1. Global Venture Capital March 19, 2007 Michael Korver, Managing Partner

2. Global Venture Capital Tokyo-based independent venture capital firm since 1997 Five partners Invested in over 35 ventures Investment thesis: “Globally source, invest locally” www.gvc.jp

3. “Globally Source, Invest Locally” Investments in early-stage ventures located around the globe that have “meaningful contacts” with Japan and/or other economies of Asia. “Meaningful contacts” include one or more of the following attributes: ① A large potential market in Japan and/or other Asian countries and a strong commitment on the part of management to consider these markets to be of significant importance. ② A technology, product or service that is amenable to due diligence by applying technology resources accessible internally or in Japanese and/or other Asia-based corporations or academic/research institutions. ③ A strong potential interest by Japanese or other Asia-based corporations in partnering with the venture. ④ The potential to undertake an IPO on the Japanese capital markets.

4. Why Our Investment Strategy “One size doesn’t fit all” – innovation not bounded by geography; markets are global Silicon Valley doesn’t need more VC money or “bridging organizations” U.S. not the appropriate first market for all innovations –Too competitive –Early adopters may be elsewhere –Infrastructure to support growth of the market may not exist in the US –Larger potential markets may exist outside of the U.S. Powerful potential competitors or partners may lurk in Asia

5. What we look for Market opportunity –Large and fast-growing –Compelling value proposition –Effective “go-to-market” strategy Management team –All bases covered –Experienced Technology or other sustainable “barriers to entry”

6. Case Studies Hoku Scientific (Nasdaq: HOKU) –Alternative energy (Hawaii): achieved IPO on the strength of commercial relationships with two large Japanese companies SpectraGenics –Medical equipment (California): Launched product in Japan pending FDA approval in the U.S. ReallyEnglish.com –ITC (U.K.): English language online learning content developed in U.K. but primary customers in Japan GeoVector –ITC (California/New Zealand): Development team in NZ and first market in Japan’s world leading mobile telephone sector