Securities Code: 4765

Notice of Convocation of
the 27th Annual Meetingof Shareholders

Date
and
Time

Thursday, June 20, 2024
10 a.m. (JST)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 ensurethat you go to the correct venue.
After the close of the Annual Meeting of Shareholders, we will holdthe Briefing Session on Our Latest Management Updates.
We will live-stream this Annual Meeting of Shareholders and theBriefing Session on Our Latest Management Updates on theInternet.

Table of contents
To our shareholders:Business Results
Dividends
Notice of Convocation of the Annual Meeting of
Shareholders for the 27th Fiscal Year

1
2
3
4

(Exhibits)
Business Report
8
Consolidated Financial Statements
34
Reference Document for the Annual Meeting of
Shareholders
Agenda Item No. 1: Election of Six (6) Directors 36
Agenda Item No. 2: Election of One (1) SubstituteCorporate Auditor
41

SBI Global Asset Management Co., Ltd.

- 0 -To our shareholders:

Representative Director andPresident
Tomoya Asakura

At SBI Global Asset Management Co., Ltd., we would like toexpress our sincere appreciation for your continued support.
Since its establishment, the Company has been committed toa "client-centered" approach to business based on its
philosophy “establishment of investor sovereignty," with theaim of contributing to optimal asset formation for each andevery investor by providing abundant and unbiased investment
information and offering high-quality, low-cost investment trust
products. In March 2023, we celebrated our 25th anniversary
thanks to your support. At the same time, we sold the"Morningstar" brand to Morningstar, Inc. in the U.S. andchanged our company name to establish a stronger structure
to promote our asset management business. While 80% of oursales and profits are already generated by the AssetManagement Business, we continue to promote the Financial
Services Business as one of our important businesses, inwhich we have provided investment education, investment
information, and asset management-related tools since ourestablishment. With the business structure of the AssetManagement Business and the Financial Services Business as
an inseparable pair, we believe that we can contribute to
optimal asset formation for investors in the trend of "savings toasset formation" that has begun in earnest.

We have been actively investing our management resources from early on in the new NISA, which came into effectin January 2024, in order to become a corporate group dedicated to the NISA program. As a result, we are proud tohave played a certain role in the expansion of investors' asset management needs, triggered not only by the launch of
the new NISA, but also by the new high of the Nikkei Stock Average in February of this year, and the inflation andweak yen.
As for the Group's performance in the Fiscal Year ended March 31, 2024, both the Financial Services Businessand the Asset Management Business showed steady growth. In the Financial Services Business, the Company
continued to provide investment trust evaluations and investment information under its new brand “Wealth Advisor,”and held more asset management seminars especially in the second half of the year in line with the progress of postCOVID-19 recovery, which resulted in solid performance.
In the Asset Management Business, measures such as the introduction of various distinctive investment trust
products with a view to NISA and the launch of lower-cost existing products with the mindset of investors weresuccessful and supported by investors, leading to a dramatic increase in assets under management.
As a result, our financial results for the Fiscal Year ended March 31, 2024 showed year-on-year increases in both
operating profit and ordinary profit, with ordinary profit increasing for the 15th consecutive year and reaching a record
high for the 13th consecutive year. Profit for the Fiscal Year ended March 31, 2024 decreased because theextraordinary income from the sale of the brand was recorded for the previous fiscal year and we don’t have such
extraordinary income for the fiscal year under review. However, in accordance with our policy of prioritizing
shareholder returns, we will pay an annual dividend of 21.50 yen, an increase of 0.50 yen per share from the previous
fiscal year and the 15th consecutive fiscal year of dividend increase.
Working toward our goal “establishment of investor sovereignty," we will continue to undertake initiatives to further
expand our corporate value by contributing to the optimal asset formation for investors.
We sincerely ask our shareholders for their continued support.

May 2024- 1 -Business Results■For the Fiscal Year ended March 31, 2024, consolidated net sales were 10,137 million yen, marking an increase for the 12th
consecutive year and a record high for the 5th consecutive year.
■Consolidated operating profit was 2,111 million yen.
■Consolidated ordinary profit was 2,510 million yen, marking an increase for the 15th consecutive year and a record high forthe 13th consecutive year.
■Profit attributable to owners of parent was 1,589 million yen. This is the highest profit ever, excluding the Fiscal Year ended
March 31, 2023 when consideration of 8,000 million yen was recorded 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
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

- 2 -

Year
ended
March
2019

Year
ended
March
2020

Year
ended
March
2021

Year
ended
March
2022

Year
ended
March
2023

Year
ended
March
2024

Dividends■For the Fiscal Year ended March 31, 2024, the Company paid an interim dividend of 8.50 yen per share with a record
date of September 30, 2023, and the year-end dividend with a record date of March 31, 2024 will be 13.00 yen per share.
The total annual dividend will be 21.50 yen.
Ordinary dividend increased by 3.50 yen (19.4%) from the previous fiscal year.
■Among all of the 4,036 listed companies (as of April 12, 2024), only three companies, including the Company, havecontinued to deliver increased profit and dividends for 15 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
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

Year
ended
March
2024

* 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, the commemorative dividend for the Fiscal Year
ended March 31, 2018 is the commemorative dividend for the 20th anniversary of our foundation, and the commemorative dividend for the Fiscal Year ended March 31, 2023 is thecommemorative dividend for the 25th anniversary of our foundation..

- 3 -Securities Code: 4765

To our shareholders:Date of sending: May 31, 2024

Commencement date of electronic provision: May 31, 2024

1-6-1, Roppongi, Minato-ku, Tokyo, Japan

SBI Global Asset Management Co., Ltd.
Tomoya Asakura, Representative Director

Notice of Convocation of the Annual Meeting of Shareholders for the 27th Fiscal YearTo our shareholders:
The Company cordially invites you to attend the Annual Meeting of Shareholders for the 27th 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 attachedhereto and exercise your voting rights no later than 5:45 p.m., June 19, 2024 (Wednesday).
[Exercise your voting rights via mail]Indicate “for” or “against” for each agenda item on the Voting Form 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 thanthe deadline above.
Particulars
1

Date and Time

10 a.m., June 20, 2024 (Thursday)

2

Venue

1-1-1, Marunouchi, Chiyoda-ku, Tokyo, Japan
Palace Hotel Tokyo Yamabuki (4th Floor)
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.

3

Purposes

Items to bereported:

1.

2.

Items to beresolved:

Report on the Business Report, Consolidated Financial Statements and the resultsof consolidated financial statement audits by the Accounting Auditor and the Boardof Corporate Auditors for the 27th Fiscal Year (from April 1, 2023 to March 31,
2024)
Report on the Financial Statements for the 27th Fiscal Year (from April 1, 2023 toMarch 31, 2024)

Agenda Item No. 1Election of Six (6) Directors
Agenda Item No. 2Election of One (1) Substitute Corporate Auditor- 4 -4 Other mattersdetermined upon the
convocation

In accordance with the amendment of the Companies Act, matters subject to measures for electronic provision of theReference 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 thematters subject to measures for electronic provision.
Shareholders who have requested the delivery of documents will also receive a document stating matters subject tomeasures for electronic provision; however, the following items will be excluded from the document in accordance with thelaw and Article 15 of the Articles of Incorporation of the Company.
Business Report, Consolidated Financial Statements and Financial Statements audited by the Corporate Auditors to
prepare an Audit Report and by the Accounting Auditor to prepare an Independent Auditor’s Audit Report also include thefollowing in addition to those stated in the document.
Particulars
Reference Document for the Annual Meeting of Shareholders Proposal No. 1: Notes on Election of Six (6) Directors, Proposal No. 2: Notes on Electionof One (1) Substitute Corporate Auditor; In the “Current Status of the Corporate Group” in the Business Report, “Status of Employees”, “Main
Business Activities”, “Main Sales Offices”, “Status of Major Borrowers”, “Assets and Profit and Loss in the Last 3 Fiscal Years”, “Problems to beaddressed”, “Status of shares”, “Number of shares delivered to officers and number of recipients”, “Status of stock acquisition rights, etc.”, “Status ofaccounting auditors”, “Ensuring the appropriateness of business system and the operational status of such system”, “Basic policy on control of thecompany”, “Policy on determination of dividends of surplus”; In the Consolidated Financial Statements, “Consolidated Statement of Changes in Net
Assets”, “Notes to Consolidated Financial Statements”, “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
In the convocation of this Annual Meeting of Shareholders, measures for electronic provision are taken for the information
described in the Reference Document for the Annual Meeting of Shareholders and other documents (matters subject tomeasures for electronic provision). Please access either of the following websites to see the "Notice of Convocation of the Annual
Meeting of Shareholders" posted there.

[The Company website]
https://www.sbiglobalam.co.jp/ir/meeting/index.html(After accessing the above website, select “Shareholder Returns & Benefits” and then “Annual Meeting of
Shareholders” from the menu.)[SBI Asset Management Co., Ltd. website]

http://www.sbiam.co.jp/gaiyo/gaiyo_gai.html(After accessing the above website, select “Corporate Information” and then “SBI Global Asset Management Co., Ltd.
Notice of Convocation of the Annual Meeting of Shareholders” from the menu.)[Tokyo Stock Exchange website (Listed Company Search)]https://www2.jpx.co.jp/tseHpFront/JJK010010Action.do?Show=Show(After accessing the above website, enter and search for “SBI Global Asset Management” under “Issue name (company
name)” or Securities Code “4765” under “Code,” select “Basic information” and “Documents for public inspection/PR
information,” and then go to the “Notice of General Shareholder Meetings/Information Material for a General Shareholders
Meeting” under “Filed information available for public inspection.”)- 5 -■ If no indication of approval or disapproval is made for each proposal on the returned Voting Form, it will be treated as approval.
■ Shareholders attending the Meeting are requested to submit the 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 vote andask 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/orFinancial Statements will be posted on the aforementioned websites.
■ 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 aforementioned websites.
■ 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 theInternet (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 to live-stream the Briefing Session on Our Latest Management Updates
following the Annual Meeting of Shareholders.
At the Briefing Session on Our Latest Management Updates, Tomoya Asakura, theCompany’s Representative Director, will explain the details of the businesses of the Group,
its latest management updates, the future outlook and other relevant topics separately fromthe Annual Meeting of Shareholders.
Please refer to “Information on Live-Streaming of the Annual Meeting of Shareholders andthe Briefing Session on Our Latest Management Updates” attached hereto to watch the livestream.
Please be advised that you cannot exercise your voting rights by watching the live-stream of
the Annual Meeting of Shareholders. You need to exercise your voting rights in advance via
the Internet or by mail.

- 6 -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 ofWebsite for Exercising
Voting Rights

https://evote.tr.mufg.jp/

Please log into the website with your code and password forexercising your voting rights, which are printed on the right sideof the Voting Form, and enter the necessary information inaccordance with the guidance on the screen.

the Voting Form and enter the necessary information inaccordance with the guidance on the screen.

Login
ID/password

QR codefor login

The deadline for exercising your voting rights is 5:45 p.m., (●) June ●, 2024.
If you exercise your voting rights both in writing and via the Internet, we will treat your exercise via the Internet as valid.
If you exercise your voting rights via the Internet multiple times, we will treat your last exercise as valid.
Your password (including your changes) is valid for this meeting only. We will issue a new password for the next Annual Meeting of Shareholders
when it is held.
(5) You need to pay the cost of your Internet connection.
(1)
(2)
(3)
(4)

(Notice)• Your password is a means to verify your identity as a voter. The Company will never ask for your password by phone or otherwise.
• If you enter an incorrect password a certain number of times, your password will be locked and you will not be able to use it. If it is locked, follow theprocedures in accordance with the guidance on the screen.
• The provider of the Website for Exercising Voting Rights has verified that it operates with general Internet connection devices. However, it may not be
available for certain types of devices.
• Should you have any questions, please contact the Securities Agency Division of Mitsubishi UFJ Trust and Banking Corporation, the Company’s
shareholder register administrator.

Securities Agency Division of
Mitsubishi UFJ Trust and Banking
Corporation (Helpdesk)(1) Dedicated point of contact for inquiries on how to use the Website for Exercising Voting
Rights and other related matters:
0120-173-027 (toll free) (available from 9:00 a.m. to 9:00 p.m.)(2) Point of contact for inquiries on matters concerning share administration other than theabove:
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.

-7- 7 -

Exhibits

Business Report (Summary) (from April 1, 2023, to March 31, 2024)
1 State of Corporate Group(1)Business progress and results(1)

Organizational restructuring
On March 30, 2023, the Company changed its name to “SBI Global Asset Management Co., Ltd.,” had
Wealth Advisor Co. Ltd. take over its financial services business that had been operated under theMorningstar brand, and made a transition to a pure holding company. In the fiscal year ended March 31,
2024 (April 1, 2023 to March 31, 2024), which is effectively the first year since the transition to a holding
company, ordinary income increased for the 15th consecutive fiscal year, driven especially by the asset
management business.
While we stopped using the Morningstar brand due to the sale of the brand, we changed the brand to“Wealth Advisor” with the same products and services as before in the financial services business. This
brand change has had no particular negative impacts.
In the asset management business, our major subsidiary SBI Asset Management Co., Ltd. merged withanother subsidiary Shinsei Investment Management Co., Ltd. on April 1, 2023, and we took measures tostrengthen the operation of the Company, such as increasing its stake in SBI Asset Management.

(2)

Summary of results of operations for the fiscal year ended March 31, 2024
During the fiscal year ended March 31, 2024, the Japanese economy was in a relatively favorable
environment, despite the impact of the situation in Ukraine and conflict in the Middle East, as socioeconomic
activities were going back to normal from the COVID-19 pandemic. Particularly during the second half of the
fiscal year under review, there were a series of historic events, such as the Nikkei Stock Average reaching arecord high in February 2024 and a major shift in the Bank of Japan’s monetary policy in March 2024. In theinvestment trust market, which is highly relevant to the Group’s businesses, the Company’s performance
was generally steady partly backed by the New NISA system, which started in January 2024.
Under these business circumstances, the balance of publicly offered investment trusts in the Group’s asset
management business significantly increased 88.3% from 1,441.3 billion yen at the end of the previous fiscal
year to 2,714.4 billion yen at the end of the fiscal year under review. The balance of low-cost index funds
that pursue the growth of assets, which we have been working on, increased 89.2% from 1,240.2 billion yen
to 2,346.5 billion yen during the same period. In addition, the “SBI Japanese High Dividend Equity Fund （quarterly distribution)”, which was newly launched to pursue growth and distribution, and other products that
distribute dividends four times a year, were popular among investors, and the balance of net assets of active
funds increased 82.9% from the end of the previous fiscal year. For existing funds, we also implemented
customer-centric measures throughout the fiscal year under review, such as lowering trust fees andrestructuring our product lineup from the perspective of beneficiaries, in accordance with the productgovernance policy of the Company established in June 2023.
In addition, the balance of privately offered investment trusts, which mainly support the advancement anddiversification of securities investment of regional financial institutions, has also increased 1.7% from
2,408.1 billion yen at the end of the previous fiscal year to 2,448.5 billion yen at the end of the fiscal year
under review. Since the assets under management mainly consist of bonds, interest rate hikes in Japan andoverseas created a tough environment. Thanks to the success of our sales activities tailored to customer
needs, however, we achieved the top position among all asset management companies in terms of thesingle-month net inflow in February 2024.

- 8 -As a result, the balance of net assets under management of investment trusts managed by the Group as of theend of the fiscal year under review increased 26.2% from 4,692.8 billion yen at the end of the previous fiscal year to
5,922.4 billion yen at the end of the fiscal year under review.
Sales of the asset management business increased 20.0% from the previous fiscal year to 8,210 million yen in thefiscal year under review.
In the financial services business, we had provided Wealth Advisor, which is used by financial institutions
distributing investment trusts, to 526 financial institutions as of March 31, 2024, and we provided those financial
institutions with various tools contributing to life plan simulations, Robo Advisor, an inheritance simulation, and otherfiduciary duties (customer-oriented business operation).
Against the backdrop of social conditions that were beginning to escape from the COVID-19 pandemic andincreasing needs for asset management as represented by the introduction of the New NISA (Nippon Individual
Savings Account), the number of face-to-face asset management seminars held with regional banks around Japan
at a real venue recovered steadily and increased significantly to 16 sessions, a fourfold increase from the previous
fiscal year. As a result, sales of the financial services business in the fiscal year under review were 1,927 million yen,
an increase of 1.1% from the previous fiscal year.
For the consolidated business results for the fiscal year ended March 31, 2024, sales were 10,137 million yen, up
1,390 million yen (15.9%) from 8,747 million yen in the previous fiscal year. Sales reached a record high and thelevel of 10 billion yen for the first time.
As cost of sales increased 695 million yen and selling, general and administrative expenses grew 414 million yen
from the previous fiscal year, operating income for the fiscal year ended March 31, 2024, was 2,111 million yen, an
increase of 280 million yen (15.3%) from 1,831 million yen in the previous fiscal year.
Net amounts of non-operating income decreased 239 million yen and non-operating expenses fell 10 million yen
as compared with the previous fiscal year. Thus, ordinary income for the fiscal year ended March 31, 2024, was2,510 million yen, an increase of 51 million yen (2.1%) from 2,458 million yen in the previous fiscal year. The
ordinary income increased for the 15th consecutive year, and recorded highest income for the 13th consecutiveyear.
Net income attributable to owners of parent for the fiscal year ended March 31, 2024, was 1,589 million yen, adecrease of 3,853 million yen (△70.8%). This was because the extraordinary profit (8,000 million yen) from the saleof the Morningstar brand, which was recorded for the previous fiscal year, was absent in the fiscal year underreview.

Net sales
8,747 million yen ▶ 10,137 million yen, 15.9%
increase from the previous year

Operating profit
1,831 million yen ▶ 2,111 million yen, 15.3%
increase from the previous year

Ordinary profit

Profit attributable to owners of parent

2,458 million yen ▶ 2,510 million yen, 2.1%
increase from the previous year

5,443 million yen ▶ 1,589 million yen, 70.8%
decrease from the previous year(2) Segment sales and income
Year ended March 2023

Net sales
Segment income

Asset Management

Financial Services

Business

Business

6,841
1,484

1,905
346

Year ended March 2024

Amount recorded on
consolidated financial
statements

8,747
1,831

- 9 -

Asset Management

Financial Services

Business

Business

8,210
1,766

1,927
344

Amount recorded on
consolidated financial
statements

10,1372,111

Segment sales and income
Reorganize the business portfolio in response to changes in thebusiness environment to expand corporate value• Changes in segment sales

Year ended
March 2014

Asset Management BusinessYear ended
March 2019Year ended
March 2024

Year ended
March 2019Year ended
March 2024

Financial Services Business(2) Changes in segment income

Year ended
March 2014

Asset Management Business

Financial Services Business- 10 -

Changes in the balance of assets
under management of the Group
Balance of assets under management approaching
6 trillion yen(100 million yen)

Publicly offered active
Privately placed

Publicly offered - index
Discretionary/advisory/other

Overall increaseof 26.2%

Invested overseas(Carret)Privately
placedup
1.7%

Publicly offered - index
up 89.2%
Publicly offered - active
up 82.9%
Mar. 2022

June 2022

Sep. 2022

Dec. 2022

Mar. 2023- 11 -

June 2023

Sep. 2023

Dec. 2023

Mar. 2024

Growth in the balance of publicly offered stock
investment trusts in the overall investment trust
industry and SBI Asset Management(Trillion yen)

<Balance of overall investment trusts>
Publicly offered open stock investment
trusts (excluding ETFs)<Balance of SBI Asset Management's
publicly offered stock investment trusts>(100 million yen)

Up
36.7%

Mar. 2023

Up
88.3%

Mar. 2024

Apr. 2023

Source: Data from The Investment Trusts Association, Japan- 12 -

Apr. 2024

25 new funds launched in FY2023
Total net asset balance of 25 newly launched funds: 189 billion yen
Launch date

Fund name

Trust fee (%)

Balance of net
assets(million yen)

1

SBI iShares US Aggregate Bond Index Fund

0.09387,124

2

SBI iShares US IG 1-5-year Corporate Bond Index Fund

0.1038438

3

SBI iShares US High Yield Bond Index Fund

0.1438875

4

SBI V US Dividend Appreciation Equity Index Fund

0.12387,478

SBI V Developed All Cap (ex US) Equity Index Fund

0.1138

1,337

SBI V Global Small Cap (ex US) Equity Index Fund

0.1338187

7

SBI V US Small Cap Equity Index Fund

0.1138680

8

SBI V Emerging Markets Equity Index Fund

0.1438815

9

SBI iShares Gold Fund (JPY Hedged)

0.18381,508

10

SBI iShares Gold Fund

0.18389,401

11

SBI iShares Short Term Treasury Bond Fund

0.1338844

SBI iShares Nikkei 225 Index Fund

0.11334,200

SBI iShares TOPIX Index Fund

0.1133

2,107

SBI Invesco QQQ NASDAQ100 Index Fund

0.2388

3,331

5
6

12
13

June 8July 12

14

August 23

15

September 22

SBI iShares India Equity Index Fund

0.463851,25216

October 20

EXE-i Global South Equity Fund

0.58204,423

17

November 28

SBI Japanese Government Bond Fund (quarterly distribution)

0.099

324

18

December 12

SBI Japanese High Dividend Equity Fund (quarterly distribution)

0.099

69,398SBI SPDR US High Dividend Equity Index Fund (Quarterly Distribution Type)0.13382,569

SBI V US High Dividend Equity Index Fund –Quarterly Dividend Type0.12388,441

SBI European High Dividend Equity Fund (quarterly distribution)

0.099

10,067

SBI iShares US Aggregate Bond Index Fund (Quarterly Settlement Type)

0.0938558

SBI iShares US IG 1-5-year Corporate Bond Index Fund -Quarterly Dividend Type0.103897

24

SBI iShares US High Yield Bond Index Fund -Quarterly Dividend Type0.1438235

25

SBI V US Dividend Appreciation Equity Index Fund -Quarterly Dividend Type0.1238

1,206

19
20

January 30

21
22
23

February 28

Net asset balance as of April 25, 2024

- 13 -

Net asset balance of newly launched funds
popular with investors(100 million yen)Japan HighDividend Equity
69.3 billion yen(100 million yen)

European HighDividend Equity
10 billion yen

US High Dividend &Dividend Appreciation
Equity(100 million yen)
47.5 billion yen

SBI SPDR US High Dividend Equity Index Fund (Quarterly Dividend Type)SBI V US Dividend Appreciation Equity Index Fund - Quarterly Dividend TypeSBI V US Dividend Appreciation Equity Index

Fund
NikkeiStock
Average
TOPIX(100 million yen)

Rate ofreturn sincelaunch
17.46%SBI V US High Dividend Equity Index Fund - Quarterly Dividend TypeSBI V US High Dividend Equity Index Fund

Name
Fund
BBG Europe
Developed Markets
500 TRSTOXX 600 TR
Index

15.79%
14.19%

India Equity
51.2 billion yen(100 million yen)

US Bond
10 billion yen(100 million yen)

US High Yield Bond: 10.9

Gold Fund (JPY Hedged)

US IG 1-5-year Corporate Bond: 5.4

Gold Fund (Unhedged)- 14 -

5.40%
5.02%
4.72%

Gold
11.1 billion yen

US Short-Term Treasury Bond: 8.3

Net assets as of April 25, 2024

Rate of return
since launch(in yen terms)

Monthly net inflows of SBI Asset’s publicly offered stock
investment trusts
Net inflows of 222.7 billion yen in the 3 months since January2024, when the new NISA began+2.34 times YoY(100 million yen)

Publicly offered index funds

Publicly offered active funds+2.34 times

SBI Japanese HighDividend Equity Fund
(Quarterly distribution)
launched

Mar. 2022

June 2022

Sep. 2022

Dec. 2022

Mar. 2023- 15 -

June 2023

Sep. 2023

Dec. 2023

Mar. 2024

Number of beneficiaries of SBI Asset's publicly offeredfunds doubled in 2 years, surpassing 2.5 million(Ten thousand people)

300

254

250

+2.1
times

200

171

150

120
100
50
0
Mar. 2022
2022年3月

Mar. 2023
2023年3月

Number of beneficiaries who purchased at SBI SECURITIES- 16 -

Mar. 2024
2024年3月

Expansion of quarterly distribution funds
Combination of various assets enables receipt ofmonthly distributions<Japanese equities><Japanese REIT><European equities>

SBI Japan High Dividend Equity
Fund (quarterly distribution)(January, April, July, October)

SBI European High Dividend Equity
Fund (quarterly distribution)(March, June, September, December)<US equities>

Europeanequities<US bonds>

Japanese
equities

SBI iShares US Bond products(Quarterly Divident Type)(March, June, September, December)<Diversified distributions>
Europeanequities

Japanese
equitiesUSequities

US bonds

Jan.

Feb.

Mar.

SBI V US High Dividend
Equity Fund
(Quarterly Distribution Type)

US
bonds
US
equities

JapaneseREIT

SBI J-REIT Fund(quarterly distribution)(February, May, August, November)

JapaneseREIT

SBI V US Dividend Appreciation
Equity Index Fund - Quarterly
Dividend Type(February, May, August, November)

Portfolio example
Japanese
REIT

Europeanequities

Japanese
equitiesUSequities

US bonds

Apr.

May

June

Japanese
REIT

Europeanequities

Japanese
equitiesUSequities

US bonds

July

Aug.

Sept.

- 17 -

Japanese
REIT

Europeanequities

Japanese
equitiesUSequities

US bonds

Oct.

Nov.

Dec.

For stronger "client-centered" product governance (1)Improvement of existing fund products andreduction of trust fees
EXE-i Developed World Bond Fund
• Expansion of targets• Launched in May 2013
for investment• Target for investment: Developed• Significant costmarket government bonds (excl. Japan) reductions• Actual trust fee: 0.4110% per year

SBI iShares Whole World Bond Index Fund
• Target for investment: Bonds worldwide• Actual trust fee: 0.1098% per year

Fund name

Launch date

Trust fee
(beforechange)Total net assets
as of end-2023

Date ofchangeTrust fee(afterchange)Rate ofreduction

Total net assets
as ofApril 24, 2024

SBI iShares Whole World Bond Index Fund (former name:
EXE-i Developed World Bond Fund)

2013/5/13

0.4110%1.603 billion yen

Feb. 100.1098%-73%

2.916 billion yen

EXE-i Emerging Market Equity Fund

2013/5/13

0.3615%17.054 billion yen

Feb. 100.1761%-51%

18.881 billion yen

2013/5/13

0.3405%3.748 billion yen

Feb. 100.2170%-36%3.660 billion yen

2013/5/13

0.3110%15.760 billion yen

Feb. 100.2520%-19%

17.138 billion yen

EXE-i Developed Market Equity Fund

2013/5/13

0.3090%27.271 billion yen

Feb. 100.2990%-3%31.203 billion yen

Softbank & SBI Group Equity Fund

2005/10/28

0.9240%0.971 billion yen

Jan. 270.1100%-88%

1.054 billion yen

2017/12/6

0.1102%156.419 billion
yenFeb. 140.1022%-7%

192.808 billion
yen

2018/1/12

0.1017%20.538 billion yen

Feb. 140.0982%-3%

24.220 billion yen

EXE-i Whole World REIT Fund(former name: EXE-i Global REIT Fund)EXE-i Whole World Mid Small Cap Equity Fund(former name: EXE-i Global Mid Small Cap Equity Fund)

SBI Whole World Equity Index Fund(nickname: Snow Ball (Whole World Equity))
SBI Developed Market Equity Index Fund(nickname: Snow Ball (Developed Market Equity))- 18 -Net increase in
assets(rate)
1.31 billion yen
81.9%
1.83 billion yen
10.7%-0.08 billion yen-2.4%
1.38 billion yen
8.7%
3.93 billion yen
14.4%
0.08 billion yen
8.6%
36.4 billion yen
23.3%
3.68 billion yen
17.9%

For stronger "client-centered" product governance (2)Selection and concentration of existing active
fundsMar. 2024

June 2023"Product governance”
declaration• Provide products that
contribute to investors' asset
formation• Enhance information provisionand disclosure• Monitor and improvemerchantability and suitability

Redemption
dateFund to be redeemed

1

7/5

SBI Post COVID-19 Fund2

7/6

Emerging Market Bond Strategy 1912 with Early Redemption Clause
US High Dividend Equity Premium Fund (Monthly Dividend) Equity Course

3
7/26
4

US High Dividend Equity Premium Fund (Monthly Dividend) Equity and Currency
Course5

SBI-GS NexGen (Renewables & Clean Energy)

6

SBI-GS NexGen (Electric Vehicles & Autonomous Driving)

7

SBI-GS NexGen (DX Software Growth)
SBI-GS NexGen (Medical Care Growth)9

SBI-GS NexGen (Next Generation Communications)

10

SBI Gender Free Index Fund11

SBI Regional Revitalization World High Dividend Equity Fund (Currency Hedged）,
Asset Growth Course
SBI Regional Revitalization World High Dividend Equity Fund (Currency Hedged）,
3% Fixed Annual Payout Course

12
13

SBI Regional Revitalization World High Dividend Equity Fund (Currency Hedged）,
5% Fixed Annual Payout Course

14

SBI Regional Revitalization World High Dividend Equity Fund (Currency Hedged）,
7% Fixed Annual Payout Course

15

Reduce 50% (29 funds) of 57 active
funds within 3 years

Scheduled to redeem 4funds before maturity⇒ 22 in total
76% progress rate
(forecast)

9/21
8

11/6

*

Mar. 2025

11/9

17
18

SBI-PIMCO JAPAN BETTER INCOME FUND
(nickname: Better-In)
SBI World High Dividend Equity Premium Fund (Currency Hedged）, Asset
Growth Course

16
2024
1/12

SBI World High Dividend Equity Premium Fund (Currency Hedged）, 7% Fixed
Annual Payout Course
SBI World High Dividend Equity Premium Fund (Currency Hedged）, 15% Fixed
Annual Payout Course

Redemption of 18 out of 29 targeted funds
completed: 62% progress rate

- 19 -

June 2026
Scheduled to redeem 7
funds, including
suspension of extended
redemptions
100% progress rate
(forecast)Growth in the balance of privately placed stock
investment trusts in the overall investment trust
industry and SBI Asset Management<Balance of privately placed stock
investment trusts in the overall investment
trust industry>(Changes over the past 3 years)<Balance of SBI Asset's privately
placed stock investment trusts>(Changes over the past 3 years)

Up 40.6% over the past 3 years

Up 9.5% over the past 3 years(Trillion yen)

140
120

106. 109. 109. 116.
5
0
7
6

100
80

Up 2.3%24,08 24,48
5
1(100 million yen)

25,00020,000Up 0.5% Up 6.6%

15,000

60

17,41
4

19,51
7

Up 1.7%Up 12.1%

10,000

40
5,000

20

0

0

Mar.

Mar.
Mar.
Mar.
Mar.
Mar. 2021
2021 Mar.2022
2022 Mar.2023
2024
2023 Mar.
2024

Mar.

Mar.

Mar.

Mar. 2021
2021 Mar.2022
2024
2022 Mar.
2023 Mar.
2023
2024

- 20 -

136 institutional investors, mainly regional banks, entrust
us with their investment management
Changes in the number of institutional investors that entrust us with theirinvestment management
150
136

Prefectural credit federation ofagricultural cooperatives, etc.
43

Shinkin banks, credit unions
100

26
50
67

0
Mar.
2019
2019年3月

Mar.
2020
2020年3月

Mar.
2021
2021年3月- 21 -

Mar.
2022
2022年3月

Mar.
2023
2023年3月

Mar.
2024
2024年3月

Carret Asset Management in the U.S. significantly increased its
assets under management after our acquisition(100 million yen)

4,753

5,000

4,000

3,000

Carret Asset Management
was acquired and became
our subsidiary in Feb. 2019

2,883

Up 64.9%
4,043

4,062

3,711

3,008

2,000

1,000

0

2019年2月
2020年3月
Mar. 2020
Feb.
2019

2021年3月
2022年3月
2023年3月
2024年3月
Mar. 2021
Mar. 2022
Mar. 2023
Mar. 2024- 22 -

Contribute to the "establishment of investor
sovereignty" through provision of accurate investment
information and investment educationFace-to-face sales
financial institutions
Shifting from the productout approach to the goalbased approach• Wealth Advisor• Life Plan Simulation

Online sales financial
institutions

Investment companies

Individual investors

Provision of accurate
investment information

Appropriate information
disclosure and investor
appealOptimal asset
formation• Analysis andevaluation data
• Asset management
simulation tools• Fund analysis report• Marketing support• Reliable investment
information• Asset management
seminars• Investment advice

Contribute to the "establishment of investor sovereignty”- 23 -

Contribute extensively to "regional revitalization"
promoted by the SBI Group
Face-to-face sales support(Face-to-face) Life
Plan Simulation

Asset management events

Online relations
Life Plan
Simulation

Robot
AdvisorInheritance
Simulation

Numerous other contents

Number of regional financial
institutions introducing our services

Number of regional financial
institutions introducing our services- Regional banks
73- Regional bank-affiliated security
companies/local security
companies
12- Shinkin banks
54- Labor banks
14- Credit unions/labor unions
2- Regional banks
44- Regional bank-affiliated security
companies/local security
companies
6- Shinkin banks
23- Labor banks
1

Total: 155

Total: 74

Seminars

BoothsFace-to-face or online

Number of asset management
events held in regions

216
asset management seminars
were held over the past 10
years(2014-2024)(including online seminars)

Regions where asset management
events were/are going to be held
Regions where we are currently adjustingschedules to hold asset management events
Regional financial institutions = Regional banks, regional bank-affiliated security companies/local security companies, shinkin banks, laborbanks, credit unions, labor unions- 24 -

More seminars to be held in various regions toencourage the "savings to asset formation" trend<Asset management seminars><Number of face-to-face seminars held>(Number ofcompanies)<Number of sponsors>+4 times

Apr. 2022 - Mar. 2023

Apr. 2023 - Mar. 2024

Apr. 2022 - Mar. 2023

- 25 -

Apr. 2023 - Mar. 2024

Asset management fairs booming across the nation
Asset management fairs held just before and after
the start of the new NISA
Year

2023

2024

Date

Main sponsors

Number ofparticipants

Venue

Sept. 30 (Sat.)The Ashikaga Bank, Ltd.

352

Utsunomiya City

Nov. 11 (Sat.)The Bank of Kyoto, Ltd. / Kyogin Securities
Co., Ltd.

126

Kyoto City

Nov. 18 (Sat.)

Sumitomo Mitsui Financial Group, Inc.

724

Tokyo

Jan. 27 (Sat.)

Fukuoka Financial Group, Inc.

457

Fukuoka City

Feb. 18 (Sun.)

The Bank of Yokohama, Ltd. / THE
KANAGAWA BANK, LTD. / Hamagin Tokai
Tokyo Securities Co., Ltd.

389

Yokohama City

Apr. 6 (Sat.)The Higo Bank, Ltd. / Kyushu FG Securities,
Inc.

234

Kumamoto City

Apr. 14 (Sun.)

North Pacific Bank, Ltd. / North Pacific
Securities Co., Ltd.

253

Sapporo City

Apr. 20 (Sat.)The Chiba Bank, Ltd. / Chibagin Securities Co.,
Ltd.

329

Chiba City

Seminar in session in
Utsunomiya

Booth attendants in
Utsunomiya

Seminar in session in
Fukuoka- 26 -

Utsunomiya

Tokyo

Fukuoka

Yokohama Kumamoto Sapporo

Chiba

Booth attendants inFukuoka

Kyoto

Seminar in session in
Yokohama

Booth attendants in
Yokohama

(3) Capital investment
During the consolidated fiscal year under review, the Group invested a total of 437 million yen. The major breakdown is system
investment for the integration of investment trust systems in the Asset Management Business, improvement of the quality ofservices provided mainly through software in the Financial Services Business, and expansion of the information database.

(4) Fund procurement
Not applicable(5) Status of significant organizational restructuring
The following reorganization has been implemented since the end of the previous fiscal year.
Merger of SBI Asset Management Co., Ltd. and Shinsei Investment Management Co., Ltd.
The Company conducted an absorption-type merger of its consolidated subsidiaries, SBI Asset Management Co., Ltd. andShinsei Investment Management Co., Ltd., with SBI Asset Management Co., Ltd. as the surviving company on April 1, 2023.
Status of significant organizational restructuring is also stated in 13. Notes to Business Combinations and 14. Significant
Subsequent Events in the Consolidated Financial Statements.

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

Ratio of voting
rights held in the
Company (%)

Relationship with the Company
Parent company, and major shareholder

SBI Asset Management Group, Inc.

100

52.7

being the largest shareholder
A wholly owned subsidiary of SBI Holdings,
Inc.
Parent company

SBI Holdings, Inc.

180,400(52.7)

Sublease of offices and real estate
facilities, advances on personnel
expenses, concurrent directorships, etc.

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

- 27 -

(ii) Subsidiaries (as of April 1, 2024)(Effective March 30, 2023)<Financial Services Business><Asset Management Business>

Provides high-quality,
low-cost investment
products

Provides accurate investment
information & investment
education from a neutral,
objective standpoint

New York, U.S.
SBI Alternative Investment
Management Co., Ltd.

SBI Crypto Asset Fund
(Anonymous Partnership 1)- 28 -My Investment
Trust

My Crypto
Currency Stock News

2 Executive Officers(1) Directors and Corporate Auditors (as of March 31, 2024)
Position at the Company
Representative Director,
Executive Officer and President

Name

Duty

Tomoya Asakura

General management

Director

Yoshitaka Kitao-

Outside Director

Motonari Otsuru-

Outside Director

Billy Wade Wilder-

Outside Director

KotaroYamazawa-

Outside Director

Akihiro Horie-

Notes:1.
2.
3.
4.
5.

Position at theCompany
Full-time Corporate
AuditorOutside Corporate
AuditorOutside Corporate
Auditor

Name

Duty

Atsuo Goto

Full-time audit

Kazuro Nagano-

Masanobu Kotake-

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, are Outside 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.
There were no changes in Directors and Corporate Auditors during the period under review.
The Company has concluded Liability Insurance Contracts for Directors and Other Officers as provided for in Article 430-3, Paragraph 1 of the Companies Act with an insurancecompany. All of the Company’s Directors and Corporate Auditors are insured under the contracts. Any claims for damages or other losses made against any of the insured will becovered by the insurance contracts.

(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 otherofficers 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 otherfactors. 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 ofcontribution and other relevant factors concerning each Director.
The base remuneration for Directors shall be monthly monetary remuneration. The amount of the remuneration to be paid shall be determined for each
Director upon taking into consideration the maximum amount of employee salaries, the amount that was actually paid in the past to Directors of the samerank, the Company’s performance forecast, the standard amount of remuneration for Directors prevailing in society, the level of contribution made by therelevant Director to the Company’s performance and other factors, circumstances surrounding the appointment of the Director, the amount of the
remuneration for the previous year and other relevant factors. The Representative Director shall determine individual amounts of remuneration and otheramounts 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 the Representative Director’s discretion.
If bonuses are paid to Directors, the Board of Directors shall determine the amount to be paid to each Director after comprehensively considering the levelof contribution made by the relevant Director based on his/her responsibilities, how he/she performs his/her duties and other facts as well as the
management environment and other relevant factors of the Company. The Representative Director shall determine individual amounts of bonuses payable
to individual Directors if the Board of Directors passes a resolution on the total amount of the bonuses for the Directors as a whole and leaves the individual
amounts to the Representative Director’s discretion. Currently, the Company has no intention to pay any non-monetary remuneration and has no policy
therefor.
The Board of Directors is of the opinion that the manner in which the details of the remuneration and other amounts payable to individual Directors are
determined and the details of the remuneration and other amounts so determined are in line with the relevant determination policy.

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

Category
Number of officers to be paid

Director
Corporate
Auditor
Total
Notes:1.

2.
3.
4.

Amount to be paid (thousandyen)

Amounts paid to outside officers out of the total amount
Number of officers to be paid

Amount to be paid (thousandyen)

5

43,9504

2

12,400

1

3,900

7

56,350

5

29,10025,200All 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 andthe 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 for the Directors as a whole for the fiscal year under review and left the individual amounts of remuneration, etc., payable toindividual Directors to the discretion of Mr. Tomoya Asakura, Representative Director and President. Then, Mr. Asakura determined those individual amounts.
The number of Directors and Corporate Auditors receiving remuneration and the paid amount exclude one (1) Director and one (1) Corporate Auditor who were in office during the
fiscal year under review and received no remuneration.
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 notexceed 500 million yen and that of Corporate Auditors’ remuneration must not exceed 100 million yen.
If the resolution is passed at the relevant Annual Meeting of Shareholders, the number of Directors to receive the remuneration under paragraph 3 above will be five (5) (of which,four (4) will be Outside Directors) and the number of Corporate Auditors to receive the remuneration under paragraph 3 above will be two (2) (of which, one (1) will be a Corporate
Auditor).

- 29 -

(3) Significant concurrent positions
Name

Tomoya Asakura

Company name
SBI Holdings, Inc.
SBI Asset Management Group, Inc.
SBI Asset Management Co., Ltd.
Wealth Advisor Co., Ltd.
Carret Holdings, Inc.
SBI Alternative Investment Management Co.,Ltd.
SBI Regional Business Succession Investment
Co., Ltd.
SBI Sumishin Net Bank, Ltd.
SBI Insurance Group Co., Ltd.
SBI NEO FINANCIAL SERVICES Co., Ltd.
SBI Okasan Asset Management Co., Ltd.
SBI Smart Energy Co., Ltd.
SBI Alternative Asset Management Co., Ltd.
SBI RHEOS HIFUMI, Inc.
SBI Holdings, Inc.
SBI Asset Management Group, Inc.
SBI SECURITIES Co., Ltd.
SBI Investment Co., Ltd.
SBI Hong Kong Holdings Co., Limited
SBI Wellness Bank Co., Ltd.
SBI Pharmaceuticals Co., Ltd.

Yoshitaka Kitao

SBI Crypto Co., Ltd.
SBI Regional Business Succession Investment
Co., Ltd.
SBI Digital Asset Holdings Co., Ltd.

Title
Director and Senior Executive Vice President
Representative Director and Chairman
Representative Director and Chairman
Representative Director and President
Director
Director
Director
Director
Director
Director
Director
Director
Director
Director
Representative Director, Chairman, President& CEO
Representative Director and Chairman
Representative Director and Chairman
Representative Director, Executive Officer,
Chairman and President
Representative Director
Representative Director and Chairman
Representative Director, Executive Officer andPresident
Representative Director and Chairman
Representative Director and Chairman
Representative Director and Chairman

Regional Revitalization Partners Co., Ltd.
SBI Financial and Economic Research InstituteCo., Ltd.
SBI PTS Holdings Co., Ltd.

Representative Director and President

Osaka Digital Exchange Co., Ltd.

Representative Director and Chairman

SBI Capital Management Co., Ltd.

Representative Director and President

SBI PE Holdings Co., Ltd.

Representative Director

SBI ALA Pharma Co., Ltd.

Representative Director

SBI Liquidity Market Co., Ltd.

Representative Director and Chairman

SBI FINANCIAL SERVICES Co., Ltd.

Representative Director and Chairman- 30 -

Representative Director and President
Representative Director and Chairman

NameMotonari Otsuru

Billy Wade Wilder

Kotaro Yamazawa
Akihiro Horie
Atsuo Goto

Kazuro Nagano

Masanobu Kotake

Company name
SAN SOGO LAW OFFICEAURORA Servicing Co., Ltd.
SBI Insurance Group Co., Ltd.
Nippon Professional Baseball Organization

AEON Financial Service Co., Ltd.

Title
Special counsel
Outside Director
Outside Corporate Auditor
Chairman of the Investigation Committee
Senior Consultant & Chief Investment
Officer
Outside Director

WingArc1st Inc.

Outside Director

HiJoJo Partners Inc.

Outside Director

Global Partners Consulting, Inc.

Director

SBI Asset Management Co., Ltd.

Corporate Auditor

Wealth Advisor Co., Ltd.

Corporate Auditor

SBI Alternative Investment Management Co., Ltd.

Corporate Auditor

Sanyu Appraisal Corporation

Outside Corporate Auditor

Moriyama Milk Industry Co., Ltd.

Special Adviser

SBI Investment Co., Ltd.

Corporate Auditor

SBI NEO FINANCIAL SERVICES Co., Ltd.

Corporate Auditor

SBI Capital Management Co., Ltd.

Corporate Auditor

MATT.ER K.K- 31 -

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

Name of Outside
Officers
Director Motonari
OtsuruDirector Billy Wade
WilderDirector Kotaro
Yamazawa
Corporate Auditor
Kazuo Nagano
Corporate Auditor
Masanobu Kotake

Significant concurrent positions as Executives or outside officer, etc., of another corporation, 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

SBI Investment Co., Ltd.

Corporate Auditor

SBI NEO FINANCIAL SERVICES Co., Ltd.

Corporate Auditor

SBI Capital Management Co., Ltd.

Corporate Auditor

Notes: 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) Relative relationship with the executive directors, etc., of the Company or the Company’s majortransaction partners and other specified related entities
Not applicable(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 thecurrent fiscal year from the Company’s parent company or subsidiaries of the parent company (excluding the Company) for which they concurrently serve
as officers.

- 32 -

(iv) Principal activities during the period under review
1) Attendance and comments made at the Board of Directors and Board of Corporate Auditors, etc.

Status of Activities
Outside Director
Motonari Otsuru

Outside Director
Billy Wade Wilder

Outside Director
Kotaro Yamazawa

Outside Director
Akihiro Horie

Outside Corporate Auditor
Kazuro Nagano

Outside Corporate Auditor
Masanobu Kotake

He attended all 13 meetings of the Board of Directors held during the period under review
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 othercomments as necessary.
He attended all 13 meetings of the Board of Directors held during the period under review
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.
He attended all 13 meetings of the Board of Directors held during the period under review
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.
He attended all 13 meetings of the Board of Directors held during the period under review
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 andadministrative operations, and other comments as necessary.
He attended 12 of the 13 Board of Directors meetings held during the period under review
and made comments to ensure adequacy and appropriateness of the decision-making of
the Board of Directors. He also attended 13 of the 14 Board of Corporate Auditors
meetings held during the period under review and made comments as necessary.
He attended all 13 meetings of the Board of Directors held during the period under review
and made comments to ensure adequacy and appropriateness of the decision-making of
the Board of Directors. He also attended all 14 meetings of the Board of Corporate
Auditors held during the period under review and made the necessary comments asappropriate.

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 fordamages as provided for in Article 423, Paragraph 1 of the same Act. The maximum amount of liability for damages under the said agreement is one million
yen or the minimum liability amount stipulated by laws and regulations, whichever is higher.

- 33 -

Consolidated Financial Statements■Consolidated balance sheet
Item

27th Fiscal Year

Item

As of March 31, 2024

AssetsCurrent assets(Thousandyen)
27th Fiscal
Year
As of March 31, 2024

Liabilities
Current liabilities

6,547,470

2,357,550

Cash and deposits

3,637,848

Accounts payable–trade

18,765

Accounts receivable

2,273,701

Accounts payable–other

1,162,069

Inventories

3,698

Short-term lease liabilities

58,881

Accounts receivable–other146,925

Income taxes payable

430,601

Other

485,296

Accrued consumption taxes

108,637

Other

578,594

Non-current assets
Property, plant and equipment

12,076,540

Non-current liabilities

314,046

Facilities attached to buildings

73,919Tools, furniture and fixtures

23,557

Total liabilities

Long-term lease liabilities

Right-of-use assets

216,568

Net assets

157,686
157,686
2,515,237

Intangible assets

2,629,237

Shareholders’ equity

15,911,449

Goodwill

1,633,229

Share capital

3,363,635

Software986,883

Capital surplus

4,528,571

Retained earnings

8,019,263

Other
Investments and other assets

9,124

Treasury shares

9,133,256

Accumulated other comprehensive
incomeValuation difference on available-forsale securities
Foreign currency translation
adjustment△20

Investment securities

8,712,813

Deferred tax assets

294,214

Other

126,228

Deferred assets

1,632

Non-controlling interests

1,632

Total net assets

16,110,406

Total liabilities and net assets

18,625,643

Share issuance costs
Total assets

18,625,643- 34 -

52,948△330,513
383,462
146,008

■Consolidated statement of income(Thousand yen)

27th Fiscal Year

Item

From April 1, 2023
To March 31, 2024

Net sales

10,137,596

Cost of sales

4,917,169

Gross profit

5,220,426

Selling, general and administrative expenses

3,109,101

Operating profit

2,111,325

Non-operating income

407,803

Interest income

78,006

Dividend income

181,462

Gain on sale of investment securities

131,942

Other

16,391Non-operating expenses

9,017

Foreign exchange losses

642

Share issuance costs

7,697

Other

677

Ordinary profit

2,510,110

Extraordinary income-

Extraordinary loss-

Profit before income taxes

2,510,110

Income taxes–current

615,412

Income taxes–deferred

273,047

Profit

1,621,651

Profit attributable to non-controlling interests

32,372

Profit attributable to owners of parent

1,589,278- 35 -

Reference Document for the Annual Meeting of Shareholders
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:
Candidate No.

Name

Current position and responsibility at the Company

1

Tomoya Asakura

Representative Director

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

Outside- 36 -

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

Re-election

Brief profile, position and responsibility at the Company

Apr. 1989
June 1995
Nov. 1998
Mar. 2000
July 2004
Dec. 2005
June 2007
June 2012

Joined The Hokkaido Takushoku Bank, Ltd.
Joined SoftBank Corp. (currently SoftBank
Group Corp.)
Joined the Company
Director of the Company
Representative Director and President
Representative Director, Executive Officer and
COO
Director and Executive Officer of SBI Holdings,
Inc.
Director and Managing Executive Officer of SBI
Holdings, Inc.

July 2012
June 2013
June 2018
Feb. 2019
Dec. 2021
July 2022
Mar. 2023
June 2023
June 2023

Significant concurrent positions

SBI Holdings, Inc.
SBI Asset Management Group, Inc.
SBI Asset Management Co., Ltd.

Wealth Advisor Co., Ltd.
Carret Holdings, Inc.
SBI Alternative Investment Management
Co., Ltd.
SBI Regional Business Succession
Investment Co., Ltd.

Director and Senior
Executive Vice
President
Representative
Director
Representative
Director andChairman
Representative
Director andPresident
Director
Director
Director

Representative Director and President of theCompany (current position)
Director and Senior Managing Executive Officer of
SBI Holdings, Inc.
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)
Representative Director of Wealth Advisor Co.,
Ltd. (current position)
Representative Director and Chairman of SBI
Asset Management Co., Ltd. (current position)
Representative Director of SBI AssetManagement Group, Inc. (current position)

SBI Sumishin Net Bank, Ltd.

Director

SBI Insurance Group Co., Ltd.

Director

SBI NEO FINANCIAL SERVICES Co.,Ltd.

Director

SBI Okasan Asset Management Co., Ltd. Director
SBI Smart Energy Co., Ltd.
Director
SBI Alternative Asset Management Co.,
DirectorLtd.
SBI RHEOS HIFUMI, Inc.

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, hepossesses broad insight and abundant experience regarding overall management. Therefore, the Company has judged that he willcontinue to be essential for the sustained improvement of the Group’s corporate value in the future, and nominated him as a
candidate for Director again.

- 37 -

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
Apr. 1998
July 1999

Joined Nomura Securities Co., Ltd.
Mar. 2006
Managing Director of SoftBank Corp. (currently
June 2012
SoftBank Group Corp.)
Representative Director and President of theCompany
Representative Director and President of SoftBank July 2012
Investment Co., Ltd.
June 2018(currently SBI Holdings, Inc.)
Representative Director and President
July 2022

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

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

SBI Hong Kong Holdings Co., Limited

Representative Director

SBI Wellness Bank Co., Ltd.

Representative Director andChairman

SBI Pharmaceuticals Co., Ltd.

Representative Director,
Executive Officer and President

SBI Crypto Co., Ltd.
SBI Regional Business Succession
Investment Co., Ltd.
SBI Digital Asset Holdings Co., Ltd.

Representative Director andChairman
Representative Director andChairman
Representative Director andChairman

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

Regional Revitalization Partners Co., Ltd.
SBI Financial and Economic Research InstituteCo., Ltd.
SBI PTS Holdings Co., Ltd.
Osaka Digital Exchange Co., Ltd.
SBI Capital Management Co., Ltd.

Representative Director andPresident
Representative Director andPresident
Representative Director andPresident
Representative Director andPresident
Representative Director andPresident

SBI PE Holdings Co., Ltd.

Representative Director

SBI ALA Pharma Co., Ltd.

Representative Director

SBI Liquidity Market Co., Ltd.
SBI FINANCIAL SERVICES Co., Ltd.

Representative Director andChairman
Representative Director andChairman

Reasons for nomination as candidate for Director
As Representative Director, Chairman, President & CEO 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 SBIGroup 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 outside
the Company, providing overall advice on the management of the Company. The Company has judged that he will continue tobe essential for the sustained improvement of the Group’s corporate value in the future, and nominated him as a candidate for
Director again.

- 38 -

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

Re-election

Independent

OutsideBrief profile, position and responsibility at the Company
Apr. 1980
June 2000

Apr. 2001

Aug. 2002

Apr. 2005
Jan. 2007
Jan. 2008
Mar. 2010

Appointed as a public prosecutor
Deputy-Director of Special Investigation Department of Tokyo
District Public Prosecutors Office (in charge of finance andeconomic affairs)
Director of Public Security Division of Criminal Affairs Bureau of
Ministry of Justice, and Member of National Bar Examination
Commission
Deputy-Director, Special Investigation Department, Tokyo District
Public Prosecutors Office (in charge of special direct criminal
complaints)
Director of Special Investigation Department of Tokyo District
Public Prosecutors Office
Chief Prosecutor of Hakodate District Public Prosecutors OfficePublic Prosecutor of Supreme Public Prosecutors Office (in chargeof finance and economic affairs)
Deputy Chief Prosecutor of Tokyo District Public Prosecutors
OfficeAug. 2011

July 2012
Jan. 2014
June 2014
June 2015
Mar. 2017

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

Special counsel

SBI Insurance Group Co., Ltd.

AURORA Servicing Co., Ltd.

Outside Director

Nippon Professional BaseballOrganization

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

Brief profile, position and responsibility at the Company
Apr. 1986
Head of Japanese Equity Research, Schroder
Sept. 2014
Securities
Dec. 1992
Joined FIL Investments (Japan) Limited
Apr. 2016
Sept. 1995 Representative Director and President of theApr. 2016
company
June 2019
July 2004
Representative Director and President of Nikko AssetManagement Co., Ltd.
Director of GIC Securities Co., Ltd. (currently GI Capital
Jan. 2014

Re-election

Independent

OutsideSenior Consultant & Chief Investment Officer of
MATT.ER K.K. (current position)
Outside Director of Monex Group, Inc.
Prospect Co., Advisor
Outside Director of the Company (current position)

Management Ltd.)

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
worked at and managed asset management companies in Japan for over 30 years. In addition, he has also served as an outside
director of a listed company. The Company has judged that it will be able to further reinforce and enhance its corporate
governance by having him supervise the Company’s management and advise on overall management, centered on the AssetManagement Business, and has nominated him as a candidate for Outside Director again with the expectation that he will playsuch roles.

- 39 -

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 JapanMay 1998 Manager of Banking Division of Osaka Branch of
Bank of Japan
July 2000 Manager of Personnel Division of Personnel
Department of Bank of Japan
Mar. 2004 Head of Hakodate Branch of Bank of Japan
Apr. 2010 Director and Senior Executive Officer of Osaka
Securities Exchange Co., Ltd.
Jan. 2013 Senior Executive Officer of Japan Exchange Group,
Inc.
June 2014 Senior Managing Executive Officer of Japan
Exchange Group, Inc.
Director and Senior Managing Executive Officer of
Osaka Securities Exchange Co., Ltd.
Apr. 2015 Director and Vice President of Osaka Exchange, Inc.

June 2017 AEON Financial Service Co., Ltd.
Outside Corporate Auditor
Sep. 2018

Outside Auditor of WingArc1st Inc.

June 2019 AEON Financial Service Co., Ltd.
Nov. 2019

WingArc1st Inc.

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.

WingArc1st Inc.

Outside Director
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
Apr. 1993
July 2002
Dec. 2006

Joined Ota-Showa Audit Corporation (currently
Apr. 2008
Ernst & Young ShinNihon LLC)
June 2016
Registered as a Certified Public Accountant
Representative Partner of BRAIN Accounting Tax
June 2018
Co.
Partners Holdings Inc.
June 2022
Director

Global Partners Consulting, Inc.
Outside Corporate Auditor of TSUKUI STAFFCORPORATION
Outside Director (Audit and Supervisory Committee
Member) of the company
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
and enhance 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
he will play such roles.

- 40 -

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.

Toshiyuki Kamiyama(Date of birth: October 28, 1953)
Number of Company shares owned: None

Re-election

Independent

OutsideBrief profile
Apr. 1978

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

General Manager of Finance Dept. of the bank

Apr. 2002

Director of European Fund Office of Market Planning Dept. ofMizuho Corporate Bank, Ltd. (currently Mizuho Bank, Ltd.)

Apr. 2004

General Manager of Market Sales Dept. of Mizuho Bank, Ltd.

July 2007

Executive Officer (in charge of Financial Product Development
Dept., and deputy in charge of Credit Dept. and Sales Planning
Dept.) of Mizuho Investors Securities Co., Ltd. (currently Mizuho
Securities Co., Ltd.)

Apr. 2010

Managing Director of Tokyo Branch and Representative inJapan of Philippine National Bank

Apr. 2013

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

June 2016

Substitute Corporate Auditor of the Company (to present)
Corporate Auditor of SBI Nihon SSI Co., Ltd.

Mar. 2017

Full-time Corporate Auditor of SBI Insurance Group Co., Ltd.
(current position)

Significant concurrent positions
SBI Insurance Group Co., Ltd.

Full-time Corporate Auditor

Reasons for nomination as candidate for Substitute Outside Corporate Auditor
Mr. Toshiyuki Kamiyama has abundant experience and extensive insight, having accumulated experience regarding finance andcorporate management over many years, and we request his election as Substitute Corporate Auditor based on the judgment that
he will be able to play a sufficient role in supervising the management of the Company.

- 41 -

Information Map of the Venue for the Annual Meeting of
Shareholders
Venue

Palace Hotel Tokyo, Yamabuki (4th Floor)
1-1-1 Marunouchi, Chiyoda-ku, Tokyo Tel.: 03-3211-5211

8 minutes’ walk from the Marunouchi North
Exit of Tokyo Station
Direct underground passage from Exit C13bof Otemachi Station

JR
Transportation

SubwayOte-monGate
Kikyobori Moat

Palace Hotel Tokyo

Front C13b Exit (Underground)entrance

Wadakura
Fountain Park

OtemonTower andJX Building

Wadakura
Fountain Park
Restaurant

Wadakura-bori
Moat

Sumitomo
Mitsui Banking
Nippon Life Corporation
Marunouchi Head OfficeGardenBldg.
Tower

Police Box

Hibiyadori Street

C13a Exit(Above ground)OtemachiIntersection

Sumitomo
Mitsui
Banking
Corporation
East Tower

Tokio Marine
Nichido Building

The Industry Clubof Japan Hall
Mitsubishi UFJ
Trust and Banking
Corporation Head
Office Building

Marunouchi
EirakuBuilding iiyo!!

Marunouchi Line Tokyo
StationMarunouchi
South Exit

Marunouchi
Central Exit

Marunouchi North Exit

Nippon Life
Insurance
Marunouchi
Building

Marunouchi
CenterBuilding
ShinMarunouchi
Center Building

Marunouchi Marunouchi
Oazo
Kitaguchi
Building

Tozai Line Otemachi Station

ShinMarunouchi
Building

Eitai-dori Avenue

Marunouchi
Building

Gyoko-dori Avenue

Yusen
Building

Mita Line Otemachi Station

Ote Center
Building

OtemachiFirst 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 areused for easy reading and to
avoid misinterpretation.

- 42 -