Titanium Asset Management

Capitalization

Transfer Restrictions

The securities of Titanium have not been registered under the Securities Act as of 1933, as amended ("Securities Act"), and are ‘‘restricted securities’’ as defined in Rule 144 promulgated under the Securities Act . A purchaser of such securities may not offer, sell, pledge or otherwise transfer such securities in the U.S. or to, or for the account or benefit of, any U.S. Person (as defined under Regulation S of the Securities Act), except (a) pursuant to an effective registration statement under the Securities Act, (b) to a person whom the seller reasonably believes is a qualified institutional buyer in a transaction meeting the requirements of Rule 144A under the Securities Act, (c) pursuant to an exemption from the registration requirements of the Securities Act provided by Rule 144 thereunder (if available), or (d) in certain transactions specified in Regulation S. Hedging transactions involving the securities of Titanium may not be conducted unless in compliance with the Securities Act.

Key Shareholders

Identification Numbers and Symbols