?TRANSLATION FOR REFERENCE ONLY?

March 1, 2012

Company Name: Asia Alliance Holdings Co., Ltd. Representative: Yoshinori Funato, President and CEO (Code No.: 9318 at 2nd Section of Tokyo Stock Exchange) Contact: Hiroyuki Ueno

Corporate Planning Department, General Manager

(TEL?03-5638-8562?

Notice Regarding the Warrant Exercise in February 2012

Please be advised that the Warrant has been exercised in February 2012 as follows,
1. Name of the Stock Acquisition Rights: J. Bridge Corp. No. 8 Stock Acquisition Rights
2. Number of Warrant exercised: None
3. Total Amount of Warrant exercised: None
4. Remaining unexercised Warrants as of end of Jan 2012: JPY3,150,000 thousand
(Exercised Price JPY45×70 million shares)
5. Remaining unexercised Warrants as of end of Feb 2012: JPY3,148,740 thousand
(Exercised Price JPY27×116.62 million shares)
6. Details of the Warrant Exercised in February 2012.

Date of Warrant Exercised

Number of New Subscription

Exercised Price

?yen?

Total Exercised Price

?thousand yen?

Date of Warrant Exercised

New Subscription (Share)

Transferred Treasury Stock (share)

Exercised Price

?yen?

Total Exercised Price

?thousand yen?

February 1, 2012 (Wed) to

February 29, 2012 (Wed)

None

None

27

None

?Total number of shares outstanding as of February 29, 2012: 94,863,629shares?including treasury stock ? 15,909shares?

7. The Number of the Warrant Exercise Limitation

?Total Number of New Stock

Acquisition Rights to be issued

?Total Number of Shares Outstanding at the Time of New Subscription

?Ratio of Warrant Exercise

Limitation

??????

None

None

None

?There is no limit of warrant exercise on this stock acquisition rights.