WIXLIB

ESG: Committed to Sustainability Corporate Governance: Stable and diversifiedmanagement team with long term oreignDirector257%29%FemaleDirector14%1 Social: Information security management / DiversityTwo pillars that support provision ofsafe and secure services and productsInformationSecurity Group regulation basedon ISO/IEC 27001 Employee training QualityActivities Monitor and improve NetPromoter Score (NPS ) Monthly “Quality AssuranceCommittee” for qualityassuranceDiversity: A Driving Force toAccelerate InnovationEmployees’ Nationalities70 Data Coverage: Rakuten, Inc. Environment : Joined RE100Representative Director,Chairman, President and CEORepresentative Directorand Vice ChairmanHiroshi MikitaniMasayuki HosakaDirectorCharles B. BaxterOutside DirectorsRakuten, Inc. joined the international initiativeRE100 which stands for “Renewable Electricity100%,” an initiative that brings together the world’smost influential businesses who are committed toutilize 100% renewable power by 2050 at the latest. Main Index InclusionsDirectorKen KutaragiDirectorSarah J. M. Whitley MSCI ESG Indices FTSE4Good Index Series S&P / JPX Carbon efficientDirectorDirectorTakashi MitachiJun Murai26

Snapshot of Key Businesses27

Internet Service Segment BusinessesDomestic ECMarket place businessesRakuten Ichiba Internet shopping mallRakuten Travel Online travel and reservation websiteRakuten GORA Online golf course reservationsFirst party businessesRakuten24 (Rakuten Direct) Daily necessities sales serviceRakuten Books Online book, CD & DVD storeRakuten Fashion Online brand fashion storeRakuten Seiyu Netsuper Online grocery delivery serviceC2C businessRakuma Consumer-to-consumer mobile e-commerce appOthersRakuten Rewards Membership-based online cash-back site in(formerly known as Ebates) the U.S.Raluten Kobo Global eBooks, audiobooks, eReader andeReading appRakuten Advertising Online marketing solutions(formerly known as Rakuten Marketing)Rakuten VIKIGlobal video-on-demand serviceRakuten TV Video-on-demand service in EuropeTaiwan Rakuten Ichiba Online shopping in TaiwanRakuten France Online shopping in FranceRakuten Deutschland Online shopping in GermanyDream business Internet leisure services affiliated with publicagencies and regional governmentsTohoku Rakuten Golden Eagles Professional baseball clubRakuten SUPER LOGISTICS Distribution and fulfillment servicesfor Rakuten Ichiba merchants and Rakuten Group services , etc.NBA RakutenVissel KobeProfessional soccer teamOnline streaming of NBA gamesRakuten CapitalCorporate venture capital group, etc.28

Domestic EC: Japan’s No. 1 Internet ServiceDomestic EC HighlightsThe Biggest OnlineMarketplace in JapanDomestic EC GMSin 201950 k3.7trillion( 12.6%YoY)KPI: Strong growth of Domestic E-Commerce GMS*1*2Diversified range ofproducts270 merchantsmillion products(As of June 2020)(As of June 2020)Market Opportunity: Japan’s EC penetration expected to double1. Investing in delivery /logisticsEC penetration comparison20.4%7.9%18.8%10.4%Growth strategy: Enhancing customer experience11.8%Source: The Ministry of Economy, Trade and Industry (METI), “FY2018 Survey of Infrastructure Development Statusfor Data-driven Society in Japan (E-Commerce Market Survey)”Improving user deliveryexperience/ reducingmerchants logistics burden2. Partnering withlarge brandsExpand 1st party businessesto provide wider productcategory3. Cultivating newcustomer baseLaunch Rakuten Fashionand C2C to capture newcustomerRakutenFulfillmentCenter29

FinTech Segment Service Businesses – World’s Most Integrated PlatformServicesFY2019 Revenue*1Products(% of Total FinTech)CreditCardJPY 229.8 bn(47.2%)Online BankOnline SecuritiesOnline InsurancePaymentSmartphoneAppDebit CardJPY 89.1 bnSmartphoneAppPC ToolJPY 56.6 bnLife InsuranceQR/BarcodeGeneral InsuranceE-money/Plastic Card*1: There are revenue of Others. Others include investment management business, overseas business etc.*2: Insurance includes Life Insurance, General Insurance, Pet Insurance and Insurance Agency.*3: Payment business also includes Rakuten Wallet, cryptocurrency business.(18.3%)(11.6%)Pet InsurancePonintJPY 106.5 bn*2(21.9%)JPY 28.8 bn*3(5.9%)30

Rakuten Card: Japan’s Fastest growing Credit Card Business (by shopping GTV)Rakuten Card HighlightsKPI: Rakuten Card’s growth rate outperforms the marketShopping GTV growth rate (YoY)Market share(by shopping GTV)# of Card Holders(As of June 2020)Won CustomerSatisfaction SurveyNo.120mmNo.128.9%11 consecutive years10.2%(Credit card industry)7.2%(Japanese CustomerSatisfaction Index Survey,Credit Card category, 2019)(Credit card industryexcluding Rakuten Card)Source: METI, Rakuten CardMarket Opportunity: Growth Potential for Credit Card in JapanKorea77%Revolving and Cash advances grew steadily along with Card Shopping growthJapanComparison of credit cardpenetration rate19%Singapore35%Australia30%Source: JAPAN CONSUMER CREDIT ASSOCIATION “Japan Credit Statistics 2018”Growth strategy: Diversity of revenue stream(JPY bn)Total RevenueCard shoppingUS7713923025%RevolvingCash advancesOthersFY2013FY2016FY201931

Rakuten Bank: Japan’s Largest & Fastest Growing Online BankRakuten Bank HighlightsKPI: No.1 in Number of Bank Accounts(mm)Number of accounts(by online bank)Japan’s Fastest growingonline bank(by number of new accounts)No.1 1.2mmNumber of Bank Accounts (Online bank, as of June 2020)Diverse ServicesPersonal loans,mortgage, Foreigncurrencies, transfer byViber etc.(Growth in 2019)Market Opportunity: Growth Potential for Online & New banksDeposit breakdown of Japanese BankGrowth strategy: Efficient Funding StructureLow funding cost as Rakuten Bank deposits enable increased group profitabilityTotal depositsJPY 1,100 tn*Source: Japanese Bankers Association, Shinkin Central Bank Research Institute, Company disclosures32

Rakuten Securities: Japan’s Fastest growing Securities BusinessRakuten Securities HighlightsKPI: No.1 in Number of New Securities AccountsNumber of New Accounts (Jan/20-Jun/20)Number of newaccounts openingNumber of accounts(As of June 2020)No.14.4mm651 thousandInvestment with RakutenPoints available Investment Trusts Accumulation TypeInvestment Trusts Domestic Stocks, etc.RakutenPointsRakutenMarket Opportunity: Growth Potential for SecuritiesHousehold financial assets compositionJapanCompany BCompany CCompany DGrowth strategy: Diversity of revenue streamReducing reliance on Japanese Equities against the backdrop of lower transaction feesUSJPYAsset handledby securitiescompanies is 1/3that of the USCompany AJPY1,8359,779tntn**Source: Bank of Japan, “Comparison of fund circulation between Japan, US and Europe 2019”*Calculated with 1 USD 110 JPYFY201942%66%FY2009Japan EquityFXInvestment Trust & BondOther financial revenueOthers33

Payments Business: One ID Enabling multiple payment MethodsRakuten Payment HighlightsNumber of RakutenPay UsersNumber of locationsOnline / Offline46mm5mmService lineupSustainablebusiness model withrevenue fromtransaction feesRakuten ID-based payment service (QR code / Barcode)Electronic moneyPoint card service(As of Dec/2019)*46mm : Monthly active users with settlement based on registration of Rakuten ID. Cumulative number from each businessCrypto asset exchange service*5mm : Total number of available locations for Rakuten Pay, Rakuten Edy, Point card. As of June 2020Market Opportunity: Growth Potential for Cashless in JapanGrowth strategy: The 3 Layers of Payment Business StrategyJapanese cashless ratio targeted to be 40% by 2025*1Providing Various Payment Methods in common ID / Interface2019JPY81 tn26.8%*22025(Target)40%20XX(Target)80%*1 Source: Ministry of Economy, Trade and Industry “Cashless Vision”, 2018*2 Source: Bank of Japan, JAPAN CONSUMER CREDIT ASSOCIATION34

Insurance Services: Unique Services with Rakuten Group SynergyInsurance Business HighlightsUnique serviceswith Rakuten groupsynergyTravel insurance,Golfer’s insuranceService lineupRakuten Point topremium paid*Comprehensiveinsurance desk1%One-stopconsultationLife InsuranceGeneral InsuranceLife insurance, medical insurance, cancerinsurance etc.General insurance such as car insurance,fire insurance, travel insurancePet insurance servicePet Insurance* When conditions are met with the certain insurance product, 1% of the premium paid is given as Rakuten points. Fordetails, please check the websites of Rakuten Life Insurance, Rakuten General Insurance and Rakuten Pet Insurance.Market Opportunity: 3rd biggest Insurance market with little internet ratioInsurance DeskComprehensive insurance desk where customerscan get one-stop consultation, inquiries andprocedures for Rakuten Insurance Group productsGrowth strategy: Unique services with Rakuten group synergy(bn USD)1,5001,000Total premium volume in USD 2017 (bn)Bicycle Insurance (Oct/2018 )Internet Insuranceis less than 10%*RakutenInsuranceGroup5000UKFranceSource: Swiss Re, “sigma No 3/2018”Japan’s Internet Insurance ratio is calculated by Rakuten based on disclosure information Travel Insurance (Mar/2019 )Golfer’s Insurance (Mar/2019 )Fire Insurance for home ownerCreditor's group insurance withcancer covenant35

Rakuten Capital: Minority InvestmentsStrategyHistorical PortfolioPerformanceInternet Sourcing⁃ Screening by Big Data⁃ Leveraging Rakuten globalnetwork⁃ Venture/Investmentcommunity at global level（Exited)(USD mm)FinTech Adding Value⁃ Providing variousmanagement know-howsuch as marketing and KPImanagement⁃ Adding corporate valueutilizing Big Data⁃ Director level and hands-onsupportRide Sharing** Lyft and Rakuten Medical are excluded due to transfer from Investment Business andtreated as exited investments for return calculation* Returns excluded Lyft and Rakuten Medical: ROI 57%, IRR 17%Healthcare*（Affiliated Company)(As of December 2019)* Lyft and Rakuten Medial were transferred from Investment Business in Apr and Sep 2019, respectively andchanged from pure investments to strategic investments* Lyft was previously accounted for using the equity method and changed to be measured at fair value throughprofit or loss from Q3/20

Ad Business: Dominant Online Ad Business on EC Platforms in JapanAd Business HighlightsKPI: EC platform advertising growth outperforms the market FY2019 Revenue growth at 16.7% YoY Advantages of Rakuten: 100M Rakuten IDs and behavior data Purchasing data which connected withRakuten IDs Collect both on-line and off-line dataMarket Opportunity: Internet Advertising growing rapidlyGrowth strategy: Leveraging existing assets and dataEstablishing Global Ad Platform and Upside PotentialRakuten has the largest share in “EC platform Advertising”*1 of Internet Advertising expenditures1st step: ExpandExternal AdvertiserRMP – Display Ads(Previously Linkshare)2nd step: ExpandExternal Inventory37

Rakuten Logo awarenessOverseas BusinessesAided Rakuten corporate logo awarenesssurvey conducted by Rakuten (Jan 2020)38

Overseas Businesses: Rakuten RewardsRakuten Rewards HighlightsMain KPIsGMS Unique online cash back service for over 2,500 storesNumber of Members13mmNumber ofAnnual Active MembersNew Members Since Rebrand1.5mm(USD mm)Q3/19 vs before rebranding (Q3/18) 21.0%Growth StrategyBuilding Ecosystems Overseas Fully rebranded from Ebates to Rakuten RewardsRakuten Logo Awareness in the U.S.Before rebranding27.9%“Q: Have you ever seen the following Rakuten logos?Please select the answer that best applies for each.”“A: Yes or I think I've seen it”* n 1,700After rebranding54.5%

Overseas Businesses: Content and CommunicationOverseas Businesses HighlightsMain KPIs Non-GAAP OI (Kobo, Viber, VIKI) turned blackPublishers working with Kobo Viber IDs: 1bn Number of Kobo readersNumber of titles Strong growth in Kobo content net sales(Million IDs)Market OpportunityGrowing Overseas Content and Communication BusinessesQoQ due to COVID-19Q1/20 vs Q2/20* Unique IDs: Unique phone numbers excluding deactivationsNumber of subscribersQ4/19 41% YoYContent viewing timeQ4/19 24% YoY

Mobile Business SegmentMobileRakuten MobileMobile communications services（MNO/MVNO)RakutenCommunicationsIP phone service for individuals/corporationsHigh-speed optical line internet service, cloud serviceRakuten ViberMobile messaging and VoIP servicesRakuten EnergyElectricity and energy-related services41

Mobile: Disruptive Pricing via World’s First Fully Virtualized NetworkRakuten Mobile Highlights KPIA simple, affordable, high quality mobile serviceunlimited data at half the industry price enabled by virtualization1mn subscribers within 3 monthsTarget population coverage 80%13,463Fully virtualized network 30% lower CAPEX 40% lower OPEXRakuten ecosystem utilizationLower CACMaximize LTV4,738 8,652Rakuten UN-LIMITUnlimited：JPY2,980Mar/21Mar/22Commitment to MICMarket OpportunityJPY6.2tn Telco industry in JapanAccelerate deployment3,432Mar/20 December 2019Mar/25Mar/26Number of base stations9 mm2 mm30 mmMore than100 million members in Japan70 servicesCross-use rate over 70%Domestic ECannual unique usersRakuten BankaccountssubsusersMarch 2029Mar/24Accelerate customer acquisition utilizing Rakuten Ecosystem10 mm subscriptionsSubs*Mar/23Growth bile20 mmCardholdersRakuten Card42

Mobile: Going Global with the World’s Leading Operator Enabling PlatformTotal Revenue ofGlobal Mobile OperatorsRANHardware &SoftwareMECOperationCore NetworkOpenRANArchitectureOpenHW & SWCOTS basedMEC DesignAutomation &Operation by AIInnovation w/Open CoreCloud native compatible withvRAN, separation of softwareand hardware, OpenRANarchitectureFramework based onstandardized open hardwareand softwareOptimal integration of edge,central DCs, and resourcesAdoption of automation andzero operation controlInnovative partnership withNEC on OpenCoreEdge Data Center4G LTEOPEX Reductionwith RCP -30%JPY 120Tn 32％ 23%Central Data CenterRCP CLUSTERvIMSvEPCFIBERCU-CPMid HaulFiberNetworkOPEXRCP AUTOMATORCU-UPFIBERIP TransportIP TransportvDUvDUvDURCP CLUSTERSUB-6 RU RCP AUTOMATORvDU5G mmWaveFront HaulFibreFiberNetworkNetwork Cost of Mobile Operator（% of itionalNW CostRCPNW CostMarket SizeJPY 30Tn-40TnOpen Architecture avoids vendor lock-inMarketplace type app store allows quick adoption of additional services for network operationAI for network optimization contributes to operational improvementVirtualization and automation reduces CAPEX and OPEX providing an economic solution for 5G43

Last But Not Least WE MAKE IMPOSSIBLEPOSSIBLE44

Founder’s CommitmentHiroshi “Mickey” MikitaniFounder, Chairman & CEORakuten, Inc.Inspired by his experience at Harvard Business School and motivated by the devastation of the Kobeearthquake, in 1995 Mikitani walked away from a successful investment banking career at theIndustrial Bank of Japan to build something that would make a difference. Two years later, with asmall team and a firm conviction that the emerging internet was going to change the world, Mikitanilaunched the internet marketplace, “Rakuten Ichiba.” Rakuten, which means “optimism” in Japanese,has grown to become one of the world’s pre-eminent internet companies. It also became Japan’snewest mobile network operator in 2019.Mikitani has been one of Japan’s most visible and vocal proponents of a low-cost and open internetenvironment to foster innovation, support business growth and lead to economic prosperity. He is aco-founder and the Representative Director of Japan Association of New Economy (JANE) — one ofJapan’s top business and economic associations, alongside Keidanren and Keizai Doyukai — whosemission is to strengthen Japan’s competitiveness through the expansion of the internet and ebusiness.Born in Kobe, Mikitani was educated at Hitotsubashi University in Tokyo, before earning his MBA fromHarvard Business School in 1993. In 2012, he was awarded the HBS Alumni Achievement Award, one ofthe school’s highest honors. He is also a recipient of the Legion of Honour, an award bestowed by theFrench government in recognition of his contributions to the economy and culture of France.45

Appendix46

Rakuten HistoryFounded : February 7, 1997Started with 6 members, 13 merchantsOur History :May 1997Rakuten Ichiba, the internet shopping mall, begins service.April 2000Rakuten goes public through an IPO on the OTC market (currently TSE JASDAQ market).March 2001Rakuten Travel, an online hotel reservation service, is launched.November 2003Rakuten acquires DLJdirect SFG Securities (currently Rakuten Securities, Inc.).September 2004Rakuten fully acquires Aozora Card Co., Ltd. (currently known as Rakuten Card Co., Ltd.).June 2005Rakuten commences credit card payment service with Rakuten Card by acquiring Kokunai Shinpan Co.,Ltd. (currently KC Card Co., Ltd.; divested in 2011).February 2009Rakuten acquires eBank Corporation (now Rakuten Bank, Ltd.).February 2013Listed market changed to Tokyo Stock Exchange First SectionOctober 2014Rakuten Group fully enters the mobile phone industry with the launch of the MVNO service "RakutenMobile.“October 2019Rakuten Mobile launches its new mobile operator service47

Rakuten Consolidated Revenue(JPY mm)48

Rakuten Consolidated Non-GAAP Operating Income(JPY mm)49

This presentation includes forward-looking statements that reflect management’s currentassumptions and expectations of future events, and accordingly, they are inherently susceptible touncertainties and changes in circumstances and are not guarantees of future performance.Actual results may differ materially, for a wide range of possible reasons, including generalindustry and market conditions and general international economic conditions. In light of themany risks and uncertainties, you are advised not to put undue reliance on these statements. Themanagement targets included in this presentation are not projections, and do not representmanagement’s current estimates of future performance. Rather, they represent targets thatmanagement strive to a

Securities Rakuten Bank Accounts Accounts 4.40 mm Rakuten Card Holders 20 mm* Surpassed *As of June 2020 *As of June 30, 2020 *As of June 30, 2020 Market Capitalization Consolidated Revenue JPY 1.3 tn YoY 14.7% Global GTV JPY 19.0 tn YoY 24.2% Domestic EC GMS JPY 3.7 tn YoY 12.6% Rakuten Card Shopping GTV 9.5 YoY 27.4%