Symphony Financial Partners Co., Ltd. Sells Stake of Portfolio Company at 135% Premium

  Symphony Financial Partners Co., Ltd. Sells Stake of Portfolio Company at
  135% Premium

              One of Largest Tender Offer Premiums Ever in Japan
     Firm that Achieved the Sale of Other Company at 119% Premium in 2010
                          Accomplishes Similar Feat

Business Wire

NEW YORK & TOKYO -- December 05, 2011

Symphony Financial Partners Co., Ltd. (“Symphony”), a leading Asia-based asset
management company, has facilitated the management buyout of Sanjo Machine
Works Ltd. (“Sanjo”; 6437 JP), a company engaged in the manufacture and sale
of automobile engine parts, general machinery and dies, with gross revenues of
¥10.7 billion. Murata Shoji K.K., a special purpose company established by the
president of Sanjo to conduct the buyout, will offer to buy 100% of the shares
outstanding at ¥468 per share. This opportunity was created by Symphony
through intensive discussions and price negotiations with management over the
past year.

Symphony advises The SFP Value Realization Master Fund Ltd. (the “Fund”),
Sanjo’s largest shareholder. The Fund will tender its entire 23% stake in the
offering to Murata Shoji K.K. The tender price is a 135% premium to today’s
close of ¥199 and a 139% premium to the 6-month moving average. This
represents one of the largest tender offer premiums ever offered in Japan and
the second time in 12 months Symphony has received over 100% premium in a
tender offer. Symphony concluded a similar deal last year selling its 9% stake
in Aloka Corp., a global leader in the diagnostic ultrasound medical equipment
Industry with sales of ¥50 billion, to Hitachi Medical Corp. at 119% premium
in a strategic sale.

The Fund has been a long-term shareholder in Sanjo, supporting management in
numerous ways. The Fund has long felt that Sanjo would be better off
delisting.

“We applaud management’s decision to delist Sanjo at a substantial premium to
recent market prices. The market wasn’t properly valuing the company. When we
explained the situation to management, they agreed to step in and corrected
the mispricing for the benefit of all stakeholders. This transaction
exemplifies Symphony’s expertise in generating returns through the execution
of non-confrontational value enhancing activities in Japan,” said David Baran,
Co-CEO of Symphony.

The Fund is also credited with achieving the only hedge fund-led management
buyout in Japan, when it facilitated a similar deal with Central Uni, a
hospital equipment firm with ¥17.4 billion in gross revenues in 2007. As a
market leader in “engaged investing” in Japan, it is also the only Fund to
have successfully defeated the introduction of the poison pill.

“The team at Symphony is constantly looking for ways to deliver non-correlated
returns to its limited partners. Unlocking value in Japanese equities is
challenging, but if done properly, it’s ultimately financially rewarding,”
added Kazuhiko Shibata, Co- CEO of Symphony.

About Symphony Financial Partners

Symphony Financial Partners Co., Ltd., the advisor to The SFP Value
Realization Master Fund Ltd. and Sinfonietta Master Fund, an Asia macro fund,
is an Asia-focused asset manager with offices in Tokyo and Singapore. The Firm
was founded in 2000 by David Baran and Kazuhiko Shibata, veteran finance
professionals with decades of experience in Asian markets. The investment team
has been working together since 2003 and has extensive expertise in trading
and analysis over a broad range of areas including Asian equity/equity
derivatives, FX, credit, event-driven trading, M&A and corporate advisory.

About SFP Value Realization Master Fund

The SFP Value Realization Master Fund Ltd. is a Japanese equity fund investing
in profitable, asset-rich companies at discounts to intrinsic value and works
with company management to introduce change that will result in a positive
re-valuation of the company. The Fund is widely recognized as the market
leader in engaged investing in Japan, with an extensive track record of event
creation in its portfolio.

Contact:

Makovsky + Co.
Priscilla Li, 212-508-9659
pli@makovsky.com
or
Makovsky + Co.
John McInerney, 212-508-9628
jmcinerney@makovsky.com
or
Symphony Financial Partners
Brigitte Chan
brigitte@symphony-fp.com.sg
www.symphony-fp.com