Overview of Ant Care Business I. L.P.

More than 20% of Japan’s total population consists of citizens aged 65 or above. In 2024, when the baby boom generation will have reached the age of 75 or above, the elderly will account for some 30% of the nation’s population. Japanese society is aging at a speed unparalleled elsewhere in the world, and as the population of the elderly expands, so will the number of users of nursing-care services. Total long-term nursing-care insurance benefits paid reached 6 trillion yen in fiscal 2006.

Established in 2006, the Ant Care Business I. L.P. investment fund targets the growing industry of nursing-care for the elderly through roll-up investment schemes intended to increase group corporate value through expanded scales, primarily by consolidating multiple inpatient care service businesses, focusing primarily on inpatient care services, which promise greater economies of scale than home-care services.*

The Ant Care Business I. L.P. investment fund has established a holding company, AntCareHoldings Co., Ltd., with four inpatient care service businesses and one medical HR service business established as business subsidiaries of the holding company, accounting for 49 facilities with a total of 2,040 rooms across Japan (as of September 2009).

* Some management operations have been subcontracted to ACA by Ant Capital Partners, the general partner.

Ant Care Business I. L.P.

Shares held in inpatient care service businesses in Japan, and other businesses

AntCareHoldings Co., Ltd.

See diagram below.