October 28, 2019
TSE 1st Section: 8698

Financial Results for
2Q of Fiscal Year Ending March 31, 2020

Our Business Principles
Always a step ahead of the “Y” in "MONEY,"
our name MONEX symbolizes our position as a forerunner in finance.
In the face of an ever-changing future, the Monex Group utilizes state-of-the-art IT
technologies and world-class financial expertise to design innovative ways ofmanaging money and to redefine finance for a new era. We will strive to support
everyone’s investment and economic needs.

To achieve this we are committed to:- Celebrating the diversity of each and every one of our customers and employees;- Driving the future of technology and first class financial professionalism thatempowers traders and investors; and- Creating new value to contribute to all stakeholders

1

Table of Contents

Our Business Principles

p. 1

Table of Contents

p. 2

I. Highlights

p.3 - p.9

II. Consolidated Performance

p.10 - p.28

III. Business Update

p.29 - p.40

Appendix: Group Overview

p.41 - p.51

This is an English translation of Japanese presentation materials prepared in connection with the disclosure of the financial results of Monex Group, Inc. It includes information
derived from the consolidated financial statements of Monex Group, Inc. which are prepared in accordance with International Financial Reporting Standards (“IFRSs”). This material is
not intended to recommend or conduct solicitation for any product or service, etc.
<Forward-looking Statements>
This presentation material contains forward-looking statements that are based on our current expectations, assumptions, estimates and projections about our industry and us. These
forward-looking statements are subject to various risks and uncertainties. Generally, these forward-looking statements can be identified by the use of terms such as "may" "will""expect" "anticipate" "estimate" "plan" and other similar words. These statements discuss future expectations, identify strategies, contain projections of results of operations or of our
financial condition and state other "forward-looking" information. Our operations are subject to risks, uncertainties and other factors that could cause our actual results to differ
materially from those contained in any forward-looking statement.

2

I.

Highlights

II.

Consolidated Performance

III.

Business Update

Appendix. Group Overview

3

Business Overview 1/2

As US online brokerages moved to the stage of zero-commissions, Japanand US segments further strengthen the offering of asset-based services- Discount Competition Stage -- Zero Commission Stage -Primary Service

Transaction Service

Asset-based Service

User Experience

Low-cost transaction features fordiverse financial products

Added-value services to increase assets

Transaction volume

Customer baseMarket share

Assets in custody

Growth Driver

Revenue Stream

Brokerage commission

Profit Structure

Revenue linked totransaction volume(Asset management, advisory)

Asset management fee
Advisory fee
Revenue related toasset management
4

Business Overview 2/2

US

TradeStation launched “TSgo”, a new offering with free stock, ETF andoptions trading on web and mobile, in response to the industry’s recent
adoption of zero commission trading. To manage through the lower interest
rate environment, diversification of profits will be sought through theoffering of differentiated products, services, and education in addition to
the community-based platform that includes gamification elements

Japan

In addition to revenue generated from the existing transaction service, Monex
Securities will focus on creating a new asset-based revenue stream throughasset management advisory services and asset investment management
service

Crypto Asset

Despite the market stagnation, Coincheck strictly carried out cost reduction
as planned and successfully lowered the break-even point to build a minimal
carry-cost call option. As a result, it secures the upside opportunity
associated with a market recovery going forward and will actively pursue
adding new cryptocurrency and new business development. Coincheck also
strives to acquire more users in a cooperation with the group companies
5Highlights 2Q of FYE Mar. 2020 (3 months)

1/4

US keeps the highest profitability among the five segments while Crypto Assetdecreased SG&A as plannedJapan

Segment profit* remained to be about ¥0.4B securing surplus.
Monex Securities will further strengthen the asset-based services

US

With an expansion of its customer base, segment profit is ¥0.6B whichis the largest among five segments

Crypto Asset

Despite unfavorable market condition, Coincheck has accomplishedcost reduction by reducing fixed costs. Segment profit remains profitable

Asia PacificMonex Boom Securities recorded a bad debt of margin loan, ¥0.11B.
Segment loss* is ¥0.1B

Investment

Recorded valuation gains of shares owned is ¥ 0.13B. MV I Investment
Limited Partnership expands its portfolio to 14 companies (As of Sep 30)* Segment profit (loss) = Pre-tax profit (loss). The same hereinafter

6

Highlights 2Q of FYE Mar. 2020 (3 months)

2/4◆Total operating revenue after deducting financial expenses and profit attributable to owners of theCompany
Total operating revenue after deducting financial expenses(JPY million)

Consolidated

Quarterly profit attributable to owners of the Company
15,00012,555

11,487Pre-tax Profit 1,000
11,881

11,017

11,397

10,000
5,000
951

549

-5,0002019/32Q

2019/33Q

849-1,5150

2019/3
4Q

2020/3
1Q

830
2020/3
2Q◆Total operating revenue after deducting financial expenses and cost of sales and segment profit

Japan(JPY million)

8,000
6,000
4,000
2,000
0
-2,000-4,000Total operating revenue after deducting financial expenses and cost of sales
Quarterly profit before income taxes
6,981

6,477

838
2019/3
2Q

5,647
1,136

2019/3
3Q

5,629

5,598
-1,687

2019/34Q

457
2020/3
1Q

429
2020/3
2Q

7

Highlights 2Q of FYE Mar. 2020 (3 months)

3/4◆Total operating revenue after deducting financial expenses and cost of sales and segment profit(JPY million)
Total operating revenue after deducting financial expenses and cost of sales

US

Quarterly profit before income taxes

6,000

5,115

4,619

4,996

4,985

4,925

3,000
749

658

361

620

574

0
2019/32Q

2019/33Q

2019/3
4Q

2020/3
1Q

2020/3
2Q

Asia Pacific(JPY million)

300
150
0
-150
-300

221

209

186
-6

2019/32Q-29
2019/3
3Q

195
-4

-13

2019/3
4Q

2020/3
1Q

96

-119

2020/3
2Q

8

Highlights 2Q of FYE Mar. 2020 (3 months)

4/4◆Total operating revenue after deducting financial expenses and cost of sales and segment profit(JPY million)

Crypto Asset

Total operating revenue after deducting financial expenses and cost of sales
Quarterly profit before income taxes
1,274

1,500

801

1,000
500

315

-588

518
-324

302

-560

142

9

0
-500

2019/32Q

2019/33Q

2019/3
4Q

2020/3
1Q

2020/32Q-1,000Investment(JPY million)
1,500
1,000
500

93

96

0
-500

2019/32Q

10-20

2019/33Q

8974

2019/3
4Q

12

142

131

-2

2020/3
1Q

2020/32Q

9

I.

Highlights

II.

Consolidated Performance

III.

Business Update

Appendix. Group Overview

10

YoY Comparison (6 months) Consolidated Performance(JPY million)FYE Mar. 2019
2Q
(Apr. 2018–
Sep. 2018)

FYE Mar. 2020
2Q
Variance(Apr. 2019–
Sep. 2019)

Rate ofchangeReference

Total operating revenue after
deducting financial expenses

23,84523,277-567

P13: Analysis of Japan segment-2% P15: Analysis of US segment (USD)
P17: Analysis of Crypto Asset segment

SG&A

22,193

21,112-1,080

P14: Analysis of Japan segment-5% P16: Analysis of US segment (USD)
P18: Analysis of Crypto Asset segment

The amount equivalent tooperating income

1,652

2,165

513

31%

Other income / expenses (net)

178

30

-147

Breakdown in DATA BOOK P22:
-83% Quarterly consolidated financial results(Other income and other expenses)

Quarterly profit before income
taxes

1,830

2,195

366

20%

Quarterly profit attributable toowners of the Company

1,745

1,679

-66

-4%

EBITDA*

5,794

6,212

417

7%

* EBITDA ＝ The amount equivalent to operating income + depreciation and amortization cost + interest expense of US segment(the same hereinafter)

11

YoY Comparison (6 months) Segment PerformanceJapan(JPY million)

US

Asia Pacific

Crypto Asset

Investment

2019/32Q

2020/32Q

2019/32Q

2020/32Q

2019/32Q

2020/32Q

2019/32Q

2020/32Q

2019/32Q

2020/3
2Q

Total operating revenue after
deducting financial expenses
and cost of sales

13,111

11,227

9,238

9,921

413

292

1,256

2,075

315

154

SG&A

11,553

10,442

8,632

8,699

436

437

2,244

1,932

4

25

The amount equivalent tooperating income

1,558

785

66

1,221

-23

-145

-988

143

310

129

Other income / expenses (net)

239

101

-36

-28

7

12

140

9

18

-0

Quarterly profit before income
taxes

1,798

886

570

1,194

-15

-133

-847

152

328

129

Quarterly profit attributable toowners of the Company

1,631

624

444

1,008

-24

-119

-600

120

297

80

EBITDA

4,607

3,236

1,922

2,817

13

-86

-955

448

310

129

Note

See P13 “total
operating revenue
after deducting
financial expenses
and cost of sales” formore details
See P14 “SG&A” formore details

See P15 “total
operating revenue
after deducting
financial expenses
and cost of sales”
for more details
See P16 “SG&A” formore details

See P17 “total
operating revenue
after deducting
financial expenses
and cost of sales”
for more details
See P18 “SG&A” formore details

12

YoY Comparison (6 months) Analysis: Operating Revenue

Japan : Decreased market trading volume by individual traders led to lower
brokerage commissions and net financial income. Tightened spread of FX
services drove a rise in market share of trading volume to the highest level■ Total operating revenue after deducting
financial expenses and cost of sales(JPY million)
15,00013,111
12,000

1,362

11,227

2,131

1,217

9,000

2,373
4,108

6,000

Total operating revenue after deducting
financial expenses and cost of sales-14.4% (-1,884)■Others (-146)■FX & fixed income (+242) *1■Net financial income (-737) *2■Brokerage commissions (-1,243) *3

3,370*1 Market share of FX trading volume 0.81% → 1.69%

3,000

5,510
4,267

*2 Net financial income of margin trading balance -702
Margin balance Market balance-22%
Monex Securities’ balance-21% (ave.)*3 Total trading volume of individual investors in two Japanesemajor equity markets, including ETFs etc.
- 19 %

0

2019/3 2Q

2020/3 2Q

13

YoY Comparison (6 months) Analysis: SG&A

Japan : System related expenses largely decreased due to lower depreciation costreflecting the impairment in the previous fiscal year

■ SG&A

SG&A Total -9.6% (-1,111)(JPY million)
15,00011,553
10,442

12,000

9,000

769
636
840
1,026

718
483
844
952

2,017
2,172

6,000

3,000

6,265

5,274

■Others (-52)■Advertising expenses (-153)■Communication, freight and information
expenses (+4)■Commissions paid, exchange and association
dues (-73)■Compensation and benefits (+155)■System related expenses (-991) ** Rental expenses
Maintenance expenses and data processing
Depreciation cost

-171
-222
-598

0

2019/3 2Q

2020/3 2Q

14

YoY Comparison (6 months) Analysis: Operating Revenue (USD)

US : Higher interest rates and growing customers’ assets drove larger net financial
income. Additionally, the interest rate swap backed by customers’ assets incustody expired in Nov 2018
■ Total operating revenue after deducting
financial expenses and cost of sales(USD thousand)

91,161

100,000
90,00083,787
5,084

80,000

6,042

70,00015,73813,43160,00033,42450,000Total operating revenue after deducting
financial expenses and cost of sales+8.8% (+7,374)

23,79740,000■Others (-958)■Other commissions (-2,307)■Net financial income (+9,627)■Brokerage commissions (+1,012)

30,00020,00038,21039,222

2019/3 2Q

2020/3 2Q

10,000
0

15

YoY Comparison (6 months) Analysis: SG&A (USD)

US : Discretionary spending remains efficiently controlled while variable costs
increased in proportion to the increase in revenue■ SG&A
SG&A Total +2.1% (+1,651)(USD thousand)
100,000
90,00078,28779,93780,00070,00010,306
5,686

60,000

9,731
4,689

■Others (-575) *■Advertising expenses （-997）■Amortization and depreciation (+2,017) *■Communication, freight and information

9,300

11,31750,000

6,912

5,913

40,00014,694

15,590■Compensation and benefits (+1,308)

31,38932,696* Reclassification by applying IFRS16

2019/3 2Q

2020/3 2Q

30,00020,000expenses (-999)■Commissions paid and association dues(+896)

10,000
0

16

YoY Comparison (6 months) Analysis: Operating Revenue

Crypto : Coincheck sequentially resumed its services since October 2018.
Trading income largely increased■ Total operating revenue after deducting
financial expenses and cost of sales(JPY million)
2500

2,075
2000

Total operating revenue after deducting
financial expenses and cost of sales+65.2% (+819)■Others (+12)■Trading income (+806) *151* Service comparison
1500

1,256
139

1000

500

1,924

1,118

In 1Q - 2Q FYE Mar. 2020, all the services areavailable and Coincheck started offering a new
cryptocurrency, Monacoin, from the beginning ofJune 20190

2019/3 2Q

In 1Q - 2Q FYE Mar. 2019, new accountopenings, purchasing and depositing services of
all the altcoins were under suspension. Fourcryptocurrencies out of 13 available
cryptocurrencies offered then has been delistedfrom the Coicheck services since June 20182020/3 2Q

17

YoY Comparison (6 months) Analysis: SG&A

Crypto : SG&A declined due to lower fixed costs■ SG&A

SG&A Total -13.9% (-312)(JPY million)
2,500

2,244
1,932

2,000

1,500

1,000

623
17
143
119

215
129
177
106

779

707

500

563

598

2019/3 2Q

2020/3 2Q■Others (-409) *■Advertising expenses (+112)■Communication, freight and information
expenses (+34)■Commissions paid, exchange and association
dues (-13)■Compensation and benefits (-72)■System related expenses (+36)* Professional fees decreased after the registration of
Coincheck as a cryptocurrency exchange agency

018

QoQ Comparison (3 months) Consolidated Performance（JPY million）

Total operating revenue after
deducting financial expenses

1Q FYE Mar.
2020
(Apr. 2019Jun. 2019)11,8812Q FYE Mar.
2020
(Jul. 2019Sep. 2019)

Variance

11,397-484

P21: Analysis of Japan segment-4% P23: Analysis of US segment (USD)
P25: Analysis of Crypto Asset segment

Rate ofchangeReference

SG&A

10,666

10,446-220

P22: Analysis of Japan segment-2% P24: Analysis of US segment (USD)
P26: Analysis of Crypto Asset segment

The amount equivalent tooperating income

1,215

950

-265

-22%

-19

50

69

Breakdown in DATA BOOK P22:

Other income / expenses (net)- Quarterly consolidated financial results(Other income and other expenses)

Quarterly profit before
income taxes
Quarterly profit attributable toowners of the Company

EBITDA

1,196

1,000

-196

-16%

849

830

-19

-2%

3,177

3,035

-142

-4%

19

QoQ Comparison (3 months) Segment PerformanceJapan(JPY million)

US

Asia Pacific

Crypto Asset

Investment

2020/3
1Q

2020/32Q

2020/3
1Q

2020/32Q

2020/3
1Q

2020/32Q

2020/3
1Q

2020/32Q

2020/3
1Q

2020/3
2Q

Total operating revenue after
deducting financial expenses andcost of sales

5,598

5,629

4,996

4,925

195

96

1,274

801

12

142

SG&A

5,194

5,248

4,364

4,336

212

225

1,127

805

14

11

The amount equivalent tooperating income

404

381

633

589

-16

-129

147

-4

-2

131

Other income / expenses (net)

53

48

-13

-15

3

9

-5

13

0

-0

Quarterly profit before income
taxes

457

429

620

574

-13

-119

142

9

-2

131

Quarterly profit attributable toowners of the Company

313

311

464

544

-16

-103

99

21

-4

83

1,576

1,660

1,425

1,392

13

-99

299

149

-2

131

EBITDA

Note

See P21 “total
operating revenue
after deducting
financial expenses
and cost of sales” formore details
See P22 “SG&A” formore details

See P23 “total
operating revenue
after deducting
financial expenses
and cost of sales” formore details. See
P24 “SG&A” for moredetails.

See P25 “total
operating revenue
after deducting
financial expenses
and cost of sales” formore details. See
P26 “SG&A” for moredetails.

20

QoQ Comparison (3 months) Analysis: Operating Revenue

Japan : Tightened spread of FX services contributed to keep the market share of
trading volume at the highest level■Quarterly total operating revenue after deducting financial
expenses and cost of sales(JPY million)

Quarterly total operating revenue after
deducting financial expenses and cost of
sales +0.6% (+31)

8,000*Figures in parenthesis is the variance from previous quarter (JPY million)

6,981
7,000

6,477
689

6,000

692
1,303

5,000

1,169

4,000

1,965

5,598

5,629

608

597

620

■FX & fixed income (+87)

1,178

1,143

1,230

■Net financial income (-92) *1

1,649

1,731

2,061

3,000

1,639

■Brokerage commissions (+13) *2*1 Market margin balanceMonex margin balance

2,000
1,000

■Others (+23)

5,647

2,652

2,928
2,212

2,127

2,140

2019/3 4Q

2020/3 1Q

2020/3 2Q

0
2019/3 2Q+3%+2%

2019/3 3Q*2 Total trading volume of individual investors
in two Japanese major equity markets,
including ETFs etc.
-6 %21

QoQ Comparison (3 months) Analysis: SG&A

Japan : The impairment in the previous fiscal year contributed to lower SG&A

Quarterly SG&A +1.0％ (+53)■Quarterly SG&A

*Figures in parenthesis is the variance from previous
quarter (JPY million)(JPY million)
7,000

5,718

5,762

5,698

396
248
409
503

355
282
429
545

381
294
461
487

6,000
5,000
4,000

991

1,050

5,194

5,248

418
236
418
470

300
247
426
483

1,074

1,098

2,580

2,694

2020/3 1Q

2020/3 2Q

979

3,000

■ Others (-118)■ Advertising expenses (+11)■ Communication, freight andinformation expenses (+8)■Commissions paid, exchange andassociation dues (+13)
Compensation and benefits (+25)■■System related expenses (+114)

2,000

3,171

3,100

3,095

2019/3 2Q

2019/3 3Q

2019/3 4Q

1,000
0

22

QoQ Comparison (3 months) Analysis: Operating Revenue (USD)

US : Revenue remains solid due to an increase in brokerage commissions driven
by higher volatility■Quarterly total operating revenue after deducting
financial expenses and cost of sales(USD thousand)
50,00041,32940,0003,012

45,55745,605

2,890

2,646

2,438

7,626

6,606

6,826

16,828

16,59618,10019,477

19,745

2019/3 4Q

2020/3 1Q

2020/3 2Q

45,68445,150

2,967
7,711

7,818
30,00013,907

16,535

12,66620,00010,00017,83421,099Quarterly total operating revenue after
deducting financial expenses and cost of
sales +0.1％（+48）*Figures in parenthesis is the variance from previous quarter(USD thousand)■Others (-208)■Other commission (+220)■Net financial income (-232)■Brokerage commissions (+267)

0
2019/3 2Q

2019/3 3Q

23

QoQ Comparison (3 months) Analysis: SG&A (USD)

US : Amortization and depreciation cost slightly increased due to system investments
for new business developments. Total SG&A is well under control■Quarterly SG&A
Quarterly SG&A +0.9% (+360)*Figures in parenthesis is the variance from previous quarter(USD thousand)(USD thousand)

45,00037,94239,15038,326

4,734

4,971

39,78940,149

4,835

4,896

2,306

2,383

5,543

5,775

2,979

2,934

7,740

7,850

40,00035,00030,000

5,220
2,749
4,700

25,00020,000

3,428
6,511

2,713
4,778

3,016
4,837

2,493
3,979
8,080
6,565

15,00010,00015,335

16,353

14,95816,385

16,311

2019/3 2Q

2019/3 3Q

2019/3 4Q

2020/3 1Q

2020/3 2Q■ Others (+60)■ Advertising expenses (+76)■ Amortization and depreciation (+232)■ Communication, freight and■information expenses (-45)
Commissions paid and association dues(+110)■ Compensation and benefits (-73)

5,000
0

24

QoQ Comparison (3 months) Analysis: Operating Revenue

Crypto : Transaction volume and revenue declined as the uptrend of
cryptocurrency market has been in a break■Quarterly total operating revenue after deducting financial
expenses and cost of sales(JPY million)

Quarterly total operating revenue after
deducting financial expenses and cost ofsales-37.1% (-473)*Figures in parenthesis is the variance from previous quarter (JPY million)

1,500

1,274

■Others (+4)

74

1,200

801

■Trading income (-477)

900
78

518
600

315
300

1,200

-5

302

45

724

13
522
290

269
0
2019/3 2Q

2019/3 3Q

2019/3 4Q

2020/3 1Q

2020/3 2Q

25

QoQ Comparison (3 months) Analysis: SG&A

Crypto : Coincheck executed a significant fixed cost reduction

Quarterly SG&A -28.5％ (-321)■Quarterly SG&A

*Figures in parenthesis is the variance from previous
quarter (JPY million)(JPY million)

1,200

900

600

■ Others (-87)■ Advertising expenses (+45)■ Communication, freight and

1,373

1,500

1,149

192

226

56
127
54

1,033

256
10
78
46

11
107
41

1,127

information expenses (-94)

151
42
135
60

526
421

399

373

805
64
87
41
46

■Commissions paid, exchange andassociation dues (-13)
Compensation and benefits (-91)■■System related expenses (-81)

308

300

271

343

419

339

259

0
2019/3 2Q

2019/3 3Q

2019/3 4Q

2020/3 1Q

2020/3 2Q

26

Summary of Statement of Financial Position

The difference between “Net capital” and “Non-current assets” is the source offunds for investments and shareholders distribution◆ Summary of consolidated statement of financial position as of Sep 30, 2019
AssetsJPY 1,063.0B

Liabilities
JPY 985.9B

Major assets:
Assets related to financial
instruments tradingbusiness
JPY 779.3B

Major liabilities:
Liabilities related tofinancial instruments
trading business
JPY 971.5B(*1) Non-current assets
Property and equipment
Intangible assets (Goodwill)
Intangible assets (Identifiable intangible assets)
Intangible assets (Software and others)
Equity method investments
Available-for-sale investments in securities (Lv.3)

JPY
JPY
JPY
JPY
JPY
JPY

4.9B
17.0B (*2)
9.8B (*3)
19.9B
0.3B
4.3B

(*2) Goodwill: JPY 17.0B
Japan JPY 7.8B, US JPY 8.8B, Asia Pacific JPY 0.4B(*3) Identifiable intangible assets: JPY 9.8B
US JPY 9.3B, AP JPY 0.5B

OthersJPY 53.4B

Cash and cash equivalents

OthersJPY 14.4B◆The JPY 21.0B difference between Net capital (JPY 77.2B)
and Non-current assets (JPY 56.2B) is the source of funds
for the following:

JPY 174.1B

Non-current assets (*1)

JPY 56.2B

Net capital
JPY 77.2B

1. To comply with capital adequacy ratio regulations forsecurities subsidiaries in Japan and overseas
2. Internal reserve for investments in future businesses
3. Shareholders distribution (dividends + share buyback)27

Shareholders’ Distribution

Total return ratio (*1) is 75% on a multi-year basis◆Total return amount(*2) and total return ratio◆Return on Equity ratio（million yen）
12,000900%15%

Amount of acquisition of own shares(left)
Amount of dividends (left)
Total return ratio(right) 103%

12.9%

800%

10,000700%
600%10%

5,514

8,000

100%

8.3%

7.1%

500%
6,000

260%

4,000

109%

300% 5%

1,162
48%

2,000

1,825

77%
1,537

3,098

31% 5,178

68%

827%

1,229

2,359

1,000

FYE
Mar.2010

FYE
Mar.2012

2,000 3,389

FYE
Mar.2014

200%
100%

2,728 1,459 2,721 1,435

599

0

5.0%

400%

4,030 291%

FYE
Mar.2016

FYE
Mar.2018

691

FYE
Mar.2020

0%

2.9%

4.2%

4.1%

2.0%
0.4%

0%

1.5%

FYE
FYE
FYE
FYE
FYE
FYE
FYE
FYE
FYE
FYE
Mar.2010Mar.2011Mar.2012Mar.2013Mar.2014Mar.2015Mar.2016Mar.2017Mar.2018Mar.2019(*1) Total return ratio = (dividend paid*3 + amount of share buyback*4) /profit attributable to owners of the Company(*2) Total return amount = dividend paid + amount of share buyback(*3) Refer to P52 “Dividend history” for more information of dividend per share(*4) Amount of share buyback : JPY 3.1B in Jun. 2011, 5.5B in May 2013, 1.2B in Jul.-Aug.2015, 1.0B in May-Jun. 2016, 1.0B in May 2017, 3.0B in Feb.-Mar. 2018,
2.0B in Aug. 2018, 3.4B in Jul.-Aug. 2019

28

I.

Highlights

II.

Consolidated Performance

III.

Business Update

Appendix. Group Overview

29

Business Update US segment 1/2

Account growth was at the record high. “TSgo” will accelerate the growth further- New branding and simplified offerings continue to successfully attract casual
traders/millennials to expand customer base
- Free trade campaign was a key driver to record highest number of quarterly account openings- Limited impact expected in FY19 from the conversion of legacy commission plans to “TSgo”- Efforts to differentiate through product, service and education in a community-focused platformthat includes gamification elements are already underway towards the launch◆ Account growth◆ Assets in custody(Accounts)(USD million)
6,000
Customer Assets(Securities)
5,000
Customer Assets(Cash)

100,000
80,0004,000

60,0003,000
40,0002,000

20,0000

1,000
2013/3

2014/3

2015/3

2016/32017/3

2018/3

2019/3

2019/90
2013/3

2014/3

2015/3

2016/32017/3

2018/3

2019/3

2019/930

Business Update US segment 2/2

Diversify the revenue stream with the development of new businesses while
growing existing profits through expansion of customer base-Commission received plus net financial income increased by 1% on QoQ. Commission
received increased by approximately 1% under higher intraday volatility due to the market
uncertainty over the rate cut, trade war, etc.

-

Net interest income in 2Q was $14M. Net interest income in FYE March 2020 is expected tobe between $51M and $53M, even if there are additional rate cuts during the remainder ofthe year (Net interest income in FYE March 2019 was approximately $45M)-

TradeStation Crypto, Inc. launched beta-testing of its cryptocurrency service in October andis preparing for an official launch in November◆ VIX and commission received + net financial income
50（％）(USD million)

Commission received
Net financial income
VIX（Daily Ave）(Right)(USD million)◆ Net interest income(*) and US Federal Fund rate
25

40

20

30

15

20

10

10

5

0

0

2Q FYE

3Q FYE

4Q FYE

1Q FYE

2Q FYE

3Q FYE

4Q FYE

1Q FYE

2Q FYE

2018

2018

2018

2019

2019

2019

2019

2020

2020

70

Net interest income from investment(left)

3.5

60

US Federal Fund rate(right)

3

50

2.5

40

2

30

1.5

20

1

10

0.5

0

2013/3

2014/3

2015/3

2016/32017/3

2018/3* Excluding income from margin trading and stock lending

2019/32020/3031

Business Update Japan segment 1/3

Aiming to expand customer base and to create a new asset-based revenue stream
Wealth Creation Service

Intermediary Service

Monex Stock Scouter

API Cooperation--

Utilizing APIs, generated from in-house system,with Money Forward, Inc. and Zaim, Inc. promote
the wealth creation of individual traders-“MSV LIFE” is in the process of fully improving its
UI/UX
Several financial institutions introduced a face-toface support service “MSV COMPASS+” including
Okachi Securities Co., Ltd who started in Oct 2019

Implemented several feature updates
including optimization for mobile phone usage

Mutual Fund-

Widened the list of mutual funds qualified forMonex Points. Monex Securities will strengthenfund reserve as well as improve UI/UX-

Monex SP Trust, Inc.
-

In response to the wealth management needs
for super-aged society, Monex SP prepares forproperty management/inheritance services

IFA Services (Independent Financial Advisor)-

Established Wealth Management Promotion Office
to prepare for IFA service launch, planning toincrease asset in custody as well as to provide a
better asset management to high-net-worth clients

Financial Instruments Intermediary Service--

Shizuoka Bank, FIDEA Holdings Co., Ltd.
and TOMONY Holdings, Inc. offer financial
instruments intermediary service inpartnership with Monex Securities
Also provide intermediary service of US
equities to several securities firms

32Business Update Japan segment 2/3

Favorable growth in US equity trading and FX market share
US Equity Trading

FX Trading-

The minimum transaction fee for US equities
was abolished from the beginning of July-

Market share of traded currency in FX trading
reached to 1.7%, twice as large as 2Q FYE 2018-

Number of transactions and number of active
accounts increased by 46% and 34% QoQ--

The ratio of US equity transactions throughmobile phone application reached 35%. The
app specialized for US equity trading and is the
only offering among the major online brokers*

The spread of the Monex Securities’ FX service“FX PLUS” was tightened in Nov 2018.
Additionally, the spread of USD/JPY transaction
was tightened further in Oct 2019

* SBI SECURITIES CO., Ltd., kabu.com Securities CO., Ltd.,
Matsui Securities Co.Ltd., Rakuten Securities, Inc, Monex, Inc.

◆ Number of Foreign equities trading accounts
250,000◆ Total FX revenue and market share（JPY million）
1,200

Market share of traded currency (right)

2.0%

1,000

200,000

800

150,000

600

100,000

400

50,000200

0FX total revenue (left)

0
2Q FYE

4Q FYE

2Q FYE

4Q FYE

2Q FYE

2018

2018

2019

2019

2020

1.5%
1.0%
0.5%

2Q FYE

4Q FYE

2Q FYE

4Q FYE

2Q FYE

2018

2018

2019

2020

2020

0.0%

33

Business Update Japan segment 3/3

Promote initiatives for activation of Japanese stock market
Acquisition of Active Traders

Activism Initiatives

Margin Trading Services

Monex Activist Forum (since Jan 2019)-

Expanded the list of stocks for short trading
service of general margin trading, especiallythose coming with some shareholders benefits--

Reduced margin transaction lending fees forgeneral margin trading to the lowest level
among the major online brokers

Aims to facilitate communication between
individual investors and companies, andenhance the value of Japanese equities. It
also deepens individual investors’
understanding of shareholders’ rights andencourage them to exercise their rights
properly as activist investors-

Preparing for margin trading service at PTS-

Founded a company, Monex Activism Japan
Initiative, Inc.(MAJI), to strengthen and sustain
the activity of Monex Activist Forum. Monex
will keep enhancing engagement and activism
to lead to the activation and prosperity of theJapanese capital market

34

Business Update Crypto Asset Segment 1/3

Successfully reduced fixed cost and lowered its break-even point. Promote new
initiatives including customer expansion and adding new cryptocurrencies
Revenue Stream and Competitiveness- Operates BTC exchange/market place and the market place of 9 altcoins in Japan- Easy-to-use UI/UX for beginners, reaching young people with little investment experience- In adding new cryptocurrencies, an organizational structure to comprehensively researchand select the cryptocurrencies reliable to offer to customers and an in-house blockchain
engineer system that allows immediate and flexible development are managed- Conduct thorough cold wallet management for all cryptocurrencies to minimize risks

New Initiatives- Started to study IEO (Initial Exchange Offering) fundraising model with several companies- “Blockchain Lab” sought collaboration with several companies with an aim to develop
services other than cryptocurrency exchange
35

Business Update Crypto Asset Segment 2/3

Number of registered users increased by alliances with group companies
Registered and ID-confirmed Users

User Acquisitions

Number of app downloads

Monex Group Shareholders’ Benefits

2.62M
Registered users

Users with
ID confirmed

Grant ¥500 worth of Bitcoin to Monex Group
shareholders who opened a Coincheckaccount during the period

1.93M

0.92M

Monex Securities Offline Seminar

Accumulated Number ofRegistered Users

2,500,000
2,000,000

Coincheck exhibits at the Monex Securities’s
offline events and provide guidances to open
Coincheck account, expanding its reach to
stock traders

1,792,503

1,816,808

1,882,081

1,933,575

Monex Points Exchangable with
Cryptocurrencies

1,500,000
1,000,000
500,0000
2018/122019/3

2019/6

2019/9Monex Points can be exchanged withcryptocurrencies and users can receive themin Coincheck account36

Business Update Crypto Asset Segment 3/3

Monex Crypto Bank launched a new database service “LOOKBLOCK”
Offers holistic database services, delivering informationon companies and products involved in cryptoassets andblockchain, aiming to expand its institutional users andplanning to shift from free-use to subscription model

Users can earn Bitcoin by answering simple
questionnaires or read cryptocurrency related articles
through “Cheeese” appA web-based media “Block Insight” is delivering news
and information regarding cryptoassets under a brand of“Monex Cryptocurency Lab”
37

Business Update Asia Pacific Segment

Hong Kong residents account for only 25% of Monex Boom Securities customers.
The revenue impact from the political instability is limited
Monex Boom Securities (HK)- Temporary loss from a bad debt for marginloan lending ¥0.11B caused the first deficit
after the fiscal year 2017

Hong Kong
25%
Number of Accountby Residents*- Limited impact is expected from the politicalinstability in Hong Kong
◆ Amount equivalent to total operating revenue(HKD million)

Others75%

Hong Kong
39%

6
4
2
0
-2
-4
-6
-8

2Q FYE 3Q FYE 4Q FYE 1Q FYE 2Q FYE 3Q FYE 4Q FYE 1Q FYE 2Q FYE
2018
2018
2018
2019
2019
2019
2019
2020
2020

Trading Volume
through Boom at
Each Local Market*

Others61%* Average of monthly ratio in Q2 FYE 2020

38

Business Update Investment Segment

MV1 attracts promising investment opportunities by leveraging its unique network
R&D purpose investment*

Details of MV1 Fund
Features

Active support for startups in productdevelopment and growth stages

InvestmentSize

2.5 billion yen (Founded in Jan 2019)

Investment
RecordInvested in 14 start-ups who has anadvanced and innovative services(As of Sep 30)

Recent Investment Record of MV1
Asset Management

EC

IoT

Blockchain

Cryptocurrency

Blockchain

Cryptocurrency

Cryptocurrency

Blockchain

Cryptocurrency/OTC

Market Place*B2B SaaS

Including the investments aside from Investment Segment

Ad Tech39

Business Update ESG Management

Contribute to the sound development of the capital market and promote initiatives
that lead to sustainable growth of Monex GroupESG Initiatives

Materiality Matrix
Disclosing Materiality Matrix-

Prioritized ESG topics based on our groupchallenges and the social problems. The
chart below is disclosed on our website*Awarded Gold Rating for PRIDE index-

Monex Group and Monex Securities eachawarded the highest ranked PRIDE Index
2019 Gold Rating for their LGBT initiatives

Other ESG Initiatives-

Financial education program to “democratize”
capital market in Japan, US, Hong Kong
Disclosed “Code of Conduct” and “Human
Rights Policy” *Return rate after the maternity leave in Japan
segment is almost 100% (37 people). Monex
also promotes male childcare leave-

Risk Management System-

Monex Group, Inc. investigates the risks ofeach subsidiary and overseas

Corporate Governance-

Please refer to P47*https://www.monexgroup.jp/jp/esg.html

40

I.

Highlights

II.

Consolidated Performance

III.

Business Update

Appendix. Group Overview

41

Corporate Value

Enhance corporate value driven by the steady growth of online brokeragebusinesses and the mid-to-long term growth drivers

Three mid-to-long term
growth drivers

Steady development of online
brokerage businessJapan

2019/9 EBITDA* ¥ 3.2 B
Collaborate with Coincheck

Finance in a New Age
CryptoAsset

Number of active account is
steadily growing

2019/9 EBITDA*HK¥ -0.1 B

One of the oldest online brokers
in Asia-Pacific region

Explore new businesses with
Blockchain technology on top of
cryptocurrency exchange.

2Q of
FYE Mar. 2019
EBITDA*¥ 6.2 B

Drive Innovation

2019/9 EBITDA* ¥ 2.8 B
USEnhanced
Corporate Value

Investment

Asia
Pacific

Established a flagship fund.
Startup investment in the financial
infrastructure business sector

Global Business Expansion

Consolidated

Market Cap(Sep. 30, 2019)¥ 82.8 B

Regional expansion, JV in mainland
China and Monex Securities Australia*Cumulative total from April to September 201942

Group Overview
 Japan: 1.83M accounts, Crypto Asset: 1.93M users, US: 117K accounts, AP: 13K accounts.
Established global customer base as a group Aim for continuous growth in the online brokerage business and enhancement of crypto asset businessfor retail investors as our core business(JPY 100 million)
60,000◆Consolidated Assets in Custody
Crypto Asset Segment
AP Segment
US Segment
Japan Segment

50,00040,00030,00020,00010,000
0
Mar.

Mar.

Mar.

Mar.

Mar.

Mar.

Mar.

2000

2003

2006

2009

2012

2015

2018 2019

Expanded through M&As inside Japan

GlobalizationMar.

New Beginning43

Group Overview－Revenues, Costs, and Employees◆Total operating revenue after deducting financial expenses
by region and by business
CryptoAsset
4%Othres 2%
Financial income
14%

Investment
1%

AP
2%

1. Equities
23%

Japan
US
40%

1. Options
6%

53%
Revenue
JPY 47,417M

Futures andOptions 1%
FX 9%(FYE Mar. 2019)

1. Futures
11%

Mutual funds 4%

Equities 7%
Othres 1%

Financial income 15%◆Employees by segment and by department
Other 2%
Operation 6%
Techonology

Others 2%

AP
4%

Operation
10%
Marketing4%
3.Technology 31%

Marketing 9%
Japan
34%

Operation 9%

Employees
1,093 persons(as of Mar. 2019)
Others 8%
3.US
47%

Others 3%
Compensation and benefits 4%
System related expenses 3%
CryptoOthers 2%
Asset
Commissions
10%
AP
paid 7%2%
Advertisingexpenses 3%
Communication,
freight and information
expenses 3%

2. System
related expenses
26%

Japan
SG&A
49%
JPY 44,690M

US
39%(FYE Mar. 2019)

2. Compensation
and benefits 16%
System related
expenses 7%

Compensation
and benefits 9%
Communication, freight andinformation expenses 4%Advertising expenses 3%

Commissions paid 4%
Others 3%

Technology 8%

7%

CryptoAsset
15%◆SG&A by segment and by cost items*1. Total operating revenue after deducting financial expenses :Japan accounts for 1/2. Revenue in Japan primarily from equities
while revenue in the US primarily from futures and options*2. Total SG&A : Japan accounts for 50% and US accounts for 40%.
However, half of the Japanese portion is made up of system
related costs, whereas the largest percentage of the US total isfrom compensation and benefits costs*3. Employees: US accounts for 50%. US has a larger number oftechnology-related employees as it internally develops its system
44Group Overview－Corporate value creation process

Democratization of capital markets is our core value and the key driver for theCompany’s sustainable growth45Group strategy overview combined with crypto-asset business

New financial conglomerate in a new age
New Financial

Traditional Financial
Conglomerate

Conglomerate

Bank

Crypto Asset Bank

Coincheck

Securities Broker

Global Online Brokerage

Monex Securities, TradeStation
Securities, Monex Boom Securities,
Monex Securities Australia

Payment Card Company

Blockchain Payment

Coincheck, Blockchain Lab
and more

Investment BusinessMonex Venturesand moreand more

OthersMonex Group46

Corporate Governance

Established global-standard corporate governance practices and emphasis on
dialogue with retail/institutional investors
Adoption of “company with three committees” structure - highly effective executive managementmonitoring system- Adopted “company with committees” structure in June 2013
- Each of the three committees is chaired by an independent & outside director

Directors with various backgrounds- Six out of nine directors qualify as “independent & outside” directors and four out of six independent & outside
directors have managed companies- Appointed a lead outside director. Actively exchanges opinions at meetings led by the lead outside director andcomposed mainly by independent & outside directors- Various backgrounds: Management experience (current/former CEOs of listed companies or global companies), expertise(lawyer, CPA), business experience (finance, IT, global business), culture & society (gender, country of residence, nationality)

Fair disclosure and dialogue for retail/institutional investors- Timely and fair information disclosure both in Japanese and English- Active dialogue with shareholders: CEO holds quarterly presentation sessions for retail shareholders- Annual general meeting of shareholders is held on weekend so that retail shareholders can attend the meeting,also we stopped to ask the questioner to make a statement of his/her name or the shareholder number at its
Q&A session(Reference)
15th ordinary general meeting of shareholders (June 22, 2019); Attendance of shareholders: 529
47

Monex Group(As of Sep. 30, 2019)
Listed Holding Company[Japan][US/Europe]

Online Securities Company[Asia Pacific]

Cryptocurrency exchange
service provider

Monex International Limited
Holding Company in Hong Kong

TradeStation Group, Inc.
Holding Company in the U.S.

Monex, Inc.

Online Securities Company

Coincheck, Inc.

Comprehensive investment
service provider

Corporate Venture Capital

Monex Ventures, Inc.
Venture capital business

Cryptocurrency exchange platform"Coincheck"

Online Securities Company
TradeStation Securities, Inc.

Finance Company

Service appealing to active traders (US)Monex Finance Corporation

Cryptocurrency

Finance company for the group companiesof Monex Group(Investment Ratio ) Monex G: 51％(US)

Beijing Representative Office(Monex, Inc.)

Online Securities Company

Technology
TradeStation Technologies, Inc.
(US)

Monex Securities Australia Pty Ltd(Australia)

TradeStation Global Services, S.A.
(Costa Rica)

Cryptocurrency

EU BaseTechnology support

TradeStation International Limited

Cherry Technology Co., Ltd[Equity method affiliates]

Monex Crypto Bank, Inc.
Management of a web media, Monex Cryptocurrency Lab.
Research, study, plan, development and consulting of
cryptocurrency related services

Online securities group in Hong Kong

TradeStation Crypto, Inc.

Asset Management
Small-lot and low-cost discretionary investment management
wrap service

Monex Boom Securities (H.K.) Limited

Introduing international customers(Investment Ratio) Monex G: 49%* Companies with no reference to investment ratio are wholly-owned subsidiaries of Monex Group, Inc.

48

Overview of Monex Group and Main Subsidiary Companies■ Monex, Inc. (Tokyo, Japan)■ TradeStation Group, Inc. (Florida, U.S.)

One of the major online brokerage firms in Japan- President : Yuko Seimei- Founded in 1999
- Aims to provide retail investors the level of creative products &services offered to institutional investors- First in the Japanese industry to offer unique services & products
for retail investors (Examples): PTS/ECN, stock lending, leadmanager in an IPO as an online broker, RMB bonds, No.1 U.S.
equity service in Japan (the largest number of stock names
available, the longest trading hours & the lowest commissions),
offering the largest-class private equity fund in the world, First
smartphone app for US equity as major online broker- Products & services: Equities (Japan, U.S., Hong Kong), futures &options, FX, mutual funds, bonds, investment education, etc.
- # of total accounts: 1.83 million- # of active accounts: 1.06million- (“Active accounts”: accounts with balance or with at least one
trade or transaction a year.)- Customer assets held in custody: JPY 4.1 trillion

Online securities group with award-winning trading technology
development capabilities- President: John Bartleman- Founded in 1982, joined Monex Group in Jun. 2011
- An award-winning TradeStation platform recognized and highly
regarded by active traders; a multi-asset platform with a robustalgorithm trading language (EasyLanguage®) that enables
sophisticated analysis capabilities and back-testing ability- Licenses “TradeStation” platform as a technology provider tobrokers in Japan, China and Korea- Products & services: Equities (U.S.), options and futures- # of active accounts: 95,685- Customer assets held in custody: JPY 608.2 billion■ Coincheck, Inc. (Tokyo, Japan)-

President : Toshihiko Katsuya
Founded in 2012, joined Monex Group in April. 2018
Offers cryptocurrency exchange service for 1.93 million users
Number of accounts which identity is confirmed: 0.92 million
Customer assets held in custody: JPY 78.5 billion■ Monex Boom Securities (H.K.) Limited- Offers access to over 12 markets- COO: Ivan Law- Founded in 1997, joined Monex Group in Dec. 2010
- First online stockbroker for retail investors in Asia Pacific- Products & services: Equities (12 markets such as Hong Kong, US,
Japan, etc.) Trades available in 6 currencies in a single trading
account- # of accounts with balance: 13,455- Customer assets held in custody: JPY 143,130 million■ Monex Securities Australia Pty Ltd (Australia)- Utilized the system and operating structure of Monex Boom
Securities Group- Managing Director: Alex Douglas- Established in 2010, joined Monex Group in Jun. 2011
The numbers above are as of Sep. 30, 2019.

49

History of Monex Group

Japan

U.S.

1982

- TradeStation Technologies, Inc. is formed as Omega
Research, Inc.

1997

- TradeStation stock lists on NASDAQ

Asia Pacific- Boom Securities (H.K.) Limited is founded (now Monex Boom
Securities (H.K.) Limited), becoming the first in Asia Pacific tolaunch Internet stock trading for retail investors

1999 - Monex, Inc. is co-founded by Oki Matsumoto and Sony Corporation- Begins offering online brokerage service upon complete liberalizationof stock brokerage commissions in Japan
2000 - Monex, Inc. stock is listed on the Tokyo Stock Exchange "Mothers"Market2004 - Monex Beans Holdings, Inc. (now Monex Group, Inc.) is establishedthrough a business integration of Monex, Inc. and Nikko Beans, Inc.
- Monex Group, Inc. stock is listed on the Tokyo Stock Exchange"Mothers" Market in exchange for the delisting of Monex, Inc. stock2005 - Monex, Inc. and Nikko Beans, Inc. merge to become Monex, Inc.
(former name: Monex Beans, Inc.)- Monex Group, Inc. stock changes its listing from the "Mothers"Market to the First Section of the Tokyo Stock Exchange- Monex Business Incubation, Inc. (now Monex Group, Inc.) isestablished- TradeStation acquires Online Trading.com, a direct-accesssecurities brokerage firm2006

- TradeStation Europe Limited receives approval from the
FSA (UK) as an introducing broker

2008 - Acquisition of 90% shares of Tokyo Forex (absorbed in absorptiontype merger by Monex, Inc. in 2015)- Monex Group, Inc. opens a Beijing Representative Office (closed
in 2012 after opening Monex, Inc.'s Beijing Representative Office)2010 - Monex Group, Inc. completes a share exchange to acquire Orix
Securities Corporation- Monex, Inc. merges with Orix Securities Corporation- Monex, Inc. opens a Beijing Representative Office- Boom group companies (now Monex Boom group companies)
become wholly-owned subsidiaries of Monex Group, Inc.

2011

- TradeStation becomes a wholly-owned subsidiary ofMonex Group, Inc. and its stock delisted from NASDAQ- TradeStation Group, Inc. acquires IBFX Holdings, LLC

2012 - Monex Group, Inc. acquires Sony Bank Securities Inc.

- TradeStation Global Services, S.A.
(Costa Rica) is established2013 - Monex, Inc. merges with Sony Bank Securities Inc.
- Monex Group, Inc. becomes a Company with Committees- Monex Group, Inc. implements a stock split (1:100)
2015 - Monex, Inc. merges with Monex FX, Inc.
- Monex-Saison-Vanguard Investment Partners, Inc. is established2017 - Monex Finance, Inc. is established- Monex Crypto Bank, Inc. is established2018 - Monex Cryptocurrency Lab is set up- Coincheck, Inc. joined Monex Group2019 - Acquired Shiawase Partners Trust Co., Ltd and renamed its brand asMonex SP Trust, Inc.
- Monex Activism Japan Initiative, Inc. is established- Cherry Technology Co., Ltd, which provides technical support in
PRC, is established- TradeStation Crypto, Inc. is established- Monex Securities Australia Pty Ltd launched new online
brokerage firm for individual investors in Australia

As of October 28, 201950

Investors’ Guide■ Shareholders distribution■ Shareholders & indicators per share◆ Our basic policy for shareholders distribution◆ Major shareholders and shareholder breakdown

Year-end
Interim(yen)

Securities companies
FMR LLC (Fidelity)
4.2%
5.2%

Individuals,
Foreigninstitutions, etc.
etc.
5.2%
27.2%

Other institutions
4.2%

MOMO&Co. and Oki Matsumoto
9.3%

Shizuoka
Bank
25.5%

◆ Dividend history

Monex Group, Inc.
3.9%

(as of Sep. 30, 2019)

Financial
institutions
15.3%

Monex Group aims to provide returns to its shareholders
based on the business performance, while securing
investment capacity for growth, and targets at a 75% total
return ratio on a multi-year basis.

The graph made by Monex based on shareholders’ list as of Sep. 30, 2019
and the Large shareholding report.

15◆Indicators per share
10

2.6
6.3
5

7.0

2.7

2.6
2.6

3.7

2.7

FYE
Mar. 2016

FYE
Mar. 2017

FYE
Mar. 2018

Equity attributable to owners of
the Company per share (BPS)

302.03
Yen

290.00Yen

298.50Yen

297.28Yen

297.22
Yen

Earnings per share attributableto owners of the Company(EPS)

12.46yen

1.06yen24.33yen

4.42yen12.77yen*

Rate of Return on Equity(ROE)

4.1%

0.4%

8.3%

1.5%

4.3%
*

9.6yen5.2yen10.0yen

5.4 yen

2.7yen(Interim)

2.7
Dividends per share

0
FYE
Mar.2016

FYE
Mar.2017

FYE
Mar.2018

FYE
Mar.2019

FYE
2Q of FYE
Mar. 2019 Mar. 2020

FYE
Mar.2020* EPS and ROE for 2Q FYE Mar. 2020 show annualized figures obtainedby multiplying 2 to actual figures for the quarter51