On May 15, 2007, ORIX Corporation ("ORIX") of Japan, through an associated investment vehicle, entered into an agreement with Indalex Holding Corporation ("Indalex") of the U.S.A. to purchase its existing 25.01 per cent equity holding in Asia Aluminum Group Limited ("AAG"), a subsidiary of Asia Aluminum Holdings Limited ("AAH"). Also, AAG and Indalex have signed a long-term supply agreement to reinforce their nine-year trading relationship. Both agreements provide the following benefits to AAH:

• Establishment of a strategic partnership with ORIX and enhanced liquidity. Asia Aluminum welcomes ORIX as a long-term shareholder with the financial clout to support AAH in its growth ambitions and ability to facilitate end-product sales in Japan.
• Reinforcement of supply relationship with Indalex on a more capital-efficient basis. With its expanded extrusion capacity of 350,000 metric tons, AAG is the largest supplier to Indalex. Following today's agreements, AAG will continue this mutually beneficial supply relationship with Indalex. Moreover, the ORIX transaction allows AAH to apply US$50 million, which was earlier held in escrow pursuant to the terms of AAH's high yield notes financing in December 2004, for general capital purposes and working capital requirements. As a result, this transaction is expected to improve significantly the financial liquidity and flexibility of AAH.
• Streamlining of AAH's corporate structure. In connection with the strategic partnership, AAH has also granted ORIX an option, exercisable at any point in time following the close of the transaction, to swap the newly acquired equity investment in AAG into AA Investments Company Limited, AAH's holding company. This marks the second step in AAH's efforts to streamline its corporate structure, following the acquisition in 2006 of the 40 per cent minority interest in China Steel Development Company Limited, AAH's flat rolled panel subsidiary. ORIX has indicated that, at the appropriate time, it intends to exercise this swap option.

Both transactions should significantly contribute to AAH's liquidity position as it continues its expansions plans in both aluminum extrusion and flat-rolled panel.

AAH welcomes ORIX's investment in the company and looks forward to working with ORIX as a key strategic partner to further the group's plans for growth and profitability.

About Asia Aluminum Holdings Limited
Asia Aluminum Holdings Ltd. is the world's premier aluminum fabricator, dedicated to offering sophisticated extrusion, design, engineering, surface-finish and fabrication expertise for the benefit of customers in the infrastructure, home building and improvement, transportation and other industrial sectors. With a core capability of 350,000 metric tons of extrusion and the soon-to-be-commissioned 400,000 metric tons of rolled-products fabrication, Asia Aluminum is Asia's largest aluminum processing company and will rank among the top three fabricators in the world. For more information, please visit www.asiaalum.com

About ORIX Corporation
ORIX Corporation is an integrated financial services group based in Tokyo, Japan, listed on the Tokyo Stock Exchange (TSE:8591) as well as New York Stock Exchange (NYSE.IX). For more information, please visit www.orix.co.jp/grp/index_e.htm

About Indalex Holding Corporation
Indalex Holding Corporation is the largest independent producer of soft alloy extrusion products and the second largest aluminum extruder in North America. Indalex consists of Indalex Inc. and Indalex Limited. For more information, please visit www.indalex.com