Earnings Results
for the 9-month Period
Ended December 31, 2023
February 8, 2024

Disclaimers
This presentation provides relevant information about SoftBank Group Corp. (“SBG”) and its subsidiaries (together with SBG, the “Company”) and its affiliates (together with the Company, the “Group”) and does not constitute or form any solicitation of investment
including any offer to buy or subscribe for any securities in any jurisdiction.
This presentation contains forward-looking statements, beliefs or opinions regarding the Group, such as statements about the Group’s future business, future position and results of operations, including estimates, forecasts, targets and plans for the Group.
Without limitation, forward-looking statements often include the words such as “targets”, “plans”, “believes”, “hopes”, “continues”, “expects”, “aims”, “intends”, “will”, “may”, “should”, “would”, “could”, “anticipates”, “estimates”, “projects” or words or terms of similar
substance or the negative thereof. Any forward-looking statements in this presentation are based on the current assumptions and beliefs of the Group in light of the information currently available to it as of the date hereof. Such forward-looking statements do not
represent any guarantee by any member of the Group or its management of future performance and involve known and unknown risks, uncertainties and other factors, including but not limited to: the success of the Group’s business model; the Group’s ability to
procure funding and the effect of its funding arrangements; key person risks relating to the management team of SBG; risks relating to and affecting the Group’s investment activities; risks relating to SB Fund (defined as below), its investments, investors andinvestees; risks relating to SoftBank Corp. and the success of its business; risks relating to law, regulation and regulatory regimes; risks relating to intellectual property; litigation; and other factors, any of which may cause the Group’s actual results, performance,
achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by such forward-looking statements. For more information on these and other factors which may affect theGroup’s results, performance, achievements, or financial position, see “Risk Factors” on SBG’s website at https://group.softbank/en/ir/investors/management_policy/risk_factor. None of the Group nor its management gives any assurances that the expectations
expressed in these forward-looking statements will turn out to be correct, and actual results, performance, achievements or financial position could materially differ from expectations. Persons viewing this presentation should not place undue reliance on forward
looking statements. The Company undertakes no obligation to update any of the forward-looking statements contained in this presentation or any other forward-looking statements the Company may make. Past performance is not an indicator of future results andthe results of the Group in this presentation may not be indicative of, and are not an estimate, forecast or projection of the Group’s future results.
The Company does not guarantee the accuracy or completeness of information in this presentation regarding companies (including, but not limited to, those in which SB Funds have invested) other than the Group which has been quoted from public and othersources.

Regarding Trademarks
Names of companies, products and services that appear in this presentation are trademarks or registered trademarks of their respective companies.

Important Notice – Trading of SBG Common Stock, Disclaimer Regarding Unsponsored American Depository Receipts
SBG encourages anyone interested in buying or selling its common stock to do so on the Tokyo Stock Exchange, which is where its common stock is listed and primarily trades. SBG’s disclosures are not intended to facilitate trades in, and should not be relied on
for decisions to trade, unsponsored American Depository Receipts (“ADRs”).
SBG has not and does not participate in, support, encourage, or otherwise consent to the creation of any unsponsored ADR programs or the issuance or trading of any ADRs issued thereunder in respect of its common stock. SBG does not represent to any ADR
holder, bank or depositary institution, nor should any such person or entity form the belief, that (i) SBG has any reporting obligations within the meaning of the U.S. Securities Exchange Act of 1934 (“Exchange Act”) or (ii) SBG’s website will contain on an ongoingbasis all information necessary for SBG to maintain an exemption from registering its common stock under the Exchange Act pursuant to Rule 12g3-2(b) thereunder.
To the maximum extent permitted by applicable law, SBG and the Group disclaim any responsibility or liability to ADR holders, banks, depositary institutions, or any other entities or individuals in connection with any unsponsored ADRs representing its common
stock.
The above disclaimers apply with equal force to the securities of any of the Group which are or may in the future be the subject of unsponsored ADR programs, such as SoftBank Corp. or LY Corporation.

Notice regarding Fund Information contained in this Presentation
This presentation is furnished to you for informational purposes and is not, and may not be relied on in any manner as, legal, tax, investment, accounting or other advice or as an offer to sell or a solicitation of an offer to buy limited partnership or comparable
limited liability equity interests in any fund managed by a subsidiary of SBG, including SB Global Advisers Limited (“SBGA”), SB Investment Advisers (UK) Limited (“SBIA”), and any of their respective affiliates thereof (collectively, the “SB Fund Managers” andeach an “SB Fund Manager”) (such funds together with, as the context may require, any parallel fund, feeder fund, co-investment vehicle or alternative investment vehicle collectively, the “SB Funds” and each an “SB Fund”). For the avoidance of doubt, the SB
Funds include, among other funds, SoftBank Vision Fund L.P. (together with, as the context may require, any parallel fund, feeder fund, co-investment vehicle or alternative investment vehicle, the “Vision Fund I”), which are managed by SBIA and its affiliates;
SoftBank Vision Fund II-2 L.P. (together with, as the context may require, any parallel fund, feeder fund, co-investment vehicle or alternative investment vehicle, the “Vision Fund II”), which are managed by SBGA and its affiliates; and SBLA Latin America Fund
LLC (together with, as the context may require, any parallel fund, feeder fund, co-investment vehicle or alternative investment vehicle, the “SoftBank Latin America Fund”), which are managed by SBGA and its affiliates.
None of the SB Funds (including the Vision Fund I, Vision Fund II and SoftBank Latin America Fund), the SB Fund Managers any successor or future fund managed by an SB Fund Manager, SBG or their respective affiliates makes any representation or
warranty, express or implied, as to the accuracy or completeness of the information contained herein and nothing contained herein should be relied upon as a promise or representation as to past or future performance of the SB Funds or any other entity
referenced in this presentation, or future performance of any successor or the future fund managed by an SB Fund Manager.
Information relating to the performance of the SB Funds or any other entity referenced in this presentation has been included for background purposes only and should not be considered an indication of the future performance of the relevant SB Fund, any otherentity referenced in this presentation or any future fund managed by an SB Fund Manager. References to any specific investments of an SB Fund, to the extent included therein, are presented to illustrate the relevant SB Fund Manager’s investment process andoperating philosophy only and should not be construed as a recommendation of any particular investment or security. The performance of individual investments of an SB Fund may vary and the performance of the selected transactions is not necessarily
indicative of the performance of all of the applicable prior investments. The specific investments identified and described in this presentation do not represent all of the investments made by the relevant SB Fund Manager, and no assumption should be made thatinvestments identified and discussed therein were or will be profitable.
The performance of an SB Fund in this presentation is based on unrealized valuations of portfolio investments. Valuations of unrealized investments are based on assumptions and factors (including, for example, as of the date of the valuation, average multiples
of comparable companies, and other considerations) that the relevant SB Fund Manager believes are reasonable under the circumstances relating to each particular investment. However, there can be no assurance that unrealized investments will be realized atthe valuations indicated in this presentation or used to calculate the returns contained therein, and transaction costs connected with such realizations remain unknown and, therefore, are not factored into such calculations. Estimates of unrealized value are subject
to numerous variables that change over time. The actual realized returns on the relevant SB Fund’s unrealized investments will depend on, among other factors, future operating results, the value of the assets and market conditions at the time of disposition, any
related transaction costs and the timing and manner of sale, all of which may differ from the assumptions and circumstances on which the relevant SB Fund Manager’s valuations are based.
Past performance is not necessarily indicative of future results. The performance of an SB Fund or any future fund managed by an SB Fund Manager may be materially lower than the performance information presented in this presentation. There can be noassurance that each SB Fund or any future fund managed by the relevant SB Fund Manager will achieve comparable results as those presented therein.
Third-party logos and vendor information included in this presentation are provided for illustrative purposes only. Inclusion of such logos does not imply affiliation with or endorsement by such firms or businesses. There is no guarantee that an SB Fund Manager,an SB Fund’s portfolio companies, any future portfolio companies of a future fund managed by an SB Fund Manager or SBG will work with any of the firms or businesses whose logos are included in this presentation in the future.
SBGA and SBIA manage separate and independent operations and processes from each other and those of SBG in the management of Vision Fund I, Vision Fund II and SoftBank Latin America Fund, respectively. Any SB Funds managed by SBGA or SBIA are
solely managed by SBGA or SBIA respectively.

FY2023Q3 Highlights
1

Significant improvement in consolidated resultswith ¥950.0B net income

2

Acquired ¥1.1T T-Mobile shares for no additional
consideration

3

NAV increased ¥2.8T QoQ to ¥19.2T driven by theincreased value of Arm

4

Portfolio shift from Alibaba to AI, with Arm as thecore

5Significant improvement in SVF performance
Net Income: Net income attributable to owners of the parent

3

Consolidated Results

Some figures in this presentation are rounded and may not add up to the figures presented as the total.

4Consolidated Results (quarterly)(¥ B)

Net sales
Gain/loss on
Investments
Income before
income tax
Net income

FY2022Q3

FY2023
Q3Change1,693.3

1,774.8+81.5-511.6424.6+936.2-582.7

1,171.5+1,754.2-783.4950.0+1,733.4
Net Income: Net income attributable to owners of the parent

5

Gain/Loss on Investments and Net Income (quarterly)(¥ B)

Investment gains
950.0 drove substantial
net income
424.6
improvement

Gain/Loss on investments
Net income

526.1

-57.6

-477.6-264.6-511.6-699.0-783.4Q3
FY2022Q4Q1
FY2023-931.1Q2

Q3Net Income: Net income attributable to owners of the parent

6

Gain/Loss on Investments (FY2023 quarterly trend)(¥ B)

Investment Business of Holding
Companies
SVF
OthersConsolidated

63.2
29.5

3.8

276.2

-169.9-264.6-689.7-699.0

FY2023Q1

424.6

Returned to
531.3
gain

-570.2-13.0

FY2023Q2

FY2023
Q3

SVF: SoftBank Vision Funds

7

Acquired ¥1.1T T-Mobile shares for no
additional consideration

Some figures in this presentation are rounded and may not add up to the figures presented as the total.

8Acquisition of T-Mobile SharesContingent
Condition of a trailing 45-day VWAP ≧ $149.35
consideration
was met on Dec 22, 2023
(Part of considerationfor Sprint merger)

Acquired 48.8M shares equivalent to¥1.1T for no additional consideration

Gain on investment recorded on P/L for FY2023Q3: ¥316.1B
Acquisition of T-Mobile shares: SBG received T-Mobile shares and the right to receive 48,751,557 shares of T-Mobile stock for no additional consideration, contingent upon the satisfaction of a certain
condition, as part of the consideration for the merger between T-Mobile US and SBG’s then-U.S. subsidiary Sprint, which closed on Apr 1, 2020.
T-Mobile shares: T-Mobile common stock on the NASDAQ Global Select Market
A certain condition: If the trailing 45-day volume-weighted average price per share of T-Mobile common stock is equal to or greater than $149.35 during Apr 1, 2022 to Dec 31, 2025
For details, please refer to the press release "Acquisition of 48.8 Million Shares of T-Mobile Stock (Equivalent to USD 7.6 Billion) for No Additional Consideration upon Satisfaction of Contingent
Consideration Condition“ dated Dec 26, 2023.

9

Investment Return on Sprint¥

5.0T

Equity IRR
Borrowings(repaid)

¥2.1T

¥0.4T

Investment

26%

MOIC

8.2X

¥3.4T

Return(Dec 31, 2023)

Equity value(As of Dec 31, 2023)

 The amounts of investment and return are calculated using forex rates on each transaction day
or valuation date.
 Equity IRR and MOIC are calculated based on equity return gained from the initial investment to
Dec 31, 2023 and before tax considerations
 Borrowings are the amount of funds raised in JPY for the acquisition of Sprint.
 Investment amount is net of costs related to the transactions.
 Return amount: Equity value is the sum of (a) to (c) below.
(a) The amount realized from the sale of T-Mobile shares and through derivativetransactions using T-Mobile shares and Deutsche Telekom shares. Net of transaction costs(b) Equity value of holdings as of Dec 31, 2023, calculated by multiplying the number of theshares held by SBG by the last available closing share price for Dec 2023. Net of amounts alreadyfunded through derivative transactions(c) The amount of dividends received from Deutsche Telekom and T-Mobile shares

10

Investment Return on Sprint
¥

5.0T

¥

5.1T

Equity IRR
Borrowings(repaid)

¥2.1T

¥0.4T

Investment

26%

MOIC

8.5X

¥3.4T

Return(Dec 31, 2023)¥3.5T

Return(Feb 7, 2024)

Equity value (As of Feb 7, 2024)
 The amounts of investment and return are calculated using forex rates on each transaction day
or valuation date.
 Equity IRR and MOIC are calculated based on equity return gained from the initial investment to
Feb 7, 2024 and before tax considerations
 Borrowings are the amount of funds raised in JPY for the acquisition of Sprint.
 Investment amount is net of costs related to the transactions.
 Return: Equity value at the each date is the sum of (a) to (c) below.
(a) The amount realized from the sale of T-Mobile shares and through derivative transactions
using T-Mobile shares and Deutsche Telekom shares. Net of transaction costs.
(b) Equity value of holdings at each date, calculated by multiplying the number of the shares heldby SBG by the closing share price. Net of amounts already funded through derivativetransactions.
(c) The amount of dividends received from Deutsche Telekom and T-Mobile shares.

11Market Cap of U.S. Telecoms($ B) Before Sprint acquisition

206

by SBG

185
158
127

120

Largest telecomby market cap
in the U.S.

22
4.3

17.2

AT＆T

Verizon T-Mobile+ Sprint
Oct 12, 2012

AT＆T

Verizon T-Mobile
Dec 31, 2023

(Source) Created by SBG based on data from Bloomberg
Oct 12, 2012: Business day immediately prior to SBG’s announcement of the acquisition of Sprint on Oct 15, 2012; T-Mobile + Sprint: Sum of Sprint and T-Mobile market capitalization

12

Market Cap of U.S. Telecoms($ B) Before Sprint acquisition

206

by SBG

185

183

158
127

120

World’s largest
telecomby market cap

22
4.3

17.2

AT＆T

Verizon T-Mobile+ Sprint
Oct 12, 2012

AT＆T

Verizon T-Mobile China
Mobilend largest)(2
Dec 31, 2023

(Source) Created by SBG based on data from Bloomberg
World’s largest: Among telecom companies classified under the Telecommunication Services Providers category by the Industry Classification Benchmark (ICB)
Oct 12, 2012: Business day immediately prior to SBG’s announcement of the acquisition of Sprint on Oct 15, 2012; T-Mobile + Sprint: Sum of Sprint and T-Mobile market capitalization 13

T-Mobile Share Price(Jan 19, 2024)

Record high since IPO

165.16($)

150

Up 99%

since the merger(Dec 31, 2023)

160.33125

100(Apr 1, 2020)75
Mar 31
2020

82.99

Mar 31
2021

Mar 31
2022

Mar 312023

Dec 312023$82.99: Opening price on Apr 1, 202014

Key Indicators

Some figures in this presentation are rounded and may not add up to the figures presented as the total.

15

Key Indicators
Sep 30, 2023

Dec 31, 2023

NAV

¥16.4T¥19.2T

LTV(Loan-to-Value)

10.6%

11.5%

Cash position

¥5.1T

¥4.4T

(Net Asset Value)($109.7B)($135.6B)

For details of NAV and LTV, see Appendix “Definition and Calculation Method of SBG’s NAV and LTV (as of Sep 30, 2023)” and “Definition and Calculation Method of SBG’s NAV and LTV (as of Dec 31, 2023)”
Cash position: Cash and cash equivalents + short term investments recorded as current assets + undrawn commitment line + bond investments. SBG stand-alone basis (excludes SB Northstar but includes its
cash and cash equivalents and bond investments)

16

Change in NAV
(¥ T)

NAV

Share
price

Forex

+ 4.2

- 1.1

+3.0：Arm+0.4：T-Mobile

16.4

Sep 30, 2023

Up ¥2.8T

driven by higher share prices
despite negative forex

Others
- 0.3

19.2

Dec 31, 2023

For details of NAV, see Appendix “Definition and Calculation Method of SBG’s NAV and LTV (as of Sep 30, 2023)” and “Definition and Calculation Method of SBG’s NAV and LTV (as of Dec 31, 2023)”

17

Arm Share Price($)(Dec 31, 2023)

75.15

80

(Jan 19, 2024)
Record highsince IPO%
78.58 Up 54.1
(Since IPO)

(Sep 30, 2023)

53.52

60

(IPO price)

51.00
40

Sep 302023

Dec 312023

18

Investment Return on Arm¥11.0T

Equity IRR
Borrowings(repaid)¥10.0T¥3.3T

Equity value

21%

MOIC

4.2X

(As of Dec 31, 2023)¥2.3T
Investment

Return(Dec 31, 2023)

 The amounts of investment and return are calculated using forex rates on each transaction
day or valuation date.
 Equity IRR and MOIC are calculated based on the investment and return on the value ofequity from the initial investment to Dec 31, 2023. Before considering taxes.
 Investment: Excludes related expenses and does not reflect the impact of intragrouptransactions between SBG and SVF.
 Return: Equity value is the sum of (i) the amount realized from the offering of Arm shares, netof related costs, and (ii) equity value of holdings as of Dec 31, 2023, calculated by the
number of shares held multiplied by the last available closing share price for Dec 2023, net ofborrowings.
 Borrowings: The amount of funds raised in JPY in Sep 2016 for the acquisition.

19

Investment Return on Arm¥11.0T¥11.7T

Equity IRR
Borrowings(repaid)¥10.0T¥10.7T

¥3.3T

22%

MOIC

Equity value

4.5X(As of Feb 7, 2024)¥2.3T
Investment

Return(Dec 31, 2023)

Return(Feb 7, 2024)

 The amounts of investment and return are calculated using forex rates on each transaction
day or valuation date.
 Equity IRR and MOIC are calculated based on the investment and return on the value ofequity from the initial investment to Feb 7, 2024. Before considering taxes.
 Investment: Excludes related expenses and does not reflect the impact of intragrouptransactions between SBG and SVF.
 Return: Equity value is the sum of (i) the amount realized from the offering of Arm shares, netof related costs, and (ii) equity value of holdings at each date, calculated by multiplying thenumber of shares held by SBG by the closing share price, net of borrowings.
 Borrowings: The amount of funds raised in JPY in Sep 2016 for the acquisition.

20

SoftBank Corp. (9434) Share Price and Dividend(Jan 22, 2024)
Record high since IPO

1,991 Up 33%

(¥)
2,000

(Since IPO)

1,750

1,760

(IPO price)(Dec 31, 2023)

1,500
1,500

Mar 312019
Dec 182018

4.9%(As of Dec 31, 2023)

SBG dividend income¥966.3B(Since IPO)

1,250

1,000

Dividend yield

Mar 31
2020

Mar 31
2021

Mar 31
2022

Mar 312023

Dec 312023

SBG dividend income: Total amount of dividends received by SoftBank Group Japan Corporation, a wholly-owned subsidiary of SBG, from SoftBank Corp. 21

SVF: Gain/Loss on Investments (quarterly)

USD basis(SVF Segment)

34,467($ M)

Profit for the last
3 consecutive quarters
13,567
10,910

958

FY17
Q1

785

FY17
Q2

2,285
630

715

FY17
Q3

FY17
Q4

2,869

4,607

3,549

3,768

2,969

FY18
Q2

FY18
Q3

FY18 FY19
Q4
Q1

FY19
Q3

FY23
Q1

FY21
Q3

FY20 FY20 FY20
Q3
Q1
Q2

FY20
Q4

FY21
Q1

FY22
Q3

FY19
Q2

-10,748
FY19
Q4-10,501-22,736
FY22
Q1
FY21
Q4

147

4,087

-1,777-9,940FY21
Q2-25,563

FY23
Q2-5,174ＦＹ22
Q2-8,762

1,157

FY22
Q4

952

-1,748FY18Q1

FY23Q3

5,554

The information contained herein is provided solely for illustrative purposes on an
SBG basis and individual investors' results may vary. Furthermore, past performance
is not necessarily indicative of future results. Income before income tax reflects
unrealized estimated amounts and does not take into account fees or expenses at thetime of exit, and should not be construed as indicative of actual or future performanceand for the avoidance of doubt, should not be understood as the "track record" forSVF1, SVF2 and LatAm Funds. There is no guarantee that historical trends willcontinue throughout the life of SVF1, SVF2 and LatAm Funds. There can be noassurance that unrealized investments will be sold for values equal to or in excess ofthe total values used in calculating the values portrayed herein. Actual returns on
unrealized and partially realized investments will depend on, among other factors, thevalue of the assets and market conditions at the time of disposition, any relatedtransaction costs and the timing and manner of sale, all of which may differ from theassumption on which the valuations reported herein are based. Accordingly,
investments that are unrealized or partially realized may differ materially from thevalues indicated herein.
Gain/Loss on Investments (quarterly):
Quarterly gain and loss on investments at SoftBank Vision Funds segment.
Before translation for the Company’s consolidated financial statements.
Includes derivative gains and losses. Before deducting third-party interests, tax, and expenses.

22

SVF: Gain/Loss on Investments (cumulative)

USD basis(SVF Segment)

66,375($ M)

60,821
56,82555,874

Cumulative
investment losses
continue to improve

31,262
26,353
20,166
16,398
12,849
8,242

9,655

5,373
958

1,743

FY17
Q1

FY17
Q2

2,373

12,786

11,403

8,526

3,088
1,876

FY17
Q3

FY17
Q4

FY18
Q1

FY18
Q2

FY18
Q3

FY18
Q4

FY19
Q1

FY19
Q2

FY1
9Q3

FY20
Q1

FY19
Q4

-1,093

FY20
Q2

FY20
Q3

FY20
Q4

FY21
Q1

FY21
Q2

FY21
Q3

FY21 FY22Q1
Q4-1,414FY22
Q2-6,588FY22
Q3-7,208-8,365
FY22
Q4

FY23
Q1

-7,061FY23Q2FY23Q3-2,975Gain/Loss on Investments (cumulative): Cumulative gain and loss on investments at SoftBank Vision Funds segment since FY2017Q1.
Before translation for the Company’s consolidated financial statements. Includes derivative gains and losses. Before deducting third-party interests, tax, and expenses.

23

LTV
Net of asset-backed finance
40%

35％
30%

25％
21.6%
18.2%

20%

20.4%

14.5%
11.0%

15.0%

11.5%

8.0%

10%

0%

10.6%

Q3
FY2021Q4Q1
FY2022

Q2

Q3

Q4

Q1
FY2023

Q2

Remain at low
level with
sufficient funding
capacity

Q3

As of the end of each quarterFor details of LTV, see Appendix "Definition and Calculation Method of SBG’s NAV and LTV" in the presentation materials for each quarter’s earnings results briefing24Cash Position

(¥ T)

5.8

6.0

5.1
5.0

4.6

4.4

4.3
3.8

4.0

Maintainhigh level

2.9

3.0

2.0

5.1

2.1

1.0

0.0

Q3

Q4

Q1
FY2022

Q2

Q3

Q4

Q1
FY2023Q2

Q3

As of the end of each quarter
Cash position: Cash and cash equivalents + short term investments recorded as current assets + undrawn commitment line + bond investments. SBG stand-alone basis (excludes
SB Northstar but includes its cash and cash equivalents and bond investments)

25

Impact of Forex (FY2023Q3)

QoQ appreciation of yen negatively impacted
NAV and equity(Sep 30, 2023)(Dec 31, 2023)$1 = ¥149.58 → ¥141.83
On NAV-¥1.1T

On accounting
Equity-¥0.9T
Consolidated net income+¥0.3TFor details of NAV, see Appendix “Definition and Calculation Method of SBG’s NAV and LTV (as of Dec 31, 2023)”

26

Shift from Alibaba to AI

Some figures in this presentation are rounded and may not add up to the figures presented as the total.

27

Change in Composition of Assets Held
T-Mobile/
Deutsche Telekom

Dec 31, 2019

Dec 31, 2023

OthersOthers7%
SoftBankCorp.

5%
Alibaba

T-Mobile/
Deutsche Telekom

9%
SoftBank
Corp.

16%
50%

8%

Equity value of holdings basis
Net of asset-backed financeAlibaba

0.02%
Arm

32%

13%

12%
SVFs

9%
Arm

38%
SVFs
Composition of equity value of holdings at each point in time
For details of equity value of holdings, see appendix "Definition and Calculation Method of SBG’s NAV and LTV" in the presentation materials for each quarter’s earnings results briefing
SVFs: Total of SVF1, SVF2 and LatAm Funds

28Change in Composition of Assets Held
= Shifting to AI-centric Portfolio
Dec 31, 20197%

Dec 31, 2023

Others9%

T-Mobile/
Deutsche Telekom

8% Alibaba
Others

T-Mobile/
Deutsche Telekom
Alibaba

SoftBank Corp.

Core ofAI shift

0.02%

5%

16%

Equity value of holdings basis
Net of asset-backed finance

13%

50%

Arm

32%

SoftBank Corp.

12%
SVFs

9%
Arm

To the groupof companies
leveraging AI

SVFs

38%

Composition of equity value of holdings at each point in time
For details of equity value of holdings, see appendix "Definition and Calculation Method of SBG’s NAV and LTV" in the presentation materials for each quarter’s earnings results briefing
SVFs: Total of SVF1, SVF2 and LatAm Funds
This slide is provided for the purpose of illustrating the concept of shifting to AI-centric portfolio in investment business.

29

Change in Regional Composition
Dec 31, 2019
North America
Latin
14%
America 1%
EMEA 11%
Other APAC

Equity value of holdings basis
Net of asset-backed financeDec 31, 2023

China

China

North America
21%

54%
Latin
America

8%

Japan

Japan

4%

3%
17%

15%

9% Other APAC

China-centricrisk mitigated

43%
EMEA

Classification of regions based on the location of each portfolio company's headquarters
China: Alibaba, investments in China from SVF1 and SVF2, and other investment in China
Japan: SoftBank, investments in Japan from SVF1 and SVF2, and other investments in Japan
Other APAC: Investments in APAC excluding China and Japan from SVF1 and SVF2, and other investments in the region
EMEA: Arm, Deutsche Telekom, investments in EMEA from SVF1 and SVF2, and other investments in EMEA
Latin America: Investments from LatAm Funds and other investments in Latin America
North America: T-Mobile, investments in North America from SVF1 and SVF2, and other investments in North America

30Change in NAV Composition
(¥ T)
18.5
3.8
2.5
7.6
8.3

2.0

19.2
16.7
2.6
2.7

13.9
1.7
2.2

7.2
7.7

1.9

1.0
1.5

1.1
1.4

Q1
FY2022

Q2

14.1
0.6

15.5
3.4

6.0
1.9

7.6

6.1

3.9

2.6

7.3
9.9

8.3

16.4

7.3

9.3

9.2

7.3

Alibaba
Arm
SVF1/SVF2/LatAm Funds
SoftBank Corp.

6.3
2.1

Shifted from
Alibaba to afocus on Arm

2.2

2.4

2.5
1.7

1.1
1.1

1.4
1.2

1.3
1.3

1.3
1.5

1.6

Q3

Q4

Q1
FY2023

Q2

Q3

T-Mobile/Deutsche Telekom
Other
Market cap

The breakdown apportions NAV based on the proportionated value of each equity holding at the end of each quarter.
For details of NAV, see appendix "Definition and Calculation Method of SBG’s NAV and LTV" in the presentation materials for each quarter’s earnings results briefing
Information on NAV is provided for reference purposes only to illustrate its historical trend and is not intended to guarantee or imply future NAV.

31

NAV

¥27.9T¥19.2T(Dec 31, 2023)

Rising for the last
four consecutive
quarters

1998

2000

2002

2004

2006

2008

2010

2012

2014

2016

2018

2020

2022

2023

(FY)

As of the end of each quarterFor details of NAV, see Appendix “Definition and Calculation Method of SBG’s NAV and LTV (as of Dec 31, 2023)”
Information on NAV is provided for reference purposes only to illustrate its historical trend and is not intended to guarantee or imply future NAV.

32

NAV and Market Cap¥27.9T(Dec 31, 2023)
NAV¥19.2T-52%

Market cap

¥9.2T

1998

2000

2002

2004

2006

2008

2010

2012

2014

2016

2018

2020

2022

2023

(FY)

As of the end of each quarterFor details of NAV, see Appendix “Definition and Calculation Method of SBG’s NAV and LTV (as of Dec 31, 2023)”
Information on NAV is provided for reference purposes only to illustrate its historical trend and is not intended to guarantee or imply future NAV.
Market cap: Calculated based on the total number of shares outstanding (excl. treasury stock)

33

Arm

Some figures in this presentation are rounded and may not add up to the figures presented as the total.

34

Arm-based Chips Shipped (cumulative)(Billion)
Cumulative to Sep 2023

>280 billion

1990

2023 (As of the end of Sep each year)(Source) Arm
The number of Arm-based chips shipped on this page is the actual shipments of royalty units (chips incorporating
Arm technology) by Arm licensees up to Sep 30, 2023, as reported by licensees in the royalty reports. 35

Progress in Strategy with Industry Leaders
Renesas Electronics

Adopted Arm-based technology for RA8M1, high-performancemicrocontroller which delivers real-time operation

Media Tek

Adopted Arm-based CPU and GPU for Dimensity 9300, chipfor high-performing smartphones

Microsoft

Developed its first CPU for cloud servers which is Armbased and performs 40% higher than current generation(Source) Arm and other companies

36Quarterly Revenue (US-GAAP)($ M)
License and other revenue
Royalty revenue

692
258

724

630
188

299

806
675
388

354

275

434

442

425

400

418

Q1

Q2

Q3

Q1

Q2

FY2022824

FY2023

470

Revenue continues
to reach record highHighest-everquarterly royalty
revenue

Q3(Source) Arm
For details, see Arm Investor Relations website (https://investors.arm.com/).
License and other revenue refers to revenue excluding Royalty revenue

37

Quarterly Non-GAAP Operating Income (US-GAAP)
($ M)
381

289

297

338

272

yoy

198

Q1

Q2

FY2022

Q3

Q1

Up 17%Q2

FY2023Q3(Source) Arm
See the end of Arm’s FYE24-Q3 Shareholder Letter for a reconciliation of Non-GAAP Operating Income
to the most directly comparable GAAP metric.
For details, see Arm Investor Relations website (https://investors.arm.com/).

38

Annual Revenue (US-GAAP)($ M)

3,155 3,205

License and other revenue
Royalty revenue

2,027

2,703

2,679

1,141

1,004

Annual revenue
guidanceannounced by Arm

Steadyperformance

1,017

714

Q1-Q3 actual
2,305
1,313

2020

1,562

1,675

2021

2022

1,288

2023

(FY)

(Source) Arm
For details, see Arm Investor Relations website (https://investors.arm.com/).
License and other revenue refers to revenue excluding Royalty revenue

39

Guidance (US-GAAP)
Revised full year guidance
Revenue upwards
FY2023Q4 (E)FY2023(E)

Revenue$850M - $900M$3,155M - $3,205M(Reference: Prior guidance)-($2,960M - $3,080M)

Non-GAAP operating
expense~$490M~$1,700M

Non-GAAP fully diluted
earnings per share$0.28 - $0.32$1.20 - $1.24(Source) Arm
Excludes employer taxes related to equity-classified awards vesting within the quarter, net of the research and development tax credit associated with these taxes from which were included in full year guidance for non-GAAP
operating expenses and non-GAAP fully diluted earnings per share provided in Q2.
For details, see Arm Investor Relations website (https://investors.arm.com/). 40

Arm’s Growth Drivers
Growth fromroyalty revenue

Growth fromsubsystems

Growth fromcompute for AI

Increasing demand
driving royalty revenue

Reduces development costand improve time-to-market

Energy efficient computeand AI capability

World’s largest ecosystem
consisting of companies related to Arm-based chips(Source) Arm

41

Growth from Royalty Revenue
Increase in chip shipment and higher royalty rates per chip
will increase royalty revenue Semiconductor industry growth Market share gains in new areas
 Chips with more Arm technology
will lead to higher royalty rates
per chip(Source) Arm

42

Growth from Subsystems
In addition to IP components, Arm provides integrated andverified configurations of Arm IP (subsystem) Reduces development cost andaccelerates time-to-market for
specific end-markets and use
cases Microsoft’s Azure Cobalt CPU for
cloud servers, are developed
using Arm based subsystem
which delivers 40% higher
performance per watt
(Source) Arm

43

Growth from Compute for AI
From cloud to edge using AI requires energy-efficient, highperforming, cost-effective chips
 Energy-efficient, and high incompute performance Demonstrated generative AI and
LLM capabilities including image
creation and live translation
 AI is already run on Arm-based
chips in cloud data centers andend devices(Source) Arm44

World’s Largest Ecosystem
Arm has built out the world’s largest collection of companies who
work together to make Arm-based chip design successful

~70%
+15M

Software developers
involved in developing
Arm-based chips

World population
using Arm-based
products+1,000Partner companies
involved in shipping
Arm-based chips(Source) Arm

45

“AI iseverywhere”“You can’t run AI
without Arm”
Rene Haas, Arm CEO
CES 2024

Photo: Fortune Brainstorm TECH/Flickr

46

Investment Strategy / SVF

SVF: SoftBank Vision Funds Segment. Includes SVF1, SVF2, and LatAm Funds.
Some figures in this presentation are rounded and may not add up to the figures presented as the total.

47

SVF: Gain/Loss on Investments (FY2023Q3)

Combined+$4,087M+¥600.7B

USD basis(SVF Segment)

SVF1

SVF2

LatAm Funds+$1,940M+$1,703M+$281M

Strong ByteDance
performance• Share price rise inpublic assets• Private up rounds

Share price rise inpublic assets

Other investments+$163M

Gain/Loss on Investments (quarterly):
Quarterly gain and loss on investments at SoftBank Vision Funds segment.
Before translation for the Company’s consolidated financial statements.
Includes derivative gains and losses. Before deducting third-party interests, tax, and expenses.
The information contained herein is provided solely for illustrative purposes and individual investors’ results may vary. There is no guarantee that historical trends will continue throughout the life of SVF1, SVF2 and LatAm Funds and there is no assurance that unrealized
investments will be sold for values equal to or more than the total values used in calculating the performance values portrayed herein. Actual returns on unrealized investments will depend on, among other factors, the value of the assets and market conditions at the time ofdisposition, any related transaction costs and the timing and manner of sale, all of which may differ from the assumption on which the valuations reported herein are based. Accordingly, investment that are unrealized may differ materially from the values indicated herein.
Past performance is not indicative of future results.

48

SVF2: Gain/Loss on Investments (quarterly)($ M)

FY2023Q2+$1,136M (54 co)Markup+151 (7 co)Private companies+984 (47 co)Private companies-1,546(95 co)Markdown

Public companies+$2,919M (96 co)+1,158

Share price rise

+1,761Up rounds, etc.

(88 co)-929 (74 co)-287 (9 co)-$1,216M (83 co)-1,674(11 co)-$3,220M (106 co)(SVF2)FY2023Q3(8 co)

Public companies

USD basis

Gain/loss on Investments at SVF2: Includes derivative gains and losses. Before deducting third-party
interests, tax, and expenses.
The main factors of the change in valuation in FY2023Q2 and FY2023Q3 of each portfolio company are
indicated based on the classification determined as reasonable by SBGA and SBIA. Although SBIA believes
that such determinations are reasonable, they are inherently subjective in nature.
(Source) SBGA and SBIA
Public portfolio companies include those traded in the over-the-counter market. Gain/loss on investments due
to partial or full exits of public portfolio companies are included.

The information contained herein is provided solely for illustrative purposes on an SBG basis and individual investors' results may vary. Furthermore, past performance
is not necessarily indicative of future results. Income before income tax reflects unrealized estimated amounts and does not take into account fees or expenses at thetime of exit, and should not be construed as indicative of actual or future performance and for the avoidance of doubt, should not be understood as the "track record" forSVF1, SVF2 and LatAm Funds. There is no guarantee that historical trends will continue throughout the life of SVF1, SVF2 and LatAm Funds. There can be noassurance that unrealized investments will be sold for values equal to or in excess of the total values used in calculating the values portrayed herein. Actual returns on
unrealized and partially realized investments will depend on, among other factors, the value of the assets and market conditions at the time of disposition, any relatedtransaction costs and the timing and manner of sale, all of which may differ from the assumption on which the valuations reported herein are based. Accordingly,
investments that are unrealized or partially realized may differ materially from the values indicated herein.

49

SVF: Gain/Loss on Investments (quarterly)

USD basis(SVF Segment)

34,467($ M)

Profit for the last
3 consecutive quarters
13,567
10,910

958

FY17
Q1

785

FY17
Q2

2,285
630

715

FY17
Q3

FY17
Q4

2,869

4,607

3,549

3,768

2,969

FY18
Q2

FY18
Q3

FY18 FY19
Q4
Q1

FY19
Q3

FY23
Q1

FY21
Q3

FY20 FY20 FY20
Q3
Q1
Q2

FY20
Q4

FY21
Q1

FY22
Q3

FY19
Q2

-10,748
FY19
Q4-10,501-22,736
FY22
Q1
FY21
Q4

147

4,087

-1,777-9,940FY21
Q2-25,563

FY23
Q2-5,174ＦＹ22
Q2-8,762

1,157

FY22
Q4

952

-1,748FY18Q1

FY23Q3

5,554

The information contained herein is provided solely for illustrative purposes on an
SBG basis and individual investors' results may vary. Furthermore, past performance
is not necessarily indicative of future results. Income before income tax reflects
unrealized estimated amounts and does not take into account fees or expenses at thetime of exit, and should not be construed as indicative of actual or future performanceand for the avoidance of doubt, should not be understood as the "track record" forSVF1, SVF2 and LatAm Funds. There is no guarantee that historical trends willcontinue throughout the life of SVF1, SVF2 and LatAm Funds. There can be noassurance that unrealized investments will be sold for values equal to or in excess ofthe total values used in calculating the values portrayed herein. Actual returns on
unrealized and partially realized investments will depend on, among other factors, thevalue of the assets and market conditions at the time of disposition, any relatedtransaction costs and the timing and manner of sale, all of which may differ from theassumption on which the valuations reported herein are based. Accordingly,
investments that are unrealized or partially realized may differ materially from thevalues indicated herein.
Gain/Loss on Investments (quarterly):
Quarterly gain and loss on investments at SoftBank Vision Funds segment.
Before translation for the Company’s consolidated financial statements.
Includes derivative gains and losses. Before deducting third-party interests, tax, and expenses.

50

SVF: Gain/Loss on Investments (cumulative)

USD basis(SVF Segment)c

66,375($ M)

60,821
56,82555,874

Cumulative
investment losses
continue to improve

31,262
26,353
20,166
16,398
12,849
8,242

9,655

5,373
958

1,743

FY17
Q1

FY17
Q2

2,373

12,786

11,403

8,526

3,088
1,876

FY17
Q3

FY17
Q4

FY18
Q1

FY18
Q2

FY18
Q3

FY18
Q4

FY19
Q1

FY19
Q2

FY1
9Q3

FY19
Q4

-1,093

FY20
Q1

FY20
Q2

FY20
Q3

FY20
Q4

FY21
Q1

FY21
Q2

FY21
Q3

FY21 FY22Q1
Q4-1,414FY22
Q2-6,588FY22
Q3-7,208-8,365
FY22
Q4

FY23
Q1

-7,061FY23Q2FY23Q3-2,975Gain/Loss on Investments (cumulative): Cumulative gain and loss on investments at SoftBank Vision Funds segment since FY2017Q1.
Before translation for the Company’s consolidated financial statements. Includes derivative gains and losses. Before deducting third-party interests, tax, and expenses.

51

SVF1: Cumulative Investment Return (as of Dec 31, 2023)
($ B)

89.6
Exited36.1

Public companies(investments
28.2
before exit)
Private companies(investments
25.3
before exit)
Investment cost
The information contained herein is provided solely for illustrative purposes on an SBG basis and individual investors' results may vary. Furthermore, past
performance is not necessarily indicative of future results. Income before income tax reflects unrealized estimated amounts and does not take into account fees
or expenses at the time of exit, and should not be construed as indicative of actual or future performance and for the avoidance of doubt, should not be
understood as the "track record" for SVF1, SVF2 and LatAm Funds. There is no guarantee that historical trends will continue throughout the life of SVF1, SVF2
and LatAm Funds. There can be no assurance that unrealized investments will be sold for values equal to or in excess of the total values used in calculating thevalues portrayed herein. Actual returns on unrealized and partially realized investments will depend on, among other factors, the value of the assets and market
conditions at the time of disposition, any related transaction costs and the timing and manner of sale, all of which may differ from the assumption on which thevaluations reported herein are based. Accordingly, investments that are unrealized or partially realized may differ materially from the values indicated herein.

106.3
64.1

18.0
24.2
Cumulative investment return(FV + Sale price)

Cumulative investment return: Before deducting third-party interests, taxes, and expenses.
The classification of portfolio companies as public/private is based on their status as of Dec 31, 2023.
Exited: Includes disposals (sales) as a result of share exchanges and restructuring of portfolio companies, derivative gain (including unsettled derivatives), and interest anddividend income from investments.
Public companies currently held: Includes a portfolio company traded in the over-the-counter market.
For a certain investment that was initially determined to be transferred from the Company to SVF1 but later canceled, any unrealized valuation gains and losses incurred for theperiod leading up to the decision to cancel the transfer are not included in Cumulative investment return in the presentation.

52

SVF2: Cumulative Investment Return (as of Dec 31, 2023)($ B)

ExitedPublic companies(investments
before exit)

52.3
2.8

8.6

33.3
3.2

Private companies(investments
before exit)

4.4
40.9

Investment cost
The information contained herein is provided solely for illustrative purposes on an SBG basis and individual investors' results may vary. Furthermore, past
performance is not necessarily indicative of future results. Income before income tax reflects unrealized estimated amounts and does not take into account fees
or expenses at the time of exit, and should not be construed as indicative of actual or future performance and for the avoidance of doubt, should not be
understood as the "track record" for SVF1, SVF2 and LatAm Funds. There is no guarantee that historical trends will continue throughout the life of SVF1, SVF2
and LatAm Funds. There can be no assurance that unrealized investments will be sold for values equal to or in excess of the total values used in calculating thevalues portrayed herein. Actual returns on unrealized and partially realized investments will depend on, among other factors, the value of the assets and market
conditions at the time of disposition, any related transaction costs and the timing and manner of sale, all of which may differ from the assumption on which thevaluations reported herein are based. Accordingly, investments that are unrealized or partially realized may differ materially from the values indicated herein.

25.7
Cumulative investment return(FV + Sale price)

Cumulative investment return: Before deducting third-party interests, taxes, and expenses.
The classification of portfolio companies as public/private is based on their status as of Dec 31, 2023.
Exited: Includes disposals (sales) as a result of share exchanges, derivative gain (including unsettled derivatives),
and interest and dividend income from investments.
Public companies currently held: Includes portfolio companies traded in the over-the-counter market.
The investment cost and fair value of investments before exit in SVF2 include those related to a minor SVF2 ownership percentage in anotherportfolio company received as part of the consideration for SVF2’s investment in a portfolio company.

53

Funding Rounds of Private Portfolio Companies
Private portfolio companies raised $8B+ in 2023
Main funding rounds in 2023

41

Funding rounds

48%

AV JV

% Up rounds$8.2B

Capital raised
As of Dec 31, 2023.
(Source) SBIA Analysis. Based on calendar year 2023 funding rounds.
Funding Rounds includes the number of equity financing rounds in SVF1, SVF2, and LatAm Funds portfolio companies during the twelve-month period ended Dec 31, 2023. Includes rounds where SVF1, SVF2, and LatAm Funds did not participate. Excludes any secondary funding rounds.
Up Rounds defined as funding rounds where the pre-money valuation of the latest funding round exceeds the prior round post-money valuation.
Capital raised translated to USD using FX rates as of first close date if capital raised is not in USD.
Select Investments presented herein are solely for illustrative purposes. They have been selected to provide examples of Investments that have had recent funding rounds and do not represent a complete list of SVF1, SVF2 and LatAm Funds investments. References to Investments
included herein should not be construed as a recommendation of any particular Investment or security. It should not be assumed that Investments made in the future will be comparable in quality or performance to the Investments described herein.
See visionfund.com/portfolio for a more complete list of SVF1 and SVF2 Investments.
See https://www.latinamericafund.com/portfolio for a complete list of LatAm Funds investments.
Past performance is not necessarily indicative of future results.

54

Invested Amounts (SVF1 + SVF2 + LatAm Funds + SBG)
($ B)

2.5

SBG

0.2

Resumed investment
Focused on
uncovering superior
opportunities

1.8
1.5
SVF1+
SVF2+
LatAm Funds

0.9
2.3
1.1

0.5
0.1

0.4
Q1

FY2022

Q2

0.5
0.2
0.3
Q3

0.5
0.1

0.3

0.9

0.4

0.4

0.2
0.1

Q4

Q1

Q2

Q3

FY2023
Invested amounts by SBG: Investment by SBG and its core wholly owned subsidiaries (excludes investments in U.S. Treasury Bonds).
＋ the amount paid to third-party shareholders in connection with the subsidiary acquisitions of Berkshire Grey, Inc. in Jul 2023 andBalyo SA in Oct 2023, net of cash and cash equivalents held by these companies. Excludes the amount invested in intragrouptransactions. Invested amounts by SVF: Sum of new and follow-on investments, including those through share exchanges.
Excludes the amount invested by SVF to acquire investments transferred from SBG.

55

SVF2: Select Recent Investments
SVF2 led the funding round totaling $65M
(FY2023Q2)

SVF2 participated in a funding roundtotaling $238M (FY2023Q2)
Remote

World
Wide
Web

WAN optimization
Firewall
Antivirus
Secure web gateway

GlobalCloud

MobileWFH

SASE Platform

Headquarters Domestic office

AI-powered automation of insurance claims and damage
assessments, enabling real-time condition assessments
and accurate repair estimates via smartphone images

SaaS

Overseas office

Data center

SASE optimally and securely connects
all enterprise locations, users, and clouds
SASE（Secure Access service Edge) is the cloud service that provides network and security functions as an integrated function.

56

Financial Strategy

57

FY2023 Financial Strategy

Adhering tofinancial policy

Financialmanagement
adaptable to both
Defense andOffense58

Adhering to Financial Policy
1

Maintain LTV below 25% in normal times(upper threshold of 35% even in times of emergency)

2

Maintain at least 2-year worth of bond redemptions in cash

3

Secure recurring distributions and dividend income from
SVF and other subsidiaries
59Respond to Both Defense and Offense
Defense against
further downside

Invest in the
Information
Revolution,

while maintaining
financial stability

Maintain LTV below 25% in normal times(LTV = 11.5% as of Dec 31, 2023)
Maintain at least 2-year worth of bondredemptions in cash

(Cash position = ¥4.4T as of Dec 31, 2023)

60

Capital AllocationNew
investments

Shareholders
return*Financial policy（Financial stability）

Endeavorto ​strike abalance* The level of NAV discount is also considered61

Share Price Movers

NAV(Net Asset Value)

NAV
Discount

Track record ofgrowthConfidence in NAV
growth trajectory(investment strategy)
62

Share Buyback and Share Price (SBG vs. Nikkei 225)
300

200

+72%
+67%
(Dec 31, 2023)

SBG
100

Nikkei 225
¥0.6T

¥2.5T

(Feb to May 2019)0
Jan 2019(Mar 2020 to May 2021)

Jan 2020

Jan 2021¥1.4T(Nov 2021 to Nov 2022)

Jan 2022¥4.5T share buyback
in total

Jan 2023

Indexed with Jan 1, 2019 as 100
Share buyback: Share repurchased under following board of directors‘ resolutions, Feb 6, 2019, Mar 13, 2020, May 15, 2020, Jun 25, 2020, Jul 30, 2020, Nov 8, 2021, and Aug 8, 2022.

63

NAV and Market Cap
NAV growth= most important driver(Dec 31, 2023)
NAV¥19.2T

Market cap

¥9.2T

1998

2000

2002

2004

2006

2008

2010

2012

2014

2016

2018

2020

2022

2023

(FY)

As of the end of each quarterFor details of NAV, see Appendix “Definition and Calculation Method of SBG’s NAV and LTV (as of Dec 31, 2023)”
Information on NAV is provided for reference purposes only to illustrate its historical trend and is not intended to guarantee or imply future NAV.
Market cap: Calculated based on the total number of shares outstanding (excl. treasury stock)64

Actions We Need Now
Cashposition¥4.4T

Growthinvestment

Reinvestment

NAV is driven by
growthinvestments

Monetization
Leveraging debt
capacity

Q3
FY2023Financial
improvement
LTV remained at low level

Shareholders
return¥4.5T returnedin the past 5 years

Cash position: Cash and cash equivalents + short term investments recorded as current assets + undrawn commitment line + bond investments. SBG stand-alone basis (excludes SB Northstar but includes its
cash and cash equivalents and bond investments)
Shareholders return: Share repurchased under following board of directors' resolutions, Feb 6, 2019, Mar 13, 2020, May 15, 2020, Jun 25, 2020, Jul 30, 2020, Nov 8, 2021, and Aug 8, 2022.

65

Summary
1

Significant improvement in consolidated resultswith ¥950.0B net income

2

Acquired ¥1.1T T-Mobile shares for no additional
consideration

3

NAV increased ¥2.8T QoQ to ¥19.2T driven by theincreased value of Arm

4

Portfolio shift from Alibaba to AI, with Arm as thecore

5Significant improvement in SVF performance
Net Income: Net income attributable to owners of the parent

66

“Information Revolution－Happiness for Everyone”

67

68

Appendix

Some figures in this presentation are rounded and may not add up to the figures presented as the total.

69

Gain/Loss on Investment at SVF:
Difference between P/L and Segment Results(¥ B)(Consolidated P/L)

SVF

Q1

FY2023
Q2

Q3

-13.0

-570.2

531.3

172.8

591.6

69.4

159.8

21.4

600.7

Reconciliations
Gain on investments in
subsidiaries, etc.
(Segment results)

SVF

SVF: SoftBank Vision Funds

70

Value Changescin Portfolio (cumulative)

USD basis(SVF Segment)

Mar 31, 2023

Dec 31, 2023

No change

No change

26 co
(6%)

Gain
+$46.4B(3%)

101 co115 co

(21%)

(24%)

346 co349 co(73%)

Loss-$54.8B

Gain+$56.0B

13 co

(73%)

Loss
-$59.0B-$8.4B (473 co)
The information contained herein is provided solely for illustrative purposes on an SBG basis and individual investors' results may vary. Furthermore, past performance is not necessarily indicative of future results.
Income before income tax reflects unrealized estimated amounts and does not take into account fees or expenses at the time of exit. and should not be construed as indicative of actual or future performance and forthe avoidance of doubt, should not be understood as the "track record" for SVF1, SVF2 and LatAm Funds. There is no guarantee that historical trends will continue throughout the life of SVF1, SVF2 and LatAm
Funds. There can be no assurance that unrealized investments will be sold for values equal to or in excess of the total values used in calculating the values portrayed herein. Actual returns on unrealized and partiallyrealized investments will depend on, among other factors, the value of the assets and market conditions at the time of disposition, any related transaction costs and the timing and manner of sale, all of which may
differ from the assumption on which the valuations reported herein are based. Accordingly, investments that are unrealized or partially realized may differ materially from the values indicated herein.

-$3.0B (477 co)Value changes in portfolio (cumulative): Gain and loss on investments at SoftBank Vision
Funds segment, including derivative gain and loss,
before deducting third-party interests, tax, and expenses.
Includes Polygon, which is invested through the purchase of MATIC Tokens (counted as nochange in value)71

SVF: Gain/Loss on Investments

USD basis(SVF Segment)

FY2023Q2 (Total +$147M)

FY2023Q3 (Total +$4,087M)+$6,180M (89 companies)+$7,403M (153 companies)

Markup
+557

+404

+242

+989

(16 co)(26 co)(15 co)(20 co)+3,990(12 co)+598+2,790+706+2,731(12 co)(25 co)(68 co)(25 co)Incl. ArmBy main factor($ M)

Recenttransactions

Performanceof portfolio
companies

MarketFactors(3 co)(67 co)(40 co)-23

Markdown-2,600-275

Publicportfolio
companies(31 co)-2,992-$6,033M (177 companies)

The information contained herein is provided solely for illustrative purposes on an SBG basis and individual investors' results may vary.
Furthermore, past performance is not necessarily indicative of future results. Income before income tax reflects unrealized estimated amounts
and does not take into account fees or expenses at the time of exit, and should not be construed as indicative of actual or future performanceand for the avoidance of doubt, should not be understood as the "track record" for SVF1, SVF2 and LatAm Funds. There is no guarantee that
historical trends will continue throughout the life of SVF1, SVF2 and LatAm Funds. There can be no assurance that unrealized investments will
be sold for values equal to or in excess of the total values used in calculating the values portrayed herein. Actual returns on unrealized andpartially realized investments will depend on, among other factors, the value of the assets and market conditions at the time of disposition, any
related transaction costs and the timing and manner of sale, all of which may differ from the assumption on which the valuations reported herein
are based. Accordingly, investments that are unrealized or partially realized may differ materially from the values indicated herein.

Others(36 co)(2 co)-143-17

MarketFactors(68 co)-1,696(23 co)Publicportfolio
companies

Performanceof portfolio
companies
Recenttransactions+577(12 co)-370

Others(24 co)-1,097(34 co)-137-$3,317M (140 companies)
Gain and Loss on Investments at SVF: Gain and loss on investments at SoftBank Vision Funds segment. Includes derivative gains and losses. Before
deducting third-party interests, tax, and expenses.
The main factors of the change in valuation in FY2023Q2 and FY2023Q3 of each portfolio company are indicated based on the classification determined
as reasonable by SBGA and SBIA. Although SBIA believes that such determinations are reasonable, they are inherently subjective in nature.
(Source) SBGA and SBIA
Market factors include the changes in valuation due to the changes in the valuation of public comparable companies,and changes in cost of capital, etc.
Public portfolio companies include those traded in the over-the-counter market. Gain/loss on investments due to partial or full exits of public portfolio
companies are included.
Others include gain/loss on investments due to full exits of private portfolio companies and forex impact, etc.

72

SVF1: Gain/Loss on Investments

USD basis(SVF1)FY2023Q2 (Total +$2,413M)

FY2023Q3 (Total +$1,940M)+$4,924M (18 companies)+$3,880M (21 companies)

Markup
+217

+15

+41

+767

(4 co)(1 co)(2 co)(9 co)+3,884(2 co)+10+2,177+170+1,197(2 co)(2 co)(4 co)(10 co)Incl. ArmBy main factor($ M)

Recenttransactions

Performanceof portfolio
companies

MarketFactors(-)(6 co)(2 co)-

Markdown-1,249-19

Publicportfolio
companies(15 co)-1,216-$2,511M (24 companies)

The information contained herein is provided solely for illustrative purposes on an SBG basis and individual investors' results may vary.
Furthermore, past performance is not necessarily indicative of future results. Income before income tax reflects unrealized estimated amounts
and does not take into account fees or expenses at the time of exit, and should not be construed as indicative of actual or future performanceand for the avoidance of doubt, should not be understood as the "track record" for SVF1, SVF2 and LatAm Funds. There is no guarantee that
historical trends will continue throughout the life of SVF1, SVF2 and LatAm Funds. There can be no assurance that unrealized investments will
be sold for values equal to or in excess of the total values used in calculating the values portrayed herein. Actual returns on unrealized andpartially realized investments will depend on, among other factors, the value of the assets and market conditions at the time of disposition, any
related transaction costs and the timing and manner of sale, all of which may differ from the assumption on which the valuations reported herein
are based. Accordingly, investments that are unrealized or partially realized may differ materially from the values indicated herein.

Performanceof portfolio
companies

OthersRecenttransactions(1 co)

(-)

-27

-

MarketFactors(11 co)-1,000(1 co)-93+327(3 co)

Publicportfolio
companies
Others(14 co)-809(4 co)-36-$1,939M (30 companies)
Gain/loss on Investments at SVF1: Includes derivative gains and losses. Before deducting third-party interests, tax, and expenses.
The main factors of the change in valuation in FY2023Q2 and FY2023Q3 of each portfolio company are indicated based on the classification determined
as reasonable by SBGA and SBIA. Although SBIA believes that such determinations are reasonable, they are inherently subjective in nature.
(Source) SBGA and SBIA
Market factors include the changes in valuation due to the changes in the valuation of public comparable companies,and changes in cost of capital, etc.
Public portfolio companies include those traded in the over-the-counter market. Gain/loss on investments due to partial or full exits of public portfolio
companies are included.
Others include gain/loss on investments due to full exits of private portfolio companies and forex impact, etc.

73

SVF2: Gain/Loss on Investments

FY2023Q3 (Total +$1,703M)+$1,136M (54 companies)+$2,919M (96 companies)

+318

+376

+185

+151

(7 co)(22 co)(11 co)(7 co)+105(7 co)

+560

+587

+418

+1,158(8 co)(19 co)(50 co)(8 co)(11 co)Publicportfolio
companies

Others(9 co)(14 co)Recenttransactions

Performanceof portfolio
companies

MarketFactors

Publicportfolio
companies

OthersRecenttransactions

Performanceof portfolio
companies

MarketFactors(3 co)(54 co)(25 co)(11 co)(13 co)(2 co)(48 co)(10 co)-23

Markdown(SVF2)FY2023Q2 (Total -$2,084M)
MarkupBy main factor($ M)

USD basis-1,300-153-1,674-$3,220M (106 companies)

The information contained herein is provided solely for illustrative purposes on an SBG basis and individual investors' results may vary.
Furthermore, past performance is not necessarily indicative of future results. Income before income tax reflects unrealized estimated amounts
and does not take into account fees or expenses at the time of exit, and should not be construed as indicative of actual or future performanceand for the avoidance of doubt, should not be understood as the "track record" for SVF1, SVF2 and LatAm Funds. There is no guarantee that
historical trends will continue throughout the life of SVF1, SVF2 and LatAm Funds. There can be no assurance that unrealized investments will
be sold for values equal to or in excess of the total values used in calculating the values portrayed herein. Actual returns on unrealized andpartially realized investments will depend on, among other factors, the value of the assets and market conditions at the time of disposition, any
related transaction costs and the timing and manner of sale, all of which may differ from the assumption on which the valuations reported herein
are based. Accordingly, investments that are unrealized or partially realized may differ materially from the values indicated herein.

-69

-17

-587

-275

-287

+196

-50

-$1,216M (83 companies)
Gain/loss on Investments at SVF2: Includes derivative gains and losses. Before deducting third-party interests, tax, and expenses.
The main factors of the change in valuation in FY2023Q2 and FY2023Q3 of each portfolio company are indicated based on the classification determined
as reasonable by SBGA and SBIA. Although SBIA believes that such determinations are reasonable, they are inherently subjective in nature.
(Source) SBGA and SBIA
Market factors include the changes in valuation due to the changes in the valuation of public comparable companies,and changes in cost of capital, etc.
Public portfolio companies include those traded in the over-the-counter market. Gain/loss on investments due to partial or full exits of public portfolio
companies are included.
Others include gain/loss on investments due to full exits of private portfolio companies and forex impact, etc.

74

SVF1 Public Portfolio Companies (as of Dec 31, 2023)($ M)

Fully Exited
Fully Exited
Fully Exited
Fully Exited
Fully Exited
Fully Exited
Fully Exited
Fully Exited

Fully Exited(a)Company

Investment cost *2
to SVF1

Coupang
Doordash
NVIDIA
Guardant Health
Uber
Slack
Ping An Good Doctor
PolicyBazaar
Opendoor
10x Genomics
Delhivery
Roivant *5
Vir Biotechnology
ZomatoRelay Therapeutics
Energy Vault
OneConnect

2,729
680
2,878
308
7,666
334
400
199
450
31
397
919
199
309
300
60
100

$1= ¥141.83 (Dec 31, 2023 TTM)(b)(c) = (b) - (a)Gross return*3 Gross gain (loss)
to SVF1
to SVF1

10,259
7,721
5,813
2,665
9,215
1,018
828
592
824
338
663
1,063
337
374
307
43
4

7,530
7,041
2,936
2,358
1,549
684
428
394
374
307
265
145
139
65
7
(17)
(96)

(d) = (b) / (a)*4Gross MOIC

3.8x
11.4x
2.0x
8.7x
1.2x
3.0x
2.1x
3.0x
1.8x
10.9x
1.7x
1.2x
1.7x
1.2x
1.0x
0.7x
0.0x

(a)
*2
Investment cost
to SVF1

ZhongAn
Aurora Innovation
GoTo (Gojek Tokopedia) *6
Full Truck Alliance
Getaround
Ginkgo Bioworks
Auto1
SenseTime
Paytm
Compass
Grab
View
WeWork *7
DiDi

550
333
841
1,700
348
404
741
1,429
1,600
1,082
2,993
1,175
3,468
12,073(b)*3Gross returnto SVF1(c) = (b) - (a)Gross gain (loss)
to SVF1

(150)
(161)
(243)
(281)
(343)
(363)
(368)
(457)
(471)
(602)
(651)
(1,171)(3,468)(8,248)

0.7x
0.5x
0.7x
0.8x
0.0x
0.1x
0.5x
0.7x
0.7x
0.4x
0.8x
0.0x
0.0x
0.3x

Public company total(Gross) *8$46,697$53,827$7,1301.2x$40,898$87,595$50,511$104,338$9,613$16,743

Company
Fully Exited(A)(B)(A)+(B)

SVF1 private company, etc.

Total (SBG basis) *1

*9

400
172
599
1,419
5
41
374
972
1,129
480
2,342
4
0
3,825

(d) = (b) / (a)Gross MOIC

*4

1. SBG basis refers to SoftBank Vision Funds Segment basis. Includes the impact from hedges on the public securities and the effect of consolidating inter-company transactions. For certain investments that were originally to be transferred from SBG to SVF1 but canceled afterwards, its
unrealized gain (loss) incurred for the period leading up to the decision to cancel the transfer are not included in the presentation. Cumulative investment performance is presented on a net basis.
2. Investment cost is the sum of all external cash flows, including investment-related financing, directed towards the purchase of investments, plus net premiums paid for investment-related hedges.
3. Gross return is the sum of all external cash flows generated by investments and their related hedges, gross of taxes, investment-related financing and other liabilities etc., plus the market value of any unrealized securities as of Dec 31, 2023.
4. Multiple of Invested Capital ("MOIC") is Gross return divided by Investment cost. Net performance for individual investments cannot be calculated without making arbitrary assumptions about allocations of fees and expenses, and for that reason is not included herein.
5, Roivant: investment cost of public shares to SVF1 excludes $116M which was realized in Mar 2020, prior to Roivant’s public listing.
6. GoTo: investment cost of public shares to SVF1 reflects SVF1’s investment in Tokopedia prior to its merger with Gojek and excludes $7M in cost that was realized by SVF1 prior to GoTo’s public listing.
7. WeWork: investment cost of public shares to SVF1 ($3,468M) includes the investment cost to WeWork Asia Holding Company B.V. (“WeWork Asia”) ($400M). The shares of WeWork Asia were exchanged to WeWork preferred stock in Apr 2020 at a price of $11.60 per share.
8. Public company total (Gross) includes DiDi and WeWork, which are traded in the over-the-counter market. The carrying amount of WeWork stocks has been written down to zero U.S. dollars; this decision was based on the Restructuring Support Agreement the company entered into withits major debt investors on November 6, 2023.
9. SVF1 private company, etc. includes Arm. Prior to Arm’s initial public offering in Aug 2023, a wholly owned subsidiary of the Company acquired substantially all of the ordinary shares of Arm held by SVF1.
The total and the sum of the breakdown in the table may not match as the amount of each item is rounded to the nearest unit.
SBG's Net Paid-in Capital of SVF1 is $27.7B, and the total value is $31.0B as of Dec 31, 2023. See “Earnings Investor Briefing for Q3 FY2023 SoftBank Vision & LatAm Funds” for further details.
Publicly quoted exchange rates may have moved either upwards or downwards, even materially, since the measurement dates indicated herein. The exchange rate for each company on this page and used for calculation of return were taken as of Dec 31, 2023.
The selected investments presented herein were solely for illustrative purposes to show the public securities of SVF1 before or as at Dec 31, 2023 and do not purport to be a complete list of SVF1 investments. References to investments included herein should not be construed as arecommendation of any particular investment or security. It should not be assumed that investments made in the future will be comparable in quality or performance to the investments described herein. Please refer to visionfund.com/portfolio for a more complete list of SVF1’s investments.
Valuations reflect unrealized and partially realized estimated amounts and should not be construed as indicative of actual or future performance. Such values do not reflect fees and expenses that would reduce the value of returns experienced by SVF1 investors. There is no guarantee that
historical trends will continue throughout the life of SVF1. It should not be assumed that investments made in the future will be comparable in quality or performance to investments described herein. There can be no assurance that unrealized and partially realized investments will be sold forvalues equal to or in excess of the total values used in calculating the returns portrayed herein. Actual returns on unrealized and partially realized investments will depend on, among other factors, future operating results, the value of the assets and market conditions at the time ofdisposition, any related transaction costs and the timing and manner of sale, all of which may differ from the assumptions on which the valuations reported herein are based. Accordingly, the actual realized returns on investments that are partially realized or unrealized may differ materiallyfrom the values indicated herein.
SVF1 performance metrics are based on final Valuation and Financial Risk Committee (“VFRC”) results. While SVF1 performance figures have been calculated based on assumptions that SBG believes are reasonable, the use of different assumptions could yield materially different results,
and the VFRC may adjust any of these values. As such, SVF1 performance figures are subject to change and not necessarily indicative of the performance of SVF1 and are included only for illustrative purposes.

75

SVF2 Public Portfolio Companies (as of Dec 31, 2023)
($ M)

(a)

Company

Beike
Symbotic
Neumora Therapeutics
IonQ
Globalstar
Fully Exited
Qualtrics *5
Fully Exited
Berkshire Grey *6
Pear Therapeutics
BeisenAlnnovation
Full Truck AllianceZhangmen *7
Fully Exited
Keep
Exscientia
Seer
DingDong Mai Cai
AutoStore
Fully Exited

Investment cost *2
to SVF2

1,350
200
60
61
5
24
115
46
100
126
250
105
200
284
205
325
2,800

(b)

(c) = (b) - (a)Gross return*3 Gross gain (loss)
to SVF2
to SVF2

2,497
1,027
130
77
9
15
92
0
27
48
166
1
87
122
10
21
2,406

1,147
827
70
16
4
(9)
(23)
(46)
(73)
(78)
(84)
(104)
(113)
(163)
(195)
(304)
(394)

(d) = (b) / (a)*4Gross MOIC

Company

1.8x
5.1x
2.2x
1.3x
1.9x
0.6x
0.8x
0.0x
0.3x
0.4x
0.7x
0.0x
0.4x
0.4x
0.0x
0.1x
0.9x

JD Logistics
Better
WeWork(A)(B)(A)+(B)

Public company total(Gross) *8
SVF2 private company, etc.

Total (SBG basis) *1(a)*2
Investment cost
to SVF2(b)*3
Gross returnto SVF2$10,386$41,859$52,245

601
497
3,033

161
51
1

(c) = (b) - (a)Gross gain (loss)
to SVF2(d) = (b) / (a)Gross MOIC

(440)
(446)
(3,032)

0.3x
0.1x
0.0x

$6,946($3,440)

0.7x$26,325$33,271($15,534)($18,974)*4$1= ¥141.83 (Dec 31, 2023 TTM)

1. SBG basis refers to SoftBank Vision Funds Segment basis. Cumulative investment performance is presented on net basis.
2. Investment cost is the sum of all external cash flows, including investment-related financing, directed towards the purchase of investments, plus net premiums paid for investment-related hedges.
3. Gross return is the sum of all external cash flows generated by investments and their related hedges, gross of taxes, investment-related financing and other liabilities etc., plus the market value of any unrealized securities as of Dec 31, 2023.
4. Multiple of Invested Capital ("MOIC") is Gross return divided by Investment cost. Net performance for individual investments cannot be calculated without making arbitrary assumptions about allocations of fees and expenses, and for that reason is not included herein.
5. Delisted on Jun 28, 2023, prior to SVF2 fully exiting the investment on Jun 29, 2023.
6. Delisted on Jul 20, 2023. SBG acquired all shares of Berkshire Grey in Jul 2023.
7. Taken private on Nov 15, 2023, resulting in SVF2 fully exiting the investment.
8. Public company total (Gross) includes Pear Therapeutics and WeWork, which are traded in the over-the-counter market. The carrying amount of WeWork stocks has been written down to zero U.S. dollars; this decision was based on the Restructuring Support Agreement the company
entered into with its major debt investors on Nov 6, 2023.
The total and the sum of the breakdown in the table may not match as the amount of each item is rounded to the nearest unit.
SBG's Net Paid-in Capital of SVF2 is $55.1B, and the total value is $35.5B as of Dec 31, 2023. See “Earnings Investor Briefing for Q3 FY2023 SoftBank Vision & LatAm Funds” for further details.
Publicly quoted exchange rates may have moved either upwards or downwards, even materially, since the measurement dates indicated herein. The exchange rate for each company on this page and used for calculation of return were taken as of Dec 31, 2023.
The selected investments presented herein were solely for illustrative purposes to show the public securities of SVF2 as at Dec 31, 2023 and do not purport to be a complete list of SVF2 investments. References to investments included herein should not be construed as a recommendationof any particular investment or security. It should not be assumed that investments made in the future will be comparable in quality or performance to the investments described herein. Please refer to visionfund.com/portfolio for a more complete list of SVF2’s investments.
Valuations reflect unrealized estimated amounts and should not be construed as indicative of actual or future performance. Such values do not reflect fees and expenses that would reduce the value of returns experienced by SVF2 investors. There is no guarantee that historical trends willcontinue throughout the life of SVF2. It should not be assumed that investments made in the future will be comparable in quality or performance to investments described herein. There can be no assurance that unrealized investments will be sold for values equal to or in excess of the total
values used in calculating the returns portrayed herein. Actual returns on unrealized investments will depend on, among other factors, future operating results, the value of the assets and market conditions at the time of disposition, any related transaction costs and the timing and manner ofsale, all of which may differ from the assumptions on which the valuations reported herein are based. Accordingly, the actual realized returns on investments that are unrealized may differ materially from the values indicated herein.
SVF2 performance metrics are based on final Valuation and Financial Risk Committee (“VFRC”) results. While SVF2 performance figures have been calculated based on assumptions that SBG believes are reasonable, the use of different assumptions could yield materially different results,
and the VFRC may adjust any of these values. As such, SVF2 performance figures are subject to change and not necessarily indicative of the performance of SVF2 and are included only for illustrative purposes.

76Monetization and Capital Allocation (FY2023Q1-Q3)(¥ T)

Undrawn
commitment line

Sale of Armshares

5.1
0.6

0.7
0.8
Monetization

1.5

-0.6
-0.5
-0.6
-0.2

-1.8

1st installment for Arm shares acquired
SVF’s investment and SBG’s strategic
investment

Contribution to SVF2
Debt repayment

-0.4

4.5

Cash position(Mar 31, 2023)

4.4
0.7

Undrawn
commitment line

3.7

Increase

Decrease

OthersCash position(Dec 31, 2023)

Converted to JPY at average rate for each quarter
Cash position: Cash and cash equivalents + short term investments recorded as current assets + undrawn commitment line + bond investments. SBG stand-alone basis (excludes SB Northstar but includes its cash and cash equivalents and bond investments)
SBG stand-alone: Excludes those of self-financing entities from the consolidated group. Major self-financing entities includes SoftBank Corp, SVF1, SVF2, LatAm Funds, Arm, etc.​
Monetization: Distribution of $0.2B from SVF1, $53M from SVF2, $0.2B from LatAm Funds; $4.4B procured through Alibaba prepaid forward contracts, and $0.7B proceeds from loss of control over subsidiaries
SVF’s investment and SBG’s strategic investment: $1.4B total investment by SVF and $2.2B total strategic investment by SBG
Debt repayment: Redeemed bonds by SBG (¥277.8B undated hybrid notes, ¥19.5B domestic bonds and ¥15.4 domestic hybrid bonds) and ¥145.8B repurchased during the period. The amount is net of ¥220.0B in bonds issued by SBG, ¥53.1B in a hybrid loan raised by SBG, etc.
Contribution to SVF2: Contributions made for loan repayments and other non-investment capital injections

77

Equity Value of Holdings: Diversified Portfolio
5%

Alibaba

23%

18%

Net of asset-backed finance

0.02%

32%

Arm

38%

SVF1+SVF2+ LatAm Funds

12%

45%
43%
435
investments432
investments

15%

13%

SoftBank Corp.

10%

9%

T-Mobile/Deutsche Telekom

8%

8%

8%

OthersMar 31
2022

Mar 312023

Dec 31
2023

52%

41%

73%

10%
5%

Listed share %439
investments

For details of equity value of holdings, see appendix "Definition and Calculation Method of SBG’s NAV and LTV" in the presentation materials for each quarter’s earnings results briefing
Listed share % includes shares of Alibaba, listed shares held by SVF1, SVF2, LatAm Funds, Arm, SoftBank Corp., T-Mobile, Deutsche Telekom, and public companies included in Others. SVF1, SVF2, and LatAm Funds figures are for SBG’s interest only.
Investments held by SVF1, SVF2, and LatAm Funds as of Dec 31, 2023: 69 investments from SVF1, 273 investments from SVF2, and 90 investments from LatAm Funds. For details, see “SVF1 Portfolio”, “SVF2 Portfolio”, and “LatAm Funds Portfolio” in “Data Sheet for the Third
Quarter Ended December 31, 2023”, respectively.

78

Equity Value of Holdings: Diversified Portfolio
Net of asset-backed finance
15%
31%
18%
11%

8%

China

15%

Japan

9%

Other APAC

43%

EMEA

12%

9%
20%

27%

4%

5%

25%
Mar 31
2022

4%

Latin America

24%

21%

North America

Mar 312023

Dec 31
2023
Classification of regions based on the location of each portfolio company's headquarters
China: Alibaba, investments in China from SVF1 and SVF2, and other investment in China
Japan: SoftBank, investments in Japan from SVF1 and SVF2, and other investments in Japan
Other APAC: Investments in APAC excluding China and Japan from SVF1 and SVF2, and other investments in the region
EMEA: Arm, Deutsche Telekom, investments in EMEA from SVF1 and SVF2, and other investments in EMEA
Latin America: Investments from LatAm Funds and other investments in Latin America
North America: T-Mobile, investments in North America from SVF1 and SVF2, and other investments in North America

79

Definition and Calculation Method of SBG’s NAV and LTV (as of Dec 31, 2023)
1. NAV (Net Asset Value)•
NAV = Equity value of holdings - Net debt
2. Equity value of holdings (after adjustment for asset-backed financing)•
Alibaba: the number of Alibaba ADSs equivalent to the number of shares held by SBG x Alibaba ADS price - the sum of the outstanding maturity settlement amounts (calculated by using the company’s share price) of the prepaid forward contracts (floor contracts, collar
contracts, forward contracts, and call spread) using Alibaba shares.
•
SoftBank Corp.: the number of shares held by SBG x SoftBank Corp. share price - the equivalent amount of outstanding liabilities for margin loans, etc. using SoftBank Corp. shares.
•
SVF1: SBG's share of SVF1's NAV + accrued performance fees, etc.
•
SVF2: SBG's share of SVF2's NAV, etc.
•
LatAm Funds: SBG's share of LatAm Funds' NAV + accrued performance fees.
•
T-Mobile: (a) + (b) - (c)a. The number of T-Mobile shares held by SBG, including the number of shares subject to call options held by Deutsche Telekom x T-Mobile share price.
b. The amount of derivative financial liabilities related to unexercised call options held by Deutsche Telekom.
c. Maturity settlement amount of the prepaid forward contracts (collar contracts) using T-Mobile shares (calculated by using the company’s share price).
•
Deutsche Telekom: the number of Deutsche Telekom shares held by SBG x Deutsche Telekom share price - the maturity settlement amount of a collar transaction using Deutsche Telekom shares.
•
Arm: the number of shares held by SBG x Arm share price - payable amount of the consideration for Arm shares acquired from SVF1 through an intra-group transaction - the equivalent amount of outstanding liabilities for margin loans using Arm shares.
•
Others: (d) + (e) + (f)d. Listed shares: the number of shares held by SBG multiplied by the share price of each share.
e. Unlisted shares: calculated based on the fair value (or the carrying amount in SBG’s balance sheet for those not measured at fair value) of unlisted shares, etc. held by SBG.
f. SB Northstar: SBG’s share of SB Northstar‘s NAV plus the fair value of NVIDIA Corporation shares. Cash and cash equivalents, bond investments, and a part of interest-bearing debt with the exception of margin loans and prime brokerage loans, are treated as a part ofnet interest-bearing debt of SBG therefore not included in the calculation of SB Northstar’s NAV.
3. Net debt (after adjustment for asset-backed financing)•
Net debt = SBG net interest-bearing debt•
SBG net interest-bearing debt = Consolidated net interest-bearing debt - Net interest-bearing debt at self-financing entities, etc. - Other adjustments•
Consolidated net interest-bearing debt: excludes bank deposits and cash position at PayPay Bank Corporation•
Net interest-bearing debt at self-financing entities, etc.: the sum of gross interest-bearing debt less the sum of cash positions of self-financing entities, such as SoftBank Corp. (including its subsidiaries such as LY Corporation and PayPay Corporation), SVF1, SVF2, LatAm
Funds, and Arm, as well as SB Northstar.
○ Note: Cash and cash equivalents, bond investments, and a part of interest-bearing debt with the exception of margin loans and prime brokerage loans of SB Northstar are included in net interest-bearing debt of SBG.
•
Other adjustments: the sum of adjustments of (g) to (m) below
g. Among the hybrid bonds and hybrid loans with a redemption date, the entire amount is recorded as interest-bearing debt in consolidated accounting. Therefore, 50% is deducted from the interest-bearing debt (to be treated as equity). Applicable to 4th JPY-denominatedhybrid bonds, 5th JPY-denominated hybrid bonds, 6th JPY-denominated hybrid bonds.
h. Among the hybrid bonds, the perpetual bonds without a redemption date are recorded in their entirety as equity in consolidated accounting. Therefore, 50% is included in the interest-bearing debt. Applicable to USD-denominated NC10 undated hybrid notes.
i. Deduction of the financial liabilities related to prepaid forward contracts (floor contracts, collar contracts, and forward contracts) using Alibaba shares.
j. Deduction of the equivalent amount of outstanding liabilities for margin loans using SoftBank Corp. shares.
k. Deduction of the financial liabilities related to prepaid forward contracts (collar contracts) using T-Mobile shares.
l. Deduction of the financial liabilities recorded as borrowings related to collar transactions using Deutsche Telekom shares.
m. Deduction of the amount equivalent to the outstanding balance of the borrowings made through margin loans using Arm shares.
4. LTV (Loan to Value)•
LTV = Net debt / Equity value of holdings
5. Other assumptions•
Share prices: Closing price as of Dec 29, 2023•
FX rate: USD 1 = JPY 141.83


SBG = SoftBank Group Corp., Alibaba = Alibaba Group Holding Limited, SVF1 = SoftBank Vision Fund 1, SVF2 = SoftBank Vision Fund 2, LatAm Funds = SoftBank Latin America Funds, T-Mobile = T-Mobile US, Inc., Deutsche Telekom = Deutsche Telekom AG,
Arm = Arm Holdings plc
Before considering tax unless otherwise stated
The information herein is based on assumptions made by the Company and is not indicative of the price of SBG's common shares or any securities held by the Company and should not form the basis of any investment decisions.

80Definition and Calculation Method of SBG’s NAV and LTV (as of Sep 30, 2023)
1. NAV (Net Asset Value)•
NAV = Equity value of holdings - Net debt
2. Equity value of holdings (after adjustment for asset-backed financing)•
Alibaba: the number of Alibaba ADSs equivalent to the number of shares held by SBG x Alibaba ADS price - the sum of the outstanding maturity settlement amounts (calculated by using the company’s share price) of the prepaid forward contracts (floor contracts, collar
contracts, forward contracts, and call spread) using Alibaba shares.
•
SoftBank Corp.: the number of shares held by SBG x SoftBank Corp. share price - the equivalent amount of outstanding liabilities for margin loans, etc. using SoftBank Corp. shares.
•
SVF1: SBG's share of SVF1's NAV + accrued performance fees, etc.
•
SVF2: SBG's share of SVF2's NAV, etc.
•
LatAm Funds: SBG's share of LatAm Funds' NAV + accrued performance fees.
•
T-Mobile: (a) + (b) - (c) - (d)a) The number of T-Mobile shares held by SBG, including the number of shares subject to call options held by Deutsche Telekom x T-Mobile share price.
b) Fair value of SBG’s right to acquire the company’s shares for no consideration under certain conditions (Contingent consideration).
c) The amount of derivative financial liabilities related to unexercised call options held by Deutsche Telekom.
d) Maturity settlement amount of the prepaid forward contracts (collar contracts) using T-Mobile shares (calculated by using the company’s share price).
•
Deutsche Telekom: the number of Deutsche Telekom shares held by SBG x Deutsche Telekom share price - the maturity settlement amount of a collar transaction using Deutsche Telekom shares.
•
Arm: the number of shares held by SBG x Arm share price - payable amount of the consideration for Arm shares acquired from SVF1 through an intra-group transaction - the equivalent amount of outstanding liabilities for margin loans using Arm shares.
•
Others: (e) + (f) + (g)e) Listed shares: the number of shares held by SBG multiplied by the share price of each share.
f) Unlisted shares: calculated based on the fair value (or the carrying amount in SBG’s balance sheet for those not measured at fair value) of unlisted shares, etc. held by SBG.
g) SB Northstar: SBG’s share of SB Northstar's NAV plus the fair value of NVIDIA Corporation shares. Cash and cash equivalents and interest-bearing debt, other than margin loans and prime brokerage loans, are treated as a part of net interest-bearing debt of SBG
therefore not included in the calculation of SB Northstar’s NAV.
3. Net debt (after adjustment for asset-backed financing)•
Net debt = SBG net interest-bearing debt•
SBG net interest-bearing debt = Consolidated net interest-bearing debt - Net interest-bearing debt at self-financing entities, etc. - Other adjustments•
Consolidated net interest-bearing debt: excludes bank deposits and cash position at PayPay Bank Corporation•
Net interest-bearing debt at self-financing entities, etc.: the sum of gross interest-bearing debt less the sum of cash positions of self-financing entities, such as SoftBank Corp. (including its subsidiaries such as Z Holdings Corporation (currently LY Corporation) and PayPay
Corporation), SVF1, SVF2, LatAm Funds, and Arm, as well as SB Northstar.
○ Note: Cash and cash equivalents and interest-bearing debt, other than margin loans and prime brokerage loans of SB Northstar are included in net interest-bearing debt of SBG.
•
Other adjustments: the sum of adjustments of (h) to (n) belowh) Among the hybrid bonds and hybrid loans with a redemption date, the entire amount is recorded as interest-bearing debt in consolidated accounting. Therefore, 50% is deducted from the interest-bearing debt (to be treated as equity). Applicable to 4th JPY-denominatedhybrid bonds, 5th JPY-denominated hybrid bonds, 6th JPY-denominated hybrid bonds.
i) Among the hybrid bonds, the perpetual bonds without a redemption date are recorded in their entirety as equity in consolidated accounting. Therefore, 50% is included in the interest-bearing debt. Applicable to USD-denominated NC10 undated hybrid notes.
j) Deduction of the financial liabilities related to prepaid forward contracts (floor contracts, collar contracts, and forward contracts) using Alibaba shares.
k) Deduction of the equivalent amount of outstanding liabilities for margin loans using SoftBank Corp. shares.
l) Deduction of the financial liabilities related to prepaid forward contracts (collar contracts) using T-Mobile shares.
m) Deduction of the financial liabilities recorded as borrowings related to collar transactions using Deutsche Telekom shares.
n) Deduction of the amount equivalent to the outstanding balance of the borrowings made through margin loans using Arm shares.
4. LTV (Loan to Value)•
LTV = Net debt / Equity value of holdings
5. Other assumptions•
Share prices: Closing price as of Sep 29, 2023•
FX rate: USD 1 = JPY 149.58


SBG = SoftBank Group Corp., Alibaba = Alibaba Group Holding Limited, SVF1 = SoftBank Vision Fund 1, SVF2 = SoftBank Vision Fund 2, LatAm Funds = SoftBank Latin America Funds, T-Mobile = T-Mobile US, Inc., Deutsche Telekom = Deutsche Telekom AG,
Arm = Arm Holdings plc
Before considering tax unless otherwise stated
The information herein is based on assumptions made by the Company and is not indicative of the price of SBG's common shares or any securities held by the Company and should not form the basis of any investment decisions.

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