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TRANSFORMATIONAL INVESTMENT TRACK RECORD

Multiples and IRRs

Since 1988, JAPONICA PARTNERS has built our track record by creating transformational investments with low risk high return.

Japonica's transformational investments have three building blocks: discover systemic misconceptions, discover a massive undervaluation, and create extraordinary value. For internal management purposes, Japonica measures its investment track record according to the best practice Global Investment Performance Standards (GIPS). Japonica is not a fund and does not provide investment advice.

Greek Government Bonds: One of the largest private owners of Greek government bonds (GGBs), improved Greek government public financial management and launched a $3.8 billion (€2.9 billion) unmodified Dutch auction tender offer for select GGBs. An 8.9x multiple on capital invested at exit (4.3x initial capital) and 35% IRR after about 5 years with no leverage.

Sunbeam-Oster Company: Majority stockholder and assumed key C-level executive positions (chairman, CEO, and CFO), lead the US$1.5 billion turnaround of Fortune 300 Sunbeam-Oster Company. A 5.9x investment multiple and 104% IRR in 3 years with investment grade corporate leverage.

CNW Corp: Largest stockholder in one of the biggest railroad holding companies in North America, CNW Corp., commenced US$1.6 billion white knight tender offer and full board proxy to maximize shareholder value. A 2.2x investment multiple and 57% IRR in 1.5 years with no leverage.

Allegheny International: Largest creditor and sole proponent of successful joint plan of reorganization; the US$690 million successful bankruptcy reorganization of Fortune 200 Allegheny International. Invested in senior secured bank loans and other classes of debt via private party purchases and a tender offer. A 1.3x investment multiple and 181% IRR in 7 months with no leverage.

Borden Inc.: Lead sponsor and global institutional investor organizer, proposed a US$2.4 billion restructuring of Fortune 100 Borden Inc., but withdrew the restructuring proposal following adoption of scorched earth tactics by the company’s then incumbent management.

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