WealthNavi : Financial Results for 1Q FY2021

Financial Results for 1Q FY2021

WealthNavi Inc.

May 14, 2021

Agenda

Company profile

Business overview

1Q FY2021 business highlights

1Q FY2021 financial highlights FY2021 full-year forecast Appendices

2	© WealthNavi Inc. 2017-2021 All Rights Reserved.

Mission

To build a world-class wealth management

platform for working families using

cutting-edge technology

Product

development

Marketing Financial strategy

3	© WealthNavi Inc. 2017-2021 All Rights Reserved.

Management team

Name Background

Directors

Founder and CEO

Kazuhisa Shibayama

Director, CFO

Gaku

Hirose

After working at the Ministry of Finance and McKinsey & Company Inc., Kazuhisa established WealthNavi Inc.in April 2015. He received an LL.B. from the University of Tokyo, LL.M. from Harvard Law School, and an M.B.A. with distinction from INSEAD, and is a member of the New York Bar.

Gaku joined WealthNavi in 2019 after engaging in financing and M&A advisory at Deutsche Securities, Social App Trifort as Director and CFO, and Credit Suisse Securities. He received M.B.A. from Waseda University.

Auditors

External Director

Sumito

Togo

External Director New

Maki

Ogawa

Full-time Auditor

Akira

Enomoto

Eriko

Matsuno

Sachihiko

Fujimoto

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 as Director and CFO since 2018. He graduated from the Graduate School of Engineering, the University of Tokyo, where he conducted research on next-generation rocket propellants at JAXA.

Maki is a Chief Analyst, Executive Officer and General Manager at the Financial Market Research Department of Sony Financial Holdings Inc. She began her career as a foreign exchange dealer at First National Bank of Chicago in 1994, before moving to J.P. Morgan, Sony Corporation and the retail banking division of Citibank (currently SMBC Trust Bank). Maki sits on the board of Sony Bank.

After joining Tokai Bank (currently MUFG Bank), Akira worked in various positions including ALM Director, and since 2002, served as Executive Officer and Head of Market Sales Department, and then Deputy Company Manager of International & Market Department. He then served as a full-time auditor of the Bank from 2006 to 2010. He graduated from the Faculty of Economics, Kyoto University.

After graduating from the Faculty of Law, the University of Tokyo, Eriko joined Morgan Stanley Japan Securities. After that, she became of member of the Japanese Bar in 2000 and joined Nagashima Ohno & Tsunematsu Law Offices. She has been an independent practitioner since 2010. Currently, Eriko also serves as an ADR mediator at the Securities and Financial Instruments Mediation Counseling Center (FINMAC).

After graduating from Kyoto University, Sachihiko worked for the Tokai Bank (currently MUFG Bank) and Chuo Shinko Audit Corporation, he joined Chuo Coopers & Lybrand International Tax Office (currently PwC Tax Japan) and served as Partner and Director of the Finance Department. He is a Certified Public Accountant and Tax Accountant and holds a Master's degree in International Business Administration.

Note: Maki Ogawa was elected as an external director at Annual General Meeting of Shareholders held in March 2021.
4	© WealthNavi Inc. 2017-2021 All Rights Reserved.

Top Japanese robo-advisor with recurring revenues

Service launch

July 2016

# of employees1

95

Engineer & designer % of all employees1

47%

Users1,2			AuM1
269K			JPY402Bn
% of 20s-50s users1			YoY AuM growth5
90%			+103%
Average monthly churn rate3			ARR6
< 1%				JPY3.81Bn
Intention to use			Net AuM retention7
for over 10 years4
66%			120%+

1	As of March 31, 2021
2	"Users" refers to a customer who has AuM of 1 yen or more
3 % of users who go from a positive ETF balance to no ETF balance (monthly, total average from July 2016 to March 2021)
4	From the results of the questionnaire survey conducted by WealthNavi in March 2021
5	Growth rate of AuM from March 31, 2020 to March 31, 2021
6	Annual Recurring Revenue. Calculated by multiplying monthly recurring revenue (Monthly Recurring Revenue, "MRR") before deducting revenue sharing in March 2021 by 12
7	An index that shows the % of AuM retained over 1 year (Book value basis, excluding market price fluctuations. All averages from July 2016 to March 2021)
	(Initial AuM + Automated deposits for 1 year + Additional manual deposits for 1 year - Withdrawal for 1 year) / Initial AuM
	5	© WealthNavi Inc. 2017-2021 All Rights Reserved.