Revision of Shareholder Distribution Policy
TOKYO, January 31, 2018- Monex Group, Inc. (“the Company”) announces the following revision of its
shareholder distribution policy.
1. Reason for the change
The significant investment in the securities back office system at Monex Inc., a subsidiary of the Company, wascompleted during the fiscal year ending March 2017.
As a result, free cash flow is projected to increase over the years from the fiscal year ending March 2018 to thefiscal year ending March 2021 due to decreased projected capital expenditures. This will ensure sufficientinvestment capacity even after returning all profits to shareholders through dividends and share buybacks.
Therefore, the Company decided to change the total return ratio* to target at 100%.
2. Revised Shareholder Distribution Policy
Underline shows substantive revision.
(Original)
The Company aims to provide returns to its shareholders based on its business performance, while reserving
necessary capital as a growing company, and sets a target of a 75% total return ratio* on a multi-year basis.
Shareholder return policy of the Company is to pay out dividends based on a 50% dividend ratio of theconsolidated net income attributable to owners of the Company for the current fiscal year or annual 2% DOE(dividend on equity), whichever is higher. Interim dividend is to be paid out based on net income of the first half,
and year-end dividend is to be paid out based on net income of the second half.
Share buyback is flexibly implemented by an agile management discretion. “Equity” means the sum of“common stock”, “additional paid-in capital”, “treasury stock” and “retained earnings”.

* Total return ratio = (total dividends paid + total amount of share buyback) / net income attributableto owners of the Company(Revised)
The Company aims to provide returns to its shareholders based on the business performance, while securing
investment capacity for growth, and targets at a 100% total return ratio* on a single-year basis from the fiscal year
ending March 31, 2018 to the fiscal year ending March 31, 2021.
The lower limit of the dividend is an annual 2% DOE (dividend on equity). The capital distribution will bemade by dividend payments and/or share buybacks in a timely manner determined at management’s discretion.
“Equity” means the sum of “common stock”, “additional paid-in capital”, “treasury stock” and “retainedearnings”.

* Total return ratio = (total dividends paid + total amount of share buyback) / net income attributableto owners of the Company

Contact:

Akiko Kato, Toshiaki Koike
Corporate Communications OfficeMonex Group, Inc.
+81-3-4323-8698

Atsushi Demoto, Yuki Nakano
Investor Relations, Financial Control Department
Monex Group, Inc.
+81-3-4323-8698

This material is an English translation of a Japanese announcement made on the date above. Although the Company intended tofaithfully translate the Japanese document into English, the accuracy and correctness of this English translation is not guaranteed andthus you are encouraged to refer to the original Japanese document. This translation was made as a matter of record only and does notconstitute an offer to sell or to solicit an offer to buy securities in the U.S.