Notice on Issueing Alpine CB (12 billion)

Apr 11th, 2007

RISA Partners reached a decision to issue 12 billion yen debenture with yen-dominated convertible bond share warrants.

This procurement funds will be spent to strategically and effectively grow our profits; specifically, the funds will be allocated to delinquent loan collection purchases and investment purchases.

With these investments, we anticipate the procurement of dividends benefits and other related handling fees, and regard this procurement fund to be indispensable under liner for our profit growth.

This procurement fund is a stable and long-termed capital at 7 years, and is anticipated to keep the interest rate to a minimal because of its zero coupon set up. In addition, the MSCB is set above the actual cash value, and does not have the downward revision clause. We regard these conditions suitable for our shareholders because we can proactively reduce the inclination to dilute the stock value.

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