Securities Code: 4765

Notice of Convocation of
the 26th Annual Meetingof Shareholders
Date
and 10 a.m., June 22, 2023 (Thursday)
Time
Palace Hotel Tokyo
Venue Yamabuki (4th floor)
1-1-1, Marunouchi, Chiyoda-ku,
Tokyo, Japan

Please refer to the “Information Map of the Venue for the
Annual Meeting of Shareholders” at the end of this document
to ensure that you go to the correct venue. After the close of
the Annual Meeting of Shareholders, we will hold the Briefing
Session on Our Latest Management Updates.
We will live-stream this Annual Meeting of Shareholders andthe Briefing Session on Our Latest Management Updates on
the Internet.

Table of contents
To our shareholders
1
Business Results
2
Dividends
3
Notice of Convocation of the Annual Meeting of
Shareholders for the 26th Fiscal Year
4
(Exhibits)
Business Report
8
Consolidated Financial Statements
27
Reference Document for Annual Meeting of Shareholders
Agenda Item No. 1: Election of Six (6) Directors 29
Agenda Item No. 2: Election of One (1) SubstituteCorporate Auditor
34
The parts omitted from the “Notice of Access” ＿＿＿＿＿40

In this English translation, by adding the parts omitted from the "access notice" to the English translation of the "access notice"mailed to the shareholders, the all of notice of the general meeting of shareholders are translated into English.

SBI Global Asset Management Co., Ltd.

To our shareholders:
At SBI Global Asset Management Co., Ltd., we would like to express our
sincere appreciation for your continued support. The Company wasestablished on March 27, 1998 as a joint venture between SBI Holdings,
Inc. (then SoftBank Corp.) and Morningstar, Inc. of the US, with the aimof “contributing to the optimal asset formation of each and every investor
through the provision of abundant and unbiased investment informationand high-quality, inexpensive financial products.” With your support, wewere able to celebrate our 25th anniversary on March 27, 2023. The
Company currently operates two businesses: the “Financial Services
Business” that evaluates investment trusts and provides investment
information and management-related tools, and the “Asset Management
Business” that provides public and private investment trusts. In the Fiscal
Year ended March 31, 2022, the Asset Management Business accounted
for approximately 80% of our consolidated net sales and operating profits.
In the “New NISA” program to be implemented from January 2024 and ina situation of inflation instead of deflation, we believe that the trend from“savings to investment” and “savings to asset formation” will further
advance in the future. Under such circumstances, the Company intends
Representative Director andto actively promote the Asset Management Business, while Morningstar
President
Inc. in the US intends to develop its business in Japan and othercountries around the world in an integrated manner, and the twocompanies have been discussing the partnership to date.
As a result, the two companies have agreed that, as of March 30, 2023, the “Morningstar” brand will be returned toMorningstar, Inc. of the US, and the Company will receive 8.0 billion yen as consideration for the return.
With the return of the brand, the Financial Services Business, which to date has focused on rating investment trusts andproviding investment information, will be transferred to the “Wealth Advisor” brand and will continue to provide services as
before. In addition, on March 29, 2023, an Extraordinary General Meeting of Shareholders was held to approve the changeof the trade name to “SBI Global Asset Management Co., Ltd.” with approval of the shareholders.
With your support, ordinary profit and profit for the Fiscal Year ended March 31, 2023, increased for the 14th consecutive
year, and also reached a new record high. We are pleased to offer our shareholders an annual dividend of 21 yen per
share, including an extraordinary income of 8.0 billion yen from the return of the brand and a special and commemorative
dividend of 3 yen per share as we celebrated the 25th anniversary of our establishment.
With the change of our trade name, we have made a fresh start, and we will continue to “contribute to the optimal asset
formation of investors” and further expand the Company’s corporate value.
We sincerely ask our shareholders for their continued support.
May 2023

Tomoya Asakura

Business Results■ For the Fiscal Year ended March 31, 2023, consolidated net sales were 8,747 million yen, marking an
increase for the 11th consecutive year and a record high for the 4th consecutive year.
■ Consolidated operating profit was 1,831 million yen.
■ Consolidated ordinary profit was 2,458 million yen, marking an increase for the 14th consecutive year and arecord high for the 12th consecutive year.
■ Profit attributable to owners of parent was 5,443 million yen, marking an increase for the 14th consecutive
year and a record high for the 10th consecutive year. The significant increase was due to the 8,000 million
yen consideration for the return of the “Morningstar” brand to Morningstar, Inc. of the US.
For details, see the Business Report, Consolidated Financial Statements and Financial Statements.

Changes in profit attributable to owners of parent

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

(Million yen)

Year
ended
March
2018

Year
ended
March
2019

Year
ended
March
2020

Year
ended
March
2021

Year
ended
March
2022

Year
ended
March
2023

Dividends■ For the Fiscal Year ended March 31, 2023, the Company paid an interim dividend of 8.25 yen per share to shareholders
with a record date of September 30, 2022; and the year-end dividend with a record date of March 31, 2023, will be 9.75
yen per share, plus a commemorative dividend of 3.00 yen per share for the 25th anniversary of the Company’s
establishment, for a total dividend of 12.75 yen per share.
The annual total ordinary dividend will be 18.00 yen, an increase of 1.00 yen (5.9%) from the previous fiscal year, and the14th consecutive fiscal year of dividend increase. Including the 25th anniversary commemorative dividend, the total
annual dividend will be 21.00 yen, a significant increase of 4.00 yen (23.5%) from the previous fiscal year.
■ Among all of the 3,960 listed companies (as of February 27, 2023), only four companies, including the Company, havecontinued to deliver increased profit and dividends for 14 or more consecutive years (according to our research).
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
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

Year
ended
March
2023

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
Date of sending: May 31, 2023
Commencement date of electronic provision: May 31, 2023
Tomoya Asakura, Representative Director

SBI Global Asset Management Co., Ltd.
1-6-1, Roppongi, Minato-ku, Tokyo, Japan

Notice of Convocation of the Annual Meeting of Shareholders for the 26th Fiscal YearTo our shareholders:
The Company cordially invites you to attend the Annual Meeting of Shareholders for the 26th Fiscal Year, which will be held as described
below.
If you are unable to attend the meeting at the venue on the day, 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 21, 2023 (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 7 and exercise your voting rights no later than the deadline
above.
1. Date and Time

10 a.m., June 22, 2023 (Thursday)

2. Venue

Palace Hotel Tokyo Yamabuki (4th Floor),
1-1-1, Marunouchi, Chiyoda-ku, Tokyo, Japan
Please refer to the “Information Map of the Venue for the Annual Meeting of Shareholders” at the end of thisdocument to ensure that you go to the correct venue.

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 26th Fiscal Year (from
April 1, 2022, to March 31, 2023)
2. Report on the Financial Statements for the 26h Fiscal Year (from April 1, 2022, to March 31, 2023)
Items to be resolved: Agenda Item No. 1: Election of Six (6) Directors
Agenda Item No. 2: Election of One (1) Substitute Corporate Auditor

Information on measures to be taken against COVID-19 for this Annual Meeting of Shareholders
Shareholders who plan to attend the meeting at the venue are requested to take care of their health up to the day of the meeting.
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 writing or via the Internet in advance. We would appreciate it if you would
consider these options.
・ Seats at the Annual Meeting of Shareholders will be spaced apart to prevent infection. In order to secure sufficient space, wecannot place tables at our shareholders’ seats. Therefore, we cannot serve coffee in cups.
・ If there are too many shareholders in attendance, the seats of the shareholders may be assigned by our management staff. In
addition, you may be asked to sit tight.

4 Other mattersdetermined upon the
convocation

In accordance with the amendment of the Companies Act, matters subject to measures for electronic provision of the Reference
Document for the Annual Meeting of Shareholders and other similar documents will, in principle, be available on the websites
described later for your confirmation. Only shareholders who have requested the delivery of documents by the record date will
receive a written document containing all of the matters subject to measures for electronic provision.
Shareholders who have not requested the delivery of documents by the record date will receive a written summary of the matterssubject to measures for electronic provision.
Shareholders who have requested the delivery of documents will also receive a document stating all the matters subject to measuresfor electronic provision; however, the following items will be excluded from the document in accordance with the law and Article 15 of
the Articles of Incorporation of the Company.
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 also include the following in
addition to those stated in the document.
Reference Documents for General Meeting of Shareholders Proposal No. 1: Notes on Election of 6 Directors, Proposal No. 2: Notes
on Election of 1 Substitute Corporate Auditor, In the “Current Status of the Corporate Group” in the Business Report situation “Statusof Employees”, “Main Business Activities”, “Main Sales Offices”, “Status of Major Borrowers”, “Assets and Profit and Loss in the Last
3 Fiscal Years”, “problems to be addressed”, “Status of shares”, “Number of shares delivered to officers and number of recipients”,“Status of stock acquisition rights, etc.”, “Status of accounting auditors”, “Ensuring the appropriateness of business system and theoperational status of such system”, “Basic policy on control of the company”, “Policy on determination of dividends of surplus”, In theConsolidated Financial Statements, "Consolidated Statement of Changes in Net Assets" and "Notes to Consolidated Financial
Statements", and "Financial Statements", "Accounting Audit Report Concerning Consolidated Financial Statements", "Accounting
Audit Report Concerning Financial Statements", "Audit Report of the Audit & Supervisory Board"

Electronic provision of documents for annual meetings of shareholders
As measures for electronic provision are taken for the convocation of this Annual Meeting of Shareholders, theinformation described in the Reference Document for the Annual Meeting of Shareholders and other similar documents(matters subject to measures for electronic provision), are posted on the following websites under the title, “Notice ofConvocation of the Annual Meeting of Shareholders.” Please access the websites for your confirmation.
[The Company website]
https://www.sbiglobalam.co.jp/ir/meeting/index.html(Please access the above website and select “Shareholder Returns & Benefits” and“Annual Meeting of Shareholders” from the menu for your confirmation.)[SBI Asset Management Co., Ltd. website]
http://www.sbiam.co.jp/gaiyo/gaiyo_gai.html(Please access the above website and select “Corporate Information” and then select“SBI Global Asset Management Co., Ltd. Notice of Annual Meeting of Shareholders”
from the menu for your confirmation.)[Tokyo Stock Exchange website (Listed Company Search)]https://www2.jpx.co.jp/tseHpFront/JJK020010Action.do?Show=Show(Please access the TSE website above, enter and search for “SBI Global AssetManagement” under “Issue name (company name)” or Securities Code “4765” under“Code,” select “Basic information” and “Documents for public inspection / PR
information,” and then confirm from the “Notice of General Shareholder
Meetings/Information Material for a General Shareholders Meeting” under “Filed
information available for public inspection.”)■ If you do not indicate whether you approve or disapprove of each proposal on the voting rights exercise form that you have sent back tous, we will assume that you have indicated your approval.
■ Shareholders attending the Meeting are requested to submit the enclosed Voting Form to the reception desk.
■ If you wish to exercise your voting rights by proxy, you can appoint one of the other shareholders of the Company who is entitled to voteand ask that person to attend the Annual Meeting of Shareholders as your proxy. In this case, please be advised that a document
evidencing his/her appointment as proxy and your Voting Form shall need to be submitted.
■ 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 circumstances arising
up to the day of 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.sbiglobalam.co.jp/)
We will live-stream the Annual Meeting of Shareholders and the Briefing Session on Our Latest
Management Updates on the Internet (live coverage).
You can watch the Annual Meeting of Shareholders and the Briefing Session on Our Latest Management Updates 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 Updates at the same venue. We will continue tolive-stream the Briefing Session on Our Latest Management Updates following theAnnual Meeting of Shareholders. At the Briefing Session on Our Latest Management
Updates, Tomoya Asakura, the Company’s Representative Director, will explain thedetails of the businesses of the Group, its latest management updates, 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 the Briefing Session on Our Latest Management Updates”
attached hereto to watch the live-stream.
Please be advised that you cannot exercise your voting rights by watching the livestream of the Annual Meeting of Shareholders. You need to exercise your voting
rights via the Internet or by mail.

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.

Scanning a QR CodeEntering Your Login ID and Tentative Password

You can log into the Website for Exercising Voting Rights
without entering your Login ID and tentative password.
Please scan the QR Code for login printed on the right side of the
Voting Form enclosed herewith and enter the necessary informationin accordance with the guidance on the screen.

QR codefor login

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 side of
the Voting Form enclosed herewith, and enter the necessary
information in accordance with the guidance on the screen.

Login
ID/password(1) The deadline for exercising your voting rights is 5:45 p.m., (Wednesday) June 21, 2023.
(2) If you exercise your voting rights both in writing and via the Internet, we will treat your exercise via the Internet as valid.
(3) If you exercise your voting rights via the Internet multiple times, we will treat your last exercise as valid.
(4) 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 the proceduresin 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, the Company’s
shareholder register administrator.

(1) Dedicated point of contact for inquiries on how to use the Website for Exercising Voting Rights
and other related matters:
Securities Agency Division of
0120-173-027 (toll free) (available from 9:00 a.m. to 9:00 p.m.)
Mitsubishi UFJ Trust andBanking Corporation (Helpdesk) (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.

Exhibits

Business Report (Summary) (from April 1, 2022, to March 31, 2023)
The following is a summary of the Reference Document (agenda items) for this year’s Annual Meeting of
Shareholders to assist the shareholders’ understanding. For the full text of the Notice of Convocation,please refer to the Notice of the 26th Annual Meeting of Shareholders, which is available on thecorporate information website, etc. of the Company on page 5.

1 State of Corporate Group(1) Business progress and results(i)

Change of trade name
The Company’s Board of Directors, at its meeting held on January 27, 2023, concluded an agreement with Morningstar Inc.
of Illinois, the US (hereinafter referred to as “Morningstar Inc.”) to terminate its license agreement and receive 8.0 billion
yen as consideration for the return of “Morningstar” brand by the Company to Morningstar, Inc (hereinafter referred to as
the “Termination Agreement”).
In accordance with the Termination Agreement, the use of the Morningstar brand name for investment information on the
Company’s website and smartphone application, products and services offered to financial institutions, and investor
seminars ended on March 30, 2023.
In addition, an Extraordinary General Meeting of Shareholders was held on March 29, 2023, and a resolution was passed
to amend the Articles of Incorporation of the Company to change the Company’s trade name to “SBI Global AssetManagement Co., Ltd.”
Upon completion of the rebranding process, including the change of trade name of the Company and its subsidiaries, theCompany recorded the consideration of 8.0 billion yen as extraordinary income for the Fiscal Year ended March 31, 2023.
The said 8.0 billion yen has been recorded as accounts receivable on the consolidated balance sheet for the Fiscal Year
ended March 31, 2023, and it was received in cash by April 19, 2023.
The termination of the license agreement is not a sale of the Financial Services Business, including investment trustevaluation and information provision, but the return of the “Morningstar” brand, and the Financial Services Business
continues to offer products and services under the “Wealth Advisor” brand on and after March 30, 2023.

(ii) Overview of management results
During the consolidated fiscal year under review (April 1, 2022, to March 31, 2023), the Japanese economy showed signsof recovery as restrictions on activities due to COVID-19 were eased and economic activities began to normalize. However,
the outlook remained uncertain due to rising prices and tightening global monetary policy amid concerns about the
prolonged situation in Ukraine and other factors.
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, decreased from 9,688.5 billion yen in the previous consolidated fiscal year (from April 1,
2021 to March 31, 2022) to 7,477.5 billion yen for the consolidated fiscal year under review. On the other hand, the Nikkei
Stock Average at the end of the consolidated fiscal year under review increased 0.79% from the end of previous fiscal year
to 28,041 yen.
In this management environment, our Group’s Asset Management Business increased the balance of assets undermanagement of publicly offered investment trusts, mainly index funds, by 54.7% from 931.7 billion yen at the end of theprevious consolidated fiscal year to 1,441.3 billion yen at the end of the consolidated fiscal year under review. In addition,
the balance of assets under management of privately placed investment trusts, which support the advancement anddiversification of the securities investments by regional financial institutions, increased 23.4% from 1,951.7 billion yen at theend of the previous consolidated fiscal year to 2,408.1 billion yen at the end of the consolidated fiscal year under review.

The balance of assets under management of the entire Group increased 26.8% from 3,697.6 billion yen at the end of
previous consolidated fiscal year to 4,692.0 billion yen at the end of the consolidated fiscal year under review. In the AssetManagement Business, trust fees increase accompanying the balance of assets under management. With the addition of
the six-month sales of Shinsei Investment Management Co., Ltd. which became a subsidiary in October 2022, net sales of
the Asset Management Business for the consolidated fiscal year under review increased 15.0% from 5,949 million yen in
the previous consolidated fiscal year to 6,841 million yen.
As for the Financial Services Business, the number of devices using the Wealth Advisor app, which is utilized by financial
institutions that sell investment trusts, increased from 114,680 units in the previous consolidated fiscal year to 115,645, anddeliveries of the Company’s proprietary management tools and fund data to financial institutions increased. Net sales inMedia Solutions declined due to the cancellation of a license and seminars such as “Morningstar Fund of the Year”
accompanying the rebranding. As a result, net sales of the Financial Services Business for the consolidated fiscal year
under review were 1,905 million yen, a decrease of 268 million yen (△12.3%) from 2,173 million yen in the previous
consolidated fiscal year.
For the consolidated fiscal year under review, net sales were 8,747 million yen, an increase of 623 million yen (7.7%) from
8,123 million yen in the previous consolidated fiscal year.
In addition, as a result of an increase of 566 million yen in the cost of sales and 355 million yen in selling, general andadministrative expenses from the previous consolidated fiscal year, operating profit for the consolidated fiscal year underreview was 1,831 million yen, a decrease of 298 million yen (△14.0%) from 2,129 million yen in the previous consolidated
fiscal year.
Non-operating income increased 353 million yen while non-operating expenses remained the same as in the previous
consolidated fiscal year. As a result, ordinary profit for the consolidated fiscal year under review was 2,458 million yen, an
increase of 55 million yen (2.3%) from 2,403 million yen in the previous consolidated fiscal year.
As a result of recording 8,000 million yen in income from the return of a brand under extraordinary income and 2,339
million yen in extraordinary losses, such as expenses arising from restructuring including expenses from the return of abrand and loss on sale of investment securities, profit attributable to owners of parent for the consolidated fiscal year underreview increased 3,988 million yen (3.74 times) to 5,443 million yen from 1,454 million yen in the previous consolidated
fiscal year.
Net sales
8,123▶
million yen

7.7% increase from
8,747
million yen the previous year

Operating profit
14.0% decrease from
2,129
1,831
▶
million yen the previous year
million yen

Ordinary profit▶
2,403
million yen

2,458
2.3% increase frommillion yen the previous year

Profit attributable to owners of parent
1,454
5,443
▶
3.74 times increase
million yen
million yen from the previous year

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

Net sales
Segment income

Year ended March 2022

Year ended March 2023

Asset
Amount recorded on
Financial Services
consolidated
Management
Businessfinancial statements
Business
5,949
2,173
8,123
1,557
572
2,129

Asset
Amount recorded on
Financial Services
consolidated
Management
Businessfinancial statements
Business
6,841
1,905
8,747
1,484
346
1,831

Breakdown of segment income

Breakdown of sales by service

Year ended
March 2022

Asset Management BusinessYear ended
March 2023

Financial Services Business

Asset Management BusinessYear ended
March 2022

Year ended
March 2023

Asset Management Business

Financial Services BusinessNet sales: 6,841million yen

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

Net sales composition

Net sales(Million yen)

25th Fiscal Year
26th Fiscal Year
(Year ended March (Year ended March
2022)
2023)

Segment income(Million yen)

26th Fiscal Year
25th Fiscal Year
(Year ended March (Year ended March
2023)
2022)

The balance of assets under management of publicly offered investment trusts, mainly index funds, increased 54.7% from 931.7 billion yen at
the end of the previous consolidated fiscal year to 1,441.3 billion yen at the end of consolidated fiscal year under review. In addition, the balanceof assets under management of privately placed investment trusts, which support the advancement and diversification of the securities
investments by regional financial institutions, increased 23.4% from 1,951.7 billion yen at the end of previous fiscal year to 2,408.1 billion yen at
the end of the consolidated fiscal year under review. The balance of assets under management of the entire Group increased 26.8% from3,697.6 billion yen at the end of previous consolidated fiscal year to 4,692.0 billion yen at the end of the consolidated fiscal year under review.
As a result, net sales in the Asset Management Business for the consolidated cumulative period under review increased 892 million yen (15%)
from 5,949 million yen in the same quarter of the previous year to 6,841 million yen.
Segment income declined 72 million yen (△4.7%) to 1,484 million yen from 1,557 million yen in the same quarter of the previous year.

Continued growth in the balance of assets under management of
the Group
In the consolidated fiscal year under review, Shinsei Investment Management became a newconsolidated subsidiary.
Group assets under management (including assets under advice) totaled 4.7 trillion yen, up
26.8% year on year.
Changes in the balance of assets under management of the Group(100 million yen)

SBI Asset Management
Wealth Advisor
Carret Asset Management

March 2019

March 2020

March 2021

March 2022

March 2023

Note 1: Wealth Advisor (former Morningstar Asset Management) changed its trade name on March 30, 2023.
Note 2: The balance of assets under management of SBI Asset Management for the four terms from the Fiscal Year ended March 31, 2019, to
the Fiscal Year ended March 31, 2022, is the combined balance of the three companies before the merger, SBI Asset Management, SBI Bond
Investment Management, and SBI Regional Revitalization Asset Management. The figures for the Fiscal Year ended March 31, 2023, are thesum of the assets under management of the former Shinsei Investment Management, which was absorbed as of April 1, 2023.

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. was formed in August 2022 through the merger of three companies: SBI AssetManagement, which mainly managed publicly offered investment trusts; SBI Bond Investment, a joint venture with
PIMCO; and SBI Regional Revitalization Asset Management, a joint venture with 39 regional financial institutions.
The balance grew centering on index funds with low management costs for long-term investments suitable for theasset formation of investors, where the net asset balance of funds under management increased 990.9 billion yen,or 31.9%, from 3,108.3 billion yen at the end of the previous consolidated fiscal year to 4,099.2 billion yen.

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

40,992End ofMarch 2016

End ofMarch 2017

End ofMarch 2018

End ofMarch 2019

End ofMarch 2020

End ofMarch 2021

End ofMarch 2022

End ofMarch 2023

Major funds of SBI Asset Management

Changes in the balance of net assets of
SBI V S&P 500

SBI V S&P 500 Index Fund(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 2023: 823.1 billion yen

September December
2019
2019

March
2020

June
2020

September December
2020
2020

March
2021

June
2021

September December
2021
2021

March
2022

June
2022

September December
2022
2022

March
2023

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

Snow Ball series (4 funds)

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 tothe stock index published by FTSE in the UK by combining
ETFs. A China A-Shares fund was established in July 2021.
All of the four funds are offered with trust fees at the lowest
level in the industry to support long-term investments.
Net assets as of the end of March 2023: 130.4 billion yen(total of the series)

September December
2019
2019

March
2020

June
2020

September December
2020
2020

March
2021

June
2021

September December
2021
2021

March
2022

June
2022

September December
2022
2022

March
2023

Changes in the balance of net assets of
SBI V US Stocks

SBI V US Stock Index Fund(nickname: SBI V US Stocks)(100 million yen)

The fund aims to achieve investment performance linked to the
CRSP US Total Market Index, which captures the movementsof 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 2023:
137.9 billion yen

June
2021

September
2021

December
2021

March
2022

June
2022

September
2022

December
2022

March
2023

Shinsei/UTI India Fund
The Fund seeks medium-term growth of trust assets by investing substantially in shares listed mainly on the financial
instruments exchanges in India. The fund is, in substance, managed by UTI Group, a leading investment trust
company in India. The characteristics of investment strategies that emphasize stability, growth, and corporate quality
are as follows:
•
•
•
•
•

A consistent investment strategy that is not swayed by the mood of the market
Selection of stocks that are expected to grow steadily over the next 5 to 10 years
The aim is to generate excess profit over the medium to long term by holding promising stocks for a long term
In principle, sectors and holding ratios will not be changed due to market timing
The Fund will place emphasis on selection of small- and mid-cap stocks.

Shinsei UTI India Fund has won the R&I Fund Awards for the best fund or excellent fund for 11
consecutive years from 2012 to 2022.

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

14 regional financial institutions
The former SBI Bond Investment (established in December 2015), a joint venture with PIMCO, and the former SBI Regional
Revitalization Asset Management (established in March 2018), a joint venture with 39 regional financial institutions, havesupported more advanced securities management by regional financial institutions through creation and management ofprivate placement investment trusts, mainly bond funds. After the merger in August 2022, private placement investment
trusts for financial institutions remain an important business for the current SBI Asset Management.
The total investment balance of the entire Group surpassed 1 trillion yen in 4 years and 5 months since the establishment of
SBI Bond Investment, and reached 2 trillion yen in 6 years and 7 months. Amid the tough investment environment, we willfurther continue to promote our problem-solving approach to financial institutions by responding to their fund management
needs with low-cost and flexible product designs.
(100 million yen)

Changes in the balance of privately placed investment trusts
managed by SBI Asset Management

March
2017

September
2017

March
2018

September
2018

March
2019

September
2019

March
2020

September
2020

March
2021

September
2021

March
2022

September
2022

March
2023

SBI Asset Management Co., Ltd.
(Cases)Changes in managing trustees of SBI Asset Management
Prefectural credit federation of agricultural cooperatives, etc.
Shinkin banks, credit unions
Regional banks

June
2017

December
2017

June
2018

December
2018

June
2019

December
2019

June
2020

December
2020

June
2021

December
2021

June
2022

March
2023

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 2023 (awarded in April 2023)
Category
10-year investment
trusts/domestic small- and midcap stocks

Award TypeBest Fund Award

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

R&I Fund Award 2022 (awarded in April 2022)
Category
10-year investment
trusts/domestic small- and midcap stocks
Investment trusts/domestic smalland mid-cap stocks

Award TypeBest Fund Award

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

Excellent FundAward

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

NISA/domestic small- and midcap stocks
iDeCo and DC/foreign bonds

Best Fund Award

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

Best Fund Award

EXE-i Developed World Bond Fund

Changes in the balance of assets for advisory services
by Wealth Advisor Co., Ltd. (former Morning Star Asset Management)

March
2020

June
2020

September December
2020
2020

March
2021

June
2021

September December
2021
2021

March
2022

June
2022

(100 million yen)

September December
2022
2022

March
2023

SBI Alternative Fund GK
Operation of crypto asset investment funds
pursuant to anonymous partnership agreements

SBI Alternative Fund GK, which was founded in December 2021, invests in crypto assets pursuant toanonymous partnership agreements with investors.
In February 2022, the company established Japan’s first crypto asset fund (Anonymous Partnership 1) for
individual investors as one of its next-generation assets under management, commenced investments inseven crypto assets and extended its initial redemption schedule by one year to January 2024.

Carret Asset Management LLC
Creation and management of publicly offeredand 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
major clients, 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. In March 2022, we additionally acquired all of theshares held by its non-controlling shareholders and turned it into our wholly owned subsidiary.
At the end of the consolidated fiscal year under review, the balance of assets under management of the company
was 406.2 billion yen.

Changes in the balance of assets managed byCarret Asset Management

End ofMarch
2020

End of
End ofJune 2020 September
2020

End ofDecember2020

End of
March
2021

End of
End ofJune 2021 September
2021(100 million yen)

End ofDecember
2021

End of
March
2022

End of
End ofJune 2022 September
2022

End ofDecember2022

End ofMarch2023

Financial Services BusinessNet sales: 1,905 million yen

This business mainly compares, analyzes and evaluates information on asset management in general toprovide the results thereof to customers, and also offers consulting and other services.

Net sales composition

Net sales(Million yen)

25th Fiscal Year
26th Fiscal Year
(Year ended March 2022) (Year ended March 2023)

Segment income(Million yen)

25th Fiscal Year
26th Fiscal Year
(Year ended March 2022) (Year ended March 2023)

Net sales of the Financial Services Business for the consolidated fiscal year under review were 1,905 million yen, a decrease of 268 million yen(△12.3%) from 2,173 million yen in the previous consolidated fiscal year.
Segment income for the consolidated fiscal year under review was 346 million yen, a decrease of 226 million yen (△39.5%) from 572 million
yen in the previous consolidated fiscal year.
On January 27, 2023, the Company executed an agreement to return the “Morningstar” brand to Morningstar Inc. of the US as of March 30,
2023, and recorded an extraordinary income of 8.0 billion yen as its consideration. As a result, profit attributable to owners of parent increased
significantly. On the other hand, the Financial Services Business saw a decrease in revenues and profits due to the discontinuation of services
using the “Morningstar” brand following the signing of the agreement.
After the return of the Morningstar brand, the Financial Services Business will be succeeded by Wealth Advisor Co., Ltd.

Financial Services Business to Wealth Advisor—Morningstar becomes Wealth Advisor on March 30, 2023—
The idea behind the logo of Wealth Advisor Co., Ltd.

The logo is based on a star symbolizing “ratings” and a compass “showing
the way” to indicate where the investor is headed, and signifies support for
the “establishment of Investor Sovereignty.”

Main Services of Data Solutions - 1[Wealth Advisor: sales support tool for financial institutions that sell financial products]
We offer financial institutions Wealth Advisor, 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 and gifts. It
has a number of functions that are essential for financial institutions to make better proposals to their clients. The number ofdevices using the service at the end of the consolidated fiscal year under review was 115,645, an increase of 965 from
114,680 at the end of the previous consolidated fiscal year.

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

End ofMarch
2011

End ofMarch
2012

End ofMarch
2013

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 of
March
2022

End ofMarch
2023

Main Services of Data Solutions - 2[Goal-based approach in accordance with fiduciary duty]
After properly listening to customers’ assets, family structure, and future goals, their future events can be designed, and the necessary
funds and goals can be proposed. Combined with the aforementioned Wealth Advisor, it is possible to make a series of proposals basedon a goal-based approach: future planning -> setting a target amount -> building a portfolio -> selecting funds, helping to improve theconsulting skills of financial institution sales representatives. In addition, with the inclusion of big data (data sets that are too large orcomplex to be handled by traditional data-processing application software) the system uses constantly updated data to explain housing
prices, college expenses, wage curves, required guarantees, and other factors, offering significant improvements over previous life plan
simulations, including the storage of customer answer information and report production.

New Life Plan Simulation

Detailed simulation using big data and theconvenience of save and print functions
More detailed information by region, etc.
(houses (detached houses, apartments),
universities, etc.)

•
•
•
•

Event addition function (timeline)
Color-coding of money
Required guarantee amount
Future simulation

Examples of Big Data
Applications

Creating customers’ life plan

Specific selection ofprefectures (regional data)

Timeline created byadding events

Specific selection of listed companies(Wage curve)

Display of various results

Specific selection of universities(Tuition fees)

Save function (a report can also be provided)

Main Services of Data Solutions - 3[Online content for digital asset management is also enhanced]
Providing investment trust data for financial institution websites
Megabanks

Securities firms

Regional banks

The Company has been providing easy-tounderstand information and ratings of investment
trusts for asset builders and asset users mainly
through the Internet by utilizing FinTech thatcombines Finance and Technology. In addition,
due in part to recent inflation, the yen’s
depreciation, and global conditions, the base ofinvestors who are considering asset management
has expanded greatly, and the introduction ofvarious simulations that trigger asset managementby the financial institutions selling products has
also grown significantly.
Various asset management simulations forPCs, smartphones and applications
Life Plan Simulation

Diagnosis of color-coded money

Financial Calculator

Provision of investment
trust data

Accumulation Simulation

Simulation of Tsumitate NISA (Dollar-Cost
Averaging NISA) Tax Savings

Inheritance Simulation

iDeCo Tax Saving Simulation

Robot Advisor[Growing number of companies
using the service](Number of companies)

End of March 2022

End of March 2023

Provision of Appropriate Information for Individual Investors[Wealth Advisor website]
A website relaunched as “Wealth Advisor.” We willcontinue to offer the services we have provided to date,and expand our information in the future to include the new
NISA, digital assets, and more.

[Smartphone App “My Investment Trust”]

Over 1 million downloads!!
Choose a fund from a variety ofperspectives possible to do
Detailed profit and loss managementin the portfolio Select a fund withstock comparison management
All features available for free

[Wealth Advisor YouTube Channel]
As asset management digitalizes, providing
information via video is becoming increasingly
important. Wealth Advisor will continue to further
expand and improve information services throughvideos.

[Stock News Web/App]The Stock News Web/App covers
many stocks, focusing on mid- andsmall-cap stocks that are not covered
anywhere else, and with the
expansion of corporate use, etc., it
has penetrated the core users ofasset management.

[My Crypto Currency]

Our crypto currency app “My Crypto
Currency” allows its users to view
information on various crypto currencies
at a glance and sort rankings by market
capitalization, percentage change andother indicators. It also distributes
exclusive news on a daily basis,securing its position as a comprehensive
app for crypto currencies.

Provision of Appropriate Information for Individual Investors[Asset management seminars]
Since the COVID-19 disaster, asset management seminars have been held mainly online, but we are gradually conducting
more face-to-face seminars in Tokyo and other regions in response to requests from investors to expand the number ofvenues for these seminars. Wealth Advisor will further enhance our events in the future.

[Examples of seminars held recently (in Tokyo)]<Tokyo> Investment Trust EXPO 2022
[September 10, 2022 (Saturday)]• Number of online viewers : 5,014• Number of visitors: 368
A booth scene• Total: 5,382 broughtback to life

<Tokyo> Morningstar Conference 2023
[January 21, 2023 (Saturday)]• Number of online viewers :877
• Number of visitors:256
The first event in• Total:1,133
2023

Lecture byRepresentative
AsakuraRepresentative
Asakura’s lecture, fully
booked every year

[Examples of seminars held recently (in Held in local cities)]<Kyoto> Asset Management Fair 2022 in Kyoto[July 22, 2022 (Friday)]<Fukuoka> Investment Trust Fair 2023 in Fukuoka[March 21, 2023 (Tuesday (national holiday))]• Number of online viewers :624
• Number of visitors:49• Total:673• Number of online viewers: 1,834• Number of visitors to the venue : 120• Total: 1,954First fair held in Kyoto

Presentation at the boothLecture byRepresentative
AsakuraLecture byRepresentative
Asakura[Wealth Advisor’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[Morningstar Award Commemorative Seminar]
Must a choice be between “active or passive (index)”?

End ofApril
2020

End ofJune
2020

End of
September2020

End ofDecember2020

End of
March
2021

End ofJune
2021

End of
September2021

End ofDecember
2021

End of
March
2023

End of
March
2022

Top 3 most popular videos
No. 1

No. 2

No. 3

No. of views: 436,831
No. of likes: 2,177

No. of views: 186,121
No. of likes: 1,826

No. of views: 122,788
No. of likes: 1,028(As of the end of March 2023)

[Web advertising]
Wealth Advisor website

Smartphones & tablets

Web advertising on our website, which is the top
financial information website in Japan, is highly
effective and has been utilized 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 types of media and content increased
and the website recorded 39.86 million PVs in March2022.
Although we restricted in-person seminars (seminars
in which participants physically visit the venue) as acountermeasure against COVID-19 infection, thenumber of participants of online seminars grewsteadily and the total number of online and in-person
seminar participants exceeded 30,000 for the Fiscal
Year ended March 31, 2022.

[Seminars]
Major hybrid (online) asset management seminars

Changes in the number of seminar participants
In-person

OnlineInvestment Trust EXPO 2022
[Held on September 10, 2022 (Saturday)]• Number of online viewers:5,014• Number of visitors to the venue :368
• Total :5,382
Morningstar Conference 2023
[Held on January 21, 2023 (Saturday)]• Number of online viewers:877• Number of visitors to the venue:256• Total :1,133

Year ended
March 2018Year ended
March 2019Year ended
March 2020

Year ended
March 2021

Year ended
March 2022

Year ended
March 2023

Wealth Advisor Co., Ltd.

[Advisory Service for Defined Contribution-Type Corporate Pension Plans]
Wealth Advisor Co., Ltd. contracts with companies and provides support such as creating DC booklets in order to promote
understanding among corporate-type defined contribution pension plan participants.
In order to solve the concerns that subscribers really want to know, such as what kind of style suits them among the
products handled by their company, and what kind of portfolio they should build specifically, We support you as an agency.

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

26th Fiscal YearAs of March 31, 2023

Item
Liabilities

AssetsCurrent liabilities
Current assets

2,137,894

Accounts receivable

1,483,903

Accounts receivable–other
Other
Non-current assets
Property, plant and equipment

1,386
9,409,529
959,197
7,355,867
345,777

62,753

Accounts payable–other

1,010,877

Short-term lease liabilities
Income taxes payable

12,179Other

508,107

Non-current liabilities
Long-term lease liabilities

Tools, furniture and fixtures

28,027

Total liabilities

253,288

Net assets

2,579,790

50,646
2,709,257

Accrued consumption taxes

64,462Right-of-use assets

4,353,823

Accounts payable–trade

Facilities attached to buildings

Intangible assets

Shareholders’ equity

202,641
202,641
4,556,464

16,213,329

Goodwill

1,676,585

Share capital

3,363,635

Software863,429

Capital surplus

4,514,168

Other

39,775Retained earnings

8,335,546

4,430,299

Treasury shares

Investments and other assets
Investment securities

3,871,154

Deferred tax assets

416,769

Other

142,375

Deferred assets

8,587

Share issuance costs

Total assets
27

13,991,911

Cash and deposits

Inventories

26th Fiscal YearAs of March 31, 2023

8,587

21,356,365

Accumulated other comprehensive
incomeValuation difference on available-forsale securities
Foreign currency translation
adjustment

Non-controlling interests△20267,713
13,440254,273
318,858

Total net assets

16,799,901

Total liabilities and net assets

21,356,365

 Consolidated statement of income
Item
Net sales
Cost of sales
Gross profit
Selling, general and administrative expenses
Operating profit
Non-operating income
Interest income
Dividend income
Gain on sale of investment securities
Other
Non-operating expenses
Foreign exchange losses
Share issuance costs
Other
Ordinary profit
Extraordinary income
Income from the return of brand
Extraordinary loss
Expenses arising from restructuring
Loss on sale of investment securities
Loss on valuation of investment securities
Impairment losses
Loss on retirement of intangible assets
Office relocation expenses
Loss on valuation of crypto assets
Profit before income taxes
Income taxes–current
Income taxes–deferred
Profit attributable to non-controlling interests
ProfitProfit attributable to owners of parent(Thousand yen)

26th Fiscal Year
From April 1, 2022
To March 31, 2023
8,747,113
4,221,253
4,525,860
2,694,721
1,831,139
647,285
143,396
462,017
18,49423,377
19,481
232
10,416
8,832
2,458,942
8,000,000
8,000,000
2,339,352
224,468
1,565,298
2,562
433,072
98,2899,736
5,924
8,119,590
2,875,940△323,128
123,758
5,566,778
5,443,020

28

Reference Document for the Annual Meeting of Shareholders
The following are the key points of the Reference Document (agenda items) for this year’s Annual Meeting of
Shareholders to assist the shareholders’ understanding. For the full text of the Notice of Convocation, please referto the Notice of the 26th Annual Meeting of Shareholders, which is available on the corporate information website,
etc. of the Company on page 5.
Agenda Item
No. 1

Election of Six (6) Directors

The term of office of all six (6) current Directors will expire at the conclusion of the Annual Meeting of Shareholders.
The Company requests the election of six (6) Directors, with the four (4) constituting candidates for independent
outside Director, in order to have a corporate governance system that is appropriate for a company listed on thePrime Market.
The candidates for Director are as follows:

33

Candidate
No.

Name

1

Tomoya Asakura

Representative Director,
Executive Officer and President

Re-election

2

Yoshitaka Kitao

Director

Re-election

3

Motonari Otsuru

Outside Director

Re-election

Independent

Outside4

Billy Wade Wilder

Outside Director

Re-election

Independent

Outside5

Kotaro Yamazawa

Outside Director

Re-election

Independent

Outside6

Akihiro Horie

Outside Director

Re-election

Independent

OutsideCurrent position and responsibility at the Company

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

Brief profile, position and responsibility at the Company
Apr. 1989
June 1995

Joined The Hokkaido Takushoku Bank, Ltd.
Joined SoftBank Corp. (currently SoftBank Group
Corp.)

Nov. 1998
Mar. 2000
July 2004
Dec. 2005
June 2007
Apr. 2011

Joined the Company
Director
Representative Director and President
Representative Director, 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
June 2022

Re-election

Director and Managing Executive Officer of SBI Holdings, Inc.
Representative Director, Executive Officer and President of theCompany (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)
Director and Senior Executive Vice President of SBI Holdings, Inc.
(current position)

Significant concurrent positions
SBI Holdings, Inc.

Director and Senior Executive Vice President

SBI Estate Finance Co., Ltd.

Director

Wealth Advisor Co., Ltd.

Representative Director and President

SBI Alternative Asset Management Co., Ltd.

Director

SBI Asset Management Group, Inc.

Director

SBI Insurance Group Co., Ltd.

Director

SBI Asset Management Co., Ltd.

Director

SBI NEO FINANCIAL SERVICES Co., Ltd.

Director

Carret Holdings, Inc.

Director

SBI Sumishin Net Bank, Ltd.

Director

SBI Energy Co., Ltd.

Director

Okasan Asset Management Co., 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.

34

2. Yoshitaka Kitao(Date of birth: January 21, 1951)
Number of Company shares owned: 183,200

Re-election

Brief profile, position and responsibility at the Company
Apr. 1974
June 1995

Joined Nomura Securities Co., Ltd.
Managing Director of SoftBank Corp.
(currently SoftBank Group Corp.)

Mar. 2006
June 2012

Director and CEO of the Company
Representative Director, Executive Officer and Presidentof SBI Holdings Inc.

Apr. 1998
July 1999

Representative Director and President of the Company
Representative Director and President of SoftBank
Investment Co., Ltd. (currently SBI Holdings Inc.)

July 2012
June 2018
July 2022

Director of the Company (current position)
Representative Director and President of SBI Holdings Inc.
Representative Director, Chairman, President & CEO of
SBI Holdings Inc. (current position)

Significant concurrent positions
SBI Holdings, Inc.
SBI SECURITIES Co., Ltd.
SBI Investment Co., Ltd.
SBI Pharmaceuticals Co., Ltd.
SBI Asset Management Group, Inc.

Representative Director, Chairman,
President & CEO
Representative Director and Chairman
Representative Director, Executive
Officer, Chairman and President
Representative Director, Executive
Officer and President
Representative Director and President

Regional Revitalization Partners Co., Ltd. Representative Director and President
SBI Financial and Economic Research Representative Director and President
Institute Co., Ltd.
Representative Director and President
SBI Capital Management Co., Ltd.

SBI Regional Business Succession Investment Representative Director andChairmanCo., Ltd.
Representative Director
SBI Hong Kong Holdings Co., Limited
Representative Director and
SBI Digital Asset Holdings Co., Ltd.
SBI PTS Holdings Co., Ltd.
Osaka Digital Exchange Co., Ltd.
SBI Crypto Investment Co., Ltd.
SBI FINANCIAL SERVICES Co., Ltd.
SBI Liquidity Market Co., Ltd.

SBI Wellness Bank Co., Ltd.

Representative Director and Chairman

Nexyz.TRADE Inc.

SBI BITS Co., Ltd.

Representative Director and Chairman

SBI Ripple Asia Co., Ltd.

SBI Crypto Co., Ltd.

Representative Director and Chairman

Chairman
Representative Director andChairman
Representative Director andChairman
Representative Director
Representative Director andChairman
Representative Director andChairman
Representative Director andChairman
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 thesustained improvement of the Group’s corporate value in the future, and nominated him as a candidate for Director again.

35

3. Motonari Otsuru(Date of birth: March 3, 1955)
Number of Company shares owned: None

Brief profile, position and responsibility at the Company
Apr. 1980 Appointed as a public prosecutor

Re-election Independent

OutsideAug. 2011 Director of Trial Department of Supreme Public Prosecutors Office, and resigned
as Public Prosecutor
Registered as a practicing attorney (Dai-Ichi Tokyo Bar Association)

June 2000 Deputy-Director of Special Investigation Department of Tokyo District Public

Prosecutors Office (in charge 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 July 2012
Office (in charge of special direct criminal complaints)
Apr. 2005 Director of Special Investigation Department of Tokyo District Public Prosecutors
Jan. 2014
OfficeJan. 2007 Chief Prosecutor of Hakodate District Public Prosecutors Office
June 2014
Jan. 2008 Public Prosecutor of Supreme Public Prosecutors Office (in charge of finance andJune 2015
economic affairs)Mar. 2010 Deputy Chief Prosecutor of Tokyo District Public Prosecutors Office
Mar. 2017

Special counsel belonging to SAN SOGO LAW OFFICE (current position)
Outside Director of AURORA Servicing Co., Ltd. (current position)
Chairman of the Investigation Committee of Nippon Professional BaseballOrganization (current position)
Outside Director of AEON Financial Service Co., Ltd.
Outside Director of the Company (current position)
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 Baseball Organization

Outside Corporate Auditor
Chairman of the Investigation 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,
the Company 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.

4. Billy Wade Wilder(Date of birth: February 6, 1950)
Number of Company shares owned: None

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. 2014 Senior Consultant & Chief Investment Officer of MATT.ER K.K.
(current position)

Sept. 1995 Representative Director and President of the company

Apr. 2016

Outside Director of Monex Group, Inc.

July 2004

Representative Director and President of Nikko Asset Management Co., Ltd.

Apr. 2016

Advisor of Prospect Co.

Jan. 2014

Director of GIC Securities Co., Ltd. (currently GI Capital Management Ltd.)

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 31 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 the Asset Management
Business, and has nominated him as a candidate for Outside Director again with the expectation that he will play such roles.

36

5. Kotaro Yamazawa(Date of birth: October 8, 1956)
Number of Company shares owned: None

Re-election Independent

OutsideBrief profile, position and responsibility at the Company
Apr. 1980

Joined the Bank of Japan

June 2017

May 1998

Manager of Banking Division of Osaka Branch of Bank of Japan

June 2017

Outside Director of Tokyo Commodity Exchange

July 2000

Manager of Personnel Division of Personnel Department of Bank of Japan

Sept. 2018

Outside Auditor of WingArc1st Inc.

Mar. 2004

Head of Hakodate Branch of Bank of Japan

June 2019

Outside Director AEON Financial Service Co., Ltd.

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 Exchange Group, Inc.
Director and Senior Managing Executive Officer of Osaka Securities ExchangeCo., Ltd.
Apr. 2015 Director and Vice President of Osaka Exchange, Inc.

Corporate Auditor (External) 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 of AGRIMEDIA Inc.

June 2022

Outside Director of the Company (current position)

Significant concurrent positions
AEON Financial Service Co., Ltd.

Outside Director

WingArc1st Inc.

Outside Director

HiJoJo Partners Inc.

Outside Director

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 ofJapan and Osaka Exchange. In addition, the Company has judged that it will be able to further reinforce and enhance complianceby having him supervise the Company’s management and advise on overall management, centered on the Asset Management
Business, utilizing his in-depth insight as a manager, and has nominated him as a candidate for Outside Director with the
expectation that he will play such roles.

6. Akihiro Horie(Date of birth: November 3, 1959)
Number of Company shares owned: None

Re-election Independent

OutsideBrief profile, position and responsibility at the Company
Oct. 1989

Joined Ota-Showa Audit Corporation (currently Ernst & Young
ShinNihon LLC)

Apr. 2008

Director of Global Partners Consulting, Inc. (current position)

Apr. 1993
July 2002
Dec. 2006

Registered as a Certified Public Accountant
Representative Partner of BRAIN Accounting Tax Co.
Director of Partners Holdings Inc.

June 2016
June 2018

Outside Corporate Auditor of TSUKUI STAFF CORPORATION
Outside Director (Audit and Supervisory Committee Member)of the company

June 2022

Outside Director of the Company (current position)

Significant concurrent positions
Global Partners Consulting, Inc.

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.

37

Agenda Item
No. 2

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 by laws and regulations, the Company requests the election of one (1) Substitute Outside Corporate
Auditor in accordance 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.
of birth: October 28, 1953)
Re-election IndependentToshiyuki Kamiyama (Date
Number of Company shares owned: None

OutsideBrief profile
Apr. 1978

Joined The Fuji Bank, Limited (currently Mizuho Bank, Ltd.)May 2001

General Manager of Finance Dept. of the bankPhilippine National Bank

Apr. 2002

Director of European Fund Office of Market Planning Dept. of Mizuho Corporate Apr. 2013
Bank, Ltd. (currently Mizuho Bank, Ltd.)
General Manager of Market Sales Dept. of Mizuho Bank, Ltd.
June 2016

Substitute Corporate Auditor of the Company (to present),

Apr. 2004
July 2007

Apr. 2010

Executive Officer (in charge of Financial Product Development Dept., and deputy
in charge of Credit Dept. and Sales Planning Dept.) of Mizuho Investors
March 2017
Securities Co., Ltd. (currently Mizuho Securities Co., Ltd.)Managing Director of Tokyo Branch and Representative in Japan of

Full-time Corporate Auditor of SBI Biotech Co., Ltd.

Corporate Auditor of SBI Nihon SSI Co., Ltd.
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.

38

Information Map of the Venue for the Annual Meeting of Shareholders
Palace Hotel Tokyo, Function Room Yamabuki (4th Floor)

Venue

1-1-1 Marunouchi, Chiyoda-ku, Tokyo Tel.: 03-3211-5211
JR

Transportation| 8 minutes’ walk from the Marunouchi North Exit of Tokyo Station

Subway | Direct underground passage from Exit C13b of Otemachi Station
Ote-mon Gate

Palace HotelTokyo

Kikyo-bori Moat

Front
entrance

Wadakura
Fountain Park

Otemon Tower
and JX Building

Wadakura
Fountain Park
Restaurant
Wadakura-bori
Moat
Police Box

Hibiyadori Street

Sumitomo
Mitsui Banking
Nippon Life Corporation
Marunouchi Head OfficeGardenBldg.
Tower

Mita Line Otemachi Station

Otemachi Intersection

Shin-Marunouchi
Building

Marunouchi Line Tokyo Station

Marunouchi
Central Exit

Marunouchi
North Exit

Nippon Life
Insurance
Marunouchi
Building

Marunouchi Center
Building
Shin-Marunouchi
Center Building

Marunouchi
Oazo

Marunouchi
Kitaguchi
Building

Tozai Line Otemachi Station

The Industry Club of
Marunouchi
Japan Hall/ Mitsubishi
EirakuUFJ Trust and Banking
Building iiyo!!
Corporation Head
Office Building

Eitai-dori Avenue

Sumitomo Mitsui
Banking
Corporation
East Tower

Tokio Marine
Nichido Building

Marunouchi
Building

Marunouchi
South Exit

Ote
Center Building
C13a Exit(Above ground)

Nippon Life Insurance

Gyoko-dori Avenue

Yusen
Building

C13b Exit(Underground)Otemachi
1st Square

OtemachiTower
Ootemori

Otemachi Nomura
Building

Shin-Otemachi
Building

JR Tokyo Station
Sapia Tower*Please refrain from coming by car as parking is not provided.
Universal design fonts are used
for easy reading and to avoid
misinterpretation.

Business Report
The parts omitted from the “Notice of Access”
State of Corporate Group(3) Capital investment
During the consolidated fiscal year under review, the Group invested a total of 371 million yen.
Most of the funds are invested in systems to improve the quality of its services, mainly
investments in system servers and software related to the Financial Services Business and toenhance its information database.
(4) Fund procurement
Not applicable(5) Status of significant organizational restructuring
Since the end of the previous consolidated fiscal year, the following organizational restructuring
has been implemented.
① Merger of SBI Asset Management Co., Ltd., SBI Bond Investment Management Co., Ltd. and
SBI Regional Revitalization Asset Management Co., Ltd.
On August 1, 2022, consolidated subsidiaries SBI Asset Management Co., Ltd., SBI Bond
Investment Management Co., Ltd., and SBI Regional Revitalization Asset Management Co.,
Ltd. merged with BI Asset Management Co., Ltd. as the surviving company. rice field.
② Merger with consolidated subsidiary (intermediate holding company of asset managementbusiness)
On October 1, 2022, the Company merged with SBI Asset Management Group Co., Ltd., asubsidiary of the Company and an intermediate holding company of the Group's asset
management business.
③Acquisition of shares in Shinsei Investment Management Co., Ltd., making it a subsidiary
On October 3, 2022, the Company acquired all shares of Shinsei Investment Management Co.,
Ltd., an asset management company, and made it a subsidiary.
④ Merger of Morningstar Asset Management Co., Ltd. and e-Advisor Co., Ltd.
On March 30, 2023, we merged our consolidated subsidiaries Morningstar Asset Management
Co., Ltd. and e-advisor Co., Ltd. with Morningstar Asset Management Co., Ltd. as the surviving
company.

－ 40 －

⑤ Absorption-type company split of the financial services business into a subsidiary
On March 30, 2023, the Company conducted an absorption-type company split to transfer therights and obligations of the Company's financial services business to its wholly-owned
subsidiary Morningstar Asset Management Co., Ltd. by way of an absorption-type company
split. rice field.
On the same day, Morningstar Asset Management Co., Ltd. changed its name to Wealth
Advisor Co., Ltd.
⑥ Merger of SBI Asset Management Co., Ltd. and Shinsei Investment Management Co., Ltd.
On April 1, 2023, consolidated subsidiaries SBI Asset Management Co., Ltd. and Shinsei
Investment Management Co., Ltd. merged with SBI Asset Management Co., Ltd. as thesurviving company.
The status of important reorganizations is also explained in the consolidated financial
statements, 13. Notes on business combinations and 14. Significant subsequent events.

(6) Important Parent Company and Subsidiaries
Ratio of voting
rights held in the
Company (%)

Company nameShare capital(million yen)

SBI Asset Management
Group, Inc.

100

52.7

139,181(52.7)SBI Holdings, Inc.

Relationship with the Company
A wholly owned subsidiary of SBI Holdings,
Inc., which is the Company’s largest
shareholder as well as its parent company
and major shareholder
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 indicatesthe 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 with SBI Holdings, Inc. in accordance with the basic policy that saidtransactions should be conducted on basic terms similar to those applicable to other counterparties andat 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 notharm the interests of the Company for the same reason.

－ 41－

(ii) Subsidiaries(As of April 1, 2023)

SBI Global Asset Management Co., Ltd. (holding company)
Financial Services
Business

Asset Management
Business(Carret’s holding company)

Wealth Advisor Co., Ltd.
Investment advice forindividuals/bond rating
information/company
information

Investment trust
information/overseas
financial information/
advertising and seminars

SBI Asset Management Co., Ltd.
Creation and management of publicly
offered and privately placed investment
trustsEquity/bond funds

Management of investment
trusts and other assets forregional financial institutions tomanage their own funds

Multi-asset funds

Stock News
Stock information

Investment advisory services
for financial institutions and401K advisory services

SBI Alternative Asset Management Co., Ltd.
Chinese and Asianfinancial information

Investment management business for
qualified investors

SBI Alternative Fund GK
Investment and investment trusts under anonymous partnershipagreements with investors－ 42－

Creation and management ofprivately placed investment trustsin the US.
Focused on bond funds

【3】Executive Officers(1) Directors and Corporate Auditors (as of March 31, 2023)
Position at theCompany
Representative
Director, Executive
Officer and President

Name

Duty

Tomoya Asakura

Generalmanagement

Director

Yoshitaka Kitao

Outside Director

Motonari Otsuru

Outside Director

Billy Wade Wilder

Outside Director

Kotaro Yamazawa

Outside Director

Akihiro Horie

Notes: 1.
2.

3.

4.

5.

Position at theCompany

Name

Duty

Full-time
full-timeAtsuo Goto
Corporate Auditor
audit
OutsideKazuro Nagano
Corporate Auditor
OutsideMasanobu Kotake
Corporate Auditor

The Company appointed Mr. Toshiyuki Kamiyama as a Substitute Corporate Auditor.
Directors Motonari Otsuru, Billy Wade Wilder, Kotaro Yamazawa and Akihiro Horie are Outside
Directors. Messrs. Kazuro Nagano and Masanobu Kotake, who are Corporate Auditors, areOutside Corporate Auditors.
The Company has designated Directors Motonari Otsuru, Billy Wade Wilder, Kotaro Yamazawa,
and Akihiro Horie, and Corporate Auditors Kazuro Nagano and Masanobu Kotake as Independent
Officer as provided for in the regulations of the Tokyo Stock Exchange and notified the Exchange
to that effect.
Changes in Directors and Corporate Auditors during the period under review were as follows:
At the 25th Annual Meeting of Shareholders held on June 23, 2022, Mr. Kotaro Yamazawa and
Mr. Akihiro Horie were newly appointed as Director. In addition, at the conclusion of the said
Annual Meeting of Shareholders, Directors Kazuhisa Ogawa, Masato Morisawa, and Chang YuTsung retired from their office due to expiration of the terms of office.
On March 1, 2023, Director Bevin Desmond retired from his office by resignation.
The Company has concluded Liability Insurance Contracts for Directors and Other Officers asprovided for in Article 430-3, Paragraph 1 of the Companies Act with an insurance company. Allof the Company’s Directors and Corporate Auditors are insured under the contracts. Any claims
for damages or other losses made against any of the insured will be covered by the insurance
contracts.

－ 43 －

(2) Remuneration and other amounts paid to Directors and Corporate Auditors(i) Policies to determine the details of remuneration and other amounts paid to directors and other officers
and other 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 otherrelevant factors concerning each Director.
The base remuneration for Directors shall be monthly monetary remuneration. The amount of the remuneration to be paid
shall be determined for each Director upon taking into consideration the maximum amount of employee salaries, theamount that was actually paid in the past to Directors of the same rank, the Company’s performance forecast, the standard
amount of remuneration for Directors prevailing in society, the level of contribution made by the relevant Director to theCompany’s performance and other factors, circumstances surrounding the appointment of the Director, the amount of the
remuneration for the previous year and other relevant factors. The Representative Director shall determine 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 the base remuneration for the Directors as a whole and leaves the individual amounts to theRepresentative 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 theCompany. The Representative Director shall determine individual amounts of bonuses payable to individual Directors if theBoard of Directors passes a resolution on the total amount of the bonuses for the Directors as a whole and leaves theindividual amounts to the Representative Director’s discretion. Currently, the Company has no intention to pay any nonmonetary 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 details of the remuneration and other amounts so determined are inline with the relevant determination policy.
(ii) Total amount of remuneration, etc. for the fiscal year under review
Category
Director
Corporate Auditor
Total

Total amount of remuneration, etc. for the fiscal year
under review

Amounts paid to outside officers out of the total amount

Number of officers to be
paid

Number of officers to be
paid

7
2
9

Amount to be paid
(thousand yen)

45,668
12,10057,7684
1
5

Amount to be paid
(thousand yen)

21,0003,600
24,600Notes: 1. All of the above remuneration, etc. for Directors is base remuneration. For the fiscal year under review,
remuneration, etc. 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 theamount of bonuses for the Directors as a whole for the fiscal year under review and left the individual
amounts of remuneration, etc. 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 (3) Directors and one (1) Corporate Auditor who received no remuneration. The number and theamount include three (3) Directors who resigned due to expiration of the term of office at the conclusion of
the 24th Annual Meeting of Shareholders held on June 23, 2022.
3. Pursuant to the resolution passed at the Annual Meeting of Shareholders for the 4th Fiscal Year held
March 21, 2000, the annual amount of Directors remuneration must not exceed 500 million yen and that ofCorporate Auditors’ remuneration must not exceed 100 million yen.
4. If the resolution is passed at the relevant Annual Meeting of Shareholders, the number of Directors toreceive the remuneration will be five (5) (of which, four (4) will be Outside Directors) and the number ofCorporate Auditors to receive the remuneration will be two (2) (of which, one (1) will be a Corporate
Auditor).

－ 44 －

(3) Significant concurrent positions
Name

Tomoya Asakura

Yoshitaka Kitao

Motonari Otsuru

Company name

Title

Wealth Advisor Co., Ltd.

Representative Director and President

SBI Holdings, Inc.

Director and Senior Executive Vice
President

SBI Asset Management Group, Inc.

Director

Carret Holdings, Inc.

Director

SBI Asset Management Co., Ltd.

Director

SBI Regional Business Succession Investment Co., Ltd.

Director

SBI Alternative Asset Management Co., Ltd.

Director

SBI Energy Co., Ltd.

Director

SBI Estate Finance Co., Ltd.

Director

SBI Sumishin Net Bank, Ltd.

Director

SBI Insurance Group Co., Ltd.

Director

Okasan Asset Management Co., Ltd.

Director

SBI NEO FINANCIAL SERVICES Co., Ltd.

Director

SBI Holdings, Inc.

Representative Director, Chairman,
President & CEO

SBI SECURITIES Co., Ltd.

Representative Director and Chairman

SBI Investment Co., Ltd.

Representative Director, Executive
Officer, Chairman and President

SBI Pharmaceuticals Co., Ltd.

Representative Director, Executive
Officer and President

SBI Asset Management Group, Inc.

Representative Director and President

Regional Revitalization Partners Co., Ltd.

Representative Director and President

SBI Financial and Economic Research Institute Co., Ltd.

Representative Director and President

SBI Capital Management Co., Ltd.

Representative Director and President

SBI Wellness Bank Co., Ltd.

Representative Director and Chairman

SBI BITS Co., Ltd.

Representative Director and Chairman

SBI Crypto Co., Ltd.

Representative Director and Chairman

SBI Regional Business Succession Investment Co., Ltd.

Representative Director and Chairman

SBI Hong Kong Holdings Co., Limited

Representative Director

SBI Digital Asset Holdings Co., Ltd.

Representative Director and Chairman

SBI PTS Holdings Co., Ltd.

Representative Director and Chairman

Osaka Digital Exchange Co., Ltd.

Representative Director and Chairman

SBI Crypto Investment Co., Ltd.

Representative Director

SBI FINANCIAL SERVICES Co., Ltd.

Representative Director and Chairman

SBI Liquidity Market Co., Ltd.

Representative Director and Chairman

Nexyz.TRADE Inc.

Representative Director and Chairman

SBI Ripple Asia Co., Ltd.

Representative Director and Chairman

SAN SOGO LAW OFFICE

Special counsel

AURORA Servicing Co., Ltd.

Outside Director－ 45 －

Billy Wade
Wilder

SBI Insurance Group Co., Ltd.

Outside Corporate Auditor

Nippon Professional Baseball Organization

Chairman of theInvestigation Committee

MATT.ER K.K

Senior Consultant & Chief
Investment Officer

AEON Financial Service Co., Ltd.

Outside Director

KotaroYamazawa

WingArc1st Inc.

Outside Director

HiJoJo Partners Inc.

Outside Director

Akihiro Horie

Global Partners Consulting, Inc.

Director

SBI Asset Management Co., Ltd.

Corporate Auditor

Wealth Advisor Co., Ltd.

Corporate Auditor

Sanyu Appraisal Corporation

Outside Corporate Auditor

Moriyama Milk Industry Co., Ltd.

Special Adviser

JapanNext Co., Ltd.

Outside Corporate Auditor

SBI Prime Securities Co., Ltd.

Corporate Auditor

SBI Investment Co., Ltd.

Corporate Auditor

SBI NEO FINANCIAL SERVICES Co., Ltd.

Corporate Auditor

Atsuo Goto

Kazuro Nagano

Masanobu
Kotake－ 46－

(4) Matters Related to Outside Officers(i) Significant concurrent positions as Executives or outside officer, etc. of another corporation,etc. and relationship with such corporation, etc.
Name of Outside Officers

Director
Motonari Otsuru

Director
Billy Wade Wilder

Director
Kotaro Yamazawa

Corporate Auditor
Kazuo Nagano

Corporate Auditor
Masanobu Kotake

Significant concurrent positions as Executives or outside officer, etc. of anothercorporation, etc.
SAN SOGO LAW OFFICE

Special counsel

AURORA Servicing Co., Ltd.

Outside Director

SBI Insurance Group Co., Ltd.

Outside Corporate Auditor

MATT.ER K.K

Senior Consultant & Chief Investment
Officer

AEON Financial Service Co., Ltd.

Outside Director

WingArc1st Inc.

Outside Director

HiJoJo Partners Inc.

Outside Director

Sanyu Appraisal Corporation

Outside Corporate Auditor

Moriyama Milk Industry Co., Ltd.

Special Adviser

JapanNext Co., Ltd.

Outside Corporate Auditor

SBI Prime Securities Co., Ltd.

Corporate Auditor

SBI Investment Co., Ltd.

Corporate Auditor

SBI NEO FINANCIAL SERVICES Co., Ltd.

Corporate Auditor

Note: SBI Insurance Group Co., Ltd., SBI Prime Securities Co., Ltd., SBI Investment Co., Ltd., and SBI
Neo Financial Services Co., Ltd. are subsidiaries of SBI Holdings, Inc., the Company’s parent company.
There is no special relationship between the Company and the above companies where the outside
officers hold concurrent positions.

(ii) There is no relative relationship between the executive directors, etc. of the Company or theCompany’s major transaction partners and other specified related entities.
(iii) Amount of remuneration, etc. received by outside officers from the Company’s parent
company or subsidiaries of the Company’s parent company (excluding the Company)
The total amount of remuneration, etc. was 3,600 thousand yen, received by Outside
Directors and outside Corporate Auditors as officers during the current fiscal year from theCompany’s parent company or subsidiaries of the parent company (excluding the Company)
for which they concurrently serve as officers.

－ 47 －

(iv) Principal activities during the period under review
1) Attendance and comments made at the Board of Directors and Board of Corporate Auditors
Status of Activities
Outside Director
Motonari Otsuru

He attended all 12 meetings of the Board of Directors held during the period underreview and participated in the resolutions of the Board of Directors as an Outside
Director. He also made comments on agenda items, mainly from a legal perspective,
and other comments as necessary.

Outside Director
Billy Wade Wilder

He attended all 12 meetings of the Board of Directors held during the period underreview and participated in the resolutions of the Board of Directors as an Outside
Director. He also made comments on agenda items, mainly from an asset management
perspective, and other comments as necessary.

Outside Director
KotaroYamazawa

He attended all 10 meetings of the Board of Directors held after his appointment as
Director and participated in the resolutions of the Board of Directors as an Outside
Director. He also made comments on agenda items, mainly from an asset management
perspective, and other comments as necessary.

Outside Director
Akihiro Horie

He attended all 10 meetings of the Board of Directors held during the period underreview and participated in the resolutions of the Board of Directors as an Outside
Director. He also made comments on agenda items, mainly from the perspective of
accounting and administrative operations, and other comments as necessary.

Outside Corporate
Auditor
Kazuro Nagano

He attended all 12 meetings of the Board of Directors held during the period underreview and made comments to ensure adequacy and appropriateness of the decisionmaking of the Board of Directors. He also attended all 12 meetings of the Board of
Corporate Auditors held during the period under review and made the necessarycomments as appropriate.

He attended all 12 meetings of the Board of Directors held during the period underOutside Corporate
review and made comments to ensure adequacy and appropriateness of the decisionAuditor
making of the Board of Directors. He also attended 11 out of 12 meetings of the Board
Masanobu Kotake of Corporate Auditors held during the period under review and made the necessarycomments as appropriate.

2) Business Policies, etc. modified by the opinions of outside officer
Not applicable3) Summary of the Company’s response to misconduct
Not applicable(v) Outline of Liability Limitation Agreement
Pursuant to Article 427, Paragraph 1 of the Companies Act, the Company and each outside
officer have executed an agreement to limit their liability for damages as provided for in Article
423, Paragraph 1 of the same Act. The maximum amount of liability for damages under thesaid agreement is one million yen or the minimum liability amount stipulated by laws andregulations, whichever is higher.

－ 48 －