Aozora Bank, Ltd.
April 22, 2010

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The Arrest of a Former Bank Employee

Today, the Tokyo District Public Prosecutor’s Office arrested a former employee of Aozora Bank on
suspicion of violating the Financial Instruments and Exchange Act (insider trading).

Aozora Bank would like to offer its sincere apologies for the inconvenience and concern this incident
has caused all of our stakeholders, including shareholders and customers. The Bank has always had a
thorough compliance structure in place for the prevention of insider trading, including Bank regulations
set out in the ‘Prevention of Insider Trading Policy,’ and we are treating this matter with the utmost
seriousness. To win back trust as a financial institution, we will further strengthen the Bank’s compliance
and information management systems, as well as stressing the importance of ethical business values to
all employees in order to prevent a recurrence.

As well as providing full cooperation to the investigation by the Securities and Exchange Surveillance
Commission that began with the June 4, 2009 on-site inspection, the Bank established an Internal
Investigation Committee, also on June 4, 2009. On July 6, 2009, Aozora commissioned a third party
committee of experts, chaired by Tadashi Kunihiro, Attorney-at-law (Representative of T. Kunihiro & Co.,
Attorney-at-law), and including members Tetsuo Ozawa (Partner, Tokyo Fuji Law Office) and Tsutomu
Miyano (Partner, Anderson, Mori & Tomotsune) from outside the Bank. Upon receipt of the Investigation
Report from the committee, which included clarification of the facts related to the incident, an
understanding of internal management conditions, and measures required to prevent a recurrence,
the Bank implemented reform of regulations, in addition to the thorough notification of reforms to
employees, as well as taking the appropriate disciplinary actions.

We appreciate your continued support.

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