Financial Results For The Fiscal Year Ended December 31, 2020 PDF Free Download

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Management teamNameBackgroundFounder and CEOAfter working at the Ministry of Finance and McKinsey & Company Inc., Kazuhisaestablished WealthNavi Inc.in April 2015. He received an LL.B. from the University ofTokyo, LL.M. from Harvard Law School, and an M.B.A. with distinction from INSEAD,and is a member of the New York Bar.KazuhisaShibayamaDirector, CFODirectorsGakuHiroseExternal DirectorSumitoTogoFull-time AuditorAkiraEnomotoAuditorsGaku joined WealthNavi in 2019 after engaging in financing and M&A advisory atDeutsche Securities, Social App Trifort as Director and CFO, and Credit SuisseSecurities. He received M.B.A. from Waseda University.After working at McKinsey & Company Inc. Japan and Google, Sumito joined freee Co.,Ltd. In 2013, where he drove rapid business growth as Director and COO, and then asDirector and CFO since 2018. He graduated from the Graduate School of Engineering,the University of Tokyo, where he conducted research on next-generation rocketpropellants at JAXA.After joining Tokai Bank (currently MUFG Bank), Akira worked in various positionsincluding ALM Director, and since 2002, served as Executive Officer and Head ofMarket Sales Department, and then Deputy Company Manager of International &Market Department. He then served as a full-time auditor of the Bank from 2006 to2010. He graduated from the Faculty of Economics, Kyoto University.ErikoMatsunoAfter graduating from the Faculty of Law, the University of Tokyo, Eriko joined MorganStanley Japan Securities. After that, she became of member of the Japanese Bar in2000 and joined Nagashima Ohno & Tsunematsu Law Offices. She has been anindependent practitioner since 2010. Currently, Eriko also serves as an ADR mediatorat the Securities and Financial Instruments Mediation Counseling Center (FINMAC).SachihikoFujimotoAfter graduating from Kyoto University, Sachihiko worked for the Tokai Bank (currentlyMUFG Bank) and Chuo Shinko Audit Corporation, he joined Chuo Coopers & LybrandInternational Tax Office (currently PwC Tax Japan) and served as Partner and Directorof the Finance Department. He is a Certified Public Accountant and Tax Accountant, andholds a Master’s degree in International Business Administration.4 WealthNavi Inc. 2017-2021 All Rights Reserved.

Top Japanese robo-advisor with recurring revenuesUsers1,2AuM1236KJPY329Bn% of 20s-50s users1YoY AuM growth5# of employees191%62%91Average monthly churn rate3ARR6 1%JPY3.19BnEngineer & designer %of all employees1Intention to usefor over 10 years4Net AuM retention747%67%120% Service launchJuly20161 As of December 31, 20202 “Users” refers to a customer who has AuM of 1 yen or more3 % of users who go from a positive ETF balance to no ETF balance (monthly, total average from July 2016 to December 2020)4 From the results of the questionnaire survey conducted by WealthNavi on December 22, 20205 Growth rate of AuM from December 31, 2019 to December 31, 20206 Annual Recurring Revenue. Calculated by multiplying monthly recurring revenue (MRR) before deducting revenue sharing in December 2020 by 127 An index that shows the % of AuM retained over 1 year (Book value basis, excluding market price fluctuations. All averages from July 2016 to December 2020)(Initial AuM Automated deposits for 1 year Additional manual deposits for 1 year – Withdrawal for 1 year) / Initial AuM5 WealthNavi Inc. 2017-2021 All Rights Reserved.

Emerging needs for wealth management services drivenby the structural changes in the Japanese economyUntil nowRetirementbonusFrom now on Reduction ofretirement bonus Low birthrate andaging population?PensionWealthmanagement?Support retired lifewith retirement bonusand pensions7An era where wealthmanagement whileworking is important WealthNavi Inc. 2017-2021 All Rights Reserved.

On the other hand, 52.8% of Japanese householdfinancial assets are concentrated in bank depositsHousehold financial assets by asset classStocks, bonds Insurance && mutual funds pensionBank 33.1%Source: WealthNavi analysis based on OECD’s “Household financial assets” as of the end of 2018 (September 2020)8 WealthNavi Inc. 2017-2021 All Rights Reserved.

WealthNavi, completed online, helps busy workingfamilies build wealth for a comfortable retirementRisk toleranceassessmentthrough 5 questionsand proposed wealthmanagement planRoadmap toyour goal andvisualized riskPortfolio built,at the shortest,the day after planningDaily performancetracking in JPY/USDNote: The picture is an image9 WealthNavi Inc. 2017-2021 All Rights Reserved.

WealthNavi provides automated, end-to-end servicesTraditional investment adviceSet anInvestmentGoalSet ted ReinvestingdepositsdividendsRebalancingTax lossharvestingFully automated service10 WealthNavi Inc. 2017-2021 All Rights Reserved.

Building a globally diversified portfolio with ETFs3 Vanguard ETFs, 3 BlackRock ETFs and1 State Street ETF1On average, 73% equities, 15% fixedincome, 12% gold and REITs1Published the wealth management algorithmin a white paper (First in Japan: October 2016)1 As of December 31, 2020Note: The picture is an image.11 WealthNavi Inc. 2017-2021 All Rights Reserved.

Simple and easy-to-understand fees: 1% of AuM (annual rate)Fees deducted from WealthNavi accountsWealthNaviFee1%, annual rateTaxesConsumption tax1 SimpleSimple fees of 1% (annual rate, excludingtax) of AuM2 No commission（10% of the fee）Fee structure that aligns interest betweenusers and WealthNaviFees deducted within the ETFETF3 TransparencyDisplaying fees on the application screenand deducting fees and costs fromperformance estimatesETF costs（0.09-0.13%, annual rate）An image of costs assuming the costs are borne by customers. Fees and ETF costs are %of AuM（As of January 2020）Note: Of the ETF portion of the AuM only. The annual fee of the portion exceeding JPY 30 million is 0.5% (excluding tax). For hybrid services combined with face-to-face advice, the baseannual fee is 1.5% (excluding tax) , and the annual fee for the portion exceeding JPY 30 million is 1.0% (excluding tax)12 WealthNavi Inc. 2017-2021 All Rights Reserved.

More than 90% of users are 20s-50s, and about30% have no investment experience% of users by age160s and older9%% of investment experience2No With investmentexperience1 % of account holders by age as of December 31, 2020 (rounded to the nearest whole number)2 % of answers to the question, "Do you have any investment experience in stocks, mutual funds, foreign currency deposits, FX, and bonds?" at the time of application, among accountholders as of December 31, 2020 (rounded to the nearest whole number) WealthNavi Inc. 2017-2021 All Rights Reserved.13

Both direct and alliance channels drive rapid growthAuM trend329Quarterly; JPY billions2020/112020/112892020/92020/4YoY growth 62%2492019/11Alliances１2019/102019/82019/4203 3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q201620172018201920201 Channels available as of December 31, 2020.15 WealthNavi Inc. 2017-2021 All Rights Reserved.

Number of users consistently grew during Covid-19Number of users236225215Quarterly; thousandsYoY growth 36%189Despite market fluctuations due toCovid-19, the number of users hascontinued to increase173160148127173K236K（Dec.31, 2019）（Dec.31, 2020） 720182019202016 WealthNavi Inc. 2017-2021 All Rights Reserved.

WealthNavi is the leading robo-advisor in JapanAuMNumber of usersAuM trendJPY billions; September 2020Thousands; September 2020December 2016 to September 439CDCD0.4ABDC17/3 17/9 18/3 18/9 19/3 19/9 20/3 20/9Source: WealthNavi analysis based on Japan Investment Advisers Association, “Contract Asset Status, September 2020”. AuM of Company A to D include those under "discretionaryinvestment business".17 WealthNavi Inc. 2017-2021 All Rights Reserved.

Distinct market leader – with 70% of total AuMgrowth of robo-advisors over a 12-month periodIncrease in AuM of domestic robo-advisorsSeptember 2019 to September 2020D CB10%A2%1%WealthNavi accounts for 70% of thetotal AuM growth of robo-advisors overa 12-month period to September 202017%JPY163.0B70%Source: WealthNavi analysis based on Japan Investment Advisers Association’s “Contract Asset Status, September 2020”. AuM of Company A to D include those under "discretionaryinvestment business."18 WealthNavi Inc. 2017-2021 All Rights Reserved.

Released new functions with high productdevelopment capability in 2021eKYC2020/5User rating14.44.3Life planning2019/10Instant deposit2016/7iOS app2017/5Android app2017/7Automatedweekly deposits2018/10Automated monthlywithdrawals32020/10Instant money transfer22020/1Fractional ETF tradingAutomated depositswith 8AI wealthmanagement advice2019/101 As of December 31, 20202 Only for users of WealthNavi for SBI Securities3 Only for users of Hokkoku Omakase Navi19 WealthNavi Inc. 2017-2021 All Rights Reserved.

Helping users to continue long-term investmentwith a globally diversified portfolioVideo messagesColumnsWebinarsApprox. 51,000 participants11 Participants in our webinar from April to December 202020 WealthNavi Inc. 2017-2021 All Rights Reserved.

95% of users continued to use WealthNavieven when the market price plunged due to Covid-19Changes in the S&P 500 IndexUser behaviorEnd of 2019 100From February 20 to March 23, 2020Withdrew JPY 1 yenor more108.05%71.395%Feb. 20Continuedto useMarch 231 "Continue to use" means that there is an ETF balance on the first day of the above period and there is no withdrawal (JPY1 yen or more) in part or in whole during the period21 WealthNavi Inc. 2017-2021 All Rights Reserved.

68% of users added funds to WealthNavi accountsUser behaviorFrom February 20 to March 23, 2020Automateddeposits: 63%55%Additional manualdeposits: 13%8%5%27％5%Did nothingWithdrawalBothAdditional deposits: 68%Note: % of users with ETF balance as of February 20, 2020. "Withdrawal" refers to some or total withdrawal (JPY1 yen or more)22 WealthNavi Inc. 2017-2021 All Rights Reserved.

Vast majority of users are satisfied with WealthNavi,and intend to use it for a long period of timeUser satisfaction1Expected years of use2NPS3・94％ of users are satisfied withWealthNavi・67% intend to use for 10 years or more・WealthNavi has a high scorecompared to mobile-phone careersassociated with long-term use andother financial services6%0%15%24%5%1734%13%70%33%Very satisfied20 years or moreSomewhat satisfied10-20 yearsSomewhat unsatisfied5-10 yearsVery unsatisfiedLess than 5 roker-dealers-44Banks-46Undecided1 Based on the answer to the question “Please rate your satisfaction with WealthNavi” in the questionnaire conducted by WealthNavi on December 22, 20202 Based on the answer to the question “How long do you plan to use WealthNavi?” in the questionnaire conducted by WealthNavi on December 22, 20203 Net Promoter Score measures customer experience by asking how likely he/she would recommend a brand to a friend or colleague, and is calculated by subtracting the percentage ofdetractors from the percentage of promoters. WealthNavi’s NPS is calculated based on the results of user experience questionnaire conducted by WealthNavi in April-December 2020. NPSof other services are from the Financial Service Authority’s “Customer awareness survey on sales of risk-bearing financial products” in August 2019 WealthNavi Inc. 2017-2021 All Rights Reserved.23

Exceeded the full-year earnings forecastsContinued high growth in operating revenueNegative profit of each earnings index was reduced significantly from FY2019Financial resultsJPY tsdisclosed onDec.22, 2020ActualsYoY1,5522,4232,516 62.1%Operating loss-2,061-1,188-978-Ordinary loss-2,057-1,217-999-Loss-2,060-1,220-1,003-Note: Fractions of one million yen are rounded down25 WealthNavi Inc. 2017-2021 All Rights Reserved.

Steady growth in operating revenueOperating revenue for FY2020 increased 62.1% YoY to JPY 2,517 millionOperating revenue for Q4 FY2020 increased 54.4% YoY to JPY 752 millionOperating revenueAnnual; JPY millionsQuarterly; JPY millions2,517752690YoYYoY 62.1% 018FY20191Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4QFY2020FY201626FY2017FY2018FY2019 WealthNavi Inc. 2017-2021 All Rights Reserved.FY2020

Positive operating profit excluding advertising expensesOperating profit excl. advertising expenses for FY2020 increased by JPY 637 million to JPY 157 millionOperating profit excl. advertising expenses for 4QFY2020 increased by JPY 159 million to JPY 86 millionOperating profit excluding advertising expensesAnnual; JPY millionsQuarterly; JPY millions138 159millions 70FY2016FY2017FY2018FY20191Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4QFY2020FY201627FY2017FY2018FY2019 WealthNavi Inc. 2017-2021 All Rights Reserved.FY2020

Recovered costs other than advertising expenses, andmoved to the next growth phaseBreakdown of revenue and expensesFY2019 full-year; JPY millionsFY2020 full-year; JPY -54%-30%-31%-102% -133%Transaction- Personnel Real estate Operating Advertising expenses2expenses, revenueRS1-19%-34%-22%6%-45%-39%Transaction- Personnel Real estate Operating Advertising expenses2expenses, excludingetc. 3advertisingexpenses1 “RS” represents revenue sharing with alliance partners2 “Transaction-linked expenses” include account opening expenses, fees of instant deposits, automated deposits and withdrawals3 “Real estate related expenses, etc.” include real estate related expenses, server costs, other sales and administrative expenses WealthNavi Inc. 2017-2021 All Rights Reserved.28

Cost structure improved rapidly with theexpansion of business scaleOperating revenue ratioTransactionlinked expenses1RevenuesharingTotal expensesPersonnelexpensesReal estate relatedexpenses, Y2034%24%23% 19%171846%30%22%19%19 FY2045%171819 FY20171819 FY2017181 “Transaction-related expenses” include account opening expenses, deposit/recurring/withdrawal fees, etc.2 “Real estate related expenses, etc.” includes real estate related expenses, server expenses, other sales and administration expenses, etc.29 WealthNavi Inc. 2017-2021 All Rights Reserved.19 FY20

Strengthen recruitment across functions forsustainable growthIncreased by 6 employees in FY2020. Will continue to strengthen recruitment of alloccupations for sustainable growth—the average number of customer support membersincluding temporary staff is 10 in FY2019 and 11 in FY2020Breakdown of full-time staff by functionNumber of employeesComparison of FY2019 and FY2020 69185211965Inner circle：Dec. 2019Outer circle：Dec. reased from10 to 11 on annualaverage, includingtemporary staff307Engineer & designerCustomer supportCorporateOther WealthNavi Inc. 2017-2021 All Rights Reserved.

Institutional investors ownership increased whileVC ownership significantly decreased after the IPOWith the cooperation of VCs, WealthNavi assured liquidity and minimized VC overhang at itsIPO. At the IPO, institutional investors account for 60% (overseas 50%, domestic 10%), anddomestic investors account for 40% of the total offering.Before the IPO（December 21, 2020）As of December 31, 2020Individual nvestors:17%25%24%29%9%9%17%IndividualInvestors: 17%31Overseas institutional investorsBusiness companies, etc.Domestic institutional investorsWealthNavi’s management membersIndividual investorsVC WealthNavi Inc. 2017-2021 All Rights Reserved.

Financial statements（1）Real estate related expenses, etc. increased in 4Q FY2020 mainly due to costs associated with theIPO on December 22（including JPY 44 million of pro forma standard taxation in business taxes）Income statementsAnnual; JPY millionsQuarterly; JPY millionsFY2018FY2019FY2020 FY2020 FY2020 FY20201Q2Q3Q4QFY2020Operating revenue504571689751486-) Revenue sharing109114122139378475-) Transaction-linkedexpenses125108118122606834850-) Personnel 56-8719137861,0511,5811,135312244280298Operating profit-1,721-2,061-978-399-224-142-212Operating revenuegrowth rate326％76％62％Operating revenue8811,5522,516-) Revenue sharing238353-) Transaction-linkedexpenses297-) Personnel expenses-) Real estate relatedexpenses, etc.Operating profitexcluding advertisingexpenses-) Advertising expenses-) Real estate relatedexpenses, etc.Operating profitexcluding advertisingexpenses-) Advertising expensesOperating profitNote: Fractions of one million yen are rounded down32 WealthNavi Inc. 2017-2021 All Rights Reserved.

Financial statements（2）Balance sheetsStatement of cash flowsJPY millionsJPY millionsFY2019Current assetsCash and bank depositsCash segregated as depositsDue from banksOther current assetsNon-current assetsTotal assetsCurrent liabilitiesDeposits receivedCurrent portion of convertiblebond-type bonds with shareacquisitionOther current liabilitiesNon-current liabilitiesConvertible bond-type bondswith share acquisition rightsTotal liabilitiesShare capitalCapital surplusRetained earningsTotal net assetsNote: Fractions of one million yen are rounded 8,4611,4296,490-1,0036,916Cash generated by/(used in)operating activities992-939-113-764,1032,6429-12Net increase in cash and cashequivalents4,9921,613Cash and cash equivalents atbeginning of the year3,4838,475Cash and cash equivalents atend of the year8,47510,089Cash generated by/(used in)investing activitiesCash generated by financingactivitiesEffect of exchange rate changeson cash and cash equivalents33FY2020 WealthNavi Inc. 2017-2021 All Rights Reserved.

WealthNavi targets working families, which have, in total,approx. JPY 650T of financial assetsHousehold financial assets by age and asset sizeWorking families (20s-50s)are the target of WealthNavixxFinancial assetsJPY trillionsPrimary target group offace-to-face channels forincumbent banks andsecuritiesJPY 30Mor more112602027782308211335313375143103JPY 10-30MLess thanJPY 10M20s30s40sJPY 650T50s60s and olderJPY 1,200TSource: WealthNavi analysis based on the Bank of Japan’s “Japan‘s Flow of Funds Accounts, 2nd quarter of 2020”, the Ministry of Internal Affairs and Communications’ “Population, demographic statisticsand household numbers based on the Basic Resident Registration, January 2020,” and the Ministry of Internal Affairs and Communications’ “Household Survey, January 2016” WealthNavi Inc. 2017-2021 All Rights Reserved.35

Robo-advisors’ potential market estimated to beJPY 16-23 trillion over the next 10 years as working familiesaccelerate wealth building for retired lifeJPYJPY16-23trillion650trillionPotential market forrobo-advisorsover the next 10 yearsFinancial assetsowned by workingfamilies (20s-50s)12%Assuming the depositratio of householdfinancial assets willfall to the level ofGermany (53% 41%)over the next 10 years20-30%Assuming 20-30%of assets movingfrom deposits toinvestments areallocated to longterm investmentsSource: WealthNavi analysis based on the Bank of Japan’s “Japan‘s Flow of Funds Accounts, 2nd quarter of 2020”, the Ministry of Internal Affairs and Communications’ “Population,demographic statistics and household numbers based on the Basic Resident Registration, January 2020”, the Ministry of Internal Affairs and Communications’ “Household Survey, January2016,” and OECD’s “Household financial assets” as of the end of 2018 WealthNavi Inc. 2017-2021 All Rights Reserved.36

WealthNavi aims to help working families resolvetheir "20 million yen problem"Support moreworking familiesIncreasingnumber of （Dec.31, 2019）（Dec.31, 2020）WithdrawalAverage monthly churn rate3% of users signed up forautomated deposit plan2Number of users173KResolve the “20 million yen problem” for each68%69% 1% 1%（Dec.31, 2019）（Dec.31, 2020）（Dec.31, 2019）（Dec.31, 2020） 36%Net AuM Retention1120% 120% （Dec.31, 2019）（Dec.31, 2020）1 An index that shows the % of AuM retained over 1 year (Book value basis, excluding market price fluctuations. All averages from July 2016 to December 2020)(Initial AuM Automated deposits for 1 year Additional manual deposits for 1 year ‒ Withdrawal for 1 year) / Initial AuM2 As of December 31, 2020. % of WealthNavi accounts with the recurring deposits among % of WealthNavi accounts with a positive ETF balance3 % of users who go from a positive ETF balance to no ETF balance (monthly, total average from July 2016 to December 2020)37 WealthNavi Inc. 2017-2021 All Rights Reserved.

“Robo-NISA,” the first managed NISA account inJapan,1 will be launched on Feb. 17, 20211 WealthNavi analysis on February 12, 2021, based on websites of the companies listed as “wrap account” managers on Japan Investment Advisers Association, “Contract Asset Status,September 2020”. “NISA” stands for “Nippon Individual Savings Account,” a tax exemption program for small investments38 WealthNavi Inc. 2017-2021 All Rights Reserved.

“Robo-NISA” is a tax-free managed accountpowered by WealthNaviThree benefits of “Robo-NISA”Tax-freeInvest up to JPY1.2M per year free oftax for up to 5 years1GloballydiversifiedportfolioBuild a globallydiversified portfoliowith WealthNaviFullyautomatedManage both NISAand taxable accountsholistically andautomatically1 “Robo-NISA” utilizes general NISA, not monthly (“Tsumitate”) NISA. Up to JPY 1.2M can be invested in a NISA account every year for up to 5 years, and capital gains and dividends oninvestments in the NISA account are exempt from Japanese individual income tax and local taxes for up to 5 years.39 WealthNavi Inc. 2017-2021 All Rights Reserved.

NISA isn’t widely used despite its wide recognitionMost people know aboutNISA, but most have notopened NISA accounts1Nearly half of NISA accounts weredormant in 2019276%-70%GeneralNISA44%23%KnowsNISAInvested1 yen ormoreHas openedNISADid notinvest in56% AInvested1 yen ormoreHas openedNISADid notinvest inNISA58%1 WealthNavi analysis based on the Investment Trusts Association, “Report of survey on mutual funds in 2019 – NISA, iDeCo, etc.”2 WealthNavi analysis based on FSA, “Research of activities in NISA accounts as of the end of 2019”40 WealthNavi Inc. 2017-2021 All Rights Reserved.

Many people do not use NISA because of itscomplicated rules and proceduresReasons for not using NISA after account openingProcrastinating37%Cannot choose financial products27%NISA is too complex to understand23%Account opening is cumbersome21%Do not understand NISA’s benefit15%No new money to invest14%Tax benefit is not so attractive13%Has no time to learn about NISA andopen a NISA accountOthers10%6%1 WealthNavi analysis based on the result of a questionnaire of 949 users conducted by WealthNavi on February 2, 202141 WealthNavi Inc. 2017-2021 All Rights Reserved.

By leveraging a tax-free account, WealthNaviusers can accelerate their wealth buildingAverage AuM and investment goal1JPY; WealthNavi usersInvestment goal219.0M1.4M1.2M1.0M20182019Accelerate towards theirinvestment goals with tax-freeNISA investments of up to JPY1.2M annually for up to 5 years20201 As of end of each year2 Average of investment goals of 57,824 users set by WeathNavi’s life-planning tool42 WealthNavi Inc. 2017-2021 All Rights Reserved.

Earnings forecast for FY2021We do not report earnings forecast for the fiscal year ending December 31, 2021as it is difficult to reasonably calculate at the current point in time due to reasonssuch as uncertainty regarding the time period required for COVID-19 to becontained.We will assess the impact of COVID-19, and we shall promptly report whenaccurate and reasonable calculation is possible.43 WealthNavi Inc. 2017-2021 All Rights Reserved.

Aspiration to become a personal finance onsMoneytransferRobo-advisorInsurance Provide tailored advice on the full range offinancial services to meet customer needs Digitize and automate advisory and executionNote: Concept only and not released yet. Indicate potential service domain to be provided in the future. The picture is an image44 WealthNavi Inc. 2017-2021 All Rights Reserved.

Issue・ Have neither the time nor the knowledge to managemy own assetsSolutions・ Fully automated globally diversified investment・ Automatic recurring depositsImpact・ Developed the habit of saving money every month・ Experienced my balance gradually going up and upUser’s voiceI used to think you needed special expertise toinvest. So, what I like about WealthNavi is that itworks for ordinary office workers like me. There isa limit to how well I can diversify and manageassets on my own. But, when I gave this servicea try, I realized it was simple – something wellwithin my capabilities. It's great that I can leavedecisions to the robo-advisor and not have toworry about it.Note: The above customer comments are examples taken from interviews with specificusers. This is an example of the user's personal experience and does not necessarilyobjectively demonstrate the benefits of the WealthNavi serviceWealthNavi userMale, 30s / IT sales46 WealthNavi Inc. 2017-2021 All Rights Reserved.

Issues・ No financial expertise・ Very little money to start wealth managementSolutions・ Automatic construction of optimized portfolio・ Minimum investment of only 100,000 yenImpact・ I started investing despite my lack of expertise・ My attitude toward investing changedUser’s voiceI used to think that wealth management wasbeyond me, but when I realized you only needed100,000 yen, I started thinking this wassomething even I could do. WealthNavi is veryeasy – you just answer a few questions and itautomatically selects the best portfolio for you. Myimpression of investing has changed.I would like to continue as long as possible.WealthNavi userFemale, 40s / Landscape designerNote: The above customer comments are examples taken from interviews with specificusers. This is an example of the user's personal experience and does not necessarilyobjectively demonstrate the benefits of the WealthNavi service47 WealthNavi Inc. 2017-2021 All Rights Reserved.

Issues・Difficult to manage assets on my own・Concerned about the risk associated with individualstocksSolutions・ Automated wealth management・ Fully automated globally diversified investmentImpact・ Easily created a diversified portfolio・ Stopped worrying about the ups and downs of themarketUser’s voiceOnce you set your risk tolerance and make adeposit, the service does the rest for you. I thinkWealthNavi’s appeal lies in automated processessuch as re-balancing and tax optimization. Also, Iused to worry a little about my investmentsbecause I had Japanese equities only, so I likehow WealthNavi lets me diversify globally. I’malso grateful that now I don’t have to worry aboutevery up and down in the market.WealthNavi userMale, 30s / Manufacturing back officeNote: The above customer comments are examples taken from interviews with specificusers. This is an example of the user's personal experience and does not necessarilyobjectively demonstrate the benefits of the WealthNavi service48 WealthNavi Inc. 2017-2021 All Rights Reserved.

Issues・ It’s a pain to open a brokerage account・ I didn’t know anyone I could ask for adviceSolutions・ Can open an account entirely online・ Easy to read and use UI/UXImpact・ Completed the whole sign-up process online・ Now have a reliable advisor for wealth managementUser’s voiceInvesting involves lots of time-consumingpaperwork, but WealthNavi is attractive becauseit can all be done online. The app and website areeasy to read and use. I feel they were designedfrom the users’ point of view

3 Vanguard ETFs, 3 BlackRock ETFs and 1 State Street ETF1 Building a globally diversified portfolio with ETFs 1 As of December 31, 2020 . 2-factor Authentication 2018/8 iOS app 2017/5 Android app 2017/7 eKYC 2020/5 Fractional ETF trading 2017/5 Life planning 2019/10 Instant money transfer2 2020/1 Automated monthly