WealthNavi Inc. announced that its Board of Directors resolved on September 30, 2022 to terminate the business alliances with SBI SECURITIES Co., Ltd. and SBI NEOMOBILE SECURITIES Co., Ltd. as well as to revise the full-year earnings forecast for the fiscal year ending December 31, 2022. Rationale for Termination of Business Alliances: The Company has provided "WealthNavi for SBI Securities" for the customers of SBI Securities since January 2017 and "WealthNavi for SBI Neomoba" for the customers of SBI Neomobile Securities since April 2019. The Company could successfully expand its customer base and assets backed by the brand and credibility of SBI Securities and SBI Neomobile Securities especially in an early stage of the business alliances.

The Company received termination notices of the business alliances from the Two Companies, and the Company's Board resolved to accept the intent considering the following factors. The direct channel and alliance channels other than the Two Companies have grown steadily and the dependency on the Two Companies has been declining. The percentage of the fee derived from the business alliances with the Two Companies were as follows.

FY2017: 49.8%; FY2018: 37.6%; FY2019: 28.1%; FY2020: 22.8%; FY2021: 20.3%; The first half of FY2022: 19.2%; The brand and credibility of the Company has improved especially after the listing on TSE Mothers Market (currently TSE Growth), and now it is possible to maintain its growth regardless of the termination of the business alliances with the Two Companies. The customers and assets of "WealthNavi for SBI Securities" and "WealthNavi for Neomoba" are to be automatically switched to the Company's direct service on the termination date of the business alliances. As a result, there is no impact on the Company's operating revenue, and the operating profit is to increase due to the stop of revenue sharing payments to the Two Companies after the termination of the business alliances.

The amount of revenue sharing paid to the Two Companies was JPY 235 million for the first half of fiscal year 2022. Details of Termination of the Business Alliances: To provide "WealthNavi for SBI Securities" for the customers of SBI Securities and to share the revenue from the service; To provide "WealthNavi for Neomoba" for the customers of SBI Neomobile Securities and to share the revenue from the service.