Executive Personnel Changes



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NEWS RELEASE Aozora Bank, Ltd. May 16, 2016 Executive Personnel Changes [Audit & Supervisory Board ( ASB ) Members] Proposed Nomination [as of June 28, 2016] [] Toraki Inoue [New Position] ASB Member (External) Proposed nomination above is subject to election at the Ordinary General Meeting of Shareholders scheduled for June 28, 2016. Retirement [as of June 28, 2016] [] Akira Tachimoto [Current Position] ASB Member (External) [Executive Officers] Appointment [as of July 1, 2016] [] [New Position] [Current Position] Takeshi Ito Executive Officer, M&A Advisory Division and Asian Business Promotion Div. Officer, and General Manager of M&A Advisory Division General Manager of M&A Advisory Division Hideto Oomi Executive Officer, Special Assignment General Manager of Business Strategy Division Takashi Kato Executive Officer, General Manager of Kansai Branch and General Manager of Kansai Financial Institutions Division Deputy Head of FMG

Change of Assignment [as of July 1, 2016] [] [New Position] [Current Position] Kei Tanikawa Managing Executive Officer, Corporate Strategy Officer, and Office of Corporate Secretary Managing Executive Officer, Corporate Strategy Officer, Head of Compliance & Governance, and Office of Corporate Secretary Yutaka Aoyama Executive Officer, Head of Business Banking Group ( BBG ) Executive Officer, General Manager of Kansai Branch and General Manager of Kansai Financial Institutions Division Promotion [as of July 1, 2016] [] [New Position] [Current Position] Masatatsu Senior Managing Executive Officer, Chief Managing Executive Officer, Chief Ozeki Technology Officer (CTO) Technology Officer (CTO) Jorge A. Leon Yukio Sekizawa Koji Yamakoshi Hideaki Kuraishi Managing Executive Officer, Special Assignment Managing Executive Officer, Head of Compliance & Governance, and Head of Operations Group Managing Executive Officer, Head of Specialty Finance Group ( SFG ) Managing Executive Officer, Head of International Finance Group ( IFG ) Executive Officer, Special Assignment Executive Officer, Deputy Chief Technology Officer (Deputy CTO) Executive Officer, Head of Specialty Finance Group ( SFG ) Executive Officer, Head of International Finance Group ( IFG ) Retirement [as of June 30, 2016] [] Keiichi Asada [Current Position] Executive Officer Mr. Asada will join GLION GROUP as of July 1, 2016.

Toraki Inoue Date of Birth September 6, 1956 1980 BA in Philosophy, Politics, and Economics, Waseda University October 1980 December 1985 June 1987 October 1995 October 1997 July 1999 July 2008 June 2010 June 2011 September 2011 April 2012 April 2013 March 2016 ARTHUR ANDERSEN (Tokyo) Registration of CPA ARTHUR ANDERSEN (New York) National Partner, ANDERSEN Worldwide Partner, ANDERSEN Partner, KPMG AZSA LLC (formally Asahi & Co.) Toraki Inoue Certified Public Accountant Office (current) Representative Director and President, Accounting Advisory Co., Ltd (current) Outside Corporate Auditor, Pioneer Corporation Supervisory Director, GLP J-REIT (current) Visiting Professor, Chuo Graduate School of Accounting (current) Lecturer, Meiji University Graduate School of Global Business (current) Outside Audit & Supervisory Board Member, Kao Corporation (current)

Takeshi Ito Date of Birth March 2, 1963 1986 BA in School of Commerce, Waseda University April 1986 November 2008 January 2009 April 2009 August 2010 July 2012 The Nippon Credit Bank, Ltd. (name changed to Aozora Bank, Ltd. in January 2001) Joint General Manager of Private Equity Division Joint General Manager of Private Equity Division and Head of M&A Advisory Group Ⅱ Joint General Manager of Small & Medium Enterprise Solution Division and Head of M&A Advisory Group Joint General Manager of Corporate Business Division General Manager of M&A Advisory Division (current)

Hideto Oomi Date of Birth July 19, 1965 1989 BA in Faculty of Business & Commerce, Keio University April 1989 September 2005 August 2007 February 2008 April 2008 December 2009 July 2010 September 2010 December 2010 October 2011 November 2012 The Nippon Credit Bank, Ltd. (name changed to Aozora Bank, Ltd. in January 2001) Senior Relation Manager of Corporate Banking Group Division II, Group IX General Manager of Leveraged Finance Department General Manager of Leveraged Finance Department and Head of Transaction Management Group General Manager of Leveraged Finance Department General Manager of Acquisition & Project Finance Division General Manager of Acquisition & Project Finance Division and Head of Group II General Manager of Acquisition & Project Finance Division and Head of Group II and Head of Fund Investment Group General Manager of Acquisition & Project Finance Division General Manager of Hiroshima Branch General Manager of Business Strategy Division (current)

Takashi Kato Date of Birth January 20, 1965 1989 BA in Philosophy, Politics, and Economics, Waseda University April 1989 April 2006 April 2008 April 2009 August 2010 July 2012 October 2012 July 2014 The Nippon Credit Bank, Ltd. (name changed to Aozora Bank, Ltd. in January 2001) Joint General Manager of Securities Investment Division Joint General Manager of Treasury Funding Division Joint General Manager of Treasury Investment Division General Manager of Treasury Investment Division Deputy Co-Head of FMG and General Manager of Treasury Investment Division Deputy Head of FMG and General Manager of Treasury Investment Division Deputy Head of FMG (current)

Masatatsu Ozeki Date of Birth October 28, 1957 1981 BA in Economics, Kyoto University April 1981 July 1994 April 1998 April 2000 May 2000 July 2001 May 2003 June 2004 March 2007 October 2008 May 2009 Markets July 2010 May 2011 May 2013 Bank of Japan Deputy Director, Information Systems Department Deputy Director, Information System Services Department Director, Information System Services Department Head of System Administration Division, Information System Services Department Head of Security and General Services Division, Administration Department Director, Head of Administration Division, Osaka Branch General Manager, Kagoshima Branch Deposit Insurance Corporation of Japan (temporary assignment) Deputy Director-General, Deposit Insurance Department Associate Director-General, Secretariat of the Policy Board Associate Director-General, Secretariat of the Policy Board, Financial Department, Operations Department and Information System Services Department Deputy Director-General, Information System Services Department, Payment and Settlement Systems Department, Financial Markets Department and Operations Department General Manager, Fukuoka Branch Aozora Bank, Ltd. Managing Executive Officer, Chief Technology Officer (current)

Jorge A. Leon Date of Birth July 18, 1958 1981 B.S., Business Administration, West Chester University 1989 M.B.A., The Wharton School of the University of Pennsylvania 1981-2002 WACHOVIA CORPORATION, Philadelphia, PA. June 1981 Philadelphia National Bank 1987 Vice President, CoreStates Financial Corp 1993 Senior Vice President, CoreStates Financial Corp 1998 Executive Vice President, First Union and Wachovia 2002-2003 COVALENT GROUP INC., Wayne, PA. June 2002 Executive Vice President and Chief Financial Officer May 2003 Chief Operating Officer and Chief Financial Officer 2004-2008 NATIONAL PENN BANCSHARES, INC., Boyertown, PA. Penn 1 st Financial Services, Inc., Exton, PA. January 2004 Chief Operating Officer May 2004 President September 2007 National Penn Bancshares, Inc., Boyertown, PA. Executive Vice President and Corporate Planning Officer May 2008 Retired 2008- Aozora Bank, Ltd. July 2008 Senior Managing Executive Officer, Integrated Risk Management Group, General Manager of Integrated Risk Management Division November 2008 Managing Executive Officer July 2009 Corporate Executive February 2011 Deputy Head of Retail & Business Banking Group July 2011 Executive Officer, Corporate Strategy Officer November 2012 Executive Officer, Special Assignment of OCE February 2013 Executive Officer, Acting CTO June 2013 Executive Officer, Special Assignment (current)

Yukio Sekizawa Date of Birth January 29, 1962 1984 BA in Political Science and Economics, Waseda University April 1984 April 2006 February 2008 October 2011 July 2012 March 2013 June 2013 July 2013 The Nippon Credit Bank, Ltd. (name changed to Aozora Bank, Ltd. in January 2001) Joint General Manager of Financial Management Division General Manager of Financial Control Division Deputy Chief Financial Officer Executive Officer, Deputy Chief Financial Officer Executive Officer, Special Assignment of OCE Executive Officer, Special Assignment Executive Officer, Deputy Chief Technology Officer (current)

Koji Yamakoshi Date of Birth July 22, 1962 1986 BA in Law, The University of Tokyo April 1986 May 2005 April 2007 December 2009 July 2012 November 2012 The Nippon Credit Bank, Ltd. (name changed to Aozora Bank, Ltd. in January 2001) Joint General Manager of Structured Credit and Investment Division General Manager of Special Finance Division Deputy Head of Specialty Finance Group, and General Manager of Special Situations Division Executive Officer, Deputy Head of Specialty Finance Group Executive Officer, Head of Specialty Finance Group (current)

Hideaki Kuraishi Date of Birth May 30, 1959 1984 BA in Law, Kyoto University 1989 LL.M, University of Michigan Law School April 1984 June 1988 June 1990 February 1994 April 1999 April 2002 March 2006 May 2010 April 2012 July 2013 April 2014 July 2014 The Industrial Bank of Japan, Limited Osaka Branch University of Michigan Law School International Division Chicago Branch Project Finance Division Mizuho Corporate Bank, Ltd. Project Finance Division Deputy General Manager, Project Finance Division General Manager of Structured Finance Division Europe, Middle East & Africa Executive Officer &General Manager of Structured Finance Division Europe, Middle East & Africa Mizuho Bank, Ltd. Executive Officer & General Manager of Structured Finance Division Europe, Middle East & Africa Aozora Bank, Ltd. Deputy Head of Specialty Finance Group Executive Officer, Head of International Finance Group (current)