Aozora Bank, Ltd.

Aozora Bank, Ltd. (Aozora Bank) announces issuance of 2-year Aozora Debentures

Tokyo(October 12, 2010) – Aozora Bank announced issuance of 2-year Aozora
Debentures, No.176 as follows:

1. Issuer : Aozora Bank, Ltd.

2.Way of Issue : Offering Issue
Minimum Increment (Denomination) 50 million Yen

3. Coupon Rate : 0.60% per annum

4. Issue Price : Par (¥100 per ¥100)

5. Redemption Price : Par (¥100 per ¥100)

6. End of Offering : Friday, October 15, 2010

7. Issue Date : Wednesday, October 27, 2010

8. Maturity Date : Friday, October 19, 2012

9. Coupon Payment : Each 20th day of April and October as well as on the maturity date

10. Issuing and Paying Agent : Aozora Bank, Ltd.