AKAMATSU FUND. Japanese Equity long/short

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1 AKAMATSU FUND Japanese Equity long/short INVESTMENT STRATEGY Akamatsu Fund is a value-based, research-driven long-short equity hedge fund focusing on smaller-cap names outside the largest 250 companies in Japan. The investment objective of the fund is to achieve quarterly and annual absolute capital appreciation in Yen and US dollar terms. Its two partners, Bill Gallagher and Philip Kay have worked together for seventeen years. PRINCIPALS Bill Gallagher Eighteen years experience as an equity analyst in Tokyo: CSFB , Schroder Securities , Merrill Lynch 1995, Smith New Court , Okasan Securities Nine years as Head of Research in Tokyo, including the past four at CSFB Ranked in the Institutional Investors magazine survey of top equity analysts in Japan from 1994 to Ranked #1 in the Paper sector in 2002 Worked with Philip Kay for 17 years and with a third Partner (who will join early in March 2005) at various times over the last 18 years Coverage has included a wide range of sectors: Paper, Printing, Advertising, Machinery, Office Furniture, Tobacco, Textiles, Railways, Packaging, Building Materials, Construction, Housing and Special Situations Managing Director at CSFB Based in Tokyo and a fluent Japanese speaker

2 Philip Kay Seventeen years experience running large global equity platforms in the Japanese market Worked with Bill Gallagher for seventeen years Senior Advisor to CSFB, Managing Director and Head of CSFB s Japanese global cash equity business, Chief Operating Officer, Schroder Securities. Head of global Japanese cash equity business, (at which time he had overall responsibility for marketing FRM s products into Japan) Director, Smith New Court PLC, and Chairman of global Japanese operations, Based in London and responsible for Trading and Marketing INVESTMENT PROCESS Our emphasis is on "bottom-up" stock selection. We aim to find companies for both the long and the short book where there are the greatest gaps between market consensus and our view of the earnings and cash flow streams. We select stocks by: 1) Using CSFB HOLT screening to narrow the Japanese stock universe of 3600 names into names; 2) Intensive company visits in Japan to determine where the best ideas lie; and 3) by combining CSFB HOLT s expectations analysis with the feedback from our company visits and our top-down views on sectors to select stocks on average for the portfolio. It is intended that portfolio returns will have limited correlation with broad market indices. Risk Management Portfolio level - Proprietary independent risk control process from Schneider Capital Management Targeted volatility - approx 15% (the small cap elements in the portfolio inevitably makes the targeting process less precise) Individual stocks - daily review of positions Leverage - minimal, typically no leverage (longs + shorts) Stop loss policy - Longs - as we are value investors we shall have a soft limit at 10% at which point we may average down or close the position - Shorts - hard limit at 10% Position size - 7% maximum Initial allocations - Large liquid stocks up to 4%, small illiquid stocks up to 2%

3 GENERAL FUND INFORMATION Fund Objectives Investment Coverage: Japanese equities Underlying Assets: Japanese equities, index futures, currency futures, cash Volatility Target: 15% Base Currency: Yen Other Objectives: 20% annual returns Fund Information Fund s AUM (2/05): US$ 13m. Launch Date: January 2005 Domicile: Cayman Valuation Currency: Yen and US$ Minimum Subscription: $250,000 or equivalent Target Capacity: $100 m. Valuation: Monthly Annual Management Fee: Performance Fee: 1.5% 20% (with high watermark) Subscription/Withdrawal Redemption Fee: Hurdle Rate: Fund Administrator: Listed: Auditors: Prime Broker: Investment Manager including where it is regulated and by whom: Offshore Counsels: Monthly subscriptions and withdrawals with 30 days written notice for withdrawal No No PFPC Dublin PWC CSFB PCE Investors (UK FSA) Walkers (Cayman); White & Case (Japan); Herrick, Feinstein LLP (USA)

4 Contact Information Name: Philip Kay Address: One Whittington Avenue, London EC3 1LE, U.K. Main Phone: Other/Mobile: Fax: The funds whose summaries are attached to this profile book (each a Fund and together, the Funds ) are customers of Credit Suisse First Boston LLC ( CSFB LLC ) and/or its affiliates or subsidiaries (together with CSFB LLC, CSFB ), and CSFB LLC may act as prime broker to such Funds. Any investment you make in a Fund may have an indirect benefit to CSFB LLC as prime broker to such Fund or to CSFB as a counterparty to a transaction with such Fund, including derivative transactions. CSFB may, to the extent permitted by law, effect transactions with or on behalf of the Funds, participate or invest in financing transactions with the Funds, perform services or solicit business from the Funds or their managers, and/or have a position, holding or other material interest in the Funds. CSFB may have received or may receive in the future prime brokerage or other transaction related compensation from the Funds. The summaries in this profile book have been prepared and completed by the applicable Fund or the Fund s manager) to which the summary relates. The summaries may be forwarded to you, at your request, by CSFB for information purposes only as part of its capital introduction services. CSFB has not verified the information contained in the summaries and gives no representation or warranty as to the accuracy, completeness or otherwise of the information contained in the summaries. You should independently verify any information contained in the summaries and obtain a copy of any prospectus or other offering or subscription documents of the Funds, which contain important risk disclosures and more specific information about the Funds, prior to making any investment decision. The summaries are not sales literature. These summaries and any materials or information provided to you by CSFB do not constitute an offer to sell or a solicitation of an offer to buy an interest in any Fund or any other securities, to or from any person in any jurisdiction. Any such offer or solicitation may only be made pursuant to a confidential private placement memorandum as supplemented from time to time that relates specifically to such Fund or securities. By accepting delivery of any materials, including these summaries, you agree to the foregoing. In distributing these summaries, CSFB is not acting as your advisor. You must make your own independent assessment (based on advice from such advisors and further verifications as you deem appropriate) as to whether investment in a Fund is appropriate for you and as to whether you are able to invest in the Funds. Investments in the Funds may be speculative and involve a high degree of risk, and investors in the Funds could lose all or a substantial amount of their investments. CSFB has not made any determination on whether the Funds, or their managers, are permitted to market, promote or sell any investment to you under applicable law. CSFB makes no representation as to the accuracy or completeness of the information in the summaries and accepts no liability for loss arising from use of the information in these summaries. These summaries are confidential and may not be disclosed, redistributed, divulged or reproduced by you, in whole or in part. Notwithstanding the foregoing, you (and each of your employees, representatives, or other agents) may disclose to any and all persons, without limitation of any kind, the tax treatment and tax structure of (i) the Funds and (ii) any of its transactions, and all materials of any kind (including opinions or other tax analyses) that are provided to you relating to such tax treatment and tax structure. The summaries are directed at institutional investors that are accredited investors (as defined by the U.S. Securities Act of 1933) and qualified purchasers (as defined by the U.S. Investment Company Act of 1940, as amended) only and is not intended for private customers. Where you are acting on behalf of others, references to you or your include those entities on whose behalf you are acting.

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