SOFTBANK announces sale of its holdings in Aozora Bank

September 5, 2003

SOFTBANK CORP. (“SOFTBANK”) announces that it sold its entire holdings in Aozora Bank, Ltd. (“Aozora Bank”) to Cerberus NCB Acquisition, L.P. (“Cerberus”) through a TOB initiated by Cerberus.

SOFTBANK received approximately 101 billion yen as proceeds from the sale as of today. The proceeds from the sale will be mainly allocated to the broadband business, which represents the core operations of the SOFTBANK Group.

Impact of the sale on the financial results for the fiscal year ending March 31, 2004

Gain/Loss on sale of investment are as follows

(1) Impact on a stand-alone basis: Gain on sale of investment in affiliates of approximately 50 billion yen
(2) Impact on a consolidated basis: Loss on sale of investment securities of approximately 10 billion yen ^*

* We announced that loss on sale of investment securities was expected to be 3.5 billion yen in our news release as of June 30, 2003. The difference in amounts of loss on sale of investment securities is due to the difference between a book value of Aozora Bank as of March 31, 2003 and one as of June 30, 2003. Equity in gains under the equity method was recognized regarding Aozora Bank in the first quarter of the fiscal year ending March 31, 2004, which resulted in the difference in a book value. The difference between loss on sale of investment securities and equity in gains under the equity method is approximately 3.5 billion yen.

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