News Release

September 19, 2000

The Sakura Bank, Ltd.
The Sumitomo Bank, Ltd.
Fujitsu Ltd.
Nippon Life Insurance Co.
The Tokyo Electric Power Co., Inc.
Mitsui & Co., Ltd.
NTT DoCoMo, Inc.
Nippon Telegraph and Telephone East Corp.

Establishment of "The Japan Net Bank, Ltd."

  The Sakura Bank, Ltd. (Akishige Okada, President), The Sumitomo Bank, Ltd. (Yoshifumi Nishikawa, President), Fujitsu Ltd. (Naoyuki Akikusa, President), Nippon Life Insurance Co. (Ikuo Uno, President), The Tokyo Electric Power Co., Inc. (Nobuya Minami, President), Mitsui & Co., Ltd. (Shinjiro Shimizu, President), NTT DoCoMo, Inc. (Keiji Tachikawa, President) and Nippon Telegraph and Telephone East Corp. (Hidekazu Inoue, President) jointly established "The Japan Net Bank, Ltd."(JNB), the first Internet / Online specialized bank in Japan, today.
  JNB will start business in October as soon as it receives the banking license for which it applies within a few weeks.
  JNB aims to be a bank of the 21st century, offering highly convenient financial functions based on the expansion of Internet community and IT revolution in Japan.
  The outlines of JNB are as follows;

Outlines of "the Japan Net Bank, Ltd."

1. Name of Company Kabushiki Kaisha Japan Net Ginko
(English Name: The Japan Net Bank, Limited)
2. Head Office 1-1, Nishi-shinjuku 2-chome, Shinjuku-ku, Tokyo
(6th Floor of Shinjuku Mitsui Building)
3. Capital \20 billion
4. Shareholders
The Sakura Bank, Ltd. 50%
The Sumitomo Bank, Ltd. 10%
Fujitsu Ltd. 10%
Nippon Life Insurance Co. 10%
The Tokyo Electric Power Co., Inc. 5%
Mitsui & Co., Ltd. 5%
NTT DoCoMo, Inc. 5%
Nippon Telegraph and Telephone East Corp.  5%
5. Management
& Auditors
5 directors including president (transferred from Sakura Bank, name of the president: Yoshiyuki Miyai)
1 standing auditor (transferred from Sakura Bank)
2 auditors (transferred from Fujitsu and from Nippon Life Insurance)
6. Employees 44 as full-time employees and around 50 as customer center staff
7. ATM Network
(at the start of
Sakura Bank approx. 1,000 location (about 4,500 ATM)
am/pm (@BΛNK)  approx. 1,000 stores (about 1,000 ATM)
8. Products
/ Services
Current deposit, Term deposit, Money transfer,
Small-size consumer loan etc.
9. Access Channels Internet, Dial-up, Mail order, Telephone, ATM
(real channel = Head Office only)
10. Business Target Number of accounts = 1 million
Deposit balance = \1 trillion
11. Start of Business October 12, 2000 (plan)