Full Year Result for Fiscal Year Ended 3/2008 4/2007 3/2008...2006/1Q 2006/2Q 2006/3Q 2006/4Q...

May 14May 14thth , 2008, 2008

eAccess LimitedeAccess Limited【【94279427】】

Full Year Result for Fiscal Year Ended 3/2008Full Year Result for Fiscal Year Ended 3/2008（（4/20074/2007 ～～ 3/20083/2008））

2

III.III. Business StrategyBusiness Strategy

I.I. FY3/2008 Full Year Financial Results OverviewFY3/2008 Full Year Financial Results Overview

II.II. FY3/2008 Full Year Financial Results and FY3/2009 OutlookFY3/2008 Full Year Financial Results and FY3/2009 Outlook

Page 3

Page 16

Page 6

IV. AppendixIV. Appendix Page 32

‐‐Network BusinessBusiness

‐ EMOBILE

- Device Business Page 22

Page 17

Page 24

3


ⅠⅠ．．FY3/2008 Full Year Financial Results OverviewFY3/2008 Full Year Financial Results Overview

ⅡⅡ．．FY3/2008 Full Year Financial Results and FY3/2009 OutlookFY3/2008 Full Year Financial Results and FY3/2009 Outlook

Page 3

Page 16

Page 6

IV.IV. AppendixAppendix Page 32


‐ EMOBILE

- Device Business Page 22

Page 17

Page 24

4

Launched mobile voice services on March 28, 2008Achieved accumulated subscribers of 411,500 as of March 2008Achieved population coverage of approx. 80% as of March 2008

ADSL monthly churn remained low at 1.88%Increase in ADSL market share through new partners & channelsRevenue contribution from Device & Backbone Businesses

Consolidated revenue up 20% and operating profits up 7x.Recovery in consolidated earnings following the accounting changes. Executed cash dividend of 2,300 yen & share buyback of 3.0 billion yen

Financials

eAccess

EMOBILE

FY3/2008 Financials and Operational HighlightsFY3/2008 Financials and Operational Highlights

(Equity accounting method since

5/31/2007)

5

Financials

eAccess

EMOBILE

FY3/2009 Financial and Operational OutlookFY3/2009 Financial and Operational Outlook

Recovery in consolidated earnings outlook.Expect consolidated revenue up 18% and operating profit up 79%.Maintain cash dividend of 2,300 yen per share. Discontinue Rights Plan.

Expand market share and maintain low ADSL churn.Maintain profitability and operating free cash flow.Expect both Device and Backbone Businesses to turn profits.

Increasing demand for mobile broadband services.Quarterly EBITDA losses expect to shrink.(Equity accounting method since

5/31/2007)

6




‐ EMOBILE


- Device Business

Page 3

Page 16

Page 22

Page 17

Page 6

Page 24

IV.IV. AppendixAppendix Page 32

7

RevenueRevenue

Net incomeNet income

CapexCapex

FY3/2008 (4/2007 FY3/2008 (4/2007 –– 3/2008)3/2008)

(billion yen)

FY3/2008 Financial ResultsFY3/2008 Financial Results

Operating profitOperating profit

Recurring profitRecurring profit

・FY3/2007 included 7.24 billion yen and FY3/2008 included 2.61 billion yen of minority adjustments in net income lines.・FY3/2008 parent net income line included 3.5 billion yen of gain on EMOBILE share sales.

DepreciationDepreciation

EBITDAEBITDA

EM etc.equity acc.

6/2007~Mobile

(4-5/2007)Parent Cons.

Thanks to the change in accounting method.Thanks to the change in accounting method.Consolidated revenue increased by 20% and operating profit incrConsolidated revenue increased by 20% and operating profit increased 7x.eased 7x.

Operating FCFOperating FCF

FCF (after tax)FCF (after tax)

1.51

-4.24

-4.50

-2.00

-3.30

8.31

0.94

- 13.51

67.26

12.28

10.59

8.45

19.58

5.88

7.30

-11.6113.70

na9.87

67.56

7.09

-8.37

-6.35

15.38

14.25

8.28

1.13

na

Mobile

FY3/2007 (4/2006 FY3/2007 (4/2006 –– 3/2007)3/2007)

Parent Cons.

0.52

-11.47

55.98

12.53

11.38

6.63

7.88

8.81

56.25

1.05

-1.56

0.91

10.44

38.70

9.40

21.34

13.46 -28.26

-12.93

-12.94

-10.97

30.83

0.50

-418.0

7.56 nana

8

FY3/2009 Financial OutlookFY3/2009 Financial Outlook

FY3/2009 (4/2008 FY3/2009 (4/2008 –– 3/2009)3/2009)

ConsolidatedConsolidated

FY3/2008FY3/2008 FY3/2009FY3/2009 Diff.Diff.（％）（％）(billion yen)

RevenueRevenue

Operating ProfitOperating Profit

Recurring ProfitRecurring Profit

Net IncomeNet Income

EBITDAEBITDA

CapexCapex



・FY3/2008 parent net income line included 3.5 billion yen gain on EMOBILE share sales.

FCF (after tax)FCF (after tax)

Expect consolidated revenue to increase by 18.4% and operating pExpect consolidated revenue to increase by 18.4% and operating profit to increaserofit to increaseby 79.1% by 79.1% YoYYoY mainly due to contribution of Device and Backbone businesses.mainly due to contribution of Device and Backbone businesses.

+ 18.4%

+ 79.1%

na

na

+ 24.2%

- 66.3%

- 22.7%

+1,165.5%

na

80.00

12.70

-6.10

-10.30

19.10

4.80

6.40

14.30

na

67.56

7.09

-8.37

-6.35

15.38

14.25

8.28

1.13

na

ParentParent

FY3/2008FY3/2008 FY3/2009FY3/2009 Diff. (%)Diff. (%)

80.00

12.70

10.70

6.50

19.10

4.80

6.40

14.30

+ 18.9%

+ 3.4%

+ 1.1%

- 23.1%

- 2.5%

- 18.4%

- 12.3%

+4.4%

8.10 - 17.9%

67.26

10.59

8.45

19.58

5.88

7.30

13.70

9.87

12.28

9

RevenueRevenue


CapexCapex

（billion yen）




EBITDAEBITDA

FY 3/2007

Accumulated SubscribersAccumulated Subscribers

14.50

- 38.21

- 41.96

- 42.02

- 27.59

98.21

10.62

411,500

FY 3/2008

0.52

- 11.47

- 12.93

- 12.94

- 10.97

30.83

0.50

9,500

Growth in mobile broadband subscribers was fasterGrowth in mobile broadband subscribers was faster--thanthan--expectations.expectations.

EMOBILE Financial and Operational ResultsEMOBILE Financial and Operational Results

10

EMOBILE Balance SheetEMOBILE Balance Sheet

Maintained 94 billion yen cash position and a 140 billion yen unused commitment line as of 3/2008Maintained 94 billion yen cash position and a 140 billion yen unused commitment line as of 3/2008

UnusedCommitment Line

140 billion yen＋

Low net debt position

-119.87+104.05

-79.18-40.69

FY3/2008

15.1%250.3086.3913.05

106.79126.0893.74

As of 3/2008

Cash Flows

(billion yen)

Balance Sheet

(billion yen)

+45.05Financing CF

FY3/2007

-84.2%Net Debt/Equity

-15.47Operating CF-10.70Investing CF

37.17Fixed Assets109.56Cash

128.41Equity-108.11Net Debt

1.45Debt

-26.17Operating FCF

156.26Total Asset

As of 3/2007

-119.87+104.05

-79.18-40.69

FY3/2008

15.1%250.3086.3913.05

106.79126.0893.74

As of 3/2008

Cash Flows

(billion yen)

Balance Sheet

(billion yen)

+45.05Financing CF

FY3/2007

-84.2%Net Debt/Equity

-15.47Operating CF-10.70Investing CF

37.17Fixed Assets109.56Cash

128.41Equity-108.11Net Debt

1.45Debt

-26.17Operating FCF

156.26Total Asset

As of 3/2007

11

Subscriber and Consolidated Revenue TrendSubscriber and Consolidated Revenue TrendADSL & ISP subscriber trend was inADSL & ISP subscriber trend was in--line with expectations.line with expectations.

Growth in consolidated revenue was driven by Device & Backbone BGrowth in consolidated revenue was driven by Device & Backbone Businessesusinesses

ADSL・ISP Subscribers Revenue（Consolidated）

（million yen）（千回線）

EMOBILE is accounted under equity accounting method from 5/31/2007. On a consolidated basis, 2006/4Q includes 1 month and 2007/1Q includes 2 months of EMOBILE revenue.

(Thousand subscribers)

1,930 1,924 1,925 1,925 1,912 1,895 1,876

260 249 239 230 222 216 209 200

1,843

0

400

800

1,200

1,600

2,000

2,400

2006/1Q 2006/2Q 2006/3Q 2006/4Q 2007/1Q 2007/2Q 2007/3Q 2007/4Q

ISP

ADSL 2,164 2,155 2,135 2,112 2,085 2,043

2,1732,190

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

20,000

22,000

24,000

2006/1Q 2006/2Q 2006/3Q 2006/4Q 2007/1Q 2007/2Q 2007/3Q 2007/4Q

14,15715,037

13,84013,96214,29115,104 15,138

22,286

12

4,300

2,257

2,9953,0763,2003,262

2,9752,749

22.8% 22.9% 22.2%

14.9%

19.7%21.6%

19.7%18.6%

0

1,000

2,000

3,000

4,000

5,000

2006/1Q 2006/2Q 2006/3Q 2006/4Q 2007/1Q 2007/2Q 2007/3Q 2007/4Q0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

営業利益（単体）営業利益率 (%)（単体）

3,440

2,245

2,914

-1,506-2,319-533

1,740

2,162

15.4%

14.8%

19.4%

-10.0%

-16.4%

-3.9%

12.5%15.1%

-3,000

-2,000

-1,000

0

1,000

2,000

3,000

4,000

5,000

2006/1Q 2006/2Q 2006/3Q 2006/4Q 2007/1Q 2007/2Q 2007/3Q 2007/4Q-20.0%

-10.0%

0.0%

10.0%

20.0%

30.0%営業利益

営業利益率 (%)

（million yen）（million yen）

Consolidated operating profit bottomed in 4Q FY2006 and a recoveConsolidated operating profit bottomed in 4Q FY2006 and a recovery from FY2007.ry from FY2007.Slight decline in consolidated operating margin due to the increSlight decline in consolidated operating margin due to the increase in revenue from Device Businessase in revenue from Device Business

Operating Profit TrendOperating Profit Trend

Operating Profit & Operating Margin Operating Profit & Operating Margin (Consolidated)(Consolidated)

Operating Profit & Operating MarginOperating Profit & Operating Margin(Parent) (Parent)

Operating Profit Operating Margin (%)

Operating Profit Operating Margin (%)


13

Capex and Operating FCF TrendCapex and Operating FCF Trend

（million yen）

（million yen）

Operating FCF Trend（Parent）

Capex Trend（Parent）

Maintained high operating free cash flow at approximately 3 billMaintained high operating free cash flow at approximately 3 billion yen every quarterion yen every quarter

* Operating FCF = EBITDA - Capex

1,457

955

2,080

3,387

1,313 1,2631,099

2,202

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2006/1Q 2006/2Q 2006/3Q 2006/4Q 2007/1Q 2007/2Q 2007/3Q 2007/4Q

4,497

3,106

1,621

2,935

3,8383,5763,357

4,234

0

500

1,000

1,500

2,0002,500

3,000

3,500

4,000

4,500

5,000

2006/1Q 2006/2Q 2006/3Q 2006/4Q 2007/1Q 2007/2Q 2007/3Q 2007/4Q


14

Balance SheetsBalance Sheets

Maintained solid balance sheet with parent NetMaintained solid balance sheet with parent Net--DebtDebt--toto--Equity Ratio at 89.6%Equity Ratio at 89.6%

Cash and Cash Deposit

Debt

Total Shareholders’ Equity

Total Asset

Net Debt//Equity Ratio (%)

Net Debt

Minority Interest

（billion yen）

As of March 31, 2007 As of March 31, 2008

51.01

37.44

--

139.57

39.59

94.6%

88.45

160.93

-71.03

77.09

237.84

32.89

-215.9%

89.90

46.84

37.67

--

142.45

42.03

89.6%

84.51

47.62

36.89

0.60

121.59

20.54

179.6%

84.51

Parent ConsolidatedParent Consolidated

15

39.3%

16.9%

39.1%

28.1%

50.1%

0

500

1,000

1,500

2,000

2,500

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

**11

**22 Based on the stock priceon May 13, 2008 of 65,700 yen.

Based on the March end stock priceof each fiscal year.

Shareholders ReturnShareholders Return

DividendDividendYieldYield 1.32％ 1.43％

（Dividend payout ratio- eAccess parent basis）（Dividend per share, yen）

3.75％**11 **11 **11 Among highest Among highest

dividend yield dividend yield in Japanin Japan

2.30％**11

DividendDividend Share Buyback

1,300 yen1,200 yen

1,800 yen

2,300 yen

3/2005 3/2006 3/2007 3/2008

Amount ofAmount ofSharesShares

PurchasedPurchased

No. of No. of SharesShares

PurchasedPurchased

ActualActual

2,999,955,600 yen2,999,955,600 yen

44,741 shares44,741 shares

**Approx. 3.1% of total Approx. 3.1% of total outstanding shares outstanding shares as of March 31, 2008as of March 31, 2008

Completed share buyback at the end of Dec 2007.Completed cancellation of treasury stocks in Apr 2008.

3/2009E

3.50％**22

2,300 yen

Expect FY3/2009 dividend pay ratio based on parent net profit toExpect FY3/2009 dividend pay ratio based on parent net profit to be 50.1%be 50.1%Cancelled approx. 3 billion yen treasury stocks in April 2008Cancelled approx. 3 billion yen treasury stocks in April 2008

16




‐EMOBILE


- Device Business

Page 3Page 3

Page 16Page 16

Page 22Page 22

Page 17Page 17

Page 6Page 6

Page 24Page 24

IV.IV. AppendixAppendix Page 32Page 32

17

Network BusinessNetwork Business

18

Network Business StrategyNetwork Business Strategy

ADSL Business

Continue to expand ADSL market share in FY3/2009

Promotion of mobile broadband bundled service through EMOBILE alliance

Expand distribution channels with new alliance partners

Sustain low churn rate by cooperating with partner ISPs

ISP Business

Focus on subscriber new addition through web channels

MVNO Business

Increase MVNO partners and value-added service menus

Backbone Business

Improvement in operating margins by improving network efficiency

19

v

14.3%14.1%

13.9%13.7%

13.5%

12.5%

13.0%

13.5%

14.0%

14.5%

15.0%

3Q/FY06 4Q/FY06 1Q/FY07 2Q/FY07 3Q/FY07

ADSL Market Share and Churn Rate TrendADSL Market Share and Churn Rate Trend

eAccess ADSL Market Share Trend eAccess ADSL Churn Rate Trend

Source: MIC (as of December 2007)Source: MIC (as of December 2007)

Gradual increase in ADSL market share due to price competitiveness and channel expansionMaintained monthly ADSL churn rate at 1.88%, decreased 0.03% point YoY

Gradual increase in ADSL market share due to price competitiveness and channel expansionMaintained monthly ADSL churn rate at 1.88%, decreased 0.03% point YoY

1.95%1.78%

1.74%2.04%

2.08% 1.85%

1.79% 1.96%

0.00%

0.50%

1.00%

1.50%

2.00%

2.50%

1Q 2Q 3Q 4Q

3/20083/2007 January： 1.77%

February： 1.90%March： 2.21%

January： 1.77%February： 1.90%March： 2.21%

FY3/2007FY3/2007

FY3/2008FY3/2008

20

MVNO partners

MVNO BusinessMVNO Business

@nifty

BIGLOBE

@nifty

BIGLOBE

So-net

ASAHInet

@T COM

U-netSURF

FY3/2009 4/2008 ~12/2007 3/2008

Addingmore

partners

Started Japan’s first high speed mobile data service to MVNOs from December 2007Acquired 6 MVNO partners as of March 2008

Provide Provide wirelesswireless

network servicenetwork service

Provide valueProvide value--added added services (network/services (network/infrastructure etc.)infrastructure etc.)

MobileMobile

MobileMobile＋＋

FTTHFTTH

MobileMobile＋＋

ADSLADSL

MobileMobile＋＋

NarrowNarrowbandband

END USERSEND USERS

2121

Tokyo

NagoyaOsaka

Okayama

Sapporo

Fukuoka

0

5

10

15

20

25

30

35

1 2

Backbone BusinessBackbone Business

BackboneNetwork

BackboneNetwork

（（billion yenbillion yen））

ＦＹＦＹ3/20073/2007 ＦＹＦＹ3/20083/2008

0.250.25

3.273.27

◆◆Revenue TrendRevenue Trend◆◆

SendaiSendai

13X13X

Share existing nationwide ADSL backbone network with EMOBILE.Share existing nationwide ADSL backbone network with EMOBILE.Achieved 13X revenue growth Achieved 13X revenue growth YoYYoY and turned profits in FY3/2008and turned profits in FY3/2008

Backbone ring network(example)

22

Device BusinessDevice Business

23

0

2

4

6

8

10

12

14

Device Business UpdateDevice Business UpdateProvided 7 types of terminals to EMOBILE since June 2007Provided 7 types of terminals to EMOBILE since June 2007

Achieved annual revenue of 13 billion yen due to betterAchieved annual revenue of 13 billion yen due to better--thanthan--expected subscriber growthexpected subscriber growth

(billion yen)

Q1 Q2 Q3 Q4

0.2

1.7

3.3

13.1

FY3/2009~

Establishment in June 2007

EMOBILE voice service launch

USB ModemD01HWJune

EM・ONEαWindows Mobile 6

Mobile IP Phone (Jajah)October

7.2M USB ModemD02HW

December

7.2M PC CardD02NE

February

7.2M CF CardD02NX

February

Voice HandsetsS11HTH11T

Sales of 7.2M HSDPA terminal

YT

D R

even

ue T

rend

/ D

evic

e R

oadm

apE

vent

s

24

EMOBILEEMOBILE

25

Mobile Broadband and Voice ServicesMobile Broadband Mobile Broadband and Voice Servicesand Voice Services

累積加入者数200,000達成(12月)過去最高の月間純増数40,000以上を記録(12月)解約率は約1％と低い水準を維持

Accumulated subscribers were 411,500 as of March 2008Accelerating growth in quarter subscriber additionIncreasing demand for mobile broadband services

SubscribersSubscribersSubscribers

Service AreaService AreaService Area

Launched mobile data on March 2007 and voice serviceon March 2008Offer the most price competitive mobile broadband servicesUnique bundling package with ADSLMost competitive pricing mobile voice tariffs

EMOBILE HighlightsEMOBILE Highlights

Achieved approx. 80% population coverage as of March 2008 with our own network

26

Better-than-expected subscriber growth in FY3/2008. Achieved 411,500 as of March 2008.Accelerating net subscriber addition every quarter throughout FY3/2008.

Better-than-expected subscriber growth in FY3/2008. Achieved 411,500 as of March 2008.Accelerating net subscriber addition every quarter throughout FY3/2008.

Subscriber TrendSubscriber Trend

・・・Accumulated subscribers

・・・Monthly net addition

0

50,000

100,000

150,000

200,000

250,000

300,000

350,000

400,000

450,000

9,500

60,200

122,300

205,900

411,500

07/3 07/4 07/5 07/6 07/7 07/8 07/9 07/10 07/11 07/12 08/1 08/2 08/3

27

Achieved approx. 80% nationwide coverage with our own network (Orange)Launched voice service with approx. 15% roaming (Red)

Achieved approx. 80% nationwide coverage with our own network (Orange)Launched voice service with approx. 15% roaming (Red)

Area Coverage with Roaming

EMOBILE network NTT docomo Roaming

Total population coverage approx. 95%

Roaming price is 22.05 yen / 30 sec (tax included)

Our own fully nationwide network is planned for October 2010

+

Approx. 80% Approx. 15%

(as of 3/2008)

28

EMOBILE Positioning

*1 MIC. Sum of FTTH, DSL,CATV,FWA (fixed wireless access).*2 Telecom Carrier Association (TCA) announcement as of April 2008.*3 MIC (as of September 2007). *4 Approximately 300,000. Based on Nikkei Communication material.

28.3 million *1Broadband Service

6.7 million *3

Potential Users

103.0 million *2

Mobile Phone

Data card usersPublic Wireless LAN

Actual users *4

PHS

4.6 million *2

Data card users

Flat rate at reasonable priceNo installation

Anywhere Faster speed

Target users

Target new users in mobile broadband service, mobile phone, PHS and public wireless LAN

29

Mobile Data Comparison

3,880 yen＋additional ISP charge

Over 50,000 yen(pay-as-you-go)

(for 1GB)


Max 5,985 yen(until August 2008)Two-tiered flat rate

＋additional ISP charge

1,000 yen ~ 4,980 yen(flat rate)

Monthly charge

PHS

Limited areas

EV-DO

Web and mail only

Incl. ISPFree ADSL (Data Plan)

Others

CompanyD

Charges are under two-year contract and include consumption tax

64 to 408kbps

3.6MbpsCompany C

Speed(downlink)

3.1MbpsCompanyB

7.2MbpsCompanyA

EMOBILE 7.2Mbps


Over 50,000 yen(pay-as-you-go)

(for 1GB)


Max 5,985 yen(until August 2008)Two-tiered flat rate

＋additional ISP charge

1,000 yen ~ 4,980 yen(flat rate)

Monthly charge

PHS

Limited areas

EV-DO

Web and mail only

Incl. ISPFree ADSL (Data Plan)

Others

CompanyD

Charges are under two-year contract and include consumption tax

64 to 408kbps

3.6MbpsCompany C

Speed(downlink)

3.1MbpsCompanyB

7.2MbpsCompanyA

EMOBILE 7.2Mbps

EMOBILE continues to be the speed and Price and Speed leader in mobile data service.EMOBILE continues to be the speed and Price and Speed leader in mobile data service.

30

EMOBILE Product Lineup

19,980 yen

Maximum downlink speed 3.6Mbps 7.2Mbps 3.6Mbps

Terminal price（monthly assist payment plan）

4,980 yen9,980 yen

Monthly data charge

9,980 yen

Voice tariff

0 yen

1,000～4,980 yen*

3.6Mbps

EMONSTER（S11HT） H11T DATACARD

Monthly fee

980 yen

18.9 yen per 30 sec.

EMOBILE users :Free

Fixed lines and IP telephones:

5.25 yen / 30 sec.

Mobile phones and PHS:

9.45 yen / 30 sec.

Call rate

PC interface USB（Bluetooth2.0）

USB(infrared rays / Bluetooth1.2)

PCMCIACF・USB PCMCIA・CF

* 2-Year Contract

1,000 yen / month (2yr) 1,000 yen / month (2yr)

31

Promotion and Marketing

32




‐EMOBILE


- Device Business

Page 3Page 3

Page 16Page 16

Page 22Page 22

Page 17Page 17

Page 6Page 6

Page 24Page 24

IV.IV. AppendixAppendix Page 32Page 32

33

Introduction ofIntroduction ofCandidates for Representative DirectorsCandidates for Representative Directors

34

Candidates for Candidates for eAccesseAccess Representative DirectorsRepresentative Directors

Representative Director & President Representative Director & President Koji Koji FukataFukataMr. Koji FukataMr. Koji Fukata(Representative Director & President)(Representative Director & President)

EDUCATIONEDUCATION1985 Graduated from Kyushu Univ.

(Engineering)

BUSINESS BACKGROUNDBUSINESS BACKGROUND1985 Joined KDD (now KDDI)2000 Joined eAccess2002 SVP, Engineering2006 SVP, ADSL Business Unit., Engineering 2007 EVP of eAccess

President of Open Wireless Network

Mr. Hideo KobayashiMr. Hideo Kobayashi(Representative Director & EVP)(Representative Director & EVP)

EDUCATIONEDUCATION1987 Graduated from Keio Univ.

(Economics)2000 Graduated from Graduate School of

Business Administration, Keio Univ.

BUSINESS BACKGROUNDBUSINESS BACKGROUND1987 Joined IBM Japan 2000 Joined eAccess2001 SVP, Organizational Management2003 SVP, Corporate Planning2004 SVP, AOL Business Unit2005 SVP, Corporate Strategy, EMOBILE2006 SVP, Information System, EMOBILE2007 Managing Director, Information

System, EMOBILE

35

Representative Director President

Koji Fukata

Representative Director Representative Director PresidentPresident

Koji FukataKoji FukataDirector

ChairmanSachio Semmoto

DirectorDirectorChairmanChairman

Sachio SemmotoSachio SemmotoDirector

Eric Gan

DirectorDirector

Eric Gan Eric Gan

Outside DirectorPaul ReynoldsOutside DirectorOutside Director

Paul ReynoldsPaul ReynoldsChief Executive

Telecom New ZealandChief Executive

Telecom New Zealand

Outside DirectorKen Shibusawa

Outside DirectorOutside Director

Ken ShibusawaKen ShibusawaPresident

Shibusawa & CompanyPresident

Shibusawa & Company

Outside DirectorJiro KokuryoOutside DirectorOutside Director

Jiro KokuryoJiro KokuryoProfessor

Policy ManagementKeio University

ProfessorPolicy Management

Keio University

eAccess Board Structure eAccess Board Structure (as of June 25, 2008)(as of June 25, 2008)

Outside DirectorKenzo TakaiOutside DirectorOutside Director

Kenzo TakaiKenzo TakaiPresident

IT FrontierPresident

IT FrontierAttorney-at-Law

Takai Law OfficesAttorney-at-Law

Takai Law Offices

Outside DirectorJunji Inoue


Junji InoueJunji Inoue

Representative DirectorEVP

Hideo Kobayashi

Representative DirectorRepresentative DirectorEVPEVP

Hideo KobayashiHideo Kobayashi

*Appointments are subject to the approval of the shareholders meeting and the board of directors meeting to be held on June 25, 2008.

Auditor

Koichiro Nakamoto

AuditorAuditor

Koichiro NakamotoKoichiro NakamotoAuditor

Yoshinobu Tanaka

AuditorAuditor

Yoshinobu TanakaYoshinobu TanakaAuditor

Yukio Goto

AuditorAuditor

Yukio GotoYukio GotoAuditor

Motokuni Takaoka

AuditorAuditor

Motokuni TakaokaMotokuni Takaoka

36

Representative Director Chairman & CEO

Sachio Semmoto

Representative Director Representative Director Chairman & CEOChairman & CEO

Sachio SemmotoSachio Semmoto

Representative Director President & COO

Eric Gan

Representative Director Representative Director President & COOPresident & COO

Eric GanEric Gan

Outside DirectorToyoo Gyohten


Toyoo GyohtenToyoo GyohtenOutside Director

Taketo FuruhataOutside DirectorOutside Director

Taketo FuruhataTaketo FuruhataPresident

Institute for International Monetary Affairs

President Institute for International

Monetary AffairsFormer President of IDCFormer EVP of Itochu

Former President of IDCFormer EVP of Itochu

Outside DirectorPeter F. Cowhey


Peter F. CowheyPeter F. CowheyDean, International Relations

& Pacific StudiesUniv. of California，San Diego

Dean, International Relations & Pacific Studies

Univ. of California，San Diego

Outside DirectorLucas Chow

Outside DirectorOutside DirectorLucasLucas CChowhowCEO of MediaCorp

Former CEO, Singapore Telecom Mobile

CEO of MediaCorpFormer CEO, Singapore

Telecom Mobile

Outside DirectorYuko KawamotoOutside DirectorOutside Director

Yuko KawamotoYuko KawamotoProfessor, Graduate School of Finance, Accounting and Law

Waseda Univ.

Professor, Graduate School of Finance, Accounting and Law

Waseda Univ.

Outside DirectorAnkur Sahu


Ankur SahuAnkur SahuManaging Director

Principal Investment AreasGoldman Sachs (Japan)

Managing Director Principal Investment Areas

Goldman Sachs (Japan)Chairman & CEO

Red HerringChairman & CEO

Red Herring

Outside DirectorAlex Vieux


Alex VieuxAlex Vieux

EMOBILE Board Structure (as of June 26, 2008)(as of June 26, 2008)

AuditorFujino Tadahiko

AuditorAuditor

Fujino TadahikoFujino Tadahiko

*Appointments are subject to the approval of the shareholders meeting and the board of directors meeting to be held on June 26, 2008.

AuditorYukio Goto

AuditorAuditor

Yukio GotoYukio GotoAuditor

Yasuo AkimotoAuditorAuditor

Yasuo AkimotoYasuo Akimoto

37

RevenueRevenue


EBITDAEBITDA

CapexCapex


DeviceEM etc.

equity acc.(6/2007~)

Consolidated（billion yen）

FY3/2008 Results (Segment Info.)FY3/2008 Results (Segment Info.)



FY3/2008(4/2007-3/2008)

Network*

* Network Business： ADSL Business, ISP Business, Backbone Business, MVNO Business

Mobile(4-5/2007)


13.05

-0.06

-0.05

0.25

0.01

-13.51

54.21

12.34

10.59

19.63

5.53

7.29

1.51

-4.24

-4.50

-2.00

-3.30

8.31

0.94

-0.3014.00 -11.61

8.45

FCF (after tax)FCF (after tax) na9.87

67.56

7.09

-8.37

-6.35

15.38

14.25

8.28

1.13

na

38

This presentation has been prepared by eAccess Ltd. (“the Company”). This presentation contains forward-looking statements, which are subject to risks, uncertainties, and assumptions. This presentation is being presented solely for your information and is subject to change without notice. No representation or warranty, expressed or implied, is made and no reliance should be placed on the accuracy, actuality, fairness, or completeness of the information presented. The Company accept no liability whatsoever for any losses arising from any information contained in the presentation.

This presentation does not constitute an offer or invitation to purchase or subscribe for any shares of the Company, and no part of this presentation shall form the basis of or be relied upon in connection with any contract or commitment.

DisclaimerDisclaimer

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