COMPANY OVERVIEW

Shinichiro Kai graduated from Faculty of Law, Kyoto University, in 2006 and joined Goldman Sachs where he engaged in trading services for Japanese government bonds and interest rate derivatives. In 2010, he moved to Barclays Capital Securities (currently Barclays Securities Japan) and concurrently served as the head of algorithm and swaption trading service. His ambitions to build an asset management environment accessible to everyone and create a new financial experience led him to decide to start a business and found FOLIO in December 2015. Kai is Representative Director, President and CEO of FOLIO Holdings, Founder and Director of FOLIO, and Director of AlpacaTech.

Kazuyuki Ishikawa joined Mizuho Investors Securities (currently Mizuho Securities) in 2007. He joined SBI Securities in 2013. At the largest online securities company, he engaged in multiple fields of business, ranging from corporate planning, marketing, personnel affairs and IT service to the establishment, operation and management of group affiliates and M&As. In 2018 Ishikawa headed the project to found and start the operation of SBI Neomobile Securities. In 2020 he became Representative Director and COO of Livestar Securities (currently SBI Neotrade Securities), and Representative Director and President of the same company in 2022. At FOLIO Holdings he became a director in 2021. Since October 2024 he has served as Representative Director and CSO of FOLIO Holdings, Director of FOLIO, and Director of AlpacaTech.

Hiroaki Iwasaki joined GYOSEI in 1999. He entered KPMG AZSA in 2006 where he engaged in audit services for listed companies and companies preparing for their initial public offerings (IPOs). In 2014 he joined SBI Securities where he worked on IPO projects at its public offering department, and in 2020 became a director of eole in charge of its business management department. In 2022 Iwasaki joined FOLIO. Currently, he serves Director and CFO of FOLIO Holdings and Director of FOLIO.

Morifumi Yotsumoto joined Nissho Iwai (currently Sojitz) in 1993. He entered Lehman Brothers Securities in 1999 and Barclays Capital Securities (currently Barclays Securities Japan) in 2005 and engaged in bonds and investment banking services. In 2016 he took part in the founding of AlpacaJapan where he became Representative Director and CEO in 2017. In 2022 Yotsumoto founded AlpacaTech through an incorporation-type company split and became Representative Director and CEO. In 2023, when AlpacaTech was turned into a consolidated subsidiary of FOLIO Holdings, Yotsumoto became Representative Director and COO of FOLIO Holdings. Currently, he serves as Director and COO of FOLIO Holdings, Representative Director of FOLIO, and Representative Director and Director of AlpacaTech.

Kunihiro Takahashi joined Arthur Andersen in 1998. In 2004 he entered Goldman Sachs where he became Vice President in 2008. In 2013 he joined Barclays Securities as the head of the technology, media, and telecommunications sector, and became a managing director in 2014, the manager of the corporate finance department in 2016, and the head of the financial sponsor sector in 2022. Takahashi joined Corporate Support Research Institute (CSRI) in 2024 and was appointed Partner. Subsequently, he was appointed CFO of ThinQ I in 2025 and Managing Director of Capstan Medical in 2026. Since 2024, he has served as Outside Director of FOLIO Holdings.

Shingo Kodoi was registered as a lawyer (with Dai-Ichi Tokyo Bar Association) in 2018 and joined Century Law Office. After working for another law office in Tokyo, he joined SATO & Partners in 2021 where he has worked to the present. In December 2025 he became an Outside Director of FOLIO Holdings.

Kazuhiko Osone joined the Tokyo Branch of Indosuez Bank in 1993. He entered the Tokyo Branch of Deutsche Securities in 1996 and moved to the London Branch of Deutsche Bank in 1999. In 2002, he was appointed Director and COO of Deutsche Securities, Tokyo Branch. In 2004, he joined Barclays Capital Securities (currently Barclays Securities Japan). Beginning in 2012, he served as Managing Director, Front Office COO, and Asia Head of Front Office Risk Management at the firm. In 2017, he joined AlpacaJapan. and was appointed Director and COO. Currently, he serves as Full-time Corporate Auditor of FOLIO Holdings, Full-time Corporate Auditor of FOLIO, and Full-time Corporate Auditor of AlpacaTech.

Fumio Yoshimatsu joined Kumamoto Nichinichi Shimbun in 1979. In 1987, he joined The Mitsubishi Bank. (currently MUFG Bank.), serving as branch manager at various domestic and overseas branches. In 2010, he was appointed Managing Director at Mitsubishi UFJ Morgan Stanley Securities. Subsequently, he served as President and Representative Director and later Chairman of Kokusai Asset Management (currently Mitsubishi UFJ Asset Management), and Advisor to Mitsubishi UFJ Securities Holdings. In 2016, he joined FOLIO and was appointed Advisor. Currently, he serves as Outside Corporate Auditor of FOLIO Holdings and Outside Corporate Auditor of FOLIO.

Takashi Kokubo was registered with Dai-Ichi Tokyo Bar Association in 2000 and joined Nishimura & Partners (currently Nishimura & Asahi, Foreign Law Joint Enterprise). In 2009, he joined Integral Corporation. In 2014, he established Kokubo Law Office. In 2017, he was appointed Outside Corporate Auditor of AlpacaJapan, and subsequently held various positions including Outside Director of Azoom, Outside Director of NICE CORPORATION, Outside Corporate Auditor of Oisix ra daichi, Outside Corporate Auditor of TalentX, and Outside Director (Audit and Supervisory Committee Member) of KANAMEL. In 2022, he was appointed Outside Corporate Auditor of AlpacaTech. Since 2024, he has served as Outside Corporate Auditor of FOLIO Holdings.

Masaki Masudo joined Fuji Bank (currently Mizuho Bank) in 1978. After working at Paribas Securities in 1987 and serving as Branch Manager of BNP Paribas Tokyo Branch in 2005, he became Vice Chairman of Barclays Capital Securities (currently Barclays Securities Japan) in 2007 and Advisor to the company in 2012. In 2013, he became Outside Director of The Higo Bank. Currently, he serves as Special Advisor to UiPath, Special Executive Advisor to The Higo Bank, Trustee of the University of Tsukuba, Councilor of Okinawa Institute of Science and Technology Graduate University (OIST), Executive Committee Member of the Japan Association of Corporate Executives, and Executive Committee Member of the Kansai Association of Corporate Executives. His public service roles include serving as a member of the University Division of the Central Council for Education of the Ministry of Education, Culture, Sports, Science and Technology, a member of the Okinawa Promotion Council, Cabinet Office, and a member of the General Meeting of the Leaders' Forum on Promoting the Evolution of Academia for Knowledge Society (PEAKS).

Tomoya Kitayama joined Sony Computer Entertainment in 2005, and after spending 10 years in game console development, he joined AlpacaDB in 2015. As CPO, he promoted more than 20 AI projects for financial institutions. From 2020, he led the securities division of the Japanese business and spearheaded the launch of the US fractional share trading service. Since 2024, as Head of the Solution Business at AlpacaTech, he has been developing businesses that integrate financial data infrastructure and AI agents. Currently, he serves as CAIO of FOLIO Holdings, and Representative Director, CEO and CAIO of AlpacaTech.