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Clear-cut Communications 29

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

CONTENTS 21 2 5 11 19 21 29 3 32 36 36 38 4 42 44 46 47 48 52 53 56 57 58 CSR 61 63 64 65 69 7 11 72 94 99 132 133 1

4 1 3 31 24 25 26 27 28 837,18 1,18,665 2,544,219 2,776,169 2,673,35 (25,359) 62,299 271,66 324,287 359,121 EBITDA* 1 44,95 149,913 525,428 626,662 678,636 (9,549) 129,484 28,574 225,887 17,338 (59,872) 57,551 28,815 18,625 43,172 * 2 294,233 148,946 389,81 293,72 259,94 66,417 8,417 189,92 22,255 236,14 (45,989) 57,86 311,22 158,258 447,858 (242,944) 27,852 (2,97,937) (322,461) (266,295) 277,771 3,78 1,718,385 284,727 (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 4,386,672 178,17 242,768 282,95 383,743 374,94 * 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 % 5.6 1.7 11.7 13.4 EBITDA* 1 % 5.3 13.5 2.7 22.6 25.4 ROIC* 6 % (1.6) 3.4 8.4 6.9 7.5 % 1.4 13.4 6.6 8.4 8.5 * 4 4.8 3.7 8.5 6.6 6.4 * 4 * 5 3. 1.9 7.1 5.3 5.2 EBITDA 21.6 6.7 4.8 4. 3.5 1* 7 (57.1) 54.36 27.31 11.68 39.95 168.62 229.88 268.2 355.15 346.11 2.33 2.5 2.5 2.5 2.5 12,949 14,182 17,84 19,4 21,48 *1. EBITDAEBITDAEBITDA *2. *3. *4. 2728 *5. 3 *6. ROIC *7. 11 6367 77111 2

EBITDA 8 7 6 5 4 2, 2, 4, 6, 8, EBITDA 2, 3, 3, 8 7 6 5 4 1 2 3 8 7 6 5 4 1 8 7 6 5 4 5 1, 1,5 2, EBITDA % EBITDA 8 7 6 5 4 5 1 15 2 25 3 % ROIC 8 7 6 5 4 5 5 1 8 7 6 5 4 1, 2, 3, 4, EBITDA 8 7 6 5 4 5 1 15 2 25 3 8 7 6 5 4 1 2 3 4 5

Clear-cut Communications Business Partners WITH 4

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

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

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* 4 2127 *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) *4. 29349.9 7

III. POINT 28 3EBITDA 241 5EBITDA 1, NTT KDDI 1, 415.39 8, 1, 6, 1 KDDI41.36 4, NTT4.95 2, 1 4 5 6 7 8 4 5 6 7 8 1 98.8 COMMENT 199Yahoo! JAPAN 2 * 1 * 2 2 ADSL Yahoo! BB 261275 No.1* 3 27282* 3 Yahoo! 2 * 2 Yahoo! 8 *1. 2913Nielsen Online *2. 293 *3.

IV. POINT 3ARPU % 2 NTT KDDI 2, 15 1,5 1 5 1, 6 7 8 4 5 6 7 8 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 *2. 2727428328284293 *3. Fixed Mobile Convergence: 9

Clear-cut Communications Shareholders WITH 1

283,59127 1.7%4 15.1 29.6 28 * 1 21ADSL 2426 281,815273,457 28 * 2 27973 211214 3 3 1 272 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

Q1 A1 272No.1 2843.% 272No.1 2NTT 25.5%* 1 Yahoo! 28 28 SoftBank 922SH7iPhone 3GSoftBank 931SH IP FMC* 2 Yahoo! 26 *1. *2. Fixed Mobile Convergence: iphoneapple Inc. iphone 25 28 * 3 1,521 3.5% 763 5.2% 5 39.5 2.5 6.8 2,63 43.% 1,893 12.% 12 *3.

Q2 A2 28 271.8%28 27 16.6% 2 28 27 1.4%26 ARPU* 1 27 9.6%2816.8% ARPU ARPU 98 ARPU ARPU 29ARPU ARPU 29 28 27.32 3% 1* 2 *1. Average Revenue Per User: 1 *2. NTTKDDI 2, 3 % 1 NTT KDDI 1,5 5 1, 5 5 1 6 7 8 6 7 8 26 26511 13

Q3 A3 28 27 3 iphone 3G SoftBank 922SH 2127 14

Q4 A4 28 5 282725.2% 4 EBITDA * 1 519.8% 23.5% 31 FMC * 2 Yahoo! 2 3 3 2 EBITDA 2775128911 28 NTTKDDI *1. EBITDA EBITDAEBITDA *2. 2,5 EBITDA 3, 2, 2,5 1,5 1, 5 2, 1,5 1, 5 5 6 7 8 5 6 7 8 15

Q5 A5 No.1 No.1 No.1No.1? No.1No.1 No.1 43 e Amazon.com ebay GoogleSNS* 1 Facebook 1 * 2 215 * 2 Taobao SNSXiaonei Oak Pacific InteractiveOPI28 2831.84 1 No.1 *1. comscore, Inc.28812 *2. Euromonitor International 15 28 Taobao 6% 1 Eachnet 7% Paipai 9% 5 78% 16 7 iresearch 27-28 China Online Shopping Research Report 114.6 8 9 1 11 12 iresearch China Online Shopping Research Report (28-29)

Q6 A6 28 28 211214 28 12 263 FMC 282 228 294,228 17.% 2,5 37.7% 21131 211214 28 29 17.% 3,591 4,2 37.7% 1,815 2,5 28 211 214 1,815 1 292113 19,395 17

Q7 A7 2915 28 18 28 292113 1 Taobao AlipayXiaonei OPI 1 128 1 3,171 2 2,917 3 2,466 4 2,444 5 2,12 6 1,875 7 1,815 8 1,812 9 1,74 1 1,688 28 29 2915 28273,457 1,815 29 29 211 214 211 1 4 2 5. 5 6 7 2.5 8 9 1 11 12 13 14

1. 261 23,87* 1 294,4751,222 3,253 2819,395* 2 SBM* 3 3,66281 1,848 261 28 1.15.25.8% 8.5% 2. * 4 EBITDA* 5 265,25428 6,786 263,898 272,937282,59 28 271,6421,815 *1. *2. 17,175261 6,694 *3. 2611Whole Business Securitization *4. *5. EBITDA 25, 2, 15, 1, 5, DE EBITDA 6 7 8 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 EBITDA 8, 6, 4, 2, 2, 12 5 6 7 8 1, 1, 1,642 1,815 3 1 2,5 7 8 9 1 11 1 8 6 4 2 19

ARPU* 6 293 1 21128 214 2 1.9 *6. Average Revenue Per User: 1 8 11 14 28 4,818 27 28 2,9629 66 29 28 IR 5, 4, 3, 2, 1, 4,818 8 9 1 11 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 213 21 3 214 211 3 28 6,395 17,68 4,1 73% 83% 19,93 2

26 CONTENTS 21 22 I. 23 24 1: 25 2: 26 3: 27 II. 21

I. DNA DNA 27282 No.1* 1 28ARPU* 2 No.1* 3 DNA DNA J1 J2 DNA 2951 4 ARPU *1. *2. Average Revenue Per User: 1 *3. 3 NTTKDDI 22

23 S! 281 29 4 1 2 1. 1 6% 2. Yahoo! Yahoo! 275 11 1. 2. Yahoo! S! 2711 1. 2. 3

2 1. 2811 295 2. 2932 2* 1 SNS ARPU *1. NTT i 25

I. Q Yahoo! A Yahoo! Yahoo! Yahoo! 2831 18 16 14 12 1 8/3 8/6 8/9 8/12 9/3 1 3 296 1 ARPU Win-Win-Win 26

II. * 1 Vodafone Group Plc * 2 288JIL B.V. 294 * 2 Verizon WirelessJIL 41* 3 JIL JIL1 JIL JIL JIL 4 JIL *1. 2932927Wireless Intelligence *2. 293Wireless Intelligence *3. 29349.9 JIL JIL 27

Clear-cut Communications Customers WITH 28

26 CONTENTS 29 3 32 36 36 38 4 42 44 46 29

35.3% 3 8.8%vs. 19.2% 3 64.7%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 25 1.5 EBITDA 12. EBITDA() EBITDA() % 8 () 4 28 EBITDA 25 3. EBITDA 11.6 EBITDA() EBITDA() % 8 () 4 4, 3, 2, 1, 2 6 4 3 2 1 6 4 2 3 2 1 6 4 2 3 2 1 5 6 7 8 5 6 7 8 5 6 7 8 *26511 28 EBITDA 25 1.7 EBITDA 1.7 EBITDA() EBITDA() 1,5 () % 6 28 EBITDA 25 1. EBITDA.3 EBITDA() EBITDA() % 8 () 4 28 EBITDA 25 4.5 EBITDA 11.9 EBITDA() EBITDA() % 8, () 4 1, 4 6 3 6, 3 4 2 4, 2 5 2 2 1 2, 1 3 5 6 7 8 5 6 7 8 1. EBITDAEBITDAEBITDA 2. 5 6 7 8

26274%2 2 Yahoo! JAPAN 2 28 2 KDDI 43.% 15 NTT 6 7 8 293 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 29 3 31

1. *1 281749 274.6% 2 27 2828 43.%26 16.4%2718.1%2819.2% 4 *2 28 3FMC *2 *3 *1. *2. Fixed Mobile Convergence: *3. 4 3637 11 15 1 95 6 7 8 3 % 6 5 4 3 2 1 NTT KDDI 6 7 8 % 8 6 4 2 ARPU *4 28ARPU4,7 2758 98 28 28 ARPU1,742725 2 28 ARPU ARPU 1 ARPU 6, 5, 4, 3, 2, 1, ARPU ARPU 6 7 8 8 Q1 Q2 Q3 Q4 *4. Average Revenue Per User: 1 32

281.71%27.49 3% 3G *5 27.95%28.77%1.32%1.% *5. % 3. 2.5 2. 1.5 1..5 3G 6 7 8 2815,62827 4.2% 271.4% EBITDA *6 4,382714.8% EBITDA 2. EBITDA % 25 *7 1.5 1. 24 23.5 22 *6. EBITDA EBITDAEBITDA *7. 6 7 8 26 27 36 3 2 *8 2816 1 6 7 8 *8. 62In Focus: 33

2. 28 3,38727 3.5% *9 89.5%2787.8% DSL 36.9%FTTH 49.5%2 FTTHDSL25 DSL FTTH BBBB Yahoo! BB ADSL 28 14.2% *9. DSLFTTHCATV 3. ISDN 255,85284,73 NTT NTT 255.7%28 11.% 328 161NTT 3.8% *1 IP-VPN 269 2812 *1. Yahoo! BB ADSL 3, 2, 1, DSL FTTH CATV Yahoo! BB ADSL DSL 4 5 6 7 8 NTT 6, 4, 2, ISDN NTT ( NTT ( 5 6 7 8 6, 5, 4, 3, 2, 1, % 4 35 3 % 4 3 2 1 IP-VPN 6 7 8 34

4. 28 274.7% 16.3% 28 Yahoo! JAPAN 8, 6, 4, 2, e 1, 5 6 7 8 % 2 15 1 5 28e 27.7% 3 28 Yahoo! Yahoo! 275.% Yahoo! Yahoo! 28Yahoo!28 1227 6.4%736ID 8, 6, 4, 2, 4 5 6 7 8 Yahoo! ID 8 6 4 2 4 5 6 7 8 35

* 1 26 3G 3G 4 3G 27 2No.1* 2 26* 3 28EBITDA* 4 1.3EBITDA22.3%25.8% *1. 3313235 *2. *3. 26511 *4. EBITDA EBITDAEBITDA 36 43G 3 FMC* 5 1. 283 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

261 25 CM No.128 9,472 1 1 2 1 1 1 2 1 OL 1 15 3 1 1 1 4 5 1 1 4 1 1 1 5 1 6 7 8 1 CM CM DATABANK 3, CM 3. FMC FMC 28 BB BB5 2424 2424 & * 8 FMC 28 24 *5. Fixed Mobile Convergence: *6. & *7. 2127 *8. 41 & iphone 3G & AQUOS FULLTOUCH SoftBank 931SH iphone 3G ipod1 iphone 3G App Store 1AQUOS FULLTOUCH SoftBank 931SH* 9 3.8XGA *9. 28115ROA Group 37

ADSLFTTH IPLAN IPVOD BB * 1 BB BB21 Yahoo! BB IPBB LAN BBTVBB 28Yahoo! BB ADSLDSL 38.4% *1. 3313235 1. BB 286 24 24 BB 5 24 FMC Yahoo! BB * 2 BB 3 2. BBADSL ADSL4,7, FTTH BB Yahoo! BB * 3 3. Win-Win BBADSL FTTHFTTR 38

Yahoo! BB % 1 9 8 7 6 5 4 3 2 1 BB 8M 12M 26M 5M LAN 4 5 6 7 8 6 5 4 3 2 1 Yahoo! BB ADSL DSL 4 5 6 7 8 4 38 36 34 32 3 292Yahoo! 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 1,635 655 5M~2M +2 2M 4,635 3,635 M 5M 2M Yahoo! BB491,99491,99 39

* 1 1985 24 NTT NTT NTT E ther ICT* 2 e 28EBITDA* 3 253EBITDA 11.617.7% *1. 3313235 *2. Information and Communication Technology *3. EBITDA EBITDAEBITDA 1. 28 277 28 25 28 MR SoftBank X5HTHTC3, iphone 3G 1, Ether 4

2 12 15 9 1 6 5 3 4 5 6 7 8 4 5 6 7 8 2. ARPU 2841% & FMC 24 24 FMC* 4 293 PBX* 5 *4. Fixed Mobile Convergence: *5. PBX 41

e * 1 Yahoo! JAPAN 1 2 No.1 * 2 e 28234 3.8 *1. 3313235 *2. 2913Nielsen Online 2826 1.9* 3 5, 125* 4 8,28* 3 8,51 55* 4 Yahoo! 42 6,985,37* 3 e Everywhere 1. 2. Everywhere 1551 244% Yahoo!Yahoo! JAPAN Yahoo!

Yahoo! JAPAN for AQUOS 1, VOD 8, 6, 4, 2, 8 9 1 11 12 13 IT 29 Yahoo! JAPAN for AQUOS Yahoo! 3. Yahoo! & TM 4. No.1 Yahoo! JAPAN 2 * 5 Yahoo! JAPAN Yahoo! Win-Win 271 28 *3. *4. 27 *5. 2913Nielsen Online 289 43

IT SaaS/ASP BB * 1 IT BB ITSaaS* 2 / ASP EC BB 28 EBITDA* 3 27 41.8%46.8% *1. 331 *2. Software as a Service: *3. EBITDA 44 IT IT IT2 IT IT IT IT SaaS IT IT IT IT IT IT

1 BB 8 6 4 5 6 7 8 2. 1. No.1 2 273 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

e ASP e Web IT Yahoo! 46 TV

28 28 * 1 1%SNSXiaonei Oak Pacific InteractiveAlibaba Group Holding Limited 28 * 2 565 74 569 153 13 22 355 33 26 6 137 24 125 9 6 11 2 1 45 1 565 74 *1. 2871 *2. 293 77 79 6,326 7,116 92.42 Yahoo! Inc. 547 2,358 654 3,12 5.51 33 84 32 872 26.42 UTStarcom, Inc. 215 596 11 67 2.82 41 49 49 1.2 11 8 8.73 16 8 8.5 2 1 11 21 1.5 96 4,594 7,99 11,693 12.18 1. 2. 3. 4. 5. 6. 7. 284293 47

293 URL % www.softbankmobile.co.jp 3 177,251 1. BB 3 315,155 1. 3 15,63 1. 3 1 1. BB* 1 www.softbankbb.co.jp www.bbtv.com www.cybertrust.ne.jp 3 12,31 1. ADSLIPIT 3 1 1. IPVOD 12 1,422 67. * 1 www.softbanktelecom.co.jp www.softbanktelecompartners.co.jp 3 1 1. 3 1 1. * 1 * 2 www.yahoo.co.jp www.overture.co.jp www.yahoo-vi.co.jp www.alibaba.co.jp www.tavigator.co.jp 3 7,444 42.1 Yahoo! JAPAN e 3 1 1. 12 7 76.9 3 1,44 64.7 B2B 3 1 58. www.vector.co.jp www.carview.co.jp www.sbfw.co.jp 3 983 57.9 3 1,566 52.7 3 1 1. IT *1. BB *2. IDC2922IDC33 48

URL % www.deecorp.jp BB www.bbss.co.jp www.softbanktech.co.jp 3 1 1. 3 5 1. 3 634 55.4 e www.sbmm-holdings.co.jp www.softbankcr.co.jp www.itmedia.co.jp www.softbankhawks.co.jp www.softbankhawks.co.jp TV www.tv-bank.com www.softbankplayers.co.jp www.sbpayment.jp 3 1 1. 3 1 1. 3 1,62 59.8 IT 2 1 1. 2 1 1. 3 3,35 1. 3 575 1. 3 45 1. SBBM 3 72 1. www.oddspark.com www.cyber-u.ac.jp 3 1 1. 3 1,797 86.9 SB Holdings (Europe) Ltd. 3 48 1. SOFTBANK Holdings Inc. http://softbank.com/ 3 1. SOFTBANK America Inc. 3 1. SOFTBANK Commerce Korea Corporation www.softbank.co.kr 12 5,732 85.8 IT 49

URL % www.telecom-service.net 3 3,712 17.3 * 1 www.mph.mptech.co.jp 7 5,632 32.8 MP www.valuecommerce.ne.jp 12 1,714 44.2 www.creo.co.jp http://allabout.co.jp/ 3 3,149 39.5 3 1,169 34.8 www.7andy.jp 2 438 31.3 DVD http://estore.co.jp/ 3 523 29.6 www.fashionwalker.com Alibaba Group Holding Limited www.alibaba.com 12 1,239 25.5 12 33.7 B2B CJ www.netmarble.ne.jp www.gungho.co.jp 12 1,7 44.9 12 5,313 33.9 1 http://jp.myspace.com/ * 2 www.broadmedia.co.jp icube Corp. www.icube.co.kr 12 6,1 49.2 3 1,145 5. SNS 3 2,666 34.6 12 4,824 49.6 *1. 2922 *2. 28517 5

URL % Yahoo! Inc. NASDAQ www.yahoo.com 12 3.8 Yahoo! URL * * 2 1 *3 *4 % SOFTBANK Ventures Korea Inc. www.softbank.co.kr SOFTBANK Korea Co., Ltd. www.softbank.co.kr SB CHINA HOLDINGS PTE LTD www.sbcvc.com SOFTBANK Ranger Venture Investment Partnership A 18, 18, 1. A 2,2 2,2 1. A 1 1 1. A 4, 4, 1. SOFTBANK Capital L.P. A 718 716 99.7 SB Europe Capital L.P. A 25 249 99.6 SOFTBANK US Ventures VI L.P. B 626 68 97. Bodhi Investments LLC A 15 5 47.6 SOFTBANK Capital Technology Fund III L.P. B 232 131 56.3 SB Life Science Ventures I, L.P. A 89 3 33.7 SOFTBANK Technology Ventures V L.P. B 63 19 3.2 SOFTBANK Technology Ventures IV L.P. B 313 42 13.4 SB Asia Investments Fund II LP B 643 51 8.1 SOFTBANK Capital Partners LP A 731 18 2.6 SB Asia Infrastructure Fund LP B 44 3.9 *1. *2. ABA *3. *4. 51

CONTENTS 52 53 56 57 58 CSR 61 52

Q. A. 9 266MissionPoint Capital Partners, LLCChairman 276Alibaba Group Holding Limited Chairman and CEO Q. A. 9 3 29629 3 IT Goldman, Sachs & Co. 6 3 CEO 1 3 53

1 21 26 11 1999 1 1999 216246266 3 Goldman, Sachs & Co. Chairman MissionPoint Capital Partners, LLC 26 28 No.1 54

Q. A. CEO 1 CEOCEO BB 3294 3 3 Q. A. 4 123 Q. A. 23 23 55

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

Q. A. 2836 22 28625 Q. A. 26 27 IR 28812 2932943 Q. A. 28 IR Yahoo! 57

CSR Q. CSR A. CSR 28 4 1 NPO 1: Yahoo! 2712 Yahoo! Yahoo! 1 284 2: fanfun.petit SoftBank 82Tf anfun.petit SoftBank 831T 58

NPO DVD2812 1: NPO 2824 2811 2: NPO294 59

CSR 1: 28 28112 3129 3% 2:BB 1% BB 1% A4312 In Focus SRIFTSE4Good Index SRIFTSE4Good Index 293 279 FTSE4GoodCSR CSR FTSE 6

29624 Director and President SOFTBANK Holdings Inc. Chairman and CEO Alibaba Group Holding Limited Chairman MissionPoint Capital Partners, LLC 215 216 61

In Focus TCAPHS 291TCAPHS 1. 2. 3. 5 1. 3G 2. 62

CONTENTS 63 64 65 63

4 1 3 31 27 28 26 1 2 3 1 2 3 96,718 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 11,395 112,5 87,54* 1 88,11 9,91 % 72.6* 1 73. 75.3 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 % 51.7 55.6 57.9 LAN 6,99 6,364 6,56 6,723 6,864 7,11 7,241 7,359 7,43 IP-VPN 299 38 323 332 343 348 366 381 385 196 23 212 222 232 236 245 254 259 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 *1. 26 12 *2. 28275,23227265,1712625 5,11 64

4 1 3 31 26 27 28 28 1 2 3 4 15,99 18,586 2,633 19,112 19,633 2, 2,633 * 1 % 16.4 18.1 19.2 18.4 18.7 18.9 19.2 3G 7,66 14,48 18,654 15,113 16,321 17,249 18,654 3G % 48.2 75.6 9.4 79.1 83.1 86.2 9.4 699 2,677 2,47 526 521 367 633 * 1 % 14.2 44.6 43. 9.4 44. 37. 38.1 3G 4,623 6,388 4,66 1,65 1,28 928 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 % 24.7 32.1 42.8 39.5 41. 43.8 47.5 %/ 1.5 1.32 1..98.98.91 1.13 3G * 3 %/ 1.54.95.77.72.76.69.9 %/ 2.61 2.2 1.71 1.27 1.91 1.67 1.98 33,2 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 7 53 4 48 45 43 4 8M 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 294 248 2 232 221 21 2 5M 1,387 1,475 1,422 1,466 1,458 1,442 1,422 5M % 26.9 3.7 33.1 31.5 32. 32.6 33.1 LAN 1,53 1,453 1,261 1,44 1,363 1,38 1,261 LAN % 29.1 3.2 29.3 3.2 3. 29.5 29.3 ARPU* 2 * 4 / 4,282 4,279 4,278 4,262 %/ 1.69 1.91 2.8 2.25 1.92 1.92 2.23 * 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 * 7 13 16 25 176 173 19 25 Yahoo! * 8 13 16 19 15 16 18 19 *1. *2. Average Revenue Per User: 1 *3. *4. Yahoo! BB ADSLBB2512ARPU1 *5. *6. Yahoo! JAPAN *7. Yahoo! JAPAN *8. 1 Yahoo! JAPAN 65

4 1 3 31 28 26 27 28 1 2 3 4 * 1 1,442,4 1,63,852 1,562,891 372,586 41,375 376,861 412,69 155,743 174,57 171,39 44,273 43,891 46,748 36,478 % 1.8 1.7 11. 11.9 1.9 12.4 8.9 EBITDA* 2 321,484 385,466 43,81 99,514 11,168 13,33 1,95 EBITDA % 22.3 23.6 25.8 26.7 25.2 27.3 24.3 * 3 38,46 235,396 199,177 37,493 38,757 52,99 7,18 19,18 141,768 161,518 38,68 39,63 4,919 42,316 264,228 258,69 235,199 6,127 59,911 58,377 56,784 26,81 39,7 47,253 1,476 11,789 14,341 1,647 % 1.1 15.4 2.1 17.4 19.7 24.6 18.7 EBITDA* 2 55,61 7,314 7,954 16,394 17,595 2,141 16,824 EBITDA % 21. 27.2 3.2 27.3 29.4 34.5 29.6 * 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 5,552 374,13 37,741 363,632 88,453 9,5 9,197 94,977 (2,965) 3,34 18,968 798 4,759 5,778 7,633 %.9 5.2.9 5.3 6.4 8. EBITDA* 2 42,589 47,965 64,373 12,222 16,191 17,163 18,797 EBITDA % 11.4 12.9 17.7 13.8 18. 19. 19.8 * 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 9,178 194,212 247,643 254,238 62,327 63,259 64,248 64,44 96,544 115,237 125,98 3,543 3,646 3,872 33,37 % 49.7 46.5 49.2 49. 48.4 48.1 51.3 EBITDA* 2 16,27 126,459 137,389 33,84 33,696 34,17 36,439 EBITDA % 54.7 51.1 54. 53.1 53.3 53.2 56.6 * 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

26 27 28 28 1 2 3 4 271,571 27,724 258,184 62,459 65,522 64,76 65,497 6,681 3,157 4,636 1,1 1,737 1,55 834 % 2.5 1.2 1.8 1.6 2.7 1.6 1.3 EBITDA* 2 7,765 4,36 6,17 1,338 2,191 1,391 1,187 EBITDA % 2.9 1.6 2.4 2.1 3.3 2.2 1.8 * 3 2,858 1,419 1,288 152 324 33 59 1,28 1,85 1,123 277 265 284 297 9,785 99,873 88,227 21,818 24,19 2,557 21,662 (4,73) (5,121) (194) (759) 3,383 (2,855) 37 % 14..2 EBITDA* 2 (1,647) (1,721) 3,115 45 4,27 (1,987) 85 EBITDA % 3.5.2 17.4 3.9 * 3 3,728 3,29 4,563 1,333 637 1,18 1,575 2,991 3,192 3,789 817 1,21 1,23 928 (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 2,673,35 647,255 681,742 653,265 69,773 271,66 324,287 359,121 85,86 94,914 94,69 84,431 % 1.7 11.7 13.4 13.1 13.9 14.5 12.2 EBITDA* 2 525,428 626,662 678,636 161,484 174,73 172,897 17,182 EBITDA % 2.7 22.6 25.4 24.9 25.5 26.5 24.6 * 3 389,81 293,72 259,94 51,579 54,23 69,137 84,355 189,92 22,255 236,14 57, 58,68 59,669 61,277 *1. 265 *2. EBITDA EBITDA EBITDA *3. 67

Clear-cut Communications Society WITH 68

CONTENTS 69 7 11 72 94 96 97 98 99 132 69

11 41331 1998 1999 2 21 528,159 423,22 397,15 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) 15,886 268,6 159,15 119,855 952,578 1,168,38 1,146,83 1,163,678 284,976 38,74 424,261 465,326 * 2 444,392 418,76 413,442 365,644 * 2 * 3 351,79 163,997 243,42 232,16 % 2.3 2. 4.1 % 14.2 2.5 9.1 (2.) % 29.9 32.6 37. 4. * 2 1.6 1.1 1..8 * 2 * 3 1.2.4.6.5 1 * 4 365.38 78.5 11.47 (263.53) 4.6 8.67 36.82 (87.84) 2,719.35 3,456.55 1,26.14 1,381.31 32.15 384.6 42.5 46.44 2. 2. 7. 7. 2.22 2.22 2.33 2.33 14,796 11,15 336,677 336,872 71 143 216 285 2 53 117 113 * 5 7 13 21 17 * 6 1,2 7,219 4,312 4,375 *1. 23EBITDA 24EBITDA *2. 2728 *3. 3 *4. 11 19975211.3262313.261513. *5. *6. 1998199911999 7

22 23 24 25 26 27 28 46,892 517,394 837,18 1,18,665 2,544,219 2,776,169 2,673,35 (91,997) (54,894) (25,359) 62,299 271,66 324,287 359,121 (69,781) (2,75) 44,95 149,913 525,428 626,662 678,636 (71,474) (76,745) (9,549) 129,484 28,574 225,887 17,338 (99,989) (17,94) (59,872) 57,551 28,815 18,625 43,172 (68,6) (83,829) (45,989) 57,86 311,22 158,258 447,858 119,749 81,878 (242,944) 27,852 (2,97,937) (322,461) (266,295) (17,615) 36,39 277,771 3,78 1,718,385 284,727 (21,348) 27,85 29,98 (9,689) 126,642 (65,277) 113,517 (31,169) 147,526 437,133 32,195 446,694 377,521 49,267 457,644 946,331 1,421,27 1,74,854 1,88,399 4,31,853 4,558,92 4,386,672 257,396 238,81 178,17 242,768 282,95 383,743 374,94 34,795 575,541 853,918 95,293 2,394,43 2,532,969 2,4,391 188,232 134,858 531,68 454,614 2,8,149 2,36,879 1,939,521 5.6 1.7 11.7 13.4 (27.7) (43.2) (28.9) 27.4 11. 32.6 11.4 27.2 16.8 1.4 13.4 6.6 8.4 8.5 1.3 2.4 4.8 3.7 8.5 6.6 6.4.7.6 3. 1.9 7.1 5.3 5.2 (296.94) (314.72) (171.3) 54.36 27.31 11.68 39.95 (98.98) (14.91) (57.1) 54.36 27.31 95.9 38.64 767.56 677.4 55.86 229.88 268.2 355.15 346.11 255.85 225.8 168.62 229.88 268.2 355.15 346.11 7. 7. 7. 2.5 2.5 2.5 2.5 2.33 2.33 2.33 2.5 2.5 2.5 2.5 335,293 351,44 351,457 1,55,82 1,55,74 1,8,51 1,8,855 269 177 153 153 118 19 18 116 13 18 87 66 67 74 14 14 11 11 11 14 13 4,966 5,18 12,949 14,182 17,84 19,4 21,48 71

4271.7% EBITDAEBITDA 1,815 273,457 28 6 2 6 3 3 ) ADSL IP BB* 1 * 1 17 18 7 4 * 3 69 47 18 74 * 1 * 2 ) BB* 1 *1. BBBB *2. IDC 2922IDC2933 IDC28 *3. 28516 28 1 72 18 7 11 15 12 9 65 61 4 1 2 28 654 61

28 1 28 28 2841 29331 iphone 3G BB BB 324 24 FMC* 4 S-1 275 23* 5 28 246,727 2741 283312 * 2 29 32,632,93 3G9% 2,673,35359,121 4 28228 129 28 *4. Fixed Mobile Convergence: *5. 2. 2,673,3527 13,1343.7% 67,961 8, 6, 4, 2, 6,63 7,16 6,94 7,174 6,472 6,817 6,532 6,97 7 8 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 73

3. 359,12127 34,8341.7% BB 15,62827467.9% 9,8618.6% 7,55319.% 1,365,9327 11,4616.9% 3 948,112736,57 3.7% % 1, 2 75 15 5 1 4. 17,338 27118,54952.5% 2755,411 28 13,7627 27116 Alibaba Group Holding LimitedAlibaba.com Limited 57,223 28 13,76 112,34627 2,518 3,228 2,972 75, 29,479 Yahoo! BB 28,999Yahoo! BB Yahoo! BB with 25 5 7 8 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 74

5. 39,39 19,674 293 3IDC IDC BB 44,45 43,17227 65,453 2 3 2818.4% 4.7% 4.7% 22.8% 1. BB BB 31.2% 28 BB 771 21532163 855 21332163 BB 234 2133 1,291 2132163 3,153 2. IDC IDC 2.6% IDC 3. 1.7% 8.4% 18.4% 75

1,562,89127 67,961 4.2% 171,39273,18 1.8% 284 27 28 75, 28 246,7 22 28 2,63 2,9 27 11.%* 6 271.119.2% 3G9% 1,8653,6 213312 3G *6. 2856,2 5, % 25 12 NTT KDDI 4, 2 8 3, 15 4 2, 1 1, 5 7 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 8 4 7 8 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 76

281.%27.3228 1.71%27.49 ARPU 28ARPU* 7 4,7 ARPU27 * 8 ARPU28 428 28ARPU1,74 2725ARPU 42.8% 2839,1 *7. Average Revenue Per User: 1 *8. 2811 4 5 1 ARPU 1 1 3G 26 6, 4, 1 264 4, 3, 11 265 273 2, 2, 1, 6 7 8 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 6 7 8 1 77

235,19927 22,878.9% 47,253277,553 19.% BBADSL BB Yahoo! BB ADSL28 4299,28 ARPU14,28324,279 34,27844,262 BB2812 49* 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. 363,63227 7,191.9% 18,9682715,628 467.9% Ether 8 % 4 1, % 1. 6 3 75 7.5 5 5. 4 2 25 2.5 2 1. 7 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 8 25 7 8 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 78

28 2726,14.7% 168, 77.6% 286 24 24 FMC 293 254,23827 6,5952.7% 125,98279,861 8.6% % 8 8 6 6 4 4 2 2 271% 274 28 4 289 2717% Yahoo! 28 Yahoo! Yahoo! 32,84327 1,5545.% Yahoo! B to C Yahoo! 2812 28Yahoo! 736ID276.4% 2 2933 IDC 7 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 8 79

258,18427 12,544.6% 4,636271,479 46.9% BB & 28 2711 SoftBank SELECTION 88,22727 11,64611.7% 194275,121 TV 285 16 28 8 % 4 6 3 4 2 2 1 7 8 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 8

1,52,31327 62,432 32,623BB & 29,638 28 48,294 1,,94727 28,318 Yahoo! BB 16,212 1,222,1927 16,2 44,28 61,111 643,3327 65,28 Yahoo! Inc. 111,575 BB 31,341 48,294 16,35 31,988 1,349,58327 18,878 26,939 13,716 111,897 18,47 2,212,29127 257,181 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

824,79827 23,9274,474 Yahoo! Inc. 49,58 37,992 27 14,447 6 4 3 TTM TTM TTM 2 2 2 1 4 6 7 8 6 7 8 82

28 447,858 266,295 21,348 28 181,563 27 32,623457,644 447,858 17,338 236,14 61,11129,479 1,7 29,23 6,49 266,295 24,638 33,198 17,53 21,348 234,681 116,359 9,29 372,31 18,93 81,348 71,167 83

7 293 1 29 21 49,376 369,789 12,587 388,566 64, 324,566 256,66 64, 192,66 24,3 64, 14,3 51,766 51,766 1, 1, 32,5 32,5 878,942 433,789 445,153 6,71 1,414 5,287 1,491,449 185,743 1,35,76 SBM* 11 1,184,853 1,184,853 Vodafone* 12 84,597 84,597 221,926 185,67 36,256 73 73 1,491,449 185,743 1,35,76 314,41 86,728 227,673 3, 2, 1, 3, 2, 1, 453 99 354 2 29 21 * 13 134,81 27,444 16,637 * 14 33,281 13,89 2,192 167,362 4,533 126,829 * 13 7,76 3,161 3,915 * 14 12,337 2,47 9,93 19,413 5,568 13,845 * 13 222 122 1 * 14 17,442 6,435 11,7 17,664 6,557 11,17 (3)( 29 21 2,4,391 639,532 1,76,859 2,11,825 575,532 1,436,293 388,566 64, 324,566 525,994 14,899 385,95 321,555 88,241 233,314 * 13 141,379 3,727 11,652 * 14 63,6 21,931 41,129 1. 2. 2841 *11. 2611Whole Business Securitization *12. Vodafone Overseas Finance Limited *13. *14. 84

8 293 %/ 19 25131 19, 1.97 21129 22 25914 36,4 1.98 21914 24 27426 2, 2.72 21426 25 27619 53,9 3.39 211617 26 27619 15, 4.36 214619 213 214 23123 5, 1.5 213331 23123 5, 1.75 214331 213 26112 51,766 388 7.75 213115 1 24127 45, 2. 29127 2 24127 15, 2.88 211127 Phoenix JT Subordinated Notes Due 216 241224 32,4 5.95 2161215 1 388,566 213 213214 2113 213 214 2,164.5 5, 1,984.3 5, 24113 213315 24113 214317 85

9 28 453 572 456 614 2862 287 1 516 29318 175* 15 28627 1 28929 1 281229 1 2933 1 BB ADSL 212 3 2 29326 1,29 916 31 2 2 2869 125 21 28912 2 23 281128 2 215 29331 5 2892 *15. 3125 86

87 1. 1 2 29 294,2 2,5 28 68 684 2829 28 27125 29 29 28 15

88 3 2. 1 NTT 2 Yahoo! BBTV 3 4

89 3. 4. 1 Yahoo! JAPAN Yahoo! BBYahoo! Yahoo! Inc.Yahoo! 2 269 292 1,5

9 3 4 6 8 1 3,66 5M&A 6

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* 16 261128 28328 261128 261128 261128 261128 261128 261128 261128 261128 91

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 28229 261128 2843 2843 2813 SBM * 16 2825 SBM* 16 SBM* 16 261128 261128 261128 261128 261128 Security Assignment of Intellectual Property (Joto-Tampo) 261128 92

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. SBM2811 261128 261128 26113 261128 261128 28665 1 1.5GHz LTE* 17 FMC 2 FTTH AI 3 SNC FMCICT IRIS *17. Long Term Evolution: 1 W-CDMAHSDPA 93

2829331 1 28 29 29 6 49,267 457,644 $ 4,658,95 4 3,678 2,784 28,34 617 887,723 858,85 8,735,466 58,119 42,321 43,835 9 15,85 93,21 946,974 6 15,497 115,316 1,173,948 (68,389) (48,858) (497,388) 1,582,745 1,52,313 15,477,8 256 23,443 22,576 229,829 75,781 71,577 728,669 744,38 738,968 7,522,832 86,62 79,638 81,725 45,576 37,477 381,525 54,365 5,711 516,246 1,29,265 1,,947 1,189,826 974,436 956,731 9,739,71 224,18 226,132 2,32,67 39,693 39,246 399,53 1,238,39 1,222,19 12,441,298 46 297,886 186,311 1,896,682 6 167,112 133,792 1,362,25 9 126,888 158,229 1,61,8 6 116,697 164,971 1,679,442 78,583 643,33 6,548,949 4,558,92 4,386,672 $44,657,153 94

1 28 29 29 6 29,339 321,236 $ 3,27,247 16 291,773 318,296 3,24,317 187,279 16,34 1,632,291 364,451 352,171 3,585,167 35,79 21,363 217,482 16 69,771 88,241 898,314 7 83,13 87,936 895,195 1,24,75 1,349,583 13,739,13 6 2,31,857 1,76,859 17,925,879 8 16,159 16,77 163,662 43,81 41,817 425,73 6 241,496 233,314 2,375,183 9 41,978 28,796 293,148 67 94,172 131,428 1,337,963 2,469,472 2,212,291 22,521,538 161718 61112 3,6,, 1,8,664,578 28331 1,81,23,978 29331 187,423 187,682 1,91,636 211,741 212, 2,158,194 12 289 2,946 (91,744) (51,27) (521,934) 8,914 31,334 318,988 (11,823) 25,117 255,697 7,438 (3,554) (311,48) 163,811 28331 169,24 29331 (26) (215) (2,185) 383,863 374,383 3,811,294 464,862 45,415 4,585,38 848,725 824,798 8,396,62 4,558,92 4,386,672 $44,657,153 95

2829331 1 28 29 29 2,776,169 2,673,35 $27,212,1 1,467,364 1,365,93 13,95,154 1,38,85 1,37,132 13,36,856 12 984,518 948,11 9,65,934 324,287 359,121 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 19,185 4 6,299 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 $ 439,53 12 1914 1 28 29 29 1 11.68 39.95 $.41 1 95.9 38.64.39 1 2.5 2.5.3 96

2829331 2741 1,55,74,367 163,31 2 187,669 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) 28331 1,8,5,767 187,423 211,741 12 (91,744) 8,914 (11,823) 7,438 (26) 383,863 464,862 848,725 18 (4) (4) (4) 43,172 43,172 43,172 : 12.5 (2,71) (2,71) (2,71) 7 7 7 (5,393) (9) (9) (9) 359,4 259 259 518 518 169 (49,58) 36,94 (37,992) (5,463) (14,447) (64,91) 29331 1,8,854,774 187,682 212, 289 (51,27) 31,334 25,117 (3,554) (215) 374,383 45,415 824,798 1 2841 1,8,5,767 $1,98,2 $ $2,155,56 $1,225 $(933,972) $ 823,724 $(12,361) $ 75,719 $(2,99) $3,97,798 $4,732,385 $8,64,183 18 (39) (39) (39) 439,53 439,53 439,53 : 12.5 (27,499) (27,499) (27,499) 73 73 73 (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) 29331 1,8,854,774 $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

2829331 1 28 29 29 225,887 17,338 $ 1,92,725 (52,815) (6,49) (614,972) 22,255 236,14 2,42,663 59,5 61,111 622,126 (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 78,218 796,27 (67,629) 34,52 3,466,551 158,258 447,858 4,559,276 (345,677) (24,638) (2,449,74) (45,577) (33,198) (337,958) 44,176 18,858 191,979 3 1,28 (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,) 28,716 234,681 2,389,97 (234,874) (372,31) (3,79,92) 89,463 (58,39) (18,93) (1,18,929) 44,846 518 5,269 9,128 1,138 11,581 (2,641) (2,68) (27,286) (3,55) (4,121) (41,953) (49) (71,167) (724,489) 15 297,923 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 49,267 457,644 $ 4,658,95 98

1. 293 311 98.23 2. 1 2829331 1918 28331 364 29331 47 28331 7525 29331 612 2 2 3 3 1 2 3 3 AICPA Audit and Accounting Guide Investment Companies 99

1 4 92675 5 2829331 837,287966,3229,837,345 6 7 8 2733126331 9 2651 8 25 12 27 1126531 2651

1 Accounting for Uncertainty in Income Taxes 48261216 5,151 11 26517 18 1 2 3 1 2 3 4 5 6 2841 12 28 29331 1,276666,778 13 273 13 19936 28 427 4 2841 2841 14 15 11

12 BB 42841 BB 1522 19 2 72326 16 17 18 1 2 191 1 1 1 1 2 281226 21 1 2 3 2

13 2141 2941 281226 16 1 2 3 1 2 3 4 5 6 2141 2941 28331 18 21 2141 21331

3. 284 25,53259,9 2,251 $ 26,156 41 4,82 22,78 224,754 (12,726) (129,556) (4,474) (45,536) 25,53 259,9 (8,325) (84,753) 17,25 $ 175,147 7,576,351 4. 2829331 2829331 2829331 28331 29,219 144,91 (2,443) 171,677 1,321 6 (9) 1,318 3,54 144,97 (2,452) 172,995 29331 25,27 55,126 (66) 79,79 2,821 1 (254) 2,568 28,91 55,127 (86) 82,358 29331 $257,256 $561,192 $(6,168) $812,28 28,724 1 (2,592) 26,142 $285,98 $561,22 $(8,76) $838,422 14

2829331 28 29 29 7 7 $ 7,126 369 299 3,44 91,446 8,747 822,23 1,799 6,726 6,733 68,543 959 528 194 1,966 12,527 88,673 $92,72 2829331 28,8741,6312,441 6,611 2,666 27,141 136383,131 29331 29 29 1 179 $ 1,824 15 434 4,419 51 6 6,18 1 1,213 $12,351 28 29 29 15, 3,627 $ 36,928 26,42 18,64 183,898 28 29 29 171 (234) $ (2,384) 12,796 (5,82) (51,735) 12,967 (5,316) $(54,119) 15

5. SPC SPC16 8 SPC 75, 763,515 29331 6412 75,763,515 29 29 3 1998819 21819 25, $254,55 5 2825 21825 25, 254,55 7 2922 21922 25, 254,55 75, $763,515 6. 1 2829331.58%7.34%.94%1.6% 13,11, 1,119,821 2 2829331 28 29 29 22.58% 7.5%28/.93% 7.5%29 443,676 41,525 $ 4,87,61 219 3.46% 6.89%28/ 4.4% 6.93%29 1,382,23 1,289,64 13,122,918 216.48% 9.38%28/ 1.97% 7.75%29 347,751 288,566 2,937,658 214 1.5% 2.%28/ 1.5% 1.75%29 15, 1, 1,18,19 1,984 2.2 2,165 22.4 2,323,63 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

3 293311 29 29 1 1.77% 5.9% 88,241 $ 898,314 1.77% 5.9% 233,314 2,375,183 4 29331 331 21 254,296 $ 2,588,785 211 64,386 655,465 212 25,248 2,89,461 213 217,5 2,214,191 214 949,159 9,662,617 1,69,589 $17,21,519 5 29331 331 21 64, $ 651,532 211 56,4 574,163 212 68,9 71,415 213 5, 59,9 214 149,266 1,519,558 388,566 $3,955,677 6 29331 331 21 88,241 $ 898,314 211 9,566 921,982 212 91,451 93,991 213 39,627 43,41 214 11,67 118,8 321,555 $3,273,497 7 293311,29,3 13,132,4761,24 12,622 211,983 $2,158,22 312,832 3,184,689 432 4,396 1,617 18,86 12,775 13,5 26,51 2,652,38 189 1,927 66,864 68,687 32, 325,763 98,22 $9,245,658 17

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 2143 8 75% 25331 6% BB 2 BB 2 213 26112 a b BB c d e f BB g h i SBBM j k 2, 14,5 dfgh 4, 1,75 26112

4, 2, 1,5 WBS 1 SBM SBM EBITDA 2 3 29331 1. 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% 25331 6% 7. BB26328 3BBADSL 5 28 29331 4,6495,65957,613 BB ADSL 2829331 9,4988,8189,684 28 29 29 14,85 12,45 $122,617 15,923 3,773 $ 38,41 BB 19

8. 2829331 28 29 29 PBO 16,159 16,77 $163,662 16,159 16,77 $163,662 2829331 28 29 29 1,63 1,198 $12,21 349 336 3,421 467 619 6,298 2,48 2,78 21,154 3,927 4,231 $43,74 28293311,611,187 12,82 28 29 2.% 1.75% 9. 2829331 4.69% 2829331 11 28 29 29 : 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 74,833 542,274 464,793 4,731,685 (286,137) (21,794) (2,54,31) 256,137 262,999 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

2829331 28 29 4.69% 4.69% : (9.6) (53.54) 1.74 22.81 5.32 9.65 (7.71) 2.16 (5.37) (3.41) 34.61% 18.36% 28331 16.34% 29331 127,399 1,296,943 331 21 2,551 $ 25,966 211 1,486 15,124 212 4,225 43,11 213 42,564 433,311 214 11,996 122,126 215 64,577 657,45 127,399 $1,296,943 1. 2651 1 1 23 421 1 3 2 25%1% 3 111

4 28331 12293 31 2892,946 11. 28331 1 231 243 8 8 16 1,746 12 4,2, 822, 23129 2418 A. 25% 2411292963 B. 25% 2511292963 C. 25% 2611292963 D. 25% 2711292963 A. 5% 2511292963 B. 25% 2611292963 C. 25% 2711292963 A. 25% 25112163 B. 25% 26112163 C. 25% 27112163 D. 25% 28112163 255 16 1 3 152 923,3 2621 A. 5% 277121163 B. 25% 287121163 C. 25% 297121163 112

1 2 2 7 57,344 11,264 2131 2627 A. 5% 2212221121 B. 25% 2312221121 C. 25% 2412221121 A. 5% 2261721616 B. 25% 2361721616 C. 25% 2461721616 3 4 3 84 3 72 148,992 18,544 21218 21629 A. 5% 2212921128 B. 25% 2312921128 C. 25% 2412921128 A. 5% 2362121162 B. 25% 2462121162 C. 25% 2562121162 5 221 3 72 2 65 112,64 47,616 211218 22729 A. 5% 23128211127 B. 25% 24128211127 C. 25% 25128211127 A. 5% 2462121262 B. 25% 2562121262 C. 25% 2662121262 113

222 231 19 5 83 5,888 19,84 22112 23725 A. 5% 24112121262 B. 25% 25112121262 C. 25% 26112121262 A. 5% 2562121362 B. 25% 2662121362 C. 25% 2762121362 232 233 43 38 2,464 2,4 23114 24129 A. 5% 2511521362 B. 25% 2611521362 C. 25% 2711521362 A. 5% 261321362 B. 25% 271321362 C. 25% 281321362 234 241 41 5 131 1,168 9,856 24513 24729 A. 5% 2651421362 B. 25% 2751421362 C. 25% 2851421362 A. 5% 26618214617 B. 25% 27618214617 C. 25% 28618214617 242 243 46 29 712 344 24111 25128 A. 5% 26112214617 B. 25% 27112214617 C. 25% 28112214617 A. 5% 27129214617 B. 25% 28129214617 C. 25% 29129214617 114

244 251 42 5 18 276 5,716 25512 25728 A. 5% 27513214617 B. 25% 28513214617 C. 25% 29513214617 A. 5% 27618215617 B. 25% 28618215617 C. 25% 29618215617 252 253 31 65 234 316 25111 26131 A. 5% 27112215617 B. 25% 28112215617 C. 25% 29112215617 A. 5% 2821215617 B. 25% 2921215617 C. 25% 2121215617 254 261 49 5 157 112 8,569 2652 2696 A. 5% 2853215617 B. 25% 2953215617 C. 25% 2153215617 A. 5% 28824216823 B. 25% 29824216823 C. 25% 21824216823 262 263 49 62 313 36 26116 2727 A. 5% 28124216123 B. 25% 29124216123 C. 25% 21124216123 A. 5% 29125217124 B. 25% 21125217124 C. 25% 211125217124 115

271 272 66 5 225 651 1, 2758 2787 A. 5% 29425217424 B. 25% 21425217424 C. 25% 211425217424 A. 5% 29725217724 B. 25% 21725217724 C. 25% 211725217724 273 274 119 124 766 817 27117 28213 A. 5% 29125217124 B. 25% 21125217124 C. 25% 211125217124 A. 5% 2113121813 B. 25% 21113121813 C. 25% 21213121813 281 282 246 5 336 2,59 11,75 2859 2888 A. 5% 21426218425 B. 25% 211426218425 C. 25% 212426218425 A. 5% 21726218725 B. 25% 211726218725 C. 25% 212726218725 283 284 128 128 47 35 28117 2921 A. 5% 21125218124 B. 25% 211125218124 C. 25% 212125218124 A. 5% 211128219127 B. 25% 212128219127 C. 25% 213128219127 116

23 1 24 3 25 5 3, 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) 1 2 3 4 18,432 2,48 4,744 16,835 5,81 377 18,432 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

5 22 1 22 2 23 1 21,732 19,968 1,28 16,256 652 1,792 512 32 256 21,8 17,92 768 15,936 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) 23 2 23 3 23 4 24 1 416 3,392 16 4 3,392 1,44 1,216 224 5,744 4 3,392 32 16 64 32 1,48 1,56 56 9,14 51,478 ($524.6) 47,813 ($486.75) 78,512 ($799.27) 65,29 ($664.66) 118

24 2 24 3 24 4 25 1 272 168 16 2,672 32 16 12 6 24 152 12 1,64 136 1,548 28 88 68 2,636 24 152 12 1,64 64 8 4 88 384 232 76 3,612 62,488 ($636.14) 65,375 ($665.53) 6,563 ($616.54) 58,5 ($595.54) 25 2 25 3 25 4 26 1 86 148 85 8,268 4 2 2 371 2 28 36 3,941 62 118 47 3,956 7 114 2 28 36 3,941 2 41 88 142 36 3,9 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

26 2 26 3 27 1 27 2 282 33 616 9,881 5 8 416 124 147 153 183 68 9,465 124 147 124 147 44,774 ($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) 12 27 3 27 4 28 1 28 2 743 816 2,59 11,75 7 15 219 14 736 81 1,84 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)

28 3 28 4 47 35 47 35 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

2 1. 2. 281 2 A. 44.6% B. 47.8% C. 52.4% 3 A. 5.96 B. 6.46 C. 6.96 282 A. 44.% B. 44.6% C. 49.8% A. 5.96 B. 6.46 C. 6.96 283 A. 45.8% B. 45.7% C. 48.5% A. 5.96 B. 6.46 C. 6.96 284 A. 45.3% B. 45.5% C. 45.9% A. 5.96 B. 6.46 C. 6.96 4.24%.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 2. 281 A. 22 52 28 59 B. 211119 28 59 C. 21 521 28 59 282 A. 22 819 28 88 B. 22 218 28 88 C. 21 82 28 88 283 A. 221118 28117 B. 22 52 28117 C. 211119 28117 284 A. 23 217 29 26 B. 22 819 29 26 C. 22 218 29 26 3. 4. 283 5. 6. 3 12. 2829331 28 29 29 45,659 423,789 $4,314,253 16,561 112,671 1,147,1 46,11 33,341 339,418 122

13. 2829331 28 29 29 1 12,967 (5,316) $ (54,119) 2 (1,645) (29,479) (3,11) 3 (33,83) (1,89) (11,862) (31,58) (45,685) $(465,82) 1. 28 29 29 171 (234) $ (2,384) 12,796 (5,82) (51,735) 12,967 (5,316) $(54,119) 2. 2829331 AGWAccess Gateway Switch 8,818 1,827 1,645 AGWAGW 28,999 295,22 48 4,881 29,479 3,11 Yahoo! BB with Yahoo! BB 1,7218,951* 7,2673,95 4,6347,1371,26512,881888,96 4,26243,386 *2841 3. 28331 12,6 5,426 123

14. 1 2829331 1 1 1 28331: 1 18,625 1,68,291,756 11.68 4,486,45 1,557 75,648,626 (49) 1 11,133 1,148,426,427 95.9 1 29331: 1 43,172 1,8,7,888 39.95 $.41 22,721 1,557 75,648,626 (35) 1 44,694 1,156,57,235 38.64 $.39 15. 124

16. 2829331 28331 86,218 85,325 (893) 3,34 3,82 48 (845) 29331 83,59 86,52 2,93 3,638 3,371 (267) 2,663 29331 $85,961 $88,789 $29,828 37,32 34,313 (2,719) $27,19 125

17. 1 2829331 72,175 8,53819,531 213 2841 2829331 2841 28 29 29 179,48 171,193 $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 37,168 378,381 17,98 17,228 175,378 (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 4,682 138,66 14,986 $1,68,781 28293 31 28 29 29 1 32,482 3,727 $ 312,85 1 141,18 11,652 1,126,457 173,662 141,379 $1,439,262 126

293312,519 25,649 76 774 78796 28293 31 21,6118,89 191,483 2829331 28 29 29 3,917 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 $ 73,95 2829331 28 29 29 1 2,959 21,931 $223,257 1 13,127 41,129 418,72 16,86 63,6 $641,959 2829331 15,54 19,86722,254 29331 7147,269 2 2829331 28 29 29 1 1,371 1,142 $11,626 1 1,997 1,538 15,654 3,368 2,68 $27,28 127

18. 29331 17,266175,772 19. 2829331 28 29 29 21 246 $2,55 64 62 627 27 24 244 32 3,78 28293 31 28 29 29 25 27 $ 274 169 193 1,967 2. 29331 2962429 12.5.3 2,72 $27,58 128

21. ADSL IP 1 2829331 a 28331 1 1,618,936 251,39 324,723 243,85 255,69 81,661 2,776,169 2,776,169 2 11,916 6,76 46,18 3,793 15,34 18,212 11,733 (11,733) 1,63,852 258,69 37,741 247,643 27,724 99,873 2,877,92 (11,733) 2,776,169 1,456,282 218,369 367,41 132,46 267,567 14,994 2,547,19 (95,137) 2,451,882 174,57 39,7 3,34 115,237 3,157 (5,121) 33,883 (6,596) 324,287 b 28331 3,41,749 165,971 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 3,399 278,836 469 279,35 8,818 1,827 1,645 1,645 235,547 21,544 13,854 12,975 2,436 2,677 289,33 586 289,619 129

a 29331 1 1,554,784 229,241 32,358 251,167 247,352 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) 1,562,891 235,199 363,632 254,238 258,184 88,227 2,762,371 (89,336) 2,673,35 1,391,51 187,946 344,664 129,14 253,548 88,421 2,395,22 (81,36) 2,313,914 171,39 47,253 18,968 125,98 4,636 (194) 367,151 (8,3) 359,121 b 29331 3,33,653 158,147 436,256 347,395 69,86 24,82 4,285,357 11,315 4,386,672 212,946 22,12 44,319 12,29 1,329 3,31 296,26 919 297,125 28,999 48 29,479 29,479 199,569 14,698 51,825 31,985 1,415 4,765 34,257 242 34,499 a 29331 1 $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 11,267 184,194 99,457 (99,457) 15,91,523 2,394,38 3,71,844 2,588,193 2,628,363 898,164 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 29331 $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 2,167,832 224,89 451,18 125,12 13,525 33,693 3,15,439 9,35 3,24,789 295,22 4,881 3,11 3,11 2,31,646 149,627 527,584 325,611 14,4 48,524 3,97,392 2,462 3,99,854 13

2 2829331 28331 : 1 2,76,398 1,343 14,428 2,776,169 2,776,169 2 2,739 222 2,961 (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 2,451,882 333,563 (1,679) (814) 331,7 (6,783) 324,287 4,57,935 219,4 194,712 4,471,651 87,251 4,558,92 29331 : 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 2,313,914 366,677 2,3 (677) 368,3 (9,179) 359,121 3,987,164 141,933 154,884 4,283,981 12,691 4,386,672 29331 : 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 $44,657,153 131

2829331 2829331 1 29624 SOFTBANK CORP. ANNUAL REPORT 29 INDEPENDENT AUDITORS REPORT 132

29 3 SOFTBANK CORP. 19815693 15-733 1-9-1 3-6889-2 1,8768,1761,11 331 1853 7444 15321,48 UFJ 9984 3,6,, 1,81,23,978 366,252 49.85% 23.3% 18.58% 6.43% 1.78%.6% % 226,814 2.98 13,5 9.53 59,1 5.46 3,911 2.86 2,264 1.87 3855 16,553 1.53 3852 12,186 1.13 JP 9,78.84 8,611.8 8,77.75 1 494,558 45.75 4, 1. 13,5 59,1 2,264 2. 25, 3, 2, 2, 15, 1, 1, 5, 6 4 2 24 25 26 27 28 29 133

アニュアルレポート 2009