		N-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05992
		FILM NUMBER:		161968914

	BUSINESS ADDRESS:	
		STREET 1:		WORLDWIDE PLAZA
		STREET 2:		309 WEST 49TH STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		8008330018

	MAIL ADDRESS:	
		STREET 1:		WORLDWIDE PLAZA
		STREET 2:		309 WEST 49TH STREET
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	JAPAN OTC EQUITY FUND INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: normal; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Worldwide Plaza<br>
 309 West 49th Street&#160;</div>

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 309 West 49th Street </div>

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<td style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 19.14%">Date of fiscal year end:&#160;&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 47.91%">February 28, 2017</td>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 19.14%">Date of reporting period:&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 47.91%">August 31, 2016</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">JAPAN SMALLER CAPITALIZATION FUND, INC.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right; LINE-HEIGHT: 1.25">October&#160;24, 2016</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">To Our Shareholders:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt">We present the Semi-Annual Report of Japan Smaller Capitalization Fund, Inc. (the &#8220;Fund&#8221;) for the six months ended August&#160;31, 2016.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt">The net asset value per share (&#8220;NAV&#8221;) of the Fund increased by 10.2% and the closing market price of the Fund (on the New York Stock Exchange) increased by 12.4% for the six months ended August&#160;31, 2016.&#160; The closing market price of the Fund on August&#160;31, 2016 was $10.09, representing a discount of 12.8% to the NAV of $11.57.&#160; The net assets of the Fund totaled $327,838,526 on August&#160;31, 2016.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt">The Russell/Nomura Small Cap<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">TM</sup> Index, the Fund&#8217;s benchmark (&#8220;Benchmark&#8221;), increased by 12.6% in United States (&#8220;U.S.&#8221;) dollar terms for the six months ended August&#160;31, 2016.&#160; During the six months ended August&#160;31, 2016, the Fund underperformed the Benchmark by 2.4% on a NAV basis.&#160; The Tokyo Price Index (the &#8220;TOPIX&#8221;), a capitalization-weighted index of all companies listed on the First Section of the Tokyo Stock Exchange (the &#8220;TSE&#8221;), increased by 11.9% and the Nikkei Stock Average Index (&#8220;Nikkei&#8221;), a price-weighted index of the 225 leading stocks on the TSE, increased by 15.1% in U.S.&#160;dollar terms during the six months ended August&#160;31, 2016.&#160; The Japanese yen (&#8220;Yen&#8221;) appreciated by 8.5% against the U.S.&#160;dollar during the six months ended August&#160;31, 2016.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt">For the quarter ended August&#160;31, 2016, the Benchmark increased by 0.5%, the TOPIX increased by 3.3%, and the Nikkei increased by 5.0% in U.S.&#160;dollar terms.&#160; The NAV of the Fund increased by 1.8% and outperformed the Benchmark by 1.3%.&#160; The Fund&#8217;s share price increased by 3.0% during the quarter.&#160; The Yen appreciated by 6.7% against the U.S.&#160;dollar during the quarter.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Investment Strategy</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt">The Fund invests in undervalued stocks that offer fundamental strength and potential for improvement.&#160; The Fund performs extensive fundamental research to identify stocks that can create shareholder value.&#160; The Fund focuses on companies that are leaders in certain niche markets, companies with large or expanding market shares, stocks with superior shareholder distribution policies, and stocks that offer good growth prospects.&#160; In the Japanese small cap equity market, valuation anomalies do exist and can be exploited through active management.&#160; There are a number of factors that the Fund considers when selling an investment, including a stock which appears fully valued, unexpected deterioration in earnings or a substantial loss that impairs the company&#8217;s net assets, and a stock&#8217;s diminishing potential given declining competitiveness due to a change of business environment or failure of business strategy.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Performance</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt">In terms of sector allocation strategy, overweight positions in the Iron and Steel, Metal Products, and Chemical sectors produced positive contributions, although sector returns were eroded by overweight positions in the Wholesale </div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Trade and Transportation and Warehousing sectors and an underweight position in the Nonferrous Metal sector.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt">Relative performance was positively impacted by SIIX Corporation in the Wholesale Trade sector, Start Today Co., Ltd. in the Retail Trade sector, and Hogy Medical Co., Ltd. in the Textiles and Apparel sector.&#160; Conversely, relative performance was negatively impacted by Toenec Corporation in the Construction sector, Nishikawa Rubber Co., Ltd. in the Other Products sector, and Ricoh Leasing Company, Ltd. in the Financing Business sector.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Market Review</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt">The Benchmark increased by 3.1% and outperformed the TOPIX index, which increased by 2.4% in local currency terms, for the six months ended August&#160;31, 2016.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt">The TOPIX peaked in late April 2016 and entered a steep downturn that accelerated following the United Kingdom (&#8220;U.K.&#8221;) Brexit referendum in June 2016.&#160; The market rebounded in mid-July 2016 before entering a period of range-bound trading during the late summer.&#160; Even given this volatile environment, the Japanese equity market posted a positive return during the six months ended August&#160;31, 2016.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt">After the sell-off in global equities markets that began in December 2015, Japanese equities recovered somewhat in March 2016.&#160; Investor sentiment improved as crude oil prices bottomed in the middle of February 2016 and other global equity markets started to rebound.&#160; However, it was short-lived as Japanese equities fell in reaction to the weak Bank of Japan (&#8220;BOJ&#8221;) Tankan survey, lower U.S.&#160;long-term interest rates, and a stronger Yen in April 2016.&#160; Although there was some relief when the Japanese equity market rallied along with a pause in the Yen&#8217;s strengthening trend, the market declined further at the end of April 2016 when, contrary to expectations of further monetary easing, no additional policy measures were announced by the BOJ.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt">Japanese equities rose in May 2016, following the weakening of the Yen in response to comments by U.S.&#160;Federal Reserve Chairwoman Janet Yellen, which fueled speculation about a summer interest rate hike in the U.S.&#160; At the same time, Prime Minister Abe delayed Japan&#8217;s planned sales tax hike.&#160; This delay strengthened the outlook for the Japanese consumer thereby improving the visibility for Japan&#8217;s economy.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt">The outcome of the U.K. Brexit referendum to exit the European Union surprised financial markets and triggered a global equity market sell-off at the end of June 2016.&#160; While the direct impact of the U.K. Brexit referendum vote on the Japanese economy appears limited, the rapid equity market sell-off resulting from the exchange rate volatility is expected to have a negative impact on the profitability of exporters.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt">The ruling coalition parties&#8217; victory in Japan&#8217;s upper house election fueled expectations for large-scale economic stimulus measures resulting in a market rebound that was further reinforced when concerns about a slowdown in the U.S.&#160;economy were eased by stronger than expected employment data.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt">From the end of July through August 2016, the equity market was trading in a thin volume range, which typically indicates a lack of investor confidence.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Outlook and Future Strategy</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt">Cyclical sectors have recently been handily outperforming defensive sectors.&#160; The earnings results from Japanese exporters exceeded expectations for the first quarter of 2016.&#160; Combined with improving economic indicators from the U.S.&#160;and emerging countries, investors have favored cyclical stocks.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt">The pace of recovery in corporate earnings and currency market volatility are key elements to assessing and determining the Japanese equity market trends.&#160; The Fund monitors the BOJ&#8217;s comprehensive review of its monetary policy and any change to the U.S.&#160;federal funds rate.&#160; The Fund currently believes an increase in the U.S.&#160;federal funds rate is likely this year but the Federal Reserves&#8217; ability to raise rates will be limited given the U.S.&#160;presidential election in November and the difficulties facing many emerging countries.&#160; The BOJ&#8217;s ability to ease monetary policy further is also limited.&#160; As a result, there may be further upward pressure on the Yen if central banks have announcements that fall short of market expectations.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt">The Fund believes that as long as the moderate recovery in the global economy is sustained, it will support the market preference for Japanese cyclical stocks over non-cyclicals.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt">The Fund believes the Japanese equity market will remain volatile in the near term because sentiment can shift rapidly due to unstable macroeconomic conditions which will be evidenced in currency movements, particularly at turning points in Japanese or U.S.&#160;monetary policy.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt">The Fund appreciates your continuing support.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Sincerely,</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Yutaka Itabashi</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">DISCLOSURES</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Sources:&#160; Nomura Asset Management U.S.A. Inc. and Bloomberg L.P.&#160; Past performance is not indicative of future results.&#160; There is a risk of loss.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">The NAV price is adjusted for reinvestment of income dividends, ordinary income distributions, and capital gain distributions.&#160; The New York Stock Exchange&#8217;s closing market price is adjusted for reinvestment of income dividends, ordinary income distributions, and capital gain distributions.&#160; The Fund&#8217;s performance does not reflect sales commissions.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">This material contains the current opinions of the Fund&#8217;s manager, which are subject to change without notice.&#160; This material should not be considered investment advice.&#160; Statements concerning financial market trends are based on current market conditions, which will fluctuate.&#160; There is no guarantee that these investment strategies will work under all market conditions, and each investor should evaluate their ability to invest for the long term.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Comparisons between changes in the Fund&#8217;s net asset value or market price per share and changes in the Fund&#8217;s Benchmark should be considered in light of the Fund&#8217;s investment policy and objective, the characteristics and quality of the Fund&#8217;s investments, the size of the Fund, and variations in the Yen/U.S. Dollar exchange rate.&#160; This report is for informational purposes only.&#160; Investment products offered are not FDIC insured, may lose value, and are not bank guaranteed.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Indices are unmanaged.&#160; An index cannot be directly invested into.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Certain information discussed in this report may constitute forward-looking statements within the meaning of the U.S.&#160;federal securities laws.&#160; The Fund believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions and can give no assurance that the Fund&#8217;s expectations will be achieved.&#160; Forward-looking information is subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">The Russell/Nomura Small Cap<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">TM</sup> Index represents approximately 15% of the total market capitalization of the Russell/Nomura Total Market<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">TM</sup> Index.&#160; It measures the performance of the smallest Japanese equity securities in the Russell/Nomura Total Market<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">TM</sup> Index.&#160; As of August&#160;31, 2016, there are 1,047 securities in the Russell/Nomura Small Cap<sup style="vertical-align: text-top; line-height: 1; font-size: smaller">TM</sup> Index.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt">Shareholders whose accounts are held in their own name may contact the Fund&#8217;s registrar, Computershare Trust Company, N.A., at (800)&#160;426-5523 for information concerning their accounts.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">PROXY VOTING</div>

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<div style="LINE-HEIGHT: 1.25">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt">A description of the policies and procedures that the Fund uses to vote proxies relating to portfolio securities is available (1)&#160;without charge, upon request, by calling toll-free 1&#8209;800&#8209;833-0018; and (2)&#160;on the website of the Securities and Exchange Commission (&#8220;SEC&#8221;) at <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>http://www.sec.gov</u></font>.&#160; Information about how the Fund voted proxies relating to securities held in the Fund&#8217;s portfolio during the most recent 12-month period ended June&#160;30 is available (1)&#160;without charge, upon request, by calling toll-free 1&#8209;800&#8209;833-0018; and (2)&#160;on the SEC&#8217;s website at <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>http://www.sec.gov</u></font>.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt">Additional information about the Fund&#8217;s Board of Directors is available (1)&#160;without charge upon request by calling toll-free 1&#8209;800&#8209;833-0018; and (2)&#160;on the website of the SEC at <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>http://www.sec.gov</u></font> in the Fund&#8217;s most recent proxy statement filing.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">AVAILABILITY OF QUARTERLY SCHEDULE OF INVESTMENTS</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt">The Fund files a schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q.&#160; The Fund&#8217;s Forms N-Q are available on the SEC&#8217;s web site at <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>http://www.sec.gov</u></font>.&#160; The Fund&#8217;s Forms N-Q may also be reviewed and copied at the SEC&#8217;s Public Reference Room in Washington, D.C.&#160; Information on the operation of the Public Reference Room may be obtained by calling 1&#8209;800&#8209;SEC-0330.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">FUND CERTIFICATION</div>

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<div style="LINE-HEIGHT: 1.25">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt">In December 2015, the Fund filed its Principal Executive Officer Certification with the New York Stock Exchange pursuant to Section&#160;303A.12(a) of the New York Stock Exchange Corporate Governance Listing Standards.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt">The Fund&#8217;s Principal Executive Officer and Principal Financial Officer Certifications pursuant to Section&#160;302 of the Sarbanes-Oxley Act of 2002 were filed with the Fund&#8217;s Form N-CSR and are available on the SEC&#8217;s web site at <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>http://www.sec.gov</u></font>.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">SHARE REPURCHASES</div>

<div style="FONT-WEIGHT: normal; COLOR: #000000; LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt">Notice is hereby given in accordance with Section&#160;23(c) of the Investment Company Act of 1940 Act that from time to time the Fund may repurchase shares of its common stock in the open market.</div>
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<div style="LINE-HEIGHT: 1.25">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">INTERNET WEBSITE</div>

<div style="FONT-WEIGHT: normal; COLOR: #000000; LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt">Nomura Asset Management U.S.A. Inc. has established an Internet website which highlights its history, investment philosophy and process and products, which includes the Fund.&#160; The Internet web address is <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>http://funds.nomura-asset.com.</u></font></div>
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 &#160;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">JAPAN SMALLER CAPITALIZATION FUND, INC.<br>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">FUND HIGHLIGHTS&#8212;AUGUST 31, 2016 (Unaudited)</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="z6bbe97aff1754132b560503f8af506cd" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="WIDTH: 715px; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">KEY STATISTICS</div>
</td>
<td style="WIDTH: 19px; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 115px; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom" colspan="2">&#160;</td>
<td style="WIDTH: 74px; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76.47%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 27.35pt; LINE-HEIGHT: 1.25"><font style="FONT-WEIGHT: normal; COLOR: #000000">Net Assets</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 12pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 2.03%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 10.05%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">$327,838,526</div>
</td>
<td style="WIDTH: 7.91%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="WIDTH: 76.47%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 27.35pt; LINE-HEIGHT: 1.25"><font style="FONT-WEIGHT: normal; COLOR: #000000">Net Asset Value per Share</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 12pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 2.03%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 10.05%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">$11.57</div>
</td>
<td style="WIDTH: 7.91%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76.47%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 27.35pt; LINE-HEIGHT: 1.25"><font style="FONT-WEIGHT: normal; COLOR: #000000">Closing NYSE Market Price</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 12pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 2.03%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 10.05%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">$10.09</div>
</td>
<td style="WIDTH: 7.91%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76.47%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 27.35pt; LINE-HEIGHT: 1.25">Percentage Change in Net Asset Value per Share*</div>
</td>
<td style="WIDTH: 2.03%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 10.05%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">10.2%</div>
</td>
<td style="WIDTH: 7.91%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 76.47%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 27.35pt; LINE-HEIGHT: 1.25"><font style="FONT-WEIGHT: normal; COLOR: #000000">Percentage Change in NYSE Market Price*</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 12pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 2.03%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 10.05%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">12.4%</div>
</td>
<td style="WIDTH: 7.91%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
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</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
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<td style="WIDTH: 65.67%; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">MARKET INDICES</div>
</td>
<td style="WIDTH: 11.34%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000">&#160;</td>
<td style="WIDTH: 21.71%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 65.67%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 27.35pt; LINE-HEIGHT: 1.25">Percentage change in market indices:*</div>
</td>
<td style="WIDTH: 11.34%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000">&#160;</td>
<td style="WIDTH: 21.71%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 65.67%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; WIDTH: 11.34%; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal; BORDER-BOTTOM-COLOR: ">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25"><u>YEN</u></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; WIDTH: 21.71%; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal; BORDER-BOTTOM-COLOR: ">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25"><u>U.S.$</u></div>
</td>
</tr>

<tr>
<td style="WIDTH: 65.67%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 27.35pt; LINE-HEIGHT: 1.25"><font style="FONT-WEIGHT: normal; COLOR: #000000"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Russell/Nomura Small Cap</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller">TM</sup><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"> Index</font></font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 292.15pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 11.34%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">3.1%</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000">&#160;</td>
<td style="WIDTH: 21.71%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">12.6%</div>
</td>
</tr>

<tr>
<td style="WIDTH: 65.67%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 27.35pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Tokyo Price Index</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 292.15pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 11.34%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">2.4%</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000">&#160;</td>
<td style="WIDTH: 21.71%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">11.9%</div>
</td>
</tr>

<tr>
<td style="WIDTH: 65.67%; VERTICAL-ALIGN: top">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 27.35pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Nikkei Stock Average Index</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 292.15pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 11.34%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">5.4%</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000">&#160;</td>
<td style="WIDTH: 21.71%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">15.1%</div>
</td>
</tr>

<tr>
<td style="WIDTH: 65.67%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 27pt; LINE-HEIGHT: 1.25">*From March&#160;1, 2016 through August&#160;31, 2016.</div>
</td>
<td style="WIDTH: 11.34%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000">&#160;</td>
<td style="WIDTH: 21.71%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000">&#160;</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="z5a8420e728034117882149fe477ce9a4" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 47.18%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" colspan="2">&#160;</td>
<td style="WIDTH: 5.63%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000">&#160;</td>
<td style="WIDTH: 33.79%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000">&#160;</td>
<td style="WIDTH: 13.4%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 34.98%; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">INDUSTRY DIVERSIFICATION</div>
</td>
<td style="WIDTH: 12.2%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; COLOR: #000000">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">% of</div>
</td>
<td style="WIDTH: 5.63%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000">&#160;</td>
<td style="WIDTH: 33.79%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000">&#160;</td>
<td style="WIDTH: 13.4%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; COLOR: #000000">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">% of</div>
</td>
</tr>

<tr>
<td style="WIDTH: 34.98%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; WIDTH: 12.2%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal; BORDER-BOTTOM-COLOR: ">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25"><u>Net Assets</u></div>
</td>
<td style="WIDTH: 5.63%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000">&#160;</td>
<td style="WIDTH: 33.79%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; WIDTH: 13.4%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal; BORDER-BOTTOM-COLOR: ">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25"><u>Net Assets</u></div>
</td>
</tr>

<tr>
<td style="WIDTH: 34.98%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000">Wholesale Trade</td>
<td style="WIDTH: 12.2%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center">&#160;12.8</td>
<td style="WIDTH: 5.63%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000">&#160;</td>
<td style="WIDTH: 33.79%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000">Other Products</td>
<td style="WIDTH: 13.4%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center">&#160;3.3</td>
</tr>

<tr>
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<td style="WIDTH: 12.2%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center">&#160;12.2</td>
<td style="WIDTH: 5.63%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000">&#160;</td>
<td style="WIDTH: 33.79%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000">Textiles and Apparel</td>
<td style="WIDTH: 13.4%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center">&#160;3.1</td>
</tr>

<tr>
<td style="WIDTH: 34.98%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000">Retail Trade</td>
<td style="WIDTH: 12.2%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center">&#160;9.5</td>
<td style="WIDTH: 5.63%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000">&#160;</td>
<td style="WIDTH: 33.79%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000">Information and Communication</td>
<td style="WIDTH: 13.4%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center">&#160;2.9</td>
</tr>

<tr>
<td style="WIDTH: 34.98%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000">Construction</td>
<td style="WIDTH: 12.2%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center">&#160;7.1</td>
<td style="WIDTH: 5.63%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000">&#160;</td>
<td style="WIDTH: 33.79%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000">Services</td>
<td style="WIDTH: 13.4%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center">&#160;2.5</td>
</tr>

<tr>
<td style="WIDTH: 34.98%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000">Electric Appliances</td>
<td style="WIDTH: 12.2%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center">&#160;7.0</td>
<td style="WIDTH: 5.63%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000">&#160;</td>
<td style="WIDTH: 33.79%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000">Financing Business</td>
<td style="WIDTH: 13.4%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center">&#160;2.2</td>
</tr>

<tr>
<td style="WIDTH: 34.98%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000">Machinery</td>
<td style="WIDTH: 12.2%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center">&#160;6.9</td>
<td style="WIDTH: 5.63%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000">&#160;</td>
<td style="WIDTH: 33.79%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000">Transportation Equipment</td>
<td style="WIDTH: 13.4%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center">&#160;2.1</td>
</tr>

<tr>
<td style="WIDTH: 34.98%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000">Iron and Steel</td>
<td style="WIDTH: 12.2%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center">&#160;6.6</td>
<td style="WIDTH: 5.63%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000">&#160;</td>
<td style="WIDTH: 33.79%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000">Utilities</td>
<td style="WIDTH: 13.4%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center">&#160;1.5</td>
</tr>

<tr>
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<td style="WIDTH: 12.2%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center">&#160;5.7</td>
<td style="WIDTH: 5.63%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000">&#160;</td>
<td style="WIDTH: 33.79%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000">Pharmaceutical</td>
<td style="WIDTH: 13.4%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center">&#160;0.8</td>
</tr>

<tr>
<td style="WIDTH: 34.98%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000">Metal Products</td>
<td style="WIDTH: 12.2%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center">&#160;4.6</td>
<td style="WIDTH: 5.63%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000">&#160;</td>
<td style="WIDTH: 33.79%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000">Precision Instruments</td>
<td style="WIDTH: 13.4%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center">&#160;0.5</td>
</tr>

<tr>
<td style="WIDTH: 34.98%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000">Banks</td>
<td style="WIDTH: 12.2%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center">&#160;3.5</td>
<td style="WIDTH: 5.63%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000">&#160;</td>
<td style="WIDTH: 33.79%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000">Food</td>
<td style="WIDTH: 13.4%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center">&#160;0.1</td>
</tr>

<tr>
<td style="WIDTH: 34.98%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000">Real Estate</td>
<td style="WIDTH: 12.2%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center">&#160;3.5</td>
<td style="WIDTH: 5.63%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000">&#160;</td>
<td style="WIDTH: 33.79%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000">&#160;</td>
<td style="WIDTH: 13.4%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ">&#160;</td>
</tr>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="z1f287fa032234dde8bb31c0dc7c8073a" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000" valign="bottom" colspan="8">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">TEN LARGEST EQUITY HOLDINGS BY FAIR VALUE</div>
</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; COLOR: #000000" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Fair</div>
</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: middle; FONT-WEIGHT: bold; COLOR: #000000" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">% of</div>
</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal; BORDER-BOTTOM-COLOR: " valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><u>Security</u></div>
</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal; BORDER-BOTTOM-COLOR: " valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25"><u>Value</u></div>
</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; VERTICAL-ALIGN: middle; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal; BORDER-BOTTOM-COLOR: " valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25"><u>Net Assets</u></div>
</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">MIRAIT Holdings Corporation</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 340.75pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">$12,645,982&#160;&#160;&#160; </div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">3.9</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Ryoden Trading Company, Ltd.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 340.75pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">7,333,559</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">2.2</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Sakai Chemical Industry Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 340.75pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">7,256,372</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">2.2</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">SIIX Corporation</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 340.75pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">6,714,707</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">2.0</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Toenec Corporation</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 340.75pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">6,661,508</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">2.0</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Hisaka Works, Ltd.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 340.75pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">6,074,924</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1.8</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Oiles Corporation</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 340.75pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">5,993,890</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1.8</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Osaka Steel Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 340.75pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">5,963,230</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1.8</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Japan Transcity Corporation</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 340.75pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">5,947,826</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1.8</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Matsuda Sangyo Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 340.75pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">5,825,216</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1.8</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
 &#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; CLEAR: both; MARGIN-TOP: 10pt; LINE-HEIGHT: 1.25">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">JAPAN SMALLER CAPITALIZATION FUND, INC.<br>
<br>
 SCHEDULE OF INVESTMENTS</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">AUGUST 31, 2016</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">(Unaudited)</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="zee1d9e4fc4534ae58afd409b965905e4" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: " valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center" colspan="2">
<div style="LINE-HEIGHT: 1.25"><u>Shares</u></div>
</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center" colspan="2">
<div style="LINE-HEIGHT: 1.25"><u>Cost</u></div>
</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">Fair <br>
<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal"><u>Value</u></font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">% of <br>
Net <br>
<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal"><u>Assets</u></font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">JAPANESE EQUITY SECURITIES</div>
</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Banks</div>
</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">The Akita Bank, Ltd.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 234pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1,003,000</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">$2,774,457</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">$2,958,988</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.9</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">General banking services</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">The Bank of Saga Ltd.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 234pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">429,000</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">946,647</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">966,842</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.3</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">General banking services</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="HEIGHT: 19px">
<td style="WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">The Taiko Bank, Ltd.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 234pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1,480,000</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">2,965,100</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">2,991,923</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.9</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">General banking services</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">The Yamanashi Chuo Bank, Ltd.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 234pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1,099,000</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">4,846,442</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">4,613,493</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1.4</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">General banking services</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: italic">Total Banks</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 234pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">11,532,646</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">11,531,246</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">3.5</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">C.&#160; Uyemura &amp; Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 234pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">5,490,855</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1.7</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Plating chemicals</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Fujikura Kasei Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 234pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">820,100</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">3,862,013</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">4,727,761</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1.4</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Specialty coating materials and fine chemicals</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Fuso Chemical Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 234pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">9,800</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">116,681</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">176,312</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.1</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Manufactures fruit acids, electronic and functional chemical products</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">JSR Corporation</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 234pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">165,700</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">3,157,805</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">2,424,956</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.7</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Manufactures synthetic resin products</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Koatsu Gas Kogyo Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 234pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">425,000</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">2,380,328</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">2,532,282</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.8</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">High-pressured gases and chemicals</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Sakai Chemical Industry Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 234pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">2,420,000</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">7,469,338</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">7,256,372</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">2.2</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Manufactures components for cosmetics and pharmaceuticals</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Sekisui Jushi Corporation</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 234pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">230,000</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">3,072,485</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">3,597,330</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1.1</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Manufactures plastics and other resin materials</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Shikoku Chemicals Corporation</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 234pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">39,000</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">287,560</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">356,483</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.1</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Manufactures chemical products</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Soken Chemical &amp; Engineering Co., Ltd.</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">272,300</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">3,259,128</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">2,533,758</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.8</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Manufactures chemical products</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Takiron Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 234pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">433,000</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1,855,213</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1,905,644</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.6</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Manufactures resin and composite products</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Tenma Corporation</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 234pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">200,500</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">2,665,045</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">3,093,267</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.9</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Manufactures synthetic resin products</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">See notes to financial statements</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">JAPAN SMALLER CAPITALIZATION FUND, INC.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">SCHEDULE OF INVESTMENTS &#8212; (Continued)</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">AUGUST 31, 2016</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">(Unaudited)</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="z80d98181709349d6b4028739e643f2d5" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal; BORDER-BOTTOM-COLOR: " valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25"><u>Shares</u></div>
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<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal; BORDER-BOTTOM-COLOR: " valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25"><u>Cost</u></div>
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<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; COLOR: #000000; BORDER-BOTTOM-COLOR: " valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Fair <br>
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<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: " valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25"><font style="FONT-WEIGHT: bold">% of <br>
 Net</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold"> <br>
<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal"><u>Assets</u></font></font></div>
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<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
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</tr>

<tr>
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</tr>

<tr>
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<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom" colspan="2">&#160;</td>
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<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Teraoka Seisakusho Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 239.7pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">372,800</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
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<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">$1,520,467</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
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<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">$1,222,413</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.4</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Manufactures various adhesive tapes</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">T&amp;K Toka Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 239.7pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">122,100</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1,125,592</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1,072,368</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.3</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Manufactures specialized inks for printing applications</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Yushiro Chemical Industry Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 239.7pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">129,600</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1,498,528</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1,728,669</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.5</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Manufactures metalworking fluids</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Zeon Corporation</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 239.7pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">218,000</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1,927,720</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1,876,675</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.6</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Manufactures synthetic resin products</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: italic">Total Chemicals</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 239.7pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">40,109,951</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">39,995,145</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">12.2</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Construction</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Daiichi Kensetsu Corporation</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 239.7pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">20,000</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.1</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Construction and real estate businesses</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr style="HEIGHT: 14px">
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Mirai Industry Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 239.7pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">35,700</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">499,333</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">483,436</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.1</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
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</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">MIRAIT Holdings Corporation</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 239.7pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1,497,600</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">12,801,430</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">12,645,982</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">3.9</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Construction of electrical and telecommunication facilities</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">NDS Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 239.7pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">184,000</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">510,758</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">443,159</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.1</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Construction of communication infrastructure</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Taihei Dengyo Kaisha, Ltd.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 239.7pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">209,000</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.6</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Construction of thermal and nuclear plant facilities</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Toenec Corporation</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 239.7pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1,420,000</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">8,019,674</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">6,661,508</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">2.0</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Construction of comprehensive building facilities</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Yondenko Corporation</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 239.7pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">245,000</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">866,341</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">902,887</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.3</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Construction of electrical distribution systems</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: italic">Total Construction</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 239.7pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">24,571,220</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">23,234,714</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">7.1</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Espec Corp.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 239.7pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">334,700</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">2,727,315</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">4,480,580</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1.4</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Manufactures environmental testing products</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-WEIGHT: normal; COLOR: #000000"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Hitachi Maxell, </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Ltd</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">.</font></font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 239.7pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">177,500</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">3,081,199</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">2,776,201</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.8</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Hosiden Corporation</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 239.7pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">176,900</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">946,378</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1,324,376</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.4</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">See notes to financial statements</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">&#160;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">JAPAN SMALLER CAPITALIZATION FUND, INC.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">SCHEDULE OF INVESTMENTS &#8212; (Continued)</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">AUGUST 31, 2016</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">(Unaudited)</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
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<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: " valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: " valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal; BORDER-BOTTOM-COLOR: " valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25"><u>Shares</u></div>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal; BORDER-BOTTOM-COLOR: " valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25"><u>Cost</u></div>
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<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM-COLOR: " valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Fair</div>

<div style="COLOR: #000000; TEXT-ALIGN: center; FONT: bold 10pt/1.25 'Times New Roman', Times, serif"><u>Value</u></div>
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<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: " valign="bottom">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">% of</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Net</div>

<div style="COLOR: #000000; TEXT-ALIGN: center; FONT: bold 10pt/1.25 'Times New Roman', Times, serif"><u>Assets</u></div>
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<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom" colspan="2">&#160;</td>
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<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Kitagawa Industries Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 246.25pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">352,000</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">$3,717,375</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">$3,643,082</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1.1</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Manufactures various industrial and consumer products</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Koito Manufacturing Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 246.25pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">68,100</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1,474,187</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">3,244,112</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1.0</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Manufactures lighting equipment</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Kyowa Electronic Instruments Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 246.25pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">3,100</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">10,323</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">9,985</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.0</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Manufactures electrical measuring instruments</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Nichicon Corporation</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 246.25pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">595,000</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">4,629,020</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">4,834,357</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1.5</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Manufactures capacitors and transformers</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Nihon Kohden Corporation</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 246.25pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">75,900</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1,565,253</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1,729,655</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.5</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Manufactures medical electronic equipment</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Shindengen Electric Manufacturing Co., Ltd.</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">251,000</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">951,350</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
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<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: italic">Total Electric Appliances</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 246.25pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">23,032,898</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">7.0</div>
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<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Hitachi Capital Corporation</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 246.25pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">133,600</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">2,892,044</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">2,780,937</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.9</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">General financial services</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">167,800</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">4,481,506</div>
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<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">4,369,276</div>
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<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1.3</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Leasing and financial services</div>
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<tr>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: italic">Total Financing Business</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 246.25pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
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<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">7,373,550</div>
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<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">7,150,213</div>
</td>
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<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">2.2</div>
</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Food</div>
</td>
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<tr>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Taiyo Kagaku Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 246.25pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">53,700</div>
</td>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
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<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">389,976</div>
</td>
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<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">409,301</div>
</td>
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<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.1</div>
</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">General food manufacturer</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
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<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
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<tr>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.0</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">System consulting services and software development</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">OBIC Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 246.25pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">49,800</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1,583,966</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Computer system integration</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Okinawa Cellular Telephone Company</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 246.25pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">164,000</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">4,240,710</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1.5</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Otsuka Corporation</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 246.25pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">36,900</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1,366,343</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1,565,087</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.5</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Computer information system developer</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">See notes to financial statements</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">&#160;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">JAPAN SMALLER CAPITALIZATION FUND, INC.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">SCHEDULE OF INVESTMENTS &#8212; (Continued)</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">AUGUST 31, 2016</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">(Unaudited)</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="z7ab958056ef64651867b17e38485f007" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: " valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: " valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: " valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: " valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: " valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 12px; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: " valign="bottom">&#160;</td>
<td style="WIDTH: 91px; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: " valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: " valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: " valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr style="HEIGHT: 46px">
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center">&#160;</td>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center" colspan="2">
<div style="LINE-HEIGHT: 1.25"><u>Shares</u></div>
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<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center" colspan="2">
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<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 12px; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center">&#160;</td>
<td style="WIDTH: 91px; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">Fair <br>
<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; COLOR: #000000; FONT-STYLE: normal"><u>Value</u></font></div>
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<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">% of <br>
Net <br>
<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; COLOR: #000000; FONT-STYLE: normal"><u>Assets</u></font></div>
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<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center" nowrap="nowrap">&#160;</td>
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<tr>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 12px; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 91px; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Software Service Inc.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 238.5pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">4,200</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">$153,605</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.1</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">7,504,373</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">9,386,671</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">2.9</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Iron and Steel</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Chubu Steel Plate Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 238.5pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">831,700</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">3,498,270</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">4,086,701</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1.2</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Manufactures steel-related products</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Mory Industries Inc.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 238.5pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1,774,000</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">6,064,939</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">5,147,749</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1.6</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Manufactures steel tubing products</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Nichia Steel Works, Ltd.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 238.5pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1,945,900</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">5,995,768</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">4,121,992</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1.3</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Manufactures steel-related products</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Nippon Seisen Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 238.5pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">578,000</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">2,589,042</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">2,376,070</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.7</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Manufactures stainless steel wires and metal fibers</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Osaka Steel Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 238.5pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">353,300</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">6,355,520</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">5,963,230</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1.8</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Manufactures steel-related products</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Tohoku Steel Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 238.5pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">500</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">4,967</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.0</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Manufactures specialty steel</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: italic">Total Iron and Steel</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 238.5pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">24,509,274</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">21,700,709</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">6.6</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Machinery</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Hisaka Works, Ltd.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 238.5pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">793,000</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">7,124,715</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">6,074,924</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1.8</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Manufactures heat exchangers and other machinery</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Miura Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 238.5pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">83,700</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">958,525</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1,581,139</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.5</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Manufactures boilers and related products</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Nippon Pillar Packing Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 238.5pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">300,600</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">2,370,478</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">2,826,166</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.9</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Manufactures mechanical seals</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Nissei ASB Machine Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 238.5pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">9,800</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">171,657</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">155,932</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.0</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Manufactures strech blow molding machines</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Nissei Corporation</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 238.5pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">24,400</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">216,980</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">220,670</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.1</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Manufactures reducers and gears</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Nitto Kohki Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 238.5pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">103,400</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1,966,602</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">2,258,328</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.7</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Oiles Corporation</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 238.5pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">367,980</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">6,337,094</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">5,993,890</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1.8</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Manufactures bearing equipment</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1.28%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">See notes to financial statements</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; CLEAR: both; MARGIN-TOP: 10pt; LINE-HEIGHT: 1.25">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">JAPAN SMALLER CAPITALIZATION FUND, INC.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">SCHEDULE OF INVESTMENTS &#8212; (Continued)</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">AUGUST 31, 2016</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">(Unaudited)</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="zca376508602445748c1ac6fe9dd9b101" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; COLOR: #000000" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">% of</div>
</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="HEIGHT: 16px">
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; COLOR: #000000" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Fair</div>
</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; COLOR: #000000" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Net</div>
</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center">&#160;</td>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center" colspan="2">
<div style="LINE-HEIGHT: 1.25"><u>Shares</u></div>
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<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center" colspan="2">
<div style="LINE-HEIGHT: 1.25"><u>Cost</u></div>
</td>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center" colspan="2">
<div style="LINE-HEIGHT: 1.25"><u>Value</u></div>
</td>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center" colspan="2">
<div style="LINE-HEIGHT: 1.25"><u>Assets</u></div>
</td>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Sato Holdings Corporation</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 244.2pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">76,800</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
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<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">$1,635,757</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
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<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">$1,617,937</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.5</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Manufactures electronic printers and other products</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Shibuya Kogyo Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 244.2pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">31,500</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">347,584</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">581,037</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.2</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Engaged in the packing plant business</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Tsubakimoto Chain Co.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 244.2pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">122,000</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">942,575</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">921,623</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.3</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Manufactures chains for power transmission and other transportation components</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Yamashin-Filter Corporation</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 244.2pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">49,300</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">249,997</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">216,494</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.1</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Manufactures filters</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: italic">Total Machinery</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 244.2pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">22,321,964</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">22,448,140</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">6.9</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Metal Products</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Dainichi Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 244.2pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">275,000</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">2,070,986</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1,606,616</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.5</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Manufactures oil heating equipment</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-WEIGHT: normal; COLOR: #000000"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Neturen Co.,</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">Ltd</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">.</font></font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 244.2pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">613,200</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">4,167,278</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">4,264,553</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1.3</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Manufactures steel bars and induction heating equipment</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

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<td style="WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">NHK Spring Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 244.2pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">400,600</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">3,821,490</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">3,774,091</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1.2</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr style="HEIGHT: 20px">
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Manufactures automobile-related products</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Piolax, Inc.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 244.2pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">65,600</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">2,420,097</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">3,743,677</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1.1</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Manufactures automobile-related products</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Rinnai Corporation</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 244.2pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">18,300</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1,327,852</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1,716,980</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.5</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Manufactures heating appliances and components</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: italic">Total Metal Products</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 244.2pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">13,807,703</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">15,105,917</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">4.6</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Fuji Seal International, Inc.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 244.2pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">2,679,934</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.8</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Packaging-related materials and machinery</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Nishikawa Rubber Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 244.2pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">315,300</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1.4</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Manufactures rubber automobile parts</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Nissha Printing Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 244.2pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">.</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">3,000</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">62,512</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">72,370</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.0</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
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</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Pigeon Corporation</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 244.2pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">47,000</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">839,998</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1,251,545</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.4</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Manufactures baby care products</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">The Pack Corporation</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 244.2pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">87,600</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1,634,868</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">2,075,930</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.7</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Manufactures paper and chemical products</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: italic">Total Other Products</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 244.2pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">9,828,117</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">10,767,268</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">3.3</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">See notes to financial statements</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">&#160;</div>

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<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">&#160;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">SCHEDULE OF INVESTMENTS &#8212; (Continued)</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">AUGUST 31, 2016</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">(Unaudited)</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="ze9cb58a0b9c041fca7b4c9c3c37bb003" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom" colspan="2">&#160;</td>
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<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; COLOR: #000000" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">% of</div>
</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; COLOR: #000000" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Fair</div>
</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; COLOR: #000000" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Net</div>
</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center">&#160;</td>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center" colspan="2">
<div style="LINE-HEIGHT: 1.25"><u>Shares</u></div>
</td>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center" colspan="2">
<div style="LINE-HEIGHT: 1.25"><u>Cost</u></div>
</td>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center" colspan="2">
<div style="LINE-HEIGHT: 1.25"><u>Value</u></div>
</td>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center" colspan="2">
<div style="LINE-HEIGHT: 1.25"><u>Assets</u></div>
</td>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Pharmaceutical</div>
</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">KYORIN Holdings, Inc.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 237.25pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">123,300</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">$2,600,749</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">$2,472,321</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.8</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Manufactures pharmaceuticals</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: italic">Total Pharmaceutical</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 237.25pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">2,600,749</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">2,472,321</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.8</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
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<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
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<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
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<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Precision Instruments</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
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<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Nakanishi Inc.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 237.25pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1,420,206</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1,598,955</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.5</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Manufactures dental instruments</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
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<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1,420,206</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1,598,955</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.5</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
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<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Daibiru Corporation</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 237.25pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">278,800</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">2,364,759</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">2,567,274</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.8</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Real estate leasing and building management</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Heiwa Real Estate Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 237.25pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">56,100</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">696,301</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">724,956</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.2</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Leasing, development and management of real estate</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Keihanshin Building Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 237.25pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">986,200</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">5,519,090</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">5,046,185</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1.5</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Real estate leasing and building management</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Sanyo Housing Nagoya Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 237.25pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">200,500</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1,979,507</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1,731,842</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.5</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Designs and constructs housing</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Starts Corporation Inc.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 237.25pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">85,200</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1,550,121</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1,464,433</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.5</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: right" valign="bottom">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">3.5</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
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<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Retail Trade</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">ABC-Mart, Inc.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 237.25pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">49,300</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">2,356,334</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">3,099,579</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1.0</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Retail sales of shoes</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">AIN Pharmaciez Inc.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 237.25pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">2,300</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">53,844</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">130,590</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.0</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Operates pharmacies and drug store chains</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Amiyaki Tei Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 237.25pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">99,700</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">3,389,215</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">3,399,357</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1.0</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Operates barbecue restaurant chains</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Arc Land Sakamoto Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 237.25pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">418,900</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">3,772,852</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">4,493,496</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1.4</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Retail sales, wholesale, food and real estate</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Create SD Holdings Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 237.25pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">65,100</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">786,833</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1,426,867</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.4</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Operates pharmacies and drug store chains</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">See notes to financial statements</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">JAPAN SMALLER CAPITALIZATION FUND, INC.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">SCHEDULE OF INVESTMENTS &#8212; (Continued)</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">AUGUST 31, 2016</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">(Unaudited)</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="z3e072f5dc81d47409faf9fd200c8e58e" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: " valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: " valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal; BORDER-BOTTOM-COLOR: " valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25"><u>Shares</u></div>
</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: " valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal; BORDER-BOTTOM-COLOR: " valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25"><u>Cost</u></div>
</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: " valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; COLOR: #000000; BORDER-BOTTOM-COLOR: " valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Fair <br>
<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal"><u>Value</u></font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: " valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; COLOR: #000000; BORDER-BOTTOM-COLOR: " valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">% of <br>
Net <br>
<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal"><u>Assets</u></font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Daikokutenbussan Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 250.8pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">69,200</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">$2,016,909</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">$3,078,977</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.9</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Operates supermarkets</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Heiwado Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 250.8pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">2,600</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">56,286</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">46,827</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.0</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Operates supermarkets</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Hiday Hidaka Corp.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 250.8pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">75,743</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1,112,489</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1,650,616</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.5</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Operates restaurant chains</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Jin Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 250.8pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">71,200</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">2,169,350</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">3,271,268</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1.0</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Retail sales of eyewear and fashion accessories</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Saint Marc Holdings Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 250.8pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">84,300</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1,905,941</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">2,158,361</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.7</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Operates restaurant chains</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">San-A Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 250.8pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">900</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">39,922</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">42,221</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.0</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Retail sales of home goods</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Seria Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 250.8pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">51,600</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1,553,340</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">3,413,880</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1.0</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Discount retail sales</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Start Today Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 250.8pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">77,100</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1,729,199</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">3,583,358</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1.1</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Operates retail E-commerce websites</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Sundrug Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 250.8pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">3,900</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">201,449</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">282,923</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.1</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Operates pharmacies and drug store chains</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Tokyo Base Co., Ltd.&#8224;</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 250.8pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">11,400</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">45,632</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">181,941</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.1</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Retail sales of apparel</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">United Arrows Ltd.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 250.8pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">40,900</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1,171,446</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1,047,176</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.3</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Retail sales of apparel</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
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</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">22,361,041</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">31,307,437</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">9.5</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
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<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
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<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
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<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
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<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Services</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">EPS Holdings, Inc.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 250.8pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">106,400</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1,220,080</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1,337,912</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.4</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Performs contract medical research services</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">H.I.S Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 250.8pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">12,400</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">335,600</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">312,324</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.1</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
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</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">JP-Holdings, Inc.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 250.8pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.1</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Nihon M&amp;A Center Inc.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 250.8pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">24,300</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">477,968</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1,337,399</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.4</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
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</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Nippon Air Conditioning Services Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 250.8pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">3,100</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">15,046</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">17,211</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.0</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Provides maintenance and management of building facilities</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">See notes to financial statements</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">&#160;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">JAPAN SMALLER CAPITALIZATION FUND, INC.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">SCHEDULE OF INVESTMENTS &#8212; (Continued)</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">AUGUST 31, 2016</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">(Unaudited)</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="zdd3dd27b42e3476bae437c2548c16e3f" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center" colspan="2">
<div style="LINE-HEIGHT: 1.25"><u>Shares</u></div>
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<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center">&#160;</td>
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<div style="LINE-HEIGHT: 1.25"><u>Cost</u></div>
</td>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">Fair <br>
<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal"><u>Value</u></font></div>
</td>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center">&#160;</td>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">% of <br>
Net <br>
<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal"><u>Assets</u></font></div>
</td>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Relia, Inc.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 237.25pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">147,100</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">$1,350,191</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">$1,392,957</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.4</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Provides telemarketing services</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Septeni Holdings Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 237.25pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">48,700</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">428,521</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1,268,080</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.4</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Internet advertising and media content business</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">SHL-Japan Ltd.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 237.25pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1,900</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">51,331</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">51,330</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.0</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Provides personnel assessment services</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Step Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 237.25pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">219,900</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1,889,110</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">2,320,558</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.7</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">6,726,891</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">8,478,391</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
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<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">2.5</div>
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<tr>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
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<tr>
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<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Textiles and Apparel</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
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</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">48,300</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">2,468,515</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">3,284,316</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1.0</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Manufactures medical products</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">306,500</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1,558,237</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1,918,126</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.6</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Manufactures synthetic fibers and textile products</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Seiren Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 237.25pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">437,400</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">4,255,710</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">4,882,329</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1.5</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Manufactures synthetic fibers and textile products</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: italic">Total Textiles and Apparel</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 237.25pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">8,282,462</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">10,084,771</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">3.1</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Transportation and Warehousing</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Alps Logistics Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 237.25pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">526,300</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">2,779,883</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">2,850,781</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.9</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">General logistics services</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Japan Transcity Corporation</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 237.25pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1,767,000</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">6,027,445</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">5,947,826</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1.8</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">General logistics services</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Meiko Trans Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 237.25pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">409,000</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">4,189,202</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">3,952,130</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1.2</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Marine logistics services</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Nissin Corporation</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 237.25pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">545,000</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1,574,310</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1,512,937</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.4</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">General logistics services</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Trancom Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 237.25pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">73,800</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">2,566,218</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">4,447,202</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1.4</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">General logistics services</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: italic">Total Transportation and Warehousing</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 237.25pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">17,137,058</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">18,710,876</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">5.7</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Transportation Equipment</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Hi-Lex Corporation</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 237.25pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">45,500</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1,027,502</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1,195,759</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.4</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Manufactures control cables</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">See notes to financial statements</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; CLEAR: both; MARGIN-TOP: 10pt; LINE-HEIGHT: 1.25">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">JAPAN SMALLER CAPITALIZATION FUND, INC.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">SCHEDULE OF INVESTMENTS &#8212; (Continued)</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">AUGUST 31, 2016</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">(Unaudited)</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="ze4dff6b5f2ee4a97937fbd43fa78cb86" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
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<div style="LINE-HEIGHT: 1.25"><u>Shares</u></div>
</td>
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<div style="LINE-HEIGHT: 1.25"><u>Cost</u></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">Fair <br>
<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal"><u>Value</u></font></div>
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<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25"><font style="FONT-WEIGHT: bold">% of <br>
 Net</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold"> <br>
<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal"><u>Assets</u></font></font></div>
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<tr>
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<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Nissin Kogyo Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 241.75pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">239,000</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">$4,161,932</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">$3,481,492</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1.0</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Manufactures automobile brake systems</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Sanoh Industrial Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 241.75pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">405,500</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">2,825,312</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">2,200,372</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.7</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Manufactures automobile components</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: italic">Total Transportation Equipment</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 241.75pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">8,014,746</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">6,877,623</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">2.1</div>
</td>
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<tr>
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<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Utilities</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Keiyo Gas Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 241.75pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">408,000</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">2,069,626</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1,823,243</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.6</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Produces gas and energy products</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">The Okinawa Electric Power Company, Incorporated</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">142,575</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">2,135,479</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">2,909,835</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.9</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Produces thermal energy products</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: italic">Total Utilities</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 241.75pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">4,205,105</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">4,733,078</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1.5</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Happinet Corporation</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 241.75pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.5</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Toy products</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Kanaden Corporation</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 241.75pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">229,600</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1,558,501</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.6</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Factory automation business</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Kohsoku Corporation</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 241.75pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">207,900</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.6</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Food and industrial packaging materials</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Matsuda Sangyo Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 241.75pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">470,500</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">5,758,297</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1.8</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Precious metals, electronic materials, and food</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Paltac Corporation</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 241.75pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">76,000</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">985,093</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1,580,500</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.5</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Cosmetics and daily necessities</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Ryoden Trading Company, Ltd.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 241.75pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1,135,000</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">7,752,258</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">7,333,559</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">2.2</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Purchases electronic and electrical devices</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Senshu Electric Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 241.75pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">258,900</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">3,557,429</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">3,821,458</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1.2</div>
</td>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Electronic components and devices</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">SIIX Corporation</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 241.75pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">2.0</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Parts procurement, logistics, and manufacturing of electronics</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">SPK Corporation</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 241.75pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">23,400</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">423,699</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">456,525</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.1</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Automobile components for assembly</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">&#160;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">&#160;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">(Unaudited)</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="z0c121b37b746482e98c12638a8c8c66c" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal; TEXT-ALIGN: center" colspan="2">
<div style="LINE-HEIGHT: 1.25"><u>Shares</u></div>
</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal; TEXT-ALIGN: center" colspan="2">
<div style="LINE-HEIGHT: 1.25"><u>Cost</u></div>
</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">Fair <br>
<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal"><u>Value</u></font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">% of <br>
Net <br>
<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal"><u>Assets</u></font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Sugimoto &amp; Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 223.7pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">324,300</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">$3,017,796</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">$3,685,762</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1.1</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Machine tools and measuring instruments</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Techno Associe Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 223.7pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">355,700</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">3,316,624</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">3,210,022</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1.0</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Screws and nonferrous metal products</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Win-Partners Co., Ltd.</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 223.7pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">25,000</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">331,364</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">365,140</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.1</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">Engaged in the medical equipment supply business</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
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<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: italic; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Total Wholesale Trade</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; LINE-HEIGHT: 1.25">35,754,022</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; LINE-HEIGHT: 1.25">41,977,989</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">12.8</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; PADDING-BOTTOM: 2px" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">TOTAL JAPANESE EQUITY SECURITIES</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 2px; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px double; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px double; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">$299,663,232</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px double; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px double; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">$322,538,353</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px double; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px double; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">98.4</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">INVESTMENT IN FOREIGN CURRENCY</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Japanese Yen</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px" valign="bottom">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Non-interest bearing account</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 214.7pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">$4,046,352</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">$3,964,703</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1.2</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">TOTAL INVESTMENT IN FOREIGN CURRENCY</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">4,046,352</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">3,964,703</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">1.2</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">TOTAL INVESTMENTS</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 223.7pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 2px; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px double; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px double; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">$303,709,584</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px double; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
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<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px double; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">$326,503,056</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px double; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px double; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">99.6</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">OTHER ASSETS LESS LIABILITIES, NET</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">1,335,470</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">0.4</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 2px" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">NET ASSETS</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 223.7pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 2px; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 2px; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px double; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px double; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">$327,838,526</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px double; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px double; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">100.0</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 52%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#8224;Non-income producing security.</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25"><font style="FONT-WEIGHT: normal; COLOR: #000000">Portfolio securities and foreign currency holdings were translated</font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><br>
</font><font style="FONT-WEIGHT: normal; COLOR: #000000">at the following exchange rate as of August&#160;31, 2016.</font></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Japanese Yen&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">JPY&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="FONT-WEIGHT: normal; COLOR: #000000">&#165; 103.385&#160; =&#160; USD $1.00</font></font></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">See notes to financial statements</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; CLEAR: both; MARGIN-TOP: 10pt; LINE-HEIGHT: 1.25">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">JAPAN SMALLER CAPITALIZATION FUND, INC.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">STATEMENT OF ASSETS AND LIABILITIES</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">AUGUST 31, 2016</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">(Unaudited)</div>

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<table id="zdafcd9fa0635440597c661ace7c440ab" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">ASSETS:</div>
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<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom" colspan="2">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 3pt">Investments in Japanese equity securities, at fair value (cost&#8212;$299,663,232)</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">$322,538,353</div>
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<td style="WIDTH: 88%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 3pt">Investments in foreign currency, at fair value (cost&#8212;$4,046,532)</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">3,964,703</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 3pt"><font style="FONT-WEIGHT: normal; COLOR: #000000">Receivable for investments sold</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 12pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">1,373,325</div>
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<tr>
<td style="WIDTH: 88%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 3pt"><font style="FONT-WEIGHT: normal; COLOR: #000000">Receivable for dividends and interest, net of withholding taxes</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 12pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">265,125</div>
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<tr>
<td style="WIDTH: 88%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 3pt"><font style="FONT-WEIGHT: normal; COLOR: #000000">Prepaid expenses</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 12pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">53,711</div>
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<td style="WIDTH: 88%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 3pt"><font style="FONT-WEIGHT: normal; COLOR: #000000">Cash and cash equivalents</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 12pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">249,442</div>
</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 58.5pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 3pt"><font style="FONT-WEIGHT: normal; COLOR: #000000">Total Assets</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 12pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">328,444,659</div>
</td>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 15pt">LIABILITIES:</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 6.2pt"><font style="FONT-WEIGHT: normal; COLOR: #000000">Payable for investments purchased</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 12pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">229,800</div>
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<td style="WIDTH: 88%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 6.2pt"><font style="FONT-WEIGHT: normal; COLOR: #000000">Accrued management fee</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 12pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">246,291</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="WIDTH: 88%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 6.2pt"><font style="FONT-WEIGHT: normal; COLOR: #000000">Accrued directors&#8217; fees and expenses</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 12pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">1,899</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 88%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 6.2pt"><font style="FONT-WEIGHT: normal; COLOR: #000000">Other accrued expenses</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 12pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">128,143</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="WIDTH: 88%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 58.5pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 6.2pt"><font style="FONT-WEIGHT: normal; COLOR: #000000">Total Liabilities</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 12pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">606,133</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
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<tr>
<td style="WIDTH: 88%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 88%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 15pt">NET ASSETS:</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 88%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 6.55pt">Capital stock (28,333,893 shares of capital stock outstanding,</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 88%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 6.55pt"><font style="FONT-WEIGHT: normal; COLOR: #000000">100,000,000 shares authorized, par value $0.10 each)</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 12pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">2,833,389</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 88%; VERTICAL-ALIGN: bottom" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 6.55pt"><font style="FONT-WEIGHT: normal; COLOR: #000000">Paid-in capital</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 12pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">286,055,217</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 88%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 6.55pt">Accumulated net realized gain on investments and foreign currency transactions.</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">17,415,659</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 88%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 6.55pt">Net unrealized appreciation on investments and foreign currency transactions&#160;.&#160;.&#160;.</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">22,791,306</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 88%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 1px" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 6.55pt"><font style="FONT-WEIGHT: normal; COLOR: #000000">Accumulated net investment loss</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 12pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">(1,257,045</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 88%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 58.5pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 6.55pt"><font style="FONT-WEIGHT: normal; COLOR: #000000">Net Assets</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 12pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px double; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px double; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">$327,838,526</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 88%; VERTICAL-ALIGN: bottom; PADDING-BOTTOM: 2px" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; LINE-HEIGHT: 1.25"><font style="FONT-WEIGHT: normal; COLOR: #000000">Net asset value per share</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 12pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px double; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px double; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">$11.57</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">See notes to financial statements</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; CLEAR: both; MARGIN-TOP: 10pt; LINE-HEIGHT: 1.25">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">JAPAN SMALLER CAPITALIZATION FUND, INC.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">STATEMENT OF OPERATIONS</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">FOR THE SIX MONTHS ENDED AUGUST 31, 2016</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">(Unaudited)</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="zec7831197c70429083be5382c256ab9f" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">INCOME:</div>
</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Dividend income (net of $389,356 withholding taxes)</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 336.25pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">$3,504,208</div>
</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: " valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Interest income</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 336.25pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: " valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">176</div>
</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: " valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: " valign="bottom" colspan="2">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px" valign="bottom">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Total Income</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 300.25pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">$3,504,384</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">EXPENSES:</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Management fee</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 336.25pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">1,420,622</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Custodian fees</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 336.25pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">113,214</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Directors&#8217; fees and expenses</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 336.25pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">77,813</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Legal fees</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 336.25pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">59,924</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Other expenses</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 336.25pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">99,387</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px" valign="bottom">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 36pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Total Expenses</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 300.25pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">1,770,960</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000">INVESTMENT INCOME&#8212;NET</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 336.25pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">1,733,424</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">REALIZED AND UNREALIZED GAIN (LOSS)&#160;ON INVESTMENTS AND FOREIGN CURRENCY:</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Realized gain on investments and foreign currency transactions:</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Net realized gain on investments</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 336.25pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">5,798,206</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Net realized gain on foreign currency transactions</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 336.25pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">657,555</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Net realized gain on investments and foreign currency transactions</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">6,455,761</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Net change in unrealized depreciation on investments</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 336.25pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">(4,695,587</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">)</div>
</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt">Net change in unrealized appreciation on foreign currency transactions and translation</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">26,795,072</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Net realized and unrealized gain on investments and foreign currency</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px" valign="bottom">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 0pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">transactions and translation</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 327.25pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">28,555,246</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 76%; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; PADDING-BOTTOM: 2px" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 2px; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px double; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px double; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">$30,288,670</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">See notes to financial statements</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; CLEAR: both; MARGIN-TOP: 10pt; LINE-HEIGHT: 1.25">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">JAPAN SMALLER CAPITALIZATION FUND, INC.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">STATEMENTS OF CHANGES IN NET ASSETS</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="z070187fe42994e86bacd03fbf90db6dd" style="FONT-SIZE: 10pt; BORDER-TOP: medium none; FONT-FAMILY: 'Times New Roman', Times, serif; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" cellspacing="0" cellpadding="0" border="0">
<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 620px; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 26px; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 104px; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: bold; COLOR: #000000; BORDER-LEFT: medium none" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">For the Six <br>
Months Ended <br>
August 31, 2016<br>
<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>(Unaudited)</u></font></div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 14px; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; BORDER-LEFT: medium none" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 17px; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 126px; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: bold; COLOR: #000000; BORDER-LEFT: medium none" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">For the Year Ended<br>
<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif"><u>February 29, 2016</u></font></div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; BORDER-LEFT: medium none" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 620px; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: bold; COLOR: #000000; BORDER-LEFT: medium none" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 25.75pt">FROM OPERATIONS:</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 26px; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 104px; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; BORDER-LEFT: medium none" valign="bottom" colspan="2">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 14px; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; BORDER-LEFT: medium none" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 17px; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 126px; VERTICAL-ALIGN: top; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; BORDER-LEFT: medium none" valign="bottom" colspan="2">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; BORDER-LEFT: medium none" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 66.31%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; BORDER-LEFT: medium none" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 7.75pt"><font style="FONT-WEIGHT: normal; COLOR: #000000">Net investment income</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 12pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 2.78%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1.07%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; BORDER-LEFT: medium none" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.41%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right; BORDER-LEFT: medium none" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">$1,733,424</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1.5%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; BORDER-LEFT: medium none" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1.82%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1.82%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; BORDER-LEFT: medium none" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 11.34%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right; BORDER-LEFT: medium none" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">$1,637,190</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; BORDER-LEFT: medium none" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 66.31%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; BORDER-LEFT: medium none" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 7.75pt"><font style="FONT-WEIGHT: normal; COLOR: #000000">Net realized gain on investments</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 12pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 2.78%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1.07%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.41%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right; BORDER-LEFT: medium none" valign="bottom">
<div style="LINE-HEIGHT: 1.25">5,798,206</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1.5%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; BORDER-LEFT: medium none" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1.82%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1.82%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 11.34%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right; BORDER-LEFT: medium none" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">27,779,563</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; BORDER-LEFT: medium none" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 66.31%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; BORDER-LEFT: medium none" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 7.75pt">Net realized gain (loss)&#160;on foreign currency transactions</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 2.78%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1.07%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.41%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right; BORDER-LEFT: medium none" valign="bottom">
<div style="LINE-HEIGHT: 1.25">657,555</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1.5%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; BORDER-LEFT: medium none" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1.82%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1.82%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 11.34%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right; BORDER-LEFT: medium none" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">(88,246</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; BORDER-LEFT: medium none" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">)</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 66.31%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; BORDER-LEFT: medium none" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 7.75pt">Net change in unrealized depreciation on investments</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 2.78%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1.07%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.41%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right; BORDER-LEFT: medium none" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">(4,695,587</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1.5%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; BORDER-LEFT: medium none" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">)</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1.82%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1.82%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 11.34%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right; BORDER-LEFT: medium none" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">(45,368,645</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; BORDER-LEFT: medium none" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">)</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 66.31%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; BORDER-LEFT: medium none" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 7.75pt">Net change in unrealized appreciation on foreign</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 2.78%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1.07%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.41%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1.5%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; BORDER-LEFT: medium none" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1.82%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1.82%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 11.34%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; BORDER-LEFT: medium none" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 66.31%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; BORDER-LEFT: medium none" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 7.75pt"><font style="FONT-WEIGHT: normal; COLOR: #000000">currency transactions and translation</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 12pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 2.78%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1.07%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; FONT-FAMILY: 'Times New Roman', Times, serif; BORDER-RIGHT: medium none; FONT-VARIANT: normal; WIDTH: 9.41%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal; TEXT-ALIGN: right; BORDER-LEFT: medium none" valign="bottom">
<div style="LINE-HEIGHT: 1.25">26,795,072</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1.5%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; BORDER-LEFT: medium none" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1.82%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1.82%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; FONT-FAMILY: 'Times New Roman', Times, serif; BORDER-RIGHT: medium none; FONT-VARIANT: normal; WIDTH: 11.34%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal; TEXT-ALIGN: right; BORDER-LEFT: medium none" valign="bottom">
<div style="LINE-HEIGHT: 1.25">27,358,774</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; BORDER-LEFT: medium none" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 66.31%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; BORDER-LEFT: medium none" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 7.75pt">Increase in net assets resulting from operations</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 2.78%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1.07%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; FONT-FAMILY: 'Times New Roman', Times, serif; BORDER-RIGHT: medium none; FONT-VARIANT: normal; WIDTH: 9.41%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal; TEXT-ALIGN: right; BORDER-LEFT: medium none" valign="bottom">
<div style="LINE-HEIGHT: 1.25">30,288,670</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1.5%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; BORDER-LEFT: medium none" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1.82%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1.82%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; FONT-FAMILY: 'Times New Roman', Times, serif; BORDER-RIGHT: medium none; FONT-VARIANT: normal; WIDTH: 11.34%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal; TEXT-ALIGN: right; BORDER-LEFT: medium none" valign="bottom">
<div style="LINE-HEIGHT: 1.25">11,318,636</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; BORDER-LEFT: medium none" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 66.31%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 2.78%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1.07%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.41%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1.5%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; BORDER-LEFT: medium none" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1.82%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1.82%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 11.34%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; BORDER-LEFT: medium none" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 66.31%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: bold; COLOR: #000000; PADDING-BOTTOM: 1px; BORDER-LEFT: medium none" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 25.75pt">FROM DISTRIBUTIONS TO SHAREHOLDERS:</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 2.78%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1.07%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.41%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1.5%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; BORDER-LEFT: medium none" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1.82%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1.82%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 11.34%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; BORDER-LEFT: medium none" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 66.31%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; BORDER-LEFT: medium none" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 7.75pt"><font style="FONT-WEIGHT: normal; COLOR: #000000">Ordinary income distribution</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 12pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 2.78%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1.07%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.41%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right; BORDER-LEFT: medium none" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#8212;</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1.5%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; BORDER-LEFT: medium none" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1.82%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1.82%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 11.34%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right; BORDER-LEFT: medium none" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">(4,728,927</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; BORDER-LEFT: medium none" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">)</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 66.31%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; BORDER-LEFT: medium none" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 7.75pt"><font style="FONT-WEIGHT: normal; COLOR: #000000">Capital gain distribution</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 12pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 2.78%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1.07%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.41%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right; BORDER-LEFT: medium none" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#8212;</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1.5%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; BORDER-LEFT: medium none" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1.82%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1.82%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; FONT-FAMILY: 'Times New Roman', Times, serif; BORDER-RIGHT: medium none; FONT-VARIANT: normal; WIDTH: 11.34%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal; TEXT-ALIGN: right; BORDER-LEFT: medium none" valign="bottom">
<div style="LINE-HEIGHT: 1.25">(20,134,064</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; FONT-FAMILY: 'Times New Roman', Times, serif; BORDER-RIGHT: medium none; FONT-VARIANT: normal; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; FONT-STYLE: normal; TEXT-ALIGN: left; BORDER-LEFT: medium none" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.25">)</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 66.31%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; BORDER-LEFT: medium none" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 7.75pt">Decrease in net assets derived from distributions to shareholders</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 2.78%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1.07%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.41%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right; BORDER-LEFT: medium none" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#8212;</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1.5%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; BORDER-LEFT: medium none" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1.82%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1.82%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; FONT-FAMILY: 'Times New Roman', Times, serif; BORDER-RIGHT: medium none; FONT-VARIANT: normal; WIDTH: 11.34%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal; TEXT-ALIGN: right; BORDER-LEFT: medium none" valign="bottom">
<div style="LINE-HEIGHT: 1.25">(24,862,991</div>
</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; FONT-FAMILY: 'Times New Roman', Times, serif; BORDER-RIGHT: medium none; FONT-VARIANT: normal; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; FONT-STYLE: normal; TEXT-ALIGN: left; BORDER-LEFT: medium none" valign="bottom" nowrap="nowrap">
<div style="LINE-HEIGHT: 1.25">)</div>
</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 66.31%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 2.78%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1.07%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.41%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1.5%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; BORDER-LEFT: medium none" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1.82%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1.82%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 11.34%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; BORDER-LEFT: medium none" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 66.31%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: bold; COLOR: #000000; PADDING-BOTTOM: 1px; BORDER-LEFT: medium none" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 7.75pt">NET ASSETS:</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 2.78%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1.07%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.41%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1.5%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; BORDER-LEFT: medium none" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1.82%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1.82%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 11.34%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; BORDER-LEFT: medium none" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 66.31%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 1px; BORDER-LEFT: medium none" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 7.75pt"><font style="FONT-WEIGHT: normal; COLOR: #000000">Beginning of period</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 12pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 2.78%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1.07%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; FONT-FAMILY: 'Times New Roman', Times, serif; BORDER-RIGHT: medium none; FONT-VARIANT: normal; WIDTH: 9.41%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal; TEXT-ALIGN: right; BORDER-LEFT: medium none" valign="bottom">
<div style="LINE-HEIGHT: 1.25">297,549,856</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1.5%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; BORDER-LEFT: medium none" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1.82%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1.82%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; BORDER-TOP: medium none; FONT-FAMILY: 'Times New Roman', Times, serif; BORDER-RIGHT: medium none; FONT-VARIANT: normal; WIDTH: 11.34%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; FONT-STYLE: normal; TEXT-ALIGN: right; BORDER-LEFT: medium none" valign="bottom">
<div style="LINE-HEIGHT: 1.25">311,094,211</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; BORDER-LEFT: medium none" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 66.31%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; BORDER-LEFT: medium none" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 7.75pt">End of period (including accumulated net investment</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 2.78%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1.07%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.41%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1.5%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; BORDER-LEFT: medium none" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1.82%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1.82%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 11.34%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; BORDER-LEFT: medium none" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 66.31%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; BORDER-LEFT: medium none" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 7.75pt">loss of $1,257,045 and $2,990,469 respectively)</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 2.78%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1.07%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px double; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; BORDER-LEFT: medium none" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 9.41%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px double; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right; BORDER-LEFT: medium none" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">$327,838,526</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1.5%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; BORDER-LEFT: medium none" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1.82%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; BORDER-LEFT: medium none" valign="bottom">&#160;</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1.82%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px double; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; BORDER-LEFT: medium none" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 11.34%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px double; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right; BORDER-LEFT: medium none" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">$297,549,856</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: medium none; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left; BORDER-LEFT: medium none" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">See notes to financial statements</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; CLEAR: both; MARGIN-TOP: 10pt">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">JAPAN SMALLER CAPITALIZATION FUND, INC.</div>

<div style="FONT-WEIGHT: bold; COLOR: #000000; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">NOTES TO FINANCIAL STATEMENTS (Unaudited)</div>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">1.&#160; Significant Accounting Policies</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt">Japan Smaller Capitalization Fund, Inc. (the &#8220;Fund&#8221;) is registered under the Investment Company Act of 1940, as amended (the &#8220;Investment Company Act&#8221;), as a non-diversified, closed-end management investment company.&#160; The Fund was incorporated in Maryland on January&#160;25, 1990 and investment operations commenced on March&#160;21,1990.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt">The accompanying financial statements have been prepared in accordance with United States (&#8220;U.S.&#8221;) generally accepted accounting principles (&#8220;GAAP&#8221;) and are stated in United States dollars.&#160; The Fund is an investment company that follows the accounting and reporting guidance in accordance with FASB Accounting Standards Codification Topic 946.&#160; The following is a summary of the significant accounting and reporting policies used in preparing the financial statements.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt">(a) Valuation of Securities &#8212; Investments traded in the over-the-counter market are valued at the last reported sales price as of the close of business on the day the securities are being valued or, if none is available, at the mean of the bid and offer price at the close of business on such day or, if none is available, the last reported sales price.&#160; Portfolio securities which are traded on stock exchanges are valued at the last sales price on the principal market on which securities are traded or, lacking any sales, at the last available bid price.&#160; Short-term debt securities which mature in 60&#160;days or less are valued at amortized cost, which approximates fair value, if their original maturity at the date of purchase was 60 days or less, or by amortizing their value on the 61st&#160;day prior to maturity if their term to maturity at the date of purchase exceeded 60&#160;days.&#160; However, the Board of Directors of the Fund may from time to time utilize a valuation method other than amortized cost when appropriate, for example, when the credit worthiness of the issuer is impaired or for other reason.&#160; Securities and other assets, including futures contracts and related options, are stated at fair value or otherwise at fair value as determined in good faith by or under the direction of the Board of Directors of the Fund.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt">(b) Foreign Currency Transactions &#8212; Transactions denominated in Japanese Yen (&#8220;Yen&#8221;) are recorded in the Fund&#8217;s records at the prevailing rate at the time of the transaction.&#160; Asset and liability accounts that are denominated in Yen are adjusted to reflect the current exchange rate at the end of the period.&#160; Transaction gains or losses resulting from changes in the exchange rate during the reporting period or upon settlement of foreign currency transactions are included in results of operations for the current period.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt">The net assets of the Fund are presented at the exchange rates and fair values on August&#160;31, 2016.&#160; The Fund does isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held at August&#160;31, 2016.&#160; Net realized gains or losses on investments include gains or losses arising from sales of portfolio securities and sales and </div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">JAPAN SMALLER CAPITALIZATION FUND, INC.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">NOTES TO FINANCIAL STATEMENTS&#8212;(Continued) (Unaudited)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">maturities of short-term securities.&#160; Net realized gains or losses on the foreign currency transactions arise from sales of foreign currencies, currency gains or losses realized on securities transactions between trade and settlement date, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund&#8217;s books and the U.S.&#160;dollar equivalent of the amounts actually received or paid.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt">(c) Security Transactions, Investment Income and Distributions to Shareholders &#8212; Security transactions are accounted for on the trade date.&#160; Dividend income and distributions are recorded on the ex-dividend dates and interest income is recorded on the accrual basis.&#160; Realized gains and losses on the sale of investments are calculated on a first-in, first-out basis.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt">Distributions from net investment income and net realized capital gains are determined in accordance with Federal income tax regulations, which may differ from GAAP.&#160; To the extent these &#8220;book/tax&#8221; differences are permanent in nature (i.e., that they result from other than timing of recognition&#8212;&#8220;temporary&#8221;), such accounts are reclassified within the capital accounts based on their Federal tax-basis treatment; temporary differences do not require reclassification.&#160; Dividends and distributions which exceed net realized capital gains for financial reporting purposes, but not for tax purposes, are reported as distributions in excess of net realized capital gains.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt">Pursuant to a securities lending agreement with Brown Brothers Harriman &amp; Co., the Fund may lend securities to qualified institutions.&#160; It is the Fund&#8217;s policy that, at origination, all loans shall be secured by collateral of at least 102% of the value of U.S.&#160;securities loaned and 105% of the value of foreign securities loaned.&#160; It is the Fund&#8217;s policy that collateral equivalent to at least 100% of the fair value of securities on loan must be maintained at all times (when applicable).&#160; Collateral is provided in the form of cash, which would be invested in certain money market funds.&#160; The Fund is entitled to receive all income on securities loaned, in addition to a portion of the income earned as a result of the lending transaction.&#160; Although each security loan is fully collateralized, there are certain risks.&#160; On November&#160;21, 2008, the Fund suspended its participation in the securities lending program.&#160; The Fund may resume its participation in the future.&#160; During the fiscal year ended February&#160;29, 2016 and the semi-annual period ended August&#160;31, 2016, the Fund did not earn fees from lending Fund portfolio securities, pursuant to the securities lending agreement.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt">(d) Capital Account Reclassification &#8212; For the year ended February&#160;29, 2016, the Fund&#8217;s accumulated net investment loss was decreased by $1,471,959 and the accumulated net realized gain on investments and foreign currency transactions was decreased by $1,471,959.&#160; These adjustments were primarily due to the result of the reclassification of foreign currency losses and the tax treatment of passive foreign investment companies.&#160; These adjustments had no impact on net assets.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt">(e) Income Taxes &#8212; A provision for U.S.&#160;income taxes has not been made since it is the in-</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">JAPAN SMALLER CAPITALIZATION FUND, INC.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">NOTES TO FINANCIAL STATEMENTS&#8212;(Continued) (Unaudited)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">tention of the Fund to continue to qualify as a regulated investment company under the Internal Revenue Code and to distribute within the allowable time limit all taxable income to its shareholders.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt">Under Japanese tax laws, a withholding tax is imposed on dividends at a rate of 15.315% and such withholding taxes are reflected as a reduction of the related revenue.&#160; The withholding tax rate of 15.315% was reduced to 10% upon the submission of Form&#160;17 &#8212; Limitation on Benefits Article.&#160; There is no withholding tax on realized gains.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt">In accordance with U.S.&#160;GAAP requirements regarding accounting for uncertainties in income taxes, management has analyzed the Fund&#8217;s tax positions taken or expected to be taken on federal and state income tax returns for all open tax years (the current and the prior three tax years), and has concluded that no provision for income tax is required in the Fund&#8217;s financial statements.&#160; The Fund recognizes interest and penalties, if any, related to uncertain tax positions as income tax expense in the statement of operations.&#160; During the current year and for the prior three tax years, the Fund did not incur any interest or penalties.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt">(f) Use of Estimates in Financial Statement Preparation &#8212; The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements.&#160; Actual results could differ from these estimates.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt">(g) Concentration of Risk &#8212; A significant portion of the Fund&#8217;s net assets consists of Japanese securities which involve certain considerations and risks not typically associated with investments in the U.S.&#160; In addition to the smaller size, and greater volatility, there is often substantially less publicly available information about Japanese issuers than there is about U.S.&#160;issuers.&#160; Future economic and political developments in Japan could adversely affect the value of securities in which the Fund is invested.&#160; Further, the Fund may be exposed to currency devaluation and other exchange rate fluctuations.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt">(h) Indemnifications &#8212; Under the Fund&#8217;s organizational documents, its officers and directors are indemnified against certain liabilities arising from the performance of their duties to the Fund.&#160; Additionally, in the normal course of business, the Fund enters into contracts that contain a variety of representations which provide general indemnifications.&#160; The Fund&#8217;s maximum exposure under these agreements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred.&#160; However, based on experience, the Fund expects the risk of loss to be remote and as such no additional accruals were recorded on the Statement of Assets and Liabilities.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">2.&#160; Management Agreement and Transactions With Affiliated Persons</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">JAPAN SMALLER CAPITALIZATION FUND, INC.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">NOTES TO FINANCIAL STATEMENTS&#8212;(Continued) (Unaudited)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Under the agreement, the Manager provides all office space, facilities and personnel necessary to perform its duties.&#160; Pursuant to such management agreement, the Manager has retained its parent company, Nomura Asset Management Co., Ltd. (&#8220;NAM&#8221;), as investment adviser to the Fund.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt">As compensation for its services to the Fund, the Manager receives a monthly fee at the annual rate of 1.10% of the value of the Fund&#8217;s average weekly net assets not in excess of $50&#160;million, 1.00% of the Fund&#8217;s average weekly net assets in excess of $50&#160;million but not exceeding $100&#160;million, 0.90% of the Fund&#8217;s average weekly net assets in excess of $100&#160;million but not exceeding $175&#160;million, 0.80% of the Fund&#8217;s average weekly net assets in excess of $175&#160;million but not exceeding $250&#160;million, 0.70% of the Fund&#8217;s average weekly net assets in excess of $250&#160;million but not exceeding $325&#160;million, 0.60% of the Fund&#8217;s average weekly net assets in excess of $325&#160;million, but not exceeding $425&#160;million and 0.50% of the Fund&#8217;s average weekly net assets in excess of $425&#160;million.&#160; Under the management agreement, the Fund incurred fees to the Manager of $1,420,622 for the six months ended August&#160;31, 2016.&#160; Under the investment advisory agreement, NAM earned investment advisory fees of $629,464 from the Manager, not the Fund, for the six months ended August&#160;31, 2016.&#160; At August&#160;31, 2016, the management fee payable to the Manager by the Fund was $246,291.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt">Certain officers and/or directors of the Fund are officers and/or directors of the Manager.&#160; Affiliates of Nomura Holdings, Inc. (the Manager&#8217;s indirect parent) did not earn any fees in commissions on the execution of portfolio security transactions for the six months ended August&#160;31, 2016.&#160; The Fund pays each Director not affiliated with the Manager an annual fee of $17,000 plus $2,000 per meeting attended.&#160; In addition, the Fund pays each Director not affiliated with the Manager $1,000 per telephone meeting attended together with actual expenses related to attendance at meetings.&#160; The Chairman of the Board, presently Rodney A. Buck, is paid an additional annual fee of $5,000.&#160; The Chairman of the Audit Committee, presently David B. Chemidlin, is paid an additional annual fee of $2,000.&#160; Such fees and expenses for unaffiliated Directors aggregated $77,813 for the six months ended August&#160;31, 2016.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">3. Purchases and Sales of Investments</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt">Purchases and sales of investments, exclusive of investment in foreign currency and short-term securities, for the six months ended August&#160;31, 2016 were $28,443,768 and $29,174,572, respectively.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">4. Federal Income Tax</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt">As of February&#160;29, 2016, net unrealized depreciation on investments, exclusive of investment in foreign currency, for Federal income tax purposes was $2,587,735, of which $24,340,302 related to appreciated securities and $26,928,037 related to depreciated securities.&#160; The cost of investments, exclusive of investment in foreign currency of $1,666,181 at February&#160;29, 2016 for Federal income tax purposes was $297,880,214.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">JAPAN SMALLER CAPITALIZATION FUND, INC.</div>

<div style="FONT-WEIGHT: bold; COLOR: #000000; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">NOTES TO FINANCIAL STATEMENTS&#8212;(Continued) (Unaudited)</div>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt">At February&#160;29, 2016, the components of accumulated earnings on a tax basis were as follows:</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="zefc44f8bfcc041d18d735b5d3512b754" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 88%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Undistributed long-term capital gains</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">$9,628,572</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 88%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Unrealized depreciation on</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 88%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">investments and foreign</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 88%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">currency transactions</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">(2,592,589</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">)<sub style="vertical-align: bottom; line-height: 1; font-size: smaller">(a)</sub></div>
</td>
</tr>

<tr>
<td style="WIDTH: 88%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Undistributed ordinary income</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">1,625,267</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 88%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 2px" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Total accumulated earnings</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 2px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px double; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 2px double; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">$8,661,250</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 2px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom" colspan="4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">(a) The differences between book basis and tax basis unrealized depreciation is attributable to the tax deferral of losses on wash sales and the tax treatment of passive foreign investment companies.</div>
</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt">The Fund paid an ordinary income distribution of $8,777,840, which represents $0.3098 per share and a long-term capital gains distribution of $16,085,151, which represents $0.5677 per share to shareholders of record as of December&#160;21, 2015.&#160; The distribution was paid on December&#160;28, 2015.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt">The Fund paid an ordinary income distribution of $3,383,067, which represents $0.1194 per share and a long-term capital gains distribution of $371,174, which represents $0.0131 per share to shareholders of record as of December&#160;22, 2014.&#160; The distribution was paid on December&#160;29, 2014.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt">The tax character of distributions paid during the fiscal years ended February&#160;29, 2016 and February&#160;28, 2015 were as follows:</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="z89d5e3f848f74567bba7f837e3972e9d" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 50%" cellspacing="0" cellpadding="0" align="center" border="0">
<tr>
<td style="WIDTH: 45%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom"></td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">February-16</div>
</td>
<td style="WIDTH: 1.71%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 0.85%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">February-15</div>
</td>
<td style="WIDTH: 0.85%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 45%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 9pt">Ordinary Income</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 13.68%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">$8,777,840</div>
</td>
<td style="WIDTH: 1.71%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 0.85%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 13.03%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">$16,085,151</div>
</td>
<td style="WIDTH: 0.85%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 45%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; TEXT-INDENT: 9pt">Capital Gains</div>
</td>
<td style="WIDTH: 1.5%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 13.68%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">$3,383,067</div>
</td>
<td style="WIDTH: 1.71%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 0.85%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 13.03%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25">$371,174</div>
</td>
<td style="WIDTH: 0.85%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">5.&#160; Fair Value Measurements</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt">In accordance with GAAP, fair value is defined as the price that the Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date.&#160; GAAP also establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability.&#160; Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability.&#160; Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund.&#160; Unobservable inputs reflect the Fund&#8217;s own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.&#160; Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation.&#160; The three-tier hierarchy of inputs is summarized below.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="z463b570fbe5d47a083029426cf1205d4" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 45pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; align: right">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; LINE-HEIGHT: 1.25">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Level 1&#8212;quoted prices in active markets for identical investments</div>
</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="z3e583445dee34754b964ad8a2d7edaa4" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 45pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; align: right">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; LINE-HEIGHT: 1.25">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Level 2&#8212;other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)</div>
</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="z0ae1b428ddd1458f89122cf483816f6c" class="DSPFListTable" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 45pt; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; align: right">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Symbol, serif; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; LINE-HEIGHT: 1.25">&#183;</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Level 3&#8212;significant unobservable inputs (including the Fund&#8217;s own assumptions in determining the fair value of investments)</div>
</td>
</tr>
</table>
</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; CLEAR: both; MARGIN-TOP: 10pt; LINE-HEIGHT: 1.25">
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<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">JAPAN SMALLER CAPITALIZATION FUND, INC.</div>

<div style="FONT-WEIGHT: bold; COLOR: #000000; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">NOTES TO FINANCIAL STATEMENTS&#8212;(Continued) (Unaudited)</div>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt">The following table summarizes the valuation of the Fund&#8217;s investments by the above fair value hierarchy levels as of August&#160;31, 2016.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="zb15aa26b6f8946618987fbdffaca9412" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 60%" cellspacing="0" cellpadding="0" align="center" border="0">
<tr>
<td style="WIDTH: 78%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; COLOR: #000000" valign="bottom" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Investments in</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 78%; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; COLOR: #000000; BORDER-BOTTOM-COLOR: " valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Level</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: " valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-VARIANT: normal; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal; BORDER-BOTTOM-COLOR: " valign="bottom" colspan="2">
<div style="TEXT-ALIGN: center; LINE-HEIGHT: 1.25"><u>Securities</u></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 78%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Level 1</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom" colspan="2">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 78%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Equity Securities*</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 218.9pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="WIDTH: 19%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">322,538,353</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 78%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Foreign Currency</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 218.9pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 19%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">3,964,703</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 78%; VERTICAL-ALIGN: top" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Level 2</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 227.9pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 19%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">-0-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 78%; VERTICAL-ALIGN: top; PADDING-BOTTOM: 1px" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000">Level 3</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 227.9pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 19%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">-0-</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 78%; VERTICAL-ALIGN: top; FONT-WEIGHT: bold; PADDING-BOTTOM: 1px" valign="bottom">
<div style="TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Total</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">$</div>
</td>
<td style="WIDTH: 19%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">326,503,056</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 78%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 19%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: right" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr style="HEIGHT: 13px">
<td style="VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom" colspan="4">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -9pt">* Please refer to the Schedule of Investments for breakdown of the valuation by industry type.</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>
</table>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt">During the six months ended August&#160;31, 2016, there were no transfers between Level 1, Level 2 or Level 3 securities.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt">During the six months ended August&#160;31, 2016, the Fund did not hold any instrument which used significant unobservable inputs (Level 3) in determining fair value.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div id="DSPFPageBreakArea" style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; CLEAR: both; MARGIN-TOP: 10pt; LINE-HEIGHT: 1.25">
<div id="DSPFPageBreak" style="PAGE-BREAK-AFTER: always">
<hr style="BORDER-LEFT-WIDTH: 0px; HEIGHT: 2px; BORDER-RIGHT-WIDTH: 0px; WIDTH: 100%; BORDER-BOTTOM-WIDTH: 0px; COLOR: #000000; CLEAR: both; MARGIN: 4px 0px; BORDER-TOP-WIDTH: 0px; BACKGROUND-COLOR: #000000" noshade="noshade">
</div>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">JAPAN SMALLER CAPITALIZATION FUND, INC.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">&#160;</div>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">FINANCIAL HIGHLIGHTS</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">Selected per share data and ratios for a share of common stock outstanding throughout each period.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">
<table id="z58768a3a9de340fb80d39a1a1904ad8b" style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 26.84%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: " valign="bottom">&#160;</td>
<td style="WIDTH: 1.93%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; COLOR: #000000; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center" valign="bottom" colspan="3">For the Six Months<br>
 Ended</td>
<td style="WIDTH: 1.71%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: " valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" colspan="19">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">For the Fiscal Year Ended</div>
</td>
</tr>

<tr>
<td style="WIDTH: 26.84%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: " valign="bottom">&#160;</td>
<td style="WIDTH: 1.93%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; COLOR: #000000; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center" valign="bottom" colspan="3">August 31, 2016</td>
<td style="WIDTH: 1.71%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: " valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold">February 29,</font>&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: " valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center" colspan="9">February 28,&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: " valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center"><font style="FONT-WEIGHT: bold">February 29,</font>&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 26.84%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: " valign="bottom">&#160;</td>
<td style="WIDTH: 1.93%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: " valign="bottom">&#160;</td>
<td style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: normal; WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center" colspan="2"><u>(Unaudited)</u></td>
<td style="WIDTH: 1.71%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: " valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center">&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: normal; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal"><u>2016</u></font></td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: " valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center">&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: normal; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal"><u>2015</u></font></td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: " valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: normal; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal"><u>2014</u></font>&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: " valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: normal; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal"><u>2013</u></font>&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: " valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; FONT-VARIANT: normal; FONT-WEIGHT: bold; COLOR: #000000; FONT-STYLE: normal"><u>2012</u></font>&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; BORDER-BOTTOM-COLOR: ; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 26.84%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 16.75pt">Net asset value, beginning of period</div>
</td>
<td style="WIDTH: 1.93%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 10.16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">$10.50</div>
</td>
<td style="WIDTH: 1.71%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">$10.98</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">$9.85</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">$8.83</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">$8.85</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">$9.80</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 26.84%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 16.75pt"><font style="FONT-WEIGHT: normal; COLOR: #000000">Net investment income*</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 12pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1.93%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 10.16%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">0.06</div>
</td>
<td style="WIDTH: 1.71%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">0.06</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">0.06</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">0.05</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">0.07</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">0.06</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 26.84%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 16.75pt">Net realized and unrealized gain (loss)</div>
</td>
<td style="WIDTH: 1.93%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 10.16%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">&#160;</td>
<td style="WIDTH: 1.71%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 26.84%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 18pt; LINE-HEIGHT: 1.25">on investments and foreign currency</div>
</td>
<td style="WIDTH: 1.93%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 10.16%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">1.01</div>
</td>
<td style="WIDTH: 1.71%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">0.34</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">1.20</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">1.17</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">(0.01)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">(0.50)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 26.84%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 16.75pt">Total from investment operations</div>
</td>
<td style="WIDTH: 1.93%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 10.16%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">1.07</div>
</td>
<td style="WIDTH: 1.71%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">0.40</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">1.26</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">1.22</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">0.06</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">(0.44)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 26.84%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 16.75pt">Distributions:</div>
</td>
<td style="WIDTH: 1.93%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 10.16%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">&#160;</td>
<td style="WIDTH: 1.71%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 26.84%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 16.75pt">Distributions from ordinary income&#160;</div>
</td>
<td style="WIDTH: 1.93%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 10.16%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#8212;</div>
</td>
<td style="WIDTH: 1.71%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">(0.17)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">(0.12)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">(0.20)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">(0.08)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">(0.04)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 26.84%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 16.75pt">Distributions from capital gains</div>
</td>
<td style="WIDTH: 1.93%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 10.16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#8212;</div>
</td>
<td style="WIDTH: 1.71%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">(0.71)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">(0.01)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#8212;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#8212;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#8212;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 26.84%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 16.75pt"><font style="FONT-WEIGHT: normal; COLOR: #000000">Total from distributions</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 12pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1.93%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 10.16%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#8212;</div>
</td>
<td style="WIDTH: 1.71%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">(0.88)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">(0.13)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">(0.20)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">(0.08)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">(0.04)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 26.84%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 16.75pt">Fund Share Transactions</div>
</td>
<td style="WIDTH: 1.93%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 10.16%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">&#160;</td>
<td style="WIDTH: 1.71%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 26.84%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 16.75pt">Dilutive effect of Rights Offering**</div>
</td>
<td style="WIDTH: 1.93%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 10.16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#8212;</div>
</td>
<td style="WIDTH: 1.71%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#8212;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#8212;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#8212;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#8212;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">(0.47)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
</tr>

<tr style="HEIGHT: 19px">
<td style="WIDTH: 26.84%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 16.75pt">Net asset value, end of period</div>
</td>
<td style="WIDTH: 1.93%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 10.16%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">$11.57</div>
</td>
<td style="WIDTH: 1.71%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">$10.50</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">$10.98</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">$9.85</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">$8.83</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; BORDER-BOTTOM: #000000 1px solid; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">$8.85</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; PADDING-BOTTOM: 1px; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 26.84%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 16.75pt"><font style="FONT-WEIGHT: normal; COLOR: #000000">Market value, end of period</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 12pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1.93%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 10.16%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">$10.09</div>
</td>
<td style="WIDTH: 1.71%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">$8.98</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">$9.69</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">$8.84</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">$8.00</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">$7.83</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 26.84%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 16.75pt"><font style="FONT-WEIGHT: normal; COLOR: #000000">Total investment return***</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 12pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1.93%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 10.16%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">12.4%</div>
</td>
<td style="WIDTH: 1.71%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">0.7%</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">11.2%</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">13.0%</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">3.4%</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">(17.9%)</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 26.84%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 16.75pt">Ratio to average net assets/supplemental data:</div>
</td>
<td style="WIDTH: 1.93%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 10.16%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">&#160;</td>
<td style="WIDTH: 1.71%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 26.84%; VERTICAL-ALIGN: top; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 16.75pt">Net assets, end of period (in 000)</div>
</td>
<td style="WIDTH: 1.93%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 10.16%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">$327,839</div>
</td>
<td style="WIDTH: 1.71%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">$297,550</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center" colspan="2">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">$311,094&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">$278,994</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">$250,273</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">$250,732</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">&#160;</td>
</tr>

<tr>
<td style="WIDTH: 26.84%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 16.75pt"><font style="FONT-WEIGHT: normal; COLOR: #000000">Operating expenses</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 12pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1.93%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 10.16%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">1.11%&#8224;</div>
</td>
<td style="WIDTH: 1.71%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">1.11%</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">1.13%</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">1.19%</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">1.19%</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">1.34%</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 26.84%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 16.75pt"><font style="FONT-WEIGHT: normal; COLOR: #000000">Net investment income</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 12pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1.93%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 10.16%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">1.08%&#8224;</div>
</td>
<td style="WIDTH: 1.71%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">0.50%</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">0.62%</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">0.53%</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">0.86%</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">0.67%</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
</tr>

<tr>
<td style="WIDTH: 26.84%; VERTICAL-ALIGN: top" valign="bottom">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 9pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 16.75pt"><font style="FONT-WEIGHT: normal; COLOR: #000000">Portfolio turnover</font><font id="TRGRRTFtoHTMLTab" style="FONT-SIZE: 1px; WIDTH: 12pt; FONT-WEIGHT: normal; COLOR: #000000; DISPLAY: inline-block">&#160;</font></div>
</td>
<td style="WIDTH: 1.93%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 10.16%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">9%</div>
</td>
<td style="WIDTH: 1.71%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">24%</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom" nowrap="nowrap">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">41%</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">101%</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">37%</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
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<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000" valign="bottom">&#160;</td>
<td style="WIDTH: 1%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left" valign="bottom">&#160;</td>
<td style="WIDTH: 9%; VERTICAL-ALIGN: bottom; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: center">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">66%</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; LINE-HEIGHT: 1.25">&#160;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">* Based on average shares outstanding.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">** Decrease is due to the Rights Offering.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; MARGIN-LEFT: 13.5pt; LINE-HEIGHT: 1.25; TEXT-INDENT: -13.5pt">*** Based on market value per share, adjusted for reinvestment of income dividends, ordinary income distributions, capital gain distributions, and capital share transactions.&#160; Total return does not reflect sales commissions.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">&#8224; Annualized</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">JAPAN SMALLER CAPITALIZATION FUND, INC.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Board Review of the Management and Investment Advisory Agreements</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt">The Board of Directors of the Fund (the &#8220;Board&#8221;) consists of five directors, four of whom are independent or non-interested directors (the &#8220;Independent Directors&#8221;).&#160; The Board considers matters relating to the Fund&#8217;s management and investment advisory agreements throughout the year.&#160; On an annual basis, the Board specifically considers whether to approve the continuance of these agreements for an additional one-year period.&#160; The specific agreements (the &#8220;Agreements&#8221;) consist of the Fund&#8217;s management agreement with Nomura Asset Management U.S.A. Inc. (the &#8220;Manager&#8221;) and the investment advisory agreement between the Manager and its parent, Nomura Asset Management Co., Ltd. (the &#8220;Investment Adviser&#8221;).</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt">The Board, including the Independent Directors, most recently approved the continuance of the Agreements at a meeting held on August&#160;25, 2016.&#160; In connection with their deliberations at that meeting and at a separate meeting of the Independent Directors held on August&#160;16, 2016, the Independent Directors received materials that included, among other items, information provided by the Manager regarding (i)&#160;the investment performance of the Fund, performance of other investment companies and performance of the Fund&#8217;s benchmark, (ii)&#160;expenses of the Fund and the management fee paid by the Fund to the Manager and the advisory fee paid by the Manager to the Investment Adviser, (iii)&#160;advisory fees charged by the Manager and the Investment Adviser to comparable accounts and (iv)&#160;the profitability of the Agreements to the Manager and the Investment Adviser.&#160; Included in the materials was a report prepared by Broadridge Board Reporting and Compliance (&#8220;Broadridge&#8221;) for use by the Independent Directors in their consideration of the continuance of the Agreements (the &#8220;Broadridge Report&#8221;).&#160; Broadridge is an independent firm retained by many investment companies to provide data with respect to investment company performance and expenses.&#160; The Broadridge Report contained information regarding the Fund and other closed-end funds not affiliated with the Manager that compared, among other items, the respective funds&#8217; management fees and operating expenses.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt">The Independent Directors sought and received additional information from the Investment Adviser, including information concerning management personnel and the Investment Adviser&#8217;s business continuity plan and cybersecurity efforts.&#160; The Independent Directors were advised by, and received materials (including a detailed memorandum reviewing the applicable legal standards and factors taken into account by the Supreme Court and other relevant court decisions) from their independent counsel in considering these matters and the continuance of the Agreements.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt">In considering the continuance of the Agreements at the meeting held on August&#160;25, 2016, the Board, including the Independent Directors, did not identify any single factor as determinative.&#160; Matters considered by the Directors in connection with their review of the Agreements included the following:</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">The nature, extent and quality of the services provided to the Fund under the Agreements.&#160; </font>The Board considered the nature, extent and quality of the services provided to the Fund by the Manager and the Investment Adviser and the resources dedicated by the Manager and the Investment Adviser.&#160; These services included both investment advisory services and related services such as the compliance oversight provided by the Manager.&#160; Based on its review of all of the services provided by the Manager and the Investment Adviser, the Board, including the Independent Directors, concluded that the nature, extent and quality of these services supported the continuance of the Agreements.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Investment performance.&#160; </font>The Board considered performance information provided by Broadridge and the Manager regarding the Fund&#8217;s investment performance over a number of time periods, including the one-year, three-year and five-year periods recently ended.&#160; In response to requests by the Independent Directors, the Manager provided information about the performance of the Fund compared to the Fund&#8217;s benchmark index, data on the Fund&#8217;s expense ratio and components thereof, and comparative fee, expense ratio and performance information for other </div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">JAPAN SMALLER CAPITALIZATION FUND, INC.</div>

<div style="FONT-WEIGHT: bold; COLOR: #000000; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; COLOR: #000000; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Board Review of the Management and Investment Advisory Agreements (continued)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">funds investing primarily in Japanese securities.&#160; The Broadridge Report also provided supplemental information relating to performance, expense ratios, and fees of U.S.&#160;investment companies investing in equity securities of Asian and other non-U.S. issuers.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt">In connection with their review of investment performance, the Independent Directors noted that, following a series of discussions with management in 2012 and 2013 that focused on the Fund&#8217;s performance, the Investment Adviser had installed a new management team as of July&#160;1, 2013.&#160; The Independent Directors recognized that, as contemplated at the time of the transition, the new portfolio managers had invested in a more diversified portfolio than the Fund had maintained in the past with an increased focus on value characteristics evidenced by financial measurements.&#160; The Independent Directors also noted that the Fund&#8217;s comparative performance had improved since the transition and that the Fund&#8217;s performance for the one-year and three-year periods ended June&#160;30, 2016 ranked second of the five funds (including the Fund) identified by the Manager as having similar investment objectives.&#160; The Board noted that Broadridge Report ranked the Fund in the top quintile of its performance universe for the one, three and five-year periods.&#160; Based on their review, the Independent Directors concluded that the Fund&#8217;s performance supported the continuance of the Agreements.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">The costs of the services to be provided and the profits to be realized by the Manager and its affiliates from their advisory relationships with the Fund.&#160; </font>The Board considered the fee payable under the Fund&#8217;s management agreement in connection with other information provided for the Directors&#8217; consideration.&#160; The Board noted that according to the Broadridge Report, the Fund&#8217;s contractual management fees, which are just above the median for the comparable funds identified by Broadridge, drop below the median at larger asset sizes due to the Fund&#8217;s breakpoints and that the Fund&#8217;s non-management expenses were below the median for the comparable funds identified by Broadridge.&#160; The Board also considered information provided by the Manager regarding fees charged by the Manager and its affiliates to institutional accounts and other investment companies having investment objectives similar to the Fund&#8217;s investment objective, including Japanese retail unit trusts.&#160; The Board recognized that the nature of the services provided by the Manager and the Investment Adviser to other investment vehicles and separate accounts differed from the range of services provided to the Fund.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt">The Manager also provided the Board with information prepared by the Manager and the Investment Adviser indicating the profitability of the Agreements to these respective advisers.&#160; This presentation included information regarding methodologies used to allocate expenses in considering the profitability of the Agreements to the Manager and the Investment Adviser.&#160; The Independent Directors reviewed this information with the Manager to understand expense allocation methodology utilized by the Investment Adviser.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt">After reviewing the information described above, the Independent Directors concluded that the management fee proposed to be charged to the Fund was reasonable and the profitability of the Agreements to the Manager and the Investment Adviser supported the continuance of the Agreements.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Economies of scale.&#160; </font>The Board also considered whether the Manager and the Investment Adviser realize economies of scale as the Fund grows larger and the extent to which any economies of scale are shared with the Fund and its shareholders.&#160; The Board noted that the management agreement contains six separate breakpoints in the management fee for net assets above $50&#160;million, with the last breakpoint applicable to net assets in excess of $425&#160;million.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: normal; COLOR: #000000; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25; TEXT-INDENT: 18pt">Based on an evaluation of all factors deemed relevant, including the factors described above and taking into account information received throughout the preceding year, the Board, including each of the Independent Directors, concluded that each of the Agreements should be continued through August&#160;31, 2017.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">BOARD OF DIRECTORS</div>
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<div style="FONT-SIZE: 36pt; FONT-FAMILY: 'Times New Roman', serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">JAPAN</div>

<div style="FONT-SIZE: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Smaller Capitalization</div>

<div style="FONT-SIZE: 18pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">Fund, Inc.<br>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">SEMI-ANNUAL REPORT<br>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center; LINE-HEIGHT: 1.25">AUGUST 31, 2016</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Rodney A. Buck</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">David B. Chemidlin</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Yutaka Itabashi</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">E. Han Kim</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Marcia L. MacHarg</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">OFFICERS</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Yutaka Itabashi, <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">President</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Takeshi Toyoshima, Vice <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">President</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Maria R. Premole, <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Vice President</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Neil A. Daniele, <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Secretary and Chief Compliance Officer</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Amy J. Marose, <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Treasurer</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Kelly S. Lee, <font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-STYLE: italic">Assistant Treasurer</font></div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">MANAGER</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Nomura Asset Management U.S.A. Inc.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Worldwide Plaza</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">309 West 49th&#160;Street</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">New York, New York 10019-7316</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Internet Address</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">http://funds.nomura-asset.com</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">INVESTMENT ADVISER</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Nomura Asset Management Co., Ltd.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">1-12-1, Nihonbashi, Chuo-ku,</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Tokyo 103-8260, Japan</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">DIVIDEND PAYING AGENT, TRANSFER AGENT AND REGISTRAR</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Computershare Trust Company, N.A.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">P.O. Box 30170</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">College Station, Texas 77842-3170</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">CUSTODIAN</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Brown Brothers Harriman &amp; Co.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">50 Post Office Square</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Boston, Massachusetts 02110-1548</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">COUNSEL</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Sidley Austin LLP</div>
</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">787 Seventh Avenue</div>
</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">New York, New York 10019</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">RSM US LLP (formerly McGladrey LLP)</div>
</td>
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<td style="WIDTH: 50%; VERTICAL-ALIGN: top">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">80 City Square</div>
</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Boston, Massachusetts 02129</div>
</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">JAPAN SMALLER CAPITALIZATION FUND, INC.</div>
</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">WORLDWIDE PLAZA</div>
</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">309 WEST 49TH STREET</div>
</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">NEW YORK, NEW YORK 10019-7316</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: justify; LINE-HEIGHT: 1.25">This Report, including the Financial Statements, is transmitted to the Shareholders of Japan Smaller Capitalization Fund, Inc. for their information.&#160; This is not a prospectus, circular or representation intended for use in the purchase of shares of the Fund or any securities mentioned in the Report.</div>
</td>
</tr>
</table>
</div>

<div style="LINE-HEIGHT: 1.25"><br style="LINE-HEIGHT: 1.25">
 &#160;</div>

<div style="LINE-HEIGHT: 1.25">&#160;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">ITEM 2.&#160;&#160;CODE OF ETHICS</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;Not applicable to this semi-annual report.</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">ITEM 3.&#160;&#160;AUDIT COMMITTEE FINANCIAL EXPERT</div>

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</div>

<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
</div>
</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Not applicable to this semi-annual report.</div>

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</div>

<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">ITEM 4.&#160;&#160;PRINCIPAL ACCOUNTANT FEES AND SERVICES</div>

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</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Not applicable to this semi-annual report.</div>

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<div style="DISPLAY: block; TEXT-INDENT: 0pt"><br>
 &#160;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">ITEM 5.&#160;&#160;AUDIT COMMITTEE OF LISTED REGISTRANTS</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;Not applicable to this semi-annual report.</div>

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<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">ITEM 6.&#160;&#160;SCHEDULE OF INVESTMENTS</div>

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<div style="LINE-HEIGHT: 1.25">(a) The Registrant's investments in securities of unaffiliated issuers as of&#160; August 31, 2016 are included in the report to shareholders filed under Item 1 of this Form.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">(b)&#160; Not applicable</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">&#160;</div>
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<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">ITEM 7.&#160;&#160;DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR&#160;&#160;CLOSED-END MANAGEMENT INVESTMENT COMPANIES</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Not applicable to this semi-annual report.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">ITEM 8.&#160;&#160;PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES</div>

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<div>
<table id="z4842340e280b49c5ac3ad61213d0d228" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 100%" cellspacing="0" cellpadding="0" align="center" border="0">
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<td style="WIDTH: 36pt">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">(a)</div>
</td>
<td>
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left">Not applicable to this semi-annual report.</div>
</td>
</tr>
</table>
</div>

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<table id="zd6ef9531c4084e40b8b0a6c510b772e3" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">(b)</div>
</td>
<td align="left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">None.</div>
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</div>

<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">ITEM 9.&#160;&#160;PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS</div>

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<div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">(a)</div>
</td>
<td>
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left">Not applicable.</div>
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</tr>
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</div>

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<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">ITEM 10.&#160;&#160;SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Not applicable.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">ITEM 11.&#160;&#160;CONTROLS AND PROCEDURES</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">The Registrant&#8217;s Principal Executive Officer and Principal Financial Officer have evaluated the Registrant&#8217;s disclosure controls and procedures within 90 days of the filing of this report and have concluded that they are effective in providing reasonable assurance that the information required to be disclosed by the Registrant in its reports or statements filed under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">(b)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">There were no changes in the Registrant&#8217;s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this Report that have materially affected, or are reasonably likely to materially affect, the Registrant&#8217;s internal control over financial reporting.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">ITEM 12.&#160;&#160;EXHIBITS</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">(a) (1)</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Not applicable to this semi-annual report.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 are attached hereto as an exhibit.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; LINE-HEIGHT: 1.25">Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are furnished herewith as an exhibit.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Japan Smaller Capitalization Fund, Inc.</div>

<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>

<div style="FONT-SIZE: 10pt; TEXT-DECORATION: underline; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">By:&#160; /s/ Yutaka Itabashi<font style="LETTER-SPACING: 9pt">&#160;&#160;&#160;&#160;</font></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Yutaka Itabashi</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">President,&#160;Principal Executive Officer</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Date:&#160; 11-2-16</div>

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<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.</div>

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<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">
<div style="FONT-SIZE: 10pt; TEXT-DECORATION: underline; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">By:&#160; /s/&#160;Yutaka Itabashi<font style="LETTER-SPACING: 9pt">&#160;&#160;&#160;</font></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Yutaka Itabashi</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">President,&#160;Principal Executive Officer</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Date:&#160; 11-2-16</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Amy J. Marose</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Date:&#160; 11-2-16</div>

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<TYPE>EX-99.CERT
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<head>
<title>efc14-693_ex99cert.htm</title>
<!--Licensed to: Sidley Austin
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Worldwide Plaza<br>
 309 West 49th Street</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">New York, New York 10019</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">I, Yutaka Itabashi, certify that:</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left">I have reviewed this report on Form N-CSR of Japan Smaller Capitalization Fund, Inc.;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">4.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left">The registrant&#8217;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</div>
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<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">a.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</div>
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<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">
<table id="hangingindent" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
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<td style="WIDTH: 36pt">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">b.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</div>
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<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">
<table id="hangingindent" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
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<td style="WIDTH: 36pt">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">c.</div>
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<td align="left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; DISPLAY: block">Evaluated the effectiveness of the registrant&#8217;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the

<div style="TEXT-ALIGN: justify; DISPLAY: block">disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and</div>
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<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>

<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">
<table id="hangingindent" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
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<td style="WIDTH: 36pt">&#160;</td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">d.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Disclosed in this report any change in the registrant&#8217;s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant&#8217;s internal control over financial reporting; and</div>
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<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">
<table id="hangingindent" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">5.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">The registrant&#8217;s other certifying officer and I have disclosed to the registrant&#8217;s auditors and the audit committee of the registrant&#8217;s board of directors (or persons performing the equivalent functions):</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">a.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant&#8217;s ability to record, process, summarize, and report financial information; and</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">b.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&#8217;s internal control over financial reporting.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Date:&#160; 11-2-16</div>
</td>
<td style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 33%; BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center" valign="top">/s/ Yutaka Itabashi</td>
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<td style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 64%; BORDER-BOTTOM: 4px; BORDER-LEFT: medium none" valign="top">&#160; </td>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Yutaka Itabashi</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">President,&#160;Principal&#160;Executive Officer</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; WIDTH: 100%; TEXT-ALIGN: center">2</div>

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<div style="FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Japan Smaller Capitalization Fund, Inc.</div>

<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Worldwide Plaza<br>
 309 West 49th Street</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">New York, New York 10019</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>

<div style="FONT-SIZE: 10pt; TEXT-DECORATION: underline; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">CERTIFICATIONS</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">I, Amy J. Marose, certify that:</div>

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<div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">1.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left">I have reviewed this report on Form N-CSR of Japan Smaller Capitalization Fund, Inc.;</div>
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<div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">2.</div>
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<td>
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</div>
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<div>
<table id="hangingindent" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 100%" cellspacing="0" cellpadding="0" align="center" border="0">
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">3.</div>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;</div>
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<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>

<div>
<table id="hangingindent" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 100%" cellspacing="0" cellpadding="0" align="center" border="0">
<tr valign="top">
<td style="WIDTH: 36pt">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">4.</div>
</td>
<td>
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left">The registrant&#8217;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:</div>
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</div>

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<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">
<table id="zd03c25cb376f48449cca5ff04bbe6c40" style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; WIDTH: 100%" cellspacing="0" cellpadding="0" border="0">
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<td style="WIDTH: 36pt">&#160;</td>
<td style="WIDTH: 27pt" align="right">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">a.</div>
</td>
<td align="left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; DISPLAY: block">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</div>
</td>
</tr>
</table>
</div>

<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">
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<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">
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<tr valign="top">
<td style="WIDTH: 36pt">&#160;</td>
<td style="WIDTH: 27pt" align="right">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">b.</div>
</td>
<td align="left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; DISPLAY: block">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</div>
</td>
</tr>
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</div>

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<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">
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<td style="WIDTH: 27pt" align="right">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">c.</div>
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<td align="left">Evaluated the effectiveness of the registrant&#8217;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and</td>
</tr>
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<div style="display: block; text-align: justify; margin-left: 0pt; margin-right: 0pt; text-indent: 0pt;">
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<div style="TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">
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<td style="WIDTH: 36pt">&#160;</td>
<td style="WIDTH: 27pt" align="right">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">d.</div>
</td>
<td align="left">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: left; DISPLAY: block">Disclosed in this report any change in the registrant&#8217;s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant&#8217;s internal control over financial reporting; and</div>
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</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>

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<div>
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<td style="WIDTH: 36pt">
<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">5.</div>
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<div>/s/ Yutaka Itabashi</div>
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<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: center; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">Worldwide Plaza<br>
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<div style="TEXT-ALIGN: justify; MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt">&#160;</div>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
