Aozora Bank, Ltd.

Aozora Bank announces the terms of Aozora Debentures
and Discount Aozora Debentures, 1 & 5 years

Tokyo ( December, 2010 ) – Aozora Bank, Ltd. (''Aozora Bank'') announced the terms of Aozora
Debentures and Discount Aozora Debentures as follows, in view of recent economic and
financial conditions:

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