Table of Contents

Who We Are

Message from Our CEO

Message from Our CFO

Growth Assets

Foundation for Our Growth

Financial Section

Corporate Information

Our Unchanging 志 Kokorozashi (Mission),Ever-Changing Areas of Investment

Information Revolution—Happiness for Everyone
Information Revolution—Happiness for everyone
SBG has always remained true to its goal of making the world a happier placethrough the Information Revolution.
Just what is happiness?
Some might say happiness is to love and be loved in return, or to make the mostof each day. Others might derive happiness from self-expression. Still others
might find happiness in something as simple as a smile. Above all, SBG equateshappiness with inspiration. Through our business, we strive to bring emotional
meaning and happiness to lives. In everything we do, we aim to drive theInformation Revolution and build a more connected, empowered, and joyful
world. This unchanging kokorozashi (mission) is encapsulated in our philosophy,
Information Revolution—Happiness for everyone.
Humankind stands on the cusp of the digital Big Bang. Computing performanceis increasing dramatically, and we are getting ever closer to an age of superintelligent machines that will surpass the human brain. Our mission is to harness
the raw, unlimited power of the Information Revolution and channel it in adirection that makes people happier. This aspiration will continue to drive ourorganization toward further growth for many years to come.

SoftBank Group Report 2023

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Table of Contents

Who We Are

Message from Our CEO

Message from Our CFO

Growth Assets

Foundation for Our Growth

Financial Section

Corporate Information

A two-line design—the banner of the Information Revolution that SBG hoists as we sailtoward a new dawn

Kaientai banner

SoftBank Group Report 2023

SoftBank Brand Symbol

Imagine a group of visionaries who share thesame unshakable spirit (kokorozashi). They act
with one mind to achieve their ideals, braving
all dangers to usher in a new era amid upheaval.
SBG draws inspiration from one such group—
the Kaientai, an enterprising shipping company
founded in 1865 by the visionary Sakamoto Ryoma.
Supplied with the best intelligence and possessing
abundant knowledge and wisdom, the Kaientai
and its founder rejected age-worn feudalistic
values in favor of free thinking and bold action.

In this way, they led a revolution that resulted inthe modernization of Japan. Our corporate logo
derives from the Kaientai’s flag. It represents ouradmiration for, and belief in, the Kaientai’s singleminded pursuit of their vision, which imagined aJapan 100 years in the future.
SBG is a fleet of similar visionaries. Our vessels
fly the banner of the 21st-century Kaientai,
symbolizing our own single-minded pursuit of avision: Information Revolution—Happiness foreveryone.

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Table of Contents

Who We Are

Message from Our CEO

Message from Our CFO

Growth Assets

Foundation for Our Growth

Financial Section

Corporate Information

Our Vision for a Better World— Help shape the next 300 years for future generations and for the planet

To realize our core philosophy and vision, weinvest in the Information Revolution.
The Information Revolution has entered a newstage with the use of AI. AI has the potential
to create a safer, more prosperous, and allround better future by addressing social andenvironmental challenges, including climatechange, the education gap, and economicinequality.
SBG accelerates the Information Revolution, and in
this role we are helping to realize the world
we have always envisaged since
our foundation.

SoftBank Group Report 20234

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Autonomous driving
for safer roads
Imagine a world of self-driving cars that travel to thedestination without human input, a world where self-driving
technology prevents road accidents by sensing blind spots
and monitoring hazardous situations, enabling anyone
to go from A to B with peace of mind.

Using AI to curedeadly diseases
Imagine a world where we can predict and preventany disease using AI-driven genetic data analysis,a world where AI accelerates the search for drugcandidates, enabling early treatment.

SoftBank Group Report 2023

Who We Are

Message from Our CEO

Message from Our CFO

Remote learning for
educational equality
Imagine a world where all children can access abetter education regardless of where they wereborn and raised, a world where remote learning
programs are available everywhere, offering quality
education to all.

An enriched life
for allImagine a world of seamless commerce wherebusiness transactions defy borders, a world of
universal connectivity where all can access onlinecontent.

Growth Assets

Foundation for Our Growth

Financial Section

Corporate Information

More creativity
at work
Imagine a world where workplaces are morehumancentric and full of authentic, life-affirming
experiences, a world where AI automates mundane andmonotonous tasks, freeing up time for more creative
pursuits.

Technological solutions
to environmental issues
Imagine a world where technological innovation makes
renewable and clean energy ubiquitous, a world where
we have the technology to reverse climate change andsafeguard biodiversity.

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Who We Are

Message from Our CEO

Message from Our CFO

Growth Assets

Foundation for Our Growth

Financial Section

Corporate Information

A Business Model with Three Inputs
SBG is a Strategic Investment Holding Company Driving
the Information Revolution— Building an ecosystem of industry-leading businesses aiming to grow for the next 300 years

Business Model
SBG =A strategic investment
holding company
SBG describes itself as a Vision Capitalist for theInformation Revolution. What exactly does thismean? It means providing capital to unicorns thatwill contribute to the Information Revolution anda happy future for all.
Our unicorn partners have innovative ideas fortruly world-changing goods and services. Theseideas can solve social issues and make people
happier.
By providing them with capital, we accelerate
their business growth and unleash the potentialof our core philosophy and vision: Information
Revolution—Happiness for everyone.

SoftBank Group Report 2023

Cluster of No. 1 strategy
Our Cluster of No. 1 strategy is designed to build astrategically synergized ecosystem of companies.
The strategy envisages this group as a symbiotic
ecosystem of companies with industry-leading
technologies and business models.
In this ecosystem, we work with visionary
entrepreneurs who pioneer new industries.
Although we help these business leaders in theirdecision-making, we respect their autonomy and do
not find it necessary to hold a majority stake in theircompanies. However, we do encourage our members
to identify with our core philosophy and vision andto work with us in unlocking synergistic growth.
Under this strategy, we have developed anecosystem of entrepreneurial leaders in AI. These
include nearly 500 portfolio companies within theSoftBank Vision Funds and other funds. They also
include companies in which we have investeddirectly. Arm is one such company.

Three inputs that deliver
sustainable growth
When a company invests capital into businessactivities, the resulting value is expected to exceed
the initial capital commitment. The company willthen reinvest that capital for an even higher return.
When this cycle occurs on an ever greater scale,
capital will keep accumulating, generating
sustainable growth.
We have three key sources of capital: anecosystem of portfolio companies, financial capital,and human capital.
This capital is both an input and an output. In
implementing our business model, we “input”
capital, and this capital is then “output” back to us
in an amount larger than the initial input.

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Table of Contents

Who We Are

Message from Our CEO

Message from Our CFO

Growth Assets

Foundation for Our Growth

Financial Section

Corporate Information

1
Ecosystem of portfolio companies
This input is the ecosystem
we have developed in line with
our Cluster of No. 1 strategy. Thisecosystem includes nearly 500 portfolio
companies, subsidiaries such as Arm,and Group companies.
Members of this ecosystem pursue growth
independently, but in doing so they produce
a stream of innovation and unleash
synergies that enable theecosystem to grow as one.

2Financial capital

We aim for sustainable growth byperpetuating and accumulating ourthree capital inputs.

This input refers to thefinancial assets that fund ourinvestments. We aim to grow ourfinancial assets over the medium- tolong-term, gaining high returns on investments
and then reinvesting the profits.
We measure the growth of our financial capitalusing Net Asset Value (NAV).* Our NAV hasgrown over the medium- to long-termin line with our investments andother activities. We aim to
Human capitalgrow it even bigger.

3This input is our talent. It includes
our investment professionals whoidentify attractive investment
opportunities. It also includes finance andaccounting staff, legal and compliance experts,
and many other employees who support our activities.
Our human capital grows as our diverse pool of
employees pursue their own professional
development while increasingly aligningthemselves with our uniquecompany culture, whichemphasizes decisivenessand dedication.

SoftBank Group Report 2023

*NAV = Equity value of holdings – Net debt
See page 20 for details of NAV.

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Table of ContentsWho We Are

Message from Our CEO

Message from Our CFO

Growth Assets

Foundation for Our Growth

Financial Section

Corporate Information

Our 志 Kokorozashi (Mission) is Consistent
Our Investment Areas Continue to Evolve— Our history’80S S’80’90S S’80’00S S’80

1994
Founded SoftBank Holdings Inc.
in the U.S. for the purpose of
strategic investment in Internetcompanies

1981
Founded as a distributor of
packaged software for PCs

2000
Invested in Alibaba

1982
Launched a publishing business

2001
Launched Yahoo! BB broadband service
2004
Acquired JAPAN TELECOM
and entered fixed-linetelecommunications

1996
Launched Yahoo! JAPAN2006
Acquired Vodafone K.K. and entered mobile
telecommunications in JapanMobileBroadbandInternetPC Software
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Table of Contents

Who We Are

Message from Our CEO

Message from Our CFO

Growth Assets

Our story begins in 1981, when Masayoshi
Son founded SOFTBANK Japan. He
envisaged the company as a “softwarebank” that would build infrastructure forthe information-driven society. At the time,
PC software led the Information Revolution,
but the focus shifted to the Internet, later
to broadband, and then to smartphones.
We have always stood on the frontlines ofsuch shifts. Adjusting swiftly to market orindustry changes, we have always partneredwith the paradigm-defining companies of
the time and redeployed capital into newinvestment areas.

Foundation for Our Growth

Corporate Information

The Information Revolution has now
entered another new phase, with AI
completely redefining every industry. We
invest in AI businesses with world-changingideas. The aim of such investments is toaccelerate groundbreaking technologicalinnovations that can build a moreconnected, empowered, and joyful world.
Believing that the next few decades of AI
innovation will surpass all the technologicalprogress of the last three centuries, wework with entrepreneurs around the world
who share our aspiration to forge thisexciting future.

’10SS’80

2010
Announced SoftBank’s Next 30-Year Vision

Financial Section’20S S’80

2013
Acquired U.S.-based carrier Sprint

2016
Acquired U.K. chip designer Arm2017
Launched SVF1

2019
Launched SVF2

2020
Sprint and T-Mobile merged

Data and AI

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Table of Contents

Who We Are

Message from Our CEO

Message from Our CFO

Growth Assets

Foundation for Our GrowthFinancial Section

Corporate Information

SoftBank’s Next 30-Year Vision:
A Story of Value Creation

Sustainable development is an imperative for businesses. Companies are expected
not to just make short-term profits but also to create social value for stakeholders.
In 2010, we unveiled SoftBank’s Next 30-Year Vision, which looks 100 years into
the future. Five years later, the UN adopted the 17 Sustainable Development
Goals. Thus, even before the sustainable development agenda took off, we
already had our own sustainability-focused philosophy and vision. We were also
already integrating this philosophy and vision into our strategy and businessmodel.
Announcement of SoftBank’s Next 30-Year Vision (2010)

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Table of Contents

Who We Are

Message from Our CEO

Ecosystem of portfolio
companies
Build an ecosystem of companies
with industry-leading
technologies and business models

Financial capital

SoftBank Group Report 2023

Message from Our CFO

Growth Assets

Foundation for Our Growth

Financial Section

Corporate Information

The world in 30 years

Core philosophy
Information Revolution

Technological innovations
More happiness, less sadness

̶ Happiness for everyone

VisionFinancial outcomes

A diverse funding toolbox

To become the worldʼsmost essential corporategroup

Human capital

StrategyManaging global risks

Professionalism and a uniquecompany culture

Strategic synergy group

The next 300 years for future
generations and for the planet

Continued growth in
Net Asset Value (NAV)

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