Results of Operations (Quarterly)

IFRS Operating Income and IFRS Operating Income Margin^*

■ ■ IFRS Operating Income    ━ IFRS Operating Income Margin

Non-GAAP Operating Income and Non-GAAP Operating Income Margin^*

■ ■ Non-GAAP Operating Income    ━ Non-GAAP Operating Income Margin

• The Rakuten Group changed the standards on the calculation of insurance policy reserves in Q1/2017 and made retroactive adjustments of such change to the financial statements.