Aozora Bank, Ltd. · TSE:8304

Aozora Bank — Merger or Acquisition (July 2009)

13 slides from Aozora Bank's merger presentation, Jul 1, 2009

1. Slide 1: Contents

   > Rationale for the Merger .........2 > Vision for the Merger .........3 > Values of the Combined Bank .........4 > Areas of Focus 1. Domestic Corporate Finance .........5 2. Individual Customers .........6 3. Alliances with Regional Financial Institutions .........7 > Overview of the Merger ......8

2. Slide 2: Background

   Background - ----------------------------------------------------------------------------------- Increasing importance of attaining Need for a neutral financial sufficient scale and maintaining a institution, unaffiliated with any strong financial platform particular financial group - --------------

3. Slide 3: Vision for the Merger

   - ------------------------------------------------------------------------------- Vision for the Merger - ------------------------------------------------------------------------------- Deeply-rooted domestically, truly sought by customers, the market and society, and continually contributing to the

4. Slide 4: Values of the Combined Bank

   - -------------------------------------------------------------------------------- Values of the Combined Bank - -------------------------------------------------------------------------------- Organizational stability v/ Ranked sixth domestically in terms of total assets, the Combined Bank will sec

5. Slide 5: Areas of Focus (1)

   Areas of Focus (1)<> - -------------------------------------------------------------------------------- Enhance value-added solutions for domestic corporate finance - ------------------------------------------------------------------------------- o Provide superior solutions v/ Asset finance (real e

6. Slide 6: Areas of Focus (2)

   Areas of Focus (2) <> - -------------------------------------------------------------------------------- Maintain a high level of customer satisfaction - ------------------------------------------------------------------------------- [] Continue to expand the retail banking business ~ as a core sour

7. Slide 7: Areas of Focus (3)

   - -------------------------------------------------------------------------------- Areas of Focus (3) <> - -------------------------------------------------------------------------------- Position the Combined Bank to respond to strategic alliance opportunities - ------------------------------------

8. Slide 8: Overview of the Merger (1)

   - ------------------------------------------------------------------------------- Overview of the Merger (1) - ------------------------------------------------------------------------------- > Major Decision Items v/ Merger Ratio? 1 to 1 v/ Merger Structure? Merger of equals that is legally structur

9. Slide 9: Overview of the Merger (2)

   - -------------------------------------------------------------------------------- Overview of the Merger (2) - -------------------------------------------------------------------------------- Post Merger Status [] Representative: Mr. Norito Ikeda Currently a Special Advisor to A.T. Kearny K.K. and

10. Slide 10: Company Profiles (as of March 31, 2009)

    - ------------------------------------------------------------------------------------ Company Profiles (as of March 31, 2009) - ------------------------------------------------------------------------------------ Shinsei Bank Aozora Bank - -----------------------------------------------------------

11. Slide 11: Key Takeaways

    Key Takeaways - -------------------------------------------------------------------------------- Merger > Need for a neutral financial institution that Rationale is independent from any particular financial group, given market dominance by a few players > Scale required as we modify our business mod

12. Slide 12: This presentation is not an offering of securities for sale in any jurisdiction

    This presentation is not an offering of securities for sale in any jurisdiction. Shinsei Bank may file a registration statement on Form F-4 with the U.S. Securities and Exchange Commission (the "U.S. SEC") in connection with the proposed business combination transaction. The Form F-4 (if filed) will

13. Slide 13: This presentation is not an offering of securities for sale in any jurisdiction

    This presentation is not an offering of securities for sale in any jurisdiction. Shinsei Bank may file a registration statement on Form F-4 with the U.S. Securities and Exchange Commission (the “U.S. SEC") in connection with the proposed business combination transaction. The Form F-4 (if filed) will

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