Research Coverage Report by Shared Research Inc.

esearch eport by Shared esearch Inc. https://sharedresearch.jp This PDF document is an updated note on the company. A comprehensive version of the report on the company, including this latest update, is available on our website and various professional platforms. On October 29, 2018, Monex Group, Inc. announced earnings results for 1H. Cumulative (JPYmn) Q1 Operating revenue 11,845 24,608 38,377 53,635 13,612 26,400 YoY 1.9% 11.6% 14.7% 17.0% 14.9% 7.3% Net operating revenue 10,836 22,456 35,046 49,155 12,358 23,845 YoY 1.9% 11.7% 14.8% 17.4% 14.0% 6.2% Commissions received 6,884 13,819 21,356 29,196 6,756 13,085 YoY 1.1% 7.1% 8.6% 10.8% -1.9% -5.3% Brokerage 5,247 10,465 16,393 22,540 5,134 9,854 YoY -1.6% 4.9% 8.0% 11.9% -2.2% -5.8% Equity and ETF 3,736 7,441 11,831 15,974 3,364 6,494 YoY 2.0% 7.4% 10.7% 12.5% -10.0% -12.7% Futures and options 1,511 3,024 4,561 6,566 1,768 3,357 YoY -9.6% -0.8% 1.4% 10.4% 17.0% 11.0% Underwriting and distribution 6 126 157 172 23 32 YoY -76.9% 125.0% 57.0% 26.5% 283.3% -74.6% Subscription and distribution 88 166 285 459 70 162 YoY -32.8% -24.9% -9.5% 3.8% -20.5% -2.4% Other commissions 1,543 3,062 4,522 6,025 1,530 3,038 YoY 17.1% 15.5% 11.2% 7.0% -0.8% -0.8% Net trading income 883 1,807 2,893 3,865 1,791 3,209 YoY -32.5% -24.2% -16.0% -14.1% 102.8% 77.6% Net financial income 3,951 8,703 13,074 19,349 4,889 9,733 YoY 20.8% 36.8% 33.0% 35.2% 23.7% 11.8% Other operating revenue 127 279 1,053 1,225 175 373 YoY -46.4% -30.4% 97.2% 82.6% 37.8% 33.7% SG&A expenses 9,816 19,356 29,439 39,853 11,255 22,193 YoY -3.0% -3.1% -1.9% -1.8% 14.7% 14.7% % of net operating revenue 90.6% 86.2% 84.0% 81.1% 91.1% 93.1% Operating profit equivalent 1,020 3,100 5,607 9,302 1,103 1,652 YoY 97.7% - - 630.1% 8.1% -46.7% % of net operating revenue 9.4% 13.8% 16.0% 18.9% 8.9% 6.9% Pre-tax profit 795 3,009 5,437 8,631 1,130 1,830 YoY 43.0% - 585.6% 705.9% 42.1% -39.2% % of net operating revenue 7.3% 13.4% 15.5% 17.6% 9.1% 7.7% Profit attributable to owners of the parent 441 2,014 4,661 6,730 1,196 1,745 YoY 69.0% - - - 171.2% -13.4% % of net operating revenue 4.1% 9.0% 13.3% 13.7% 9.7% 7.3% Quarterly performance (JPYmn) Q1 Operating revenue 11,845 12,763 13,769 15,258 13,612 12,788 YoY 1.9% 22.4% 20.5% 23.5% 14.9% 0.2% Net operating revenue 10,836 11,620 12,590 14,109 12,358 11,487 YoY 1.9% 22.7% 20.8% 24.5% 14.0% -1.1% Commissions 6,884 6,935 7,537 7,840 6,756 6,329 YoY 1.1% 13.8% 11.4% 17.3% -1.9% -8.7% Brokerage 5,247 5,218 5,928 6,147 5,134 4,720 YoY -1.6% 12.4% 13.8% 24.0% -2.2% -9.5% Equity and ETF 3,736 3,705 4,390 4,143 3,364 3,130 YoY 2.0% 13.4% 16.7% 18.2% -10.0% -15.5% Futures and options 1,511 1,513 1,537 2,005 1,768 1,589 YoY -9.6% 10.0% 6.1% 38.1% 17.0% 5.0% Underwriting and distribution 6 120 31 15 23 9 YoY -76.9% 300.0% -29.5% -58.3% 283.3% -92.5% Subscription and distribution 88 78 119 174 70 92 YoY -32.8% -13.3% 26.6% 37.0% -20.5% 17.9% Other commissions 1,543 1,519 1,460 1,503 1,530 1,508 YoY 17.1% 14.0% 3.3% -3.9% -0.8% -0.7% Net trading income 883 924 1,086 972 1,791 1,418 YoY -32.5% -14.1% 2.4% -7.6% 102.8% 53.5% Financial income 3,951 4,752 4,371 6,275 4,889 4,844 YoY 20.8% 53.7% 26.1% 39.9% 23.7% 1.9% Other operating revenue 127 152 774 172 175 198 YoY -46.4% -7.3% 482.0% 25.5% 37.8% 30.3% SG&A expenses 9,816 9,540 10,083 10,414 11,255 10,938 YoY -3.0% -3.2% 0.4% -1.4% 14.7% 14.7% % of net operating revenue 90.6% 82.1% 80.1% 73.8% 91.1% 95.2% Operating profit equivalent 1,020 2,080 2,507 3,695 1,103 549 YoY 97.7% - 563.2% 381.1% 8.1% -73.6% % of net operating revenue 9.4% 17.9% 19.9% 26.2% 8.9% 4.8% Pre-tax profit 795 2,214 2,428 3,194 1,130 700 YoY 43.0% - 255.0% - 42.1% -68.4% % of net operating revenue 7.3% 19.1% 19.3% 22.6% 9.1% 6.1% Profit attributable to owners of the parent 441 1,573 2,647 2,069 1,196 549 YoY 69.0% - 426.2% - 171.2% -65.1% % of net operating revenue 4.1% 13.5% 21.0% 14.7% 9.7% 4.8% Source: Shared esearch based on company data Note: Figures that exceed 1,000% YoY are denoted by -. Quarterly performance figures calculated using differences in cumulative quarterly performance. 1/18

esearch eport by Shared esearch Inc. https://sharedresearch.jp SG&A breakdown SG&A breakdown (cumulative) (JPYmn) Q1 Total SG&A expenses 9,816 19,356 29,439 39,853 11,255 22,193 YoY -3.0% -3.1% -1.9% -1.8% 14.7% 14.7% Trading-related expenses 3,000 5,765 8,752 11,963 3,157 5,967 YoY 5.7% 5.5% 5.2% 6.0% 5.2% 3.5% Commissions paid 981 1,943 2,960 4,125 1,255 2,309 YoY -9.8% -6.0% -3.9% 0.3% 27.9% 18.8% Stock exchange and association fees 215 441 670 897 199 385 YoY -6.1% 3.5% 10.0% 11.0% -7.4% -12.7% Telecom, transportation, and information 1,139 1,897 2,693 3,535 898 1,791 YoY 38.7% 14.3% 2.1% -3.8% -21.2% -5.6% Advertising expenses 611 1,367 2,244 3,159 740 1,339 YoY -7.6% 9.4% 18.1% 23.1% 21.1% -2.0% Other expenses 53 117 186 247 65 143 YoY 35.9% 85.7% 95.8% 111.1% 22.6% 22.2% Personnel 2,535 5,186 8,046 10,854 3,275 6,459 YoY -1.4% -1.9% 3.7% 4.4% 29.2% 24.5% eal estate-related 879 1,752 2,686 3,898 1,221 2,510 YoY 29.6% 30.4% 32.4% 36.5% 38.9% 43.3% eal estate 225 399 624 1,094 302 590 YoY 4.7% -9.7% -7.7% 17.5% 34.2% 47.9% Furniture and fixtures 654 1,353 2,062 2,804 919 1,920 YoY 41.3% 50.0% 52.4% 45.8% 40.5% 41.9% Office expenses 746 1,365 2,042 2,727 723 1,434 YoY -49.2% -54.0% -53.9% -52.5% -3.1% 5.1% Outsourcing 729 1,324 1,978 2,646 707 1,404 YoY -49.8% -55.0% -54.9% -53.4% -3.0% 6.0% Supplies 16 40 64 81 16 30 YoY -5.9% 37.9% 52.4% 42.1% 0.0% -25.0% Depreciation 2,054 4,087 6,117 8,117 2,046 4,143 YoY 30.0% 28.2% 21.9% 14.4% -0.4% 1.4% Taxes and dues 156 294 459 516 175 331 YoY -4.3% 0.0% 5.5% -20.9% 12.2% 12.6% Others 447 908 1,337 1,777 659 1,349 YoY -45.5% -36.1% -33.7% -30.7% 47.4% 48.6% SG&A breakdown (JPYmn) Q1 Total SG&A expenses 9,816 9,540 10,083 10,414 11,255 10,938 YoY -3.0% -3.2% 0.4% -1.4% 14.7% 14.7% Trading-related expenses 3,000 2,765 2,987 3,211 3,157 2,810 YoY 5.7% 5.1% 4.6% 8.6% 5.2% 1.6% Commissions paid 981 962 1,017 1,165 1,255 1,054 YoY -9.8% -1.9% 0.5% 12.7% 27.9% 9.6% Stock exchange and association fees 215 226 229 227 199 186 YoY -6.1% 14.7% 25.1% 14.1% -7.4% -17.7% Telecom, transportation, and information 1,139 758 796 842 898 893 YoY 38.7% -9.5% -18.7% -18.8% -21.2% 17.8% Advertising expenses 611 756 877 915 740 599 YoY -7.6% 28.6% 34.7% 37.2% 21.1% -20.8% Other expenses 53 64 69 61 65 78 YoY 35.9% 166.7% 115.6% 177.3% 22.6% 21.9% Personnel expenses 2,535 2,651 2,860 2,808 3,275 3,184 YoY -1.4% -2.4% 15.6% 6.7% 29.2% 20.1% eal estate-related 879 873 934 1,212 1,221 1,289 YoY 29.6% 31.1% 36.4% 46.7% 38.9% 47.7% eal estate 225 174 225 470 302 288 YoY 4.7% -23.3% -3.8% 84.3% 34.2% 65.5% Furniture and fixtures 654 699 709 742 919 1,001 YoY 41.3% 59.2% 57.2% 30.2% 40.5% 43.2% Office expenses 746 619 677 685 723 711 YoY -49.2% -58.8% -53.6% -47.7% -3.1% 14.9% Outsourcing 729 595 654 668 707 697 YoY -49.8% -60.1% -54.7% -48.4% -3.0% 17.1% Supplies 16 24 24 17 16 14 YoY -5.9% 100.0% 84.6% 13.3% 0.0% -41.7% Depreciation 2,054 2,033 2,030 2,000 2,046 2,097 YoY 30.0% 26.4% 10.9% -3.6% -0.4% 3.1% Taxes and dues 156 138 165 57 175 156 YoY -4.3% 5.3% 17.0% -73.7% 12.2% 13.0% Others 447 461 429 440 659 690 YoY -45.5% -23.3% -28.1% -19.7% 47.4% 49.7% Source: Shared esearch based on company data Note: Figures that exceed 1,000% YoY are denoted by -. Quarterly performance figures calculated using differences in cumulative quarterly performance 2/18

esearch eport by Shared esearch Inc. https://sharedresearch.jp Quarterly results by segment (Japan, US, and Asia-Pacific segments) Cumulative Q2 Q3 Q4 Q1 Q2 (JPYmn) Japan US AP Japan US AP Japan US AP Japan US AP Japan US AP Operating revenue 14,465 9,645 470 23,380 14,573 695 31,206 20,002 939 7,170 5,457 193 14,162 11,004 415 YoY - 3.1% 38.2% - 4.5% 35.7% - 7.1% 31.5% 0.4% 14.0% -20.2% -2.1% 14.1% -11.7% Commissions received 7,951 5,696 270 12,615 8,477 403 16,967 11,858 557 3,527 3,078 96 6,869 5,948 211 YoY 6.0% 7.6% 68.8% 9.5% 6.1% 65.8% 11.1% 9.2% 60.5% -9.4% 5.8% -30.9% -13.6% 4.4% -21.9% Brokerage 6,552 3,743 270 10,517 5,614 401 14,082 8,091 554 2,858 2,217 96 5,510 4,213 209 YoY 6.3% 1.1% 68.8% 10.6% 1.8% 65.0% 12.2% 9.8% 59.2% -12.4% 16.5% -30.9% -15.9% 12.6% -22.6% Equity and ETF 6,393 877 270 10,264 1,304 401 13,732 1,873 554 2,792 515 96 5,375 991 209 Futures and options 158 2,866-251 4,310-348 6,219-66 1,702-135 3,222 - OSE FX - - - - - - - - - - - - - - - Underwriting and distribution 126 - - 157 - - 172 - - 23 - - 32 - - Subscription and distribution 165 - - 285 - - 458 - - 70 - - 162 - - Other commissions 1,109 1,953 1 1,657 2,863 3 2,256 3,767 3 576 862-1,165 1,736 1 YoY 4.7% 22.7% - 4.5% 15.5% - 5.4% 8.0% - 7.1% -14.2% - 5.0% -11.1% 0.0% Net trading income 1,807 - - 2,893 - - 3,865 - - 943 - - 2,092 - -2 YoY -24.3% - - -16.1% - - -14.1% - - 6.8% - - 15.8% - - Financial income 4,644 3,390 117 7,165 5,242 174 9,640 6,946 227 2,679 2,032 61 5,158 4,364 132 YoY - 30.0% 1.7% - 31.3% -1.1% - 26.5% -3.8% 14.9% 26.1% 0.0% 11.1% 28.7% 12.8% Other operating revenue 61 537 82 706 828 117 732 1,141 155 21 327 36 42 662 74 Financial expenses 1,022 1,235 4 1,569 1,924 7 2,177 2,535 8 536 821 2 1,050 1,740 2 Net operating revenue 13,443 8,390 466 21,811 12,626 688 29,028 17,417 931 6,634 4,619 192 13,111 9,238 413 YoY - 9.6% 37.9% - 9.8% 35.2% - 11.5% 31.7% 0.0% 9.4% -20.0% -2.5% 10.1% -11.4% SG&A expenses 11,166 8,206 484 17,061 12,409 701 23,420 16,487 922 5,835 4,389 207 11,553 8,632 436 YoY - 2.2% 42.8% - 4.9% 31.5% - 4.0% 26.1% 4.1% 4.0% -16.9% 3.5% 5.2% -9.9% % of net operating revenue 83.1% 97.8% 103.9% 78.2% 98.3% 101.9% 80.7% 94.7% 99.0% 88.0% 95.0% 107.8% 88.1% 93.4% 105.6% Operating profit equivalent 2,277 184-18 4,749 218-14 5,607 931 9 799 230-16 1,559 606-23 22.3% - - -31.5% 229.3% - % of net operating revenue 16.9% 2.2% - 21.8% 1.7% - 19.3% 5.3% 1.0% 12.0% 5.0% - 11.9% 6.6% - Other revenue 594 1 24 651-40 847 2 60 683-9 1,445-16 Other expenses 391 5 297 542 10 298 655 651 295 522 21 2 1,205 36 8 Pre-tax profit 2,480 179-291 4,858 208-271 5,799 282-225 959 209-9 1,797 570-15 13.2% - - -27.5% 218.4% - % of net operating revenue 18.4% 2.1% - 22.3% 1.6% - 20.0% 1.6% - 14.5% 4.5% - 13.7% 6.2% - Profit 1,614 212-299 3,222 1,194-285 3,807 1,274-245 1,024 191-13 1,563 444-24 YoY - - - - - - - - - 41.6% - - -3.2% 109.4% - Profit attributable to owners of the parent 1,694 212-299 3,335 1,194-285 3,959 1,274-245 1,055 191-13 1,632 444-24 YoY - - - - - - - - - 39.9% - - -3.7% 109.4% - % of net operating revenue 12.6% 2.5% - 15.3% 9.5% - 13.6% 7.3% - 15.9% 4.1% - 12.4% 4.8% - Quarterly Q2 Q3 Q4 Q1 Q2 (JPYmn) Japan US AP Japan US AP Japan US AP Japan US AP Japan US AP Operating revenue 7,324 4,856 228 8,915 4,928 225 7,826 5,429 244 7,170 5,457 193 6,992 5,547 222 YoY - -0.2% 32.6% - 7.2% 30.8% - 14.7% 21.4% 0.4% 14.0% -20.2% -4.5% 14.2% -2.6% Commissions received 4,057 2,788 132 4,664 2,781 133 4,352 3,381 153 3,527 3,078 96 3,342 2,870 114 YoY 14.3% 12.1% 53.5% 16.2% 3.1% 60.2% 16.0% 18.0% 45.7% -9.4% 5.8% -30.9% -17.6% 2.9% -13.6% Brokerage 3,289 1,840 131 3,965 1,871 131 3,565 2,477 153 2,858 2,217 96 2,652 1,996 113 YoY 13.8% 8.7% 52.3% 18.4% 3.4% 57.8% 17.5% 33.4% 45.7% -12.4% 16.5% -30.9% -19.4% 8.5% -13.7% Equity and ETF 3,213 403 131 3,871 427 131 3,468 569 153 2,792 515 96 2,583 476 113 Futures and options 76 1,437-93 1,444-97 1,909-66 1,702-69 1,520 - OSE FX - - - - - - - - - - - - - - - Underwriting and distribution 120 - - 31 - - 15 - - 23 - - 9 - - Subscription and distribution 77 - - 120 - - 173 - - 70 - - 92 - - Other commissions 571 948 1 548 910 2 599 904-576 862-589 874 1 YoY 6.3% 19.1% - 4.0% 2.6% - 7.9% -10.4% - 7.1% -14.2% - 3.2% -7.8% 0.0% Net trading income 924 - - 1,086 - - 972 - - 943 - - 1,149 - -1 YoY -14.2% - - 2.4% - - -7.5% - - 6.8% - - 24.4% - - Financial income 2,312 1,779 57 2,521 1,852 57 2,475 1,704 53 2,679 2,032 61 2,479 2,332 71 YoY - 33.6% 5.6% - 33.9% -6.6% - 13.5% -13.1% 14.9% 26.1% 0.0% 7.2% 31.1% 24.6% Other operating revenue 30 279 40 645 291 36 26 313 38 21 327 36 21 335 38 Financial expenses 516 680 2 547 689 3 608 612 1 536 821 2 514 919 1 Net operating revenue 6,808 4,167 226 8,368 4,236 222 7,217 4,791 243 6,634 4,619 192 6,477 4,619 221 YoY - 13.3% 32.2% - 10.1% 30.6% - 16.5% 22.1% 0.0% 9.4% -20.0% -4.9% 10.8% -2.2% SG&A expenses 5,559 3,984 235 5,895 4,202 217 6,359 4,078 220 5,835 4,389 207 5,718 4,242 228 YoY - 3.7% 36.6% - 10.7% 11.9% - 1.2% 11.1% 4.1% 4.0% -16.9% 2.9% 6.5% -3.0% % of net operating revenue 81.7% 95.6% 104.0% 70.4% 99.2% 97.7% 88.1% 85.1% 90.5% 88.0% 95.0% 107.8% 88.3% 91.8% 103.2% Operating profit equivalent 1,249 183-10 2,472 34 5 858 713 23 799 230-16 760 377-7 YoY - - - - -34.6% - - 738.8% - -22.3% - - -39.2% 106.0% - % of net operating revenue 18.3% 4.4% - 29.5% 0.8% 2.3% 11.9% 14.9% 9.5% 12.0% 5.0% - 11.7% 8.2% - Other revenue 19 1 11 57-1 16 196 2 20 683-9 762-7 Other expenses -107 5-7 151 5 1 113 641-3 522 21 2 683 15 6 Pre-tax profit 1,375 178 9 2,378 29 20 941 74 46 959 209-9 838 361-6 YoY - - - - -58.6% - - 7.2% - -13.2% - - -39.1% 102.8% - % of net operating revenue 20.2% 4.3% 4.0% 28.4% 0.7% 9.0% 13.0% 1.5% 18.9% 14.5% 4.5% - 12.9% 7.8% - Profit 891 211 4 1,608 982 14 585 80 40 1,024 191-13 539 253-11 YoY - - - - 776.8% - - - - 41.6% - - -39.5% 19.9% - Profit attributable to owners of the parent 940 211 4 1,641 982 14 624 80 40 1,055 191-13 577 253-11 YoY - - - - 776.8% - - - - 39.9% - - -38.6% 19.9% - % of net operating revenue 13.8% 5.1% 1.8% 19.6% 23.2% 6.3% 8.6% 1.7% 16.5% 15.9% 4.1% - 8.9% 5.5% - Source: Shared esearch based on company data Note: Figures that exceed 1,000% YoY are denoted by -. Cumulative quarterly performance calculated as the total of quarterly results. Starting with Q1, the company has changed its segmentation from three segments (Japan, US, and Asia-Pacific) to five segments (Japan, US, Asia-Pacific,, and ). The table above reflects results as broken down into five operating segments. 3/18

esearch eport by Shared esearch Inc. https://sharedresearch.jp Quarterly results by segment ( and segments) Cumulative Q2 Q3 Q4 Q1 Q2 (JPYmn) Operating revenue - 659-659 - 2,771 942 222 1,257 315 52.2% Commissions received - - - - - - - - - - Brokerage - - - - - - 1-2 - Equity and ETF - - - - - - - - - - Futures and options - - - - - - - - - - OSE FX - - - - - - 1-2 - Underwriting and distribution - - - - - - - - - - Subscription and distribution - - - - - - - - - - Other commissions - - - - - - 92-136 - Net trading income - - - - - - 848-1,117 - Financial income - 659-659 - 2,771-222 - 315 52.2% Other operating revenue - - - - - - - - - - Financial expenses - - - - - - - - - - Net operating revenue - 659-659 - 2,771 942 222 1,257 315 52.2% SG&A expenses - 3-5 - 15 1,211 1 2,244 4 YoY - - - - - - - -50.0% - 33.3% % of net operating revenue - - - - - - 128.6% 0.5% - - Operating profit equivalent - 656-654 - 2,757-269 220-987 310 52.7% % of net operating revenue - 99.5% - 99.2% - 99.5% - - - 98.4% Other revenue - - - 1-26 10 13 141 19 Other expenses - 15-10 - 2 - - 1 - Pre-tax profit - 641-645 - 2,781-259 233-847 329 48.7% % of net operating revenue - 97.3% - 97.9% - 100.4% - 105.0% - 104.4% Profit - 409-422 - 1,751-190 156-599 297 27.4% Profit attributable to owners of the parent - 409-422 - 1,751-190 156-599 297 27.4% % of net operating revenue - 62.1% - 64.0% - 63.2% - 70.3% - 94.3% Quarterly Q2 Q3 Q4 Q1 Q2 (JPYmn) Operating revenue - 659 - - - 2,112 942 222 315 93 85.9% Commissions received - - - - - - - - - - Brokerage - - - - - - 1-1 - Equity and ETF - - - - - - - - - - Futures and options - - - - - - - - - - OSE FX - - - - - - 1-1 - Underwriting and distribution - - - - - - - - - - Subscription and distribution - - - - - - - - - - Other commissions - - - - - - 92-44 - Net trading income - - - - - - 848-269 - Financial income - 659 - - - 2,112-222 - 93 85.9% Other operating revenue - - - - - - - - - - Financial expenses - - - - - - - - - - Net operating revenue - 659 - - - 2,112 942 222 315 93 85.9% SG&A expenses - 1-2 - 10 1,211 1 1,033 3 YoY - - - - - - - -50.0% - 200.0% % of net operating revenue 0.2% - - - 0.5% 128.6% 0.5% 327.9% 3.2% Operating profit equivalent - 658 - -2-2,103-269 220-718 90 86.3% % of net operating revenue - 99.8% - - - 99.6% - 99.1% - 96.8% Other revenue - - - 1-25 10 13 131 6 Other expenses - 6 - -5 - -8 - - 1 - Pre-tax profit - 652-4 - 2,136-259 233-588 96 85.3% % of net operating revenue - 98.9% - - - 101.1% - 105.0% - 103.2% Profit - 420-13 - 1,329-190 156-409 141 66.4% Profit attributable to owners of the parent - 420-13 - 1,329-190 156-409 141 66.4% % of net operating revenue - 63.7% - - - 62.9% - 70.3% - 151.6% Source: Shared esearch based on company data Note: Figures that exceed 1,000% YoY are denoted by -. Cumulative quarterly performance calculated as the total of quarterly results. Starting with Q1, the company has changed its segmentation from three segments (Japan, US, and Asia-Pacific) to five segments (Japan, US, Asia-Pacific,, and ). The table above reflects results as broken down into five operating segments. 4/18

esearch eport by Shared esearch Inc. https://sharedresearch.jp Quarterly SG&A expenses by segment (Japan, US, and Asia-Pacific segments) Cumulative Q2 Q3 Q4 Q1 Q2 (JPYmn) Japan US AP Japan US AP Japan US AP Japan US AP Japan US AP SG&A expenses 11,166 8,206 484 17,061 12,409 701 23,420 16,487 922 5,835 4,389 207 11,553 8,632 436 YoY -8.2% 2.2% 42.8% -7.5% 4.9% 31.5% -6.5% 4.0% 26.1% 4.1% 4.0% -16.9% 3.5% 5.2% -9.9% Trading-related expenses 2,594 3,093 188 4,147 4,505 255 5,787 6,044 333 1,371 1,615 61 2,562 3,070 130 YoY 0.3% 9.0% 84.3% 4.6% 4.9% 60.4% 8.7% 3.0% 47.3% 11.5% -6.8% -38.4% -1.2% -0.7% -30.9% Commissions paid 635 1,359 57 1,010 2,032 70 1,397 2,841 85 352 863 11 699 1,562 21 Stock exchange and association fees 380 61 0 587 83 0 797 100 0 171 28 0 327 59 0 Telecom, transportation, and information 805 1,043 50 1,218 1,405 71 1,668 1,773 95 432 379 22 841 762 46 Advertising expenses 714 578 76 1,232 905 107 1,784 1,232 144 388 320 26 636 627 59 Others 61 51 6 101 78 7 141 96 10 29 27 1 60 62 3 Personnel 1,955 3,060 170 3,005 4,774 265 4,028 6,469 356 1,026 1,746 96 2,017 3,460 202 YoY -7.3% 0.6% 25.9% -4.6% 8.4% 28.6% -4.2% 9.4% 29.0% 6.9% 17.1% 15.7% 3.2% 13.1% 18.8% eal estate-related 1,611 486 33 2,445 754 50 3,578 1,012 66 1,076 261 16 2,215 532 33 YoY 7.4% 102.5% 32.0% 9.2% 121.1% 28.2% 13.9% 125.4% 15.8% 29.3% 15.0% 0.0% 37.5% 9.5% 0.0% eal estate 188 179 30 297 280 46 659 373 61 135 82 15 266 172 30 Furniture and fixtures 1,422 307 3 2,147 474 4 2,918 639 5 942 180 1 1,950 361 3 Office and supplies 1,333 13 19 1,994 24 24 2,667 30 31 501 5 7 1,000 10 17 YoY -54.7% - -29.6% -54.4% - -52.0% -53.0% - -46.6% -31.1% -16.7% -46.2% -25.0% -23.1% -10.5% Outsourcing 1,306 0 19 1,955 0 24 2,618 0 30 491 0 6 981 0 15 Supplies 27 13 2 39 24 3 50 30 4 10 5 1 19 10 2 Depreciation 3,044 1,004 42 4,532 1,523 63 6,033 2,004 81 1,516 500 18 3,049 1,025 36 YoY 36.7% 8.4% 13.5% 28.2% 6.8% 10.5% 18.8% 3.4% 3.8% -1.2% 0.0% -14.3% 0.2% 2.1% -14.3% Taxes and dues 275 19 0 433 26 0 604-89 0 134 8 0 283 15 0 Others 355 533 32 507 804 44 725 1,018 54 209 251 10 425 517 19 Quarterly Q2 Q3 Q4 Q1 Q2 (JPYmn) Japan US AP Japan US AP Japan US AP Japan US AP Japan US AP SG&A expenses 5,559 3,984 235 5,895 4,202 217 6,359 4,078 220 5,835 4,389 207 5,718 4,242 228 YoY -8.7% 3.7% 36.6% -6.2% 10.7% 11.9% -3.8% 1.2% 11.1% 4.1% 4.0% -16.9% 2.9% 6.5% -3.0% Trading-related expenses 1,364 1,360 89 1,553 1,412 67 1,640 1,539 78 1,371 1,615 61 1,191 1,455 69 YoY 7.7% 1.8% 58.9% 12.7% -3.0% 17.5% 20.7% -2.3% 16.4% 11.5% -6.8% -38.4% -12.7% 7.0% -22.5% Commissions paid 329 658 21 375 673 13 387 809 15 352 863 11 347 699 10 Stock exchange and association fees 189 37 0 207 22 0 210 17 0 171 28 0 156 31 0 Telecom, transportation, and information 391 348 20 413 362 21 450 368 24 432 379 22 409 383 24 Advertising expenses 422 289 46 518 327 31 552 327 37 388 320 26 248 307 33 Others 34 27 3 40 27 1 40 18 3 29 27 1 31 35 2 Personnel 995 1,569 87 1,050 1,714 95 1,023 1,695 91 1,026 1,746 96 991 1,714 106 YoY -10.1% 1.7% 31.8% 0.8% 25.8% 33.8% -3.0% 12.5% 30.0% 6.9% 17.1% 15.7% -0.4% 9.2% 21.8% eal estate-related 779 259 17 834 268 17 1,133 258 16 1,076 261 16 1,139 271 17 YoY 7.2% 110.6% 41.7% 12.9% 165.3% 21.4% 25.6% 138.9% -11.1% 29.3% 15.0% 0.0% 46.2% 4.6% 0.0% eal estate 64 94 15 109 101 16 362 93 15 135 82 15 131 90 15 Furniture and fixtures 715 165 2 725 167 1 771 165 1 942 180 1 1008 181 2 Office and supplies 606 7 6 661 11 5 673 6 7 501 5 7 499 5 10 YoY -59.3% - -50.0% -53.9% - -78.3% -48.2% - -12.5% -31.1% -16.7% -46.2% -17.7% -28.6% 66.7% Outsourcing 589 0 6 649 0 5 663 0 6 491 0 6 490 0 9 Supplies 17 7 1 12 11 1 11 6 1 10 5 1 9 5 1 Depreciation 1,509 504 21 1,488 519 21 1,501 481 18 1,516 500 18 1,533 525 18 YoY 33.0% 10.5% 16.7% 13.6% 3.8% 5.0% -2.6% -6.2% -14.3% -1.2% 0.0% -14.3% 1.6% 4.2% -14.3% Taxes and dues 128 9 0 158 7 0 171-115 0 134 8 0 149 7 0 Others 178 277 16 152 271 12 218 214 10 209 251 10 216 266 9 Source: Shared esearch based on company data Note: Figures that exceed 1,000% YoY are denoted by -. Cumulative quarterly performance calculated as the total of quarterly results. Depreciation for US and Asia-Pacific segments include depreciation of identified intangible assets at the time of acquisition of TradeStation Group and Monex Boom Securities Group Starting with Q1, the company has changed its segmentation from three segments (Japan, US, and Asia-Pacific) to five segments (Japan, US, Asia-Pacific,, and ). The table above reflects results as broken down into five operating segments. 5/18

esearch eport by Shared esearch Inc. https://sharedresearch.jp Quarterly SG&A expenses by segment ( and segments) Cumulative Q2 Q3 Q4 Q1 Q2 (JPYmn) SG&A expenses - 3-4 - 13 1,211 209 2,244 212 YoY - - - - - - - - - 6966.7% Trading-related expenses - - - 1-9 152 1 296 2 Commissions paid - - - 1-1 73 1 119 2 Stock exchange and association fees - - - - - - - - - - Telecom, transportation, and information - - - - - - 65-143 - Advertising expenses - - - - - - 7-17 - Others - - - - - 1 8-18 - Personnel - 1-1 - 1 406-779 - eal estate-related - - - - - - 71-122 - eal estate - - - - - - 71-122 - Furniture and fixtures - - - - - - - - - - Office and supplies - - - - - - 210-408 - Outsourcing - - - - - - 210-408 - Supplies - - - - - - - - - - Depreciation - - - - - - 12-33 - Taxes and dues - - - - - 1 32-33 - Others - 1-2 - 2 328 1 572 3 Quarterly Q2 Q3 Q4 Q1 Q2 (JPYmn) SG&A expenses - 1-1 - 9 1,211 209 1,033 3 YoY - - - - - - - - - 200.0% Trading-related expenses - - - 1-8 152 1 144 1 Commissions paid - - - 1 - - 73 1 46 1 Stock exchange and association fees - - - - - - - - - - Telecom, transportation, and information - - - - - - 65-78 - Advertising expenses - - - - - - 7-10 - Other - - - - - 1 8-10 - Personnel - - - - - - 406-373 - eal estate-related - - - - - - 71-51 - eal estate - - - - - - 71-51 - Furniture and fixtures - - - - - - - - - - Office and supplies - - - - - - 210-198 - Outsourcing - - - - - - 210-198 - Supplies - - - - - - - - - - Depreciation - - - - - - 12-21 - Taxes and dues - - - - - 1 32-1 - Others - 1-1 - - 328 1 244 2 Source: Shared esearch based on company data Note: Figures that exceed 1,000% YoY are denoted by -. Cumulative quarterly performance calculated as the total of quarterly results. Starting with Q1, the company has changed its segmentation from three segments (Japan, US, and Asia-Pacific) to five segments (Japan, US, Asia-Pacific,, and ). The table above reflects results as broken down into five operating segments. 6/18

esearch eport by Shared esearch Inc. https://sharedresearch.jp Monex, Inc. quarterly results Cumulative (JPYmn) Q1 Operating revenue 7,715 15,140 24,487 32,454 7,749 14,844 YoY -2.8% 4.4% 11.0% 9.5% 0.4% -2.0% Net operating revenue 6,691 13,547 21,918 29,394 6,713 13,267 YoY -3.2% 4.9% 12.3% 10.8% 0.3% -2.1% Commissions received 3,916 8,000 12,688 17,087 3,538 6,892 YoY -1.3% 6.2% 9.7% 11.1% -9.7% -13.9% Brokerage 3,290 6,613 10,613 14,238 2,885 5,564 YoY -0.1% 6.6% 10.7% 12.3% -12.3% -15.9% Equity and ETF 3,208 6,455 10,361 13,889 2,819 5,429 YoY 1.6% 8.2% 11.9% 13.3% -12.1% -15.9% Futures and options 82 158 252 348 66 135 YoY -39.7% -33.6% -23.6% -17.5% -19.5% -14.6% Underwriting and distribution 5 125 156 171 22 31 YoY -80.8% 123.2% 56.0% 25.7% 340.0% -75.2% Subscription and distribution 88 165 285 458 70 161 YoY -32.3% -25.3% -9.5% 3.6% -20.5% -2.4% Other commissions 531 1,094 1,633 2,218 560 1,135 YoY 2.7% 4.3% 4.3% 4.8% 5.5% 3.7% Net trading income 882 1,804 2,839 3,862 943 2,092 YoY -32.6% -24.4% -17.6% -14.2% 6.9% 16.0% Financial income 2,888 5,281 8,261 10,780 3,246 5,811 YoY 12.2% 18.9% 20.0% 12.8% 12.4% 10.0% Other operating revenue 28 54 698 723 20 46 YoY -67.1% -59.1% 323.0% 276.6% -28.6% -14.8% SG&A expenses 5,789 11,558 17,743 24,024 5,932 11,726 YoY -7.5% -7.1% -6.3% -6.7% 2.5% 1.5% % of net operating revenue 86.5% 85.3% 81.0% 81.7% 88.4% 88.4% Operating profit 902 1,988 4,175 5,369 781 1,540 YoY 37.5% 315.0% 613.7% 576.2% -13.4% -22.5% % of net operating revenue 13.5% 14.7% 19.0% 18.3% 11.6% 11.6% Pre-tax profit 984 2,097 4,268 5,429 828 1,597 YoY -41.3% 55.0% 187.0% 267.3% -15.9% -23.8% % of net operating revenue 14.7% 15.5% 19.5% 18.5% 12.3% 12.0% Net income 693 1,445 2,945 3,742 576 1,100 YoY -47.6% 32.8% 157.4% 251.7% -16.9% -23.9% % of net operating revenue 10.4% 10.7% 13.4% 12.7% 8.6% 8.3% Quarterly performance (JPYmn) Q1 Operating revenue 7,715 7,425 9,347 7,967 7,749 7,095 YoY -2.8% 13.2% 23.4% 5.4% 0.4% -4.4% Net operating revenue 6,691 6,856 8,371 7,476 6,713 6,554 YoY -3.2% 14.2% 26.8% 6.6% 0.3% -4.4% Commissions 3,916 4,084 4,688 4,399 3,538 3,354 YoY -1.3% 14.6% 16.1% 15.5% -9.7% -17.9% YoY 3,290 3,323 4,000 3,625 2,885 2,679 YoY -0.1% 14.1% 18.3% 17.1% -12.3% -19.4% Equity and ETF 3,208 3,247 3,906 3,528 2,819 2,610 YoY 1.6% 15.6% 18.7% 17.5% -12.1% -19.6% Futures and options 82 76 94 96 66 69 YoY -39.7% -25.5% 2.2% 4.3% -19.5% -9.2% Underwriting and distribution 5 120 31 15 22 9 YoY -80.8% 300.0% -29.5% -58.3% 340.0% -92.5% Subscription and distribution 88 77 120 173 70 91 YoY -32.3% -15.4% 27.7% 36.2% -20.5% 18.2% Other commissions 531 563 539 585 560 575 YoY 2.7% 5.8% 4.3% 6.2% 5.5% 2.1% Net trading income 882 922 1,035 1,023 943 1,149 YoY -32.6% -14.5% -2.5% -2.8% 6.9% 24.6% Financial income 2,888 2,393 2,980 2,519 3,246 2,565 YoY 12.2% 28.0% 22.0% -5.7% 12.4% 7.2% Other operating revenue 28 26 644 25 20 26 YoY -67.1% -44.7% - -7.4% -28.6% 0.0% SG&A expenses 5,789 5,769 6,185 6,281 5,932 5,794 Taxes and dues -7.5% -6.7% -4.8% -7.7% 2.5% 0.4% % of net operating revenue 86.5% 84.1% 73.9% 84.0% 88.4% 88.4% Operating profit 902 1,086 2,187 1,194 781 759 YoY 37.5% - - 471.3% -13.4% -30.1% % of net operating revenue 13.5% 15.8% 26.1% 16.0% 11.6% 11.6% Pre-tax profit 984 1,113 2,171 1,161 828 769 YoY -41.3% - - - -15.9% -30.9% % of net operating revenue 14.7% 16.2% 25.9% 15.5% 12.3% 11.7% Net income 693 752 1,500 797 576 524 YoY -47.6% - - - -16.9% -30.3% % of net operating revenue 10.4% 11.0% 17.9% 10.7% 8.6% 8.0% Source: Shared esearch based on company data Note: Figures that exceed 1,000% YoY are denoted by -. 7/18

esearch eport by Shared esearch Inc. https://sharedresearch.jp Key metrics at Monex, Inc. (Cumulative) Metrics related to commissions received Q1 etail investors trading value on TSE and NSE (JPYtn) 69.6 138.2 228.4 317.0 72.2 139.1 YoY 1.9% 5.0% 13.9% 19.5% 3.7% 0.6% Monex, Inc. share 5.5% 5.4% 5.3% 5.3% 5.3% 5.2% Monex, Inc. equity and ETF trading value (JPYtn) 3.8 7.4 12.0 16.8 3.8 7.3 YoY 12.8% 14.8% 20.5% 25.9% -0.5% -1.8% Equity brokerage commission rate 0.084% 0.087% 0.086% 0.083% 0.074% 0.075% Metrics related to net trading income FX trading value (JPYtn) 6.7 13.7 21.3 31.1 7.4 14.3 YoY -29.1% -17.0% -16.9% -10.9% 11.0% 4.9% Metrics related to net financial income Margin trading balance (JPYbn) 165 163 189 205 201 178 YoY 14.6% 14.3% 25.8% 23.7% 21.5% 9.1% Avg. margin trading balance (month end; JPYbn) 160 164 169 178 203 192 YoY 2.8% 9.0% 13.4% 17.1% 26.9% 17.1% (Quarterly) Metrics related to commissions received Q1 etail investors trading value on TSE and NSE (JPYtn) 69.6 68.6 90.2 88.6 72.2 66.9 YoY 1.9% 8.4% 30.9% 36.8% 3.7% -2.5% Monex, Inc. share 5.5% 5.2% 5.1% 5.3% 5.3% 5.2% Monex, Inc. equity and ETF trading value (JPYtn) 3.8 3.6 4.6 4.7 3.8 3.5 YoY 12.8% 17.0% 31.0% 42.1% -0.5% -3.2% Equity brokerage commission rate 0.084% 0.091% 0.084% 0.075% 0.074% 0.075% Metrics related to net trading income FX trading value (JPYtn) 6.7 7.0 7.6 9.8 7.4 6.9 YoY -29.1% -1.0% -16.5% 5.6% 11.0% -0.9% Margin transaction balance and market share (lon Margin trading balance (JPYbn) 165 163 189 205 201 178 YoY 14.6% 14.3% 25.8% 23.7% 21.5% 9.1% Avg. margin trading balance (month end; JPYbn) 160 169 179 204 203 182 YoY 2.8% 15.6% 22.6% 27.2% 26.9% 7.8% Source: Shared esearch based on company data Trading value of retail investors on the two markets is based on aggregate monthly totals from Japan Exchange Group Monthly Statistics eport. 8/18

esearch eport by Shared esearch Inc. https://sharedresearch.jp US segment quarterly results Cumulative (USD'000) Q1 Operating revenue 42,939 86,693 130,389 180,593 50,162 99,804 YoY 3.5% -2.1% 0.6% 5.1% 16.8% 15.1% Commissions received 26,081 51,199 75,843 107,067 28,297 53,949 YoY 0.5% 2.2% 2.1% 7.2% 8.5% 5.4% Brokerage 17,067 33,646 50,230 73,056 20,377 38,211 YoY -8.2% -4.0% -2.0% 7.7% 19.4% 13.6% Equity and ETF 4,255 7,890 11,675 16,917 4,731 8,989 Futures and options 12,813 25,757 38,556 56,139 15,646 29,221 Other commissions 9,014 17,553 25,613 34,011 7,920 15,738 YoY 22.6% 16.6% 11.2% 6.0% -12.1% -10.3% Net trading income - - - - - - Financial income 14,446 30,471 46,905 62,713 18,680 39,581 YoY 22.5% 23.5% 26.5% 24.1% 29.3% 29.9% Sales revenue 99 199 232 506 178 268 Other operating revenue 2,313 4,824 7,409 10,306 3,007 6,007 Financial expenses 4,982 11,102 17,214 22,892 7,549 15,784 YoY 9.2% 14.1% 19.1% 17.6% 51.5% 42.2% Cost of revenue 86 173 201 439 155 233 Net operating revenue 37,870 75,417 112,973 157,260 42,458 83,787 YoY 3.1% 4.1% 5.7% 9.5% 12.1% 11.1% SG&A expenses 37,859 73,765 111,026 148,858 40,345 78,287 YoY -2.2% -2.9% 1.0% 2.0% 6.6% 6.1% Operating profit equivalent 11 1,652 1,947 8,402 2,113 5,500 Yoy - - - - - 232.9% Other revenue - 9 3 21 1 1 Other expenses 4 51 92 5,882 193 329 Pre-tax profit 7 1,610 1,858 2,542 1,921 5,172 YoY - - - - - 221.2% Profit 5 1,902 10,682 11,504 1,757 4,025 YoY - - - - - 111.6% Profit attributable to owners of the parent 5 1,902 10,682 11,504 1,757 4,025 YoY - - - - - 111.6% Quarterly (USD'000) Q1 Operating revenue 42,939 43,754 43,696 50,204 50,162 49,642 YoY 3.5% -7.0% 6.3% 18.8% 16.8% 13.5% Commissions received 26,081 25,118 24,644 31,224 28,297 25,652 YoY 0.5% 4.0% 2.0% 21.8% 8.5% 2.1% Brokerage 17,067 16,579 16,584 22,826 20,377 17,834 YoY -8.2% 0.8% 2.4% 37.7% 19.4% 7.6% Equity and ETF 4,255 3,635 3,785 5,242 4,731 4,258 Futures and options 12,813 12,944 12,799 17,583 15,646 13,575 Other commissions 9,014 8,539 8,060 8,398 7,920 7,818 YoY 22.6% 10.8% 1.2% -7.2% -12.1% -8.4% Net trading income - - - - - - Financial income 14,446 16,025 16,434 15,808 18,680 20,901 YoY 22.5% 24.4% 32.4% 17.6% 29.3% 30.4% Sales revenue 99 100 33 274 178 90 Other operating revenue 2,313 2,511 2,585 2,897 3,007 3,000 Financial expenses 4,982 6,120 6,112 5,678 7,549 8,235 Cost of revenue 86 87 28 238 155 78 Net operating revenue 37,870 37,547 37,556 44,287 42,458 41,329 YoY 3.1% 5.2% 9.0% 20.4% 12.1% 10.1% SG&A expenses 37,859 35,906 37,261 37,832 40,345 37,942 YoY -2.2% -3.7% 9.9% 5.2% 6.6% 5.7% Operating profit equivalent 11 1,641 295 6,455 2,113 3,387 Yoy - - -46.4% 695.0% - 106.4% Other revenue - 9-6 18 1 - Other expenses 4 47 41 5,790 193 136 Pre-tax profit 7 1,603 248 684 1,921 3,251 YoY - - -66.9% 0.1% - 102.8% Profit 5 1,897 8,780 822 1,757 2,268 YoY - - 683.2% - - 19.6% Profit attributable to owners of the parent 5 1,897 8,780 822 1,757 2,268 YoY - - 683.2% - - 19.6% Source: Shared esearch based on company data Note: Figures that exceed 1,000% YoY are denoted by -. 9/18

esearch eport by Shared esearch Inc. https://sharedresearch.jp US segment: SG&A breakdown Cumulative (USD'000) Q1 SG&A expenses 37,859 73,765 111,026 148,858 40,345 78,287 YoY -2.2% -2.9% 1.0% 2.0% 6.6% 6.1% Trading-related 15,538 27,797 40,299 54,560 14,849 27,846 YoY 12.0% 3.5% 1.0% 1.1% -4.4% 0.2% Commissions paid 6,283 12,217 18,185 25,657 7,929 14,165 Stock exchange and association fees 219 554 749 909 255 530 Telecom, transportation, and information 6,235 9,376 12,573 16,008 3,484 6,912 Advertising expenses 2,589 5,191 8,090 11,115 2,937 5,686 Others 213 459 702 872 244 554 Personnel 13,370 27,504 42,716 58,404 16,053 31,388 YoY -3.5% -4.5% 4.3% 7.4% 20.1% 14.1% eal estate-related 2,035 4,369 6,746 9,139 2,402 4,828 YoY 89.0% 93.1% 113.4% 121.8% 18.0% 10.5% eal estate 764 1,615 2,513 3,380 752 1,561 Furniture and fixtures 1,272 2,756 4,234 5,761 1,651 3,268 Office and supplies 50 112 213 265 50 91 YoY - - - - 0.0% -18.8% Outsourcing - - - - - - Supplies 50 112 213 265 50 91 Depreciation 4,486 9,025 13,625 18,093 4,601 9,301 YoY 3.3% 3.0% 2.8% 1.4% 2.6% 3.1% Taxes and dues 88 168 234-798 78 137 Others 2,292 4,790 7,194 9,195 2,312 4,696 Quarterly (USD'000) Q1 SG&A expenses 37,859 35,906 37,261 37,832 40,345 37,942 YoY -2.2% -3.7% 9.9% 5.2% 6.6% 5.7% Trading-related 15,538 12,259 12,502 14,261 14,849 12,997 YoY 12.0% -5.5% -4.2% 1.2% -4.4% 6.0% Commissions paid 6,283 5,934 5,968 7,472 7,929 6,236 Stock exchange and association fees 219 335 195 160 255 275 Telecom, transportation, and information 6,235 3,141 3,197 3,435 3,484 3,428 Advertising expenses 2,589 2,602 2,899 3,025 2,937 2,749 Others 213 246 243 170 244 310 Personnel 13,370 14,134 15,212 15,688 16,053 15,335 YoY -3.5% -5.4% 25.3% 16.6% 20.1% 8.5% eal estate-related 2,035 2,334 2,377 2,393 2,402 2,426 YoY 89.0% 96.8% 164.7% 149.5% 18.0% 3.9% eal estate 764 851 898 867 752 809 Furniture and fixtures 1,272 1,484 1,478 1,527 1,651 1,617 Office and supplies 50 62 101 52 50 41 YoY - - - - 0.0% -33.9% Outsourcing - - - - - - Supplies 50 62 101 52 50 41 Depreciation 4,486 4,539 4,600 4,468 4,601 4,700 YoY 3.3% 2.7% 2.4% -2.6% 2.6% 3.5% Taxes and dues 88 80 66-1,032 78 59 Others 2,292 2,498 2,404 2,001 2,312 2,384 Source: Shared esearch based on company data Key metrics for US segment Cumulative Q1 Operating days 63 126 188 249 64 127 Daily average revenue trades (DATs) 67,182 65,250 64,616 70,520 77,880 73,661 YoY -38.3% -36.6% -35.9% -23.6% 15.9% 12.9% Number of trades ('000) 4,232 8,222 12,148 17,559 4,984 9,318 Brokerage commissions (USD'000) 17,067 33,646 50,230 73,056 20,377 38,211 YoY -8.2% -4.0% -2.0% 7.7% 19.4% 13.6% Commissions per trade (USD) 4.0 4.1 4.1 4.2 4.1 4.1 Quarterly Q1 Operating days 63 63 62 61 64 62.5 VIX 11.4 10.9 10.3 17.4 15.3 12.9 YoY -27.1% -17.3% -26.9% 48.4% 34.2% 17.6% Daily average revenue trades (DATs) 67,182 63,318 63,327 88,716 77,880 69,341 YoY -38.3% -34.9% -34.2% 33.1% 15.9% 9.5% Number of trades ('000) 4,232 3,989 3,926 5,412 4,984 4,334 Brokerage commissions (USD'000) 17,067 16,579 16,584 22,826 20,377 17,834 YoY -8.2% 0.8% 2.4% 37.7% 19.4% 7.6% Commissions per trade (USD) 4.0 4.2 4.2 4.2 4.1 4.1 Source: Shared esearch based on company data ; Note: Number of trades calculated as DATs times number of trading days 10/18

esearch eport by Shared esearch Inc. https://sharedresearch.jp Number of customer accounts at top five online brokerages ('000) Q1 SBI Securities 3,923 4,005 4,110 4,261 4,362 YoY 8.3% 8.9% 9.8% 11.0% 11.2% akuten Securities - 2,372-2,611 - YoY - 11.7% - 16.0% - Monex, Inc. 1,710 1,726 1,742 1,761 1,780 YoY 3.6% 3.7% 3.7% 3.8% 4.1% Matsui Securities 1,104 1,113 1,122 1,136 1,147 YoY 3.7% 3.7% 3.7% 3.8% 3.9% kabu.com Securities 1,058 1,068 1,078 1,087 1,096 YoY 4.4% 4.1% 4.1% 3.7% 3.6% Source: Shared esearch based on company data Customer assets under custody at top five online brokerages (JPYbn) Q1 SBI Securities 9,805 10,369 10,961 11,426 11,378 YoY 25.2% 25.0% 23.4% 21.7% 16.0% akuten Securities 4,369 4,584 4,946 5,026 5,184 YoY 26.8% 28.7% 26.4% 22.6% 18.7% Monex, Inc. 3,977 4,099 4,328 4,229 4,283 YoY 20.3% 18.7% 13.9% 11.2% 7.7% Matsui Securities 2,408 2,451 2,582 2,524 2,535 YoY 21.9% 20.3% 14.3% 11.0% 5.2% kabu.com Securities 2,241 2,277 2,413 2,336 2,365 YoY 20.1% 18.8% 14.5% 10.2% 5.5% Source: Shared esearch based on company data Equity trading value at top five online brokerages Quarterly (JPYt n) Q1 etail investors trading value on TSE and NSE 69.6 68.6 90.2 88.9 72.2 YoY 2.1% 10.0% 30.8% 34.2% 3.7% SBI Securities 24.0 24.1 31.7 31.4 25.9 YoY -1.3% 7.5% 36.3% 39.6% 8.0% % of total retail investors trading value 34.5% 35.1% 35.2% 35.4% 35.9% akuten Securities 11.2 11.2 14.5 15.0 12.7 YoY 7.9% 18.0% 43.5% 44.0% 13.7% % of total retail investors trading value 16.1% 16.3% 16.1% 16.9% 17.6% Monex, Inc. 3.8 3.6 4.6 4.7 3.8 YoY 12.8% 17.0% 31.0% 42.1% -0.5% % of total retail investors trading value 5.5% 5.2% 5.1% 5.3% 5.3% Matsui Securities 8.5 8.0 9.5 9.5 7.9 YoY -6.9% -7.3% 14.5% 11.5% -7.9% % of total retail investors trading value 12.3% 11.6% 10.6% 10.7% 10.9% kabu.com Securities 6.2 6.1 7.8 7.8 6.4 YoY 5.4% 7.5% 31.6% 28.1% 3.4% % of total retail investors trading value 8.8% 8.8% 8.7% 8.8% 8.8% Source: Shared esearch based on company data Brokerage commissions at top five online brokerages (JPYmn) Q1 Five major online brokers total 21,494 21,317 25,930 25,118 20,054 YoY 0.2% 16.9% 25.2% 21.2% -6.7% SBI Securities 7,785 7,814 9,618 9,304 7,667 YoY 4.4% 21.2% 34.3% 25.8% -1.5% % of five major online brokers total 36.2% 36.7% 37.1% 37.0% 38.2% akuten Securities 4,220 4,206 4,784 4,615 3,804 YoY -1.2% 20.6% 23.6% 14.2% -9.9% % of five major online brokers total 19.6% 19.7% 18.4% 18.4% 19.0% Monex, Inc. 3,290 3,323 4,000 3,625 2,885 YoY -0.1% 14.1% 18.3% 17.1% -12.3% % of five major online brokers total 15.3% 15.6% 15.4% 14.4% 14.4% Matsui Securities 4,152 3,997 5,082 5,018 3,848 YoY -3.6% 10.9% 20.2% 21.8% -7.3% % of five major online brokers total 19.3% 18.8% 19.6% 20.0% 19.2% kabu.com Securities 2,047 1,977 2,446 2,556 1,850 YoY -3.2% 11.1% 18.5% 23.3% -9.6% % of five major online brokers total 9.5% 9.3% 9.4% 10.2% 9.2% Source: Shared esearch based on company data 11/18

esearch eport by Shared esearch Inc. https://sharedresearch.jp Brokerage commission rates at top five online brokerages (Basis points) Q1 SBI Securities 3.2 3.2 3.0 3.0 3.0 YoY change 0.2 0.4-0.0-0.3-0.3 akuten Securities 3.8 3.8 3.3 3.1 3.0 YoY change -0.3 0.1-0.5-0.8-0.8 Monex, Inc. 8.6 9.3 8.6 7.7 7.6 YoY change -1.1-0.2-0.9-1.6-1.0 Matsui Securities 4.9 5.0 5.3 5.3 4.9 YoY change 0.2 0.8 0.3 0.4 0.0 kabu.com Securities 3.3 3.3 3.1 3.3 2.9 YoY change -0.3 0.1-0.3-0.1-0.4 Source: Shared esearch based on company data Margin trading balances at top five online brokerages (JPYbn) Q1 Margin trading balance (TSE and NSE) 2,549 2,593 3,021 3,557 3,320 YoY 7.6% 17.5% 44.3% 35.5% 30.2% SBI Securities 787 853 927 1,001 946 YoY 37.8% 30.6% 43.7% 25.3% 20.2% akuten Securities 370 389 432 468 456 YoY 38.3% 34.6% 41.6% 32.6% 23.5% Monex, Inc. 165 163 189 205 201 YoY 14.6% 14.3% 25.8% 23.6% 21.5% Matsui Securities 278 274 315 332 315 YoY 25.2% 20.4% 33.3% 19.4% 13.3% kabu.com Securities 240 304 272 336 263 YoY 30.9% 23.9% 44.6% 13.5% 9.9% Source: Shared esearch based on company data 1H results Operating revenue: JPY26.4bn (+7.3% YoY) Net operating revenue: JPY23.8bn (+6.2% YoY) Operating profit equivalent: JPY1.7bn (-46.7% YoY) Pre-tax profit: JPY1.8bn (-39.2% YoY) Profit attributable to owners of the parent: JPY1.7bn (-13.4% YoY) Operating revenue included JPY13.1bn in commissions received (-5.3% YoY). Trading income was JPY3.2bn (+77.6% YoY). The increase was partly due to adding Coincheck, Inc. to the company s scope of consolidation. Financial income was JPY9.7bn (+11.8% YoY), with the increase caused by increases in margin trading income in the Japan segment and in interest income in the US segment. SG&A expenses came to JPY22.2bn (+14.7% YoY), including expenses related to the consolidation of Coincheck. From Q1, Coincheck was consolidated into the group and the securities investment business expanded, centering on Monex Ventures, Inc., so the company changed its segmentation from the three segments it had been using (Japan, US, and Asia-Pacific) to five segments (Japan, US, Asia-Pacific, s, and ). Japan segment In 1H, the Japan segment reported operating revenue of JPY14.2bn (-2.1% YoY). Commissions received came to JPY6.9bn (-13.6% YoY), trading income JPY2.1bn (+15.8% YoY), and financial income JPY5.2bn (+11.1% YoY). Financial expenses were JPY1.1bn (+2.8% YoY), and net financial income was JPY4.1bn (+13.4% YoY). Net operating revenue (operating revenue after deducting financial expenses and cost of revenue) was JPY13.1bn (-2.5% YoY), the operating profit equivalent was JPY1.6bn (-31.5% YoY), pre-tax profit was JPY1.8bn (-27.5% YoY), and profit attributable to owners of the parent was JPY1.6bn (-3.7% YoY). 12/18

esearch eport by Shared esearch Inc. https://sharedresearch.jp Commissions Commissions received totaled JPY6.9bn (-13.6% YoY), with the dip coming primarily from a fall in commissions from stock and ETF trading, which declined 15.9% YoY to JPY5.4bn. Equity trading by retail investors in the market as a whole was up, but a decrease in the company's market share s led to a decrease in commissions received. The average daily equity trading value of retail investors at the Tokyo and Nagoya stock exchanges rose 0.6% YoY to JPY1.2tn. Monex Inc s market share of trading by retail investors decreased by 0.2pp to 5.2%, with its average daily stock trading value decreasing 1.8% to JPY58.6bn. The average commission rate on stock trading declined 0.012pp YoY to 0.075%. Trading income Net trading income of JPY2.1bn was up 15.8% YoY. Forex trading value totaled JPY14.3tn (+4.9% YoY). Financial income Financial income of JPY5.2bn was up 11.1% YoY. After revision of margin trading commissions, the balance of margin trading accounts increased, as did margin trading income. The balance of margin trading accounts at the end of 1H was JPY178.2bn (+9.1% YoY); the average month-end balance of margin trading accounts rose 17.1% YoY to JPY192.4bn (estimated by Shared esearch using company data). As mentioned previously, the increase in margin account balances was driven by the company's move to lower commission rates in margin trades. SG&A expenses SG&A expenses totaled JPY11.6bn (+3.5% YoY). System-related expenses (high ratio of SG&A expenses; include all related rents, operational expenses, and depreciation) increased 4.6% YoY to JPY6.3bn. Customer trends As of the end of June 2018, Monex, Inc. had 1,793,072 customer accounts (+3.9% YoY), and total customer assets under custody of JPY4.4tn (+7.6% YoY). TradeStation, the Japanese equities trading tool for active traders, accounted for 4.9% of the stock trading (in value terms) handled by Monex, Inc. during the period. This compares with approximately 5.5% in Q1. US segment The US segment reported operating revenue of JPY11.0bn (+14.1% YoY), consisting of JPY5.9bn in commissions received (+4.4% YoY), JPY4.4bn in financial income (+28.7% YoY), and net financial income of JPY2.6bn (+21.8% YoY). Net operating revenue came to JPY9.2bn (+10.1% YoY), operating profit equivalent JPY606mn (+229.3% YoY), pre-tax segment profit JPY570mn (+218.4% YoY), and profit attributable to owners of the parent JPY444mn (+109.4% YoY). The rise in brokerage commissions received reflects an increase in the number of new account openings as well as higher market volatility than in 1H. Higher short-term interest rates and an increase in stock lending income underpinned the increase in financial income. On the earnings front, the gains are attributable not just to the top-line growth but also careful cost control at the SG&A expense level, where the company held the YoY increase in expenses to only 5.2%. On a USD basis, operating revenue rose 15.1% YoY to USD99.8mn. Commissions of USD53.9mn were up 5.4% YoY and financial income of USD39.6mn was up 29.9% YoY. Net operating revenue came in at USD83.8mn (+11.1% YoY), operating profit equivalent USD5.5mn (+232.9% YoY), pre-tax profit USD5.2mn (+221.2% YoY), and profit attributable to owners of the parent USD4.0mn (111.6% YoY). 13/18

esearch eport by Shared esearch Inc. https://sharedresearch.jp The core business of the US segment is TradeStation Securities, Inc., which is a subsidiary of TradeStation Group, Inc. The main customers of the US segment are active traders, who tend to contribute to earnings under high market volatility resulting in a trading volume hike. The company also captures financial income by managing customer deposits, and an increase in interest rates tends to contribute to earnings. The average USD/JPY rate during 1H moved 0.9% YoY in the direction of yen appreciation, which affected earnings of the US segment. Commissions Commissions received totaled USD53.9mn (+5.4% YoY) or JPY5.9bn (+4.4% YoY) on a yen basis. Brokerage commissions were up in US dollar terms. Brokerage commissions of USD38.2mn were up 13.6% YoY and, after converting to yen, the comparable figure of JPY4.2bn was up 12.6% YoY. An increase in the number of new account openings together with the YoY rise in market volatility led to high commission income. As of the end of September 2018 the company reported a total of 83,139 active accounts (+23.4% YoY). After revising its commission rates for stock and option trading in March 2017 and for futures trading in August 2017, the number of accounts increased. The VIX volatility index was 12.36 (10.94 in 1H ). The average number of commissionable contracts or securities trades at the US segment on trading days (i.e., DATs) was 73,661, up 12.9% YoY (estimated by Shared esearch using company data). Other fees and commissions totaled USD15.7mn (-10.3% YoY) or JPY1.7bn (-11.1% YoY) on a yen basis. Financial income Financial income of USD39.6mn was up 29.9% YoY; in yen terms, financial income of JPY4.4bn was up 28.7% YoY. Contributing factors include higher interest income due to a rise in short-term rates, and an increase in stock lending income. Along with the increase in the number of active accounts, average customer assets under custody at the end of September 2018 rose 21.3% YoY to USD5.8bn. Financial expenses totaled USD15.8mn (+42.2% YoY) or JPY1.7bn (+40.9% YoY). Net financial income came to USD23.8mn (+22.9% YoY) or JPY2.6bn (+21.8% YoY). SG&A expenses SG&A expenses totaled USD78.3mn (+6.1% YoY) or JPY8.6bn (+5.2% YoY). Customer trends As of the end of September 2018, the number of active accounts at TradeStation Securities was 83,139 (+23.4% YoY) and customer assets under custody totaled USD5.8bn (+21.3% YoY). According to the company, the number of new account openings has risen since it changed commissions for stock and option trades in March 2017 and for futures trades in August 2017. Asia-Pacific segment For 1H, the Asia-Pacific segment reported operating revenue of JPY415mn (-11.7% YoY), consisting of JPY211mn in commissions received (-21.9% YoY) and financial income of JPY132mn (+12.8% YoY). Net operating revenue came to JPY413mn (-11.4% YoY), the operating loss equivalent was JPY23mn (versus loss of JPY18mn in 1H ), pre-tax loss (segment loss) 14/18

esearch eport by Shared esearch Inc. https://sharedresearch.jp JPY15mn (versus loss of JPY291mn in 1H ), and loss attributable to owners of the parent JPY24mn (versus loss of JPY299mn in 1H ). The core businesses of the Asia-Pacific segment are Monex Boom Securities (H.K.) Limited (a subsidiary of Monex Group s Hong Kong operation Monex International Limited) and Monex Securities Australia Pty Ltd. The average JPY/HKD exchange rate during the nine-month period was up 1.5% YoY (yen appreciation), which affected the earnings results of the Asia-Pacific segment. Daily Average evenue Trades (DATs) at Hong Kong-based Monex Boom Securities (H.K.) Limited numbered 1,884 (-30.5% YoY) in Q1 and 2,151 (-9.9% YoY) in Q2, causing a drop in commissions received. SG&A expenses fell 9.9% YoY to JPY436mn. Although personnel and advertising expenses increased at Monex Securities Australia, commissions paid at Monex Boom Securities declined on decreased stock trading. Other revenue and expenses came to a net loss of JPY8mn versus a loss of JPY288mn in 1H. In 1H, the company booked an impairment loss on financial assets of JPY292mn as a one-time expense. Equity-method investment income was JPY15mn (-2.0% YoY). The company logged a profit from a joint venture operating in mainland China. s segment The core business of the s segment is Coincheck, which was consolidated in April 2018. Coincheck suspended new user registration and some services for the duration of 1H. Operating revenue was JPY1.3bn, including JPY136mn in commissions and JPY1.1bn in trading income. Commissions included withdrawal and remittance fees and commissions from the cryptocurrency exchange. Trading income included income from buying and selling on the cryptocurrency exchange. SG&A expenses came to JPY2.2bn, including personnel and outsourcing expenses. As a result, pre-tax segment loss was JPY847mn. segment The core business of the segment is Monex Ventures, Inc. Operating revenue was JPY315mn. Financial income was JPY315mn on valuation gain on stocks held. SG&A expenses came to JPY4mn (+27.7% YoY), equity-method investment profit was JPY18mn (versus a loss of JPY14mn in 1H ), and pre-tax segment profit was JPY328mn (-44.8% YoY). Q2 (July September 2018) results Operating revenue: JPY12.8bn (+0.2% YoY) Net operating revenue: JPY11.5bn (-1.1% YoY) Operating profit equivalent: JPY549mn (-73.6% YoY) Pre-tax profit: JPY700mn (-68.4% YoY) Profit attributable to owners of the parent: JPY549mn (-65.1% YoY) The Japan segment underpinning overall gains, posting higher operating revenue and profits. 15/18