CLSA Japan Forum kabu.com Securities Co., Ltd. Chief Executive Officer Masakatsu Saito

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1 CLSA Japan Forum 217 kabu.com Securities Co., Ltd. Chief Executive Officer Masakatsu Saito

2 1. Company Profile 2. Online Brokerage Industry 3. Overview of Our Business Condition 1

3 1. Company Profile Company name kabu.com Securities Co., Ltd. Business domain Online brokerage for mainly individual investors Established November 1999 Stock exchange listing Headquarters Capital stock Corporate Governance structure Main shareholders Credit rating Tokyo Stock Exchange 1st Section (Code: 873) JPX-Nikkei Index 4 Constituent Tokyo 7,196 million yen Company with nominating committee, etc. Mitsubishi UFJ Securities Holdings: 52.1% Bank of Tokyo Mitsubishi UFJ: 6.2% A + (JCR : long-term issuer rating) No. of employees No. of customers 1,35,75 Amount of customer assets 134 (including 99 persons who hold official qualifications as Information Processing Engineer issued by Japan s Ministry of Economy, Trade and Industry) 2,17 billion yen (as of the end of Dec. 216) 2

4 2. President s Career Summary Masakatsu Saito, President and CEO [Career summary] 1989 Joined Nomura System Services Co., Ltd Joined Dai-ichi Securities Co., Ltd Joined ITOCHU Corporation Participated in Online Securities Establishment Project 1999 Joined Japan Online Securities Co., Ltd.; General Manager, Information Systems Department 21 Executive Officer, kabu.com Securities Co., Ltd. 22 COO, kabu.com Securities Co., Ltd. 24 President and CEO, kabu.com Securities Co., Ltd. (current position) [Outside positions] Secretary General, Keidanren (Japan Business Federation) Director, Japan Data Management Consortium Vice-chairman, Net Securities Association, Japan Securities Dealers Association Committee Member, Finance and Securities Education Support Committee, Japan Securities Dealers Association Mentor, MUFG FinTech Accelerator 216 Others (as of the end of Dec. 216) 3

5 3. Environment Surrounding kabu.com Online retail business strategies Group collaboration System utilization SNS/Video Video phone Development of smart phones/tablet devices System and IT strength Only leading online brokerage that has developed all systems in-house Capable of high-speed high-functional transactions Seamless connection with settlements infrastructure Low-cost operation with our own business core system MUFG Group strength One of the leading global financial groups Retains blue-chip customers in the baby boom generation MUFG s brand strength and reliability High credit rating/solid financial strength backed by superior creditworthiness Developing rigid business base for more distribution of surplus to customers and shareholders Creditworthiness/ Brand strength Shift towards the unified taxation on financial income Introduction of the Junior NISA ideco Advancement of internet/telecommunications environment FinTech Financial/capital markets becoming more information processing-oriented JPX system (arrowhead, J-GATE) Social infrastructure My Number System Deregulation/ System revisions From savings to Asset formation Regulations Enhanced financial literacy of individuals Transfer of financial assets to the baby boomers Abenomics Fiduciary duty 4

6 4. Key Features of kabu.com One of the top 5 online brokerage Top five companies account for more than 8% of individual equity trading A member of the Mitsubishi UFJ Financial Group (MUFG) The only online securities company that is part of a megabank group in Japan The only leading online brokerage that has developed and operates all securities systems in-house The only leading online securities company with all systems in-house Proactive in providing returns to shareholders ROE2% is the managements objective since its stock listing Solid corporate governance Has developed corporate governance as a company with nominating committee, etc. 5

7 5. Alliance with MUFG Group MUFG 22% Morgan Stanley 85% 1% 1% 1% Mitsubishi UFJ Trust and Banking Bank of Tokyo Mitsubishi UFJ Mitsubishi UFJ Securities Holdings 51% Mitsubishi UFJ NICOS 51% 15% 6% 4% 49% Mitsubishi UFJ Kokusai Asset Management 5% 15% 6% 52% Mitsubishi UFJ Morgan Stanley Securities <general securities> 25% 75% Morgan Stanley MUFG Securities KDDI 5% Jibun Bank <online/mobile bank> kabu.com Securities <online securities> Mitsubishi UFJ Morgan Stanley PB Securities <services for affluent customers> (Percentage figures indicate the voting rights ratio.) 6

8 6. Management strategy ~utilizing MUFG Group strength~ Internet-related MUFG Group special zone for demonstrating nearfuture technology <Fintech> Fostering venture companies as a mentor in the MUFG FinTech Accelerator program and demonstrating functions. ~Recent initiatives~ Introduction of corporate currency OOIRI Personal advisory service for individuals Robo-advisory app for smartphones <System collaboration> Provision of system infrastructure to each MUFG Group company < Provision of infrastructure/provision of ASP > Provision of FX platform to Jibun Bank MUFG Group Products, services, customer base <Online financial instruments intermediation services> Can access 36 million accounts of Bank of Tokyo-Mitsubishi UFJ and 2.35 million accounts of Jibun Bank Collaborate with Mitsubishi UFJ NICOS as well as MUFG s partner regional banks <Customer base> Smartphone app one-stop accounts opening with Bank of Tokyo-Mitsubishi UFJ <Bank agency business> Residential loans, preferential interest rates, and extended hours for disbursement at Bank of Tokyo-Mitsubishi UFJ <Products> IPO/PO, foreign bonds, investment trust/etf Mitsubishi UFJ Morgan Stanley Securities, Mitsubishi UFJ Kokusai Asset Management <Services> TOB sub-agent, collaboration with shareholding association, investment information reports 7

9 7. Complete In-house Securities System Development Unlike the competitors outsourcing their IT work to system vendors affiliated to major general securities companies, we have developed all securities systems in-house since the company s inception. <Advantages of in-house system development> Independence of management Competitors are outsourcing their system services, which are online brokers core management competency, to system vendors (including Nomura Research Institute, Daiwa Institute of Research and Nikko Systems Solutions) affiliated to major general securities companies offering person-to-person transactions. Competitive cost structure Costs of Japanese securities system vendors are expensive and variable due to oligopoly of the providers affiliated to major general securities companies. We have developed open systems dedicated to the online brokerage business since the company s inception, achieving high management efficiency with low and fixed costs. Deployment of flexible and unique services Competitors are outsourcing to shared systems, thus subject to constraint in providing unique services. Our systems that have been developed and being operated completely in-house enable us to deploy unique and differentiated competitive services. New business development We own intellectual property for our proprietary systems (we have 16 patents which is the most among the online securities companies), which enables us to develop system-based BtoBtoC business models. 8

10 8. Only One Service Provided Through Our Systems Examples of our unique and differentiated competitive services enabled by the complete inhouse systems Ranking of stocks with trade volume expected to soar (since April 215) By searching real-time stock quotes for all listed stocks utilizing high-speed processing of big data, kabu Station provides a function that gives real-time notice of stocks nearing the price limits (up or down) during trading hours. High-speed processing system RAIDEN (since November 214) Introduced a new ordering system RAIDEN, which attained processing capability ten times faster than our existing ordering system. This is by far the fastest processing capability in the industry and is contributing to the soaring market share of our equity margin trading service. Various types of automatic buying and selling (since 2) We started to offer stop order on menu in 2 as a pioneer in the industry. We can handle the most variety of orders among peers, including trailing stop, relay order and time-specified order. Settlement through automatic bank debit (since 2) Our industry s only direct linkage to the Japan Bankers Association system has made possible since the company s inception share transaction settlement through automatic bank debit from customers bank accounts. We still remain the only player in the industry offering this service. 9

11 9. Establishing new revenue bases ~BtoBtoC strategy~ API kabu.com provides kabu.com API environment that is compliant with stocks, futures, and options, as an open innovation platform to third-party tool developers and investment advisory service providers. Equity API trading value up 8% quarter-on-quarter. API proportion of futures trading value declined for the first time in three quarters. Investment firms Investment management business Soft house Investment advice agency business Software provision Tool Provision Customers kabu.com Securities App server WEB server Transaction report Securities exchange 9.% 当社 API 株式等約定 額 / ( 億円 )( 右軸 ) 6.% Kabu.com Equity API trading value/day(bn. yen: right scale) 当社 API 先物約定 額 / ( 億円 )( 右軸 ) Kabu.com Futures API trading value/day(bn. yen: right scale) 当社株式等約定 額 API 率 ( 左軸 ) Kabu.com API proportion of Equity trading value (left scale) 当社先物約定 額 API 率 ( 左軸 ) Kabu.com API proportion of futures trading value (left scale) 8.3% % % 5 5.% 1

12 1. Establishing new revenue bases ~BtoBtoC strategy~ Begun offering financial instruments intermediation services in July 25, utilizing our proprietary technological expertise and characteristics of online securities. Fully automated intermediation services provided to Bank of Tokyo-Mitsubishi UFJ and Jibun Bank. Bank customers can open their securities accounts within the same day at the earliest and start trading, without human intervention. 9.% Online financial instruments intermediation services Intermediary trading value and intermediary proportion of trading value both increased. While the intermediary proportion of brokerage commissions declined to 6.5%, it maintained a high level from the previous quarter. 当社仲介株式約定 額 / ( 億円 )( 右軸 ) Kabu.com intermediary trading value/day(bn. yen: right scale) 当社株式約定 額仲介 率 ( 左軸 ) Kabu.com intermediary proportion of trading value(left scale) Kabu.com intermediary proportion of brokerage commissions(left scale) 当社株式委託 数料仲介 率 ( 左軸 ) 6.5% % 3.%.% %

13 11. Establishing new revenue bases ~BtoBtoC strategy~ ASP Offering system infrastructure as an ASP (Application Service Provider: software service provider) utilizing our strength in system infrastructure developed and operated in-house. ASP (Application Service Provider) clients:jibun bank The proportion of ASP increased for the first time in three quarters, and was above 1% for the fifth consecutive quarter. 15.% ASP 提供先店頭 FX 約定 額 / ( 億円 )( 右軸 ) Kabu.com ASP OTC-FX trading value/day (bn. yen: right scale) ASP 提供先店頭 FX 約定 額 率 ( 左軸 ) The proportion of Kabu.com ASP OTC-FX trading value (left scale) 4 12.% 9.% 6.% 12.% % 1.% 12

14 12. Establishing new revenue bases ~BtoBtoC strategy~ Provision of system infrastructure Establishing a new business model of providing system infrastructure to MUFG Group and other financial institutions. Our system infrastructure Provision of system infrastructure financial institutions progress on software development contracting agreement with Mitsubishi UFJ Morgan Stanley Securities Agreement amount: approx. 2.9 billion yen Status of progress on software development contracting agreement with Mitsubishi UFJ Morgan Stanley Securities Agreement content Release timing Permission of use of our software in equity transactions Contracting of software development required for using our software Investment information services, smartphone services, some of the trading infrastructure--> Released on January 1, 217 Internet equity trading, main automatic buying and selling --> Scheduled for release in Q4 FY216 Additional automatic buying and selling--> Scheduled for release in 1H FY217 Impact on financial results Future plans Agreement amount: approx. 2.9 billion yen Timing of report: scheduled to be reported once the respective receipt and inspection have been completed (scheduled for Q4 FY216 and 1H FY217) Account item: scheduled to be reported as other net sales and cost of sales Monthly disclosure: scheduled to be disclosed as a component of net operating revenue in the monthly business results for the month following the month of receipt and inspection Maintenance for software provided Additional development and support for system change 13

15 13. Management Objectives ROE and shareholder return Basic Approach to Management Objectives Position the policies to increase return on equity and proactive shareholder return as the foundation for maximizing corporate value. ROE (return on equity) objectives and shareholder return Our measure of profitability is ROE. We have set a target ROE of 2%. ROE for Q was 14% (annual basis). Our shareholder return is focused on Total Return Ratio, and we target an average of 1% for the three fiscal years starting FY215. With a minimum of 5% payout ratio and 4% DOE for annual dividend payment, we will buy back shares flexibly. Plan for a year-end dividend of 6 yen, the same as the interim dividend. Plan for a share buyback between February 9 and April 21 with an upper limit of 5. million shares / 2.billion yen, amounting to 1.48% of outstanding shares (excluding treasury stock). Actual shareholder return Net income ROE Dividend per share (Interim) (Year-end) (Total) Total amount of dividend Payout ratio DOE Buy back Total amount of return Total Return Ratio FY bil. 4.9% bil. 89% 4.3% bil. 89% FY212.5 bil. 6.7% bil. 62% 4.1% bil. 62% FY bil. 17.% bil. 48% 8.1% bil. 48% FY bil. 17.2% bil. 52% 9.1%.8 bil. 4.8 bil. 64% FY bil. 17.7% bil. 51% 9.1% 3.8 bil. 7.9 bil. 1% FY (Plan) 12.(Plan) Note: Retroactive adjustment has been made with respect to the two-for-one stock split conducted in July

16 14. Corporate Governance System General Meeting of Shareholders Appointment and dismissal of directors Outside directors (3 members) (Chairperson, 2 independent directors) Nominating Committee (3 members) (2 outside directors) Compensation Committee (3 members) (2 outside directors) Inside directors (4 members) (CEO and 3 other member) Decision on proposals for appointment/dismissal of directors and executive officers Decision on the compensation for individual directors and executive officers <Characteristics of our corporate governance> We transitioned to a company with nominating committee, etc to completely separate the management oversight function by the Board of Directors and the committees, from the business execution function by representative executive officers and other executive officers. Chairperson of the Board of Directors, as an outside director, is independent of business execution. Audit Committee (4 members) (3 outside directors) Basic management policies and appointment/dismissal of executive officers Business execution Executive Committee Representative executive officers executive officers Decisions on important matters related to business execution Internal Audit Office The Internal Audit Office is independent of the divisions responsible, and carries out audit activities assisting the Audit Committee. Compensation for directors are solely composed of fixed remuneration. Compensation for representative executive officers and other executive officers are composed of fixed remuneration and variable remuneration based on performance indicators such as ROE. Divisions responsible for business execution 15

17 15. Shareholder Composition Despite the lowered ratio of individual shareholders due to the rise in our share price, the number of shareholders increased due to the stock split. 25.% Trends in Shareholding Ratios and Share Price of kabu.com Ratio of non Japanese shareholders (left scale) Ratio of individual shareholders (left scale) Our share price *including adjustments (right scale) 2.% 7 円 yen 17.8% 15.% 5 円 yen 1.2% 1.% 338yen 3 円 yen 5.%.% 1 円 yen 16

18 1. Company Profile 2. Online Brokerage Industry 3. Overview of Our Business Condition 17

19 16. Individual Financial Assets in Japan and the U.S. Majority of financial assets held by Japanese individuals are cash and deposits. (216Q2: 52.7%) Trends in Individual Financial Assets in Japan Trends in Individual Financial Assets in the U.S. (trl. ( yen) 兆円 ) その他 Others 現預 Cash and Investment 投資信託株式 Equity (trl.( dollars) 兆ドル ) deposits trusts その他現預 投資信託 Investment Others Cash and 株式 Equity deposits trusts Q Q2 Sources: Bank of Japan and disclosure materials of FRB 18

20 17. Status of Internet Trading In line with retirements and inheritances, external environment may shift to one with active online transactions thanks to those in their 5s and 6s, which have high investment and PC literacy. Expectations that financial assets, currently retained at major over-the-counter securities firms, to transfer to those in their 5s and 6s, owing primarily to retirements and inheritances. The Number of Internet Trading Accounts and Internet Trading Value Internet Equity Trading Value by Investors Age (1 thousand accounts/ 1 bn. yen) 2 1 インターネット取引 座数 ( 万 / 左軸 ) Number of internet trading accounts(1thousands/left scale) インターネット売買代 ( 千億円 / 左軸 ) Internet trading value(1bn.yen/left scale) (Reference) Statistics by the Japan Securities Dealers Association (from April 216 to December 216) Cash trading Ratio of trading conducted by investors in their 5s and 6s 44.1% 24.7% 16.7% Margin trading 2.7% 15.1% 19.5% Ratio of trading conducted by investors in their 5s and 6s 35.6% 21.4% 3 Under 才未満 3 33s 才代 44s 才代 55s 才代 66s 才代 77s 才以上 or older 16.1% 8.3% 2.5% 23.4% 5/9 6/3 6/9 7/3 7/9 8/3 8/9 9/3 9/9 1/3 1/9 11/3 11/9 12/3 12/9 13/3 13/9 14/3 14/9 15/3 15/9 16/3 16/9 19.5% 3.3% * From disclosure materials of Japan Securities Dealers Association 19

21 18. Individual Equity Trading (Flow/Stock) Individual investor trading value of equities was up for the first time in three quarters, and market conditions recovered. Top 5 online brokers struggled to grow share in both transaction flow (trading volume) and stock (assets held). (1 mil. yen) Trends in the Shares of the Top 5 Online Brokers in Daily Individual Investor Trading Value of Equities (trl. yen) Equity Assets of Individuals in Japan and the Shares of Customer Assets Held by the Top 5 Online Brokers 25, 2, 個 信 市場 Individual margin (ETF/REIT trading 含む ) 個 現物市場 Individual cash (ETF/REIT trading 含む ) ネット証券 Share of top 5 online 5 社シェア brokers 74.4% 1% % 23.3% 25% 2% 1 15, 11,32 6% 8 15% 1, 4% 6 1% 5, 2% 4 2 本 : 個 株式資産 ( 上場株式のみ ):(A) Japanese household asset of listed stocks:(a) ネット証券 5 社預り資産 :(B) Total customer assets of top 5 online brokers:(b) 預り資産シェア :(B) (A) Share:(B) (A) 5% % % 3Q1 3Q3 4Q1 4Q3 5Q1 5Q3 6Q1 6Q3 7Q1 7Q3 8Q1 8Q3 9Q1 9Q3 1Q1 1Q3 11Q1 11Q3 12Q1 12Q3 13Q1 13Q3 14Q1 14Q3 15Q1 15Q3 16Q1 16Q3 3/3 4/3 5/3 6/3 7/3 8/3 9/3 1/3 11/3 12/3 12/6 12/9 12/12 13/3 13/6 13/9 13/12 14/3 14/6 14/9 14/12 15/3 15/6 15/9 15/12 16/3 16/6 16/9 Sources : Bank of Japan, Tokyo Stock Exchange and each online broker information. 2

22 19. Online Brokers Share of Trading Volume kabu.com proportion of cash transactions, which reached a record low in the previous quarter, recovered sharply to 25.9%, and equity commission rate increased to 3.bp. Trends in Equity Brokerage Commission Rate at Major Online Brokers Trends in Equity Trading Market Share of the Top 5 Online Brokers (*on the basis of 25/4 figures set at 1) (basis point) 15. カブドットコム kabu.com 松井 SBI SBI 楽天 RAKUTEN MATSUI マネックス MONEX 16 カブドットコム kabu.com SBI SBI マネックス MONEX 松井楽天 MATSUI RAKUTEN Q1 5Q3 6Q1 6Q3 7Q1 7Q3 8Q1 8Q3 9Q1 9Q3 1Q1 1Q3 11Q1 11Q3 12Q1 12Q3 13Q1 13Q3 14Q1 14Q3 15Q1 15Q3 16Q1 16Q3 4 5Q1 5Q3 6Q1 6Q3 7Q1 7Q3 8Q1 8Q3 9Q1 9Q3 1Q1 1Q3 11Q1 11Q3 12Q1 12Q3 13Q1 13Q3 14Q1 14Q3 15Q1 15Q3 16Q1 16Q3 Sources : Calculated by kabu.com based on the disclosure materials of the Japan Exchange Group and each online brokers 21

23 2. kabu.com s Commission Rate 1,8 1,6 1,4 1,2 kabu.com proportion of cash trading, which reached a record low in the previous quarter, recovered sharply to 25.9%, and equity commission rate increased to 3.bp. 2, 株式約定単価 Trading value per ( 左軸 equity ) 現物約定単価 Trading value per cash 信 約定単価 transactions Commission rate on equity transactions transactions Commission rate on cash transactions Trading value per margin transactions Commission rate on margin transactions 株式 数料率 ( 右軸 ) 現物 数料率信 数料率 (basis point) 2bp 18bp 16bp 14bp 12bp 1, A 1bp 6.8bp(Dec) 8bp 6bp 3.bp(Dec) 4bp 2 2bp 1.7bp(Dec) bp ʻ14/ / / A:Reduction of commission on cash equities for small amount transactions(15/11) Commission Rate FY214 FY215 FY216 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Equity 2.9bp 3.bp 2.9bp 3.bp 2.9bp 2.8bp 2.8bp 2.8bp 3.bp 2.7bp 3.bp Cash trading (7.7bp) (7.5bp) (7.2bp) (7.3bp) (7.4bp) (7.4bp) (6.9bp) (6.9bp) (7.2bp) (7.1bp) (6.8bp) Margin trading proportion of cash trading (kabu.com) (1.6bp) (1.6bp) (1.5bp) (1.5bp) (1.4bp) (1.4bp) (1.5bp) (1.7bp) (1.8bp) (1.6bp) (1.7bp) 21.7% 23.6% 25.% 25.3% 24.9% 23.3% 23.7% 21.6% 22.3% 2.4% 25.9% 22

24 1. Company Profile 2. Online Brokerage Industry 3. Overview of Our Business Condition 23

25 21. Trends in Our Business Results From Q1 to Q3, revenue and profit fell as a result of deteriorating market conditions. Individual investor trading value of equities was down 21%, but net operating revenue was down just 19%. Record-high net operating revenue and income before income taxes. (bn. yen) 25. 7% (Apr-Dec) 6% 5% 4% % 2% 1%. FY16 FY5 FY6 FY7 FY8 FY9 FY1 FY11 FY12 FY13 FY14 FY15 Q3 Net operating revenue Ordinary income Net income Ratio of ordinary income to net operating revenue 64% 56% 52% 4% 36% 35% 29% 34% 55% 49% 48% 39% % 24

26 22. Revenue by Products Revenues from all products were down, mainly because of factors such as a more cautious stance among individual investors owing to uncertainties in the external environment, and lower volatility. Revenue enhancement of investment trust and derivatives is an issue. (bn. yen) 25. Revenue by Products Equity Financial income Future/Option FX Invest.trust Other (Apr-Dec) FY5 FY6 FY7 FY8 FY9 FY1 FY11 FY12 FY13 FY14 FY15 FY16(4 12) 25

27 23. SG&A Cost Structure Transaction related cost and system related cost are the main cost elements in online brokerage business. Fixed costs increased as we strengthened our management foundations, with an eye to future business development. Total SG&A costs were roughly in line with the previous year as we controlled advertising costs and variable costs declined. SG&A (mil. yen) 14, Transaction related System related Employment Advertising Others 12, 1, 8, 6, 4, , , ,3 3, ,594 3,672 3, ,168 2, , ,154 1,159 3,454 3, ,537 1,166 3,848 (Apr-Dec) ,5 3,259 2, 3,181 3,899 3,981 3,556 3,23 3,26 3,41 3,5 4,155 4,29 4,371 2,915 FY5 FY6 FY7 FY8 FY9 FY1 FY11 FY12 FY13 FY14 FY15 FY16(4 12) * System related cost is the total of Facility cost, Outsourcing cost and Depreciation and amortization that is incurred from online brokerage. 26

28 (1 mil. yen/ mil. yen) 2,5 2, 24. Financial Income and Margin Balance Although long margin positions continued to decline, kabu.com share of long positions increased to 6.1%. Revenues from equity lending increased thanks to the lending AI adopted in August. Financial income was billion yen, up 5% quarter-on-quarter. Margin Trade Balance and Financial Income 信 買建平残 Margin buy-side ( balance 億円 ) (1 mil. yen) 融収 Financial ( income 百万円 ) (mil. yen) 1,866 (1 mil. yen) 6, 5, Stock Exchange Margin Trade Balance and kabu.com s Share 市場信 買建残 Entire margin buy-side balance of exchange 当社買建残 シェア kabu.com share 6.1% 6% 4, 1,5 1,269 5% 3, 1, 2,938 2, 4% 5 1, 13Q1 13Q2 13Q3 13Q4 14Q1 14Q2 14Q3 14Q4 15Q1 15Q2 15Q3 15Q4 16Q1 16Q2 16Q3 5Q1 5Q3 6Q1 6Q3 7Q1 7Q3 8Q1 8Q3 9Q1 9Q3 1Q1 1Q3 11Q1 11Q3 12Q1 12Q3 13Q1 13Q3 14Q1 14Q3 15Q1 15Q3 16Q1 16Q3 3% Source: Calculated by kabu.com based on the data of the Japan Exchange Group 27

29 25. Derivatives Products (Listed Future & Option, OTC FX) An introduction of unified taxation might expand individual listed derivatives trading. OTC-FX market trading value was up 2% owing to increased volatility in foreign exchange markets. OTC-FX-related revenue was up 1%. (mil. yen) 1, 9 8 Nikkei Future Individual Trading Value and kabu.com Commission Revenues Nikkei 経 オプション 数料 Option commission ( 左軸 (left ) scale) TOPIX Future 先物等 数料 commission ( 左軸 (left ) scale) Nikkei 経 ミニ 数料 mini commission ( 左軸 )(left scale) 経 Nikkei ラージ 数料 Future (regular) ( 左軸 commission ) (left scale) 先物個 市場 Future individual / trading ( 右軸 value/day ) (right scale) (1 mil. yen) 25, 1, 2, 8 OTC FX Market Trading Value and kabu.com Revenues 当社店頭 kabu.com OTC-FX 約定 額 trading / value/day ( 億円 (bn. : yen: 左軸 left ) scale) kabu.com OTC-FX revenue (mil. yen: left scale) 当社店頭 FX 収益 ( 百万円 : 左軸 ) 店頭 Market FX trading 市場約定 額 value/day /(trl. ( yen: 兆円 right : scale) 右軸 ) (trl. yen) , , 8, , Q1 13Q2 13Q3 13Q4 14Q1 14Q2 14Q3 14Q4 15Q1 15Q2 15Q3 15Q4 16Q1 16Q2 16Q3 13Q1 13Q2 13Q3 13Q4 14Q1 14Q2 14Q3 14Q4 15Q1 15Q2 15Q3 15Q4 16Q1 16Q2 16Q3 Sources: Calculated by kabu.com based on the data of the Japan Exchange Group and The Financial Futures Association of Japan 28

30 26. Investment Trust kabu.com investment trust balance in custody increased quarter-on-quarter to billion yen. Our investment trust sales amount, which had declined for four consecutive quarters, bottomed out. (1 mil. yen) 2, Investment Trusts Balance in Custody Total net outstandings of publicly offered investment trusts (trl. yen: right scale) kabu.com investment trust balance in custody (1 mil. yen: left scale) (trl. yen) 15 (mil. yen) 45 4 kabu.com s Sales Amount and Revenue Revenue related to investment trust (left scale) Investment trust sales amount (right scale) (mil. yen) 4, 35, 1,5 1, 1, , 25, 2, , 14, , 5 5, 5/6 5/12 6/6 6/12 7/6 7/12 8/6 8/12 9/6 9/12 1/6 1/12 11/6 11/12 12/6 12/12 13/6 13/12 14/6 14/12 15/6 15/12 16/6 16/12 14Q1 14Q2 14Q3 14Q4 15Q1 15Q2 15Q3 15Q4 16Q1 16Q2 16Q3 * Total net outstandings of publicly offered investment trusts based on public materials from The Investment Trusts Association, Japan * Investment trust balance in custody calculated as of the end of the quarter based on current market price. Excludes MRF. * Revenue related to investment trust = Investment trust commission fees + investment trust trust income * Investment trust sales amount includes foreign currency-denominated MMF, MMF, and mid-term national bond funds 29

31 25. Attributes of Our Customers Attributes of our customers are as follows. Gender Age 男性 Male 3% 4% 性 Female 7% 23% 19% 16% 77% 21% 31%.4%.1%.1%.6% 3 Less than 万未満 3 mil. yen 8.2% mil. yen 5 万未満 29.6% mil. 1 yen 万未満 mil. yen 3 万未満 33.2% mil. yen 5 万未満 mil. 万 yen 1 億未満 27.8% 1 More 億以上 than 1 mil. yen 不明 Unknown as of January 217 Annual income 2s 代 3 2.2% 1.3%.5%.4% 3s 代 4 代 2.5% 3.1% 4s 2.8% 5 代 5s 6 代 4.4% 5.6% 7 6s 代 45.5% その他 7s 8.9% 合計 Others 9.4% 2.6% 5.3% 18.6% 19.4% Occupation 13.5% Financial assets 1.1%.6% 17.1% 35.4% Employees of companies and organizations People without occupation (including full-time home traders) Housewives Self-employed Executives of companies and organizations National or municipal government employees Part-time workers or people on side jobs Doctors and other medical workers Students Teachers Lawyers, CPAs, tax accountants Agricultural/forestry/fishery workers Others 3 Less 万未満 than 3 mil. yen mil. 5 yen 万未満 mil. 1 yen 万未満 mil. 3 yen 万未満 mil. 5 yen 万未満 万 mil. 1 yen 億未満 1 More 億以上 than 1 mil. yen 不明 Unknown 3

32 The investor relations information on this material is provided for the purpose of disclosing information on kabu.com Securities Co., Ltd. It is not intended as a means of promoting investment. Therefore, it is advised that users should not rely solely on the information provided on this material when making investment decisions, but rather should use your own judgment in making such decisions. Although close attention has been paid to the contents of this material, kabu.com Securities does not guarantee or ensure the accuracy or completeness. Users should be also aware that the contents of this material are subject to revision, update and deletion without prior notice. kabu.com Securities disclaims any obligation to give notice, publicly or otherwise, of any changes. Please be advised that kabu.com Securities assumes no responsibility for omissions, inaccuracies or other errors. 31

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