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Press Releases 2004

SOFTBANK to Complete Acquisition of JAPAN TELECOM

Jul. 29, 2004

SOFTBANK CORP. (“SOFTBANK”) has announced that it is to acquire all 143,855,424 issued and outstanding common shares of JAPAN TELECOM CO., LTD. (Head office: Chuo-ku, Tokyo; Director, President, and CEO: Hideki Kurashige; “JAPAN TELECOM”) on July 30, 2004.

As a result of the acquisition, JAPAN TELECOM will become a specified subsidiary (tokutei kogaisha) and a consolidated subsidiary of SOFTBANK. The balance sheet of JAPAN TELECOM will be consolidated from the end of first half of FY 2005 (fiscal year ending March 31, 2005) and its income statement will be consolidated into SOFTBANK’s results from the 3rd quarter of FY 2005.

Reference

(1) Outline of acquisition

Method of acquisition Acquire all 143,855,424 issued and outstanding common shares of JAPAN TELECOM
Acquisition price Approximately 143.3 billion yen
Sellers Six companies in total, including affiliate companies of Ripplewood Holdings L.L.C.

(2) Consolidated Earnings Results of JAPAN TELECOM (FY 2004)

Sales 347.2 billion yen
Operating Loss 0.2 billion yen
Ordinary Income 0.6 billion yen
Net Loss 50.6 billion yen
Capital 66.2 billion yen
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