Realized

Tainan Enterprise Co., Ltd. is a leading manufacturer and supplier of apparel to major US and Japanese brands, including Ann Taylor, The Gap, Itochu, Macy's and MAST. In 1993 the company diversified into the apparel retailing business in the PRC with its own brand "Tony Wear" (www.tonywear.com). Excelsior realized this investment in 2008 through public market sale and partial repayment of the bonds.

www.tai-nan.comBloomberg ticker: 1473 TT