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dateJune 26, 2006
Change in Subsidiaries

Rakuten, Inc. announced that the board of directors of Rakuten Securities, Inc., one of its consolidated subsidiaries, approved on June 26, 2006 of the establishment of a holding company for the securities businesses by a stock-for-stock exchange. The purposes of the establishment of the new holding company are the enhancement of corporate governance and improvement of operational efficiency by integrating the corporate functions of securities businesses.
The name of the new holding company will be "Rakuten Securities Holdings, Inc." Rakuten Securities Holdings, Inc. will be established on September 1, 2006. (For full release, please refer to Japanese IR release.)

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