Notice of Issueing Alpine CB (5 billion)

Apr 19th, 2005

RISA Partners reached a decision to issue 5 billion yen debenture with yen-dominated convertible bond share warrants.

This procurement funds will be spent for strategically and effectively grow our profits; specifically, the funds will be allocated to real estate and corporate recovery funds subscriptions, self-financed real estate projects, debt collection purchases and business 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.

Furthermore, RISA Partners is anticipating positive effects of this Alpine CB debenture (yen-dominated convertible bond in Swiss market) in building name recognition and trust of our company in the foreign market and securing numerous foreign excellent investors.