?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 of Exercise of Warrants to the Holder of the No. 8 Stock Acquisition Rights

Asia Alliance Holding Co., Ltd.("the Company") is pleased to announce that the J. Bridge Corp. No. 8
Stock Acquisition Rights issued on July 7, 2012 has been exercised today and details are as follows-
1. Details of the Warrant Exercised

I. Name of the Warrants

the J. Bridge Corp. No. 8 Stock Acquisition Rights

II. Date of exercised

March 1, 2012

III. Name of warrant holder

Long Set Investments Limited

IV. Number of warrants exercised

2,300 units

V. Number of shares delivered

3,831,800shares?1,666/units?

VI. Exercise price

JPY 27/share

VII. Total exercise price

JPY103,458,600

VIII. Total Number of warrants

80,000units

IX. Total Number of remaining unexercised warrants

67,700units

2. Total number of shares outstanding as of February 29, 2012
174,863,629shares (including treasury stock ? 15,909shares)