November 11, 2021Rakuten Group, Inc.

FY2021 Third QuarterConsolidated Financial Results

A Unique EcosystemDiversified and Resilient

Rakuten’s Unique and Resilient Ecosystem: More than 70 Innovative Businesses Unified under One Brand

(Bank)

(Securities)

(Life Insurance)

(General Insurance)

(Books) (C2C)

One ID - Membership

One Brand

With a single ID, more than 100 million members in Japan ableto use multiple services within the ecosystem.

A unified "Rakuten" brand for domestic and overseas services enhances brand awareness and perception.

Rich DataData analysis based on enormous purchasing data of more than 100 million members and demographic data including age, gender and consumption trends.

+19.8% YoY

GlobalMembership

1.5bn

Q3/21 GlobalTransaction Value

JPY 6.6tn

Fintech Rakuten’s FinTech Ecosystem

Money Bridge

Rakuten Card

charge

Direct payments from Rakuten Bank

SPU + 1x with Rakuten Card payment for

insurance premiums (certain products)

Accumulation-type investment trust paid with a Rakuten Card

SPU + 1x with Rakuten Card

direct debittransactions

Expansion of

Ecosystem27.2%クロス

6mmaccounts

Number of cards issued*

24mm

11mmaccounts

Rakuten Bank

charge(Bank)

(Securities)

(Life Insurance)

(GeneralInsurance)

* Includes the issuance of a second Rakuten card per cardholder, which started in earnest in June 2021

Growth Outpacing Industries through Disruption

Industry average

2-year CAGR

*Ministry of Economy, Trade and Industry, “Commercial Sales Value by Type of Business.”

+16%-1%

Industry average2-year CAGR

-14%-56%

Industryaverage2-year CAGR

+16% -9%

*Ad expenditure of newspapers, magazines, radio, TV.*Dentsu: “2020 Advertising Expenditures in Japan.”

* Japan Tourism Agency, “Travel Agency Transaction Amounts.”

Rakuten Domestic EC GMS Rakuten Travel GTV Rakuten Ad Business Revenue

* Japanese Bankers Association, National bank deposits.*Ministry of Economy, Trade and Industry, “Statistical Survey on Dynamics of Specified Service Industries: Credit Card.”

Industryaverage2-year CAGR

+25%+4%

Rakuten Card Shopping GTV

Industryaverage2-year CAGR

+38%+6%

Rakuten Bank Deposits

FY2021Target JPY 5trillion

Digital MomentumAccelerating Growth

US

7.0

4.9

-3.5

2020 2021 2022

Latin America/Caribbean Countries

5.8

3.2

-7.0

2020 2021 2022

Sub-Saharan Africa

3.44.1

-1.82020 2021 2022

Eurozone

4.6 4.3

-6.5

2020 2021 2022

China

8.1

5.7

2.3

2020 2021 2022

Japan

2.8 3.0

-4.7

2020 2021 2022

The World Economy Shows Signs of Recovery: Actual GDP Growth

Actual GDP growth rate (% YoY).Source: International Monetary Fund, “World Economic Outlook (WEO) Revised Outlook,” July, 2021.※Each regional graph shows actual data for FY2020, forecast for FY2021 and FY2022.

Source: International Monetary Fund’s “World Economic Outlook (WEO) Revised Outlook”

Tokyo: Rakuten Crimson House

342K

Workplace vaccination

Sendai: Rakuten Seimei Park Miyagi

121K

Workplace vaccination

Kobe: Noevir Stadium Kobe

361K

Mass vaccination center

hosted by local government

Fukuoka: Marine Messe Fukuoka

40K

Workplace vaccination

5K-10K vaccines distributed daily

• Planning / Design / Operation

• Time required per person*: 3.5 minutes

• Rakuten provides employee support

864KTotalAs of November 1

Rakuten Leads on Workplace Vaccination EffortsContributing to Large-scale Nationwide Rollout

* Time measured from intake at reception to vaccination.

(Number of vaccinations)

Entering the Post-Covid Era

Sustainability

Green/Renewable Energy

Diversity & Inclusion

F2F Communication

Reducing Energy Costs Work Style Reform

Deregulation

Risk Money Supply

Further Private Sector Utilization5G/6G

AI/Data

Blockchain

Creating the FutureThrough Innovation

JPY 47.5bn

+44.8%YoY

Strong Non-GAAP OI Growth excluding Mobile

E-commerce

Logistics

Overseas businesses

Bank, Insurance

Increased

Improved

Improved

Increased

Q3/21

Internet Profitability Improves Significantly in Overseas and Sports Businesses

“Non-GAAP OI of other Internet Services(excluding profits/losses from minority investments

JPY

+5.7bnYoY

Fintech Rakuten Card Triple 3 Goals

Rakuten Card Mid Term Goals

Number of cards issued

Shopping GTV

GTV market share

30million

JPY30trillion

24 million

JPY11.6 trillion

21.4% 30％

（October 2021）

（FY2020）

（August 2021）

Mobile Rakuten Mobile Area Coverage Expansion

October 1, 2021:

KDDI roaming began switching to Rakuten network in 39 prefectures

* Remaining Roaming Prefectures: Iwate, Yamagata, Yamanashi, Wakayama, Shimane, Kochi, Nagasaki, Kagoshima

Mobile Steady Customer Base Expansion

Rakuten network expansion is expected to boost customer acquisition of large data (20GB+) users

2.18 2.02 1.831.48

1.14 0.99

0.65 1.12 1.622.85 3.66 4.112.83

3.143.45

4.33

4.805.10

Apr/20 May/20 Jun/20 Jul/20 Aug/20 Sep/20 Oct/20 Nov/20 Dec/20 Jan/21 Feb/21 Mar/21 Apr/21 May/21 Jun/21 Jul/21 Aug/21 Sep/21

MVNO MNO

(million subscribers)

Number of MNO and MVNO subscribersLast-minute demand before conclusion of the one-year free campaign

* Number of subscribers in Sep/21 is preliminary figures.* Number of subscribers in Mar/21 is revised from preliminary figures to confirmed figures.

Rakuten Ecosystem Expansion

Through Partnerships

Internet Promoting Digital Transformation Platform for Logistics through JV with Japan Post, launched in July 2021

JP Rakuten Logistics, Inc

Creation of seamless delivery network using existing centers

Creation of shared logistics centers

Creation of new digital transformation platform for logistics

Fintech

Deposit Growth

Preparing for Rakuten Bank IPO.Enhancing competitiveness and capital flexibility

Money BridgeSweep accounts

Rakuten BankDeposits

Card Payment

Securitization

Aiming for IPO

Deposit GrowthDeposit Growth Rakuten BankLoans

Rakuten Card

Rakuten SecuritiesInvestment

Trusts

Revolving balanceCash advances

MobileTaking Cloud-Native, Open RAN-Based Mobile Infrastructure to the world from Japan

Expansion of Potential Market

130-150Total market size

80-100 (Bn USD)

1.5X

(Bn USD)

2021 2025+

No. of existing customers Total: 14

No. of prospective clients Total: 113 German MNO 1&1 to utilize

full stack of solutions

Americas

40 6

US Office

Europe

25 4

Russia & CIS

4

Middle East & Africa

17

APAC

27 4

Singapore

IT cloud & software

Digital / cloud infrastructure

Digital IT (OSS/BSS)

Core (Virtual)

RAN (physical)

RAN (Virtual)

Incorporating Rakuten Symphony to consider capital and business alliance

* Based on internal calculation

Network and service operations

Maintenance, support & field services

Network automation & orchestration

19

Empowering Stakeholders Towards a Sustainable Future

SocialEnvironmental Governance

100% renewable electricity target by 2025 for Rakuten Group, Inc.

2020 renewable electricity usage ratio 64.8%

Number of employees and nationalities

Over 7025,000+% of independent board directors

Ratio of non-Japanese directors

Rakuten helped expedite rollout of vaccines across Japan

Kobe PoCFast

RakutenModel

Nationwide Rollout

“2020 Modern Slavery Statement”

55.6%

33.3%

Rakuten ESG Indices and Recognition

20

YoY YoY

Revenue Operating income

Consolidated Revenue

JPY 406.9 bn

+12.6% YoY

Global GTV

JPY 6.6 tn

+19.8% YoY

Rakuten Card Shopping GTV

JPY 3.6 tn

+23.3% YoY

Rakuten Bank AccountsRakuten Securities Accounts

6.67 mm*

Rakuten CardHolders

23.90 mm*

*As of September 30, 2021 *As of September 30, 2021 *As of September 30, 2021

11.38 mm*

Domestic EC GMS

（Excluding Travel）

Non-GAAP Operating Income

（Excluding Mobile, Logistics and Investment Business）

+16.5% YoY

JPY 48.0 bn

Q3/21 Highlights

２Year CAGR

+17.7%

21

2222

This presentation includes forward-looking statements that reflect management’s current assumptions and expectations of future events, and accordingly, they are inherently susceptible to uncertainties and changes in circumstances and are not guarantees of future performance. Actual results may differ materially, for a wide range of possible reasons, including general industry and market conditions and general international economic conditions. In light of the many risks and uncertainties, you are advised not to put undue reliance on these statements. The management targets included in this presentation are not projections, and do not represent management’s current estimates of future performance. Rather, they represent targets that management strive to achieve through the successful implementation of the Company’s business strategies. The Company may be unsuccessful in implementing its business strategies, and management may fail to achieve its targets. The Company is under no obligation – and expressly disclaims any such obligation – to update or alter its forward-looking statements. Names and logos of companies, products, services and other applicable entities that appear in this material are trademarks or registered marks of their respective companies.