アニュアルレポート 2009

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1 Clear-cut Communications 29

2 29 Clear-cut Communications * 1 FMC* 2 *1. *2. Fixed Mobile Convergence:

3 CONTENTS CSR

4 ,18 1,18,665 2,544,219 2,776,169 2,673,35 (25,359) 62, ,66 324, ,121 EBITDA* 1 44,95 149, , , ,636 (9,549) 129,484 28, ,887 17,338 (59,872) 57,551 28,815 18,625 43,172 * 2 294, , ,81 293,72 259,94 66,417 8, ,92 22, ,14 (45,989) 57,86 311,22 158, ,858 (242,944) 27,852 (2,97,937) (322,461) (266,295) 277,771 3,78 1,718, ,727 (21,348) * 3 (288,933) 85,658 (1,786,735) (164,23) 181,563 1,74,854 1,88,399 4,31,853 4,558,92 4,386, ,17 242, ,95 383, ,94 * 4 853,918 95,293 2,394,43 2,532,969 2,4,391 * 4 * 5 531,68 454,614 2,8,149 2,36,879 1,939,521 % EBITDA* 1 % ROIC* 6 % (1.6) % * * 4 * EBITDA * 7 (57.1) ,949 14,182 17,84 19,4 21,48 *1. EBITDAEBITDAEBITDA *2. *3. * *5. 3 *6. ROIC *

5 EBITDA , 2, 4, 6, 8, EBITDA 2, 3, 3, , 1,5 2, EBITDA % EBITDA % ROIC , 2, 3, 4, EBITDA

6 Clear-cut Communications Business Partners WITH 4

7 CONTENTS 5 6 I. 7 II. 8 III. 9 IV. 5

8 I. POINT A B... C D... E F... G H... I J... K L... COMMENT 31 6

9 II. POINT Vodafone Group Plc Oak Pacific Interactive Alibaba Group Holding Limited33.7% Yahoo! Inc.3.8% Verizon Wireless COMMENT B2B* 1 C2C* 2 No.1* 3 Alibaba Group Holding Limited SNSXiaoneiOak Pacific InteractiveOPI Vodafone Group Plc JIL B.V.294Verizon Wireless41* *1. *2. *3. iresearch China Online Shopping research report (28-29)iResearch China B2B e-commerce Report (27-28)iResearch China Electronic Payment research report (28-29) *

10 III. POINT 28 3EBITDA 241 5EBITDA 1, NTT KDDI 1, , 1, 6, 1 KDDI , NTT4.95 2, COMMENT 199Yahoo! JAPAN 2 * 1 * 2 2 ADSL Yahoo! BB No.1* * 3 Yahoo! 2 * 2 Yahoo! 8 * Nielsen Online * *3.

11 IV. POINT 3ARPU % 2 NTT KDDI 2, 15 1, , Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 COMMENT ARPU* 1 ARPU No.1* 2 ARPU FMC* 3 1Yahoo! JAPAN Yahoo! *1. Average Revenue Per User: 1 * *3. Fixed Mobile Convergence: 9

12 Clear-cut Communications Shareholders WITH 1

13 283, % * 1 21ADSL ,815273, * No.1* 3 * 4 Alibaba Group Holding Limited 2 3 No.1No.1 3 Clear-cut Communication IR No.1 No.1 *1. *2. 3 *3. *4. NTTKDDI 11

14 Q1 A1 272No % 272No.1 2NTT 25.5%* 1 Yahoo! SoftBank 922SH7iPhone 3GSoftBank 931SH IP FMC* 2 Yahoo! 26 *1. *2. Fixed Mobile Convergence: iphoneapple Inc. iphone * 3 1, % % ,63 43.% 1, % 12 *3.

15 Q2 A % % %26 ARPU* %2816.8% ARPU ARPU 98 ARPU ARPU 29ARPU ARPU % 1* 2 *1. Average Revenue Per User: 1 *2. NTTKDDI 2, 3 % 1 NTT KDDI 1,5 5 1,

16 Q3 A iphone 3G SoftBank 922SH

17 Q4 A % 4 EBITDA * % 23.5% 31 FMC * 2 Yahoo! EBITDA NTTKDDI *1. EBITDA EBITDAEBITDA *2. 2,5 EBITDA 3, 2, 2,5 1,5 1, 5 2, 1,5 1,

18 Q5 A5 No.1 No.1 No.1No.1? No.1No.1 No.1 43 e Amazon.com ebay GoogleSNS* 1 Facebook 1 * * 2 Taobao SNSXiaonei Oak Pacific InteractiveOPI No.1 *1. comscore, Inc *2. Euromonitor International Taobao 6% 1 Eachnet 7% Paipai 9% 5 78% 16 7 iresearch China Online Shopping Research Report iresearch China Online Shopping Research Report (28-29)

19 Q6 A FMC , % 2,5 37.7% % 3,591 4,2 37.7% 1,815 2, , ,395 17

20 Q7 A Taobao AlipayXiaonei OPI , , , , ,12 6 1, , , ,74 1 1, ,457 1,

21 ,87* 1 294,4751,222 3, ,395* 2 SBM* 3 3, , % 8.5% 2. * 4 EBITDA* 5 265, , , ,937282, ,6421,815 *1. *2. 17, ,694 * Whole Business Securitization *4. *5. EBITDA 25, 2, 15, 1, 5, DE EBITDA Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 EBITDA 8, 6, 4, 2, 2, , 1, 1,642 1, ,

22 ARPU* *6. Average Revenue Per User: , , IR 5, 4, 3, 2, 1, 4, Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q ,395 17,68 4,1 73% 83% 19,93 2

23 26 CONTENTS I : 25 2: 26 3: 27 II. 21

24 I. DNA DNA No.1* 1 28ARPU* 2 No.1* 3 DNA DNA J1 J2 DNA ARPU *1. *2. Average Revenue Per User: 1 *3. 3 NTTKDDI 22

25 23 S! % 2. Yahoo! Yahoo! Yahoo! S!

26 I JS & S! S S-1 12 J1 18 J2 Fukuoka SOFTBANK HAWKS Corp. All Rights Reserved. MP&Silva Pte Ltd FEG INC. 29 Nihon Sumo Kyokai 29 goo TBS 24

27 * 1 SNS ARPU *1. NTT i 25

28 I. Q Yahoo! A Yahoo! Yahoo! Yahoo! /3 8/6 8/9 8/12 9/ ARPU Win-Win-Win 26

29 II. * 1 Vodafone Group Plc * 2 288JIL B.V. 294 * 2 Verizon WirelessJIL 41* 3 JIL JIL1 JIL JIL JIL 4 JIL * Wireless Intelligence *2. 293Wireless Intelligence * JIL JIL 27

30 Clear-cut Communications Customers WITH 28

31 26 CONTENTS

32 35.3% 3 8.8%vs. 19.2% %vs. 35.3% 9.7% 58.4% 1.3% 46.6% 9.5% 34.% 13.6% 5.2% 8.8% 12.9% 5 28 EBITDA 26 * 1.3 EBITDA 3.5 EBITDA() EBITDA() 5, () % 5 28 EBITDA EBITDA 12. EBITDA() EBITDA() % 8 () 4 28 EBITDA EBITDA 11.6 EBITDA() EBITDA() % 8 () 4 4, 3, 2, 1, * EBITDA EBITDA 1.7 EBITDA() EBITDA() 1,5 () % 6 28 EBITDA EBITDA.3 EBITDA() EBITDA() % 8 () 4 28 EBITDA EBITDA 11.9 EBITDA() EBITDA() % 8, () 4 1, , , , EBITDAEBITDAEBITDA

33 26274%2 2 Yahoo! JAPAN KDDI 43.% 15 NTT DSL IP IP-VPN BB BB 11.4% 38.4% 2.2% Yahoo! JAPAN Yahoo! JAPAN Yahoo! JAPAN Yahoo! JAPAN Yahoo! Yahoo! 72.5% 59.7% 96.9% Yahoo! JAPANGoogle MSN/Windows Livegoo 29 3 Nielsen Online Yahoo! JAPANGoogle MSN/Windows Livegooinfoseek 29 3 Yahoo! biddersmsn

34 1. * % % %2718.1%2819.2% 4 *2 28 3FMC *2 *3 *1. *2. Fixed Mobile Convergence: * % NTT KDDI % ARPU *4 28ARPU4, ARPU1, ARPU ARPU 1 ARPU 6, 5, 4, 3, 2, 1, ARPU ARPU Q1 Q2 Q3 Q4 *4. Average Revenue Per User: 1 32

35 281.71% % 3G * %28.77%1.32%1.% *5. % G , % 271.4% EBITDA *6 4, % EBITDA 2. EBITDA % 25 * *6. EBITDA EBITDAEBITDA * * *8. 62In Focus: 33

36 , % *9 89.5%2787.8% DSL 36.9%FTTH 49.5%2 FTTHDSL25 DSL FTTH BBBB Yahoo! BB ADSL % *9. DSLFTTHCATV 3. ISDN 255,85284,73 NTT NTT 255.7%28 11.% NTT 3.8% *1 IP-VPN *1. Yahoo! BB ADSL 3, 2, 1, DSL FTTH CATV Yahoo! BB ADSL DSL NTT 6, 4, 2, ISDN NTT ( NTT ( , 5, 4, 3, 2, 1, % % IP-VPN

37 % 16.3% 28 Yahoo! JAPAN 8, 6, 4, 2, e 1, % e 27.7% 3 28 Yahoo! Yahoo! 275.% Yahoo! Yahoo! 28Yahoo! %736ID 8, 6, 4, 2, Yahoo! ID

38 * G 3G 4 3G 27 2No.1* 2 26* 3 28EBITDA* 4 1.3EBITDA22.3%25.8% * *2. * *4. EBITDA EBITDAEBITDA 36 43G 3 FMC* SoftBank 922SH7iPhone 3G * 6 11AQUOS FULL- TOUCH SoftBank 931SH* 6 2. Y! Yahoo! 28 7Yahoo! JAPAN 2811 * 7 AQUOS FULLTOUCH SoftBank 931SH29 4 S-1 * 7

39 CM No.128 9, OL CM CM DATABANK 3, CM 3. FMC FMC 28 BB BB & * 8 FMC *5. Fixed Mobile Convergence: *6. & * *8. 41 & iphone 3G & AQUOS FULLTOUCH SoftBank 931SH iphone 3G ipod1 iphone 3G App Store 1AQUOS FULLTOUCH SoftBank 931SH* 9 3.8XGA * ROA Group 37

40 ADSLFTTH IPLAN IPVOD BB * 1 BB BB21 Yahoo! BB IPBB LAN BBTVBB 28Yahoo! BB ADSLDSL 38.4% * BB BB 5 24 FMC Yahoo! BB * 2 BB 3 2. BBADSL ADSL4,7, FTTH BB Yahoo! BB * 3 3. Win-Win BBADSL FTTHFTTR 38

41 Yahoo! BB % BB 8M 12M 26M 5M LAN Yahoo! BB ADSL DSL Yahoo! BB with 294 BBISP BB BB Yahoo! BBBB Win-Win & Yahoo! BB BB2812Yahoo! BB Yahoo! BB 49 2ADSL 3G Yahoo! BB BB *2. *3. & Yahoo! BB a8m Yahoo! BB 5M 1, M~2M +2 2M 4,635 3,635 M 5M 2M Yahoo! BB491,99491,99 39

42 * NTT NTT NTT E ther ICT* 2 e 28EBITDA* 3 253EBITDA % * *2. Information and Communication Technology *3. EBITDA EBITDAEBITDA MR SoftBank X5HTHTC3, iphone 3G 1, Ether 4

43 ARPU 2841% & FMC FMC* PBX* 5 *4. Fixed Mobile Convergence: *5. PBX 41

44 e * 1 Yahoo! JAPAN 1 2 No.1 * 2 e * * Nielsen Online * 3 5, 125* 4 8,28* 3 8,51 55* 4 Yahoo! 42 6,985,37* 3 e Everywhere Everywhere % Yahoo!Yahoo! JAPAN Yahoo!

45 Yahoo! JAPAN for AQUOS 1, VOD 8, 6, 4, 2, IT 29 Yahoo! JAPAN for AQUOS Yahoo! 3. Yahoo! & TM 4. No.1 Yahoo! JAPAN 2 * 5 Yahoo! JAPAN Yahoo! Win-Win *3. *4. 27 * Nielsen Online

46 IT SaaS/ASP BB * 1 IT BB ITSaaS* 2 / ASP EC BB 28 EBITDA* %46.8% * *2. Software as a Service: *3. EBITDA 44 IT IT IT2 IT IT IT IT SaaS IT IT IT IT IT IT

47 1 BB No S oftbank S ELECTION* 4 Bluetooth iphone 3G SaaS/ ASPSaaS/ASP BB 85 BB SaaS/ASPTEKI-PAKI 281 *4. & & SoftBank BB 2711SoftBank SELECTION285 SoftBank SELECTION Bluetooth microsd SoftBankiPhone 3G Bluetooth SBS-BT25TV& 45

48 e ASP e Web IT Yahoo! 46 TV

49 28 28 * 1 1%SNSXiaonei Oak Pacific InteractiveAlibaba Group Holding Limited 28 * * * ,326 7, Yahoo! Inc , , UTStarcom, Inc ,594 7,99 11,

50 293 URL % , BB 3 315, , BB* ,31 1. ADSLIPIT IPVOD 12 1, * * 1 * , Yahoo! JAPAN e , B2B , IT *1. BB *2. IDC2922IDC33 48

51 URL % BB e TV , IT , SBBM , SB Holdings (Europe) Ltd SOFTBANK Holdings Inc SOFTBANK America Inc SOFTBANK Commerce Korea Corporation , IT 49

52 URL % 3 3, * , MP , , , DVD Alibaba Group Holding Limited , B2B CJ , , * 2 icube Corp , , SNS 3 2, , * *

53 URL % Yahoo! Inc. NASDAQ Yahoo! URL * * 2 1 *3 *4 % SOFTBANK Ventures Korea Inc. SOFTBANK Korea Co., Ltd. SB CHINA HOLDINGS PTE LTD SOFTBANK Ranger Venture Investment Partnership A 18, 18, 1. A 2,2 2,2 1. A A 4, 4, 1. SOFTBANK Capital L.P. A SB Europe Capital L.P. A SOFTBANK US Ventures VI L.P. B Bodhi Investments LLC A SOFTBANK Capital Technology Fund III L.P. B SB Life Science Ventures I, L.P. A SOFTBANK Technology Ventures V L.P. B SOFTBANK Technology Ventures IV L.P. B SB Asia Investments Fund II LP B SOFTBANK Capital Partners LP A SB Asia Infrastructure Fund LP B *1. *2. ABA *3. *4. 51

54 CONTENTS CSR 61 52

55 Q. A MissionPoint Capital Partners, LLCChairman 276Alibaba Group Holding Limited Chairman and CEO Q. A IT Goldman, Sachs & Co. 6 3 CEO

56 Goldman, Sachs & Co. Chairman MissionPoint Capital Partners, LLC No.1 54

57 Q. A. CEO 1 CEOCEO BB Q. A Q. A

58 Q. A. GCO CCO GCOCCO 1 1, Q. A. GCISO GCISO G-ISC G-ISC e e 56

59 Q. A Q. A IR Q. A. 28 IR Yahoo! 57

60 CSR Q. CSR A. CSR NPO 1: Yahoo! 2712 Yahoo! Yahoo! : fanfun.petit SoftBank 82Tf anfun.petit SoftBank 831T 58

61 NPO DVD2812 1: NPO : NPO294 59

62 CSR 1: % 2:BB 1% BB 1% A4312 In Focus SRIFTSE4Good Index SRIFTSE4Good Index FTSE4GoodCSR CSR FTSE 6

63 29624 Director and President SOFTBANK Holdings Inc. Chairman and CEO Alibaba Group Holding Limited Chairman MissionPoint Capital Partners, LLC

64 In Focus TCAPHS 291TCAPHS G 2. 62

65 CONTENTS

66 ,718 98,56 99,334 1,525 12,725 13,648 14,834 15,825 17,487 3G 69,99 74,691 79,322 83,34 88,97 9,832 93,653 96,67 99,631 3G 26,89 23,365 2,12 17,221 14,628 12,816 11,181 9,758 7,856 2,3 2,192 2,92 2,19 1,716 1,635 1,59 1,541 IP 84,372 85,648 86,532 87,283 88,686 89,277 89,728 9,173 91,185 PHS 4,98 5,22 4,956 4,772 4,615 4,615 4,587 4,57 4,563 PHS 11,698 13,78 14,289 15,297 17,34 18,263 19,42 11, ,5 87,54* 1 88,11 9,91 % 72.6* DSL 14,13 13,794 13,483 13,133 12,711 12,29 11,967 11,62 11,184 FTTH 8,795 9,686 1,59 11,33 12,154 13,87 13,757 14,418 15,17 CATV 3,67 3,692 3,748 3,827 3,872 3,956 4,19 4,83 4,111 26,415 27,172 27,74 28,29 28,737 29,333 29,743 3,13 3,312 * 2 % LAN 6,99 6,364 6,56 6,723 6,864 7,11 7,241 7,359 7,43 IP-VPN IP 14,478 15,4 16,119 16,766 17,535 18,279 19,47 19,586 2,218 48,169 47,374 46,614 45,756 44,782 43,942 43,161 42,355 41,37 ISDN 6,996 6,843 6,716 6,59 6,453 6,319 6,198 6,72 5,929 ISDN 55,165 54,217 53,33 52,346 51,235 5,261 49,359 48,427 47,299 * * , , ,11 64

67 ,99 18,586 2,633 19,112 19,633 2, 2,633 * 1 % G 7,66 14,48 18,654 15,113 16,321 17,249 18,654 3G % ,677 2, * 1 % G 4,623 6,388 4,66 1,65 1, ,45 2G (3,924) (3,711) (2,559) (539) (687) (561) (772) ARPU* 2 / 5,51 4,65 4,7 4,18 4,17 4,9 3,83 / 4,15 3,15 2,32 2,53 2,46 2,3 2,2 / 1,36 1,49 1,74 1,65 1,71 1,79 1,82 % %/ G * 3 %/ %/ ,2 32,3 39,1 35,6 35,5 38,3 45,3 Yahoo! BB ADSL 5,164 4,89 4,299 4,653 4,551 4,427 4,299 BB M 1,276 1,144 1,8 1,11 1,77 1,43 1,8 12M 2,137 1,889 1,628 1,87 1,75 1,688 1,628 26M M 1,387 1,475 1,422 1,466 1,458 1,442 1,422 5M % LAN 1,53 1,453 1,261 1,44 1,363 1,38 1,261 LAN % ARPU* 2 * 4 / 4,282 4,279 4,278 4,262 %/ * 5 1,221 1,41 1,68 1,443 1,498 1,544 1,68 Yahoo! JAPAN * 6 37,297 43,145 46,187 43,988 43,433 41,111 46,187 * Yahoo! * *1. *2. Average Revenue Per User: 1 *3. *4. Yahoo! BB ADSLBB2512ARPU1 *5. *6. Yahoo! JAPAN *7. Yahoo! JAPAN *8. 1 Yahoo! JAPAN 65

68 * 1 1,442,4 1,63,852 1,562, ,586 41, , ,69 155, ,57 171,39 44,273 43,891 46,748 36,478 % EBITDA* 2 321, ,466 43,81 99,514 11,168 13,33 1,95 EBITDA % * 3 38,46 235, ,177 37,493 38,757 52,99 7,18 19,18 141, ,518 38,68 39,63 4,919 42, , ,69 235,199 6,127 59,911 58,377 56,784 26,81 39,7 47,253 1,476 11,789 14,341 1,647 % EBITDA* 2 55,61 7,314 7,954 16,394 17,595 2,141 16,824 EBITDA % * 3 22,16 21,293 14,59 4,761 3,1 3,113 3,76 27,222 26,521 21,974 5,655 5,381 5,386 5, ,13 37, ,632 88,453 9,5 9,197 94,977 (2,965) 3,34 18, ,759 5,778 7,633 % EBITDA* 2 42,589 47,965 64,373 12,222 16,191 17,163 18,797 EBITDA % * 3 37,686 21,825 29,589 5,1 8,197 9,598 6,694 4,826 38,6 36,767 9,216 9,25 9,168 9, , , ,238 62,327 63,259 64,248 64,44 96, , ,98 3,543 3,646 3,872 33,37 % EBITDA* 2 16,27 126, ,389 33,84 33,696 34,17 36,439 EBITDA % * 3 15,17 1,578 9,887 2,74 3,98 2,196 1,853 8,7 9,629 1,843 2,355 2,593 2,889 3,6 66

69 ,571 27, ,184 62,459 65,522 64,76 65,497 6,681 3,157 4,636 1,1 1,737 1, % EBITDA* 2 7,765 4,36 6,17 1,338 2,191 1,391 1,187 EBITDA % * 3 2,858 1,419 1, ,28 1,85 1, ,785 99,873 88,227 21,818 24,19 2,557 21,662 (4,73) (5,121) (194) (759) 3,383 (2,855) 37 % EBITDA* 2 (1,647) (1,721) 3, ,27 (1,987) 85 EBITDA % * 3 3,728 3,29 4,563 1, ,18 1,575 2,991 3,192 3, ,21 1, (92,747) (11,733) (89,336) (2,515) (22,52) (21,681) (24,62) (7,17) (6,596) (8,3) (1,255) (1,291) (1,249) (4,235) EBITDA* 2 (6,571) (6,127) (7,112) (1,113) (975) (1,14) (4,1) 2,544,219 2,776,169 2,673,35 647, , ,265 69, ,66 324, ,121 85,86 94,914 94,69 84,431 % EBITDA* 2 525, , , , ,73 172,897 17,182 EBITDA % * 3 389,81 293,72 259,94 51,579 54,23 69,137 84, ,92 22, ,14 57, 58,68 59,669 61,277 * *2. EBITDA EBITDA EBITDA *3. 67

70 Clear-cut Communications Society WITH 68

71 CONTENTS

72 , ,22 397,15 45,315 12,13 8,377 16,431 (23,91) EBITDA* 1 54,65 43,816 28,866 (1,24) 36,64 32,168 87,9 (119,939) 37,538 8,446 36,631 (88,755) (28,668) 349 (91,598) (79,123) 281,5 (6,341) (42,612) 39,751 (25,562) 22,914 24,548 1,313 53,988 16,615 (76,2) (34,479) 15, ,6 159,15 119, ,578 1,168,38 1,146,83 1,163, ,976 38,74 424, ,326 * 2 444, ,76 413, ,644 * 2 * 3 351,79 163, ,42 232,16 % % (2.) % * * 2 * * (263.53) (87.84) 2, , , , ,796 11,15 336, , * * 6 1,2 7,219 4,312 4,375 *1. 23EBITDA 24EBITDA * *3. 3 * *5. *

73 , , ,18 1,18,665 2,544,219 2,776,169 2,673,35 (91,997) (54,894) (25,359) 62, ,66 324, ,121 (69,781) (2,75) 44,95 149, , , ,636 (71,474) (76,745) (9,549) 129,484 28, ,887 17,338 (99,989) (17,94) (59,872) 57,551 28,815 18,625 43,172 (68,6) (83,829) (45,989) 57,86 311,22 158, , ,749 81,878 (242,944) 27,852 (2,97,937) (322,461) (266,295) (17,615) 36,39 277,771 3,78 1,718, ,727 (21,348) 27,85 29,98 (9,689) 126,642 (65,277) 113,517 (31,169) 147, ,133 32, , ,521 49, , ,331 1,421,27 1,74,854 1,88,399 4,31,853 4,558,92 4,386, , ,81 178,17 242, ,95 383, ,94 34, , ,918 95,293 2,394,43 2,532,969 2,4, , , ,68 454,614 2,8,149 2,36,879 1,939, (27.7) (43.2) (28.9) (296.94) (314.72) (171.3) (98.98) (14.91) (57.1) , ,44 351,457 1,55,82 1,55,74 1,8,51 1,8, ,966 5,18 12,949 14,182 17,84 19,4 21,48 71

74 4271.7% EBITDAEBITDA 1, , ) ADSL IP BB* 1 * * * 1 * 2 ) BB* 1 *1. BBBB *2. IDC 2922IDC2933 IDC28 *

75 iphone 3G BB BB FMC* 4 S * , * ,632,93 3G9% 2,673,35359, *4. Fixed Mobile Convergence: * ,673, ,1343.7% 67,961 8, 6, 4, 2, 6,63 7,16 6,94 7,174 6,472 6,817 6,532 6, Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 73

76 3. 359, ,8341.7% BB 15, % 9,8618.6% 7,55319.% 1,365, ,4616.9% 3 948,112736,57 3.7% % 1, , , % 2755, , Alibaba Group Holding LimitedAlibaba.com Limited 57, ,76 112, ,518 3,228 2,972 75, 29,479 Yahoo! BB 28,999Yahoo! BB Yahoo! BB with Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 74

77 5. 39,39 19, IDC IDC BB 44,45 43, , % 4.7% 4.7% 22.8% 1. BB BB 31.2% 28 BB BB , , IDC IDC 2.6% IDC % 8.4% 18.4% 75

78 1,562, , % 171,39273,18 1.8% , , ,63 2, %* % 3G9% 1,8653, G * ,2 5, % NTT KDDI 4, 2 8 3, , 1 1, 5 7 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 76

79 281.% %27.49 ARPU 28ARPU* 7 4,7 ARPU27 * 8 ARPU ARPU1, ARPU 42.8% 2839,1 *7. Average Revenue Per User: 1 * ARPU 1 1 3G 26 6, 4, , 3, , 2, 1, Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q

80 235, ,878.9% 47,253277, % BBADSL BB Yahoo! BB ADSL ,28 ARPU14,28324,279 34,27844,262 BB * 9 2 ADSLYahoo! BB Yahoo! BB 3G BB * 1 BB 292 Yahoo! BB with Yahoo! BB 28,999 * 9. Yahoo! BB 49 1,99 491,99 *1. 363, ,191.9% 18, , % Ether 8 % 4 1, % Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 78

81 ,14.7% 168, 77.6% FMC , ,5952.7% 125,98279, % % % % Yahoo! 28 Yahoo! Yahoo! 32, ,5545.% Yahoo! B to C Yahoo! Yahoo! 736ID276.4% IDC 7 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 8 79

82 258, ,544.6% 4,636271, % BB & SoftBank SELECTION 88, , % ,121 TV % Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 8

83 1,52, ,432 32,623BB & 29, ,294 1,, ,318 Yahoo! BB 16,212 1,222, ,2 44,28 61, , ,28 Yahoo! Inc. 111,575 BB 31,341 48,294 16,35 31,988 1,349, ,878 26,939 13, ,897 18,47 2,212, ,181 27,99813,182 75, 27 91,6361,184,853 3, 26,272 26,64 25,329 25,574 25,453 24,949 24,3 24,322 2, 1, 7 8 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 81

84 824, ,9274,474 Yahoo! Inc. 49,58 37, , TTM TTM TTM

85 28 447, ,295 21, , ,623457, ,858 17, ,14 61,11129,479 1,7 29,23 6,49 266,295 24,638 33,198 17,53 21, , ,359 9,29 372,31 18,93 81,348 71,167 83

86 , ,789 12, ,566 64, 324, ,66 64, 192,66 24,3 64, 14,3 51,766 51,766 1, 1, 32,5 32,5 878, , ,153 6,71 1,414 5,287 1,491, ,743 1,35,76 SBM* 11 1,184,853 1,184,853 Vodafone* 12 84,597 84, , ,67 36, ,491, ,743 1,35,76 314,41 86, ,673 3, 2, 1, 3, 2, 1, * ,81 27,444 16,637 * 14 33,281 13,89 2, ,362 4, ,829 * 13 7,76 3,161 3,915 * 14 12,337 2,47 9,93 19,413 5,568 13,845 * * 14 17,442 6,435 11,7 17,664 6,557 11,17 (3)( ,4, ,532 1,76,859 2,11, ,532 1,436, ,566 64, 324, ,994 14, ,95 321,555 88, ,314 * ,379 3,727 11,652 * 14 63,6 21,931 41, * Whole Business Securitization *12. Vodafone Overseas Finance Limited *13. *14. 84

87 8 293 %/ , , , , , , , , , , Phoenix JT Subordinated Notes Due , , , , 1, ,

88 * BB ADSL , *

89 ,2 2,

90 NTT 2 Yahoo! BBTV 3 4

91 Yahoo! JAPAN Yahoo! BBYahoo! Yahoo! Inc.Yahoo! ,5

92 ,66 5M&A 6

93 SBM Loan Agreement Amendment to the SBM Loan Agreement Deed of Trust Agreement (B) (Tokutei Kinsen Trust) Cash Management Agreement Security Assignment over BBM Loan Agreement (Joto-Tampo) Security Assignment of Downstream Loan Agreement (Joto-Tampo) Security Assignment of Shares (Joto-Tampo) Security Assignment of Shares (Joto-Tampo) Security over Trust Beneficial Interest Agreement (Shichiken) Security over Shares Agreement (Shichiken) SBM* 16 SBM* 16 SBM* 16 TOB SBM Loan Agreement A SBM Loan Agreement SBM Loan Agreement BB BB BB BB BB BB Deed of Trust Agreement (B) (Tokutei Kinsen Trust) SBM*

94 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) Security Assignment of Intra-Group Indebtedness (Joto-Tampo) Mortgage Agreement SBM * SBM* 16 SBM* Security Assignment of Intellectual Property (Joto-Tampo)

95 Security Assignment of Tangible Moveable Property (Joto-Tampo) Debt Assumption, Amendment and Restatement Agreement BB Facility Agreement Shareholders Agreement BB Vodafone International Holdings B.V. Vodafone International Holdings B.V. Vodafone International Holdings B.V. BBVodafone International Holdings B.V. Debt Assumption, Amendment and Restatement Agreement Vodafone International Holdings B.V. BB BB BB *16. SBM GHz LTE* 17 FMC 2 FTTH AI 3 SNC FMCICT IRIS *17. Long Term Evolution: 1 W-CDMAHSDPA 93

96 , ,644 $ 4,658,95 4 3,678 2,784 28, , ,85 8,735,466 58,119 42,321 43, ,85 93,21 946, , ,316 1,173,948 (68,389) (48,858) (497,388) 1,582,745 1,52,313 15,477, ,443 22, ,829 75,781 71, , ,38 738,968 7,522,832 86,62 79,638 81,725 45,576 37, ,525 54,365 5, ,246 1,29,265 1,,947 1,189, , ,731 9,739,71 224,18 226,132 2,32,67 39,693 39, ,53 1,238,39 1,222,19 12,441, , ,311 1,896, , ,792 1,362, , ,229 1,61, , ,971 1,679,442 78, ,33 6,548,949 4,558,92 4,386,672 $44,657,153 94

97 , ,236 $ 3,27, , ,296 3,24, ,279 16,34 1,632, , ,171 3,585,167 35,79 21, , ,771 88, , ,13 87, ,195 1,24,75 1,349,583 13,739,13 6 2,31,857 1,76,859 17,925, ,159 16,77 163,662 43,81 41, , , ,314 2,375, ,978 28, , , ,428 1,337,963 2,469,472 2,212,291 22,521, ,6,, 1,8,664, ,81,23, , ,682 1,91, , , 2,158, ,946 (91,744) (51,27) (521,934) 8,914 31, ,988 (11,823) 25, ,697 7,438 (3,554) (311,48) 163, , (26) (215) (2,185) 383, ,383 3,811, ,862 45,415 4,585,38 848, ,798 8,396,62 4,558,92 4,386,672 $44,657,153 95

98 ,776,169 2,673,35 $27,212,1 1,467,364 1,365,93 13,95,154 1,38,85 1,37,132 13,36, , ,11 9,65, , ,121 3,655,922 3,137 1,399 14,244 6 (114,864) (112,346) (1,143,71) 55,411 (13,76) (14,75) 4,981 1,885 19, ,299 3,228 32,861 (21,856) (11,54) (117,114) 5 (75,) (763,515) 13 (31,58) (45,685) (465,82) (98,4) (251,783) (2,563,197) 225,887 17,338 1,92,725 9 (48,65) (39,39) (4,998) (29,533) 19,674 2,288 (78,183) (19,716) (2,71) (39,79) (44,45) (452,512) 18,625 43,172 $ 439, $

99 ,55,74, , ,669 3,181 (192,271) 122,619 (26,996) 28,81 (194) 286,13 43,17 716,237 18,625 18,625 18,625 : 12.5 (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, , , (4) (4) (4) 43,172 43,172 43,172 : 12.5 (2,71) (2,71) (2,71) (5,393) (9) (9) (9) 359, (49,58) 36,94 (37,992) (5,463) (14,447) (64,91) ,8,854, , , 289 (51,27) 31,334 25,117 (3,554) (215) 374,383 45, , ,8,5,767 $1,98,2 $ $2,155,56 $1,225 $(933,972) $ 823,724 $(12,361) $ 75,719 $(2,99) $3,97,798 $4,732,385 $8,64, (39) (39) (39) 439,53 439,53 439,53 : 12.5 (27,499) (27,499) (27,499) (5,393) (86) (86) (86) 359,4 2,634 2,634 5,268 5,268 1,721 (54,736) 376,58 (386,767) (513,724) (147,77) (66,81) ,8,854,774 $1,91,636 $ $2,158,194 $2,946 $(521,934) $ 318,988 $ 255,697 $(311,48) $(2,185) $3,811,294 $4,585,38 $8,396,62 97

100 ,887 17,338 $ 1,92,725 (52,815) (6,49) (614,972) 22, ,14 2,42,663 59,5 61, ,126 (55,411) 13,76 14,75 (1,57) (2,41) (24,539) 1,645 29,479 3,11 21,856 11,54 117,114 (12,967) 5,316 54,119 (7,569) (3,38) (3,924) (4,431) (1,495) (15,217) (39,196) 1,7 17,32 (7,58) (29,23) (297,567) 72,32 78, ,27 (67,629) 34,52 3,466, , ,858 4,559,276 (345,677) (24,638) (2,449,74) (45,577) (33,198) (337,958) 44,176 18, , ,28 (17,53) (178,462) (258) 1,12 22,655 6,213 63,244 (322,461) (266,295) (2,71,937) (69,531) 116,359 1,184,554 (5,) 28, ,681 2,389,97 (234,874) (372,31) (3,79,92) 89,463 (58,39) (18,93) (1,18,929) 44, ,269 9,128 1,138 11,581 (2,641) (2,68) (27,286) (3,55) (4,121) (41,953) (49) (71,167) (724,489) ,923 9,29 918,342 (49,92) (81,348) (828,136) (13,43) (12,76) (129,345) 284,727 (21,348) (2,141,387) (7,7) (2,384) (24,268) 113,517 (31,169) (317,316) 357 3,642 (771) (1,811) (18,427) 377,521 49,267 4,991,6 49, ,644 $ 4,658,95 98

101 AICPA Audit and Accounting Guide Investment Companies 99

102 ,287966,3229,837,

103 1 Accounting for Uncertainty in Income Taxes , ,276666,

104 12 BB BB

105

106 ,53259,9 2,251 $ 26, ,82 22,78 224,754 (12,726) (129,556) (4,474) (45,536) 25,53 259,9 (8,325) (84,753) 17,25 $ 175,147 7,576, , ,91 (2,443) 171,677 1,321 6 (9) 1,318 3,54 144,97 (2,452) 172, ,27 55,126 (66) 79,79 2,821 1 (254) 2,568 28,91 55,127 (86) 82, $257,256 $561,192 $(6,168) $812,28 28,724 1 (2,592) 26,142 $285,98 $561,22 $(8,76) $838,422 14

107 $ 7, ,44 91,446 8, ,23 1,799 6,726 6,733 68, ,966 12,527 88,673 $92, ,8741,6312,441 6,611 2,666 27, , $ 1, , ,18 1 1,213 $12, , 3,627 $ 36,928 26,42 18,64 183, (234) $ (2,384) 12,796 (5,82) (51,735) 12,967 (5,316) $(54,119) 15

108 5. SPC SPC16 8 SPC 75, 763, ,763, , $254, , 254, , 254,55 75, $763, %7.34%.94%1.6% 13,11, 1,119, % 7.5%28/.93% 7.5%29 443,676 41,525 $ 4,87, % 6.89%28/ 4.4% 6.93%29 1,382,23 1,289,64 13,122, % 9.38%28/ 1.97% 7.75%29 347, ,566 2,937, % 2.%28/ 1.5% 1.75%29 15, 1, 1,18,19 1, , ,323,63 2,79,155 21,166,196 1 (291,773) (318,296) (3,24,317) 1 2,31,857 1,76,859 $ 17,925,879 16

109 % 5.9% 88,241 $ 898, % 5.9% 233,314 2,375, ,296 $ 2,588, , , ,248 2,89, ,5 2,214, ,159 9,662,617 1,69,589 $17,21, , $ 651, ,4 574, ,9 71, , 59, ,266 1,519, ,566 $3,955, ,241 $ 898, , , ,451 93, ,627 43, ,67 118,8 321,555 $3,273, ,29,3 13,132,4761,24 12, ,983 $2,158,22 312,832 3,184, ,396 1,617 18,86 12,775 13,5 26,51 2,652, ,927 66,864 68,687 32, 325,763 98,22 $9,245,658 17

110 18 1,184,85312,62,29 BB BB 1 185,67 1,89,151 36,256369,97 221,9262,259,248 BB ADSL SPCSPC 2,23,64 1 6,6667,8 13,34 135,84 BBADSL % % BB 2 BB a b BB c d e f BB g h i SBBM j k 2, 14,5 dfgh 4, 1,

111 4, 2, 1,5 WBS 1 SBM SBM EBITDA WBS WBSWhole Business Securitization: 14,419 SBM SPC WBS 14,419 13,66 2. EBITDA EBITDAEarnings Before Interest, Taxes, Depreciation and Amortization 3. EBITDA Vodafone Overseas Finance Limited 2 75% % 7. BB BBADSL ,6495,65957,613 BB ADSL ,4988,8189, ,85 12,45 $122,617 15,923 3,773 $ 38,41 BB 19

112 PBO 16,159 16,77 $163,662 16,159 16,77 $163, ,63 1,198 $12, , ,298 2,48 2,78 21,154 3,927 4,231 $43, ,611,187 12, % 1.75% % : 18,33 127,399 $ 1,296,943 82,25 18,78 1,1,256 74,443 63,14 642,781 32,557 39,46 41,76 54,211 28,33 288,48 17,826 17,15 173,218 13,473 8,599 87,54 8,38 78,921 72,772 74, , ,793 4,731,685 (286,137) (21,794) (2,54,31) 256, ,999 2,677,384 : (58,666) (2,661) (21,329) (16,23) (163,115) (6,711) (3,861) (39,314) (65,377) (4,545) (412,758) 19,76 222,454 $ 2,264,626

113 % 4.69% : (9.6) (53.54) (7.71) 2.16 (5.37) (3.41) 34.61% 18.36% % ,399 1,296, ,551 $ 25, ,486 15, ,225 43, , , , , , ,45 127,399 $1,296, %1% 3 111

114 , , ,2, 822, A. 25% B. 25% C. 25% D. 25% A. 5% B. 25% C. 25% A. 25% B. 25% C. 25% D. 25% , A. 5% B. 25% C. 25%

115 ,344 11, A. 5% B. 25% C. 25% A. 5% B. 25% C. 25% ,992 18, A. 5% B. 25% C. 25% A. 5% B. 25% C. 25% ,64 47, A. 5% B. 25% C. 25% A. 5% B. 25% C. 25%

116 ,888 19, A. 5% B. 25% C. 25% A. 5% B. 25% C. 25% ,464 2, A. 5% B. 25% C. 25% A. 5% B. 25% C. 25% ,168 9, A. 5% B. 25% C. 25% A. 5% B. 25% C. 25% A. 5% B. 25% C. 25% A. 5% B. 25% C. 25%

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

118 , A. 5% B. 25% C. 25% A. 5% B. 25% C. 25% A. 5% B. 25% C. 25% A. 5% B. 25% C. 25% ,59 11, A. 5% B. 25% C. 25% A. 5% B. 25% C. 25% A. 5% B. 25% C. 25% A. 5% B. 25% C. 25%

119 , 622,5 15, 2,1 15, 412,2 19,2 2,481,6 25,5 21,4 15, 412,2 359,4 12, 25,1 2,11,2 4,5 588,5 1,44 ($14.66) 1,67 (16.36) 1,827 ($18.6) 4,172 ($42.47) ,432 2,48 4,744 16,835 5, ,432 2,48 34,934 16,458 51,27 ($521.94) 38,86 ($387.72) 19,416 ($197.66) 3,562 (311.13) 9,559 ($97.31) 3,15 (36.93) 117

120 ,732 19,968 1,28 16, , ,8 17, ,936 8,497 ($86.5) 3,119 (36.62) 1,196 ($13.8) 27,34 (278.33) 11,375 ($115.8) 46,875 (477.2) 33,438 ($34.41) 44,9 (457.9) , ,392 1,44 1, , , ,48 1, ,14 51,478 ($524.6) 47,813 ($486.75) 78,512 ($799.27) 65,29 ($664.66) 118

121 , , , , , ,612 62,488 ($636.14) 65,375 ($665.53) 6,563 ($616.54) 58,5 ($595.54) , , , , ,9 62, ($631.17) 79,5 ($89.33) 67,94 ($691.64) A 3,958 (315.16) 35,782 B (364.27) C 39,196 (399.2) 47,198 ($48.48) A 24,564 (25.7) 26,83 B (272.86) C 28,156 (286.63) 119

122 , , ,774 ($455.81) A 23,832 (242.61) 25,311 B (257.67) C 26,766 (272.48) 47,495 ($483.51) A 2,435 (28.3) 23,448 B (238.71) C 25,578 (26.39) 45,5 ($463.2) A 22,586 (229.93) 25,697 B (261.6) C 27,26 (276.96) 4,32 ($41.47) A 17,61 (173.68) 18,121 B (184.48) C 2,659 (21.31) ,59 11, ,84 11,646 A B C 51,162 ($52.84) 2,9 (212.77) 23,651 (24.77) 26,853 (273.37) A B C 47,5 ($483.56) 2,289 (26.55) 23,128 (235.45) 24,691 (251.36) A B C 51,781 ($527.14) 16,538 (168.36) 18,525 (188.59) 21,37 (214.16) A B C 4,55 ($412.35) 14,918 (151.87) 15,716 (159.99) 17,981 (183.5)

123 A B C 34, ($346.13) 14,554 (148.16) 15,75 (153.47) 16,395 (166.9) A B 32,341 ($329.24) 1,24 (13.88) 1,715 (19.8) 11,262 (114.65) A C1A C C 121

124 A. 44.6% B. 47.8% C. 52.4% 3 A B C A. 44.% B. 44.6% C. 49.8% A B C A. 45.8% B. 45.7% C. 48.5% A B C A. 45.3% B. 45.5% C. 45.9% A B C %.28%.31%.38% 5 A. 1.18% B. 1.2% C. 1.24% A. 1.6% B. 1.8% C. 1.11% A. 1.1% B. 1.6% C. 1.13% A..84% B..89% C..95% 1. A C1A C A B C A B C A B C A B C , ,789 $4,314,253 16, ,671 1,147,1 46,11 33, ,

125 ,967 (5,316) $ (54,119) 2 (1,645) (29,479) (3,11) 3 (33,83) (1,89) (11,862) (31,58) (45,685) $(465,82) (234) $ (2,384) 12,796 (5,82) (51,735) 12,967 (5,316) $(54,119) AGWAccess Gateway Switch 8,818 1,827 1,645 AGWAGW 28, , ,881 29,479 3,11 Yahoo! BB with Yahoo! BB 1,7218,951* 7,2673,95 4,6347,1371,26512,881888,96 4,26243,386 * ,6 5,

126 : 1 18,625 1,68,291, ,486,45 1,557 75,648,626 (49) 1 11,133 1,148,426, : 1 43,172 1,8,7, $.41 22,721 1,557 75,648,626 (35) 1 44,694 1,156,57, $

127 ,218 85,325 (893) 3,34 3,82 48 (845) ,59 86,52 2,93 3,638 3,371 (267) 2, $85,961 $88,789 $29,828 37,32 34,313 (2,719) $27,19 125

128 ,175 8,53819, ,48 171,193 $1,742,777 (66,22) (77,39) (787,22) (3,522) (37,787) (384,678) 82,756 56,97 571,77 47,5 47,4 478,515 (7,43) (9,836) (1,134) 39,575 37, ,381 17,98 17, ,378 (6,33) (8,425) (85,763) (1,253) (1,78) (1,974) 1,424 7,725 78,641 9,373 9,86 92,53 (3,353) (4,919) (5,79) (169) (171) (1,742) 5,851 3,996 4, ,66 14,986 $1,68, ,482 3,727 $ 312, ,18 11,652 1,126, , ,379 $1,439,

129 293312,519 25, ,6118,89 191, ,917 26,769 $272,515 12,789 1,721 19,143 43,76 37,49 $381,658 44,329 41,445 $421,916 5,388 1,52 $12,327 8,818 7,26 $ 73, ,959 21,931 $223, ,127 41, ,72 16,86 63,6 $641, ,54 19,86722, , ,371 1,142 $11, ,997 1,538 15,654 3,368 2,68 $27,28 127

130 ,266175, $2, , $ , ,72 $27,58 128

131 21. ADSL IP 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, , ,

132 a ,554, ,241 32, , ,352 7,133 2,673,35 2,673,35 2 8,17 5,958 43,274 3,71 1,832 18,94 89,336 (89,336) 1,562, , , , ,184 88,227 2,762,371 (89,336) 2,673,35 1,391,51 187, , ,14 253,548 88,421 2,395,22 (81,36) 2,313, ,39 47,253 18, ,98 4,636 (194) 367,151 (8,3) 359,121 b ,33, , , ,395 69,86 24,82 4,285,357 11,315 4,386, ,946 22,12 44,319 12,29 1,329 3,31 296, ,125 28, ,479 29, ,569 14,698 51,825 31,985 1,415 4,765 34, ,499 a $15,827,988 $2,333,722 $3,261,39 $2,556,925 $2,518,96 $713,97 $27,212,1 $ $27,212,1 2 82,535 6,658 44,535 31,268 11, ,194 99,457 (99,457) 15,91,523 2,394,38 3,71,844 2,588,193 2,628, ,164 28,121,467 (99,457) 27,212,1 14,165,743 1,913,333 3,58,743 1,314,67 2,581,165 9,14 24,383,794 (827,76) 23,556,88 $ 1,744,78 $ 481,47 $ 193,11 $1,273,523 $ 47,198 $ (1,976)$ 3,737,673 $ (81,751)$ 3,655,922 b $3,883,166 $1,69,966 $4,441,172 $3,536,551 $73,313 $2,451,583 $43,625,751 $1,31,42 $44,657,153 2,167, ,89 451,18 125,12 13,525 33,693 3,15,439 9,35 3,24, ,22 4,881 3,11 3,11 2,31, , , ,611 14,4 48,524 3,97,392 2,462 3,99,854 13

133 : 1 2,76,398 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, : 1 2,659,115 1,67 12,853 2,673,35 2,673,35 2 3,363 3,363 (3,363) 2,662,478 1,67 12,853 2,676,398 (3,363) 2,673,35 2,295,81 (1,233) 13,53 2,38,98 5,816 2,313, ,677 2,3 (677) 368,3 (9,179) 359,121 3,987, , ,884 4,283,981 12,691 4,386, : 1 $27,7,293 $ 1,861 $ 13,856 $27,212,1 $ $27,212,1 2 34,233 34,233 (34,233) 27,14,526 1,861 13,856 27,246,243 (34,233) 27,212,1 23,371,69 (12,55) 137,74 23,496,88 59,28 23,556,88 $ 3,732,836 $ 23,411 $ (6,884) $ 3,749,363 $ (93,441) $ 3,655,922 $4,59,8 $1,444,96 $1,576,757 $43,611,743 $1,45,41 $44,657,

134 SOFTBANK CORP. ANNUAL REPORT 29 INDEPENDENT AUDITORS REPORT 132

135 29 3 SOFTBANK CORP ,8768,1761, ,48 UFJ ,6,, 1,81,23, , % 23.3% 18.58% 6.43% 1.78%.6% % 226, , , , , , , JP 9, , , , , 1. 13,5 59,1 2, , 3, 2, 2, 15, 1, 1, 5,

136 Copyright 29 SOFTBANK CORP. All Rights Reserved. Printed in Japan

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