February 2012

Medium Term Business Strategy

FY3/2012 - FY3/2015

Draft

2

Growth Strategy 2015

Medium Term Business Target

Investment Summary

3

Medium Term Business Target

4

Previous 3-Year Financials Review

Revenue

EBITDA

122.9 billion yen

2.2 billion yen

FY3/2009

(pro-forma)

FY3/2012

(estimates)

203.0 billion yen

63.0 billion yen

Mobile (% share)

Fixed (% share)

61.4 billion yen (50%)

61.5 billion yen (50%)

161.0 billion yen (79%)

42.0 billion yen(21%)

Mobile (% share)

Fixed (% share)

- 18.5 billion yen

20.6 billion yen

44.0 billion yen (70%)

19.0 billion yen (30%)

Recurring profit - 31.4 billion yen 12.5 billion yen

Revenue increased by 65% to over 200 billion yen

Transformation to positive recurring profit

Reducing revenue and EBITDA dependence on fixed business

Achievements

5

-4.7%

1.5%

4.4%

20.6%

65.2%

-10% 0% 10% 20% 30% 40% 50% 60% 70%

-1.6%

0.4%

1.5%

6.4%

18.2%

-5% 0% 5% 10% 15% 20% 25%

Revenue Growth Comparison（3-Year)

Highest 3-Year revenue growth of 65.2% during FY3/2009 to FY3/2012E

Highest 3-Year revenue CAGR of 18.2% during FY3/2009 to FY3/2012E

Absolute 3-Year Revenue Growth

FY3/2009 - FY3/2012E

3-Year Revenue CAGR

FY3/2009-FY3/2012E

eAccess

Company A

Average

Company B

Company C

eAccess

Company B

Company A

Average

Company C

Source: public information

6

-2.0%

0.7%

14.0%

3.1%

205.9%

-40% 10% 60% 110% 160% 210%

-5.8%

2.1%

48.0%

9.4%

2763.6%

-500% 0% 500% 1000% 1500% 2000% 2500% 3000%

EBITDA Growth Comparison (3-Year)

Source: public information

Absolute 3-Year EBITDA Growth

FY3/2009-FY3/2012E

3-Year EBITDA CAGR

FY3/2009-FY3/2012E

eAccess

Average

Company B

Company C

eAccess

Company A

Average

Company B

Company C

EBITDA 3-Year growth increased over 28X during FY3/2009 to FY3/2012E

EBITDA 3-Year CAGR also increased over 200% during FY3/2009 to

FY3/2012E

28.6X

Company A

7

Growth Focus

Medium Term Business Target (3-Year)

Revenue

EBITDA

203.0 billion yen

63.0 billion yen

FY3/2012 (estimates)

FY3/2015 (estimates)

Mobile (% share)

Fixed (% share)

161.0 billion yen (79%)

42.0 billion yen (21%)

Mobile (% share)

Fixed (% share)

44.0 billion yen (70%)

19.0 billion yen (30%)

Recurring profit

Increase revenue to 350.0 billion yen from 203.0 billion yen (up 72%)

EBITDA growth to be driven by mobile business

Recurring profit to 3x to 40.0 yen billion from 12.5 billion yen

12.5 billion yen

350.0 billion yen

90.0 billion yen

325.0 billion yen (93%)

25.0 billion yen (7%)

40.0 billion yen

80.0 billion yen (89%)

10.0 billion yen (11%)

8

Subscriber Acquisition Target

Mobile 1.4 million

FY3/2009 FY3/2012E FY3/2015E

4.0 million 6.6 million

Fixed 2.6 million 1.6 million 0.9 million

Total 4.0 million 5.6 million 7.5 million

Net Addition: +2.6 million

9

Capital Spending Plan

Accumulated 3-Year

capex plan 130.0 billion yen

FY3/2010 ~

FY3/2012E

100.0 billion yen *

FY3/2013E ~

FY3/2015E

Complete area expansion

to 93% population coverage

Complete underground &

subway station coverage

Network speed upgrade

to 42Mbps (DC-HSPA)

Network upgrade to LTE

to 75Mbps & 112Mbps

Backhaul upgrade to

100% all IP

100% underground

subway tunnel investment

Area coverage to expand

to over 95% population

coverage

Capex focus

* Current capex figures do not include

platinum band & migration capex

* Capex figures to be revised after

platinum band allocation

10

Subscribers 4.0

FY3/2009 (pro-forma)

FY3/2012E

4.7

Revenue 122.9 176.5

EBITDA 2.2 44.5

Mobile (% share)

Fixed (% share)

1.4 (35%)

2.6 (65%)

FY3/2010 (pro-forma)

FY3/2011 (pro-forma) FY3/2015E

5.0

195.6

64.5

5.6

203.0

63.0

7.5

350.0

90.0

2.4 (51%)

2.3 (49%)

3.1 (62%)

1.9 (38%)

4.0 (71%)

1.6 (29%)

6.6 (88%)

0.9 (12%)

Mobile (% share)

Fixed (% share)

-18.5

20.6

113.6 (64%)

62.9 (36%)

139.1 (71%)

56.5 (29%)

161.0 (79%)

42.0 (21%)

325.0 (93%)

25.0 (7%)

Mobile (% share)

Fixed (% share)

61.4 (50%)

61.5 (50%)

18.2 (41%)

26.3 (59%)

40.3 (62%)

24.2 (38%)

44.0 (70%)

19.0 (30%)

80.0 (89%)

10.0 (11%)

Operating Profit - 22.4 11.8 19.2 25.0 50.0

Recurring profit - 31.4 0.6 8.9 12.5 40.0

Unit:

million users

billion yen

Pro-forma Summary

Expect revenue to increase 72% to 350.0 billion yen from 203.0 billion yen

Operating profit to increase 2x to 50.0 billion yen from 25.0 billion yen

Recurring profit to increase 3x to 40.0 billion yen from 12.5 billion yen

11

Growth Strategy 2015

12

Growth Strategy

Step 1

Strengthen Mobile

Broadband Position

Step 2

Smart phone Strategy

Step 3

Main Stream Carrier

2012~2013

2013~2015

2015~

LTE

Retention

Branding

Shops

Handset

Marketing

Area coverage 99%

Challenge mobile

mainstream market

Subscribers/Revenue

2012~2013 2013~2015 2015~

Growth Strategy 2015

13

Addressing Existing Challenges

ARPU

dilution

Price competition & increase in

MVNO subscribers

Churn Rising churn

Capacity issues due to increasing

traffic. Speed competition Network

14

Strengthen Mobile Broadband Position

LTE

Retention

Marketing

15

3.6 Mbps

7.2 Mbps

21 Mbps

42 Mbps

1st flat rate

1st HSUPA

1st HSPA+

1st

DC-

HSPA

HSPA HSUPA HSPA+ DC-HSPA

LTE Strategy

75 Mbps

112 Mbps

LTE 2009/11 2011/1 2011/3 2012/3

LTE

Mobile broadband

network leader

16

LTE Area Coverage Plan

LTE

HSPA+/DC-HSDPA 70%

HSPA 93%

75/112Mbps

14Mbps

Speed

100% IP Backbone

42Mbps

~21Mbps

•EMOBILE G4 area is compliant area to downlink speed Max 42Mbps. (Some areas:Max 21Mbps or Max 14.4Mbps）

** Nation-wide around 70%, Metropolis and government-decreed city: around 99%, Underground: 100% (end of 2012)

Plan to launch LTE in March 2012

Expand area coverage to 70% by March 2013

17

Mobile Broadband Market Growth

8.0 million

FY3/2012 FY3/2015

1) Speed upgrade

Migrate low/medium speed

MBB users to high speed

users

(7.2/42Mbps⇒75Mbps)

2) New customers

Attract new MBB customers

from new entry users, fixed

broadband & FMC

4.0 million 6.6 million

15.0 million

Mobile Broadband Users

Target Customers

18

3,400

3,250

3,100

2,9502,860

2,730 2,730

1,000

1,500

2,000

2,500

3,000

3,500

4,000

1Q

FY3/11

2Q

FY3/11

3Q

FY3/11

4Q

FY3/11

1Q

FY3/12

2Q

FY3/12

3Q

FY3/12

FY3/15

1.37%

1.29%

1.40%

1.54%

1.44%

1.50%

1.45%

1Q

FY3/11

2Q

FY3/11

3Q

FY3/11

4Q

FY3/11

1Q

FY3/12

2Q

FY3/12

3Q

FY3/12

FY3/15

ARPU and Churn Improvement

(ARPU: yen)

below 1.5%

around 3,000 yen

Target to reduce monthly churn to below 1.5% level

Target to recover ARPU back to around 3,000 yen level

Churn improvement target ARPU recovery target

19

Retention Plan

Source: EMOBILE former user survey (n = 400 people who churned in the last 18months)

Churn Analysis and Retention Plan

(%)

EM churn

0

20

40

60

80

100

Churn to

other

carriers

Natural

churn

1.5%

Churn reasons

to other carriers

Area

Speed

Others

Tariffs

1.0%

Reduce churn (below 1.5%) with initiatives targeting three

main causes (speed, coverage and price)

7.2Mbps

4,980 yen (7.2Mbps)

93%

3,880 yen (42Mbps)

95% improve indoor

tunnel coverage

42Mbps/

LTE

20

Smart phone Re-entry Strategy

21

Expect smart phone market to reach over 50% penetration in Japan’s mobile market

Source: MM Souken

(million）

Smart phone Market Growth

0

20

40

60

80

100

120

FY3/2009 FY3/2010 FY3/2011 FY3/2012 FY3/2013 FY3/2014 FY3/2015 FY3/2016

0%

10%

20%

30%

40%

50%

60%

Smartphone user Featurephone user Smartphone user ratio

22

Smart phone Re-entry Strategy

Shops Plan to expand EMOBILE shops

Preparation of LTE smartphone Handset

Strengthen branding and marketing Marketing

Focus and target specific customer segments to

expand smartphone subscriber base

23

Marketing and Sales Channels Strategy

FY3/2009 ~

FY3/2012E

FY3/2013E ~

FY3/2015E

Complete coverage of

major electronics retailers

nationwide

Product awareness

marketing of Pocket Wifi

Small investment in

corporate brand

Investment in EMOBILE

carrier shops & multi-

carrier shops

Marketing investment in

preparation for LTE

Strengthen branding &

product marketing

Marketing

and

channels

investment focus

24

Shop Strategy

End of

FY2012

Multi-carrier shops

EMOBILE

shops

Increase EMOBILE shops

Primarily multi-carrier shops

End of

FY2013

End of

FY2014

800 stores

End of

FY2011

25

Franchise Shop and EMOBILE Shop Images

Low initial cost for store

development

Leverage partner’s know-

how of store operation

Low running cost

Merits of franchise shops

26

Investing in Marketing and Branding

Strengthen product brand

position as “No. 1 Wi-Fi”

Marketing preparation for

LTE & smart phone launch

Marketing Strategy

Increase company’s brand

recognition

27

Investment Summary

28

Investment Summary

Strong commitment to Medium Term Business Target

Target to achieve 6.6 million mobile subscribers in 2015

Aim to increase operating profit 2x and recurring profit 3x

Strengthen mobile broadband position & marketing

Enter smart phone market with target customer segments

29

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.