Transcript and Q&A in FY2026 Q1 Financial Results Presentation

Regarding segregated deposits

We manage these funds primarily through short-term time deposits, such as 3-month or 6-month tenors. Therefore, we believe we are well-

6 positioned to benefit from rising interest rates. Furthermore, deposits received by credit card and securities businesses are generally non-interest-bearing.

【 Interest Rate Sensitivity of the New Rakuten Bank Group Following the

Reorganization】

Based on the fixed/floating rate breakdown of the balance sheet as of the end of March

2026 (pre-reorganization), we have simulated the interest rate sensitivity for the new

Rakuten Bank Group. Our projection indicates that a 25 basis point hike would result in a 11.6 billion yen positive impact on profit.

While this is slightly lower than the 14.4 billion yen impact projected for the standalone

Rakuten Bank, we expect to mitigate the increased financial costs associated with

Rakuten Card and Rakuten Securities through financial synergies. Specifically, by transitioning to internal group funding, we can effectively offset the impact of rising interest rates.

【Approach to Management Efficiency of the New Rakuten Bank Group Following the Reorganization】

This slide displays KPIs to assess the operational efficiency of each business unit.

While we have traditionally used the G&A expense ratio to explain our performance, given the differences in revenue structures among our entities, we are presenting the operating profit margin here as a more appropriate efficiency indicator tailored to each business model.

Following the reorganization, we remain fully committed to achieving high operational efficiency as a unified new Rakuten Bank Group. We will continue to evaluate the most relevant disclosure metrics for each entityʼs business and will review our approach to efficiency indicators going forward.

【Shareholder Return Policy of the New Rakuten Bank Group Following the

Reorganization】

Next, there is no change from our existing policy regarding dividends.

Moving forward, as an integrated fintech group, we will continue to pursue further business expansion to achieve higher shareholder returns. We will continue to prioritize investment for growth over immediate dividend payments. That said, as we evolve our business operations, we intend to evaluate our capital policy, including dividend payments, with a firm focus on capital efficiency.

【Expected Schedule for the Reorganization】

In closing, I would like to add that our preparations for the reorganization are proceeding smoothly. We have established several joint task forces across the three companies to drive synergy creation, and our collaboration is progressing well as we prepare for a

7 strong start to the new group.

That concludes my presentation.

I will now hand over to Mr. Nakamura from Rakuten Card and Mr. Kusunoki from Rakuten

Securities, who will provide an overview of their respective business strategies.

Now, I would like to hand over to Mr. Nakamura from Rakuten Card for the next part of presentation.

■Rakuten Card

【Greetings】

Hello, everyone. I am Koichi Nakamura, President and CEO of Rakuten Card Co., Ltd.

I would like to provide an overview of Rakuten Cardʼs business, our recent financial results, and our strategy moving forward.

【P.3︓Rakuten Card Overview】

First, let me provide an overview of our business. We issue a variety of credit cards that allow users to earn Rakuten Points.

In addition to monthly one-time payments, we offer flexible payment options such as installment and revolving payments, as well as cash advance services.

Our revenue structure rests on three key pillars: Shopping, Payment Services, and Others.

The Shopping segment consists primarily of merchant fees. The "Payment Services" segment includes fees from revolving and installment payments, as well as cash advance revenue.

The Others segment comprises payment processing fees, annual membership fees, and other income.

As shown under Financial Information on the right side of the slide, we achieved growth in both revenue and profit for the fiscal year ended December 2025, with operating revenue of 375.4 billion yen and an operating profit of 48.3 billion yen.

【P.4︓Rakuten Card Highlights】

Our credit card shopping transaction volume has reached 27.7 trillion yen, ranking us number one in Japan, with 34.31 million cards issued.

Looking at the chart in the center, you can see that the cashless payment ratio in Japan continues to rise steadily. Compared to government targets and the levels seen in other countries, there is still significant room for further growth.

In particular, credit cards account for 134 trillion yen of the 163 trillion yen total cashless payment market, representing a dominant 83% share.

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【P.5︓Rakuten Card KPI】

Next, regarding our recent financial performance, for the second quarter of the fiscal year ending December 2026, we achieved operating revenue of 107.4 billion yen, up

20.1% YoY, and operating profit of 15.1 billion yen, an increase of 36.9%.

Despite the impact of rising interest rates, we successfully offset these effects through measures such as revising our revolving payment fee rates, resulting in significant growth in both revenue and profit.

【P.6︓Card issued and shopping transaction volume】

Over the past decade, our number of cards issued has approximately tripled, while shopping transaction volume has grown more than sixfold. This growth trend continues even in the most recent periods.

The fact that shopping transaction volume is growing faster than the number of cards issued indicates that the transaction volume per card is increasing. We believe this is clear evidence that our credit cards are gaining strong support from our customers and are increasingly becoming their preferred main card.

【P.7︓Shopping revolving payment and cash advance balances】

Through marketing initiatives tailored to customer needs, our revolving credit balance has reached 730 billion yen, and our cash advance balance has reached 173.2 billion yen—both of which show an increase compared to the same period last year.

These revolving credit and cash advance segments are major sources of our revenue.

They have contributed significantly to our growth in both revenue and profit, even in the current rising interest rate environment.

【P.8︓Instalment payment fee income】

Recently, we have observed a trend in customer preferences shifting from revolving to installment payments. As a result, our installment payment fee income has grown by

12.1% YoY to 12.5 billion yen, demonstrating steady and robust growth.

【P.9︓Instalment payment fee income（6 years）】

If we look at our installment payment fee income from a long-term perspective, it has increased more than 2.5 times over the past six years.

We remain committed to meeting our customers' evolving needs and will continue to focus our efforts on expanding our installment payment business, which represents a key growth area for us.

【P.10︓Credit loss-related expenses】

Regarding credit-related expenses, for the fiscal year 2025, they stood at 43.3 billion yen, representing a ratio of 1.15%.

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In the first half of 2026, these costs remained at a low level of 21.1 billion yen, or 1.11%, demonstrating that we are maintaining a healthy asset portfolio.

Now, I would like to move on to our future strategies and initiatives.

【P.12︓Roles and Functions of Credit Cards】

First, we believe the essence of a credit card lies in "extending credit to customers and providing a deferred payment service."

As shown at the bottom of the slide, payment authentication methods have evolved over time. The fact that the term "credit card" has remained unchanged throughout these shifts indicates that its essence is not in the authentication method itself.

Therefore, we believe that the current debate often seen in the media—"QR payments vs. credit card payments"—misses the point. Regardless of the authentication method, the role played by a credit card remains significant. In fact, we believe that the expansion of payment authentication methods actually encourages credit card usage and further broadens the scope of the cashless market as a whole.

【P.13︓Credit Cards: An Essential Part of Everyday Life】

In this sense, the scope of credit cards is exceptionally broad. Whether it is physical card transactions at brick-and-mortar stores, smartphone payments, e-money, online payments, or recurring billing, credit cards are present everywhere, serving as the

"anchor" of cashless payments.

Even as we anticipate the rise of AI-agent-driven payments in the future, we believe the role of the credit card will become increasingly significant.

【P.14︓Management Focused on Sustainable Business Cycle】

We place great importance on building a mutually beneficial tripartite cycle where our customers, our merchants, and we ourselves all thrive.

By providing secure, convenient, and rewarding services, we aim to contribute to society.

At the same time, we believe that through continuous corporate efforts and highly efficient operations, we can achieve sustainable and stable profit growth.

【P.15︓Overview of Rakuten Cardʼs Strategies and Initiatives】

Please take a look at the overview of our strategy.

We aim to maximize revenue opportunities by simultaneously expanding our customer base, enhancing our services, and fostering long-term customer engagement.

I would like to introduce our four key initiatives in the following slides.

【P.16: ① Meeting the diverse needs of customers】

For sustainable growth, we are focusing our efforts on acquiring younger customers who offer high lifetime value.

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By issuing Rakuten Cards with designs that customers "want to own and use"—such as our "My Color Selection" with over 50 variations, our "Okaimono Panda Alphabet

Selection," and various collaborations with famous IPs and celebrities—we are meeting diverse customer needs and successfully expanding our new customer base.

【P.17: ② Collaborating with Partner Companies】

Regarding our collaboration with Mizuho Financial Group and Mizuho Bank, the "Mizuho

Rakuten Card" for individual customers is seeing steady growth in card issuance, exceeding our initial plans.

As for business cards for corporate clients, we are currently in the process of preparing for their new issuance.

【P.18: ③ Revision of customer services to adapt to environmental changes】

Even amidst changing environmental factors such as rising interest rates, we have adjusted various fees to appropriate levels, taking into account the trends of other companies, to ensure we maintain a system that allows for the sustainable provision of services to our customers.

In particular, the revisions to our "revolving credit fees" and "post-purchase installment payment fees " have become key initiatives that contribute significantly to our revenue growth, while gaining the understanding of our customers.

【P.19: ④Encouraging Migration to Higher-Tier Cards】

Last year, we launched a premium program linked with the wide range of services within the Rakuten Ecosystem.

By enhancing our benefits, we have broadened the scope of applications for our paid cards, which in turn has driven an increase in total Rakuten Card spending.

In closing, I would like to add a few words regarding this reorganization.

Rakuten Card is committed to maximizing our top-tier credit card customer base and, together with Rakuten Bank and Rakuten Securities, we will work as one to contribute to the further enhancement of the new Rakuten Bank Groupʼs corporate value.

We appreciate your continued support.

Thank you very much for your attention.

Next, Mr. Kusunoki from Rakuten Securities will provide his presentation.

■Rakuten Securities

【Introduction】

I am Kusunoki, President and CEO of Rakuten Securities. It is a pleasure to be here. I would like to share our recent financial performance and our business philosophy at

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Rakuten Securities.

【2026 Q1 Earning Highlights】

As an online brokerage, we are celebrating our 27th anniversary this year, and we have expanded our services to meet the needs of a growing customer base, including the introduction of business models that utilize financial advisors.

Our mission is to support our customers' wealth creation by serving as a digital platform for asset building, thereby helping to eliminate their financial anxieties for the future.

First, let me discuss our KPIs.

Since we have closed our books for the first half of the fiscal year ending December

2026, I would like to report on our results.

Total accounts reached 14.39 million, a 14.5% increase YoY, showing strong growth supported by a favorable market environment this year.

We have seen 1.16 million new accounts opened in the first six months.

Furthermore, our strength, the NISA account, surpassed 8 million accounts in July

2026, reflecting a 21% YoY growth rate from 7.92 million at the end of June.

While both banks and securities firms accept NISA account openings, we hold approximately 25% of the market share, ranking us number one in Japan.

With nearly 1 million new accounts opened in the first half of this year, we are seeing steady expansion. Our asset under administration (AUA) stands at 58.7 trillion yen, accounting for approximately 2.5% of Japan's total financial assets.

This also marks a 48% YoY increase, progressing smoothly against the backdrop of a strong market. Balance of Investment trust account for approximately 44% of these assets, totaling 25.8 trillion yen as of the end of June.

This represents a 69% growth compared to the same period last year.

A key driver of this is our investment trust accumulation service, which currently sees

320 billion yen per month, or 4 trillion yen on an annualized basis.

The majority of these accumulations are in index funds linked to overseas assets, such as the S&P 500 and "All Country" funds.

Additionally, assets under administration (AUA) via "Money Bridge," our account linkage service with Rakuten Bank, amount to 6.6 trillion yen.

【Operating Revenue & Ordinary Income】

I will now cover our operating revenue and ordinary income.

Through the full year of 2025, we achieved a CAGR of 17% in operating revenue and

30.8% in ordinary income. For the first half of 2026, operating revenue was 108.5 billion yen, up 53%YoY, and ordinary income was 35.7 billion yen, a 121% increase, demonstrating solid performance entering this year.

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【Revenue Breakdown】

Net operating revenue is calculated by subtracting financial expenses from operating revenue, so let me break that down.

Our revenue is broken down into transaction-based revenue and recurring revenue.

For a securities firm, a key management focus is how much of our G&A expenses can be covered by recurring revenue.

Transaction-based revenue is primarily driven by transaction fees, while recurring revenue is generated from the balances of assets such as investment trusts.

Turning to this chart, the breakdown of our revenue is represented by the pink and red segments, while the G&A expenses are shown in purple.

The yellow line graph represents our G&A coverage ratio, which indicates the extent to which our recurring revenue covers our operating expenses.

Currently, our recurring revenue covers 89.3% of our G&A expenses, meaning we cover nearly 90% through recurring revenue.

Five years ago, this figure was in the 30% range, but the growth of our asset- accumulation business—led by NISA—has driven a shift from a trading-flow-based model to an asset-accumulation-based model.

This transition also contributes to the stability of our business.

【Customer Demography - the end of Jun. 2026】

This slide provides an overview of our customer demographics at Rakuten Securities.

Compared to traditional brokerage firms, we have an overwhelmingly younger customer base.

Two-thirds of our customers are in their 40s or younger, and 44% are in their 30s or younger. Regarding gender ratio, while the female participation rate in the U.S. is said to be around 30%, our ratio is significantly higher at 43.5%.

【New Customer Demography - Jan.-Jun. 2026】

Looking specifically at new accounts opened this half, the share of those in their 30s or younger is very high, women account for nearly half, and 83% are investment beginners, showing that Rakuten Securities is serving as the primary hub for this growing demographic of young and new investors.

Capturing these new investor segments is a defining characteristic of our firm.

【Strengths Driving Growth: Point Ecosystem with the Rakuten Ecosystem】

Next, let me discuss our business model.

The Rakuten Ecosystem is symbolized by Rakuten Points.

For example, we provide services that allow customers to use points earned through shopping to invest in securities.

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We have also built a seamless mechanism where investment activities within Rakuten

Securities earn points, which can then be reused across other services within the ecosystem.

Historically, investing was seen as an activity detached from daily life, but our services, which are integrated closely into everyday routines, have been very well received.

【Strengths Driving Growth: Mechanism for Continuing by FinTech Ecosystem】

This highlights how we collaborate within the Rakuten Fintech Ecosystem.

Maximizing our strengths as an online firm, Rakuten Securities is seamlessly integrated with group services like Rakuten Bank, Rakuten Card, and Rakuten Pay.

Through "Money Bridge," fund transfers between Rakuten bank and Rakuten securities accounts are fully automated.

When purchasing stocks, funds are automatically swept from Rakuten bank account to

Rakuten securities account, and upon sale, proceeds are automatically returned to the bank account.

We provide convenience to our customers through these initiatives.

As for Rakuten Card, we utilize it as a payment method for investment trust accumulation. By utilizing this service, customers earn points equivalent to 0.5% of their investment amount.

Furthermore, these points allow them to seamlessly engage with the broader Rakuten

Ecosystem, creating additional value for our users.

【Growth Potential of Mass Retail Segment】

Rakuten Securities has a large number of young customers.

While the AUA per account among the younger generation is not as high as that of the senior segment, I would like to explain our strategy for driving growth in this area.

On this chart, the horizontal axis represents different age groups. The red bars indicate the average AUA per account for each generation.

As you can see, the senior segment holds a higher level of assets.

Meanwhile, the yellow line represents the number of accounts by generation, which highlights that our younger user base is quite significant.

While our younger generation represents a large portion of our total accounts, the AUA per account is notably higher among the senior segments. With the aging of Japan's population, we expect an acceleration in the inheritance and gifting of assets from older to younger generations. Having already secured a large volume of young customers' accounts, we are well-positioned to serve as the destination for these assets, which is a significant competitive advantage. Moving forward, actively supporting the transfer of assets and encouraging the wealth creation of the younger generation will be a key business pillar for us.

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【Customer Asset Growth and Monetization Trend】

Next, I would like to discuss our customers' asset growth and cross-usage trends.

Looking at this chart, the horizontal axis represents the range of AUA per customer, while the bars show the number of general accounts within each AUA bracket. Please note that since the ranges vary, this distribution provides a general overview of our customer base.

The yellow line graph tracks the revenue per general account, illustrating the growth trajectory as AUA increases.

The pie chart above highlights that a significant number of our customers hold multiple investment products, with investment trusts as the core.

As shown by the deep red segments, as cross-usage between investment trusts and other products advances, we see both an increase in total assets and a corresponding rise in revenue per account.

By promoting the combined holding of various assets, primarily investment trusts, we have built a business model that drives asset growth and, consequently, maximizes our revenue.

【Collaboration with Rakuten Investment Management】

We are also strengthening our collaboration with Rakuten Investment Management, under the Rakuten Securities Holdings Group, to advance our product strategy.

Currently, the asset management firm ranks 10th in the industry by public investment trust balance, creating synergies with the 25.8 trillion yen in AUA at Rakuten Securities.

We intend to continue our close collaboration to accelerate the development of competitive products and support our customers' asset formation.

【Collaboration with Mizuho】

Through our collaboration with the Mizuho Group, including Mizuho Securities—which holds a 49% stake in Rakuten Securities—we have built a robust sales network and product supply system.

In areas where Mizuho Securities excels, such as IPOs and lead underwriting for corporate bonds, we maximize business opportunities by distributing a portion of their underwritten deals to our customers. Furthermore, through "MiRaI Wealth Partners," a joint venture with Mizuho Securities, we are promoting the introduction of an independent advisory model into Mizuho's retail consulting business. Additionally, we are strengthening our digital marketing through integration with Mizuho Bank's online channel, "Mizuho Direct."

Finally, by leveraging Mizuho Bank's client base of blue-chip companies, we are jointly promoting workplace financial services, such as employee asset-building programs and workplace NISA, to both companies and their employees.

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【Reorganization】

Lastly, I would like to touch upon the topic of our reorganization.

Financial services within the Rakuten Group operate on two pillars: daily consumption, driven by Rakuten Bank and Rakuten Card, and wealth accumulation, driven by

Rakuten Securities.

By ensuring close integration across all these financial services, we aim to provide higher added value to our customers, and we look forward to deepening our collaboration further.

That concludes my presentation.

Thank you for your attention.

(Continue to Summary of Q&A at Q1 FY2026 Financial Results Presentation)

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Rakuten Bank, Ltd.

Summary of Q&A at Q1 FY2026 Financial Results Presentation

(Aug. 6, 2026)

Q01. Regarding Rakuten Cardʼs credit-related costs: the provision ratio has been declining over the past three years, yet credit-related costs worsened in 2025.

Could you explain the background and the outlook?

A01. (Nakamura)

Credit-related costs can fluctuate due to timing; therefore, I recommend focusing on the credit-related cost ratio. We believe the current ratio reflects sound operations.

Within our card assets, we have revolving credit, installment payments, and cash advances. Customer preference is shifting from revolving credit to installment payments, so it is better to view these categories in combination. Also, please note that revolving credit balances have grown by 6% YoY, maintaining a steady upward trend.

We are conducting granular interest rate campaigns tailored to specific customer segments and will continue to focus on expanding these segments in a balanced manner.

Q02. Rakuten Securitiesʼ net profit exceeded 14 billion yen, which is a high level.

How do you plan to sustain this profit level and profitability?

A02. (Kusunoki)

The first half saw significant growth. While higher interest rates contributed to financial revenue, the increase was also driven by higher yields on customer segregated deposits, growth in trust fee revenue from rising investment trust balances, and robust growth in U.S. equity trading commissions and margin trading balances during Q2

(April–June), supported by favorable market conditions.

Q03. Regarding the upward revision of Rakuten Bankʼs ordinary profit: is this primarily due to interest rate hikes or other factors? Also, what is the assumption for deposit beta?

A03. (Torin)

We revised our earnings forecast at the beginning of the fiscal year to incorporate interest rate hikes. Another factor is that deposit accumulation is progressing at a better pace than initially expected, which in turn has bolstered investment income. We anticipate this trend to continue to some extent. Regarding the deposit beta in this

17 guidance, we have taken a conservative view of slightly under 60%, accounting for intensifying competition and our focus on time deposits.

Q04. Regarding interest rate sensitivity: I understand that realizing financial synergies early is crucial to capturing the benefits of rate hikes. Is it possible to realize these synergies sooner?

A04. (Torin)

Realizing financial synergies makes us more sensitive to the benefits of rising rates.

When considering funding for fixed-rate investments, shifting from external to internal funding—essentially using deposits gathered by the Bank—means that even if market rates rise, funding costs do not immediately spike due to the deposit beta. We expect further synergy effects and intend to realize them as quickly as possible. For the Card business, we are in discussions to shift external borrowings to Bank-based funding. For

Securities, we are discussing redirecting customer segregated deposits to the Bank wherever possible.

Q05. How confident are you in achieving the expected financial synergies and the maximization of the individual customer base? Are there any potential upsides or downsides?

A05. (Nakamura)

In-housing borrowing costs rely heavily on the Bank, and we intend to execute this on schedule. Maximizing the individual customer base depends on how we leverage the 34 million cards issued. To be honest, what we have disclosed is based on high-certainty items. We are already brainstorming other ideas in sub-committees, such as sharing app expertise and combining credit card services with banking services to increase LTV.

Please look forward to our future development.

(Kusunoki)

We have already begun in-housing borrowing costs ahead of schedule and will proceed sequentially. Regarding segregated deposits, we will shift funds from other banks' time deposits as they mature. The "Money Bridge" service already facilitates massive daily fund flows between the Bank and Securities, serving as a vital funding route that we will steadily expand. While we have operated independently, we will now integrate our efforts. We want to look ahead and introduce new services utilizing new technology to address the challenges each company faces.

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(Torin)

One point to add

since the shareholders' meeting, the three of us have been meeting much more frequently. We are bouncing ideas off each other, and new concepts that weren't on the table before are emerging. We are eager to seize these opportunities.

Q06. After the reorganization, the capital adequacy ratio will drop to over 8%. Is the target level around 9%, or 10% in the medium to long term?

A06. (Torin)

We will remain a domestic-standard bank for the time being. Starting from around 8% immediately after the reorganization, we aim to reach around 10%. We will seek an appropriate level while balancing asset accumulation and fee income growth.

Q07. Rakuten Bank has a March fiscal year-end, while Card and Securities have a December year-end. How will you consolidate these?

A07. (Torin)

Since the Bank has a March year-end, if the effective date is October 1st as planned, the six-month period from October to March will be consolidated as a three-company group. While the Bank follows a March year-end due to the Banking Act, we are not considering changing the fiscal years of the Card and Securities businesses. We will consolidate the Card and Securities businesses (which have December year-ends) into the Bankʼs results by partitioning their results into quarterly segments.

Q08. Regarding the financial synergies of the reorganization, what is the expected contribution of the three factors?

A08. (Mizuguchi)

In-housing borrowing costs and the transfer of segregated deposits will each account for 40% of the total, with the remaining 20% coming from the optimization of capital efficiency. We expect the transfer of segregated deposits to be the first to materialize, followed by in-housing borrowing costs, and then capital efficiency optimization.

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Q09. Regarding the transfer of segregated deposits: if funds shift entirely to

"Money Bridge," is there a risk that the potential for financial synergy will diminish as deposits disappear?

A09. (Kusunoki)

Both " segregated deposits " and "Money Bridge" deposits represent cash held from customers. Currently, about 6.6 trillion yen is held in Money Bridge (at the Bank) and about 3 trillion yen remains as cash at Securities. This ratio has remained largely unchanged. This indicates that customers do not exclusively use Rakuten Bank. With

6.8 million "Money Bridge" accounts against our total of over 14 million accounts, the remainder represent customers who have not set up Money Bridge—these are the funds that will be redirected to segregated deposits.

Q10. Regarding Risk-Weighted Assets (RWA) after the reorganization: will Card and Securities also utilize risk assets? How much will they increase, and which is the priority? Also, will margin trading balances at Rakuten Securities increase risk weights?

A10. (Torin)

Regarding our asset portfolio, from the Bankʼs perspective, the funding needs of the

Card and Securities businesses are the top priority. Specifically, providing funds to support Rakuten Card's asset accumulation is a high priority. Overall, we aim to grow our portfolio by leveraging risk diversification, focusing primarily on middle-risk assets as before. Additionally, we intend to leverage our partnership with Mizuho to accumulate assets where our investment capacity allows. We are still in discussions with Mizuho regarding the "sweet spot" for risk weights, but as we currently have room in our loan-to-deposit ratio, we look forward to constructive discussions.

Q10. (Follow-up) What about margin trading balances at Securities?

A10. (Kusunoki)

Margin trading balances will grow as "loans in the securities business." Their growth depends on market conditions. While they grew well this year, they are subject to volatility and will fluctuate depending on the environment.

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Q11. You mentioned room for growth in cross-use rates. What will change through integration, and what is your primary goal?

A11. (Nakamura)

The main focus is leveraging the Cardʼs customer base to encourage greater use of

Rakuten Bank. Not all customers use Rakuten Bank for their monthly card payment withdrawals. We believe we can achieve significant results by working together to communicate with customers and incentivize them to switch to Rakuten Bank. We intend to explore various ideas beyond just account transfers.

(Kusunoki)

We have been cross-selling among the three companies, but we will now deepen customer commitment by encouraging not just account expansion, but also greater usage of each service. At Rakuten Securities, it is important to provide financial services commensurate with the assets under management per customer. In Japan, services for the mass-affluent segment are not fully developed, so we intend to examine services that satisfy these customers across all three companies.

（end）

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