February 2009 marked a decade since the servicer system was first launched. The servicer system, which was initially established as a solution to the problem of the disposal of non-performing loans at financial institutions, now handles a wider range of loans to respond to the demands of financial markets. With the trend of financial unbundling, the scope of services that servicers are able to offer has also expanded to include primary servicing of commercial mortgage backed loans and residential loans. Even amid the current operating environment, which is said to be the "worst financial depression of the century," the needs demanded by market players of servicers are growing ever more diverse.

For Shinsei Servicing Company (Shinsei Servicer), which was established in October 2001, seven years have passed since the start of operations. During that time, we have functioned as an entity supporting the investment banking structure of the Shinsei Bank Group and have accumulated experience and know-how. As a result, today, we provide high-quality services over a broad spectrum of fields to the entire market, ranging from special servicing of non-performing loans to primary servicing and backup servicing of securitization structures. We have built a proven track record, having managed roughly 6 trillion yen in assets on a cumulative basis and posting approximately 2.7 trillion yen as the balance of assets managed as of the end of the most recent fiscal year. Our performance with respect to the servicing of those assets is also extremely highly rated by rating agencies, as are the internal control and compliance framework and the thorough employee training program we - as a member of the Shinsei Bank Group - have developed at the same high level as that of Shinsei Bank.

With the servicer system marking a milestone of ten years, the raison d'etre of servicers is again being called into question. In light of the current situation, we are particularly dedicated to maintaining trust in our compliance framework by providing servicing that pays due consideration to the circumstances faced by debtors, as is demanded of servicers by the entire society.

We will continue to leverage our high-quality infrastructure and the experience and know-how we have accumulated in our operations to the fullest extent, and will remain committed to reliably fulfilling the needs of our diverse array of clients.

Even with the rapidly changing operating environment, the liquidation business and loan investment business remain indispensable structures for the financial sector in Japan. Through our involvement in such financial activities in our capacity as a servicer, we hope to contribute to the development of the entire Japanese economy.

We sincerely hope that you will select Shinsei Servicer as your servicer.

March 2009