Mobile payments, e-money and mobile credit in Japan

1. (c) 2014 Eurotechnology Japan KK www.eurotechnology.com Mobile payment, e-money, mobile credit report (26nd Edition) May 12, 20141 MOBILE PAYMENTS, E-MONEY AND MOBILE CREDIT IN JAPAN 26th Edition, May 12, 2014 ! by Gerhard Fasol Eurotechnology Japan KK http://www.eurotechnology.com/ fasol@eurotechnology.com ! Free version with selected pages. Purchase full report here: http://www.eurotechnology.com/store/mpay/

2. (c) 2014 Eurotechnology Japan KK www.eurotechnology.com Mobile payment, e-money, mobile credit report (26nd Edition) May 12, 2014 EXECUTIVE SUMMARY: MOBILE PAYMENTS, E-MONEY,AND MOBILE CREDIT IN JAPAN 2 - Electronic money and virtual electronic credit cards, based on multi-application smartcards and communicating via contactless NFC methods, and mobile phone based payments have broad usage in Japan both for purchases of goods and services, as well as for transportation tickets. - FeliCa-based multi-application smartcard chips and corresponding JAVA applications are today in most of Japan’s mobile phones, linking mobile payments, mobile credit cards, and e-money, and accelerating development. - “Gentle” regulatory supervision is a strong contributing reason why e-money has developed rapidly in Japan. - E-money in Japan is a vibrant free market, contested between private companies. - Key drivers of Japan’s new payment industry are: - SONY with FeliCa cards as hardware provider, - the world’s largest railway company JR-East with SUICA e-Money and prepaid fares - regional railway companies with corresponding e-Money and prepaid fare cards - retailers Ido-Yokado with e-Money Nanaco, and retailer AEON with e-Money WAON - online shopping mall Rakuten with Edy electronic money, - DoCoMo with the introduction of i-Mode based mobile payments and wallet phones - In addition many software companies, and IT integrators (e.g. NEC) are part of Japan’s e-money and mobile payment ecosystem - While Japan’s e-Money and mobile payment ecosystem is extremely advanced and impressive, Japanese companies have until now failed to build global business based on these technologies

3. (c) 2014 Eurotechnology Japan KK www.eurotechnology.com Mobile payment, e-money, mobile credit report (26nd Edition) May 12, 2014 VERSION HISTORY: MOBILE PAYMENTS 3 Subscribe to this report, and we will regularly send you the latest versions. ! subscription, monthly payment, you can end the subscription any time (no refunds): http://store.eSellerate.net/s.asp?s=STR0576176470&Cmd=BUY&SKURefnum=SKU65843921168 ! subscription, annual payment, you can end the subscription any time (no refunds): http://store.eSellerate.net/s.asp?s=STR0576176470&Cmd=BUY&SKURefnum=SKU04452997099 Version Date Notes 15 April 26, 2007 16 October 17, 2008 17 March 17, 2009 18 June 8, 2009 19 July 7, 2009 20 July 9, 2009 21 July 13, 2009 22 23 December 27, 2011

4. (c) 2014 Eurotechnology Japan KK www.eurotechnology.com Mobile payment, e-money, mobile credit report (26nd Edition) May 12, 2014 VERSION HISTORY 4 Subscribe to this report, and we will regularly send you the latest versions. ! subscription, monthly payment, you can end the subscription any time (no refunds): http://store.eSellerate.net/s.asp?s=STR0576176470&Cmd=BUY&SKURefnum=SKU65843921168 ! subscription, annual payment, you can end the subscription any time (no refunds): http://store.eSellerate.net/s.asp?s=STR0576176470&Cmd=BUY&SKURefnum=SKU04452997099 Version Date Notes 24 July 21, 2012 25 September 9, 2013 26 May 12, 2014 corrections, reformat, updates 27 28 29 30 31 32

5. (c) 2014 Eurotechnology Japan KK www.eurotechnology.com Mobile payment, e-money, mobile credit report (26nd Edition) May 12, 2014 LICENSE 5 • Thank you for purchasing licenses to our reports, and for your cooperation with our licensing conditions. • Only through your purchases can we continue to produce high-quality market reports from Japan • INTHE CASE OF SINGLE LICENSE: If you have purchased a single copy license of this report, you are not permitted to copy this report except for a single back-up copy • INTHE CASE OF CORPORATE LICENSE: in the case that your company has purchased a corporate license, you may distribute this report inside your company including protected corporate information servers locked to the outside, but you cannot distribute this report outside your company • ANNUAL SUBSCRIPTION: we offer annual subscriptions for a particular report, and also for all our reports in one single transaction at a great discount - please contact us for details. Corporations subscribing will receive all updates at the time of publication, so that you can be sure to have the latest up-to-date information • This research report comes without any warranty of any kind.The authors and Eurotechnology Japan K. K. do not warrant that the information in this report is without error, nor that the information serves any particular purpose. For legal advice please consult properly licensed legal professionals, for investment advice please consult properly licensed ﬁnancial advisors.Trademarks mentioned are the property of their owners.  Eurotechnology is a trademark or registered trademark in Japan and other countries.

6. (c) 2014 Eurotechnology Japan KK www.eurotechnology.com Mobile payment, e-money, mobile credit report (26nd Edition) May 12, 2014 AGENDA - LIST OF CONTENTS 6 -Executive summary: Mobile payment, e-money and keitai credit -Competitive landscape for e-money and keitai credit -E-Money vs keitai credit -Disruptive innovation -New business model for mobile communications -DoCoMo: -investment in credit card companies -new mobile payment and credit brands -DoCoMo’s strategy -KDDIThe Card and Jibun-bank -SoftBank Card -QuicPay, Smartplus andVisa-Touch -Electronic cash and mobile payments in Japan -Edy - electronic cash, Rakuten Edy KK, Mobile banking and Edy -Electronic money for Japan’s retailers (Nanaco and WAON) -I-Mode Felica Examples:AM/PM,Ticket-PIA,ANA -Felica and Mifare -mobile FeliCa wallet phones and the mobile FeliCa eco-system -M-Commerce, mobile payments and mobile transactions -SUICA, PASMO and transportation based e-cash systems -mobile payment for transport in Japan vs London -why does it takeTransport for London at least 10 years to reinvent the mobile payment wheel? -QR-codes to pay bills, paying utility bills by mobile phone -DoCoMo Coin -Summary !

8. (c) 2014 Eurotechnology Japan KK www.eurotechnology.com Mobile payment, e-money, mobile credit report (26nd Edition) May 12, 2014 JAPAN’S PRAGMATIC APPROACH 8 - In my discussions with Japanese mobile payment managers and Bank of Japan ofﬁcials I observed that the Japanese have a pragmatic attitude towards electronic money and mobile payments.The introduction of these services in Japan is driven by practical business reasons, convenience and a fascination with technology. - Japan traditionally feels that it does not need to consider global standards - European CEOs and mobile-operator executives on the other hand seem more concerned with the more fundamental questions concerning e-money and mobile payments. - Indeed, a recent review of the “E-Money Directive” of 2000 by the EU Commission states that ‘growth of e-money in Europe is slower than expected’, and suggests recommendations to lighten the regulatory regime laid out in the directive

9. (c) 2014 Eurotechnology Japan KK www.eurotechnology.com Mobile payment, e-money, mobile credit report (26nd Edition) May 12, 2014 E-CASH IS DIFFERENTTO CREDIT CARDS AND DEBIT CARDS 14 Electronic cash differs to electronic payment with credit or debit cards. For electronic cash, as illustrated here, the cash resides electronically in the card or in the wallet phone. From time to time, the balance on the card and the balance in the data centre are reconciled asynchronously. In the case of credit and debit cards, the card only contains the account number. All balance and transaction information is held and manipulated at the data centre only. service provider (credit card, bank, etc) data center JAVA application with access to FeliCa-chip application/data on FeliCa-chip antenna reader/writer terminal (c)2007EurotechnologyJapanKK www.eurotechnology.comreader/writer terminal Credit Card debit card 1234 5678 1234 Read onlyRead & write Wallet phone e-cash electronic payment, credit card debit card

11. (c) 2014 Eurotechnology Japan KK www.eurotechnology.com Mobile payment, e-money, mobile credit report (26nd Edition) May 12, 2014 WHY ELECTRONIC CASH? 17 - Electronic cash transactions take on the order of 0.1 seconds and are much faster than traditional cash: no change is required - Reduce counting errors - Reduce fraud and theft - Reduce the cost of handling cash - savings can be used to improve service, or for loyalty programs and discounts - Electronic cash is “smart”: many functions can be programmed, can be combined with loyalty programs etc. For example,ANA (All Nippon Airways) offers conversion of frequent ﬂyer miles into electronic cash, and Frequent Flyer Miles for Edy purchases to encourage introduction of Edy payments.

13. (c) 2014 Eurotechnology Japan KK www.eurotechnology.com Mobile payment, e-money, mobile credit report (26nd Edition) May 12, 2014 TOTAL NUMBER OF E-CASH CARDS ISSUED 24 - Currently about 120 million e-cash cards (including about 12 million “mobile cards”) are in circulation - The number of e-cash cards is about to exceed the population of Japan, ie on average everyone in Japan has at least one e-money card 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 0 10000000 20000000 30000000 40000000 50000000 60000000 70000000 80000000 90000000 100000000 110000000 120000000 emoneycardsissued e money cards issued BoJ data including mobile Edy SUICA BoJ data mobile e money c2009EurotechnologyJapanKK www.eurotechnology.com

14. (c) 2014 Eurotechnology Japan KK www.eurotechnology.com Mobile payment, e-money, mobile credit report (26nd Edition) May 12, 2014 WHICH PROPORTION OF JAPAN’S MONEY IS E- MONEY? 37 Bank of Japan data show that e-Money corresponds to about 2% of the amount of banknotes and coins.This percentage could increase to 5% by 2015. 2006 2007 2008 2009 2010 2011 2012 0 1 2 3 4 5ofbanknotesandcoinsamount e Money as a percentage of total banknotes and coin amount BoJ data all types of e money c2009EurotechnologyJapanKK www.eurotechnology.com

16. (c) 2014 Eurotechnology Japan KK www.eurotechnology.com Mobile payment, e-money, mobile credit report (26nd Edition) May 12, 2014 EDY IN FELICA WALLET PHONES 42 - The Edy account balance and transaction record is stored both in the secure area of the FeliCa chip, and also on the central Edy data base server. - The data on the FeliCa chip and the central server are periodically synchronized. - The Edy JAVA i-appli allows to access both the balance stored in the FeliCa chip (shown in the left hand side image) and also the balance on the central Edy server (shown in the right hand side image).These two balances should normally agree - connection is necessary for reconciliation.

18. (c) 2014 Eurotechnology Japan KK www.eurotechnology.com Mobile payment, e-money, mobile credit report (26nd Edition) May 12, 2014 RAKUTEN EDY KK ( WAS BITWALLET KK) 48 Business -Planning and management of prepaid electronic money business (Edy) -Development of companies issuing prepaid electronic money, and of shops accepting it -Management of the “Edy” brand Company foundation January 18, 2001 as BitWallet KK ! June 2012 name changed to Rakuten Edy KK, logo changed to “Rakuten Edy” Paid in capital was:YEN 21,453.5 million (US$ 214 million) ! now:YEN 1840 (US$ 23 million) main shareholders Rakuten SONY NTT DoCoMo ANA

19. (c) 2014 Eurotechnology Japan KK www.eurotechnology.com Mobile payment, e-money, mobile credit report (26nd Edition) May 12, 2014 RAKUTEN EDY KK SHAREHOLDERS 49 Shareholder percentage Rakuten SONY Financial International NTT DoCoMo SONY Dai Ichi Koushou (Karaoke company, brand “Big Echo”) Tokyo Mitsubishi Bank Nihon Konrax Toyota Motors Mitsui-Sumitomo Bank Glory Engineering Sakura Information Systems Denso KDDI About 45 other major corporations Total

21. (c) 2014 Eurotechnology Japan KK www.eurotechnology.com Mobile payment, e-money, mobile credit report (26nd Edition) May 12, 2014 NANACO 51 - Nanaco is electronic money issued by Seven & I Holdings, one of Japan’s largest retail companies. - Nanaco started on April 23, 2007. - Nanaco is a complex electronic money system, which is issued alternatively in the form of cards or as a JAVA application downloaded to a mobile phone.

23. (c) 2014 Eurotechnology Japan KK www.eurotechnology.com Mobile payment, e-money, mobile credit report (26nd Edition) May 12, 2014 KID’S WAON 64 From autumn 2007,AEON offers “Kid’s WAON” - electronic money for children

26. (c) 2014 Eurotechnology Japan KK www.eurotechnology.com Mobile payment, e-money, mobile credit report (26nd Edition) May 12, 2014 COMPETITION BETWEEN BRANDS 76 - At the point of sale, e-cash and keitai credit cards compete. - All Japanese e-cash and keitai credit systems use SONY’s Felica systems, therefore they can all be combined into a single terminal as shown on the right hand side, where customers can select a particular type of e-cash by pressing a button

27. (c) 2014 Eurotechnology Japan KK www.eurotechnology.com Mobile payment, e-money, mobile credit report (26nd Edition) May 12, 2014 MOBILE PAYMENTS AND KEITAI CREDIT AS NEW BUSINESS OPPORTUNITIES FORTHE MOBILE INDUSTRY 81

28. (c) 2014 Eurotechnology Japan KK www.eurotechnology.com Mobile payment, e-money, mobile credit report (26nd Edition) May 12, 2014 BUILDING MOBILE PAYMENT BUSINESS: DOCOMO’S INVESTMENT IN MITSUI- SUMITOMO CREDIT CARDS 86

29. (c) 2014 Eurotechnology Japan KK www.eurotechnology.com Mobile payment, e-money, mobile credit report (26nd Edition) May 12, 2014 MOBILE PAYMENTS AND KEITAI CREDIT AS NEW BUSINESS OPPORTUNITIES FORTHE MOBILE INDUSTRY 94

30. (c) 2014 Eurotechnology Japan KK www.eurotechnology.com Mobile payment, e-money, mobile credit report (26nd Edition) May 12, 2014 BANK ATM WITH FELICA READER 100 This bank ATM is equipped with reader/writer terminal for Felica, to transfer money between a FeliCa card or FeliCa equipped mobile phone and the bank account, or credit card account

31. (c) 2014 Eurotechnology Japan KK www.eurotechnology.com Mobile payment, e-money, mobile credit report (26nd Edition) May 12, 2014 DOCOMO’S ID STRATEGY 102 DoCoMo’s strategy is to attract part of the small payments (YEN 100 -YEN 1000) from cash to mobile phone payments

33. (c) 2014 Eurotechnology Japan KK www.eurotechnology.com Mobile payment, e-money, mobile credit report (26nd Edition) May 12, 2014 temporary event hall inTokyo’s Aoyama area to launch the brand ! (later Microsoft used a similar event hall in the same location to launch XBOX in Japan) 108 DCMX = LAUNCHINGTHE BRAND

35. (c) 2014 Eurotechnology Japan KK www.eurotechnology.com Mobile payment, e-money, mobile credit report (26nd Edition) May 12, 2014 JIBUN BANK 112 - Jibun Bank (Jibun =oneself) is a joint venture between KDDI andTokyo-Mitsubishi-UFJ-Bank focus on banking via the mobile phone. - A mobile phone site allows most banking transactions directly - KDDI offers Jibun-Bank to subscribers of competitor DoCoMo as well, and we expect in the future offering to all Japanese mobile provider’s customers

36. (c) 2014 Eurotechnology Japan KK www.eurotechnology.com Mobile payment, e-money, mobile credit report (26nd Edition) May 12, 2014 KDDITHE CARD -> AU JIBUN CARD 119 - In response to DoCoMo’s DCMX credit card, KDDI created “KDDIThe Card” - a KDDI branded credit card, starting on June 1, 2006 in cooperation with the following credit card companies: - Credit Saison - JCB - Toyota Finance - UFJ NICOS ! - In Autumn 2008,“KDDI-The Card” was merged into the Jibun-Bank and became the “au JIBUN Card” - au Jibun Card uses the QuicPay wireless (RFID) payment system

39. (c) 2014 Eurotechnology Japan KK www.eurotechnology.com Mobile payment, e-money, mobile credit report (26nd Edition) May 12, 2014 SOFTBANK CARD 125 in response to DoCoMo’s DCMX credit card, and to KDDI-The Card (now AU Jibun Card), SoftBank created the Softbank card.

41. (c) 2014 Eurotechnology Japan KK www.eurotechnology.com Mobile payment, e-money, mobile credit report (26nd Edition) May 12, 2014 QUICPAY BAR 134 Quicpay bar in Nagoya promotes Quicpay with cocktails and drinks

44. (c) 2014 Eurotechnology Japan KK www.eurotechnology.com Mobile payment, e-money, mobile credit report (26nd Edition) May 12, 2014 I-MODE-FELICA EXAMPLE: AM/PM CONVENIENCE STORES CUSTOMER FIDELITY PROGRAM 148

45. (c) 2014 Eurotechnology Japan KK www.eurotechnology.com Mobile payment, e-money, mobile credit report (26nd Edition) May 12, 2014 EXAMPLE:AM/PM CONVENIENCE STORES 149 - AM-PM convenience stores have partnered with Bitwallet and have installed contactless reader/ writers in all POS terminals for use with Edy e-cash. - AM-PMs installed FeliCa/Edy reader/writers can be directly used also to interface with I-mode/ FeliCa phones. - AM-PM’s installed system will allow to use the ecash application of I-mode/FeliCa phone, and a number of other applications, such as loyalty programs (“ap-club”) and other applications

46. (c) 2014 Eurotechnology Japan KK www.eurotechnology.com Mobile payment, e-money, mobile credit report (26nd Edition) May 12, 2014 EXAMPLE:AM/PM CONVENIENCE STORES 150 - Electronic cash payments at point of sale (POS) terminals - customer relationship management, loyalty program, offers and new content for “club-ap”

47. (c) 2014 Eurotechnology Japan KK www.eurotechnology.com Mobile payment, e-money, mobile credit report (26nd Edition) May 12, 2014 CLUB-AP - CUSTOMER CLUB LINKEDTO EDY E-MONEY 151 - Edy balance - Club AP point balance - Education game “AP” - Chaku-melo (ringing melody) scratch game (win free ringing melodies). Play the game as a reward for purchases - am/pm usage record - Club AP: registration and changes - Link to am/pm I-mode mobile website

48. (c) 2014 Eurotechnology Japan KK www.eurotechnology.com Mobile payment, e-money, mobile credit report (26nd Edition) May 12, 2014 CLUB AP - CUSTOMER CLUB 152 Edy cash balance transaction history Club AP point balance

49. (c) 2014 Eurotechnology Japan KK www.eurotechnology.com Mobile payment, e-money, mobile credit report (26nd Edition) May 12, 2014 EXAMPLE: CUSTOMERTERMINAL AT AM/PM 153 - Customers can access their Edy accounts and perform transactions, collect Edy-Gifts, etc at online terminals named “appoint’s” in am-pm convenience stores. - “appoint’s” terminals are a cooperation between am/pm convenience stores and SONY’s So-net internet services division FeliCa card reader

53. (c) 2014 Eurotechnology Japan KK www.eurotechnology.com Mobile payment, e-money, mobile credit report (26nd Edition) May 12, 2014 JAPAN AIRLINES - JAL 164 - In response to ANA, competitor JAL (Japan Air Lines) also introduced equivalent electronic payment and ticketing systems. - While ANA is linked to Edy e-money, JAL is linked to JR-East’s SUICA electronic money - The photographs show one of JAL’s ticket sale and check-in machines. - The JAL ticketing and check-in provides QR-code and FeliCa wallet phone read/write interfaces QR code reader wallet phone reader

58. (c) 2014 Eurotechnology Japan KK www.eurotechnology.com Mobile payment, e-money, mobile credit report (26nd Edition) May 12, 2014 SUICA, MOBILE SUICA AND TRANSPORTATION BASED NFC PAYMENT AND E-CASH SYSTEMS 182

59. (c) 2014 Eurotechnology Japan KK www.eurotechnology.com Mobile payment, e-money, mobile credit report (26nd Edition) May 12, 2014 SUICAVS LONDONTRANSPORT’S OYSTER: WHY DOES ITTAKE LONDONTRANSPORT 10YEARSTO RE-INVENTTHE MOBILE PAYMENT WHEEL 187

60. (c) 2014 Eurotechnology Japan KK www.eurotechnology.com Mobile payment, e-money, mobile credit report (26nd Edition) May 12, 2014 WHY DOES ITTAKE AT LEAST 10YEARSTO REINVENTTHE MOBILE PAYMENT WHEEL IN LONDON? 189 - Quick answer: human nature and organizations are the barriers

62. (c) 2014 Eurotechnology Japan KK www.eurotechnology.com Mobile payment, e-money, mobile credit report (26nd Edition) May 12, 2014 ODAKYU @CLUB 192 - The Odakyu Railway line is one of many commuter railway line networks in the west ofTokyo an extends out into the Hakone resort areas. - The Odakyu Railway operators reservation-only “Romance Car” trains (shown on the left) which are much more comfortable then the usual almost standing-room only commuter trains.“Romance car” trains are used by commuters in the evening to return home more comfortably, for shopping trips, for short-distance business trips (e.g. to the high-tech R&D labs in Atsugi) and to visit the Hakone resort area. - Odakyu is using a self-service reservation system for customers to book an purchase seats on the reservation-only Romance-Cars via mobile phone. - Although we did not ﬁnd ﬁgures released by Odakyu, we estimate that 10%-20% of seats are sold mobile phone.

64. (c) 2014 Eurotechnology Japan KK www.eurotechnology.com Mobile payment, e-money, mobile credit report (26nd Edition) May 12, 2014 SUMMARY: JAPAN’S MOBILE PAYMENT AND E- MONEY ECO-SYSTEMS 194 - Electronic money, based on multi-application smartcards and communicating via contactless NFC methods, and mobile phone based payments have broad usage in Japan both for purchases of goods and services, as well as for transportation tickets. - Felica multi-application smartcard chips and corresponding JAVA applications are today in most of Japan’s mobile phones, linking mobile payments, mobile credit cards, and e-money, and accelerating development. - “Gentle” regulatory supervision is one of the major reasons e-money has been developing rapidly in Japan. - E-money in Japan is a vibrant free market, contested between private companies. - Key drivers of this new payment industry have been SONY with Felica cards and Edy electronic money, the world’s largest railway company JR-East with SUICA, and DoCoMo with the introduction of i-Mode based mobile payments and wallet phones.

65. (c) 2014 Eurotechnology Japan KK www.eurotechnology.com Mobile payment, e-money, mobile credit report (26nd Edition) May 12, 2014 MORE INFORMATION • reports:http://www.eurotechnology.com/store/ • twitter: http://twitter.com/gfasol/ • website: http://www.eurotechnology.com/ • personal site: http://fasol.com 195

67. (c) 2014 Eurotechnology Japan KK www.eurotechnology.com Mobile payment, e-money, mobile credit report (26nd Edition) May 12, 2014 EUROTECHNOLOGY JAPAN KK FOUNDED: FEBRUARY 1997 INTOKYO 197 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/

68. (c) 2014 Eurotechnology Japan KK www.eurotechnology.com Mobile payment, e-money, mobile credit report (26nd Edition) May 12, 2014 EUROTECHNOLOGY JAPAN KK 198 - Leading high-technology business development boutique inTokyo, working globally - Founded in 1996/1997 - 14 years experience, relationships, cooperations and success record. - CEO works with Japan’s 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, DeutscheTelekom, Cubic, Unaxis (now: Oerlikon), CITI Group, CLSA Asian Markets, Genscape, Google, IKEA, Isabellenhuette, Landis+Gyr, National Instruments, Swisscom,TechnoCom, - Government - NewYork 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/

69. (c) 2014 Eurotechnology Japan KK www.eurotechnology.com Mobile payment, e-money, mobile credit report (26nd Edition) May 12, 2014 GERHARD FASOL PROFILE: HTTP://WWW.FASOL.COM/PROFILE/ 199 - Worked successfully with Japan’s high-tech sector since 1984 - 27 years. Came first to Japan in 1984 to help build NTT’s first international R&D cooperation on semiconductor lasers - Entrepreneur inTokyo since 1996, Eurotechnology Japan KK worked with many large corporate groups (e.g. SIEMENS, NTT, DeutscheTelekom,Asahi Glass...), more than 100 investment fund managers - Assoc. Professor of Electrical Engineering atTokyo University. Record of Fasol-Laboratory atTokyo 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 ofTrade: 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 spin- electronics in Japan in 1991 - Tenured Faculty member at Cavendish Laboratory/University of Cambridge. - Assoc. Professor of Electrical Engineering atTokyo 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

70. (c) 2014 Eurotechnology Japan KK www.eurotechnology.com Mobile payment, e-money, mobile credit report (26nd Edition) May 12, 2014 GERHARD FASOL WITHTETSUZO MATSUMOTO, EXECVP OF SOFTBANK MOBILE CORPORATION 200

71. (c) 2014 Eurotechnology Japan KK www.eurotechnology.com Mobile payment, e-money, mobile credit report (26nd Edition) May 12, 2014 “POST GALAPAGOS STUDY GROUP” 25 JAPANESE LEADERS + 1 FOREIGNER (GERHARD FASOL) WORKING FOR ONEYEAR ON CONCEPTSTO OVERCOME JAPAN’S “GALAPAGOS EFFECT” 201 see: http://www.eurotechnology.com/2013/10/07/galapagos/

72. (c) 2014 Eurotechnology Japan KK www.eurotechnology.com Mobile payment, e-money, mobile credit report (26nd Edition) May 12, 2014 “POST GALAPAGOS STUDY GROUP” 25 JAPANESE LEADERS + 1 FOREIGNER (GERHARD FASOL) WORKING FOR ONEYEAR ON CONCEPTSTO OVERCOME JAPAN’S “GALAPAGOS EFFECT” 202 see: http://www.eurotechnology.com/2013/10/07/galapagos/

73. (c) 2014 Eurotechnology Japan KK www.eurotechnology.com Mobile payment, e-money, mobile credit report (26nd Edition) May 12, 2014 CONTACT • Eurotechnology Japan KK,Tokyo, Japan. • http://www.eurotechnology.com/ • CEO: Gerhard Fasol • Mobile +81-90-8594-6291 • Email: fasol@eurotechnology.com and gfasol@gmail.com 203

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