Aozora Bank, Ltd. · TSE:8304

Aozora Bank — FY2006 Earnings Presentation

35 slides from Aozora Bank's earnings presentation, May 2007

  1. Slide 1: Aozora Bank, Ltd. FY2006 results

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  2. Slide 2: Copyright © 2007 Aozora Bank, Ltd All Rights Reserved.

    2006 Copyright © 2007 Aozora Bank, Ltd All Rights Reserved. 2

  3. Slide 3: FY2006 results summary

    1. 2006 „ * * „ „ 1.6 17.7 „ 0.2 8.1 +13.6 „ 5,483 +17.5 1.04 96.8 „ GMAC Tier1 1.62 17.50 3.65 15.82 * 14 273 3 12 2006 3 84.1 Copyright © 2007 Aozora Bank, Ltd All Rights Reserved. 3

  4. Slide 4: GMAC

    2. „ „ 1,400 1,142 1,144 1,200 1,058 1,144 972 1,000 877 376 480 224 800 58 78 100 55 600 158 94 160 GMAC 84 0 400 495 446 449 200 0 2004 2005 2006 Copyright © 2007 Aozora Bank, Ltd All Rights Reserved. 4

  5. Slide 5: FY06/Q3 FY06/Q4 FY05/Q4

    3. „ 350 303 298 300 * 261 67 250 111 78 23 200 20 3 53 150 35 47 13 0 0 17 19 18 100 GMAC 118 114 124 50 0 FY06/Q3 FY06/Q4 FY05/Q4 Copyright © 2007 Aozora Bank, Ltd All Rights Reserved. 5

  6. Slide 6: GMAC

    4. „ „ GMAC „ Copyright © 2007 Aozora Bank, Ltd All Rights Reserved. 6

  7. Slide 7: GMAC

    5. „ „ GMAC „ Copyright © 2007 Aozora Bank, Ltd All Rights Reserved. 7

  8. Slide 8: A B B-A

    6. „ 2004 2005 A 2006 B B-A 100.35 158.32 160.36 +2.04 +1.3% 108.78 171.51 178.34 +6.83 +4.0% 58.92 100.96 116.85 +15.89 +15.7% 23.95 36.90 32.14 -4.76 -12.9% 0.26 33.65 29.35 -4.30 -12.8% -8.43 -13.19 -17.98 -4.79 -36.3% * „ 29.8 GMAC 2004 2005 A 2006 B B-A 58.03 77.65 54.52 -23.13 -29.8% 54.92 81.

  9. Slide 9: GMAC B A

    7. „ „ 2005 2006 2004 A B B-A 224 376 480 +104 +27.7% 43 -10 110 +120 N/A 181 386 370 -16 -4.1% 108 316 320 +4 +1.2% GMAC 74 70 50 -20 -28.2% -10 -47 -79 -32 +68.8% 214 329 401 +72 +21.9% Copyright © 2007 Aozora Bank, Ltd All Rights Reserved. 9

  10. Slide 10: OHR OHR (

    8. * „ „ IT OHR OHR ( ( : ) 550 55% 528 52.7% 500 494 50% 47.6% 46.7% 463 450 46.2% 45% GMAC 43.3% 400 40% 2004 2005 2006 Copyright © 2007 Aozora Bank, Ltd All Rights Reserved. 10

  11. Slide 11: GMAC

    9. „ 3 2 67% „ 118 2006 % % 5.9% 71 -0.1% -1 22.7% 273 16.5% 105 44.5% 535 59.5% 378 GMAC 5.4% 65 2.1% 14 23.2% 279 25.1% 159 -1.7% -20 -2.8% -18 100.0% 1,203 100.0% 635 * Copyright © 2007 Aozora Bank, Ltd All Rights Reserved. 11

  12. Slide 12: 0.00 AZURE Funding Aozora Investment 1.58 Management Limited

    10. „ ( : ) 815.10 821.68 -6.58 <Breakdown of the differences> 3.18 5.66 1.82 0.48 0.00 AZURE Funding 6.28 GMAC Aozora Asia Pacific Aozora Investment Azure Funding Finance Limited 1.58 Management Limited -1.20 Europe S.A. 0.65 -1.78 GMAC* -14.65 -8.62 * Copyright © 2007 Aozora Bank, Ltd All Rights R

  13. Slide 13: C A GR

    11. 1/2 „ 40,000 24.4% 36,846 35,000 C A GR 34,893 31,363 30,000 26,550 25,000 24,030 23,840 20,000 22,270 20,060 15,000 GMAC 10,000 9,818 8,552 6,282 5,000 4,727 1,763 2,811 2,501 2,998 0 2005.9 2006.3 2006.9 2007.3 Copyright © 2007 Aozora Bank, Ltd All Rights Reserved. 13

  14. Slide 14: GMAC

    11. 2/2 „ „ ( 94.6% 98.3% 96.0% 96.8% 40,000 88.2% 85.7% 100% 80% 30,000 60% 20,000 40% 10,000 14.19% 5.97% 3.75% 20% 2.95% 0.68% 0.96% GMAC 0 0% 2002.3 2003.3 2004.3 2005.3 2006.3 2007.3 ( ) Copyright © 2007 Aozora Bank, Ltd All Rights Reserved. 14

  15. Slide 15: ETF: GMAC GMAC 3.2

    12. „ 2,907 : +2,907 : -810 : -468 ETF: +429 GMAC : +168 GMAC : GMAC 3.2 +574 Copyright © 2007 Aozora Bank, Ltd All Rights Reserved. 15

  16. Slide 16: „ HFRX Index „ HFRX Index

    13. „ HFRX Index „ 5 0.7% „ L/S FoFs HFRX „ HFRX Index FY2006 FY2005 GMAC HFRX Index HFRX Index Return 10.58% 6.91% Return 10.60% 7.75% Vol 2.51% 3.61% Vol 2.48% 4.57% Sharpe 2.11 0.45 Sharpe 2.66 0.82 Risk Free Rate: 5.29% Risk Free Rate: 4.00% Copyright © 2007 Aozora Bank, Ltd All Rights Reserved.

  17. Slide 17: GMAC

    14. ( ) „ 7 2,431 „ 2008 3,165 „ 2008 2,431 1,288 989 GMAC Copyright © 2007 Aozora Bank, Ltd All Rights Reserved. 17

  18. Slide 18: GMAC

    15. „ 50,000 48,066 46,689 42,760 11,917 10,860 40,000 10,291 32,415 32,113 30,000 6,763 5,983 12,852 15,067 9,935 7,812 7,769 3,334 4,069 20,000 2,350 1,038 1,276 5,625 4,689 4,248 GMAC 4,536 4,349 10,000 12,736 13,575 14,219 14,485 12,266 0 2005/3 2005/9 2006/3 2006/9 2007/3 Copyright © 2007 Aozor

  19. Slide 19: 16. GMAC USD500 GMAC

    16. GMAC „ 2006 11 30 USD500 GMAC 51 3.2 „ „ 2006 21 2005 23 „ 2006 „ 2007 1 -14.65 GMAC „ „ GMAC Copyright © 2007 Aozora Bank, Ltd All Rights Reserved. 19

  20. Slide 20: GMAC

    17. „ „ „ 2006 2007 1,975 2,290 +315 +15.9% 1,144 1,260 +116 +10.1% 616 690 +74 +12.0% 624 665 +41 +6.6% 815 845 +30 +3.7% GMAC 2006 2007 1,881 2,130 +249 +13.2% 613 600 -13 -2.0% 620 570 -50 -8.0% 822 760 -62 -7.5% Copyright © 2007 Aozora Bank, Ltd All Rights Reserved. 20

  21. Slide 21: Tier1

    18. „ „ : 12 13 Tier1 : 10 11 „ „ : GMAC „ Copyright © 2007 Aozora Bank, Ltd All Rights Reserved. 21

  22. Slide 22: Basel capital ratio

    19. „ 19.47% 15.82% Tier1 Tier1 50,000 20% 19.47% 45,126 45,000 18.70% 19.12% 19% 40,000 37,550 34,672 35,000 33,003 18.31% 18% 17.50% 30,000 17% 15.66% 25,000 16% 20,000 15.82% 15,000 15.01% 15% 10,000 7,313 7,180 7,142 7,897 5,431 5,205 6,172 6,046 14% 5,000 GMAC 0 13% 2004/3 2005/3 2006/3 2007/3

  23. Slide 23: Appendix

    2006 Copyright © 2007 Aozora Bank, Ltd All Rights Reserved. 23

  24. Slide 24: Copyright © 2007 Aozora Bank, Ltd All Rights Reserved.

    2. 1/2 1,400 1,142 1,144 1,200 1,144 1,058 972 * 1,000 877 329 401 214 800 78 58 55 100 158 600 160 94 84 0 10 79 47 400 495 446 449 200 0 2004 2005 2006 Copyright © 2007 Aozora Bank, Ltd All Rights Reserved. 24

  25. Slide 25: Copyright © 2007 Aozora Bank, Ltd All Rights Reserved.

    2. 2/2 800 800 1,400 1,201 1,200 648 616 614 624 0 0 600 84 600 84 1,000 429 509 899 815 457 94 800 267 129 400 94 122 16 400 0 8 600 84 94 616 624 564 530 400 200 415 200 671 363 530 566 200 0 0 0 2004 2005 2006 2004 2005 2006 2004 2005 2006 Copyright © 2007 Aozora Bank, Ltd All Rights Reserved. 25

  26. Slide 26: FY05 FY06 FY05

    3. 350 308 303 299 294 298 300 287 268 261 67 250 237 91 238 108 233 232 102 111 110 75 26 23 78 63 43 200 69 32 24 10 19 25 20 10 53 3 17 6 13 26 6 34 41 150 25 42 23 39 35 47 23 36 13 24 0 23 1 23 0 2 24 0 17 0 24 24 19 4 18 6 21 10 21 3 100 14 133 128 121 124 113 108 110 110 113 118 114 50 99 0 F

  27. Slide 27: A B B-A

    4. 2004 2005 A 2006 B B-A 588.90 530.01 448.83 -81.18 -15.3% 765.83 891.42 1,104.23 +212.81 +23.9% 542.86 523.10 764.58 +241.48 +46.2% 99.82 231.91 251.20 +19.29 +8.3% 17.86 26.62 58.21 +31.59 +118.7% 105.27 109.76 30.22 -79.54 -72.5% 94.15 84.09 0.00 -84.09 -100.0% -176.92 -361.40 -655.39 -293.99 -

  28. Slide 28: A (A)-(C) B

    5. 2005 2006 2005 2006 2005 2006 A B B-A A B B-A 1.86% 1.83% -0.03% 1.69% 1.83% +0.14% -0.17% +0.00% 1.93% 2.21% +0.28% 1.93% 2.21% +0.28% +0.00% +0.00% 1.46% 1.32% -0.14% 1.46% 1.32% -0.14% +0.00% +0.00% 0.87% 1.25% +0.38% 0.76% 1.10% +0.34% -0.11% -0.15% (A)-(C) 0.99% 0.57% -0.42% 0.93% 0.72% -0.2

  29. Slide 29: GMAC B A

    7. „ 2005 2006 2004 A B B-A 224 376 480 +104 +27.7% 43 -10 110 +120 N/A REIT 38 6 72 +66 +1068.3% 181 386 370 -16 -4.1% 28 37 23 -15 -39.5% -2 -5 5 +10 N/A 34 129 163 +34 +26.5% 74 187 157 -30 -16.2% 24 114 77 -36 -31.8% 32 38 47 +9 +23.9% 18 36 33 -3 -8.9% 35 31 35 +4 +12.2% -2 -2 -3 -1 +42.9% GMAC

  30. Slide 30: A B A

    9. „ * * 2006 2005 2006 2005 2006 2004 2004 A B B-A A B B-A 85 112 71 -42 -37.0% 85 112 71 -42 -37.0% -4 -1 283 278 267 -11 -4.0% 288 282 273 -9 -3.3% 106 105 198 369 463 +94 +25.5% 237 410 535 +125 +30.6% 343 378 88 155 197 +42 +27.2% 88 155 197 +42 +27.2% 178 N/A 67 68 125 +56 +82.2% 105 106 167 +

  31. Slide 31: 3 A 3 B B-A

    12. ( : ) 2005 2006 2007 2005 2006 2007 3 3 A 3 B B-A 3 3 A 3 B B-A 5,382.1 7,321.0 10,227.7 +2,906.7 +39.70% 0.4 -73.4 -53.5 +20.0 +27.19% 59.6 33.7 38.1 +4.4 +12.94% 0.9 -0.2 -0.0 +0.2 +99.47% 660.4 754.9 753.3 -1.6 -0.21% 1.7 0.4 0.0 -0.4 -95.24% 13.9 406.4 386.5 -20.0 -4.91% 0.0 16.8 6.3 -10.6 -

  32. Slide 32: PE Sep-04 Mar-05

    13. 1/2 „ PE 3,000 2,500 2,352 1,958 2,048 1,893 2,000 1,388 1,427 1,500 1,309 1,301 1,023 1,000 803 742 772 570 616 533 519 500 328 401 123 193 193 74 87 73 0 Sep-04 Mar-05 Sep-05 Mar-06 Sep-06 Mar-07 2004 2005 2006 3,756 10,522 11,841 Copyright © 2007 Aozora Bank, Ltd All Rights Reserved. 32

  33. Slide 33: Portfolio allocation and monthly returns

    13. 2/2 „ HFRX Index Portfolio Allocation as of March 2007 Aozora HFRX Credit CB Arbitrage 4% Distressed 11% Distressed Macro 6% 18% 13% Merger Arbitrage Multi Strategy Equity Hedge 2% 19% (Global) 11% Equity Hedge Relative Value 36% Merger Equity Hedge (JPN) 17% Arbitrage 2% 6% Equity MN Relative V

  34. Slide 34: Copyright © 2007 Aozora Bank, Ltd All Rights Reserved.

    18. „ 2007 3 „ Copyright © 2007 Aozora Bank, Ltd All Rights Reserved. 34

  35. Slide 35: Contact

    < > : 03-5212-9253 FAX: 03-3239-8065 URL: http://www.aozorabank.co.jp : m1.harada@aozorabank.co.jp : a.hunter@aozorabank.co.jp : s.lacy@aozorabank.co.jp : r.miura@aozorabank.co.jp : k.sengoku@aozorabank.co.jp Copyright © 2007 Aozora Bank, Ltd All Rights Reserved. 35

Aozora Bank — FY2006 Earnings Presentation on 6ix