Notice of Convocation of
the 25th Annual Meeting of
Shareholders
Securities code 4 7 6 5Morningstar Japan K.K.

Table of contents
To our shareholders
Business Results
Dividends■ Date and Time 10:00 a.m., June 23, 2022 (Thursday)
Notice of Convocation of the Annual Meeting of
Shareholders for the 25th Fiscal Year
（Exhibits）■ Venue
Palace HotelBusiness Report
Yamabuki (4th floor)
Consolidated Financial Statements
Tokyo1-1-1, Marunouchi, Chiyoda-ku,
Financial Statements
Reference Document for the Annual Meeting of Shareholders
Tokyo, Japan
Agenda Item No. 1: Partial Amendments to the
Please refer to the "Guide map for the venue of the Ordinary General Meeting of
Articles of Incorporation
Shareholders" at the end and be careful not to make any mistakes.
Agenda Item No. 2: Election of Seven
After the Ordinary General Meeting of Shareholders, a "Management Report(7)Directors
Meeting" will be held.
Agenda Item No. 3: Election of One
The Ordinary General Meeting of Shareholders and the Business Status Report(1) Substitute Corporate Auditor
Meeting will be broadcast live on the Internet.。

1
2
3
4
8
31
33

35

37
43

To our shareholders:
The Company would hereby like to request you to attend its Annual Meeting of
Shareholders for the 25th Fiscal Year, which will be held as described below. The
Company was incorporated in March 1998 in order to provide abundant andunbiased financial information from a neutral and objective perspective andcontribute to the appropriate asset formation of investors. It was listed on the thenNASDAQ Japan of the Osaka Securities Exchange on June 23, 2000, just two
years and three months after its foundation.
The Company has been listed on various markets due to the change of the names
and integration of the markets and other similar reasons as follows: it was listed
on Hercules of the Osaka Securities Exchange in December 2002, on JASDAQ of
the Osaka Securities Exchange in October 2010 and on JASDAQ of the Tokyo
Stock Exchange in July 2013. On October 19, 2020, it changed its market section
to the first section of the Tokyo Stock Exchange. It has been listed on the Prime
Market of the Tokyo Stock Exchange since April 4, 2022.

Representative Director andPresident

As described on page 2, for the consolidated fiscal year under review (from April
1, 2021 to March 31, 2022), we recorded new highs in sales and all income items,
and in particular, ordinary income and net income attributable to owners of parent
increased for the 13th consecutive year.

We also increased dividends to our shareholders for the 13th consecutive year.
Among all of the 3,921 publicly traded companies (as of April 15, 2022; according
to our investigation), only four companies, including the Company, have continued
to deliver increased profits and dividends for 13 consecutive years.
We believe that such continued long-term growth has been achieved because we have made steady efforts to contribute to
the establishment of investor sovereignty, which is the philosophy we have advocated since our foundation, and those efforts
have earned us a strong reputation among investors and clients.

Tomoya Asakura

As described on page 9, the balance of assets under management of the Asset Management Business has rapidly increased
and already reached 3.7 trillion yen because the business offers diversified investment trusts that are low-cost and wellperforming in order to realize its objective: provision of desirable products for the optimal asset formation of investors.
As described on page 19, the Financial Services Business offers Wealth Advisors, a tablet application utilized by advisors offinancial institutions that sell financial products to give precise investment advice to their clients, and the number of devices
using the Wealth Advisors app has increased to 114,680.
Moreover, despite the difficult COVID-19 situation, the Company has continued to provide investment education and conduct
awareness building activities for individual investors by hosting seminars, mainly online, and distributing videos on YouTube
and other channels. These efforts have been widely supported.
We are committed to continuing to actively engage in activities to contribute to the optimal asset formation of investors and tofurther enhancing our corporate value.
We sincerely ask our shareholders for their continued support.
May 2022

21

Business Results
 For the Fiscal Year ended March 31, 2022, consolidated sales were 8,123 million yen, marking an increase for the
10th consecutive year and a record high for the 3rd consecutive year.
 Consolidated operating income was 2,129 million yen, a record high for the second consecutive year.

 Consolidated ordinary income was 2,403 million yen, marking an increase for the 13th consecutive year and arecord high for the 11th consecutive year.
 Net income attributable to owners of parent was 1,454 million yen, marking an increase for the 13th consecutive
year and a record high for the 9th consecutive year.
Net income attributable to owners of parent has increased for the 13th consecutive year and grown approximately
5.9 times since the Fiscal Year ended March 31, 2009.
For details, see the Business Report, Consolidated Financial Statements and Financial Statements.

Changes in net income attributable to owners of parent

Year
ended
March
2009

Year
ended
March
2010

Year
ended
March
2011

Year
ended
March
2012

Year
ended
March
2013

Year
ended
March
2014

Year
ended
March
2015

Year
ended
March
2016

(Million yen)

Year
ended
March
2017

Year
ended
March
2018

Year
ended
March
2019

Year
ended
March
2020

Year
ended
March
2021

Year
ended
March
2022

32

Dividends
 For the Fiscal Year ended March 31, 2022, the Company paid an interim dividend of 8.00 yen per share toshareholders of record as of September 30, 2021 and determined to pay a final dividend of 9.00 yen per share toshareholders of record as of March 31, 2022. The total annual amount of dividends is 17.00 yen per share.
The dividend increased by 1 yen (6.3%) per regular dividend from the previous consolidated fiscal year.
 The Company has increased dividends for the 13th consecutive year.
The dividends have increased for the 13th consecutive year and grown 9.2 times since the Fiscal Year ended
March 31, 2009.
 Among all of the 3,921 publicly traded companies (as of April 15, 2022), only four companies, including theCompany, have continued to deliver increased profit and dividends for 13 or more consecutive years (according to
our investigation).
We will continue to make our best efforts to enhance shareholder value, including increasing shareholder returns.

Changes in dividend amounts per share(Yen)

Year-end dividendInterim dividend
Commemorative dividend

Year
ended
March
2009
*

43

Year
ended
March
2010

Year
ended
March
2011

Year
ended
March
2012

Year
ended
March
2013

Year
ended
March
2014

Year
ended
March
2015

Year
ended
March
2016

Year
ended
March
2017

Year
ended
March
2018

Year
ended
March
2019

Year
ended
March
2020

Year
ended
March
2021

Year
ended
March
2022

The Company executed a common stock split (1 to 300) on July 1, 2013.
For comparison, the amounts for the Fiscal Year ended March 31, 2013 and the fiscal years prior thereto represent the amounts of the final dividend per share multiplied by 1/300.
The commemorative dividend for the Fiscal Year ended March 31, 2015 is the commemorative dividend for the 15th anniversary of our listing and the commemorative dividend for the Fiscal Year ended
March 2018 is the commemorative dividend for the 20th anniversary of our foundation.

To our shareholders:
Securities Code: 4765
May 31, 2022

Tomoya Asakura, Representative Director

Morningstar Japan K.K.
1-6-1, Roppongi, Minato-ku, Tokyo, Japan

Notice of Convocation of the Annual Meeting of Shareholders for the 25th Fiscal YearTo our shareholders:
The Company cordially invites you to attend the Annual Meeting of Shareholders for the 25th Fiscal Year, which will be held as described
below.
If you are unable to attend the meeting, you can exercise your voting rights by any of the methods described below. We kindly
request you to read the Reference Document for the Annual Meeting of Shareholders attached hereto and exercise your voting
rights no later than 5:45 p.m., June 22, 2022 (Wednesday).
[Exercise your voting rights via mail]Indicate “for” or “against” for each agenda item on the voting form enclosed herewith and return it so that it reaches us by the deadline above.
[Exercise your voting rights via the Internet]
Refer to “Information on the Exercise of Voting Rights via the Internet” on page 6 and exercise your voting rights no later than the deadline
above.
Sincerely yours,
Tomoya Asakura

1. Date and Time

10:00 a.m., June 23, 2022 (Thursday)

2. Venue

Function Room Yamabuki (4th floor)
Palace Hotel Tokyo
1-1-1, Marunouchi, Chiyoda-ku, Tokyo, Japan
Please make sure to come to the correct location by reviewing the “Information Map of the Venue for the
Annual Meeting of Shareholders” at the end of this document.

3. Purposes

Items to be reported:
1. Report on the Business Report, Consolidated Financial Statements and the results of consolidated
financial statement audits by the Accounting Auditor and the Board of Corporate Auditors for the 25th
Fiscal Year (from April 1, 2021 to March 31, 2022)
2. Report on the Financial Statements for the 25th Fiscal Year (from April 1, 2021 to March 31, 2022)
Items to be resolved: Agenda Item No. 1: Partial Amendments to the Articles of Incorporation
Agenda Item No. 2: Election of Seven (7) Directors
Agenda Item No. 3: Election of One (1) Substitute Corporate Auditor

Information on measures to be taken against COVID-19 for this Annual Meeting of Shareholders
If you plan to attend the meeting, we kindly ask you to take good care of your health until the date of the meeting and to not force yourself
to attend if you feel unwell.
We will live-stream the Annual Meeting of Shareholders on the Internet (live coverage) so that you can watch the meeting at home without
coming to the venue.
In addition, you can exercise your voting rights in advance in writing or via the Internet. We would appreciate it if you would consider these
options.
•
At the venue of the Annual Meeting of Shareholders, we will arrange seats in a way that will allow for sufficient space between them toprevent infection. In order to secure sufficient space, we cannot place tables at our shareholders’ seats. Therefore, we cannot serve
coffee in cups.
•
Our staff members attending the meeting will assign you a seat. If there are insufficient seats for shareholders, we may restrict the
number of shareholders who can enter the venue. Thus, you may not be able to enter even if you come to the venue.
•
At the entrance of the venue, we will take your temperature with a thermograph or other similar device. We will also ask you to wear amask and disinfect your hands with alcohol.
•
Our staff members will wear masks, gloves and the like at the Annual Meeting of Shareholders.

45

4

Other mattersdetermined upon the
convocation

Note 9 to Agenda Item No. 2 of the Reference Document for the Annual Meeting of Shareholders, whichshould otherwise be attached to this notice of convocation, is included in a document titled “Information
Disclosed via the Internet” available on the Company’s website on the Internet(https://www.morningstar.co.jp/) pursuant to the provisions of the relevant laws and regulations and Article
15 of its Articles of Incorporation. Some of the documents that should otherwise be attached to this noticeof convocation are disclosed via the Internet as described below.

 When you attend the meeting, we kindly request that you submit the enclosed voting form at the reception desk of the venue.
 If you wish to exercise your voting rights by proxy, you can attend the Annual Meeting of Shareholders by appointing as your proxy another shareholder
holding voting rights; provided, however, that your proxy needs to submit a power of attorney and your voting form as documents evidencing theproxy’s authority to represent.
 Any revision to the Reference Document for the Annual Meeting of Shareholders, Business Report, Consolidated Financial Statements and/or Financial
Statements will be posted on the Company’s website.
 The venue, starting time and other details of the Annual Meeting of Shareholders are subject to change due to any circumstance arising up to the dayof the meeting. The details of such change will be posted on the Company’s website on the Internet.
 The results of the resolutions at the meeting will be posted on the Company’s website on the Internet.

The Company’s website (https://www.morningstar.co.jp/)* Information Disclosed via the Internet” regarding the Reference Document for the Annual Meeting of Shareholders, Business Report, Consolidated Financial
Statements and Financial Statements
The following items that should otherwise be attached to this notice of convocation are included in a document titled “Information Disclosed via the Internet”
available on the Company’s website on the Internet (https://www.morningstar.co.jp/) pursuant to the provisions of the relevant laws and regulations and Article 15 of
its Articles of Incorporation and thus are not included in the documents attached to this convocation notice: (i) Note 9 to Agenda Item No. 2 of the Reference
Document for the Annual Meeting of Shareholders: “Positions and Duties Held by the Candidates for Director Currently or in the Past 10 years as Executive
Officers at the Company’s Parent Company or Any Subsidiary of the Parent Company;” (ii) in the Business Report, (a) the following sections in ‘State of Corporate
Group’: “Main Businesses,” “Main Business Offices,” “Major Creditors” and “Trends in Assets, Profits and Losses for the Three Most Recent Fiscal Years;” (b) the
following sections in ‘Shares’: “Major Shareholders (Top 10)” and “Number of Shares Awarded to Officers and Number of Officers Who Received Shares;” (c)‘Share Acquisition Rights and Others,’ (d) the following sections in ‘Company Officers’: “Significant Concurrent Positions” and “Outside Executive Officers;” (e)‘Accounting Auditor,’ (f) ‘Systems to Ensure the Appropriateness of Business Operations and the Implementation Status of the Systems,’ (g) ‘Basic Policy on
Company Control’ and (h) ‘Policy on the Determination of Dividends of Surplus and Other Similar Matters,’ (iii) in the Consolidated Financial Statements, (a)“Consolidated Statement of Changes in Equity” and (b) “Explanatory Notes on the Consolidated Financial Statements;” and (iv) in the Financial Statements, (a)“Statement of Changes in Equity” and (b) “Explanatory Notes on the Unconsolidated Financial Statements.”
The Business Report, Consolidated Financial Statements and Financial Statements audited by the Board of Corporate Auditors to prepare an Audit Report and by
the Accounting Auditor to prepare an Independent Auditor’s Audit Report include those included in “Information Disclosed via the Internet” in addition to thoseincluded in the exhibits attached hereto.

We will live-stream the Annual Meeting of Shareholders and the Briefing Session on Our Latest Management
Situation on the Internet (live coverage).
You can watch the Annual Meeting of Shareholders and the Briefing Session on Our Latest
Management Situation in real time without coming to the venue. We hope that you will utilize
this opportunity.
After the close of the Annual Meeting of Shareholders, we will hold the Briefing Session on Our
Latest Management Situation at the same venue.
We will continue to live-stream the Briefing Session on Our Latest Management Situation following
the Annual Meeting of Shareholders.
At the Briefing Session on Our Latest Management Situation, Tomoya Asakura, the Company’s
Representative Director, will explain the details of the businesses of the Group, its latest
management situation, the future outlook and other relevant topics separately from the Annual
Meeting of Shareholders.
Please refer to “Information on Live-Streaming of the Annual Meeting of Shareholders and theBriefing Session on Our Latest Management Situation” attached hereto to watch the live-stream.
Please be advised that you cannot exercise your voting rights by watching the live-stream of theAnnual Meeting of Shareholders. You need to exercise your voting rights via the Internet or by mail.

65

Information on the Exercise of Voting Rights via the Internet
You can exercise your voting rights via the Website for Exercising Voting Rights in lieu of
exercising voting rights in writing.
Entering Your Login ID and Tentative
Password

Scanning a QR CodeYou can log into the Website for Exercising Voting
Rights without entering your Login ID and tentative
password.

Website for Exercising Voting Rights

https://evote.tr.mufg.jp/
Please log into the website with your code and password forexercising your voting rights, which are printed on the right sideof the voting form enclosed herewith, and enter necessary
information in accordance with the guidance on the screen.

Please scan the QR Code for login printed on the right side of thevoting form enclosed herewith and enter necessary information inaccordance with the guidance on the screen.

You can use the QR Code to log into the website only once. If you exercise your voting rights again or exercise them without using the QR Code, see“Entering Your Login ID and Tentative Password” on the right.

Login
QR code

Login ID
password

(1)
(2)
(3)
(4)

The deadline for exercising your voting rights is 5:45 p.m., June 22, 2022 (Wednesday).
If you exercise your voting rights both in writing and via the Internet, we will treat your exercise via the Internet as valid.
If you exercise your voting rights via the Internet multiple times, we will treat your last exercise as valid.
Your password (including your changes) is valid for this meeting only. We will issue a new password for the next Annual Meeting of Shareholders
when it is held.
(5) You need to pay the cost of your Internet connection.
(Notice)• Your password is a means to verify your identity as a voter. The Company will never ask you about your password.
• If you enter an incorrect password a certain number of times, your password will be locked and you will not be able to use it. If it is locked, follow theprocedures in accordance with the guidance on the screen.
• The provider of the Website for Exercising Voting Rights has verified that it operates with general Internet connection devices. However, it may not be
available for certain types of devices.
• Should you have any questions, please contact the Securities Agency Division of Mitsubishi UFJ Trust and Banking Corporation, theCompany’s shareholder register administrator.

Securities Agency Division of
Mitsubishi UFJ Trust andBanking Corporation(Helpdesk)(1) Dedicated point of contact for inquiries on how to use the Website for Exercising Voting Rights
and other related matters:
0120-173-027 (toll free) (available from 9:00 a.m. to 9:00 p.m.)(2) Point of contact for inquiries on matters concerning share administration other than the above:
0120-232-711 (toll free) (available from 9:00 a.m. to 5:00 p.m. on weekdays)*QR Code is a registered trademark of DENSO WAVE INCORPORATED.

76

Exhibits

Business Report (from April 1, 2021 to March 31, 2022)
1 State of Corporate Group(1) Business progress and results
In the consolidated fiscal year under review (from April 1, 2021 to March 31, 2022), the Japanese economy remained in a severe state due to the stagnation of economic activity andsluggish personal consumption caused by the spread of COVID-19 infections and the resulting repeated declarations of a state of emergency and implementation of priority measures toprevent the spread of disease.
In the investment trust market, which is highly relevant to the Group's business, the net inflow of publicly offered open stock investment trusts, excluding ETFs, was 9,688.5 billion yen in
the consolidated fiscal year under review, a significant increase from 3,117.9 billion yen in the previous consolidated fiscal year (from April 1, 2020 to March 31, 2021). However, theNikkei Stock Average at the end of the consolidated fiscal year under review fell by 4.6% from the end of the previous fiscal year to 27,821 yen.
Under such a business environment, in the Group's Asset Management Business, the balance of assets under management of SBI Asset Management Co., Ltd., which mainly manages
publicly offered index funds, increased 2.26 times to 1,022.4 billion yen at the end of the consolidated fiscal year under review from 453.0 billion yen at the end of the previous
consolidated fiscal year. In addition, the total balance of assets under management of SBI Bond Investment Management Co., Ltd. and SBI Regional Revitalization Asset Management
Co., Ltd., which support the advancement and diversification of the securities investment of regional financial institutions, also increased by 10.5% from 1,887.9 billion yen at the end of
the previous consolidated fiscal year to 2,085.9 billion yen at the end of the consolidated fiscal year under review. The bal ance of assets under management of the entire Group
increased by 28.9% from 2,869.1 billion yen at the end of the previous consolidated fiscal year to 3,697.6 billion yen at the end of the consolidated fiscal year under review. Since trust
fees increase as the balance of assets under management increases, sales of the Asset Management Business for the consolidated fiscal year under review increased by 19.1% from
4,995 million yen in the previous consolidated fiscal year to 5,949 million yen.
As for Data Solutions in the Financial Services Business, the number of devices using the Wealth Advisors app, which is utili zed by financial institutions that sell investment trusts,
increased by 11,642 (11.3%) from 103,038 in the previous consolidated fiscal year to 114,680, and data sales of tablet applications increased. In addition, sales of online content for
PCs and smartphones continued to grow, and the SaaS (Software as a Service)-model business continued to expand. On the other hand, sales of stock data decreased due to thesuspension of the publication of the paper version of the Stock Newspaper on March 31, 2021, although sales of the Stock Newspaper Web increased. As a result, sales of Data
Solutions decreased by 267 million yen (-14.6%) from 1,835 million yen in the previous consolidated fiscal year to 1,568 million yen in the consolidated fiscal year under review.
As for Media Solutions in the Financial Services Business, the Company remained unable to hold in-person asset management seminars due to declarations of a state of emergency
and priority measures to prevent the spread of disease that were implemented in response to COVID-19 infections. However, by switching our focus to online seminars from in-person
seminars and holding hybrid seminars that combine in-person and online seminars, seminar sales increased. In addition, web advertising sales increased due to a large increase in thenumber of web advertisements that promote sponsor brands and products in conjunction with the holding of seminars. However, due to the decrease in sales of the Gomez Consulting
Business resulting from the transfer of the Gomez Consulting Business through a company split on July 1, 2021, sales of Media Solutions as a whole decreased by 48 million yen (7.4%) to 605 million yen in the consolidated fiscal year under review from 653 million yen in the previous consolidated fiscal year. As a result, sales of the Financial Services Businessfor the consolidated fiscal year under review were 2,173 million yen, a decrease of 315 million yen (-12.7%) from 2,489 million yen in the previous consolidated fiscal year.
For the consolidated fiscal year under review, sales were 8,123 million yen, an increase of 637 million yen (8.5%) from 7,485 million yen in the previous consolidated fiscal year.
The cost of sales was 3,654 million yen, an increase of 97 million yen (2.7%) from 3,556 million yen in the previous consolidated fiscal year. Selling, general and administrative
expenses were 2,339 million yen, an increase of 175 million yen (8.1%) from 2,163 million yen in the previous consolidated fiscal year.
As a result, operating income for the consolidated fiscal year under review was 2,129 million yen, an increase of 364 million yen (20.6%) from 1,765 million yen in the previous
consolidated fiscal year.
Net amounts of non-operating income and expenses decreased by 116 million yen as compared with the previous consolidated fiscal year. As a result, ordinary income for the
consolidated fiscal year under review was 2,403 million yen, an increase of 247 million yen (11.5%) from 2,155 million yen in the previous consolidated fiscal year.
As a result of recording an extraordinary profit due to gains on sales of investment securities of 594 million yen and an extraordinary loss of 520 million yen due to asset valuation loss,
impairment loss and other losses, net income attributable to owners of parent for the consolidated fiscal year under review was 1,454 million yen, an increase of 135 million yen (10.3%)
from 1,318 million yen in the previous consolidated fiscal year.

Sales

Operating income

7,485

8,123
million yen

million yen

8.5% increase fromthe previous year

Ordinary income

2,155
87

million yen

2,129
million yen

20.6% increase fromthe previous year

Net income attributable to owners of parent

2,403
million yen

1,765

million yen

11.5% increase fromthe previous year

1,318
million yen

1,454
million yen

10.3% increase fromthe previous year

(2) Sales by service and segment income(Million yen)

Fiscal Year ended March 31, 2021
Asset
Management
Business

Financial Services Business
Data
SolutionsMedia
Solutions

1,835

Sales
Segment
incomeFiscal Year ended March 31, 2022

Amountrecorded on
consolidated
financialstatements

Asset
Management
Business

Data
Solutions

653

Media
Solutions

1,568

Amountrecorded on
consolidated
financialstatements

605

4,995

2,489

7,485

5,949

2,173

8,123

1,095

669

1,765

1,557

572

2,129

Breakdown of sales by service

Breakdown of segment income

Fiscal Year
ended March
31, 2021

Asset Management

Financial Services Business

Data Solutions

Fiscal Year
ended March
31, 2022

Fiscal Year
ended March
31, 2021

Media Solutions

Asset Management
Business

Asset Management Business

Fiscal Year
ended March
31, 2022

Financial Services Business

Sales: 5,949 million yen

This business is engaged in investment management and the provision of investment advice, including the establishment, solicitationand management of investment trusts pursuant to the Financial Instruments and Exchange Act.

Proportion of sales of thebusiness to total sales

Sales

Segment income(Million yen)

24th Fiscal Year
(Fiscal Year ended
March 31, 2021)

25th Fiscal Year
(Fiscal Year ended
March 31, 2022)(Million yen)

24th Fiscal Year
(Fiscal Year ended
March 31, 2021)

25th Fiscal Year
(Fiscal Year ended
March 31, 2022)

In addition to the growth in the balance of assets under management of publicly offered index funds provided by SBI Asset Management
Co., Ltd., the balance of assets under management of privately placed investment trusts of SBI Bond Investment Management Co., Ltd.
and SBI Regional Creation Asset Management Co., Ltd., which support the securities management of regional financial institutions,increased. The balance of net assets under management of investment trusts managed by the Group increased by 828.5 billion yen(28.9%) from 2,869.1 billion yen at the end of the previous consolidated fiscal year to 3,697.6 billion yen at the end of the consolidated
fiscal year under review, and trust fees increased.
As a result, sales of the Asset Management Business for the consolidated fiscal year under review were 5,949 million yen, an increase of953 million yen (19.1%) from 4,995 million yen in the previous consolidated fiscal year.
Segment income was 1,557 million yen, an increase of 461 million yen (42.1%) from 1,095 million yen in the previous consolidated fiscal
year.

89

Continued growth in the balance of assets undermanagement of the GroupThe balance of assets under management of the Group (including the balance of assets
for which management advisory services are offered) is 3.7 trillion yen.
It increased by 28.9% in the consolidated fiscal year under review.
Changes in the balance of assets under management of the Group(100 million yen)

SBI Regional Revitalization Asset Management
SBI Bond Investment Management
Carret Asset Management
Morning Star Asset Management
SBI Asset Management

March 201610
9

March 2017

March 2018

March 2019

March 2020

March 2021

March 2022

SBI Asset Management Co., Ltd.
Creation and management of publicly
offered and privately placed investment
trusts that focus on equity funds

SBI Asset Management Co., Ltd. mainly manages publicly offered equity investment trusts.
As a result of its focus on the offering of index funds with low management costs for long-term investments suitable
for the asset formation of investors, the balance of net assets of the funds managed by it increased by 569.4 billion
yen (125.7%) to 1,022.4 billion yen at the end of the consolidated fiscal year under review from 453.0 billion yen at
the end of the previous consolidated fiscal year.

Changes in the balance of net assets of the funds managed by SBI Asset Management

End ofMarch
2013

End ofMarch
2014

End ofMarch
2015

End ofMarch
2016

End ofMarch
2017

End ofMarch
2018

End ofMarch
2019

End ofMarch
2020(100 million yen)

End of
March
2021

End of
March
2022

10
11

Major funds of SBI Asset Management
SBI V S&P 500 Index Fund

Changes in the balance of net assets of SBI V S&P 500(nickname: SBI V S&P 500)

(100 million yen)
The fund aims to achieve investment performance linked
to the S&P 500 index, a typical stock index in the US. Its
costs are at the lowest level in the industry. Following its
establishment on September 26, 2019, the balance of its
net assets exceeded 500.0 billion yen in just two years
and six months.
Net assets as of the end of March 2022: 549.7 billion yen

September
2019

December
2019

March 2020

June 2020

September
2020

December
2020

Snow Ball series (4 funds)

March 2021

June 2021

September
2021

December
2021

March 2022

Changes in the balance of net assets of the
Snow Ball series

SBI Global Stock Index Fund (nickname: Snow Ball (Global Stocks))
SBI Developed World Stock Index Fund (nickname: Snow Ball (Developed World Stocks))
SBI Developing World Stock Index Fund (nickname: Snow Ball (Developing World Stocks))
SBI China A-Shares Index Fund (nickname: Snow Ball (China A-Shares))(100 million yen)

The series aims to achieve investment
performance linked to the stock index published by
FTSE in the UK by combining ETFs. A China AShares fund was established in July 2021. All of
the four funds are offered with trust fees at thelowest level in the industry to support long-term
investments. Net assets as of the end of March
2022: 81.6 billion yen (total of the series)

September
2019

12
11

December
2019

March 2020

June 2020

September
2020

December
2020

March 2021

June 2021

September
2021

December
2021

March 2022

SBI V US Stock Index Fund(nickname: SBI V US Stocks)

Changes in the balance of net assets of SBI V US Stocks(100 million yen)

The fund aims to achieve investment performancelinked to the CRSP US Total Market Index, which
captures the movements of the US stock market. As
with the SBI V S&P 500 fund, its costs are at the lowest
level in the industry. Moreover, it offers periodic
investment and other options. We believe that thesefactors can contribute to asset formation.
Net assets as of the end of March 2022: 71.6 billion
yenJune 2021

July 2021

August 2021

September
2021

October 2021

November
2021

December
2021

January 2022 February 2022 March 2022

SBI Asset Management offers diversified types of asset management products that can meet clients’ needs for long-term
investments and other various needs. The following funds won the R&I Fund Award:

R&I Fund Award 2022 (awarded in April 2022)
CategoryAward TypeAward-Winning Funds

10-year investment
trusts/domestic small- and midcap stocks

Best Fund Award

SBI Small- and Mid-Cap Growth Fund Jnext (nickname:jnext)

Investment trusts/domestic
small- and mid-cap stocks

Excellent FundAward

SBI Small- and Mid-Cap Growth Fund Jnext (nickname:jnext)SBI Small- and Mid-Cap Growth Fund Jnext (semiannual
distributions) (nickname: jnext II)NISA/domestic small- and midcap stocks

Best Fund Award

SBI Small- and Mid-Cap Growth Fund Jnext (nickname:jnext)

iDeCo and DC/foreign bonds

Best Fund Award

EXE-i Developed World Bond Fund

13
12

SBI Bond Investment Management Co., Ltd.

Creation and management of publicly
offered and privately placed investment
trusts that focus on bond funds

SBI Bond Investment Management Co., Ltd. is an asset management company that was established by a joint equity
investment by SBI Holdings and PIMCO, a company with one of the world’s largest balance of assets under active bondmanagement.
It creates and manages publicly offered and privately placed investment trusts that focus on bond funds.
Its goal is to develop simple and low-cost active bond funds and other similar products and offer them as asset
management products that can contribute to clients’ long-term asset formation.
As interest rates remain low in Japan, needs for fund management are growing and the balance of assets undermanagement, especially those for local financial institutions, is increasing. In addition, SBI-PIMCO Japan Better Income
Fund (nickname: Better Income), an investment trust publicly offered for individual investors, has been performing
relatively well, as evidenced by its receipt of four stars in the Morningstar Rating (as of the end of February 2022).

Changes in the balance of assets managed by SBI Bond
Investment Management(100 million yen)

End of June End of
End of
End of End of June End of
End of
End of End of June End of
End of
End of2019
September December March 2020
2020
September December March 2021
2021
September December March 2022
2019
2019
2020
2020
2021
2021

14
13

Major funds of SBI Bond Investment Management
 SBI-PIMCO
Japan Better Income Fund(nickname: Better Income)

SBI-PIMCO Japan Better Income Fund (nickname: Better Income) is a low-riskand low-cost active bond fund created by combining PIMCO’s strong active bondmanagement capabilities with SBI Group’s technologies.
1) It invests in foreign-currency corporate bonds issued by Japanese-affiliatedcompanies and other similar financial instruments.
2) In principle, it aims to reduce foreign currency risks with currency hedging
against the risk of a fluctuating yen.
3) It contributes to long-term asset formation with a product design that holds
down trust fees.

This fund won the Best Fund Award of the R&I Fund Award 2021.

R&I Fund Award 2021 (awarded in June 2021)
CategoryAward TypeiDeCo and DC/foreign bonds with ayen hedge

Best Fund Award

SBI Alternative Fund GK

Award-Winning Funds
SBI-PIMCO Japan Better Income Fund (nickname: Better
Income)Operation of crypto asset investment funds
pursuant to anonymous partnershipagreements

SBI Alternative Fund GK, which was founded in December 2021, invests in crypto assets pursuant to anonymous
partnership agreements with investors.
In February 2022, it established the first crypto asset fund for individual investors in Japan (Anonymous Partnership 1)and commenced investments in seven types of crypto assets. Its total invested capital exceeds 1.2 billion yen. The
fund has proven to be a product that meets the needs of investors as one form of assets under management for the
next generation.

14
15

SBI Regional Revitalization Asset Management Co., Ltd.

Management of privately placed investment
trusts for regional financial institutions tomanage their own funds

Funded by 39
regional banks

The company was founded in March 2018 by SBI Group for a joint venture with regional financial institutions and has
been funded by 39 regional financial institutions.
It manages privately placed investment trusts to support the advancement of the securities investment of regional
financial institutions.
It has been almost three years since the completion of its registration as an investment management business operator
in November 2018, and the company now manages assets of slightly less than 1 trillion yen.
As the global asset management environment is transitioning from low interest rates to normalized interest rates led by
the US, we are committed to continuing to take a thorough approach to solve issues faced by regional financial
institutions so that we will be able to meet their various needs.
We will also continue accepting human resources of regional financial institutions for their upskilling.

Changes in the balance of assets managed by SBI Regional Revitalization Asset Management(100 million yen)

End of June End of
End of
End of End of June End of
End of
End of End of June End of
End of
End of2019
September December March 2020
2020
September December March 2021
2021
September December March 2022
2019
2019
2020
2020
2021
2021

16
15

SBI Regional Revitalization Asset Management makes proposals to local banks to solve issues they face (offering ofsolutions).
 Issues faced by clients Offering of solutions

Japan’s low interest rates that seem likely to continue
Economic recovery led by the US
Inflationary pressures originating overseas
Management of currency hedges
More prominent geopolitical risks
Improvement of risk management
Shortage and training of managerial staff

Offering of privately placed investment
trusts as a means of overseas investment
Offering of credit products
Offering of products with floating interest rates
Offering of daily currency hedges by the Group
Collaboration with the world’s leading overseas
management companies
Offering of OJT training to funding banks

Morning Star Asset Management Co., Ltd.

Investment advisory services for financial
institutions and 401K advisory services

Morning Star Asset Management provides members of defined contribution pension plans withvarious support, including investment education, analysis of fund line-ups and investment advice. In
addition, it offers advisory services to financial institutions on the asset allocation of a fund of funds
and a fund wrap account, selection of funds and other relevant matters.

Changes in the balance of assets for which advisory services are offeredby Morning Star Asset Management(100 million yen)

End ofMarch
2019

End of
End of
End ofJune 2019 September December
2019
2019

End ofMarch
2020

End of
End of
End ofJune 2020 September December
2020
2020

End of
March
2021

End of
End of
End ofJune 2021 September December
2021
2021

End of
March
2022

16
17

Carret Asset Management LLC
Creation and management of publicly
offered and privately placed investment
trusts in the US

Carret Asset Management LLC is an asset management company founded in 1962 by Mr. Philip Carret, whoestablished the oldest fund in the US. It has contributed to the asset management industry in the US for many years by
spreading the philosophy of value investing to the public. It has stably delivered outstanding performance to its majorclients, namely, institutional investors and the wealthy class. We turned it into our subsidiary in February 2019 to offer
its excellent investment strategies to investors in Japan.
At the end of the consolidated fiscal year under review, the balance of assets under management of the company was
404.3 billion yen.
In March 2022, we additionally acquired all of the shares held by its non-controlling shareholders and turned it into ourwholly owned subsidiary.

Changes in the balance of assets managed by Carret Asset Management

18
17

End ofJanuary
2019

End of
End of
End ofJune 2019 September December
2019
2019

End ofMarch
2020

End of
End of
End ofJune 2020 September December
2020
2020

End ofMarch
2021(100 million yen)

End of
End of
End ofJune 2021 September December
2021
2021

End ofMarch2022

Financial Services Business

Sales: 2,173 million yen

This business mainly compares, analyzes and evaluates information on asset management in general to provide theresults thereof to customers, and also offers consulting and other services.
Proportion of sales of thebusiness to total sales

Sales

Segment income(Million yen)

24th Fiscal Year
(Fiscal Year ended
March 31, 2021)

25th Fiscal Year
(Fiscal Year ended
March 31, 2022)(Million yen)

24th Fiscal Year
(Fiscal Year ended
March 31, 2021)

25th Fiscal Year
(Fiscal Year ended
March 31, 2022)

Sales of the Financial Services Business for the consolidated fiscal year under review were 2,173 million yen, a decrease of 315
million yen (-12.7%) from 2,489 million yen in the previous consolidated fiscal year.
Segment income for the consolidated fiscal year under review was 572 million yen, a decrease of 97 million yen (-14.5%) from 669
million yen in the previous consolidated fiscal year.
In the Financial Services Business, the publication of the paper version of the daily Stock Newspaper was suspended on March 31, 2021. In addition, on
July 1, 2021, the Gomez Consulting Business was transferred through a company split. The current Financial Services Business, which does not include
the Stock Newspaper (paper version) and the Gomez Consulting Business, had sales of 2,093 million yen for the consolidated fiscal year under review,
an increase of 98 million yen (4.9%) from 1,995 million yen in the previous consolidated fiscal year. Operating income increased by 86 million yen(19.8%) from 439 million yen in the previous fiscal year to 526 million yen in the consolidated fiscal year under review.

Data Solutions
Proportion of sales of thebusiness to total sales

Sales(Million yen)

24th Fiscal Year
(Fiscal Year ended
March 31, 2021)

Major services
Fund data
Fund reports
Stock Newspaper Web
Others:Stock price and corporate information
distribution, Chinese and emerging stock
information, etc.

25th Fiscal Year
(Fiscal Year ended
March 31, 2022)

Sales of fund data via the tablet app increased as the number of devices using the tablet app increased by 11,642 (11.3%) from
103,038 at the end of the previous consolidated fiscal year to 114,680 at the end of the consolidated fiscal year under review.

On the other hand, as for stock data, although sales of the Stock Newspaper Web increased, subscription fees for the paper versionof the daily Stock Newspaper no longer accrue due to the suspension of its publication on March 31, 2021.
As a result, sales of Data Solutions decreased by 267 million yen (-14.6%) from 1,835 million yen in the previous consolidated fiscal
year to 1,568 million yen in the consolidated fiscal year under review.

18
19

Major Services of Data Solutions[Wealth Advisors: sales support tool for
financial institutions that sell financial products]
We offer financial institutions Wealth Advisors, an application service available on tablets and PCs that provides not
only information on investment trusts but also comprehensive information on their clients’ life planning, inheritance andinsurance. It has a number of functions that are essential for financial institutions to make better proposals to theirclients. The number of devices using the service at the end of the consolidated fiscal year under review was 114,680,
an increase of 11,642 (11.3%) from 103,038 at the end of the previous consolidated fiscal year.

Changes in the number of devices and companies using Wealth Advisors
Number of devices
Number of companies

End of
March
2013

20
19

End ofMarch
2014

End ofMarch
2015

End ofMarch
2016

End ofMarch
2017

End ofMarch
2018

End ofMarch
2019

End ofMarch
2020

End of
March
2021

End ofMarch2022

[Online Content]
We now offer tools not only for investment trusts,
but also for life planning and inheritance.
ライフプランシミュレーション

お金の色分け診断

Growing number of companies
using the service

金融電卓(Number of companies)

投資信託データ提供

積立シミュレーション

つみたてNISA節税シミュレーション

ロボ・アドバイザー

相続シミュレーション

iDeCo節税シミュレーション

End of March 2021 End of March 2022
We utilize fintech technologies that combine finance and technologies and offer financial institutions Robo-Advisor, ourprincipal service that provides not only information on investment trusts, but also information on life planning andinheritance and other information on their clients’ lives in general.

[Support for Fiduciary Duties (Customer-Oriented Business Operations)]
Offering of products that are the most suitable forcustomers

Provision of third-party evaluation information

We provide sales support for sales companies in line with their fiduciary duties by providing fund information and data
as a third-party evaluation organization so that they will be able to use appropriate information to make asset
management proposals for their clients.

21
20

[Provision of Appropriate Information for Individual Investors][Smartphone App “My Investment Trust”](Number of downloads of the smartphone app)

End of March 2021 End of March 2022
*Browsing/Registration: Comprehensive provision of information on
investment trusts, stock prices, indices and foreign exchange*Complex Searches: Enriched functions to search and compare
investment trusts*Management Function: Easier management of assets, gains and losses*Learning Function: A financial calculator and other content are available[Stock Newspaper Web/App][My Crypto Currency]
Stock Newspaper Web/App
has established a uniqueposition by covering many of
the issues, mainly small- andmid-cap stocks, not coveredby any other media source,
providing PTS (proprietary
trading system) informationand making other efforts. The
number of its users isincreasing steadily, partly due
to a growth in corporate
users.

(Number of downloads of the smartphone app)

End of March 2021 End of March 2022

22
21

All of the functions of the My Investment Trust app are available
free of charge in line with its principal policy: we will make theentire database of Morningstar available to investors.

Our crypto currency app “My
Crypto Currency” allows its
users to view information onvarious crypto currencies at a
glance and sort rankings bymarket capitalization,
percentage change and otherindicators. It also distributes
exclusive news on a daily
basis, securing its position as
a comprehensive app for
crypto currencies.
(Number of downloads of the smartphone app)

End of March 2021 End of March 2022

Media Solutions
Proportion of sales of thebusiness to total sales

Sales(Million yen)

24th Fiscal Year
(Fiscal Year ended
March 31, 2021)

Major services
Web advertising
Asset management seminars
Web consulting
Others:IR support, life planning seminars, etc.

25th Fiscal Year
(Fiscal Year ended
March 31, 2022)

The Company remained unable to hold in-person asset management seminars due to declarations of a state of
emergency and priority measures to prevent the spread of disease that were implemented in response to COVID-19
infections. However, by switching our focus to online seminars from in-person seminars and holding hybrid seminars
that combine in-person and online seminars, seminar sales as well as sales of web advertising increased. However,sales of the Gomez Consulting Business decreased due to the transfer of the Gomez Consulting Business on July 1,
2021 through a company split.
As a result, sales of Media Solutions for the consolidated fiscal year under review were 605 million yen, a decrease of
48 million yen (-7.4%) from 653 million yen in the previous consolidated fiscal year.

Major Services of Media Solutions[Fund of the Year]
This is an award given annually to funds that are selected from among publicly offered open stock investment trusts inJapan and evaluated to have excellent performance and management in terms of both quantitative perspectives, e.g.,risks and returns, and other perspectives, including management and research systems. It has attracted a great deal ofattention from investors, sales companies and various types of media sources, as evidenced by the fact that some of
the funds that won the Best Fund Award or Excellent Fund Award significantly increased the balance of their net
assets.
【Representative Tomoya Asakura's latest book】

22
23

[Morningstar’s Official YouTube Channel]
Morningstar launched its official YouTube channel on April 30, 2020. The official channel has become popular as an
online seminar platform in the almost two years since its launch. It has 40,000 subscribers and recorded over 4 million
cumulative views.

Total number of views (Thousand PVs)
Total number of channel subscribers

End of April
2020

End of June
2020

End of
September2020

End ofDecember2020

End of March End of June
2021
2021

End of
September2021

End ofDecember
2021

Top 3 popular videos
No.1

Views：436,831
High reputation：2,177

24
23

No.2

Views：186,121
High reputation：1,826

No.3

Views：122,788
High reputation：1,028

End of March2022

[Web advertising]Morningstar website

Smartphone & tablet terminal

Web advertising on our website, which is the top financial
information website in Japan, is highly effective and has beenutilized not only for attracting viewers’ attention to advertisements,
but also for attracting seminar participants and other purposes. The
number of accesses to the Morningstar website from various media
and content increased and the website recorded 39.86 million PVs
in March 2022.
Although we restricted in-person seminars (seminars in which
participants physically visit the venue) as a countermeasure against
COVID-19 infection, the number of participants of online seminars
grew steadily and the total number of online and in-person seminar
participants exceeded 30,000 for the Fiscal Year ended March 31,
2022.

[Seminars]
Changes in the number of seminar participants

Major hybrid (online) asset management seminars
Investment Trust EXPO 2021
[Held on September 18, 2021 (Saturday)]• The number of online viewers: 5,260• The number of visitors to the venue: 156• Total: 5,416

 In-person
 Online

Morningstar Conference 2022
[Held on January 15, 2022 (Saturday)]• The number of online viewers: 4,694• The number of visitors to the venue: 184• Total: 4,878

Year ended Year ended Year ended Year ended Year ended Year ended
March 2017 March 2018 March 2019 March 2020 March 2021 March 2022

E-Advisor Co., Ltd.

[Advisory Service for Defined Contribution-Type Corporate Pension Plans]
In July 2021, E-Advisor Co., Ltd. released an investment advisory service, which is available on a smartphone app, formembers of defined contribution-type corporate pension plans. It offers advice on specific and concrete questions thatmembers really wish to ask, including “How should I build my portfolio?” and “Which product should I choose?”25
24

(3) Capital investment
During the consolidated fiscal year under review, the Group invested a total of 368 million yen. Most of the funds areinvested in systems to improve the quality of its services, mainly investments in system servers and software related to
the Financial Services Business and to enhance its information database.

(4) Fund procurement
Not applicable(5) Employees (as of March 31, 2022)
1) Employees of the corporate group
Business segment

Number of employees

Change from the end of theprevious consolidated fiscal year

Financial Services Business66 (2)- (+1)

Asset Management Business47 (-)-2 (-)

113 (2)-2 (+1)

Total
Note:

The number of employees indicates the number of full-time employees. The average number of part-time and temporary employees in the year
is represented by the number in parentheses and is separate from the number of full-time employees.

2) Employees of the Company
Number of employees
66 (2)

Change from the end of the previous
fiscal year
- (+1)

Average age
44.2 years old

Average length ofcontinuous service
11 years and 3 months

Notes: 1. The number of employees indicates the number of full-time employees. The average number of part-time and temporary employees in the year
is represented by the number in parentheses and is separate from the number of full-time employees.
2. The average length of continuous service includes the length of continuous service at companies acquired by the Company.

26
25

(6) Important parent company and subsidiaries
1) Parent company
Company nameShare capital(million yen)

SBI Global AssetManagement Co., Ltd.

SBI Holdings, Inc.

Ratio of voting rights heldin the Company (%)

Relationship with the Company

100

41.5

A wholly owned subsidiary of SBI Holdings, Inc.,
which is the Company’s largest shareholder as wellas its parent company and major shareholder

99,312(41.5)The Company’s parent company
Provision of information and consulting services;
subleasing of offices

Note: The percentage in parentheses in the “Ratio of voting rights held in the Company” column indicates the ratio of indirectly held voting rights.
When the Company conducts any transaction with SBI Holdings, Inc., its parent company, it determines the terms thereof upon consultation withSBI Holdings, Inc. in accordance with the basic policy that said transactions should be conducted on basic terms similar to those applicable toother counterparties and at fair market prices. The Company ensures that said transactions will not harm the interests of its minority
shareholders.
The Board of Directors of the Company also recognizes that transactions with SBI Holdings, Inc. will not harm the interests of the Company forthe same reason.

2) Subsidiaries
Financial Services Business

Morningstar Japan K.K.
Data Solutions Media Solutions

Investment trust information, overseas financial
information, advertising and seminars
Asset Management Business

Asset Management

Data Solutions

SBI Asset Management Group, Inc.
E-Advisor Co., Ltd.
Investment advisory services
for individual investors

Asset Management

Asset Management

Asset Management

Asset Management

Asset Management(Carret’s holding company)

Stock Newspaper Web

SBI Asset Management Co.,Ltd.

SBI Regional Revitalization
Asset Management Co., Ltd.

Creation and management ofpublicly offered and privately
placed investment trusts
Focused on equity funds

Management of investment trusts
and other assets for regional
financial institutions to manage theirown funds

Distribution of stock information

Morning Star AssetManagement Co., Ltd.
Investment advisory services forfinancial institutions and 401K
advisory services

SBI Bond Investment
Management Co., Ltd.
Creation and management ofpublicly offered and privately placed
investment trusts
Focused on bond funds

Asset Management

Chinese and Asian financial
information

SBI Alternative AssetManagement Co., Ltd.

Creation and management ofpublicly offered and privately placed
investment trusts
Focused on bond funds in the US

Investment managementbusiness for qualified investors

Note:
SBI Alternative Fund GK

Operation of investment funds
investing in crypto assets pursuant toanonymous partnership agreements

On April 1, 2021, E-Advisor Co., Ltd. succeeded to the Stock Newspaper business and the Searchina business from
Morningstar Japan K.K. through a company split.
On July 1, 2021, the Company transferred the Gomez Consulting Business to BroadBand Security, Inc. through a company
split and acquired 556,844 shares in BroadBand Security, Inc. as the consideration for the transfer. On February 21, 2022,
we transferred 556,800 shares in BroadBand Security, Inc. to SBI Holdings, Inc., our parent company.
On December 2, 2021, SBI Alternative Fund GK was founded.
On January 31, 2022, the Company made additional investments in SBI Asset Management Co., Ltd. and now directly holds
36.2% of the voting rights therein.
On March 30, 2022, the Company additionally acquired 33% of the shares in Carret Holdings, Inc. and turned Carret
Holdings, Inc. and Carret Asset Management LLC into its wholly owned subsidiaries.

27
26

(7) Issues to deal with
(Responses to COVID-19 infections)
The outlook for COVID-19 infections is still uncertain, although it is expected that economic activities will pick up following thelifting of priority measures to prevent the spread of disease in all regions in March 2022.
Although we remained unable to hold in-person asset management seminars in response to COVID-19 infections during theconsolidated fiscal year under review, seminar sales and sales of web advertising increased from the previous consolidated
fiscal year by switching our focus to online seminars from in-person seminars and holding hybrid seminars combining inperson and online seminars.
We hope that, in the Fiscal Year ending March 2023 (from April 1, 2022 to March 31, 2023), we will be able to hold in-person
seminars with less restrictions in terms of size and frequency than in the consolidated fiscal year under review.

Meanwhile, online seminars that are provided to participants via the Internet, which started to cover the impact of thedecrease in the number of seminars held in-person by inviting participants to the seminar venue, are now gaining in
popularity, with more than 30,000 participants annually. We will continue to attract participants of online seminars in the Fiscal
Year ending March 2023 to expand the revenue base of Media Solutions.

(Medium- and long-term measures)
In accordance with its business purpose of providing abundant and unbiased financial information from a neutral andobjective perspective and contributing to the asset formation of investors, the Group desires to grow as a corporate group thatis essential for the information society centered on finance. To that end, it is committed to operating its businesses from a
medium- and long-term perspective by making efforts to improve its reliability and brand power, developing and expanding
the information and products it offers, providing more useful information for investors and consumers, developing channels forproviding information for that purpose and taking other necessary actions.
More specifically, in order to achieve its medium- and long-term management goals, the Group will operate its businesses
from a medium- and long-term perspective by focusing on the following measures:

1) Further improvement of the neutrality and reliability of evaluation information
The Group believes that the underlying factor that supports its operations is the neutrality and reliability of various
evaluation information provided by it. Therefore, we have established a system to verify whether evaluation information isbased on objective facts so that users will not lose trust in the Group. We believe that we need to continue our efforts toenhance the objectiveness of evaluation information, secure the neutrality thereof and further improve the reliability thereof.

2) Branding
In order to further enhance the name recognition (branding) of the Group, it needs to convey the meaning and content of its
comparison and evaluation information to a greater number of general investors and consumers and offer more
opportunities to obtain its objective comparison and evaluation information. For that purpose, it is essential for the Group to
make efforts to establish the following brands in society: “Morningstar,” “Stock Newspaper,” “Searchina,” “SBI AssetManagement,” “Carret Asset Management,” “SBI Bond Investment Management” and “SBI Regional Revitalization AssetManagement.” Through the establishment of the brands, the Group intends to enhance the advertising value of websites
and other content and the usefulness of the provided data, thereby improving its business results.

3) Measures to be taken to fulfill fiduciary duties (customer-oriented business operations byfinancial institutions)“Japan Revitalization Strategy 2016,” approved by the Cabinet on June 2, 2016, states, “The Government will ensure that
financial institutions will fulfill their fiduciary duty, thereby urging them to contribute to citizens’ stable formation of assets, sothat they can manage operations that are truly in the interests of customers and beneficiaries through appropriate conflict ofinterest management and the sophistication of management techniques.” This is in line with the Company’s businesspurpose.

28
27

In addition, in “Progress and Assessment of the Strategic Directions and Priorities 2015-2016,” a report published on September
15, 2016, the Financial Services Agency requires financial institutions to take the following actions: (1) to offer high-quality financial
products and enhance transparency in the process of selecting investment trusts; (2) to eliminate “asymmetry of information”
between financial institutions and their clients and to ensure customer-oriented business operations; and (3) to strengthen thefinancial literacy of their clients and to foster their interest in investments. We have offered financial institutions services that canserve as solutions to those issues.

With respect to (1), we provide financial institutions with fund reports, including analysis of investment trust line-ups and support forthe selection of funds to invest in. With respect to (3), we provide investors with financial information on the web free of charge andinvite them to our asset management seminars without any charge.
In particular, with respect to (2), we offer a tablet app as a tool for sales staff of financial institutions to explain financial products
appropriately to individual investors who are their clients. We would like to contribute to the fulfillment of fiduciary duties by
increasing the number of tablets using the app and ensuring that more investors can receive appropriate explanations of financial
products. At the same time, we would like to expand the stable earnings base of the Group.

4) Enhancement of information we offer and establishment of a system that enables us to respondto changing information environments promptly and appropriately
We will accumulate information on domestic and foreign investment trusts and other financial information in our database and strive
to improve the quality and quantity of the information we offer step-by-step with this database as the foundation. In addition, we
have made efforts to respond to the changing financial market and Internet environment appropriately by providing financial
information on the latest information devices, including smartphones and smart tablets.
As described on page 19, fund data was provided via the tablet app that was launched in the Fiscal Year ended March 2011 to
114,680 devices as of the end of the consolidated fiscal year under review. The data provision via the Wealth Advisors tablet app
has become our major source of revenue.
The Group would like to further enhance domestic and foreign fund data, stock and corporate information, data on crypto assets
and others, develop a system to provide comprehensive information that is unrivaled by competitors, build a system that enables
us to respond to changing information environments and offer products and services that always utilize the latest information
devices and communication tools.
To that end, it intends to implement capital investment diligently to improve the quality of the services offered and enhance theinformation database as described in “(3) Capital investment” on page 25.

5) Reinforcement of the Asset Management Business
The Group has strived to reinforce the Asset Management Business.
The Group had previously operated the Asset Management Business with a focus on the operation of publicly offered open stock
investment trusts conducted by SBI Asset Management Co., Ltd., its subsidiary. In February 2019, it turned Carret AssetManagement LLC, an asset management company in the US, into its subsidiary and expanded the scope of the AssetManagement Business by including overseas bond funds and others operated by Carret Asset Management LLC.
In December 2019, it turned SBI Bond Investment Management Co., Ltd. and SBI Regional Revitalization Asset Management Co.,
Ltd., which mainly manage privately placed investment trusts that are entrusted with the own funds of regional financial institutions,
into its subsidiaries.
As a result, the types, scope and balance of the investment trusts under management expanded, creating a system that enables us
to respond to the advancement of global asset allocation and stabilize and expand its revenues.
In addition, as described on page 9, the balance of the assets managed by the funds operated by the Group increased significantly
and rapidly from 637.7 billion yen at the end of March 2019 to 2,869.1 billion yen at the end of March 2021 and to 3,697.6 billion
yen at the end of March 2022.
The Group would like to continue increasing its revenues through the provision of low-cost investment trusts to investors by SBI
Asset Management Co., Ltd., which offers publicly offered open stock investment trusts, thereby contributing to the asset formationof investors. Moreover, SBI Bond Investment Management Co., Ltd. and SBI Regional Revitalization Asset Management Co., Ltd.,
which manage privately placed investment trusts, hope to contribute to the business results of regional financial institutions bymanaging funds entrusted by them in a highly profitable way, and at the same time, hope to expand the Group’s earnings basestably by increasing the balance of assets under management.

28
29

2 Shares (as of March 31, 2022)(1) Total Number of Shares Authorized to Be Issued:(2) Total Number of Shares Outstanding:(3) Number of shareholders(4) Major shareholders
Name of shareholder

315,600,000 shares
89,673,600 shares
41,564

Number of shares owned

Ratio of voting rights

SBI Global Asset Management Co., Ltd.

37,185,200

41.5%

Morningstar, Inc.

19,846,300

22.1%

Note:

SBI Global Asset Management Co., Ltd. is a wholly owned subsidiary of SBI Holdings, Inc.
As of March 31, 2022, the Company owns 170 treasury shares. The ratio of voting rights is calculated by excluding treasury shares.

Changes in the number of shareholders
The number of shareholders has increased significantly as a result of ouractive efforts to enhance shareholder returns with increased dividends,
shareholder benefits and other measures.

End of March
2015

30
29

End of March2016

End of March2017

End of March2018

End of March
2019(Number of shareholders)

End of March
2020

End of March
2021

End of March2022

3 Executive Officers(1) Directors and Corporate Auditors (as of March 31, 2022)
Position at the Company
Representative Director,
Executive Officer and President
Director and Executive Officer

Name

Duty

Position at the Company

Tomoya Asakura
Kazuhisa Ogawa

General Manager,
Administration Division

Name

Outside Director

Motonari Otsuru

Outside Director

Billy Wade Wilder

Director

Yoshitaka Kitao

Full-time Corporate Auditor

Director
Director

Masato Morisawa
Chang Yu-Tsung

Outside Corporate Auditor

Kazuro Nagano

Atsuo Goto

Outside Corporate Auditor

Masanobu Kotake

Director

Bevin Desmond

Duty

Notes:
1. The Company appointed Mr. Toshiyuki Kamiyama as a Substitute Corporate Auditor.
2. Messrs. Motonari Otsuru and Billy Wade Wilder, who are Directors, are Outside Directors. Messrs. Kazuro Nagano and Masanobu Kotake, who are Corporate Auditors, areOutside Corporate Auditors.
3. The Company has appointed Messrs. Motonari Otsuru and Billy Wade Wilder, who are Directors, and Messrs. Kazuro Nagano and Masanobu Kotake, who are Corporate
Auditors, as Independent Executive Officers as provided for in the regulations of the Tokyo Stock Exchange and notified the Exchange to that effect.
4. The following changes were made to the Directors and Corporate Auditors during the fiscal year under review:At the Annual Meeting of Shareholders for the 24th Fiscal Year held on June 24, 2021, Mr. Atsuo Goto was newly appointed as a Corporate Auditor. In addition, Mr. Satoshi
Furusho resigned as a Director and Mr. Yoshiro Midorikawa resigned as a Corporate Auditor due to the expiration of their terms of office at the conclusion of the same Annual
Meeting of Shareholders.
5. The Company has concluded Liability Insurance Contracts for Directors and Other Officers as provided for in Article 430-3, Paragraph 1 of the Companies Act with aninsurance company. All of the Company’s Directors and Corporate Auditors are insured under the contracts. Any claims for damages or other losses made against any of theinsured will be covered by the insurance contracts.

(2) Remuneration and other amounts paid to Directors and Corporate Auditors
1) Policies to determine the details of remuneration and other amounts paid to directors and other officers andother relevant information
The details of the policy to determine the details of the remuneration and other amounts applicable to individual Directors are as follows:
The remuneration for Directors consists of base remuneration, which is fixed remuneration, and bonuses based on the Company’s performance and other factors. The Board of
Directors shall determine the amount of the remuneration to be paid to each Director within the limit of the total amount of the remuneration approved at the Annual Meeting of
Shareholders upon taking into account the details of the duties, responsibilities, authority, level of contribution and other relevant factors concerning each Director.
The base remuneration for Directors shall be monthly monetary remuneration. The amount of the remuneration to be paid shall b e determined for each Director upon taking into
consideration the maximum amount of employee salaries, the amount that was actually paid in the past to Directors of the same rank, the Company’s performance forecast, thestandard amount of remuneration for Directors prevailing in society, the level of contribution made by the relevant Director to the Company’s performance and other factors,
circumstances surrounding the appointment of the Director, the amount of the remuneration for the previous year and other rel evant factors. Representative Director shalldetermine individual amounts of remuneration and other amounts payable to individual Directors if the Board of Directors passes a resolution on the annual total amount of thebase remuneration for the Directors as a whole and leaves the individual amounts to Representative Director’s discretion.
If bonuses are paid to Directors, the Board of Directors shall determine the amount to be paid to each Director after comprehensively considering the level of contribution made by
the relevant Director based on his/her responsibilities, how he/she performs his/her duties and other facts as well as the management environment and other relevant factors of
the Company. Representative Director shall determine individual amounts of bonuses payable to individual Directors if the Board of Directors passes a resolution on the total
amount of the bonuses for the Directors as a whole and leaves the individual amounts to Representative Director’s discretion. Currently, the Company has no intention to pay any
non-monetary remuneration and has no policy therefor.
The Board of Directors is of the opinion that the manner in which the details of the remuneration and other amounts payable to individual Directors are determined and the detailsof the remuneration and other amounts so determined are in line with the relevant determination policy.

2) Total amount of the remuneration and other amounts for the fiscal year under review
Category
Director
Corporate Auditor
Total

Total amount of the remuneration and other amounts
for the fiscal year under review
Number of officers receiving
remuneration

Paid amount (thousand yen)

6
3
9

58,387
12,18370,570

Amounts paid to outside officers out of the total
amountNumber of officers receiving
remuneration

Paid amount (thousand yen)2
1
3

15,6003,600
19,200Notes:
1. The remuneration and other amounts for Directors described above consist of base remuneration of 57,387 thousand yen and bonuses of 1,000 thousand yen. For the fiscal year under review, remuneration andother amounts were supposed to be paid only to a few Directors and the amounts thereof were supposed to be determined based on the amount of their remuneration for the previous year. Therefore, the Board of
Directors passed a resolution on the annual total amount of the base remuneration and the amount of bonuses for the Directors as a whole for the fiscal year under review and left the individual amounts ofremuneration and other amounts payable to individual Directors to the discretion of Mr. Tomoya Asakura, Representative Director and President. Then, Mr. Asakura determined those individual amounts.
2. The number of Directors and Corporate Auditors receiving remuneration and the paid amount exclude three Directors and one Corporate Auditor who received no remuneration. The number and the amount include
one Director and one Corporate Auditor who resigned due to the expiration of the term of office at the conclusion of the Annual Meeting of Shareholders for the 24th Fiscal Year held on June 24, 2021.
3. Pursuant to the resolution passed at the Annual Meeting of Shareholders for the 4th Fiscal Year held on March 21, 2000, the annual amount of remuneration for Directors must not exceed 500 million yen and thatfor Corporate Auditors must not exceed 100 million yen.
4. When the resolution is passed at the relevant Annual Meeting of Shareholders, the number of Directors to receive the remuneration is four (of which two are Outside Directors) and the number of Corporate Auditors
to receive the remuneration is two (of which one is a Corporate Auditor).

31
30

Consolidated Financial Statements
 Consolidated balance sheet
Item(Thousand yen)

25th Fiscal YearAs of March 31, 2022

7,604,080

Current liabilities

1,781,813

Cash and cash equivalents

5,176,612

Accounts payable-trade62,618

Accounts receivable

1,611,378

Accounts payable-other748,528

Lease payable

69,089

Income taxes payable

464,822

Consumption taxes payable

90,498Other346,255

Total liabilities

1,781,813

Inventories
Other
Non-current assets
Tangible fixed assets

1,263
814,825
6,432,274
149,951

Leasehold improvement

51,929Furniture, fixtures and equipment

28,932

Lease equipment under capital

69,089Intangible fixed assets

1,786,713

Software1,076,849

Investments and other assets

Net assets
Shareholders' equity

12,281,770

Share capital

3,363,635

Capital surplus

4,478,772

Retained earnings

4,439,392

3,145,612

Goodwill

Other

282,050
3,136,709

Treasury shares-29

Accumulated other comprehensive
income-477,478

Valuation difference on availablefor-sale securities-513,787

Investment securities

2,624,582

Deferred tax assets

345,615

Other

166,511

Deferred assets

19,003

Non-controlling interest

19,003

Total net assets

12,273,545

Total liabilities and net assets

14,055,358

Share issuance cost
Total assets

32
31

25th Fiscal YearAs of March 31, 2022

Liabilities

AssetsCurrent assets

Item

14,055,358

Foreign currency translation
adjustments

36,309469,252

 Consolidated statement of income
Item(Thousand yen)

25th Fiscal Year
From April 1, 2021 toMarch 31, 2022

Sales

8,123,286

Cost of sales

3,654,398

Gross profit

4,468,888

Selling, general and administrative expenses

2,339,083

Operating income

2,129,805

Non-operating income

293,659

Interest income

197,072

Dividend income

62,335Gain on sale of investment securities

26,918

Other

7,331

Non-operating expenses

19,769Foreign exchange losses

7,436

Share issuance cost

9,278

Other

3,054

Ordinary income

2,403,695

Extraordinary profit

594,466

Gain on sale of investment securities

Extraordinary loss
Impairment loss of goodwill
Loss on sale of investment securities

594,466

520,11050,4084,035

Loss on valuation of investment securities

326,300

Impairment loss of intangible fixed assets

139,365

Income before income taxes
Income taxes - current
Income taxes - deferred
Profit
Net income attributable to non-controlling interests
Net income attributable to owners of parent

2,478,052
878,051-115,515
1,715,516
261,382
1,454,134

32
33

Financial Statements
 Balance sheet
Item(Thousand yen)

25th Fiscal YearAs of March 31,
2022

AssetsCurrent assets
Cash and cash equivalents
Accounts receivable
Supplies
Short-term loans receivable

Accounts payable-trade62,618

Accounts payable-other

121,934

Income taxes payable

8,2475

Advances received

5,283

Deposits received

2,628

1,226
2,370,153

5,231,034

32,295

Furniture, fixtures and equipment

22,5481,214,010

Software934,183

Other279,827
3,962,179
829,442

Shares of subsidiaries andassociates

2,941,023

Long-term prepaid expenses

52,336

Deferred tax assets

84,223

Guarantee deposits

55,154

Deferred assets
Share issuance cost
Total assets

Total liabilities

274,939

Net assets

54,844

Leasehold improvement

Investment securities

274,939

296,158

339,962

Investments and other assets

Current liabilities

2,032,538

Other

Intangible fixed assets

34
33

5,091,615

51,575

Tangible fixed assets

25th Fiscal YearAs of March 31, 2022

Liabilities

Prepaid expenses

Non-current assets

Item

Shareholders' equity
Share capital

3,363,635

Capital surplus

4,531,176

Legal capital surplus

3,754,942

Other capital surplus

776,233

Retained earnings

14,832
10,337,482

2,379,667

Other retained earnings

2,379,667

Retained earnings brought forward

2,379,667

Treasury shares

14,832

10,274,449

Valuation and translation
adjustments
Valuation difference on availablefor-sale securities-29-211,905-211,905

Total net assets

10,062,543

Total liabilities and net assets

10,337,482

 Statement of income
Item
Sales

(Thousand yen)

25th Fiscal Year
From April 1, 2021 toMarch 31, 2022
1,935,025

Cost of sales

962,070

Gross profit

972,955

Selling, general and administrative expenses

495,520

Operating income

477,434

Non-operating income

2,193,061

Interest income

129,126

Dividend income

2,030,330

Gain on sale of investment securities

26,918

Other

6,686

Non-operating expenses

17,571

Amortization of share issuance cost

8,899

Foreign exchange losses

7,430

Other

1,241

Ordinary income

2,652,924

Extraordinary profit

594,466

Gain on sale of investment securities
Extraordinary loss
Impairment loss of intangible fixed assets

594,466
113,903
113,903

Profit before income taxes

3,133,488

Income taxes - current

367,212

Income taxes - deferred
Profit-16,941
2,783,217

34
35

Reference Document for the Annual Meeting of Shareholders
Agenda Item No. 1: Partial Amendments to the Articles of Incorporation
1. Reasons for the proposal
The scheduled enforcement of the amendment provision as provided for in the proviso to Article 1 of the Supplementary Provisions to
the Act for Partial Amendment of the Companies Act (Act No. 70 of 2019) on September 1, 2022 will introduce a system for electronic
provision of documents for annual meetings of shareholders. Therefore, the Company intends to amend its Articles of Incorporation as
described below.
(1) The Company will newly establish Paragraph 1 of Article 15 (Measures for Electronic Provision) of the proposed amendments
because it will be required to stipulate in its Articles of Incorporation that it will take measures for the electronic provision of theinformation described in the Reference Document for the Annual Meeting of Shareholders and other similar documents.
(2) The Company will newly establish Paragraph 2 of Article 15 (Measures for Electronic Provision and Other Relevant Matters) of the
proposed amendments so that it will be able to limit to the scope prescribed by the Ministry of Justice Order the scope of the mattersthat are included in the information described in the Reference Document for the Annual Meeting of Shareholders and other similar
documents, will be provided electronically and should be described in a document to be delivered to shareholders requesting thedelivery of a written document.
(3) The Company will delete the provisions of Article 15 (Disclosure on the Internet of the Reference Document for the Annual Meetingof Shareholders and Other Documents) of the current Articles of Incorporation because it will no longer be necessary after the
introduction of the system for electronic provision of documents for the Annual Meeting of Shareholders.
(4) The Company will establish supplementary provisions regarding the effectiveness of the newly established and deleted provisions
described above. These supplementary provisions shall be deleted after the relevant date.
2. Details of the amendments
The details of the amendments to the Articles of Incorporation are as follows.

36
35

Current Articles of Incorporation

Proposed amendments

Disclosure on the Internet of the Reference Document for
the Annual Meeting of Shareholders and Other
Documents)
Article 15 Upon convening an Annual Meeting of
Shareholders, the Company may disclose
information on the matters that should be
described or indicated in the Reference
Document for the Annual Meeting of
Shareholders, Business Report, Financial
Statements and Consolidated Financial
Statements (including an accounting audit
report or audit report for the relevant
Consolidated Financial Statements) by amethod using the Internet pursuant to theprovisions of the Ministry of Justice Order.

<Deleted>

Current Articles of Incorporation

Proposed amendments<Newly established>(Measures for Electronic Provision and Other Relevant
Matters)
Article 15
1. Upon convening an Annual Meeting of Shareholders,the Company shall take measures for the electronic
provision of information described in the Reference
Document for the Annual Meeting of Shareholders
and other similar documents.
2. The Company may elect not to describe in adocument to be delivered to shareholders whorequest the delivery of paper-based documents by
the record date for their voting rights all or a portionof the matters that are provided electronically and areprescribed by the Ministry of Justice Order.

<Newly established>(Supplementary Provisions)
1. The deletion of Article 15 (Disclosure via the Internetof the Reference Document for the Annual Meetingof Shareholders and Other Documents) of the current
Articles of Incorporation and the new establishmentof Article 15 (Measures for Electronic Provision andOther Relevant Matters) of the proposed
amendments shall come into effect on September 1,
2022.
2. Notwithstanding the provisions of the foregoingparagraph, Article 15 (Disclosure via the Internet of
the Reference Document for the Annual Meeting of
Shareholders and Other Documents) of the current
Articles of Incorporation shall remain effective for any
Annual Meeting of Shareholders that will be held
within six (6) months from September 1, 2022.
3. These supplementary provisions shall be deleted on
the later of (i) the day when six (6) months havepassed since September 1, 2022, or (ii) the day
when three (3) months have passed since the Annual
Meeting of Shareholders referred to in the preceding
paragraph.

36
37

Agenda No. 2: Election of Seven (7) Directors
The term of office of all eight (8) current Directors will expire at the conclusion of the Annual Meeting of Shareholders.
The Company requests the election of seven (7) Directors, with the majority of four (4) constituting candidates forindependent outside Director, in order to have a corporate governance system that is appropriate for a company listedon the Prime Market.
The candidates for Director are as follows:

38
37

Candidate
No.

Name

1

Tomoya Asakura

Representative Director,
Executive Officer and President

Re-election

2

Yoshitaka Kitao

Director

Re-election

3

Bevin DesmondDirector

Re-election

4

Motonari Otsuru

Outside Director

Re-election

Independent

Outside5

Billy Wade Wilder

Outside Director

Re-election

Independent

Outside6

Kotaro Yamazawa

New election

Independent

Outside7

Akihiro Horie

New election

Independent

OutsideCurrent position and responsibility at the Company

1. Tomoya Asakura (born on March 16, 1966) Number of Company shares owned: 378,400 shares

Re-election

Brief profile, position and responsibility at the Company
Apr. 1989
June 1995
Nov. 1988
Mar. 2000
July 2004
Dec. 2005
June 2007
Apr. 2011

Joined The Hokkaido Takushoku Bank, Ltd.
Joined SoftBank Corp. (currently SoftBank Group
Corp.)
Joined the Company
Director
President
President, Executive Officer and COO
Director and Executive Officer of SBI Holdings, Inc.
Director of SBI Asset Management Co., Ltd.
(current position)

June 2012
July 2012
June 2013
Nov. 2015
June 2018
Feb. 2019
Dec. 2021

Director and Managing Executive Officer of SBI
Holdings, Inc.
Representative Director, Executive Officer andPresident of the Company (current position)
Director and Senior Managing Executive Officer of
SBI Holdings, Inc.
Representative Director, President and CEO of
SBI Global Asset Management Co., Ltd.
Senior Managing Director of SBI Holdings, Inc.
Director of Carret Holdings, Inc. (current position)
Director of SBI Sumishin Net Bank, Ltd. (current
position)

Significant concurrent positions
Morning Star Asset Management
Co., Ltd.

Representative Director andPresident

Director of SBI Asset Management Representative Director andGroup, Inc.
President
SBI Asset Management Co., Ltd.

Director

Director of SBI Bond Investment
Management Co., Ltd.

Director

SBI Regional Revitalization AssetManagement Co., Ltd.

Director

Carret Holdings, Inc.

Director

SBI Global Asset Management Co., Ltd.

Director

SBI Alternative Asset Management Co., Ltd.

Director

SBI Insurance Group Co., Ltd.

Director

SBI NEO FINANCIAL SERVICES Co., Ltd.

Director

Money Tap Co., Ltd.

Director

SBI Sumishin Net Bank, Ltd.

Director

Reasons for nomination as candidate for Director
Mr. Tomoya Asakura possesses excellent insight and abundant experience regarding investment trusts and other financial products,
having acted as a central figure for business since the establishment of the Company. As Representative Director since July 2004,
he has demonstrated superior management skills and established a solid business base for the Group. In addition, he possesses
broad insight and abundant experience regarding overall management. Therefore, the Company has judged that he will continue tobe essential for the sustained improvement of the Group’s corporate value in the future, and nominated him as a candidate for
Director again.

38
39

2. Yoshitaka Kitao (born on January 21, 1951) Number of Company shares owned: 183,200 shares Re-election
Brief profile, position and responsibility at the Company
Apr. 1974 Joined Nomura Securities Co., Ltd.
June 1995 Managing Director of SoftBank Corp. (currently
SoftBank Group Corp.)
Apr. 1998 Representative Director and President of theCompany
July 1999 Representative Director and President of Softbank
Investment Co., Ltd (currently SBI Holdings, Inc.)

Mar. 2006 Director and CEO of the Company
June 2012 Representative Director, Executive Officer andPresident of SBI Holdings, Inc.
July 2012 Director of the Company (current position)
June 2018 Representative Director and President of SBI
Holdings, Inc. (current position)

Significant concurrent positions
SBI Holdings, Inc.

Representative Director andPresident
SBI SECURITIES Co., Ltd. Representative Director andChairman
SBI Investment Co., Ltd.
Representative Director, Executive
Officer, Chairman and President
SBI Pharmaceuticals Co.,
Representative Director, Executive
Ltd.
Officer and President
SBI Global Asset
Representative Director andManagement Co., Ltd.
President
Regional Revitalization
Representative Director andPartners Co., Ltd.
President
SBI Financial and Economic Representative Director andResearch Institute Co., Ltd. President
SBI Capital Management
Representative Director andCo., Ltd.
President
SBI Wellness Bank Co., Ltd. Representative Director andChairman
SBI BITS Co., Ltd.
Representative Director andChairman
SBI Crypto Co., Ltd.
Representative Director andChairman

SBI Regional Business Succession Representative Director andInvestment Co., Ltd.
Chairman
SBI Hong Kong Holdings Co.,
Representative Director
LimitedSBI Digital Asset Holdings Co., Ltd. Representative Director andChairman
SBI PTS Holdings Co., Ltd.
Representative Director andChairman
Osaka Digital Exchange Co., Ltd.
Representative Director andChairman
SBI Crypto Investment Co., Ltd.
Representative Director
SBI FINANCIAL SERVICES Co.,
Representative Director andLtd.
Chairman
SBI Liquidity Market Co., Ltd.
Representative Director andChairman
Nexyz.TRADE Inc.
Representative Director andChairman
SBI Ripple Asia Co., Ltd.
Representative Director andChairman
Money Tap Co., Ltd.
Representative Director andChairman

Reasons for nomination as candidate for Director
As Representative Director and President of SBI Holdings, Inc. which is the Company’s parent company, Mr. Yoshitaka Kitao has
demonstrated excellent management skills, developed a financial conglomerate covering a broad range consisting of securities,banking and insurance centered on Internet finance, and established a solid business base for the SBI Group by leading asset
management and bio-related businesses developed in Japan and overseas, among others. In addition, he possesses in-depth
knowledge and practical experience regarding finance as well as broad personal connections in and outside the Company, providing
overall advice on the management of the Company. The Company has judged that he will continue to be essential for the sustained
improvement of the Group’s corporate value in the future, and nominated him as a candidate for Director again.

40
39

3. Bevin Desmond (born on November 9, 1966) Number of Company shares owned: No shares

Re-election

Brief profile, position and responsibility at the Company
Sept. 1988 Employee of Everest City, Massachusetts
Sept. 1993 Joined Morningstar, Inc.
Oct. 1999 Director of the Company (current position)

Significant concurrent positions
Morningstar, Inc.

Mar. 2000 Head of Global Markets and Human Resource ofMorningstar, Inc.
Oct. 2005 Executive Officer of Morningstar, Inc.
Feb. 2018 Head of talent and culture of Morningstar, Inc.
(current position)

Head of talent and cultures

Reasons for nomination as candidate for Director
As Head of Global Markets and Human Resource of Morningstar, Inc. for a long time, Ms. Bevin Desmond has provided theCompany with excellent advice on Morningstar’s development of services and products, business alliances, etc. The Company has
judged that she can be expected to continue to contribute to the sustained improvement of the Group’s corporate value in the future,and nominated her as a candidate for Director again.
on March 3, 1955)
4. Motonari Otsuru (bornNumber of Company shares owned: No shares

Re-election

Independent

OutsideBrief profile, position and responsibility at the Company
Apr. 1980 Appointed as a public prosecutor
June 2000 Deputy-Director of Special Investigation Departmentof Tokyo District Public Prosecutors Office (incharge of finance and economic affairs)
Apr. 2001 Director of Public Security Division of Criminal
Affairs Bureau of Ministry of Justice, and Member of
National Bar Examination Commission
Aug. 2002 Deputy-Director, Special Investigation Department,
Tokyo District Public Prosecutors Office (in chargeof special direct criminal complaints)
Apr. 2005 Director of Special Investigation Department ofTokyo District Public Prosecutors OfficeJan. 2007 Chief Prosecutor of Hakodate District Public
Prosecutors OfficeJan. 2008 Public Prosecutor of Supreme Public Prosecutors
Office (in charge of finance and economic affairs)Mar. 2010 Deputy Chief Prosecutor of Tokyo District Public
Prosecutors Office

Aug. 2011 Director of Trial Department of Supreme Public
Prosecutors Office, and resigned Public Prosecutor
Registered as a practicing attorney (Dai-Ichi Tokyo
Bar Association)
Special counsel belonging to SAN SOGO LAWOFFICE (current position)
July 2012 Outside Director of AURORA Servicing Co., Ltd.
(current position)
Jan. 2014 Chairman of the Investigation Committee of Nippon
Professional Baseball Organization (current
position)
June 2014 Outside Director of AEON Financial Service Co.,Ltd.
June 2015 Outside Director of the Company (current position)
Mar. 2017 Outside Corporate Auditor of SBI Insurance Group
Co., Ltd. (current position)

Significant concurrent positions
SAN SOGO LAW OFFICEAURORA Servicing Co., Ltd.

Special counsel
Outside Director

SBI Insurance Group Co., Ltd.
Nippon Professional BaseballOrganization

Outside Corporate Auditor
Chairman of theInvestigation Committee

Reasons for nomination as candidate for Outside Director and summary of expected roles
Mr. Motonari Otsuru possesses abundant knowledge and experience as a public prosecutor and practicing attorney. Therefore, theCompany has judged that it will be able to further reinforce and enhance its corporate governance by having him supervise theCompany’s management and advise on overall management, centered on legal affairs and compliance, and has nominated him as a
candidate for Outside Director again with the expectation that he will play such roles.

40
41

on February 6, 1950)
5. Billy Wade Wilder (bornNumber of the Company’s shares owned: No shares

Re-election

Independent

OutsideBrief profile, position and responsibility at the Company
Apr. 1986 Head of Japanese Equity Research, Schroder Securities
Dec. 1992 Joined FIL Investments (Japan) Limited
Sept. 1995 Representative Director and President of the company
July 2004 Representative Director and President of Nikko AssetManagement Co., Ltd.
Jan. 2014 Director of GIC Securities Co., Ltd. (currently GI CapitalManagement Ltd.)

Sept. 2014 Senior Consultant & Chief Investment Officer of
MATT.ER K.K. (current position)
Apr. 2016 Outside Director of Monex Group, Inc.
Apr. 2016 Advisor of Prospect Co.
June 2019 Outside Director of the Company (current position)

Significant concurrent positions
MATT.ER K.K

Senior Consultant & Chief Investment Officer

Reasons for nomination as candidate for Outside Director and summary of expected roles
Mr. Billy Wade Wilder possesses abundant knowledge and experience regarding the management of Japanese assets, having
managed asset management companies in Japan for approximately 29 years. In addition, he has also served as an outside directorof a listed company. The Company has judged that it will be able to further reinforce and enhance its corporate governance byhaving him supervise the Company’s management and advise on overall management, centered on asset management business,and has nominated him as a candidate for Outside Director again with the expectation that he will play such roles.
on October 8, 1956)
New election Independent
6. Kotaro Yamazawa (bornNumber of the Company’s shares owned: No shares

OutsideBrief profile, position and responsibility at the Company
Apr. 1980 Joined the Bank of JapanMay 1998 Manager of Banking Division of Osaka Branch of Bankof Japan
July 2000 Manager of Personnel Division of Personnel Departmentof Bank of Japan
Mar. 2004 Head of Hakodate Branch of Bank of Japan
Apr. 2010 Director and Senior Executive Officer of Osaka
Securities Exchange Co., Ltd.
Jan. 2013 Senior Executive Officer of Japan Exchange Group, Inc.
June 2014 Senior Managing Executive Officer of Japan ExchangeGroup, Inc. and Director and Senior Managing Executive
Officer of Osaka Securities Exchange Co., Ltd.
Apr. 2015 Director and Vice President of Osaka Exchange, Inc.

June 2017 Corporate Auditor (External) of AEON Financial
Service Co., Ltd.
June 2017 Outside Director of Tokyo Commodity Exchange
Sept. 2018 Outside Auditor of WingArc1st Inc.
June 2019 Outside Director of AEON Financial Service Co.,
Ltd. (current position)
Nov. 2019 Outside Director of WingArc1st Inc. (current
position)
May 2020 Outside Director of HiJoJo Partners Inc. (current
position)
July 2021 Full-time Corporate Auditor, AGRIMEDIA Inc.
(current position)

Significant concurrent positions
AEON Financial Service Co., Ltd.
WingArc1st Inc.

Outside Director
Outside Director

HiJoJo Partners Inc.
AGRIMEDIA Inc.

Outside Director
Full-time Corporate Auditor

Reasons for nomination as candidate for Outside Director and summary of expected roles
Mr. Kotaro Yamazawa has accumulated abundant experience and knowledge in finance and securities business at the Bank of Japanand Osaka Exchange. In addition, the Company has judged that it will be able to further reinforce and enhance compliance by having him
supervise the Company’s management and advise on overall management, centered on asset management business, utilizing his indepth insight as a manager, and has nominated him as a candidate for Outside Director with the expectation that he will play such roles.

42
41

on November 3, 1959)
7. Akihiro Horie (bornNumber of Company shares owned: No shares

New election

Independent

OutsideBrief profile, position and responsibility at the Company
Oct. 1989 Joined Ota-Show Audit Corporation (currently Ernst &Young ShinNihon LLC)
Apr. 1993 Registered as a Certified Public Accountant
July 2002 Representative Partner of BRAIN Accounting Tax Co.
Dec. 2006 Director of Partners Holdings Inc.

Significant concurrent positions
Global Partners Consulting, Inc.

Apr. 2008 Director of Global Partners Consulting, Inc. (current
position)
June 2016 Outside Corporate Auditor of TSUKUI STAFFCORPORATION
June 2018 Outside Director (Audit and Supervisory Committee
Member) of the company

Director

Reasons for nomination as candidate for Outside Director and summary of expected roles
Mr. Akihiro Horie possesses abundant knowledge and experience in accounting, taxation and auditing, which he cultivated as acertified public accountant and certified tax accountant. Therefore, the Company has judged that it will be able to further reinforce andenhance its corporate governance by having him supervise the Company’s management and advise on overall management,
centered on accounting and administration, and has nominated him as a candidate for Outside Director with the expectation that hewill play such roles.
Notes:
1. Mr. Yoshitaka Kitao is concurrently serving as Representative Director and President of SBI Holdings, Inc. The Company is providing the company with information andconsulting services. Moreover, the company sublets an office to the Company. During the current consolidated fiscal year, the Company sold listed stocks it owned to thecompany.
Mr. Yoshitaka Kitao is concurrently serving as Representative Director, Chairman and President of SBI SECURITIES Co., Ltd. The Company is providing the company withinformation and consulting services.
Mr. Yoshitaka Kitao is concurrently serving as Representative Director, Executive Officer and Chairman of SBI Investment Co., Ltd. The Company is providing the company withan information service.
Mr. Yoshitaka Kitao is concurrently serving as Representative Director and Chairman of SBI BITS Co., Ltd. The Company is provided with a maintenance service for web
servers, systems, etc. by the company.
Mr. Yoshitaka Kitao is concurrently serving as Director of SBI VC Trade Co., Ltd. The Company purchases from the company the crypto asset (crypto currency) XRP forshareholder benefits.
Morningstar, Inc., for which Ms. Benin Desmond concurrently serves as an officer, not only provides the Company with licenses, etc., but also engages in transactions with theCompany, including the mutual sale and purchase of products and services.
There are no special conflict of interests between any of the other candidates for Director and the Company.
2. Messrs. Motonari Otsuru, Billy Wade Wilder, Kotaro Yamazawa and Akihiro Horie are candidates for Outside Director.
3. While Mr. Motonari Otsuru has no experience being involved in corporate management other than having served as Outside Director in the past, the Company concluded that hewill be able to perform his duties as Outside Director appropriately, due to his abundant knowledge and experience as a publi c prosecutor and practicing attorney. SBI InsuranceGroup Co., Ltd. is a specified associated service provider (subsidiary of the parent company) for the Company.
4. Mr. Motonari Otsuru is currently Outside Director of the Company. He will have served as Outside Director for seven years at the conclusion of the Annual Meeting of
Shareholders.
5. Mr. Billy Wade Wilder is currently Outside Director of the Company. He will have served as Outside Director for three years at the conclusion of the Annual Meeting of
Shareholders.

6. The Company has registered Messrs. Motonari Otsuru and Billy Wade Wilder with the Tokyo Stock Exchange, Inc. as independent Executive Officers as set forth by the Tokyo
Stock Exchange. If the election of Messrs. Otsuru, Wilder, Yamazawa and Horie is approved, the Company will request them to assume office as independent Executive
Officers.
7. The Company has established in Article 26, Paragraph 2 of the Articles of Incorporation that it may enter into an agreement with Outside Directors to limit their liability as
provided for by Article 423, Paragraph 1 of the Companies Act in accordance with the provisions of Article 427, Paragraph 1 of the said Law; and has entered into an agreementwith Messrs. Motonari Otsuru and Billy Wade Wilder to limit their liability; provided, however, that the amount of the liabil ity limitation under the said agreement is one million yenor the minimum liability amount provided for by laws and regulations, whichever is higher. The Company will continue the agreement in the event that their election is approved.
If the election of Messrs. Kotaro Yamazawa and Akihiro Horie is approved, the Company plans to enter into the agreement with them.
8. The Company has concluded Liability Insurance Contracts for Directors and Other Officers as provided for in Article 430-3, Paragraph 1 of the Companies Act with an insurancecompany. Any claims for damages or other losses made against any of the insured, including the Company’s Directors, will be covered by the insurance contracts. If thecandidates are elected and assume office as Directors, they will be insured under these insurance contracts. Moreover, the Company plans to renew these insurance contracts
with the same content at the time of next renewal.
9. The positions and duties held by the candidates for Director currently or in the past ten years as executive officers at the Company’s parent company or any subsidiary of theparent company are described in the “Information Disclosed via the Internet” posted on the Company website (https://www.morni ngstar.co.jp/) in accordance with the provisionsof laws, regulations and Article 15 of the Company’s Articles of Incorporation.

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43

Agenda Item No. 3: Election of One (1) Substitute Corporate Auditor
In order to prepare for the case where the number of Corporate Auditors comes to fall short of the number stipulated bylaws and regulations, the Company requests the election of one (1) Substitute Outside Corporate Auditor inaccordance with the provisions of Article 329, Paragraph 3 of the Companies Act.
With regard to this agenda item, the consent of the Board of Corporate Auditors has been obtained in advance. The
candidate for Substitute Corporate Auditor is as follows.

Toshiyuki Kamiyama(born on October 28, 1953)
Number of Company shares owned: No shares

Re-election

Independent

OutsideBrief profile, position and responsibility at the Company
Apr. 1978 Joined The Fuji Bank, Limited (currently Mizuho Bank,Ltd.)
May 2001 General Manager of Finance Dept. of the bank
Apr. 2002 Director of European Fund Office of Market Planning
Dept. of Mizuho Corporate Bank, Ltd. (currently Mizuho
Bank, Ltd.)
Apr. 2004 General Manager of Market Sales Dept. of Mizuho Bank,
Ltd.)
July 2007 Executive Officer (in charge of Financial ProductDevelopment Dept., and deputy in charge of Credit Dept.
and Sales Planning Dept.) of Mizuho Investors Securities
Co., Ltd. (currently Mizuho Securities Co., Ltd.)

Apr. 2010 Managing Director of Tokyo Branch andRepresentative in Japan of Philippine National Bank
Apr. 2013 Full-time Corporate Auditor of SBI Biotech Co., Ltd.
June 2016 Substitute Corporate Auditor of the Company (topresent), Corporate Auditor of SBI Small-amount
Short-term Insurance Holdings Co., Ltd.
Mar. 2017 Full-time Corporate Auditor of SBI Insurance Group
Co., Ltd.(current position)

Significant concurrent positions
SBI Insurance Group Co., Ltd.

Full-time Corporate Auditor

Reasons for nomination as candidate for Substitute Outside Corporate Auditor
Mr. Toshiyuki Kamiyama has abundant experience and extensive insight, having accumulated experience regarding finance andcorporate management over many years, and we request his election as Substitute Corporate Auditor based on the judgment that hewill be able to play a sufficient role in supervising the management of the Company.
Notes:
1. There are no special conflict of interests between the candidate and the Company.
2. Mr. Toshiyuki Kamiyama is a candidate for Substitute Outside Corporate Auditor.
3. SBI Insurance Group Co., Ltd. is a specified associated service provider (subsidiary of the parent company) for the Company.
4. Mr. Toshiyuki Kamiyama meets the requirements of an independent Executive Officer as specified by the Tokyo Stock Exchange, Inc. If he assumes the office of Corporate
Auditor, the Company will request him to assume office as an independent Executive Officer.
5. The Company enters into an agreement with Outside Corporate Auditors to limit their liability as provided for by Article 423, Paragraph 1 of the Companies Act in accordancewith the provisions of Article 427, Paragraph 1 of the said Law and Article 35, Paragraph 2 of the Company’s Articles of Incorporation; provided, however, that the amount of
the liability limitation under the said agreement is one million yen or the minimum liability amount provided for by laws and regulations, whichever is higher. If Mr. Toshiyuki
Kamiyama assumes the office of Corporate Auditor, the Company plans to enter into the agreement with him.
6. The Company has concluded Liability Insurance Contracts for Directors and Other Officers as provided for in Article 430-3, Paragraph 1 of the Companies Act with aninsurance company. Any claims for damages or other losses made against any of the insured, including the Company’s Corporate Auditors, will be covered by the insurance
contracts. If Mr. Toshiyuki Kamiyama assumes the office of Corporate Auditor, he will be insured under the insurance contract. Moreover, the Company plans to renew theinsurance contract with the same content at the time of next renewal.

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Guide map for the venue of the Ordinary General Meeting of Shareholders
venuetransportation

Palace Hotel Tokyo 4th floor Yamabuki
1-1-1, Marunouchi, Chiyoda-ku, Tokyo TEL 03-3211-521
JR
SubwayAbout 8 minutes on foot from the Marunouchi North Exit of
JR "Tokyo Station"
Directly connected to the underground passage from the C13b exit of
the subway "Otemachi Station"
大手門
桔便濠

Palace Hotel Tokyo

正面玄関

C13b出口（地下）

和田倉噴水公園
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JXビル

和田倉噴水公園
レストラン
三井住友銀行

日本生命
丸の内

和田倉濠

C13a出口（地上）

ガーデンタワー交番

日比谷通り

三田線 大手町駅

大手
センタービル

本店ビル

大手町交差点
三井住友銀行

郵船ビル

行
幸
通
り

丸の内ビル

東館
東京海上日動ビル

新丸の内ビル

日本興業倶楽部会 館
三菱UFJ信託銀行
本社ビル

丸の内
永楽ビル

大手町タワー

イーヨ!!

オーテモリ

丸ノ内線 東京駅
日本生命
丸の内ビル

丸の内
センタービル

丸の内北口
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南口

丸の内
中央口

新丸の内
センタービル
丸の内
オアゾ

大手町

永 ファーストスクエア
代
通
り

丸の内
北口ビル

東
西
線
大
手
町
駅

大手町野村ビル

新大手町ビルJR 東京駅
サピアタワー* There is no parking lot available, so please refrain from coming by car.
It uses a universal design fontthat is easy to read and difficult
to read.