sbi holdings, inc

SBI HOLDINGS, INC.

SBI Holdings, Inc.

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(j)

(k)

(l)

32

1

9.0

2

KOSDAQ

SBI SECURITIES Co., Ltd.

SBI

(1)IT

(1)

3

25%

22

(i)

40%(ii)

20%(iii)

(iv)

9.99%(v)

7.65%

ZEPHYR Co., Ltd.

ZEPHYR Co., Ltd.110

1,24534

24629

367

4

............ 58,008 16,481 15,981 2,594 20,194 1,863 12,118 2,123 10,516 2,679 ................. 68,531 20,511 49,182 5,714 50,122 9,374 26,623 5,985 24,216 3,780 ............ 22,495 849 22,617 1,491 25,605 206 11,962 304 14,508 435 .... 75,070 8,093 40,906 923 29,408 (35) 12,565 (586) 8,591 1,205 ..................... 322 (473) 6,354 (303) 4,629 (515) 2,310 (351) 8,262 (1,020) ................. (1,860) (2,856) (4,119) (6,016) (5,419) (7,462) (2,427) (3,723) (3,147) (3,474)

.............................. 222,567 42,606 130,922 4,403 124,541 3,431 63,153 3,752 62,948 3,605

SBI VeriTrans

SBI VeriTrans16

SBI SECURITIES Co. Ltd.

E*TRADE Korea

Co. LtdZephyr Co. LtdSBI Life

Living Co. Ltd

(i)5%

(ii)5%

6

(1) ................... 120.5 120.5 129.1 123.5

(1) .................................... 7.4 6.8 8.4 8.0

(1) .................................... 34.8 35.2 37.9 43.6

(1) ................................................. 91.5 53.6 68.7 103.2

.................. 25.5 25.1 27.2 33.4

.................. 279.6 241.2 271.3 331.7

(2) ........................................ 57.7 31.0 39.8 40.2

(2) ........................................ 240.8 161.5 174.7 161.0

(2) ........................................ 3.0 2.2 1.6 1.5

.................. 301.5 194.7 216.1 202.7

(3) .................................... 16.1 22.4 26.7 29.4

(3) .................................... 29.9 35.2 28.0 21.4

.................. 46.0 57.6 54.7 50.8

................ 627.1 493.5 542.1 565.2

(1)

(2)

(3)

7


............................... 1,662,051 1,735,589 1,866,508 1,956,746 2,053,986 2,128,426

...................... 169,443 179,964 192,015 202,810 214,274 221,834

.............................. 289,873 274,770 202,390 202,461 197,227 137,383

.............................. 1,003 1,066 3,173 9,209 3,576 9,990

.............................. 582 2,550 5,228 4,681 4,194 5,695

.................. 3,755 3,230 2,980 3,714 4,093 3,867

1 .......................................................... 19,533.5% 5,893.0% 3,478.8% 8,176.3% 5,201.1%

2 .......................................................... 652.4% 1,064.7% 427.4% 973.4% 442.3%

3 ................................................................. 21.39% 9.82% 8.56% 9.56% 9.45%

1. SBI Insurance Co., Ltd.

56

2. SBI SECURITIES Co., Ltd.

3. SBI Sumishin Net Bank, Ltd.

59

8

SOFTBANK FINANCE CORPORATION SOFTBANK

TELECOM Corp.SOFTBANK FINANCE CORPORATION

SOFTBANK CORP.SOFTBANK

SOFTBANK FINANCE

CORPORATIONSOFTBANK FINANCE CORPORATION

SOFTBANK CORP.SOFTBANK CORP.

SOFTBANK CORP.

SOFTBANK CORP.SOFTBANK

(1)(2)(3)

(4)(5)

(i)

(ii)

J-SOX

J-SOXJ-SOX

J-SOX

J-SOX

9

25%

(a)(b)(c)

(d)(e)(f)(g)(h)

(i)(j)(k)(l)(m)

10

(n)(o)(p)

(q)(r)(s)(t)


51

JSDASBI SECURITIES Co., Ltd.



SBI Net Systems Co., Ltd.

SBI Net Systems Co., Ltd.(a)

(b)(c)

(d)(e)(f)

SBI E*TRADE SECURITIES Co., Ltd.

JSDASBI

E*TRADE SECURITIES Co., Ltd.


SBI SECURITIES Co., Ltd.SBI SECURITIES Co., Ltd.

11

SBI1,002,000,000SBI

Incubation Co., Ltd.SBI Asia Net-Trans (No.7)

Living Corporation Inc.500,000,000400,000,0002.75

Living Corporation Inc.SBI Life Living Co., Ltd

1,000,000,000SBI

ALApromo Co., Ltd.972SBI ALApromo Co., Ltd.1.39%

12

....................................... 222,567 130,922 124,541 63,153 62,948 ....................................... 115,343 63,633 59,138 28,274 28,646

................................................ 107,223 67,289 65,403 34,879 34,301

.............. 64,616 62,885 61,971 31,126 30,696

....................................... 42,606 4,403 3,431 3,752 3,605

................................... 289 1,033 365 169 165 ................................... 358 400 155 113 139 .................. 203 ............................... 188 ............................................ 481 989 476 241 245

...................... 1,129 2,423 1,185 524 754

................................... 1,784 2,450 1,960 864 1,375 .................. 186 5 4 2 16 .................. 196 41 60 20 46113 ...................... 746 300 343 .......... 4,614 2,508 98 149 ................................... 724 621 64 551 1,249 ............................................ 541 1,162 569 375 632

...................... 8,048 6,790 3,504 2,264 3,663

................................... 35,687 37 1,112 2,012 695

.............. 6,783 10,523 3,153 913 55 ...................... 28 89 40 42 176 ........................... 714 33 33 2,022 .............. 598 355 185 148 32 ............................................ 387 586 55 37 139

.................. 7,797 12,269 3,466 1,174 2,426

13

.......... 1 33 0 0

.......... 253 259 103 51 127

...................... 1,989 1,485 189

........................... 1,611 0 0

.............. 3 12,040 237 146 3

.............. 7,547 46 24 176

...................... 984

........................... 635

........................... 2,121 1,066 397

................................... 716

............................... 6,794 1,353 238

.................. 2,300 14 44 42 1

...................... 501

............................................ 1,580 5,137 998 362 257

.................. 14,665 28,438 3,658 2,113 3,007

......... 28,819 (16,132) 920 1,074 113

............................... (19,311) (11,829) (9,095) (4,971) (4,392)

............................... 2,038 5,680 8,359 3,632 3,001

................................... (17,273) (6,148) (736) (1,338) (1,391)

......... 11,546 (22,280) 184 (264) (1,277)

. 7,317 (3,905) (2,165) (1,086) (1,963)

.......................... 4,228 (18,375) 2,350 822 686

14

.................................................... 160,281 127,123 143,726 134,933 .............................. 10,984 7,914 8,483 10,560 .................. 18,819 17,924 16,332 ............................................... 445 2,893 240 328 ................................... 313,930 266,365 318,865 308,665 ............................................... 115,717 105,236 121,576 125,139 ....................................... (4,966) (6,206) (8,424) (5,115)

.............................. 110,750 99,029 113,152 120,023 ............................................... 66,260 47,868 34,694 35,395 .................................................... 32,894 36,515 28,767 31,579 ........................................................ 1,728 7,724 3,514 10,024

........................................... 274,887 134,792 221,107 245,253 ................................... 17,995 46,008 40,533 22,010 ............................................... 292,882 180,800 261,641 267,264 .................................................... 13,413 8,845 5,944 3,350 ........................................................ 259 209 ............................................... 1,053 5,920 7,667 6,819 ................................................................ 66,148 44,079 37,732 49,845 .................................................... (1,762) (2,703) (2,032) (2,813)

............................................... 1,069,271 851,408 980,323 992,309

................................................................ 4,420 5,161 9,972 9,920 .................................................... (2,237) (2,173) (2,405) (2,909)

............................................... 2,182 2,988 7,567 7,010

........................................... 6,404 5,551 5,079 5,211 ........................................... (3,778) (3,607) (3,585) (3,747)

.......................... 2,626 1,943 1,493 1,463

.............................. 21,738 .................................................... (14,813)

............. 6,924

................................................................ 886 2,953 7,556 5,740

................................................................ 65 791 4,503 4,634 .................................................... (34) (98) (506) (940)

............................................... 31 692 3,996 3,694

.................................................... 12,652 8,577 20,613 17,909 ............................................................ 8,815 9,369 11,670 13,057 ............................................................ 60,874 136,354 133,008 129,823 ............................................................ 1,398 168 608 549

........................................... 71,088 145,892 145,286 143,430

15

............................................................ 41,791 33,868 41,204 54,373 .................................................... 10,594 10,601 14,196 17,876 ..................................................................... 18,365 32,388 34,860 34,975 ........................................................ (4,769) (6,644) (9,767) (10,692)

....................................... 65,983 70,214 80,494 96,532

............................................... 149,723 224,685 246,395 257,872

.................................................... 6 4 186

.................................................... 62 20 61 50113 .................... 182 3,114 3,159 4,468

........................................................ 252 3,139 3,220 4,705

................................................................ 1,219,247 1,079,233 1,229,939 1,254,886

............................................... 53,831 54,658 55,614 56,057 .......................... 6,282 21,553 13,368 13,885 ................................... 100,520 41,480 112,600 111,500 ............................................... 5,940 .................................................... 9,351 2,624 4,953 4,406 ........................................................ 1,764 1,813 1,828 1,864

........................................... 81,583 56,726 48,813 52,857 ................................... 62,530 89,544 101,223 72,274 ............................................... 144,114 146,270 150,036 125,131 ................................... 35,440 46,587 63,780 67,388 .................................................... 272,005 258,068 282,373 277,825 ............. 39,573 ........................................................ 20,147 23,488 31,176 32,157 ........................................................ 2,941 2,980 2,835 3,113 ............................................... 8,867 5 2,959 1,566 ........................................................ 338 54 53 85 ............................................... 22 ........................................................ 38 155 229 ................................................................ 39,491 23,823 25,353 42,132

............................................... 740,633 623,448 747,090 737,345

........................................................ 30,300 300 .......................... 13,270 ............................................... 33,578 13,283 27,620 35,274 ............................................... 299 566 540 489 .................................................... 102 128 52 47 ........................................... 3 ........................................................ 390 877 733 ................................................................ 5,325 14,524 17,924 18,269

........................................... 82,879 29,193 47,014 54,813

16

........................................... 7,925

................................... 7,219 7,219 5,196

........................................... 41 33

.................................................... 0 0 0

.................................................... 7,967 7,253 7,219 5,196

................................................................ 831,480 659,894 801,324 797,355

................................................................ 55,157 55,214 55,284 73,226

........................................................ 116,761 219,012 218,968 236,910

........................................................ 112,339 86,865 87,276 86,241

............................................................ (53,063) (636) (246) (246)

........................................... 231,195 360,456 361,282 396,131

............. 10,133 (5,946) (559) (3,649)

.................................................... 8 (25) 14 (1,475)

.................................................... (121) (966) (1,506) (3,167)

....................................... 10,020 (6,937) (2,051) (8,293)

........................................................ 4 11 11 11

.................................................... 146,546 65,808 69,372 69,680

........................................................ 387,766 419,338 428,615 457,530

........................................... 1,219,247 1,079,233 1,229,939 1,254,886

17

..... 28,819 (16,132) 920 1,074 113 ............................... 6,896 4,893 5,550 2,553 2,969 ................................... 4,580 7,068 7,764 3,889 4,271 ................................... 4,353 7,539 8,038 3,600 2,927

.................. 4,614 2,508 98 149 (203) .................. 1,961 2,515 602 340 836 .................. (3,101) (2,880) (1,174) (1,362) (1,049)................................... (6,780) 1,517 (2,915) (767) (52)

.............. 7,547 46 24 176 ................................... 1,376 336 275 1,180 2,256 ...................... (31,237) (27,495) (17,456) (9,272) (8,803) ................................... 7,809 8,784 5,962 2,956 3,369 ..... (5,596) (20,645) (8,961) 805 (16,860) ..... (16,108) 7,357 6,188 1,654 (1,050)......... 9,190 (7,616) (2,036) (1,940) (514) ........................... (1,979) 453 (1,302) (761) 820

...................... (280) (2,044) 263 (526) (732).................. 18,901 32,379 (12,962) (55,962) 16,000

.............. 386 (2,038) (1,486) (2,073) (7,651) ........................... (1,041) ........................... 55,172 108,341 (77,074) (86,555) (30,528)

........................... 3,821 2,615 7,357 4,980 718 ........................................ (25,442)

......... (29,706) 4,173 19,245 (4,548) .................. (20,290) 11,105 17,193 11,682 3,607

.............. 1,292 1,449 1,464 444 (458) ............................... 20,511 1,815 (1,614) 44,735 3,709

............................................ 57,830 99,669 (61,085) (59,902) (30,675)

.............. 30,595 27,847 17,747 10,037 8,402 ........................... (7,810) (8,698) (5,629) (2,867) (3,394) .............. (30,542) (15,782) (4,167) 584 (4,366)

............................... 50,073 103,034 (53,134) (52,149) (30,034)

18

........................................ (3,457) (3,913) (7,043) (2,269) (2,776) ........................................ (8,309) (7,344) (7,653) (5,296) (9,298) ................... 3,579 784 3,204 2,475 3,031 ........................................ 7,190 130 28 249 ....................... (3,861) (1,086) (260) (399) (99) ................... 19,341 2,540 ....................... (4,442) (5,621) (3,753) (3,511) ........................................ (200,952) (42,156) (15,756) (8,005) (7,506) ........................................ 191,927 37,519 16,226 7,598 6,630 ............................ (2,855) (3,045) (1,491) (1,104) (455) ............................................. 1,377 2,063 1,347 749 339 ............................................. (804) 2,225 (2,953) (3,053) 92

....................... (20,610) (1,104) (15,563) (12,816) (9,793)

................................ 2,672,500 ................................ (2,680,830) ................... (8,959) 940 42,929 (182) ................... 46,215 1,474 28,360 1,700 2,000 ................... (38,571) (9,899) (22,208) (3,638) (3,328) ................... 297 200 122,218 49,968 40,464 ........................................ (1,400) (108,366) (51,480) (41,480) (41,600) ............................ 413 134 141 44 35,678 ........................................ 2,850 325 1,023 1,006 1,681 ........... 29,858 5,611 11,931 8,307 1,912 ........................................ (13,451) (6,795) (1,681) (1,666) (1,666) ...... (2,554) (2,746) (218) (152) (147) ............... (25,265) (7,975) (3,914) (1,670) (1,360) ....................... 0 10 ............................................. (2) (585) (13) (9) (2) ............................................. (19) 57 (499) (132) (488) ........................................ (9,957) (137,514) 84,599 55,205 32,959

........................................ (931) (102) (490) (1,153) (1,978)

............................................ 18,574 (35,686) 15,410 (10,914) (8,847)

............................ 25,364 2,875 842 63 ................................ (23) (107) (28) ............................................. 223 15 15 ................... 115,092 159,007 126,312 126,312 142,581

................... 159,007 126,312 142,581 115,477 133,705

19

5%

7%15%

1,200100100

20%50%

20

SBI HoldingsSBI

23

Deloitte Touche Tohmatsu LLC

75

48

32

SBI Holdings, Inc.

86

24

DGLFB

EDINET

16

25

JASDAQ

JASDEC

JSDA

J-SOX

25

KOSDAQ

(Kabuken Johjou

haishi Kijun)

15-4

15-4-21

(shinkabu yoyaku

ken)

SBIH

SRS

26

(shinkabu hikiuke ken)

%

27

(i)(ii)

101

HOMEOSTYLE Inc.20

HOMEOSTYLE Inc.

HOMEOSTYLE Inc.

29

SBI

SECURITIES Co., Ltd.SBI Futures Co., Ltd.

51,800[]

30

544443

31


SBI SECURITIES Co., Ltd

1,254

Euro-MTN programme

XII

32

SBI

33

SBI HoldingsSBI

SBI E2-Capital

E2-Capital Inc.

E2-Capital Inc.E2-Capital Inc.

SBI HoldingsSBI

SBI E2-Capital

E2-Capital Inc.

E2-Capital Inc.

34

[

]

SBI

94.2%81.0%86.0%90.3%

54%

35

(i)

(ii)

37

198332189689Limited

Partnership Act for Investment of Japan199810

48.0%46.2%39.0%33.2%

5025

39

SBI Japannext Co., Ltd.

Japannext PTS

Financial Instruments and

Exchange Act Enforcement Ordinance

JSDA

40

(i)

(ii)

41

SBI

Sumishin Net Bank, Ltd.50%SBI Sumishin Net Bank, Ltd.

SBI Sumishin Net Bank, Ltd.


198159

1995105

2008561999

126

42

(i)

(ii)

43

1952176

197492

19502011968100

199477

1991901949100

1950202197257

1954195200958

197657

2000611960145

1994851999128

200357

44

32

(e)

46

H1N1

9.0

10,434.388,605.15

17.53%[][]%

[]

12,740

9,16028.10%

[][]%[]

SBI Insurance Co., Ltd

48

38-1-502, Wakamiya-cho,

Shinjuku-ku, Tokyo, Japan

2-6-50, Azamino, Aoba-ku,

Yokohama-shi, Kanagawa, Japan

1677-12, Isshiki, Hayama-machi,

Miura-gun, Kanagawa, Japan

1-22-12-204, Oojima,

Koutou-ku, Tokyo, Japan

1-1-1-1613, Kaigan,

Minato-ku, Tokyo, Japan

1-7-1-1511, Mita, Minato-ku,

Tokyo, Japan

2-3-15-905, Mejiro,

Toshima-ku, Tokyo, Japan

3-4-3-2108, Shirakawa,

Koutou-ku, Tokyo, Japan

53-12-502, Honmura-cho,

Asahi-ku, Yokohama-shi,

Kanagawa, Japan

1-28-6, Igusa, Suginami-ku,

Tokyo, Japan

1150-1-206, Isshiki,

Hayama-machi, Miura-gun,

Kanagawa, Japan

3-9-10, Takaido-Higashi,

Suginami-ku, Tokyo, Japan

5-4-1-505, Minamiazabu,

Minato-ku, Tokyo, Japan

49

6-9-9, Ryokuen, Izumi-ku,

Yokohama-shi, Kanagawa, Japan

1-29-25, Kotsubo, Zushi-shi,

Kanagawa, Japan

4-4-8-501, Higashi, Shibuya-ku,

Tokyo, Japan

1-322, Nishiogiminami,

Suginami-ku, Tokyo, Japan

50

Freshfields Bruckhaus Deringer

211

Nishimura & Asahi

Ark Mori Building

1-12-32 Akasaka

Minato-ku, Tokyo 107-6029

Japan

Freshfields Bruckhaus Deringer

Akasaka Biz Tower 36F

5-3-1 Akasaka

Minato-ku, Tokyo 107-6336

Japan

88

135


PCPM Building

11-1 Marunouchi 1-chome

Chiyoda-ku, Tokyo 100-6211

Japan

1

6

51

Izumi Garden Tower

19th Floor

1-6-1, Roppongi, Minato-ku

Tokyo

Japan

89

2

8806

1-6-1 Roppongi, Minato-ku

Tokyo

Japan

(ACS, ACIS)

1

28

89

2

8806

4-16-13, Tsukishima, Chuo-ku

Tokyo, 104-0052

Japan

www.sbigroup.co.jp

52

2,120

52.9%250

535136.8%3,242

2010 Year End Review

53


1,977


................................................. 7,848 9,846 17,694 35.1%

................................................. 1,205 7,655 8,860 17.6%

................................................. 2,585 5,277 7,862 15.6%

................................................. 3,204 2,094 5,298 10.5%

................................................. 3,171 1,058 4,229 8.4%

................................................. 570 1,166 1,736 3.4%

............................................. 860 551 1,411 2.8%

................................................. 679 2,647 3,326 6.6%

................................................. 20,122 30,294 50,416 100.0%


54

(JVCA)

93662%

45118,450

188

(1) JasdaqHerculesCentrex

Q-BoardAmbitiousNEO (Jasdaq)

(2) 121212

Venture Enterprise CenterVenture Business Review in Japan

55



Buy-out Research Institute

1,4005,070

23,690100

56

79.8

52.1

61.5

64.54%

57

1,442

(55.5%)(27.4%)

12.8%

329.0

389.932,714

16,046

58

20%

18%, 16%21%

50%60%

59

70%

SBI SECURITIES

Kabu.comMonex

*

JASDAQ

JASDAQ

60

0.039%0.146%

0.39% 1.47%Arrowhead Japan Securities

Clearing Corp's

SBI JapannextChi-XKabu.comMatsui, MonexDaiwa Securities GroupInstinet

JapanSystem, SBI Japannext

50.45%

SBI Sumishin Net BankSumitomo Trust & Banking

61

Sony BankeBankJapan Net Bank

38,44015,430

35.6%

11,550276%

Sony Financial HoldingsSony Bank

62

10

93,59016.8%

77,840

5010

42,190

63

Sony AssuranceZurich Insurance

American Home DirectMitsui DirectAXA DirectSonpo 24

480

2,36019.3%

SBI Insurance

Diamond WeeklyAutomobile Insurance Premium Ranking

5129

522

92.3%7.4%0.3%

64

54.0

91.240.8%

16%1,112.2933.0

15.0

Consumer Credit Industry Association

32211.5%

(39.4%)(29.3%)(19.9%)

B2C(The Ministry of Economy, Trade and

Industry (MEIT))B2C6.1

4.438.6%B2C1.3%

1.8%B2C

17436.4

18.9

65

60%70%

75%58%GHLC

JHFA

JHFA

Flat 35Flat 351535

SBI MortgageFlat 35

338Flat 3510,127

5.4%SBI MortgageFlat 35

1,47814.7%339Flat 35

9%

40.61%

13.63%

66

Centre for Asia Private Equity Research LtdAsia PE Research

Asia PE Research

Asia PE Research

Japan Venture Capital Association

Japan Venture Capital AssociationJVCA

Venture Enterprise Center

Venture Enterprise Center

34

67

SOFTBANK

INVESTMENT CORPORATIONSOFTBANK

JASDAQ

SBI Holdings, Inc.SOFTBANK CORP.

SOFTBANK

Softbank Ventures Inc.SBI Investment Co., Ltd.

E*TRADE Japan K.K.E*TRADE SECURITIES Co., Ltd.SBI

SECURITIES Co., Ltd.

WORLD NICHIEI Securities Co., Ltd.Finance All

CorporationGOOD Mortgage CorporationSBI Mortgage Co., Ltd.

Morningstar Japan K.K.

SBI Insurance Co., Ltd.The Sumitomo

Trust and Banking Co., Ltd.SBI Sumishin Net Bank, Ltd.

SOFTBANK INVESTMENT CORPORATION

Softbank Ventures, Inc.SBI Investment Co., Ltd.

68

E*TRADE Japan K.K.

WORLD NICHIEI Securities Co., Ltd.SBI Securities

Co., Ltd.

Nissho Iwai Securities Co., Ltd.SBI E*TRADE


GOOD Mortgage CorporationSBI Mortgage Co.,

Ltd.

E*TRADE Korea Co., Ltd.


VeriTrans Inc.SBI VeriTrans Co.,

Ltd.Hercules


SBI E*TRADE SECURITIES Co., Ltd.JASDAQ

SBI Holdings, Inc.

SOFTBANK

Morningstar Japan K.K.Gomez Consulting Co., Ltd.

Hercules

SBI E*TRADE SECURITIES Co., Ltd.E*TRADE Korea

Co., Ltd.KOSDAQ


SBI E*TRADE SECURITIES Co., Ltd.SBI SECURITIES Co.,

Ltd.

69


Phnon Penh Commercial Bank LimitedHyundai Suisse Group

SBI Hong Kong Co., Limited

Masdar Clean Tech FundMASDAR-

SBI Fund, L.P.

SBI VeriTrans Co., Ltd.Buy-J.com

KOSDAQKTIC Global Investment Advisory Co.,

Ltd. SBI Global Investment Co., Ltd.

SBI VeriTrans Co. Ltd.

SBI VeriTrans

SBI VeriTrans

HerculesJASDAQ

(kabushiki kokan)SBI VeriTransSBI

VeriTransSBI VeriTrans

JASDAQSBI VeriTrans

SBI VeriTrans

20%

SBI VeriTransSBI VeriTrans

SBI VeriTransSBI VeriTrans

4.7SBI VeriTrans

SBI VeriTrans

70

SBI VeriTrans

KPMG FAS Co., Ltd.SBI VeriTransErnst & Young Shinnihon

TaxSBI VeriTransSBI

VeriTrans

SBI VeriTrans

SBI VeriTrans

SBI VeriTrans

SBI VeriTransToshihide ItoSBI

VeriTrans

(i)(ii)

(iii)

(iv)

(v)

71

1

2

SB

I V

e riT

rans

SB

I V

e riT

rans

JAS

DA

Q

3M

orni

ngst

a r J

a pa n

K.K

.

JAS

DA

Q

4G

ome z

Con

sult

ing

Co.

, L

td.

JAS

DA

Q

Mor

ning

sta r

Ja p

a n K

.K.

Gom

e z C

onsu

ltin

g C

o.,

Ltd

.

5S

BI

Lif

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ivin

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o.,

Ltd

.

6S

BI

Ne t

Sys

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o.,

Ltd

.

72

SBI Investments Co., Ltd ......................... 100%SBI Incubation Co., Ltd ............................ 100%SBI CAPITAL Co., Ltd ............................ 100%SBI Capital Solutions Co., Ltd ................ 100%SBI Asset Management Co., Ltd ............. 100%SBI VEN HOLDINGS PTE LTD. ........... 100%

SBI SECURITIES Co., Ltd. ..................... 100%

SBI Liquidity Market Co., Ltd ................ 100%

SBI Japannext Co., Ltd ............................. 45.7%

SBI VeriTrans1 ........................................... 42.7%Morningstar Japan K.K. ............................ 49.6%

Gomez Consulting Co., Ltd.2 ................... 74%

SBI Servicer Co., Ltd ................................ 100%SBI Lease Co., Ltd .................................... 100%SBI Card. Co., Ltd ..................................... 50%SBI Marketing Co., Ltd ............................ 93%SBI Insurance Co., Ltd ............................. 65.5%SBI Sumishin Net Bank Ltd ..................... 50%Autoc one K.K. .......................................... 51.3%SBI Credit Co., Ltd ................................... 100%SBI Business Support Corp ...................... 100%

SBI Mortgage Co., Ltd ............................. 94%CEM Corporation ....................................... 79.7%SBI Life Living Co., Ltd .......................... 68.2%

SBI Net Systems Co., Ltd ........................ 81%HOMEOSTYLE Inc ................................... 80.9%

1. SBI VeriTrans

2. Gomez Consulting Co., Ltd.GomezConsulting Co., Ltd.Morningstar Japan K.K.

73

KOSDAQ


SBI

74

(1)

(1)

25%

22

(i)

40%(ii)

20%(iii)

(iv)

9.99%(v)

7.65%

ZEPHYR Co., Ltd.

ZEPHYR Co., Ltd.110

75

1,245

3424

629367

............ 58,008 16,481 15,981 2,594 20,194 1,863 12,118 2,123 10,516 2,679 ................. 68,531 20,511 49,182 5,714 50,122 9,374 26,623 5,985 24,216 3,780 ............ 22,495 849 22,617 1,491 25,605 206 11,962 5304 14,508 435 .... 75,070 8,093 40,906 923 29,408 (35) 12,565 (586) 8,591 1,205 ..................... 322 (473) 6,354 (303) 4,629 (515) 2,310 (351) 8,262 (1,020) ................. (1,860) (2,856) (4,119) (6,016) (5,419) (7,462) (2,427) (3,723) (3,147) (3,474)

......................... 222,567 42,606 130,922 4,403 124,541 3,431 63,153 3,752 62,948 3,605

SBI SECURITIES Co. Ltd35.4%37.2%

70%

76

SOFTBANK FINANCE CORPORATION

SOFTBANK TELECOM Corp.SOFTBANK FINANCE CORPORATION

13.1%

E*TRADEMorningstar

InsWeb

1014

84.56

255,752

250

11,3463,112,000

35,308

77

(i) 15,000

(ii) 10,000

10,000

7.6540

209.99

OBIBANK50%OBIBANK

Metropol Investment Financial

Company, Ltd.

OBIBANK

OBIBANKOBIBANK


SBI SECURITIES Co., Ltd.SBI AutoSupport Co., Ltd.SBI

Credit Co., Ltd.

SBI Liquidity Market Co. Ltd

MONEY PARTNERS GROUP CO., LTD.FX PRIME Corporation

MONEY SQUARE JAPAN, INC.SBI


78

1020

79

250

SBISBI

(i) SBI Money Plaza

SBI Mortgage Co., Ltd.SBI

Housing Loan

SBI Money Plaza

SBI Money Plaza200

(ii) GEO CorporationDVDGulliver

International Co., Ltd.

80

SBI

SBI

SBI

1,812595

54452

371

................................. 37,379 97 24,664 52 18,981 72 12,562 52 ........... 3,029 5 1,613 3 2,725 12 169 2 ........................ 36 2 2 3 4 944 4 ................................. 56,151 71 55,737 48 32,660 44 12,622 30 ............................ 95,596 175 82,014 105 54,370 132 26,296 88

81

................................. 133,028 224 127,454 240 143,604 330 147,699 319 ........... 5,541 9 2,984 5 2,921 14 2,405 10 ........................ 36 2 36 4 31 12 947 11 ................................. 12,609 40 11,021 34 7,369 40 8,555 42 ............................ 151,215 275 141,495 283 153,925 396 159,605 382

................................. 4,444 33 8,580 8 3,991 8 9,620 8 ........... 2,645 3 10 1 592 5 ........................

................................. 1,941 2 1,159 2 599 1 ............................ 4,444 33 13,166 13 5,161 11 10,810 14

................................. 25,162 64 23,303 65 26,414 67 30,753 83 ........... 10 1 10 1 1,299 12 ........................ ................................. 362 1 1,810 2 823 3 1,342 4 ............................ 25,524 65 25,123 68 27,247 71 33,395 99

SBI Investment Co.,

Ltd.SBI Asset Management Co., Ltd.

SBI CAPITAL Co., Ltd.SBI Capital

Solutions Co., Ltd.

16.2%16.7%

50762

82

123

16.1%5,652

(1) .............. 120.5 120.5 129.1 123.5 (1) ............................... 7.4 6.8 8.4 8.0 (1) ............................... 34.8 35.2 37.9 43.6 (1) ............................................ 91.5 53.6 68.7 103.2 ................. 25.5 25.1 27.2 33.4 ........................................... 279.6 241.2 271.3 311.7 (2) ................................... 57.7 31.0 39.8 40.2 (2) ................................... 240.8 161.5 174.7 161.0 (2) ................................... 3.0 2.2 1.6 1.5 ........................................... 301.5 194.7 216.1 202.7 (3) ............................... 16.1 22.4 26.7 29.4 (3) ............................... 29.9 35.2 28.0 21.4 ........................................... 46.0 57.6 54.7 50.8 ...................................... 627.1 493.5 542.1 565.2

(1)

(2)

(3)

(1)

SBI Investment SBI Broadband 25,462 127 0Co., Ltd. Fund #1, Limited (100.0%) Liability Investment

Partnership

83

(1)

SBI BB Media, 14,489 97 0

Limited Liability

Investment

Partnership

SBI BB Mobile 28,093 106 0

Investment LPS

SBI REAL 970 17 0

INCUBATION #1,

Limited Liability

Investment

Partnership

BIOVISION Life 2,981 13 0

Science Fund #1

SBI Bio Life Science, 4,602 22 0

Limited Liability

Investment Partnership

SBI LIFE SCIENCE 8,673(2) 15 0

TECHNOLOGY

INVESTMENT LPS

84

(1)

SBI NEO Technology 9,814(3) 26 2,520


SBI Advanced 1,600 100

Technology No.1

Investment LPS

SBI Selective Target 890 2 0

Investment LPS

SBI Innovation 2,980 8 0

Fund No.1

SBI Entertainment 2,100 2 0

Fund No.2

SBI BROADBAND SBI BROADBAND 15,427 122 0CAPITAL K.K. CAPITAL, (100.0%) Anonymous


85

(1)

SBI CAPITAL Co., SBI Value Up 21,239 5 2,286Ltd.(100.0%) Fund No. 1

Limited Partnership

SBI Capital SBI Mezzanine 9,829 16 DIP 6,399Solutions Co., Fund #2 Ltd. (100.0%)

Metropolitan Enterprise 2,671 9 180Revitalization Fund, DIPLimited Liability Investment Partnership

SBI Mezzanine 7,397 19 DIP 4,745Fund #3

Metropolitan Enterprise 2,738 17 130Revitalization Fund, DIPLimited Liability Investment Partnership #2

(1)

(2) SBI LIFE SCIENCE TECHNOLOGY No2 INVESTMENT LPS

(3) SBI NEO Technology A Investment PartnershipSBI NEO Technology B Investment Partnership

86

(1)

....................... Softven No.2 Limited Partnerships(2) 20.4% ....................... SOFTBANK Ventures SV 20.5%............................................ Angel 96 Profit-Participation Bonds(2)

....................... SOFTBANK Contents Fund 5.0% 15.3%

....................... SOFTBANK Internet Technology Fund 6.5% ....................... SBI-LBO-Fund No.1 18.3% ....................... Enterprise Restructuring Fund 25.7% ....................... VR Enterprise Restructuring Fund 27.7%

19.6%

(1)

(2) Softven No.2 Limited PartnershipsSoftbank Investment CorporationSBIInvestment Co., Ltd.

(3) SOFTBANK Ventures SV Angel 96 Profit-Participation BondsSoftbankVentures, Inc. SBI Investment Co., Ltd.

203

75

87

1,316

334

SBI VEN CAPITAL PTE. LTD.

1NEW HORIZON FUND L.P.

NEW HORIZON FUND L.P.

2213

1,032

VIETNAM JAPAN FUND

The Corporation for Financing and Promoting TechnologySBI

European Fund

Resource Capital China LimitedSBI Zhaoxin L.P.

IFC METROPOLSBI-METROPOL

Investment Fund

Jardim Botanico Investimentos

Jefferies Group, Inc.

88

(1) (2)

NEW HORIZON FUND, Temasek Holdings 100 50.0% 2

L.P. (25.0%)

SBI & TH Venture Capital 34.5 87.1% 0

Enterprise (50.0%)

SBI & BDJB China 100 50.1% 35

Fund, LP (40.0%)

SBI Zhaoxin L.P. 20.5 100% 19.5

85.7% Resource Capital China 8.8

SBI & Capital 22 JV Fund, 22.5 66.7% 10.5

L.P.(60.0%)

India Japan Fund (50.0%) State Bank of India 100 95.0% 86.4

THE VIETNAM JAPAN The Corporation for (4) 96.0% 786,400

FUND (49.3%) Financing and Promoting 1,600,000

Technology

SBI SOI Limited Partnership 500 100.0%(3) 500

(100.0%)

PNB-SBI ASEAN Gateway PNB Equity Resource 50 50.0%(3) 23.8

Fund L.P. (50.0%) Corporation

SBI Islamic Fund (Brunei) 75 (5) 50.0%(3) 37.5

Limited (50.0%)

SBI-Jefferies Asia Fund Jefferies Group, Inc. 50 80.0%(3) 40

L.P. (80.0%)

89

(1) (2)

Jefferies-SBI USA Fund Jefferies Group, Inc. 150 50.0%(3) 66.3

L.P. (50.0%)

SBI European Fund (60.0%) MFB Invest Ltd., 100 60.0% 48

(1)

(2)

(3)

(4)

(5)

6.9%

Jefferies SBI USA Fund L.P. MASDAR-SBI Fund L.P.

Jefferies SBI USA Fund L.P.

MASDAR-SBI Fund L.P.

MASDAR-SBI Fund L.P.MASDAR-SBI Fund L.P.

MASDAR-SBI

Fund L.P.

51,800

90

SBI CAPITAL Co., Ltd.

(i) KAWADEN

CORPORATIONKAWADEN CORPORATION

(ii)Tullys Coffee Japan Co.,

Ltd.Tullys Coffee29%

1.67

NARUMIYA INTERNATIONAL Co., Ltd.90.5%

SBI Capital Solutions Co., Ltd.

DIP

DIP

DIP

91

SBI Investment Co.,

Ltd.

SBI Investment Co., Ltd.

SBI

Investment Co., Ltd.


92


123

12823,23212,938

10,096

30%

(i)

(ii)

16

SBI


93

SBI SECURITIES Co., Ltd.SBI Japannext Co., Ltd

SBI Liquidity Market Co., Ltd


SBI SECURITIES Co., Ltd.SBI SECURITIES Co.,

Ltd.

SBI


SBI SECURITIES Co., Ltd.2,053,986


2,128,42638,672


35.4%37.2%

SBI SECURITIES Co., Ltd.39.8%

41.1%

SBI SECURITIES Co., Ltd.SBI Securities Co., Ltd.

SBI E*TRADE SECURITIES Co., Ltd.SBI E*TRADE SECURITIES CO.,

Ltd.SBI E*TRADE SECURITIES Co., Ltd.SBI


42.3%[36.4]%

SBI SECURITIES Co., Ltd.(www.sbisec.co.jp)


23

37.7%36.4%

94

SBI SECURITIES Co., Ltd.2,128,42623


87,300

Nomura Securities

Co., Ltd.SBI SECURITIES Co., Ltd.

SBI SECURITIES Co., Ltd.74,440

67,531SBI SECURITIES Co., Ltd.

HYPER SBIHYPER MOBILE

ATMSBI SECURITIES JCB

95

SBI


............................... 1,662,051 1,735,589 1,866,508 1,956,746 2,053,986 2,128,426

...................... 169,443 179,964 192,015 202,810 214,274 221,834

.............................. 289,873 274,770 202,390 202,461 197,227 137,383

.................. 1,003 1,066 3,173 9,209 3,576 9,990

.............................. 582 2,550 5,228 4,681 4,194 5,695

.................. 3,755 3,230 2,980 3,714 4,093 3,867

19,5248,051

300,000

33.0%

30.0%

30.0%30.0%

20%

96


39.8%

4,200

1,267897

1,428730

SBI Liquidity Market Co., Ltd.


SBI Liquidity Market Co., Ltd.

SBI Liquidity Market Co., Ltd.10,574SBI Liquidity

Market Co., Ltd.41,940

SBI SECURITIES Co., Ltd.SBI Liquidity Market Co.,

Ltd.SBI FX20

SBI FX mini

163,996SBI FX

SBI SECURITIES Co., Ltd.56,950

1.2SBI Liquidity Market Co., Ltd.


SBI Liquidity Market Co., Ltd.19

(i)10%

97

(ii)502%

7,4233,541

14.8%14.6%

SBI Japannext Co., Ltd.

The

Goldman Sachs Group, Inc.SBI Japannext Co., Ltd.47.4%37.0%

15.6%

4,000

SBI Japannext PTS

6019.98SBI

Japannext Co., Ltd.

19.98

12


SBI SECURITIES Co., Ltd.Interractive Brokers LLC

E*TRADE

Korea


98

SBI SECURITIES Co., Ltd.537

121

11

SBI SECURITIES Co., Ltd.11

SBI SECURITIES

Co., Ltd.23

SBI Money

PlazaSBI Money Plaza

200SBI Housing LoanSBI Money Plaza

2,128,426

SBI Sumishin Net Bank, Ltd.SBI

Insurance Co., Ltd.SBI Card Co., Ltd.Morningstar Japan K.K.Gomez Consulting Co.,

Ltd.SBI Servicer Co., Ltd.Autoc one K.K.SBI VeriTransSBI Lease Co., Ltd.SBI

Business Support Corp.SBI Credit Co., Ltd.

99

19.6%21.5%

SBI Sumishin Net Bank Ltd.

Sumitomo Trust & Banking Co., Ltd.SBI Sumishin Net Bank

Ltd.SBI Sumishin Net Bank, Ltd


SBI


SBI SECURITIES Co., Ltd.SBI Hybrid Deposit

SBI SECURITIES Co.,

Ltd.

50%SBI SECURITIES Co., Ltd.SBI Sumishin

Net Bank, Ltd.SBI Sumishin Net Bank, Ltd.

SBI Sumishin Net Bank, Ltd.753,019

334,530SBI Sumishin Net Bank, Ltd.

SBI Sumishin Net Bank, Ltd.11,939

4,424

14,0305,650SBI Sumishin Net Bank, Ltd.

............................... 124,594 250,567 418,489 569,864 753,019 892,009

.............................. 291.4 486.6 629.9 827.3 1,193.9 1,402.7

.............................. 26.5 97.1 219.8 327.3 442.4 565.3

SBI Sumishin Net Bank, Ltd.1143

Best Internet Only Bank

SBI Sumishin Net Bank, Ltd.Nikkei Financial Institution

Service Productivity & Innovation for

GrowthSBI

Sumishin Net Bank, Ltd.


100

ATM


SBI Sumishin Net Bank, Ltd.ATMATM

ATMSBI Sumishin Net Bank, Ltd.

SBI AutoSupport Co., Ltd.

SBI Receipt Co., Ltd.

SBI


4,200ORIX

Credit Corporation5.5%SBI Sumishin Net Bank, Ltd.

Gulliver International Co., LtdSBI

Credit Co., Ltd.

SBI Insurance Co., Ltd.Aioi

Insurance Co., Ltd.SOFTBANK CORP.SBI Insurance Co., Ltd.65.5%33.4%

1.1%

SBI Insurance Co., Ltd.

SBI Insurance Co.,

Ltd.

50

133,000206,553

InsWebInsWeb

SBI Insurance Co., LtdInsWeb

3,280,000

3,605,000

775,804SBI Insurance Co., Ltd.

SBI Insurance Co., Ltd. Diamond WeeklyAutomobile Insurance Premium Ranking


101

40%SBI

Insurance Co., Ltd.InsWebSBI Insurance Co., Ltd.

SBI Insurance Co., Ltd.SBI Insurance Co., Ltd.

Oricon

Customer Service RankingSBI Insurance Co., Ltd.Completeness of Ancillary Services

SBI AutoSupport Co., Ltd.

Autocone K.K.




Gulliver GroupDVDGEO CORPORATION

Japan Automobile Auction Inc.

SBI Insurance Co., Ltd.SBI Insurance

Co., Ltd.

SBI Insurance

351238410

SBI Insurance

SBI Insurance

SBI Insurance1,9973,330

AXA Japan Holding Company LimitedSBI AXA Life

Insurance Co., Ltd.

SBI AXA Life Insurance Co.,

Ltd.AXA Japan Holding Co., Ltd.

SBI VeriTrans3749JASDAQ

Mobile Suica Mobile Eddy

102

SBI VeriTransBuy-J.com20

Sumitomo Mitsui Card Company, Limited

Buy-J.com

SBI Card Co. Ltd.

MasterCardVisaSBIGEO

GroupGEO Ponta VisaPonta

23SBI Card Plus

GEO

CORPORATIONSBI Card Co., Ltd.

83,000

49.6%Morningstar Japan K.K.

Morningstar USAMorningstar Japan K.K.

Morningstar Japan

K.K.JASDAQ4765

Kabushiki Shimbun Inc.Morningstar Japan K.K.

Dow Jones & Company, Inc.

SearchinaSearchina Co., Ltd.Searchina

9,000

InsWebE-LOAN

13

888,379929,332967,381427,351

103

InsWeb (www.insweb.co.jp)

E-LOAN(www.eloan.co.jp)

(i)

GEO GroupJapan Automobile Auction Inc.Gulliver

Group(ii)

SBI Sumishin Net Bank, Ltd.SBI SECURITIES Co., Ltd

SBI Housing LoanSBI

Money Plaza SBI

AutoSupport Co., LtdGEO Group

GEO GroupDVDSBI Insurance Co., Ltd.GEO

Gulliver Group400

30%

SBI Mortgage Co.,

Ltd.CEM CorporationSBI Life Living Co., Ltd

104

28.1%

[35.8]%

23.6%13.7%

SBI Mortgage Co., Ltd.


SBI Housing Loan Shop

84SBI Housing Loan ShopSBI Money Plaza

SBI Mortgage Co., Ltd.Flat 35(Japan

Housing Finance Agency)SBI Mortgage Co., Ltd.Flat 35


Flat 351,47814.7%339Flat 35

CEM Corporation

CEM Corporation

CEM Corporation9,899

9,1105,137

SBI Life

Living, Co., Ltd.SBI Planners Co, Ltd.

6,5232,668

105

7,2012,541

2,1542,506

7,201

2,920

1,676

1,244

SBI Life Living,

Co., Ltd.SBI Planners Co., Ltd.

SBI Private Equity Real Estate Fund

SBI Private

Equity Real Estate Fund50,772

106

1,521787

30%


Mothers Market2355

40HOMEOSTYLE Inc.

SBI Biotech Co., Ltd.

107

Baylor Research Institute

CrystalGenomics Inc.

(hit-to-lead)

(1) (1)

Autoc one K.K. ................................... 30.1% 53.4% 1,564 745 40

SBI Life Living Co. Ltd. .................. 52.3% 52.3% 2,784 8,075 287

SBI Net Systems Co., Ltd. ............... 69.1% 69.1% 1,709 2,183 -1,995

.................................SBI SECURITIES Co. Ltd. .............. 44.2% 100% 152,500 64,499 11,923

SBI Futures Co. Ltd. 6% 84.6% 350 905 -91

E*TRADE Korea Co., Ltd. . . . . . . 71.4% 0.0% 19,018 7,851 1,853

Zephyr Co., Ltd. ................................. 21.4% 0.0% 64 109,172 -11,378

Zephyr

108

(1) (1)

.................................Seachina Co., Ltd. .............................. 75.7% 80.6% 932 480 44

SBI Futures Co. Ltd. .......................... 15.4% 100.0% 276 569 -894

SBI SECURITIES

SBI Card Processing Co. Ltd. .......... 75.0% 0.0% 409 195 -586

SBI AXA Life Insurance Co. Ltd. .. 55.0% 0.0% 3,795 140 -470 AXA Japan

Holding

SBI Robo Co., Ltd. ............................ 84.0% 0.0% 1 299 -357

Broadmedia Corporation ................... 27.5% 19.7% 2,973 11,714 -904

SBI Global Investment ...................... 17.2% 40.1% 381 412 -1,452 Co., Ltd.

Korea Technology Investment ......... 17.9% 44.7% 1,241 2,681 -6,743 Corporation

SBI Credit Co., Ltd. ........................... 100.0% 100.0% 255 3,069 147

(1)

109


(Nomura Research

Institute Inc.)


10


SBI SECURITIES Co., Ltd.(Nomura Research Institute Inc.)

24

SBI NetSystems Co., Ltd.

110

Sony Financial

Holdings Inc.,

JAFCO Co., Ltd.Japan Asia Investment Co., Ltd.)

(i)(ii)

(iii)

Monex Inc. Rakuten Securities, Inc.kabu.com Securities

Co., Ltd.(Nomura Securities Co., Ltd.)

Nikko Cordial Securities Inc.

SBI SECURITIES Co., Ltd.SBI Liquidity Market Co., Ltd.

111

The Japan Net Bank,LimitedSony Bank Inc.

Rakuten Bank, Ltd

Sony Assurance Inc.Zurich Insurance

Company LtdMitsui Direct General Insurance Co., Ltd

(i)(ii)

InsWeb

(iii)

Japan

Housing Finance AgencyFlat 35

The Mortgage Corporation of

Japan,LimitedZentaku Jyutaku Loan Corporation

SBI

Housing LoanSBI Money Plaza

sbigroup.co.jp

112

........................................................................................ 164

........................................................................... 635

........................................................................................ 1,283

................................................................................ 355

........................................................................................ 894

............................................................................................ 3,331

18

45125,781



113


SBI Japannext Co. Ltd.

SBI E*TRADE SECURITIES Co., Ltd.SBI SECURITIES Co., Ltd.

SBI

E*TRADE SECURITIES Co., Ltd.SBI SECURITIES Co., Ltd.







SBI SECURITIES Co.,

114

Ltd.51

40(ii)123(1)(xiv)

JSDASBI SECURITIES

Co., Ltd.

SBI Net Systems, Co. Ltd.

SBI Net

Systems, Co. Ltd.SBI Net

Systems Co. Ltd.

SBI Net Systems Co. Ltd.

(Kessan Tanshin)

SBI Net Systems

Co. Ltd.

SBI Net Systems Co. Ltd.


SBI E*TRADE

SECURITIES Co., Ltd.SBI


51

40(ii)

123(1)(v)

JSDASBI E*TRADE SECURITIES Co., Ltd.

SBI


SBI SECURITIES Co., Ltd.SBI Net Systems Co., Ltd.SBI E*TRADE




SBI SECURITIES Co.,

115

Ltd.SBI SECURITIES Co., Ltd.

(a)

(b)

(c)

(d)

(a)(d)


JSDA


SBI Net Systems, Co. Ltd.


SBI Net Systems Co.,

Ltd. (a) (b)

(c)

(d)(e)

(f)

116





SBI SECURITIES Co., Ltd.SBI SECURITIES Co., Ltd.

79

300


280

70SBI Card Co., Ltd.

500,000540

SBI Card Co., Ltd.

CEM Corporation2.7

SBI Incubation Co., Ltd.368

117

10

8

(i)

(a)

(b)

(c)

(ii)

(a)

(b)

118

(c)

(iii)

(a)

(b)

(c)

(iii)(a)(iii)(b)

119

13

28

1.

(a) SBI Asia Net-Trans (No.7) Limited

1,002SBI

Incubation Co., Ltd.SBI Asia Net-Trans (No.7) LimitedSBI Asia Net-Trans (No.7)

LimitedSBI Asia

SBI Asia

SBISBI Incubation Co., Ltd.

SBI AsiaSBI AsiaSBI

Incubation Co., Ltd.SBI Asia20

SBI Incubation Co., Ltd.

SBI Asia20SBI Incubation Co.,

Ltd.2,975

120

(b) Living Corporation Inc.

Living Corporation Inc.

SBI Life Living Co., Ltd

2.75500400

Living Corporation Inc.

SBI Life Living Co., Ltd. Living Corporation

Inc.

(c) SBI ALApromo

1,0001,028,570

SBI ALApromo Co. Ltd.ALApromo972ALApromo1.39%ALApromo

51.34%

ALApromo

ALApromo33,21847.45%

2. ZEPHYR CO., LTD

ZEPHYR CO., LTDZPYRPartners Investment Co., Ltd. Partners InvestmentSBI Incubation Co.

ZPYR21.35%

ZPYR3.37530

990930

ZPYRPartners InvestmentZPYR

ZPYRPartners Investment3,037

ZPYRZPYR

Kondo Sangyo K.K. KondoZPYRKondo

KondoZPYRZPYR

ZPYR

ZPYRZPYR

121

SBI Incubation Co., Ltd. Partners InvestmentSBI Incubation Co., Ltd.

ZPYR4,198

SBI Incubation Co., Ltd.ZPYRZPYRSBI

Incubation Co., Ltd

.................................................................................... 3,036

................................................................................ 280

............................................................................ 751

................................................................................ 179

................................................................................ 369

................................................................................ 259

.................................................................................................................. 4,873

10,740

SBI Incubation Co., Ltd.

6,541

ZPYR

122

17

.......................... 60

...................... 48

.......................... 45

............................... 47

.......................... 45

.......................... 34

............................ 45

.......................... 36

.......................... 54

.......................... 45

.......................... 42

123

.......................... 59

.......................... 51

.......................... 70

.......................... 68

............................... 46

.......................... 44

602510

Wall Street Journal Japan K.K.Living Corporation, Inc.SBI Life Living Co.,Ltd.SBI VEN HOLDINGS PTE.LTD.SBI VEN CAPITAL PTE. LTDSBI VeriTransJASDAQMorningstar JapanK.K.JASDAQSBI Childrens Hope Foundation(Riji)Gomez Consulting Co., Ltd.JASDAQMorningstar Japan K.K.SBI Mortgage Co., Ltd.SBI Ventures Inc.SBI Investment Co., Ltd.SBI Card Co., Ltd.

124

E*TRADESECURITIES Co., Ltd.SBI SECURITIES Co., Ltd.SBI KOREA HOLDINGS CO., LTD.SOFTBANK FINANCECORPORATIONSOFTBANK TELECOM Corp.SOFTBANK CORP.

Nomura Corporate AdvisorCo., Ltd.Wasserstein Perella & CoNomuraSecurities Co., Ltd.Nomura Holdings, Inc.

4810(Komon)

SBI Ventures Inc.SBI Investment Co., Ltd.C4 Technology, Inc.SBI Net Systems Co., Ltd.SBI Net Systems Co., Ltd.SBI SecuritiesCo., Ltd.SBI SECURITIES Co., Ltd.SOFT TREND CAPITAL Corp.BroadBand Tower, Inc.JASDAQSOFTBANK FINANCE CORPORATION SOFTBANK TELECOM Corp.SOFTBANK CORP.NomuraSecurities Co., Ltd.Nomura Holdings, Inc.

125

45

)

SBI Ventures Inc.SBI Investment Co., Ltd.

SBI&BDJB

Management Limited.SBI VEN HOLDINGS PTE.

LTDSBI Asset Management Co., Ltd.(

)

Andersen ConsultingAccenture Japan Ltd

Suntory LimitedSuntory Liquors

Limited

(Kellogg Graduate School of Management at Northwestern University)

(Human Sciences)

47

10

)

126

SBI Ventures Inc.SBI Investment Co., Ltd

SBI Ventures Inc.SOFTBANK

FINANCE CORPORATIONSOFTBANK TELECOM Corp.

The Fuji Bank, LimitedMizuho Financial

Group, Inc.

(Otaru University of Commerce)

45

10

Wall Street Journal Japan K.K.

KABUSHIKI SHIMBUN, INC.Morningstar

Japan K.K.KABUSHIKI SHIMBUN, INC.


Senmu()Morningstar Japan K.K.Moriningstar

Asset Management Co.,Ltd.SOFTBANK CORP.

Merrill Lynch Japan IncorporatedMerrill Lynch

Japan Securities Co., Ltd.The Hokkaido Takushoku Bank,

Ltd.

(University of Illinois)

34

10SBI VeriTrans

127

SBI ChinaBranding Co., Ltd.

eCURE Co., Ltd.

SBI VeriTransJASDAQ

SBI

VeriTrans

Office Work Systems Corporation

SBI Business Solutions Co., Ltd.


SOFTBANK TELECOM Corp.SOFTBANK FINANCE

CORPORATIONCyberCash K.K.SBI

VeriTransCyberCash K.K.

45

10

GOODLOAN Co., Ltd.SBI Mortgage Co.,

Ltd.

GOODLOAN Co., Ltd.SBI Mortgage Co., Ltd.

Equal Credit

Co., Ltd.SBI Card Co., Ltd.

FINANCE ALL CORPORATION

E-Loan Japan K.K.FINANCE

ALL CORPORATION

The Tokai Bank, Ltd.The Bank of Tokyo-

Mitsubishi UFJ, Ltd.

36

128

Gomez Consulting Co., Ltd.JASDAQ

JCN Land Co., Ltd,

SBI Business Solutions Co., Ltd.

Office Work Systems CorporationJCN Land Co.,

Ltd.Office

Work Corporation )

SOFTBANK Accounting CorporationSOFTBANK TELECOM Corp.

SOFTBANK CORP.

54

30

E*TRADE SECURITIES Co., Ltd.SBI SECURITIES

Co., Ltd.

E*TRADE Japan K.K.

SoftVenture Capital Co., Ltd.

Nomura Securities Co., Ltd.

Nomura Holdings, Inc.

45

8

Shikkouyakuin Jomu



SBI VeriTransJASDAQ

SBI Financial

129

Agency Co., Ltd.WEB-Lease Co., Ltd.

SBI Lease Co., Ltd.

FINANCE ALL CORPORATION

)


SOFTBANK TELECOM Corp.

The Dai-Ichi Kangyo Bank, Ltd.Mizuho

Financial Group, Inc.

42

19

Sumishin SBI Net Bank Research Co., Ltd.SBI


E*TRADE Japan K.K.

Dentsu System International Co., Ltd.

Information Services International-Dentsu, Ltd.

59

Souhatsu

1070220

130

CCC Casting Co., Ltd.

Culture Convenience Club Co., Ltd.

OKWebOKWaveCentrex


SOFTBANK TELECOM Corp.

SophiaBank LimitedSophiaBank Limited

SophiaBank LimitedLawson, Inc.

10

51

20

Giga Media Inc.

KLab Inc.

Watanabe Entertainment Co.,

Ltd.

Fuji Television Network, Inc.Fuji Media Holdings,

Inc.

Fuji

Television Network, Inc.

70

30

Shin-Etsu Chemical Co., Ltd.

Jasdaq Market Services

Inc.Osaka Securities Exchange Company, Limited

)

Jasdaq Market Services Inc.Yamaka

131

Securities Co., Ltd.Kazaka Securities Co., Ltd.

Yamaka Securities Co., Ltd.

Nikko Securities Co., Ltd.Nikko Cordial Securities Inc.

()

68

20

ASAHI KOGYOSHA CO., LTD.

ASAHI KOGYOSHA CO., LTD.

Ichiyoshi Securities Co., Ltd.

Kansa Hojin TohmatsuYugen Sekinin

Kansa Hojin Tohmatsu

PricewaterhouseCoopers Kaikei JimushoArata Kansa Hojin

PricewaterhouseCoopersArata Kansa Hojin

46

10

GREE, Inc.

GREE, Inc.

IT Kokusai Kyosoryoku Kenkyukai

DWANGO Co., Ltd.

Rakuten Institute of Technology Rakuten, Inc.

NTT DOCOMO INC.

i-mode

NTT

DOCOMO INC.

Transcosmos Inc.()

PIA CorporationSEGA

SAMMY HOLDINGS INC.()

132

NTT DOCOMO

INC.

NTT Mobile Communications Network Inc.NTT DOCOMO INC.

TOKYO GAS Co., Ltd.

44

()10

Avex Group Holdings Inc.

Avex Group Holdings Inc.

SiFA Co., Ltd.

Essentia Corp.

Innovation and Initiative Institute INVENIO

Co., Ltd.IntellAsset, Inc. Kansa

Hojin TohmatsuYugen Sekinin Kansa Hojin Tohmatsu

Price Waterhouse LLP, New YorkPricewaterhouseCoopers LLP

(Daniels College of Business at University of Denver)

204

327

328(a)(b)

437

8


133

(i)(ii)

(iii)

381

385

383

(i)

(ii)

(iii)(iv)(v)

(vi)(vii)(viii)

(ix)(x)

134

................................................. 77

......................................... 65

............................................. 55

................................................. 65

77 30

KOKUSAI Investment Management Co., Ltd.KOKUSAI Asset Management Co., Ltd.KOKUSAI InvestmentManagement Co., Ltd.KOKUSAI Securities Co., Ltd.Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.(Torishimariyaku Fuku Shacho)Nomura Securities Co., Ltd.Nomura Holdings, Inc.

6530

Sumishin SBI Net Bank Research Co., Ltd.SBISumishin Net Bank, Ltd.Sumishin SBI Net Bank Research Co., Ltd.InsAgency K.K.SBI Financial Agency Co., Ltd.InsAgencyK.K.WEB-Lease Co., Ltd.SBI Lease Co., Ltd.

135

GOODLOAN Co., Ltd.SBI Mortgage Co., Ltd.FINANCE ALL CORPORATIONSOFTBANK FINANCE CORPORATION SOFTBANKTELECOM Corp.

The Fuji Bank, LimitedMizuho FinancialGroup, Inc. (Osaka ForeignExchange Division)(Ouji Branch)(International Planning Division)

5520

SBI Investment Co., Ltd.E*TRADE SECURITIES Co., Ltd.SBI SECURITIES Co., Ltd.Morningstar Japan K.K.(JASDAQMegabrain, Inc.SOFTBANKFINANCE CORPORATIONSOFTBANK TELECOM Corp.SOFTBANK CORP.

Mitsubishi Chemical Industries LimitedMitsubishi Chemical Corporation

6540

E*TRADE SECURITIES Co., Ltd.SBISECURITIES Co., Ltd.Ace SecuritiesCo., Ltd.WORLD Securities Co.,Ltd.SBI SECURITIES Co., Ltd.

136

(Jomu Shikkouyakuin)

(Nomura Securities Co., Ltd.)


19

.......................................... 45

.......................................... 46

.......................................... 55

.......................................... 48

.......................................... 41

.............................................. 45

.......................................... 45

Feng Wang ................ 38

.......................................... 34

.......................................... 52

.......................................... 40

137

45

12

SBI Life Living Co., Ltd.



Gold Property Management Co., Ltd.

46

SBI Capital Solutions Co., Ltd.

SBI Servicer Co., Ltd.

SBI CAPITAL

Co., Ltd.

55

20

138


SBI Asset Management

Co., Ltd.

Kumagai Gumi Co., Ltd.

48

20

IPOSoftbank

Finance Corporation

SBI Benefit Systems Co., Ltd.

SBI Biotech Co., Ltd.


Sogo Horei Co.,

Ltd.

41

17

139


SBI Lease

Co., Ltd.e-

Research Inc.

The Mitsubishi Bank, Ltd.The Bank of Tokyo-

Mitsubishi UFJ, Ltd.

45

10


SBI Ven Capital Pte. Ltd.SBI Hong

Kong Co., Ltd.CDIB Asia

CDIB Asia

Kwang

Hua Securities Investment TrustABN AMRO Asset Management, Taiwan

UBS Philips and Drew Securities

New Horizon Fund

140

4519

SBI Korea Holdings Co., Ltd.

Korea Technology

Investment CorporationSBI

GLOBAL INVESTMENT CO., LTD.

SBI Private Equity Co.,Ltd.SBI

Private Equity Co.,Ltd.E Trade Korea

(Nomura Securities Co., Ltd.)


E*trade Korea

Feng Wang 3810

Searchina Co., Ltd.

Searchina Co., Ltd.

Searchina Co., Ltd.

34

E*Trade Japan K.K.SBI

Securities Co., Ltd.

E*Trade

Japan K.K.

141

The Sakura Bank, Ltd.Sumitomo Mitsui

Banking Corporation

52

SBI & TH Venture Capital Enterprise

InsAgency K.K.SBI

Financial Agency Co., Ltd.PLX K.K.

Intecdhstra Co., Ltd.E*GOLF Corporation

Golf-Stadium INC.


Trend Micro Incorporated

Nissho Iwai Corporation

Sojitz Corporation

Trend Micro Incorporated

(National Defense Academy of Japan)

40

SBI Ven Capital Pte. Ltd.

Daiwa

Securities SMBC Co. Ltd.Daiwa Securities Capital Markets Co. Ltd.

Daiwa Securities SMBC Europe LimitedDaiwa Securities Capital

Markets Europe Limited

Nomura Australia

142

KDD Co. Ltd.

55

SBI Investment Co., Ltd. SBI Asset

Management Co., Ltd.20

42

20

196

17

9

17

144

20

Satoe

Kusakabe

17

10

145

Tadato Ono

SBI Entertainment Co., Ltd.SBI Insurance Co., Ltd.

SBI Marketing Co., Ltd.SBI Asset Management Co., Ltd.

10

1714

IT

SBI SECURITIES Co.,

Ltd.SBI Life Living Co., Ltd.

SBI Technology Co., Ltd.SBI Net

Systems Co., Ltd.SBI Trade Win Tech Co., Ltd.

146

(A)

SBI Investment Co., Ltd.Morningstar

Japan K.K.SBI Mortgage Co., Ltd.

SBI SECURITIES Co., Ltd.SBI Life Living,

Co., Ltd. SBI Business Support Co., Ltd.

13%15%

1.05%

C4 Business Integration, Inc.

C4 Business Integration Inc.16

3%

216,000

454

Mitsubishi UFJ Trust

and Banking Corporation

163,02420

147

17.16%

22,928

(1) (%) 5.50 5.50 5.50(5.50) (5.50) (5.50)

(2) 1.00 1.00 1.00 1.00(1.00) (1.00) (1.00) (1.00)

(3) (%) 10.9 17.3 10.9 17.3(11.2) (17.6) (11.2) (17.6)

(4) 65 65 65 65(65) (65) (65) (65)

(5) (i) 15 15 15 15 (15) (15) (15) (15)

(ii) 51 65 51 65(51) (65) (51) (65)

(iii) (%) 3.9 2.3 3.9 2.3(3.9) (2.3) (3.9) (2.3)

(iv) (%) 0.0 0.0 0.0 0.0(0.0) (0.0) (0.0) (0.0)

(6) (i) () () () ()

(ii) () () () ()

(iii) (%) () () () ()

(iv) (%) () () () ()

(7) (i) 6,763 3,482 6,732 3,472 (6,923) (3,554) (6,891) (3,544)

(ii) 32 30 32 30(31) (30) (31) (30)

(iii) 371,175 312,939 314,503 269,935(364,834) (312,572) (311,773) (269,619)

(iv) 9.17 5.80 9.17 5.80(8.96) (5.68) (8.96) (5.68)

(1) (2) (3) (6)

18%16%(4) (7)(iii)

148

C4 Business Integration, IncSumitomo Life Insurance Company

58,730,434

1.59%

................................................................................................ 17,073

............................................................................................

............................................................................................ 8,112

................................................................................................................. 580

......................................................................................................................... 25,766

................................................................................................ 8,339

............................................................................................

............................................................................................ 17,426

.................................................................................................................

......................................................................................................................... 25,766

(b)

E*TRADE KOREA CO., LTD(1) .... 6,881,940 5,267,143

(1) E*TRADE KOREA CO., LTD.

149

53350.9

70867.5

40238.3

21620.6

47845.6

56553.9

27726.4

14614.0

Ken IzawaSBI Securities Co., Ltd.

Noriyuki Ishihara

SBIH

SBIH

39838.0

43841.8

150

8. (d)

151

34,169,000

........................ 44,023 20,451 32,628 23,931 ........................ 31,509 7,458 18,197 10,171 ........................ 22,984 10,669 16,968 18,290.................... [] [] [] []

............................. 44,023 35,697 39,585 39,037 ............................. 40,583 25,636 33,389 30,063 ........................ 37,192 28,637 32,524 30,462 ............................. 29,565 20,451 24,489 23,931 ............................. 31,509 23,183 27,731 23,233 ............................. 25,775 15,126 21,131 15,336 ........................ 15,635 9,473 13,252 13,631 ............................. 14,707 7,458 10,349 10,171 ............................. 20,431 10,669 14,946 19,673 ............................. 22,984 16,363 19,692 17,739 ........................ 18,686 13,571 16,097 16,622 ............................. 18,586 15,645 17,016 18,290 ............................. 21,110 11,020 16,224 11,210 ............................. 11,670 10,330 10,940 10,490 ........................ 12,600 9,370 10,966 12,500

......................................... 44,023 37,043 40,241 38,489 ......................................... 40,732 35,697 38,603 38,937 ......................................... 41,929 38,140 39,942 39,037 ......................................... 40,583 35,796 38,754 36,694 ......................................... 35,348 30,113 32,677 30,911 ......................................... 30,861 25,636 28,039 30,063 ......................................... 37,192 30,861 34,747 35,996 ..................................... 35,896 28,637 30,953 32,955 ..................................... 33,752 29,216 31,685 30,462

152

......................................... 29,565 20,451 24,817 24,459 ......................................... 26,194 24,340 25,260 26,144 ......................................... 24,928 21,059 23,349 23,931 ......................................... 27,580 23,183 25,441 27,580 ......................................... 31,260 27,510 29,817 30,611 ......................................... 31,509 23,233 27,815 23,233 ................................... 25,775 20,770 23,735 25,775 ................................... 24,659 19,394 22,500 19,633 ................................... 19,234 15,126 16,829 15,336 .......................... 15,545 9,473 12,611 11,497 ..................... 15,635 11,985 14,128 15,027 ..................... 13,960 11,866 13,173 13,631 .......................... 14,707 10,839 12,484 10,978 .......................... 11,228 7,927 9,712 7,927 .......................... 11,247 7,458 8,925 10,171 .......................... 13,102 10,669 12,049 11,696 .......................... 15,505 11,935 14,556 15,226 .......................... 20,431 15,705 18,157 19,673 .......................... 20,002 16,363 18,132 19,005 .......................... 22,984 19,145 21,054 20,760 .......................... 21,378 17,739 19,993 17,739 .......................... 18,686 16,482 17,413 16,931 ..................... 16,462 13,571 14,837 14,538 ..................... 16,712 15,086 15,913 16,622 .......................... 18,586 16,512 17,747 17,569 .......................... 17,310 15,774 16,498 15,774 .......................... 18,290 15,645 16,797 18,290 .......................... 21,110 18,450 19,412 20,040 .......................... 19,230 14,480 16,318 15,780 .......................... 15,790 11,020 12,959 11,210 .......................... 11,670 10,400 11,148 11,560 .......................... 11,290 10,330 10,816 10,440 .......................... 11,080 10,430 10,858 10,490 .......................... 10,510 9,370 10,096 9,840 ..................... 11,690 9,400 10,637 11,570 ..................... 12,600 11,400 12,109 12,500 .......................... 13,190 10,950 12,429 10,950 .......................... 13,820 10,950 12,403 12,660

153

........................ 43,823 20,371 32,568 23,911 ........................ 31,858 7,438 18,217 10,161 ........................ 22,984 10,799 16,965 18,450.................... [] [] [] []

............................. 43,823 35,747 39,604 39,137 ............................. 40,782 25,925 33,396 30,113 ........................ 37,192 28,597 32,543 30,861 ............................. 29,555 20,371 24,451 23,911 ............................. 31,858 23,093 27,649 23,173 ............................. 25,775 15,126 21,117 15,166 ........................ 15,585 9,503 13,255 13,511 ............................. 14,827 7,438 10,340 10,161 ............................. 20,411 10,799 15,012 19,633 ............................. 22,984 16,363 19,705 17,709 ........................ 18,686 13,660 16,111 16,512 ............................. 18,586 15,645 16,987 18,450 ............................. 21,110 11,040 16,153 11,210 ............................. 11,560 10,340 10,956 10,470 ........................ 12,590 9,370 10,950 12,320

......................................... 43,823 37,043 40,354 38,489 ......................................... 40,383 35,747 38,591 38,588 ......................................... 41,979 38,239 39,937 39,137 ......................................... 40,782 35,447 38,778 36,395 ......................................... 35,348 30,113 32,671 30,711 ......................................... 30,911 25,925 28,043 30,113 ......................................... 37,192 30,911 34,734 35,697 ..................................... 35,497 28,597 30,959 32,805 ..................................... 33,902 29,106 31,756 30,861 ......................................... 29,555 20,371 24,749 24,479 ......................................... 26,204 24,170 25,232 26,095 ......................................... 24,968 21,019 23,387 23,911 ......................................... 27,580 23,093 25,405 27,321 ......................................... 31,260 27,540 29,827 30,960 ......................................... 31,858 23,173 27,817 23,173

154

.......................... 25,775 20,770 23,702 25,775

.......................... 24,948 19,424 22,487 19,663

.......................... 19,234 15,126 16,835 15,166

.......................... 15,386 9,503 12,627 11,497

..................... 15,585 12,035 14,098 14,827

..................... 13,910 11,886 13,189 13,511

.......................... 14,827 10,669 12,439 11,048

.......................... 11,367 7,907 9,709 7,907

.......................... 11,247 7,438 9,013 10,161

.......................... 12,933 10,799 12,051 11,676

.......................... 15,555 12,065 14,617 15,206

.......................... 20,411 15,754 18,162 19,633

.......................... 20,002 16,363 18,162 19,075

.......................... 22,984 19,065 21,068 20,800

.......................... 21,119 17,709 19,986 17,709

.......................... 18,686 16,482 17,443 17,051

..................... 16,492 13,660 14,826 14,538

..................... 16,712 15,007 15,942 16,512

.......................... 18,586 16,542 17,749 17,230

.......................... 17,310 15,814 16,436 15,814

.......................... 18,450 15,645 16,804 18,450

.......................... 21,110 18,500 19,401 20,400

.......................... 19,130 14,550 16,322 15,530

.......................... 15,790 11,040 12,916 11,210

.......................... 11,560 10,480 11,158 11,490

.......................... 11,380 10,340 10,813 10,430

.......................... 11,230 10,470 10,901 10,470

.......................... 10,520 9,370 10,071 9,840

..................... 11,680 9,420 10,636 11,400

..................... 12,590 11,340 12,088 12,320

.......................... 13,190 10,950 12,422 10,950

.......................... 13,920 10,920 12,404 12,910

155


SBI

156

ZEPHYR Co., Ltd.110

1,245

3424

62936686

12,549

200,981875,965126,505109,52118,211

1,254,88693,549

157

(1) (2)

......................................... SBI Investment Co., Ltd. 100% 100%

SBI Incubation Co., Ltd. 100% 100%

SBI CAPITAL Co., Ltd. 100% 100%

SBI Capital Solutions Co., Ltd. 100% 100%

SBI Asset Management Co., Ltd. 100% 100%

SBI VEN HOLDINGS PTE. LTD. 100% 100%

............................. SBI SECURITIES Co., Ltd. 100% 100%

SBI Japannext Co., Ltd. 45.7% 45.7%

SBI Liquidity Market Co., Ltd. 100% 100%

......................................... SBI VeriTrans Co., Ltd. 42.7% 42.7%

Morningstar Japan K.K. 49.6% 49.6%

Gomez Consulting Co., Ltd. 74.0% 77.8%

SBI Lease Co., Ltd. 100% 100%

SBI Servicer Co., Ltd. 100% 100%

SBI Marketing Co., Ltd. 93.0% 93.0%

SBI Business Support Corp. 100% 100%

Autoc one K.K. 51.3% 51.3%

SBI Credit Co., Ltd. 100% 100%

SBI Sumishin Net Bank, Ltd. 50% 50%

SBI Insurance Co., Ltd. 65.5% 65.5%

SBI Card Co., Ltd. 50.0% 50.0%

................................. SBI Mortgage Co., Ltd. 94.0% 99.1%

SBI Life Living, Co., Ltd. 68.2% 68.2%

CEM Corporation 79.7% 79.7%

......................................... SBI Net Systems Co., Ltd. 81.0% 81.0%

HOMEOSTYLE Inc. 80.9% 100%

(1)

(2)

158

Autoc one K.K. ..................... 23.3% 30.1% 53.4%

SBI Life Living Co., Ltd ..... 0.0% 52.3% 52.3%

SBI Net Systems Co., Ltd ... 0.0% 69.1% 69.1%

SBI SECURITIES Co., Ltd. 55.8% 44.2% 100.0%

SBI Futures Co., Ltd. .......... 78.6% 6.0% 84.6%

E*TRADE Korea Co., Ltd .. 71.4% 71.4% 0.0%

ZEPHYR Co., Ltd ................ 21.4% 21.4% 0.0%

Searchina Co., Ltd ............... 4.9% 75.7% 80.6%

SBI Futures Co., Ltd. .......... 84.6% 15.4% 100.0%

SBI Card Processing

Co. Ltd ............................... 75.0% 75.0% 0.0%

SBI AXA Life

Insurance Co. Ltd ............. 55.0% 55.0% 0.0%

SBI Robo Co., Ltd ............... 84.0% 84.0% 0.0%

Broadmedia Corporation ..... 47.2% 27.5% 19.7%

159

SBI Global Investment

Co., Ltd.............................. 22.9% 17.2% 40.1%

Korea Technology

Investment Corporation ... 26.8% 17.9% 44.7%

SBI Credit Co., Ltd .............. 0.0% 100.0% 100.0%

.............................. 45,071 6,962

.......................... 13,536 11,665 12,500 31,847

.............................. -7 -414 -496

.......................... 119 -668 -684 -267

160

(i)

(1)

.............................. 720,140 497,363 378,966 180,897

(1)

.............................. 2,939 2,030 1,553 1,459

TOPIX

(1)........... 262.33 148.09 171.41 145.47

(1)

161

................. 87,846 63,797 54,445 21,649

........ 55,162 42,462 33,888 13,858

.............................. 52.6 39.1 32.5 14.7

(ii)

162

(1) .................. 12 0 8 2

(2).................... 54.7 12.9 17.4 9.5

(1)

(2)

(iii)

2,7705,7174,2901,253

163

55118465

27

TIBOR

164

11

165

1720

1720

7482103

101

22

20

166

20

21

22

23

7

16

10

(1)

(2)

(3) 20

(4)

(a)(b)

(1)

167

(2)

486471

20%

20

20

(1)

(2)

2020

20

85%

168

65%

70%

70%

(1)

(2)

(3)

(4)

(5)

(6)

1.

2.

3.

4.

5.

6.

100%

20%

3,192

4,6144,5203,723

20%

45,831

47,46642,28952,015(i)

20%

10%(ii)20%

169

5%(a)(b)

(iii)20%

(a)(b)

20%10% (1) ........................... 4.5% 1.5% 11.4% 32.2%20%5%(a)(2) ................. 32.1% 7.7% 53.4% 208.7%(b) (2) .............................. 0.2% 0.2% 0.2% 0.2%20%(a)..................... -642.8% -153.2% -1,067.3% -4,174.1%(b) ................................. -3.8% -4.4% -3.4% -3.8%

(1) 20%10%20%10%

(2) 20%5%20%5%

170

9

408

1,393

13

(a)

13

(b)

13

171

51

35

51

46-5

46-5

175

6.24

8

172

1518

173

(b)

(i)

(ii)

(c)

(i)

(ii)

(a)

(i)

(1)

174

(2)

(ii)

(b)

(i)

(ii)

(iii)

(iv)

(v)

(c)

(i)

(ii)

(iii)

(iv)

(d)

(i)

(ii)

(iii)

(e)

175

................................................. 8,811 10,018 9,970 4,957 5,119

.................................... 23 35 24

............................................. 61 52 25 1

............................................. 2,768 3,180 2,140 1,369 1,014

............................................. 494 50 53 50 67

1 ........................................................ 9,264 9,827 10,412 4,923 5,193

..................................................... 7,764 3,889 3,873

..................................................... 1,106 614 447 252 223

.......................................................... 64,616 62,885 61,971 31,126 30,696

1 SBI SECURITIES Co., Ltd

176

113

............................ 1 33 0 0

............................ 253 259 103 51 127

............................................. 1,989 1,485 189

............................................. 1,611 0 0

................................ 3 12,040 237 146 3

.................................... 7,547 46 24 176

........................................ 984

........... 635

............................................. 2,121 1,066 0 397

..................................................... 716

.................................... 6,794 1,353 238

....................... 2,300 14 44 42 1

.. 501

.............................................................. 1,580 5,137 998 362 257

.......................................................... 14,665 28,438 3,658 2,113 3,007

177

..................................................... 222,567 130,922 124,541 63,153 62,948

..................................................... 42,606 4,403 3,431 3,752 3,605

..................................................... 35,687 37 1,112 2,012 695

........................................ 4,228 (18,375) 2,350 822 686

.......................................................... 1,219,247 1,079,233 1,229,939 1,193,525 1,254,886

................................................. 387,766 419,338 428,615 426,146 457,530

............... 50,073 103,034 (53,134) (52,149) (30,034)

............... (20,610) (1,104) (15,563) (12,816) (9,793)

............... (9,957) (137,514) 84,599 55,205 32,959

................... 159,007 126,312 142,581 115,477 133,705

178

% % % % %

.................. 58,008 26.1% 15,850 12.1% 20,194 16.2% 12,118 19.2% 10,514 16.7%

..... 67,675 30.4% 47,648 36.4% 46,986 37.8% 25,136 39.8% 22,915 36.4%

.................. 21,600 9.7% 21,871 16.7% 24,441 19.6% 11,482 18.2% 13,525 21.5%

.......... 74,960 33.7% 40,860 31.2% 29,406 23.6% 12,564 19.9% 8,590 13.6%

.................. 322 0.1% 4,691 3.6% 3,512 2.8% 1,851 2.9% 7,402 11.8%

..... 222,567 100.0% 130,922 100.0% 124,541 100.0% 63,153 100% 62,948 100%

632205

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179

17.8%135

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Sumitomo Trust& Banking Co.,

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AXA Japan Holding Co., Ltd.

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SBI Value Up Fund No.1VSN, Inc 24.9%15

186

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sbi holdings, inc

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