アニュアルレポート 2008

Transcription

1 Growing in Harmony 28

2

3 Building Harmony between Group companies between Japan and the World between You and Us 1

4 CONTENTS P4-5 P7-11 SOFTBANK s Anatomy P8 P9 P1 P11 P44 P46 P5 P52 P53 P54 P55 P13-2 CEO P21-22 P P24 I. P26 II. P28 III. P3 IV. P33-54 P34 P36 At a Glance P38 P42 P56-59 P6-7 : P71-77 P72 P74 P79 P8 P82 P1 P138 P

5 Many Colors Creativity 3

6 3 31 P P , ,18 1,18,665 2,544,219 2,776,169 (54,894) (25,359) 62, ,66 324,287 EBITDA* 1 (2,75) 44,95 149, , ,662 (76,745) (9,549) 129,484 28, ,887 (17,94) (59,872) 57,551 28,815 18,625 64, , , ,81 293,72 32,864 66,417 8, ,92 22,255 (83,829) (45,989) 57,86 311,22 158,258 81,878 (242,944) 27,852 (2,97,937) (322,461) 36,39 277,771 3,78 1,718, ,727 1,421,27 1,74,854 1,88,399 4,31,853 4,558,92 238,81 178,17 242, ,95 383,743 * 2 575, ,918 95,293 2,394,43 2,532,969 * 2 * 3 134, ,68 454,614 2,8,149 2,36,879 1 * 4 (14.91) (57.1) % EBITDA% ROIC* 5 % (4.6) (1.6) % * 2 % * 2 * 3 % EBITDA ,18 12,949 14,182 17,84 19,4 *1 23EBITDA= EBITDA=+ *2 27 *3 *4 11 *5 ROIC 4

7 1. EBITDA 3 8, EBITDA 5 6, 4 2 4, 3 1 2, 2 1 2, EBITDA ROIC 1 % 25 EBITDA % EBITDA % 1, 8 4, 8 6 3, , 1,

8 Many Colors Vitality 6

9 SOFTBANK S ANATOMY Contents P8 P P P11 7

10 SOFTBANK s Anatomy : i.e. A B... A B... A B... A B... A B... A B... Google YouTube 3 8

11 i.e. No.1 B2B ec2c No.1 Alibaba Group Holding Limited 28 4SNS Xiaonei.com Oak Pacific Interactive P3 31 4IV. 9

12 SOFTBANK s Anatomy : i.e. * * DSL 27 62% Yahoo! BB 38% Yahoo! JAPAN 5 2 GungHo-ID* NTT 14% 48% KDDI 38% Yahoo! JAPAN Yahoo! JAPAN * GungHo-ID ID ADSLYahoo! BB ADSL 5 No % Yahoo! JAPAN 12 Yahoo!Yahoo! No.1 1

13 i.e. 3 3 ROIC NTT KDDI % 15 NTT KDDI : : FMC 11

14 Many Colors Knowledge 12

15 CEO Ready to Lead 279.1% 2 7, % 3, EBITDA 14.2 EBITDA % 2 27 No.1 EBITDA DNA Alibaba Group Holding LimitedeNo SNS Xiaonei.com Oak Pacific Interactive iphone TM 3G 2 13

16 CEO Meeting Needs, Earning Support 27 Q. A Yahoo! 28 1 SoftBank 922SH G

17 Leveraging Group Synergies 27 Q. A % 27.% Ether e BBBB 3 15

18 CEO The Dawn of the Internet Machine Era Q. A No.1 16

19 Taking a Lead in Mobile & Asia Q. A. No BB BB IP 24* 1 * BB IP 17

20 CEO 3G * 2 e No.1 SNS Xiaonei.com Oak Pacific Interactive *

21 % 1 WACC ROIC Sharing Our Dynamic Growth Q. A. * 3 ROIC* %WACC* 5 3%* SNS Xiaonei.comOak Pacific InteractiveNo.1No.1 *3 EVA ROIC WACC *4 ROIC+ *5 WACC +1+ *6 7% 19

22 CEO Growing in Harmony 2

23 , ,96 6, , EBITDA 27 EBITDA 6,266 1,582 * 1 1,37 EBITDA 3G * 1 1,683 *1 EBITDA 21

24 EBITDA 2627 EBITDA % 8.4% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 EBITDA 3. EBITDA EBITDA 9 % 1 8, , 4, ,

25 Contents I P24 II P26 III P28 IV P3 23

26 24 4 Yahoo! BB ADSL No.1 IT Yahoo! BB Vodafone 5/4 8/3 7/3 6/

27 Leveraging Human Potential 1984IT BB COO 2 1 BB * 1 *1 2, 3 16, 12, , BB 4, BB

28 4 27 No.1 CM 4 CM CM

29 True Professionalism 1983 CI CM CM AQUOS CM 1 CMNo.1 2 iphone 3G BP CM CM CM DATABANK CM 27

30 4 Yahoo! JAPAN Yahoo! BB 26 Yahoo! 28Fun Summer 28 Fun Summer 12 3G PC 28 SoftBank 923SH GPS AQUOS 1,677 SoftBank 823T 4 SoftBank 823P 5 QVGA SoftBank 821N NEC5 SoftBank 825SH 8 PANTONE QVGA 119 LED 28

31 Controlled Open Environment for Mobile PDALSI JILJIL OS 3 33% 33% 33% C E O 29

32 4 Win-Win Win-Win Alibaba Group Holding Limited e B2B e C2C No.1 No % Alibaba.com Limited Alibaba.com Limited 65% B2B e 28 4 Oak Pacific InteractiveOPI OPI2, No.1 SNS Xiaonei.com 1,9 Alibaba.com 27 25% Alibaba.com 75% Taobao.com 27 Tom Eachnet.com 8% PaiPai.com 9% Taobao.com 83% Xiaonei.com 2,5 2, 1,5 1, 5 3 Global Source online service division Netsun HC36 search engine services 1 = 7.61 iresearch China Online Shopping Research Report

33 Toward No.1 Internet Group in Asia Alibaba Group Holding Limited Director, Chairman of the Board and CEO 2 C2C e 28 B2B e Alibaba.com Limited B2B e 272 1, 53.3% 1 6-7% 16% e 1 CNNIC Alibaba.com Taobao.com 3 8, 2 6, 4, 1 2, =1.19 Alibaba.com Alibaba.com Limited =1.19 Alibaba.com 31

34 Many Colors Individuality 32

35 Contents P34 At a Glance P P P P P P P P P54 33

36 P52 54 % 58.3% ,42 16,39 % 9.1% , , , BB % 5 6 3,542 3,741 IDC 11.7% 7.9 3,77 8.8% % , , , % % 2,832 2,715 2,77 BB 34

37 26 NTTKDDI327 ADSL FTTH IP LAN VOD DSL38% 2% IP NTT IP-VPN 2 e 114No.1 e ITIT ASP IT No.1 35

38 AT A GLANCE 36

39 Yahoo! Yahoo! JAPAN Yahoo! JAPAN Yahoo! BB Yahoo! BB Yahoo! BB Yahoo! BB Yahoo! JAPAN Yahoo! e 37

40 Leader of the Internet Machine Era Yahoo! Yahoo! * 1 27 No.1* 2 * *2 38

41 12, 14No.1 1,2 6 NTT KDDI 1, 8, 1, 8 4 6, 6 2 4, 2, [ 4] No.1 No.1* 3 1. P ADSLYahoo! BB Yahoo! JAPAN 26 W * IP BBBB G P SH P41 TOPICS SH * *

42 4 5 1,5 1, 2, % 3G ARPU ARPU Q1 Q2 Q4 Q3 6 Q1 Q2 Q4 Q3 7 Q1 Q2 Q4 Q3 3G % 5 Q1 Q2 Q4 Q3 6 Q1 Q2 Q4 Q3 7 Q1 Q2 Q4 Q3 NTT KDDI au 3G 3G ARPU [ ] 3G G 3G 22,28 351,32 3G 4. Yahoo! PC , % 1, % ,859 3G 75.6% G.95% 1% 27 ARPU 5,51 4,65ARPU 1,49 13

43 TOPICS SoftBank 922SH FMC 28 3 SoftBank 922SH 922SH VGA QWERTY* 5 Y! 2. RSS PC SH 17 4 EL *5 2 6QWERTYQWERTY 41

44 ADSL FTTH IPLAN VOD Lateral Efficiency Yahoo! BB ADSL4 5 DSL FTTH 27 DSL 44.2%FTTH 42.3% FTTH 7,DSL 4, DSL ADSL IP BB LAN Yahoo! BB ADSL DSL % % FTTH Yahoo! BB 24 NTT NTT9% NTT3% NTT FTTH 42

45 Yahoo! BB Yahoo! BB ADSL % 6 DSL 6 DSL /12 6/3 6/6 6/9 6/12 7/3 7/6 7/9 7/12 8/3 % BB 8M 12M 26M 5M LAN Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q BB 2424 TOPICS BB VOD BBTV Yahoo! BB Yahoo! BB , % % 5.3 ADSL TOPICS 24 24BB Yahoo! BB

46 Optimal ICT Networking * 1 NTT 4 1 IP-VPN Ether *1 NTTNTT STOC ICT 44

47 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 4/Q4 5/Q4 6/Q4 7/Q4 ARPU Ether Ether 27.9%3, ARPU % 7% 11 17% TOPICS AAA * 2 2 m 2 IP-VPN 4 *2 45

48 e Prosperous Partnership Yahoo! JAPAN 1 No.1 e SNS 1 e 46

49 e 1, % 1 1, 8, 8 8, 6, 6 6, 4, 4 4, 2, 2 2, [ 1. ] Yahoo! Everywhere Yahoo! JAPAN 26 1 Yahoo! Y! Wii PSP AQUOS BRAVIA Yahoo! JAPAN Yahoo! [ 2. ] Yahoo! JAPAN [1]No.1 Yahoo! JAPAN 27 No.1Yahoo! JAPAN Yahoo! JAPAN ID Yahoo! Win-Win 47

50 ebay Inc. Everywhere Yahoo! JAPAN 27 2,476 1, % 19.4% 5% 47% % Yahoo! Yahoo!Yahoo! 3% B2C TOPICS

51 Yahoo! JAPAN Yahoo! JAPAN Everywhere Yahoo! 1 49

52 ITIT ASP IT Distribution Innovation IT IT ASP Application Service Provider SaaS Software as a Service IT IT IT ITB2BIT- Exchange BB BBSaaS 5

53 8 BB SoftBank SELECTION IT SoftBank SELECTION SaaS BBBBSaaS ASPTEKI-PAKI Microsoft SoftGrid CRM Customer Relationship ManagementSalesforce 27.3%2, % SaaS TOPICS CACHATTO for SoftBank CACHATTO 28 3 CACHATTO S!* 1 *1 Yahoo!Java TM 51

54 CDN Extensive Broadband Domain * 1 CDN* 2 G * G-cluster America, Inc. *2 Contents Delivery Network: DVDVOD CDN CDN mobile CDN mobile movie TOPICS TOPICS G G CATV IPTV 27 1 G-cluster America, Inc. 52

55 Solution & Services Expert IT e Biz TOPICS Omniture SiteCatalyst 2 3 TOPICS Biz Biz 28 1 ASP* 1 *1 Application Service Provider: 53

56 Evolutional Digital Content Creator 1, IT ITITmedia 3 ITmedia G POP TOPICS , Yahoo! 5,

57 27 * * ,922 13, Yahoo! Inc ,358 1,57 3, UTStarcom, Inc ,824 14,685 19, SOFTBANK Holdings Inc. Director and President Yahoo! Inc. Geocities VeriSign ATG 2 Thumbplay SNS Xiaonei.com 55

58 URL % 3 177, BB 3 315, , BB ,31 1. ADSLFTTH BBTV 12 1, IDC 3 7, , e * * * 3 3 1, IT 56 * * *

59 BB URL % * * DVD CDN * * G* 5 3 1, * 7 3 1, IT , SBBM 3 17,2 1. SB Holdings (Europe) Ltd. 3 US$48M 1. TV 3 3, * * * BM *

60 URL % G.T SOFTBANK Holdings Inc. 3 US$M 1. SOFTBANK America Inc. 3 US$M 1. SOFTBANK Commerce Korea Corporation 12 KRW5,732M 85.8 IT , URL % 7 5, , , , , , Alibaba Group Holding Limited* 8 B2BC2C 12 US$M , icube Corp SNS 12 KRW4,824M 49.6 *8 Alibaba.com Corporation Alibaba Group Holding Limited 12 6,

61 URL % Yahoo! Inc. NASDAQ 12 US$1M 4. * 4 URL * 1 * 2 * 3 % SOFTBANK Ventures Korea Inc. A KRW18, 1. SOFTBANK Korea Co., Ltd. SB CHINA HOLDINGS PTE LTD A KRW2,2M 1. A US$1 1. SOFTBANK Ranger Venture Investment Partnership A KRW4 KRW4 1. SOFTBANK Capital L.P. A US$718 US$ SB Europe Capital L.P. A US$25 US$ SOFTBANK US Ventures VI L.P. B US$626 US$ Bodhi Investments LLC A US$15 US$ SOFTBANK Capital Technology Fund III L.P. B US$232 US$ SB Life Science Ventures I, L.P. A US$89M US$ SOFTBANK Technology Ventures IV L.P. B US$313M US$42M 13.4 SOFTBANK Technology Ventures V L.P. B US$63M US$19M 3.2 SOFTBANK Capital Partners LP A US$731M US$18M 2.6 SB Asia Infrastructure Fund LP B US$44M US$3M.9 SB Asia Investments Fund II LP B US$643M US$51M 8.1 *1 AB A *2 *3 *4 59

62 6

63 Q. A MissionPoint Capital Partners, LLC Chairman27 Alibaba Group Holding Limited Director, Chairman of the Board and CEO Q. A CEO 61

64 62 21 IT MissionPoint Capital Partners, LLC Chairman M&A

65 Q. A. 1 CEO Q. A Q. A. 63

66 64 Q. A. GCO CCO GCO CCO 1 1, Yahoo! BB ADSL M&A

67 CCO CCO CISO CISO 1 2 GCO 3 CEOCEO GCISO GCISO CEO 65

68 Q. A Q. A Q. A. IR

69 67 Q. A. CSR NPO 27 BOX5% BB Yahoo! BB Yahoo! Yahoo! Yahoo!

70 Q. A. GCISO GCISO G-ISC G-ISC e GCISO G-ISC G-ISC 68

71 GCISO 24BB CISO 24 GCISO 26 CISO 26 CISO 26 CISO GCISO CSR ISO271 BB SOC Security Operation Center ISO271 69

72 SOFTBANK Holdings Inc. Director and President Alibaba Group Holding Limited Director, Chairman of the Board and CEO MissionPoint Capital Partners, LLC Chairman

73 Contents P P74 71

74 ,792 96,718 12,725 2G 42,592 26,212 14,211 3G 49,2 7,57 88,514 81,776 87,13 88,686 85,29 87,54 88,11 % DSL 14,518 14,13 12,711 FTTH 5,448 8,794 12,153 CATV 3,31 3,67 3,874 23,276 26,414 28,738 * 1 % LAN 5,271 6,99 6,864 IP-VPN IP 11,457 14,478 17,535 5,563 48,169 44,779 ISDN 7,491 6,996 6,453 58,53 55,165 51,232 * , , , G 3G 1 % Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q

75 ,869 93,812 94,436 96,718 98,56 99,334 1,525 12,725 39,321 35,665 31,64 26,212 22,814 19,58 16,764 14,211 53,548 58,147 63,372 7,57 75,242 79,826 83,761 88,514 82,911 84,59 85,181 87,13 85,648 86,532 87,283 88,686 87,54 88, ,491 14,936 14,236 14,13 13,794 13,483 13,133 12,711 6,295 7,145 7,931 8,794 9,685 1,57 11,329 12,153 3,41 3,477 3,565 3,67 3,692 3,748 3,828 3,874 24,196 25,558 25,732 26,414 27,171 27,738 28,29 28, ,52 5,74 5,9 6,99 6,364 6,56 6,723 6, ,97 13, 13,759 14,478 15,4 16,119 16,766 17,535 5,98 49,54 48,911 48,169 47,374 46,614 45,756 44,779 7,354 7,238 7,117 6,996 57,452 56,778 56,29 55,165 54,217 53,33 52,346 51,232 IP-VPN 3 DSL FTTH CATV 4 IP VPN Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 6 7 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 73

76 , , , , , , ,586.2 * % G 12, , , , ,136. 5,332. 4, G 3,37.6 7, ,6.9 9, , , ,47.9 3G% , * % G (1,951.2) (3,923.9) (3,669.1) (1,25.8) (1,86.6) (84.) (793.7) 3G 2,12.4 4, , , , ,365. 1,766.4 ARPU 5,81 5,51 4,65 5, 4,8 4,52 4,31 4,46 4,15 3,15 3,59 3,34 3,4 2,71 1,35 1,36 1,49 1,41 1,47 1,49 1,6 % % % , 33,2 32,3 3,7 31,4 33,9 33,2 *1 27 NTT 14% 48% 2 3G 2G 3G % 8 3, % , , 2 KDDI 38%

77 Yahoo! BB ADSL 5,49 5,164 4,89 5,134 5,42 4,943 4,89 BB M 1,23 1,276 1,144 1,259 1,221 1,185 1,144 12M 2,338 2,137 1,889 2,79 2,15 1,957 1,889 26M M 1,61 1,387 1,475 1,446 1,471 1,481 1,475 5M% LAN 1,337 1,53 1,453 1,523 1,59 1,486 1,453 LAN% ARPU* 1 4,358 4,341 4,316 4,292 % * ,221 1,41 1,257 1,315 1,351 1,41 Yahoo! JAPAN * 3 33,132 37,297 43,145 39,13 41,72 4,71 43,145 Yahoo! JAPAN * Yahoo! * *1 Yahoo! BB ADSLBB BB 25 12ARPU *2 *3 Yahoo! JAPAN *4 Yahoo! JAPAN *5 1 Yahoo! BB ADSL LAN 6, LAN 6 1,5 Yahoo! JAPAN , 4 1, , Q1 Q2 Q3 Q4 6 7 Q1 Q2 Q3 Q4 6 7 Q1 Q2 Q3 Q4 75

78 * 1 1,442,4 1,63, , ,842 46,82 41,26 155, ,57 43,528 5,691 53,761 26,59 % EBITDA* 2 321, ,466 92,43 14,91 18,3 8,645 EBITDA% * 3 38,46 235,396 72,14 5,95 52,32 6,31 19,18 141,768 33,579 34,868 36,2 37,31 268, , ,69 65,747 64,72 64,341 63,99 2,672 26,81 39,7 8,666 1,321 11,39 9,44 % EBITDA* 2 48,91 55,61 7,314 15,963 17,513 18,573 18,265 EBITDA% * 3 47,653 22,16 21,293 5,84 4,869 5,863 5,477 28,148 27,222 26,521 6,99 6,77 6,489 6, , ,13 37,741 9,487 9,987 89,979 99,288 (25,159) (2,965) 3,34 (112) 461 1,375 1,616 % EBITDA* 2 21,496 42,589 47,965 11,15 11,352 12,442 13,66 EBITDA% * 3 82,652 37,686 21,825 5,546 5,682 4,89 5,77 41,625 4,826 38,6 9,688 9,483 9,478 9,411 * *2 EBITDA = + *3 3. 4, % 2 EBITDA 8, EBITDA EBITDA % , 15 6, , 1 4, 2.5 1, 5 2, Q1 Q2 Q3 Q4 6 7 Q1 Q2 Q3 Q4 6 7 Q1 Q2 Q3 Q4

79 , , ,643 52,796 57,624 66,55 7,718 74,19 96, ,237 27,149 27,766 28,865 31,457 % EBITDA* 2 81,637 16,27 126,459 29,66 3,591 31,72 34,56 EBITDA% * 3 12,835 15,17 1,578 1,928 2,38 2,72 3,568 5,975 8,7 9,629 2,84 2,414 2,367 2, , ,571 27,724 61,661 63,813 69,634 75,616 4,861 6,681 3,157 1, % EBITDA* 2 5,977 7,765 4,36 1,442 1,28 1, EBITDA% * 3 2,618 2,858 1, ,79 1,28 1, ,73 9,785 99,873 24,872 26,97 23,185 24,99 (4,76) (4,73) (5,121) (689) 39 (2,618) (1,853) % EBITDA* 2 (57) (1,647) (1,721) (1,77) (937) EBITDA% * 3 3,188 3,728 3, ,246 3,59 2,991 3, (36,49) (92,747) (11,733) (24,146) (24,584) (25,76) (27,297) (7,55) (7,17) (6,596) (962) (1,212) (1,59) (3,363) EBITDA* 2 (7,537) (6,571) (6,127) (861) (1,91) (938) (3,237) 1,18,665 2,544,219 2,776, ,85 71, ,2 717,43 62, ,66 324,287 78,747 89, 92,442 64,98 % EBITDA* 2 149, , , , , , ,926 EBITDA% * 3 148, ,81 293,72 85,858 64,763 66,31 76,789 8, ,92 22,255 53,259 54,54 55,515 56,977 77

80 Broadband Many Colors Synergy 78

81 Contents P8 P P P P P P P138 79

82 , , ,22 397,15 31,938 12,13 8,377 16,431 EBITDA 88,83 54,65 43,816 28,866 33,824 36,64 32,168 87,9 1,33 37,538 8,446 36,631 19,248 (28,668) 349 (91,598) (33,677) 281,5 (6,341) (42,612) 21,591 (25,562) 22,914 24,548 9,99 53,988 16,615 (76,2) 51,898 15, ,6 159,15 854, ,578 1,168,38 1,146,83 242, ,976 38,74 424, , , ,76 413, ,62 351,79 163, ,42 % , , , , ,24 14,796 11,15 336, ,64 1,2 7,219 4, EBITDA= EBITDA= SOFTBANK Holdings Inc

83 ,315 46, , ,18 1,18,665 2,544,219 2,776,169 (23,91) (91,997) (54,894) (25,359) 62, ,66 324,287 (1,24) (69,781) (2,75) 44,95 149, , ,662 (119,939) (71,474) (76,745) (9,549) 129,484 28, ,887 (88,755) (99,989) (17,94) (59,872) 57,551 28,815 18,625 (79,123) (68,6) (83,829) (45,989) 57,86 311,22 158,258 39, ,749 81,878 (242,944) 27,852 (2,97,937) (322,461) 1,313 (17,615) 36,39 277,771 3,78 1,718, ,727 (34,479) 27,85 29,98 (9,689) 126,642 (65,277) 113, , , ,133 32, , ,521 49,267 1,163, ,331 1,421,27 1,74,854 1,88,399 4,31,853 4,558,92 465, , ,81 178,17 242, ,95 383, ,644 34, , ,918 95,293 2,394,43 2,532, ,16 188, , ,68 454,614 2,8,149 2,36, (2.) (27.7) (43.2) (28.9) (263.53) (296.94) (314.72) (171.3) (87.84) (98.98) (14.91) (57.1) * 1 1, , , ,44 351,457 1,55,82 1,55,74 1,8, ,375 4,966 5,18 12,949 14,182 17,84 19,4 *

84 Highlights G 3G / , ,776, ,28718, ,776, ,959.1% 1,63, %

85 8, 6, 4, 2, ,287 53, % 174,5712.1% ,467,364 57, ,518 12,885 1, 8 6 4,942 7,218 7,16 7,174 7,21 6,94 6,63 6, Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 % ,887 17,3138.3% 55, ,864 21,856 Alibaba Group Holding Limited Alibaba.com Limited Alibaba.com Limited Alibaba Group Holding Limited Alibaba.com Limited Alibaba Group Holding Limited 57,223 32, UTStarcom, Inc. 21,856 12,967 6,299 12,6 8,818 5, Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 83

86 5. 48,65 29,533 53,62 SOFT- BANK Holdings Inc. 4,97 77,535 BB 39,831 BB 5BB BB % 4.69% % +1.74% 7.71% 9.6%.5% 34.61% BB 12, , BB 67, IDC 66, , , % 84

87 1,63, , % 174,5718, % ,51,858 6, % G1,4 4 33G ,6 5, % NTT KDDI 4, 2 3, , 1 4 1, Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 6 7 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 85

88 % % 31.21% 41.19% 3G 273 3G 1% % % 32.% 41.93% 3G ARPU 27ARPU 3 15, 24,834,524 4,31 ARPU 98 ARPU 11,4121,47 31,4941, ARPU 311 ARPU 37.1% ,7231,4333,9 433,2 3 Average Revenue Per User , 2, 1, 1,

89 3G 3G ,396273G 5 1,322 9,44 2 2, 3G 3G 273G G 3G 28 SoftBank 922SH , CM CM CM DATABANK 1, , TV64K 3G 1,5 46, 1, 22, Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 6 7 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 87

90 258,69 6,1592.3%39,7 12,8948.1% BBADSL ARPU BB Yahoo! BB ADSL ,27ARPU 14,35824,341 34,31644,292 27Yahoo! BB 5M 3.7%LAN 3.2% ADSL 37,741 3,389.9%3,34 2, ,18 7.4% ,68,818 5, % 2 1,2 % Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 6 7 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 88

91 247,643 53, % 115,23718, % Yahoo! JAPAN 27 7 Yahoo! Yahoo! 27 Yahoo! Yahoo! 31,289 4,245 Yahoo! Yahoo! 5 e Yahoo! Yahoo! e 8 % 8 e e Yahoo! 4, Yahoo! , , , Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 6 7 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 89

92 27, %3,157 3, % 27BB IT SaaS 6 SoftBank SELECTION Software as a Service 1, Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 % ,873 9,881.%5,121 4,

93 1,582, ,312 33,75 112,746 58,491 23,564 78, ,273 83,999 3,896 8, 6, 6,611 6,49 6,54 6,1 3, 2, 26,796 26,28 26,272 25,574 25,41 25,444 26,64 25,33 4, 4,553 4,48 3,225 3,11 1, 2, 6 7 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1,29, ,29, , ,71112,178 49,253 26,22 1,238, , Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1,24, ,82 182,81 51,722 51, ,872 7,111 2, 91

94 2,469, , , ,926 78,62 1,276, , ,488 18,625 5,151 2,639 1,527 24,11324,72 34,755 15,173 41,75 21, Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q , , ,727 49, ,746 39,196 52,815 1,5 158, ,887 22,255 59,5 55,411 12,967 21,856 1,645 1, 5 5 1, , Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 92

95 322, ,677 1,5 1, , , Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 45,577 44, , ,923 28,716 89,463 44,846 69, ,87458,39 49,

96 Yahoo!BBTV

97 Yahoo! JAPAN Yahoo! BBYahoo! Yahoo! Inc. Yahoo! ,

98 ,66 M&A

99 SBM Loan Agreement Amendment to the SBM Loan Agreement Deed of Trust Agreement (B) (Tokutei Kinsen Trust) Cash Management Agreement SBM SBM SBM Security Assignment over BBM Loan Agreement (Joto-Tampo) Security Assignment BB of Downstream Loan Agreement (Joto-Tampo) Security Assignment BB of Shares (Joto-Tampo) Security Assignment of Shares (Joto-Tampo) Security over Trust Beneficial Interest Agreement (Shichiken) Security over Shares Agreement (Shichiken) TOB SBM Loan Agreement A SBM Loan Agreement SBM Loan Agreement BB BB BB BB Deed of Trust Agreement (B) (Tokutei Kinsen Trust) SBM 97

100 Security over Shares Agreement (Shichiken) Security Assignment of Receivables and Subscriber Contracts (Joto-Tampo) Security over Future Insurance Proceeds Agreement (Shichiken) Security Assignment of Intra-Group Indebtedness (Joto-Tampo) Security Assignment of Intra-Group Indebtedness (Joto-Tampo) Security Assignment of Intra-Group Indebtedness (Joto-Tampo) Security Assignment of Intra-Group Indebtedness (Joto-Tampo) Security Assignment of Intra-Group Indebtedness (Joto-Tampo) Security Assignment of Intra-Group Indebtedness (Joto-Tampo) Mortgage Agreement Security Assignment of Intellectual Property (Joto-Tampo) Security Assignment of Tangible Moveable Property (Joto-Tampo) Debt Assumption, Amendment and Restatement Agreement SBM BB Vodafone International Holdings B.V. SBM BBVodafone International Holdings B.V SBM

101 Facility Agreement Shareholders Agreement BB BB Vodafone International Holdings B.V. Vodafone International Holdings B.V. Debt Assumption, Amendment and Restatement Agreement Vodafone International Holdings B.V. BB BB ,27 1 WiMAX WiMAX 2.5GHz 1.5GH W-CDMA LTE FMC 2 FTTHFTTR AI 3 SNCFMC ICTIRIS 4 FMC 99

102 ,521 49,267 $ 4,893, ,744 3,678 36, , ,723 8,86, ,898 72,151 72, ,995 15,85 1,56, ,24 91, ,915 (27,938) (68,389) (682,592) 1,247,433 1,582,745 15,797, ,748 23, ,985 89,445 75, , , ,38 7,426,269 92,235 86,62 858,991 71,778 45, ,898 53,862 54, ,616 1,29,853 1,29,265 1,273,133 1,32, ,436 9,725,879 2, ,18 2,237,551 46,168 39, ,18 1,279,711 1,238,39 12,359, , ,886 2,973, , ,112 1,667, , ,888 1,266, ,65 116,697 1,164, ,856 78,583 7,72,383 4,31,853 4,558,92 $45,52,561 1

103 ,658 29,339 $ 2,89,419 5, 6 18, ,773 2,912, , ,279 1,869, , ,451 3,637,594 33,7 35,79 35, ,49 69, , ,434 83,13 828,547 1,142,93 1,24,75 12,383, ,151,783 2,31,857 2,28,4 7 26,393 15, , ,72 16, ,282 43,787 43,81 437, , ,496 2,41, ,136 41, ,979 87,948 78, ,12 2,451,713 2,469,472 24,647, ,6,, 1,55,862, ,8,664, ,31 187,423 1,87, , ,741 2,113,391 3, ,21 (192,271) (91,744) (915,71) 122,619 8,914 87,61 (26,996) (11,823) (118,6) 28,81 7,438 74, , , (194) (26) (2,58) 286,13 383,863 3,831,35 43,17 464,862 4,639,86 716, ,725 8,471,156 4,31,853 4,558,92 $45,52,561 11

104 ,544,219 2,776,169 $27,79,39 1,49,52 1,467,364 14,645,89 1,134,699 1,38,85 13,63, , ,518 9,826,56 271,66 324,287 3,236,724 3,394 3,137 31,314 6 (82,761) (114,864) (1,146,458) 2,131 55, ,61 (835) 4,981 49, ,534 6,299 62,872 (5,351) (21,856) (218,144) 13 (61,64) (31,58) (314,496) (62,492) (98,4) (982,133) 28, ,887 2,254,591 9 (48,726) (48,65) (485,576) (93,677) (29,533) (294,776) (142,43) (78,183) (78,352) (37,356) (39,79) (39,52) 28,815 18,625 $ 1,84, $

105 ,55,82,87 162, ,33 (218,561) 129,51 (36,841) 19,63 (17) 242, , ,15 3,15 11,346 14,496 28,815 28,815 28, (2,638) (2,638) (2,638) (9) (9) (9) (27) (9,22) (24) (24) (24) 631,5 393 (6) (6,432) 9,845 9,747 13, , , ,55,74, , ,669 3,181 (192,271) 122,619 (26,996) 28,81 (194) 286,13 43,17 716,237 18,625 18,625 18, (2,639) (2,639) (2,639) (5,151) (5,151) (5,151) (38) (38) (38) (5,2) (12) (12) (12) 24,81,6 24,113 (2) 24,72 48,183 48,183 (3,61) (41,75) 15,173 (21,372) (5,965) 34,755 (16,21) ,8,5, , , (91,744) 8,914 (11,823) 7,438 (26) 383, , , ,55,74,367 $1,629,998 $ 17 $1,873,134 $ 31,746 $(1,919,66) $1,223,868 $(269,447) $ 287,56 $(1,932) $2,855,878 $4,292,911 $7,148,789 1,84,187 1,84,187 1,84, (26,343) (26,343) (26,343) (51,49) (51,49) (51,49) (3,7) (3,7) (3,7) (5,2) (126) (126) (126) 24,81,6 24,678 (17) 24,257 48,918 48,918 (3,545) (416,258) 151,441 (213,323) (58,685) 346,895 (161,79) ,8,5,767 $1,87,676 $ $2,113,391 $ 1,21 $ (915,71) $ 87,61 $(118,6) $ 74,237 $(2,58) $3,831,35 $4,639,86 $8,471,156 13

106 , ,887 $ 2,254,591 : (45,964) (52,815) (527,151) 189,92 22,255 2,198,372 53,595 59,5 589,381 (2,131) (55,411) (553,61) (2,484) (1,57) (15,671) 1,645 16,248 5,351 21, ,144 (2,253) (12,967) (129,426) (82,567) (7,569) (75,547) 1,137 (4,431) (44,23) (225,49) (39,196) (3,86,98) 91,184 (7,58) (74,939) 123,158 72,32 718,961 12,628 (67,629) (675,17) 311,22 158,258 1,579,574 (297,765) (345,677) (3,45,218) (114,22) (45,577) (454,93) 168,354 44,176 44,918 3 (1,844,85) 1,28 12,54 (9) (258) (2,573) 1 1,12 1,11 (9,574) 22, ,122 (2,97,937) (322,461) (3,218,499) 15 41,151 (69,531) (693,989) (5,4) (5,) (49,95) 15 1,586,97 28,716 2,81,837 (98,152) (234,874) (2,344,29) 72,559 89, ,931 (25,334) (58,39) (579,285) , ,613 3,378 9,128 91,14 (2,641) (2,641) (26,355) (3,143) (3,55) (35,428) 15 65, ,923 2,973,576 (2,596) (49,92) (498,73) (32,11) (13,812) (137,862) 1,718, ,727 2,841,874 3,73 (7,7) (69,933) (65,277) 113,517 1,133,16 (3,896) (771) (7,697) 446, ,521 3,768,49 377,521 49,267 $ 4,893,368 14

107

108 16 AICPA Audit and Accounting Guide Investment Companies , ,2878,356,

109 Accounting for Uncertainty in Income Taxes ,151 51, ,271, BB BB

110 a b

111 % ,76, , ,443 1,28,553 1 (453,848) (144,665) 2 1,76, , (25,42) 1,844,

112 ,3 58,119 $58,88 21,429 6,815 68,22 3,466 7,217 72,3 76,898 72,151 $72, ,68 191,74 (19) 231,789 1,11 1,11 41, ,74 (19) 232, , ,91 (2,443) 171,677 1,321 6 (9) 1,318 3,54 144,97 (2,452) 172, $291,642 $1,446,253 $(24,386) $1,713,59 13, (85) 13,16 $34,825 $1,446,315 $(24,471) $1,726,669 11

113 $ 6, ,68 18,534 91, ,727 5,38 1,799 17,958 5,83 6,726 67,131 2, , , ,483 12,527 $1,23, ,112 28,874288,193 6,918 6,611 65, , $ 2, ,259 12, , ,154 $21, ,835 15, $149,712 33,256 26,42 259, , $ 1,714 (2,682) 12, ,712 2,253 12,967 $129,

114 % 7.9%.58% 7.34% , 13,1,297,536 3,24 3,57635, % 7.5% 314, ,676 $ 4,428, % 6.89% 1,479,897 1,382,23 13,795, % 9.38% 316, ,751 3,47, % 2.% 1, , , 15, 1,497,155 2,26,746 2,323,63 23,192,238 (18,963) (291,773) (2,912,198) 2,151,783 2,31,857 $2,28, % 5.2% 69,771 $ 696, % 5.2% 241,496 2,41, ,233 $ 2,387, ,55 1,153, ,357 1,231, ,17 2,116, ,135,722 11,335,682 1,825,879 $18,224,

115 ,54 $ 524, , 638, ,4 562, , 698, ,811 2,543, ,751 $4,968, ,383,62513,81,12 1,44714,444 22,35 $ 2,199,325 33,157 3,295, ,61 15, ,465 13, , ,495 2,679, ,72 152,638 1,523, ,43 1,1,962 $1,,615 1,276,48912,74,682 BB BB 165,872 1,655,576 53,14653, ,18 2,186,31 7 i 75% % ii BB BB 113

116 114 iii a b BB c d e f BB g h i SBBM 2, 1 4,5 d, f, g, h 4, 1, , 2, 1,5 iv WBS 1 SBM SBM EBITDA WBS WBS Whole Business Securitization: 1 4,419 SBMSPC WBS1 4, ,66 2 EBITDA EBITDA Earnings Before Interest, Taxes, Depreciation and Amortization 3 EBITDA Vodafone Overseas Finance Limited v

117 75% % 7. BB ADSL ,312 4,64946,398 BB ADSL ,721 9,49894, ,26 14,85 $147,764 26,393 15,923 $158,927 BB PBO 16,72 16,159 $161,282 16,72 16,159 $161,

118 ,568 1,63 $1, , ,651 2 (2,838) 2,127 2,48 2,446 1,255 3,927 $39, ,24 1,611, % 2.% % : 219,224 18,33 $ 1,799,88 96,971 74, ,23 71,44 82,25 82,495 69,46 54, ,84 24,238 32, ,948 18,971 13, ,471 18,568 17, ,924 14,363 8,38 82,923 73,245 78, ,718 66,84 542,274 5,412,466 (317,231) (286,137) (2,855,945) 288, ,137 2,556,521 : (65,81) (58,666) (585,552) (6,4) (6,711) (66,978) (72,21) (65,377) (652,53) 216,643 19,76 $ 1,93,

119 % 4.69% : (.12) (7.71) (2.31) (2.94) ( ) (2.48) (9.6) 1.5 (2.45) 68.27% 34.61% % ,33 1,799, ,515 $ 154, ,2 31, ,22 1, , , ,66 659, , ,326 18,33 $1,799,

120 ,, 3, , ,65, A. 3% B. 3% C. 4% ,746 4,2, A. 25% B. 25% C. 25% D. 25% A. 5% B. 25% C. 25%

121 12 822, A. 25% B. 25% C. 25% D. 25% , A. 5% B. 25% C. 25% , A. 5% B. 25% C. 25% , A. 5% B. 25% C. 25% , A. 5% B. 25% C. 25% , A. 5% B. 25% C. 25%

122 , A. 5% B. 25% C. 25% , A. 5% B. 25% C. 25% , A. 5% B. 25% C. 25% , A. 5% B. 25% C. 25% , A. 5% B. 25% C. 25% , A. 5% B. 25% C. 25%

123 41 1, A. 5% B. 25% C. 25% , A. 5% B. 25% C. 25% A. 5% B. 25% C. 25% A. 5% B. 25% C. 25% A. 5% B. 25% C. 25% , A. 5% B. 25% C. 25%

124 A. 5% B. 25% C. 25% A. 5% B. 25% C. 25% A. 5% B. 25% C. 25% , A. 5% B. 25% C. 25% A. 5% B. 25% C. 25% A. 5% B. 25% C. 25%

125 A. 5% B. 25% C. 25% , A. 5% B. 25% C. 25% A. 5% B. 25% C. 25% A. 5% B. 25% C. 25%

126 , , 894,9 7,2 126, 55,4 731,25 3, 217, 3, 622,5 546, 1,973, , 731,25 3, 217, 534, 191,1 76,5 12, 31,5 54, 15,6 2,481,6 25,5 21, ,44 1,827 4,172 ($9.94) ($14.37) ($18.24) ($41.64) 2,687 2,397 2,581 (26.82) (23.92) (25.76) ,432 2,48 5,448 19,777 9,74 2,942 18,432 2,48 4,744 16,835 51,27 38,86 19,416 9,559 ($511.73) ($38.14) ($193.79) ($95.41) 47,579 45,751 (474.89) (456.64) 124

127 ,296 7,296 26,478 25,6 2,34 9,92 7,296 4,746 5,632 1, ,732 19,968 1,28 16,256 8,497 1,196 11,375 33,438 ($84.81) ($11.77) ($113.53) ($333.75) 45,975 48,855 5,975 45,593 (458.88) (487.62) (58.78) (455.7) , , , , , ,968 1, , ,44 1, ,744 51,478 47,813 78,512 65,29 ($513.8) ($477.22) ($783.63) ($651.66) 125

128 , , , , ,636 62,488 65,375 6,563 58,5 ($623.69) ($652.51) ($64.48) ($583.89) , , , 79,5 67,94 47,198 ($618.82) ($793.49) ($678.11) ($471.8) A 3,958 24,564 A (38.99) (245.17) 35,782 26,83 B B (357.14) (267.52) C 39,196 28,156 C (391.22) (281.3) 126

129 , ,881 44,774 47,495 45,5 4,32 ($446.89) ($474.5) ($454.14) ($42.44) A 23,832 2,435 22,586 17,61 A A A (237.87) (23.96) (225.43) (17.29) 25,311 23,448 25,697 18,121 B B B B (252.63) (234.4) (256.48) (18.87) C 26,766 25,578 27,26 2,659 C C C (267.15) (255.29) (271.54) (26.2) ,162 47,5 ($51.65) ($474.1) A 2,9 2,289 A (28,6) (22.51) 23,651 23,128 B B (236.6) (23.84) C 26,853 24,691 C (268.2) (246.44) A CA C 127

130 A. 53.4% A. 51.4% A. 48.1% A. 45.3% 2 B. 6.2% B. 52.7% B. 53.% B. 5.7% C. 62.4% C. 59.2% C. 59.3% C. 52.8% A A A A B B B B C C C C %.26%.2%.23% A. 1.32% A. 1.42% A. 1.17% A..99% 5 B. 1.37% B. 1.46% B. 1.21% B. 1.3% C. 1.41% C. 1.5% C. 1.25% C. 1.7% 1 A CA C 2 27 A B C A B C A B C A B C

131 ,478 29,289 $2,897, ,383 16,37 1,6,657 94,724 16,561 1,63,588 16,614 46,11 46, (28,715) $ 2 2,253 12, ,426 3 (1,645) (16,248) 4 (35,142) (33,83) $(337,674) (61,64) (31,58) $(314,496) , $ 1,714 (2,682) 12, ,712 2,253 12,967 $129, ,818 AGW Access Gateway Switch $88,17 1,827 $18,231 1,645 $16, AGW AGW ,6119,837 5,426 54,

132 : ,815 1,55,264, ,742,459 1,557 75,648,626 (36) 1 3,336 1,139,655, : ,625 1,68,291, $1.1 4,486,45 1,557 75,648,626 (49) 1 11,133 1,148,426, $ BB 1,173, ,366, 13

133 ,9 (41) (41) 7,89 7,866 (24) 9,45 9, ,218 85,325 (893) 3,34 3,82 48 (845) $86,547 $851,63 $(8,917) 3,286 3, $(8,437) 131

134 ,44 72,17572, , ,48 $1,791,395 (6,295) (66,22) (66,77) (21,73) (3,522) (34,638) 13,253 82, ,987 48,238 47,5 469,16 (6,128) (7,43) (74,156) 42,11 39, ,4 2,187 17,98 179,456 (6,168) (6,33) (62,97) (1,389) (1,253) (12,58) 12,63 1,424 14,41 1,125 9,373 93,559 (2,255) (3,353) (33,47) (235) (169) (1,688) 7,635 5,851 58,41 165, ,66 $1,383, ,89 32,482 $ 324, , ,18 1,49, ,56 173,662 $1,733,

135 ,121 81,6 1,182 11,627 13,787137, ,171 21,61 215, ,53 3,917 $38,587 14,86 12, ,645 55,616 43,76 $436,232 52,875 44,329 $442,454 5,256 5,388 $ 53,775 8,818 $ 88, ,898 2,959 $ 29, ,387 13, ,17 14,285 16,86 $16, ,848 15,5415, ,258 1,371 $13, ,7 1,997 19,928 2,958 3,368 $33,

136 ,677146,49 125, 2 1,998,14 249, $2, $ , ,71 $26,

137 21. ADSL IP a ,43, , , ,51 256,924 74,3 2,544,219 2,544, ,219 5,43 41,994 2,72 14,647 16,782 92,747 (92,747) 1,442,4 264, ,13 194, ,571 9,785 2,636,966 (92,747) 2,544,219 1,286, , ,95 97, ,89 95,515 2,358,883 (85,73) 2,273, ,743 26,81 (2,965) 96,544 6,681 (4,73) 278,83 (7,17) 271,66 b ,691,192 2, , ,22 79,515 29,811 4,226,284 84,569 4,31, ,167 27,311 44,934 9,662 1,84 3,83 242, ,687 2,,213 2,51 42,525 16,371 2,858 3,288 2,85, ,85,

138 a ,618, ,39 324, ,85 255,69 81,661 2,776,169 2,776, ,916 6,76 46,18 3,793 15,34 18,212 11,733 (11,733) 1,63, ,69 37, ,643 27,724 99,873 2,877,92 (11,733) 2,776,169 1,456, , ,41 132,46 267,567 14,994 2,547,19 (95,137) 2,451, ,57 39,7 3,34 115,237 3,157 (5,121) 33,883 (6,596) 324,287 b ,41, ,971 44,415 56,43 88,47 259,12 4,51,714 57,188 4,558,92 193,196 26,551 43,351 11,222 1,117 3, , ,35 8,818 1,827 1,645 1, ,547 21,544 13,854 12,975 2,436 2, , ,619 a $16,158,655 $2,58,33 $3,241,68 $2,433,874 $2,552,55 $ 815,57 $27,79,39 $ $27,79, ,937 67, ,37 37,857 15,51 181,785 1,15,45 (1,15,45) 16,277,592 2,575,798 3,7,375 2,471,731 2,72,16 996,842 28,724,444 (1,15,45) 27,79,39 14,535,2 2,179,55 3,667,38 1,321,543 2,67,599 1,47,956 25,421,886 (949,571) 24,472,315 $ 1,742,392 $ 396,248 $ 33,337 $1,15,188 $ 31,57 $ (51,114)$ 3,32,558 $ (65,834) $ 3,236,724 b $3,359,87 $1,656,563 $4,395,797 $5,54,698 $878,82 $2,586,98 $44,931,765 $57,796 $45,52,561 1,928, ,4 432, ,7 11,151 33,922 2,783,71 4,682 2,787,753 88,17 18,231 16,248 16,248 2,351,5 215,31 138, ,55 24,314 26,721 2,884,851 5,849 2,89,7 136

139 ,532,359 1,862 9,998 2,544,219 2,544, , ,246 (3,246) 2,535,339 1,862 1,264 2,547,465 (3,246) 2,544,219 2,254,378 2,794 11,65 2,268,237 4,916 2,273,153 28,961 (932) (81) 279,228 (8,162) 271,66 3,757, , ,692 4,194,16 116,837 4,31, ,76,398 1,343 14,428 2,776,169 2,776, , ,961 (2,961) 2,763,137 1,343 14,65 2,779,13 (2,961) 2,776,169 2,429,574 3,22 15,464 2,448,6 3,822 2,451, ,563 (1,679) (814) 331,7 (6,783) 324,287 4,57, ,4 194,712 4,471,651 87,251 4,558, $27,551,628 $ 13,43 $ 144,8 $27,79,39 $ $27,79, ,339 2,215 29,554 (29,554) 27,578,967 13,43 146,223 27,738,593 (29,554) 27,79,39 24,249,664 3, ,34 24,434,169 38,146 24,472,315 $ 3,329,33 $ (16,762) $ (8,117) $ 3,34,424 $ (67,7) $ 3,236,724 $4,52,4 $2,185,892 $1,943,422 $44,631,714 $87,847 $45,52,

140 SOFTBANK CORP. Annual Report 28 INDEPENDENT AUDITORS REPORT 138

141 ,422,993, , UFJ 3,6,, 1,8,664, , % 13.83% 3.68% % 317, , , , , , , , , , , % 6.15% 45,864 37,415 26, ,918 4, 25, 3, 2, 2, 15, 1, 1, 5,

142 SOFTBANK Printed in Japan. Copyright 28, SOFTBANK CORP. All Rights Reserved.