Softbank Research Report 01

SOFTBANK
19th Edition, March 19, 2104

by Gerhard Fasol, PhD, Eurotechnology Japan KK

http://www.eurotechnology.com/

fasol@eurotechnology.com

!
This is a try-out version with only a few selected pages.
Download latest version here: http://www.eurotechnology.com/store/softbank/
(c) 2014 Eurotechnology Japan KK
www.eurotechnology.com
SoftBank (19th edition)
March 19, 2014
SOFTBANK REPORT - VERSION HISTORY (1)

Version
Date
October 8, 2006
February 15, 2007
November 17, 2007
July 15, 2008
January 16, 2009
January 19, 2009
June 1, 2009
June 2, 2009
July 21, 2009
10
May 12, 2010
11
December 13, 2010
12
December 15, 2010
13
January 6, 2011
14
October 16, 2012
15
January 26, 2013
comments
complete revision and updates
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subscription, monthly payment, you can end the subscription any time (no refunds):

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March 19, 2014
SOFTBANK REPORT - VERSION HISTORY (2)

Version
Date
comments
16
May 8, 2013
FY 2012 financial and subscription data add
17
May 12, 2013
18
Nov 3, 2014
19
March 19, 2014
subscriber data, M&A
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March 19, 2014
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March 19, 2014
ABOUT THE AUTHOR
Photograph: Tetsuzo Matsumoto (on the right, Sr Executive Vice-President of SoftBank Mobile), and Gerhard Fasol (on the left) at a
Press Conference about the introduction of the i-Phone to Japan, on August 13, 2008 in Tokyo. Tetsuzo Matsumoto and Gerhard Fasol
explained the impact of the i-Phone on Japan to the international Press in Tokyo

Gerhard Fasol is President and Chief Executive Officer of Eurotechnology Japan KK, a boutique consultancy firm for leaders that he
founded in 1996 in Tokyo. Eurotechnology Japan KK advises several of the worlds largest blue-chip corporations, financial institutions,
the Government of Finland and the European Union on strategy and mergers and acquisitions. Fasol has been working with Japans
high-tech sector since 1984. He was manager of one of Hitachis research-and-development labs, and was Associate Professor of the
NTT Telecommunications Chair at Tokyo University.

Fasol has worked since 1984 with Japans telecom sector

Fasol graduated with a PhD in Semiconductor Physics from Cambridge University and Trinity College, Cambridge
March 19, 2014
SOFTBANK- SETTING JAPANS TELECOM

SECTOR ON FIRE
There was a time not long ago, when SoftBanks charismatic founder Masayoshi Sons ambitions to
build a telecom operator in Japan were rejected by the Postal and Telecommunications Ministry (now
merged with other Ministries to form the General Affairs Ministry = Soumusho), which would not
award Sons company a telecommunications operators license.

For a long time I knew about rumors, that Masayoshi Son once threatened inside the Ministry to set
himself on fire here and now (inside the Ministry for Post and Telecommunications of Japan), unless he
is given the operating license he had applied for on behalf of his company.

Some years later, the Chief-Editor of BusinessWeek phoned me around noon, and asked me: if you
meet Masayoshi Son now, what would you ask him? Of course he was on his way to interview
Masayoshi Son about an hour later. So I though for a moment and proposed three questions, the first
question was if it was true that Masayoshi Son threatened to set himself on fire.

The Chief-Editor of BusinessWeek soon after phoned me with Masayoshi Sons answer: Yes, I
threatened to set myself on fire but I did not bring any petrol along to carry out my threat.

The lead article about this interview with Masayoshi Son which was based on my suggested
question is entitled Setting Fire To The Cell-Phone Market, and can be found online here:

http://www.businessweek.com/magazine/content/04_44/b3906073.htm
March 19, 2014
EXECUTIVE SUMMARY- SOFTBANK

SoftBank is primarily an internet and telecommunications investment company led by the charismatic Masayoshi Son, following a
Time-Machine principle: SoftBank invested in US internet companies (especially YAHOO) in the 1990s, subsequently in Japanese
internet companies in the 2000s, and currently in Chinese internet companies, thus aiming to profit from the time lag in internet
development between US, Japan and China.

More recently, based on the successful acquisition and turn-round of Vodafone-Japan, SoftBank acquired the US operator SPRINT, and
aims to become the No. 1 telecom operator globally.

SoftBank invested about YEN 301.9 Billion (US$ 3 Billion) following this time machine theme. These investments are currently valued
around YEN 2834.1 Billion (US$ 28 Billion), ie SoftBank achieved an average 9-times return.

With the acquisition of Vodafones Japan operations (Vodafone KK) SoftBank has emerged as the third major telecommunications
group in Japan with aggressive expansion plans. More recently, SoftBank has invested in Willcoms next-generation network part, bringing
Willcom also into the SoftBank Group, acquired eAccess/eMobile, and SPRINT.

SoftBanks particular strengths are:

Chairman and Founder Masayoshi Sons entrepreneurial and management skills and quick action

The strengths of YAHOO!-Japan as a content and transaction internet portal

Strong cooperations with Japans electrical retailers

Strong position and subscriber base in fixed line Broadband services

A Full IP network

A range of media and content properties

A strong position in Chinas internet and mobile sector: e.g. via Alibaba

Gained exclusive distribution rights for iPhone and iPad and took the lead in the exploding Smartphone sector

Gained control of the Willcom group, which came under bankruptcy protection, of eAccess/eMobile, and in the process of
acquiring SPRINT.

Financially, SoftBank has recently overtaken KDDI in operating profits, and is aiming for YEN 1 Trillion (US$ 11 Billion) in operating
profits by FY2016.
March 19, 2014
AGENDA - LIST OF CONTENTS

Executive Summary

SoftBank setting Japans telecom sector on fire

SoftBank overview

Masayoshi Son

Softbank - 30 year vision and DNA for growth during the next 300 years

30 year vision

Values

The time-machine company, investments

overview of major investments, and investment results, ROI

Group structure, business segments

Acquisitions

eAccess/eMobile

Willcom (bankruptcy administration)

Wireless City Planning

Financials: annual and quarterly sales, operational and net profits, investments, ARPU

SoftBank Mobile

Spectrum licenses

base station, deployment for different spectrum bands, repeaters and boosters

Market position: ARPU, market share, market share growth, the number portability battle

Prepaid market

Positioning the new consumer brand

Softbank, Yahoo BB and the DSL market

Telegram market

Summary
March 19, 2014
SOFTBANK-
OVERVIEW
March 19, 2014
Softbank
Founded
September 3, 1981
Founder
Masayoshi Son
Headquarters
Tokyo, Shiodome
Stock Exchange
Tokyo TSE 9984 (IPO: July 22, 1994)
Consolidated sales
YEN 3378.3 Billion (US$ 33 Billion) (FY2013, ended March 31, 2014)
Number of employees
24,598, consolidated (March 2014), (150 subsidiary companies)
Major share holders
Masayoshi Son (20.92%)
Major business areas
fixed and mobile/wireless communications and data services, IT and

internet investments, content, games
10
March 19, 2014
SOFTBANK-
30 YEAR VISION AND DNA
FOR GROWTH DURING THE
NEXT 300 YEARS
12
March 19, 2014
SOFTBANK-
THE TIME-MACHINE
COMPANY
16
March 19, 2014
SOFTBANK
GROUP STRUCTURE AND
CHARACTERISTICS
22
March 19, 2014
SOFTBANK-
ACQUISITIONS
26
March 19, 2014
EACCESS/EMOBILE
ACQUISITION
For more detail about eAccess/eMobile - see: http://www.eurotechnology.com/store/emobile/

32
March 19, 2014
WILLCOM
34
March 19, 2014
Willcom
Oct. 1, 1990: founded as DDI-Pocket (80.93% KDDI, 13.25% Kyocera)

2004 spun out of KDDI, and renamed Willcom
Founded
Founder
Headquarters
Tokyo
Stock Exchange
Consolidated sales
YEN 254.6 Billion (US$ 2.9 Billion)

(March 2008, rehabilitation application)
Number of employees
1038 (March 31, 2008)
Major share holders
under corporate rehabilitation under Softbank sponsorship
Major business areas
mobile communications based on PHS network
35
March 19, 2014
WIRELESS CITY
PLANNING
40
March 19, 2014
FINANCIALS
44
March 19, 2014
SOFTBANK FINANCE
On March 17, 2006, SoftBank announced the acquisition of Vodafone KK (Vodafones Japan
business). Most of the acquisition was financed by a US$ 15 Billion loan to the SoftBank group by a
consortium of national and international banks (the precise value of the loan is difficult to determine,
since the loan conditions are fairly complex).

SoftBanks financial situation is largely determined by SoftBanks ability to fulfill all conditions linked
to the loan, and to repay the loan out of business cash flow according to schedules or faster.

SoftBanks turnround of the mobile business acquired from Vodafone is successful, and based on the
successful turnround, SoftBank is currently in the process of acquiring SPRINT.

SoftBank reports that several business sections have been securitized, ie the corresponding cash
flows have been converted into financial securities. Examples are the base of handsets purchased by
customers in installment plans, where SoftBank pays the purchase price to handset suppliers and then
is repaid over 12 or 24 months in regular monthly installments by customers together with their
monthly bills.
45
March 19, 2014
NET INCOME
Annual net income of Japan's mobile operators "in YEN Billion#
600
400
200
!200
US$ 8 Bill
annual net
income!year "YEN Billion#
"c# 2013 Eurotechnology Japan KK
800
1996
US$ 6 Bill
DoCoMo
!
US$ 4 Bill
KDDI
"
"
Vodafone Japan
!
"
"
"
"
#
"
"
#
#
$
"
#
"
"
"
"
US$ 2 Bill
"
SoftBank
$
"
#
"
iPhone 5
Softbank"KDDI
Sept 21, 2012
"
#
!
1998
i!Mode
Feb 22, 1999
2000
2002
2004
2006
iPhone
iPhone 4S
SoftBank
KDDI
July 11, 2008 Oct 14, 2011
2008
2010
2012
2014
2016
2018
2020
NTT-docomos net income has been stationary since 2007, while KDDIs net income has been
increasing moderately

Softbanks net income increased rapidly after Softbanks adoption of the iPhone in 2008, and
overtook KDDIs net income in FY2011

If trends continue, Softbank is bound to overtake NTT-docomo in terms of net income, especially
of Softbanks takeover of SPRINT is successful.
48
March 19, 2014
QUARTERLY
FINANCIAL RESULTS
51
March 19, 2014
NET INCOME
!
100
200
!100
2000
Quarterly net income!loss of Japan's mobile operators
net income!quarter "YEN Billion#
300
!
!
$
!
!
!
!
!
!
!
$
US$ 1 Billion
"
&
'
%
US$ 2 Billion
DoCoMo
!
"
"
KDDI
"
"
"
"
"
"
"
%
&
'
#
&
#
#
#
"
!
&
&
'
&
2004
&
%
"
"
#
"
SoftBank
iPhone 5
Softbank"KDDI
Sept 21, 2012
&
"
2006
"
#
!
"
Vodafone!Japan
2002
#
#
&
&
"
%
"
&
#
"
"
%
'
%
'
&
"
"
"
%
'
"
&
!
"
"
"
"
"
"
2008
iPhone
iPhone 4S
SoftBank
KDDI
July 11, 2008
Oct 14, 2011
2010
2012
2014
2016
2018
2020
SoftBanks net income (after tax) is positive since the July-September 2005 quarter. SoftBanks net income was held back by servicing
the substantial debt from the Vodafone-Japan acquisition. With the introduction of iPhone on July 11, 2008, and with the pay-down of
the debt from the Vodafone-Japan acquisition, Softbanks net income is increasing steadily, and expected to overtake NTT-docomos.

Back in 2005-2007 NTT-docomos net income was continuously falling, and NTT-docomo o risked to fall into losses. NTT-docomo
succeeded to stabilize the net-income situation via cost-cuts (including equipment costs), as well as increasing profitability via
additional services.
54
March 19, 2014
SOFTBANK MOBILE
59
March 19, 2014
SOFTBANK MOBILE
Four commitments (to turn round the former Vodafone KK, since October 2006: SoftBank-Mobile):

1.3G Network enhancement

Decided on investments to install more 3G base stations than DoCoMo has

2.3G Handset enrichment

Roll out 13 new terminals (announced Sept 29, 2006)

3.Content enhancement

Disney/Pixar agreement, Yahoo!-keitai

4.Enhancement of sales structure and branding

invested and improved shops
61
March 19, 2014
SPECTRUM LICENSES AND

BASE STATIONS
62
March 19, 2014
HOW MANY REPEATERS AND BOOSTERS DOES SOFTBANK

USE?
Cellular boosters, repeaters, IMCSs in Japan
eMobile
120 000
!c" 2010 Eurotechnology Japan KK

boosters, repeaters
100 000
80 000
SoftBank!3G
60 000
40 000
20 000
KDDI#AU
0
Jul 2006
Jan 2007
DoCoMo
Jul 2007
Jan 2008
Jul 2008
Jan 2009
Jul 2009
Jan 2010
Jul 2010
End 2006, SoftBank started to roll-out about 120,000 boosters and repeaters to improve coverage.

With the ramp-up of true base stations, SoftBank is rolling back the number of repeaters and boosters
69
March 19, 2014
MVNO BUSINESS
71
March 19, 2014
SOFTBANK MOBILES MARKET

SHARE AND MARKET
POSITION IN JAPAN
73
March 19, 2014
MARKET SHARES
Willc.WSP
eMobile
WSP
Willc.
eMobile
SoftBank !"eM"Willc"WSP # 29.3!"
SoftBank !"eM"Willc"WSP # 30.3!"
DoCoMo !42.0!"
UQ
DoCoMo !40.8!"
UQ
KDDI !" UQ # 28.9!"
KDDI !" UQ # 28.7!"
Mobile Operator group market shares !February 28, 2014"
Mobile Operator group market shares !April 30, 2013"
Three groups are active in Japans mobile communications sector - showing that growth of
marketshare for Softbank in Japan is painstaking low slow, which motivated Softbanks acquisition of
Sprint in USA, and its aim to acquire T-Mobile-USA:

DoCoMo (market share: 40.8% of subscriptions, reduced from 40.8% in February 2013)

KDDI (including UQ: market share: 28.9%, grown from 28.7% in February 2013)

Softbank (including eMobile, Willcom, Wireless City Planning: 30.3% grown from 29.3 in Feb 2013).
77
March 19, 2014
MONTH-TO-MONTH BATTLE FOR SUBSCRIBERS

Growth!fall of subscriptions market shares of Japan's mobile operators

0.003
monthly
change of market share
0.002
!0.001
SoftBank
UQ
Willcom
KDDI
eMobile
!0.002
DoCoMo
0.001
iPhone 4S
SoftBank"KDDI
Oct 14, 2011
!0.003
!0.004
Jan 2010
Jan 2011
Jan 2012
Jan 2013
Jan 2014
Jan 2015
Since 2010, Softbank has been continuously gaining market share of subscriber numbers, while
DoCoMo and KDDI (except for WiMax operators UQ) have been losing market share.

positive numbers in this figure mean growth of market share, negative figures (as for DoCoMo)
mean loss of market share
83
March 19, 2014
THE PREPAID MARKET
84
March 19, 2014
JAPANS PREPAID MOBILE PHONE MARKET

2 000 000
1 000 000
500 000
0
2007
1 500 000
subscriptions
Prepaid mobile phones in Japan
SoftBank
AU
TuKa eMobile
DoCoMo
2008
2009
2010
2011
2012
2013
2014
2015
Softbank has the largest share of the very small and shrinking prepay market in Japan. This is a legacy
of Vodafone KK, which had placed great priority on growing the prepaid market in Japan (which very
limited success as shown above).
87
March 19, 2014
NUMBER PORTABILITY BATTLE
88
March 19, 2014
POSITIONING THE NEW

SOFTBANK BRAND FOR
MOBILE COMMUNICATIONS
92
March 19, 2014
SOFTBANK AND
YAHOO!-JAPAN
95
March 19, 2014
SOFTBANK, YAHOO BB
IN THE DSL MARKET
100
March 19, 2014
DSL MARKET
DSL market shares in Japan !!"

Other !3!"
100
NTT West !17.7!"
90
DSL market shares !!"

80
NTT East !16.9!"
70
60
eAccess !23.6!"
50
40
30
SoftBank !38.8!"
20
10
0
Mar 2006
Mar 2007
Mar 2008
Mar 2009
Mar 2010
Mar 2011
Mar 2012
Source: http://www.eurotechnology.com/store/jcomm/
103
March 19, 2014
JAPANS TELEGRAM
MARKET
104
March 19, 2014
JAPANS TELEGRAM MARKET
Japans telegram market has been decreasing but still has a size of approximately YEN 52 Billion (=
approx. US$ 500 Million)

Telegrams in Japan are sent mainly by businesses for congratulations, condolences, to debtors or for
other urgent communications where correspondents cannot be reached by phone, and for personal
congratulations at weddings etc.

Until April 2003, Japans telegram market was a 100% monopoly of NTT (= Nippon Telegraph
Telephone), and still today NTT has about 90% of the telegraph market

Currently there are about 12 companies offering competing telegraph services, among them KDDI,
and Softbank (from 2009/2010).

Telegrams are often sent through the special 115 number, which is currently operated by NTT. The
Ministry is considering to open 115 service to competitors of NTT, such as Softbank.
105
March 19, 2014
SOFTBANK ENERGY
for an detailed report and analysis of Japans renewable energy sector see:

http://www.eurotechnology.com/store/j_renewable/
106
March 19, 2014
SUMMARY
113
March 19, 2014
SUMMARY- SOFTBANK
SoftBank is primarily an internet and telecommunications investment company led by the charismatic Masayoshi Son, following a
Time-Machine principle: SoftBank invested in US internet companies (especially YAHOO) in the 1990s, subsequently in Japanese
internet companies in the 2000s, and currently in Chinese internet companies, thus aiming to profit from the time lag in internet
development between US, Japan and China.

More recently, based on the successful acquisition and turn-round of Vodafone-Japan, SoftBank acquired the US operator SPRINT, and
aims to become the No. 1 telecom operator globally, and is now aiming to acquire T-Mobile-USA.

SoftBank invested about YEN 301.9 Billion (US$ 3 Billion) following this time machine theme. These investments are currently valued
around YEN 2834.1 Billion (US$ 28 Billion), ie SoftBank achieved an average 9-times return.

With the acquisition of Vodafones Japan operations (Vodafone KK) SoftBank has emerged as the third major telecommunications
group in Japan with aggressive expansion plans. More recently, SoftBank has invested in Willcoms next-generation network part, bringing
Willcom also into the SoftBank Group, acquired eAccess/eMobile, and SPRINT.

SoftBanks particular strengths are:

Chairman and Founder Masayoshi Sons entrepreneurial and management skills and quick action

The strengths of YAHOO!-Japan as a content and transaction internet portal

Strong cooperations with Japans electrical retailers

Strong position and subscriber base in fixed line Broadband services

A Full IP network

A range of media and content properties

A strong position in Chinas internet and mobile sector: e.g. via Alibaba

Gained exclusive distribution rights for iPhone and iPad and took the lead in the exploding Smartphone sector

Gained control of the Willcom group, which came under bankruptcy protection, of eAccess/eMobile, and in the process of
acquiring SPRINT.

Financially, SoftBank has recently overtaken KDDI in operating profits, and is aiming for YEN 1 Trillion (US$ 11 Billion) in operating
profits by FY2016.
114
March 19, 2014
EUROTECHNOLOGY JAPAN KK
115
March 19, 2014
FOUNDED: FEBRUARY 1997 IN TOKYO
Services and products - focus areas are high-technology, telecommunications, software, middle-ware,
environmental technology and medical equipment:

!
- Market entry to Japan for European and US high-tech companies, turn-round, reshaping, planning
and building of distribution networks

- European business development and strategy for Japanese companies

- M&A (European and US companies acquiring Japanese companies, Japanese companies acquiring or
investing in Europe)

- Turn-round preparations and management of foreign business in Japan

- Market research and strategy

- Due diligence of high-tech companies, environmental due-diligence

- Advisory services for investment fund managers and investors in technology fields

!
- we publish a series of market reports for about 10 years, which are purchased world-wide,
distributed direct and via distribution partners: http://www.eurotechnology.com/store/
116
March 19, 2014
- Leading high-technology business development boutique in Tokyo, working globally

- Founded in 1996/1997 - 14 years experience, relationships, cooperations and success record.

- CEO works with Japans high-tech / telecom sector since 1984 - 27 years experience, resources,
cooperations.

- Wide network of cooperations in Governments, Embassies, trading companies, distributors, finance,
VCs, traditional corporations, venture start-ups, industry associations

- Experience: market-entry, restructuring, M&A, acquisitions, due-diligence

!
Customers include:

- More than 100 investment fund managers

- Industrial customers:

- NTT-Communications, SIEMENS, Deutsche Telekom, Cubic, Unaxis (now: Oerlikon), CITI Group,
CLSA Asian Markets, Genscape, Google, IKEA, Isabellenhuette, Landis+Gyr, National
Instruments, Swisscom, TechnoCom,

- Government

- New York Police Department, European Union, TEKES (Technology Research funding
organization of the Government of Finland)

!
Deep Japanese technology market knowledge - we publish a series of market reports for about 10
years, which are purchased world-wide. You can purchase our reports on Bloomberg: https://
www.bmart.com/search?&nuts%5B%5D=WIRE%3AEUT, and via eSellerate: http://store.eSellerate.net/
s.aspx?s=STR0576176470 and from http://www.eurotechnology.com/store/
117
March 19, 2014
GERHARD FASOL
PROFILE: HTTP://WWW.FASOL.COM/PROFILE/
- Worked successfully with Japans high-tech sector since 1984 - 27 years. Came first to Japan in
1984 to help build NTTs first international R&D cooperation on semiconductor lasers

- Entrepreneur in Tokyo since 1996, Eurotechnology Japan KK worked with many large corporate
groups (e.g. SIEMENS, NTT, Deutsche Telekom, Asahi Glass...), more than 100 investment fund
managers

- Assoc. Professor of Electrical Engineering at Tokyo University. Record of Fasol-Laboratory at Tokyo
University: http://www.fasol.com/tokyo_university/

- Elite Sakigake (Pioneer) R&D project on Spin-Electronics of Japanese Government Science and
Technology Agency. This work was evaluated by US National Science Foundation and US
Department of Trade: http://www.wtec.org/loyola/erato/ch7_5.htm

- Co-initiator of spin-electronics device research in Japan, one of the first to start work on spinelectronics in Japan in 1991

- Tenured Faculty member at Cavendish Laboratory/University of Cambridge.

- Assoc. Professor of Electrical Engineering at Tokyo University

- PhD in Solid-State Physics (Cambridge University, Trinity College, UK)

- Diplom-Physiker, Ruhr-University Bochum (Diplom-Thesis on Superconductivity)

- Publication list (Books, patents and publications, several publications are specifially concerning
electron-spin and spin-electronics): http://www.fasol.com/profile/publications.shtml

- Languages: English, German (native), French, Japanese, and some Swedish
118
March 19, 2014
GERHARD FASOL WITH TETSUZO MATSUMOTO, EXEC VP OF

SOFTBANK MOBILE CORPORATION
119
March 19, 2014
POST GALAPAGOS STUDY GROUP

25 JAPANESE LEADERS + 1 FOREIGNER (GERHARD FASOL) WORKING FOR
ONE YEAR ON CONCEPTS TO OVERCOME JAPANS GALAPAGOS EFFECT
see: http://accjjournal.com/the-galapagos-effect/
120
March 19, 2014
POST GALAPAGOS STUDY GROUP

25 JAPANESE LEADERS + 1 FOREIGNER (GERHARD FASOL) WORKING FOR
ONE YEAR ON CONCEPTS TO OVERCOME JAPANS GALAPAGOS EFFECT
see: http://accjjournal.com/the-galapagos-effect/
121
March 19, 2014
CONTACT AND MORE INFORMATION

Contact

Gerhard Fasol PhD

Eurotechnology Japan KK, Tokyo, Japan

http://www.eurotechnology.com/

Mobile +81-90-8594-6291

fasol@eurotechnology.com

gfasol@gmail.com

!
More information:

reports:http://www.eurotechnology.com/store/

twitter: http://twitter.com/gfasol/

website: http://www.eurotechnology.com/

personal site: http://fasol.com
122
March 19, 2014

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SOFTBANK

19th Edition, March 19, 2104

by Gerhard Fasol, PhD, Eurotechnology Japan KK

SoftBank (19th edition)

March 19, 2014

SOFTBANK REPORT - VERSION HISTORY (1)

February 15, 2007

November 17, 2007

July 15, 2008

January 16, 2009

January 19, 2009

July 21, 2009

May 12, 2010

December 13, 2010

December 15, 2010

October 16, 2012

January 26, 2013

complete revision and updates

SoftBank (19th edition)

March 19, 2014

SOFTBANK REPORT - VERSION HISTORY (2)

FY 2012 financial and subscription data add

May 12, 2013

March 19, 2014

subscriber data, M&A

SoftBank (19th edition)

March 19, 2014

(c) 2014 Eurotechnology Japan KK

SoftBank (19th edition)

March 19, 2014

ABOUT THE AUTHOR

Fasol has worked since 1984 with Japans telecom sector

SoftBank (19th edition)

March 19, 2014

SOFTBANK- SETTING JAPANS TELECOM

(c) 2014 Eurotechnology Japan KK

SoftBank (19th edition)

March 19, 2014

EXECUTIVE SUMMARY- SOFTBANK

(c) 2014 Eurotechnology Japan KK

SoftBank (19th edition)

March 19, 2014

AGENDA - LIST OF CONTENTS

(c) 2014 Eurotechnology Japan KK

SoftBank (19th edition)

March 19, 2014

(c) 2014 Eurotechnology Japan KK

SoftBank (19th edition)

March 19, 2014

Tokyo TSE 9984 (IPO: July 22, 1994)

24,598, consolidated (March 2014), (150 subsidiary companies)

Major share holders

Masayoshi Son (20.92%)

Major business areas

fixed and mobile/wireless communications and data services, IT and

(c) 2014 Eurotechnology Japan KK

SoftBank (19th edition)

March 19, 2014

(c) 2014 Eurotechnology Japan KK

SoftBank (19th edition)

March 19, 2014

(c) 2014 Eurotechnology Japan KK

SoftBank (19th edition)