TRANSLATION FOR REFERENCE ONLY?

February 24, 2012

Company Name: Asia Alliance Holdings Co., Ltd. Representative: Yosinori 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 New Adjusted Exercise Price and Number of Shares per Units of the J. Bridge Corp. No. 8 Stock Acquisition Rights

Asia Alliance Holdings Co., Ltd. hereby announces that the exercise price and number of shares per units with respect to the J. Bridge Corp. No. 8 Stock Acquisition Rights ("Warrant No. 8") issued on July 2nd,
2007 will be adjusted as follows.
1. Adjusted Price

?Before?45yen

?After?27yen

2. Number of share per unit

?Before?1,000 shares

?After?1,666 shares

3. Effective Date
From February 27, 2012
4. Reason for adjusted Warrant No. 8
We have issued the Asia Alliance Holdings Co., Ltd. Stock Acquisition Rights No. 9 today. Thus, the exercise price and number of shares per units with respect to Warrant No. 8 needs to adjusted under the adjustment clause of warrant No. 8
5. Present Status of the Exercise of the Rights
12.5%, 10,000 stock acquisition rights("SARs") that is 10,000,000 shares of total 80,000
SARs(80,000,000 shares?have been exercised as of today.