Cerberus Capital Management Reiterates Its Long-term Commitment to Aozora Bank

NEW YORK -

Cerberus Capital Management, L.P. (”Cerberus”) today reiterated its commitment to Aozora Bank, Ltd. (”Aozora”) in response to market rumors that Cerberus and its affiliates might be preparing to sell some of their shares in the bank. Cerberus maintains its positive long-term view of this investment and has no plan to sell any Aozora shares in the open market.

Since its inception, Cerberus Capital Management has pursued a strategy that focuses on investments in undervalued situations. For example, Cerberus Institutional Partners IV, the firm’s flagship institutional fund, has been actively employing that strategy and is up over 20% year-to-date 2009. Consistent with this value investment strategy, Cerberus views its investment in Aozora as a long-term strategic investment in an undervalued asset.

Timothy F. Price, Managing Director at Cerberus, said, “Cerberus remains committed to Aozora, which it views as an undervalued asset. Cerberus has substantial liquidity, including billions of dollars of free cash on hand in existing funds and accounts to invest in anything that makes sense for our investors, and also closed a substantial new fund this summer. As we’ve said in the past, Cerberus is under no pressure to sell any assets at any time for any reason. We are actively looking for additional investments.”

Cerberus’ initial investment in 2000 helped Aozora emerge from temporary nationalization and formulate a revitalization plan. In 2003, Cerberus NCB Acquisition, L.P. acquired a majority of Aozora’s common shares and currently owns approximately 55% of Aozora. Cerberus and its affiliates have been investors in the Bank for nearly 10 years.

About Cerberus

Established in 1992, Cerberus Capital Management, L.P., along with its affiliates, is one of the world’s leading private investment firms with approximately US$24 billion under management in funds and accounts. Through its team of investment and operations professionals, Cerberus specializes in providing both financial resources and operational expertise to help transform undervalued companies into industry leaders for long-term success and value creation. Cerberus is headquartered in New York City, with affiliate and/or advisory offices in the United States, Europe, the Middle East and Asia. More information on Cerberus can be found at www.cerberuscapital.com.

Media Contacts: Peter Duda: +1-212-445-8213 James Olecki: +1-212-445-8052 Cerberus Media Line: +1-212-891-1558

Source: Cerberus Capital Management, L.P.

Peter Duda, +1-212-445-8213 or James Olecki, +1-212-445-8052 or Cerberus Media Line, +1-212-891-1558