Earnings Results
for the Fiscal Year
ended March 31, 2024
May 13, 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 and investees; 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 and the results of the Group in this presentation may not be indicative of, and are not an estimate, forecast or projectionof 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 other sources.

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, unsponsoredAmerican 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 ongoing basis all information necessary for SBG to maintain an exemption fromregistering 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 responsibilityor 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 fundmanaged 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” and each 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 FundII”), 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 other entity 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 and operating 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 thispresentation do not represent all of the investments made by the relevant SB Fund Manager, and no assumption should be made that investments 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 otherconsiderations) 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 at the 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 no assurance that each SB Fund or any futurefund 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.

2023年9月14日上場
September
14, 2023
2023年最大規模
Largestlisting in 2023
(Source) Nasdaq

33

Arm Share Price(Feb 12, 2024)
Record high since IPO($)(Mar 31, 2024)

148.97150

124.992.5x(Since IPO)

100

50

(IPO price)

51.00

0

Sep 142023(IPO date)

Dec 31
2023

Mar 31
2024
4

NAV

hits near-record highswith Arm share price surge

5Historical NAV

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”
Information on NAV is provided for reference purposes only to illustrate its historical trend and is not intended to guarantee or imply future NAV.

6

1998

2000

2002

2004

2006

2008

2010

2012

2014

2016

2018

2020

2022

2023

(FY)

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”
Information on NAV is provided for reference purposes only to illustrate its historical trend and is not intended to guarantee or imply future NAV.
Photo: Reuter/Aflo

7

1998

2000

2002

2004

2006

2008

2010

2012

2014

2016

2018

2020

2022

2023

(FY)

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”
Information on NAV is provided for reference purposes only to illustrate its historical trend and is not intended to guarantee or imply future NAV.

8

1998

2000

2002

2004

2006

2008

2010

2012

2014

2016

2018

2020

2022

2023

(FY)

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”
Information on NAV is provided for reference purposes only to illustrate its historical trend and is not intended to guarantee or imply future NAV.

9

1998

2000

2002

2004

2006

2008

2010

2012

2014

2016

2018

2020

2022

2023

(FY)

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”
Information on NAV is provided for reference purposes only to illustrate its historical trend and is not intended to guarantee or imply future NAV.

10

1998

2000

2002

2004

2006

2008

2010

2012

2014

2016

2018

2020

2022

2023

(FY)

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”
Information on NAV is provided for reference purposes only to illustrate its historical trend and is not intended to guarantee or imply future NAV.

11

1998

2000

2002

2004

2006

2008

2010

2012

2014

2016

2018

2020

2022

2023

（FY）

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”
Information on NAV is provided for reference purposes only to illustrate its historical trend and is not intended to guarantee or imply future NAV.

1212

Historical NAV(Mar 31, 2024)¥27.8T

Achieving growth byconstantly changing
aggressively

Arm
SVF1/SVF2/
LatAm Funds
SoftBank Corp.
T-Mobile/
DeutscheTelekom
Other
AlibabaYahoo Japan

1998

2000

2002

2004

2006

2008

2010

2012

2014

2016

2018

2020

2022

2023

(FY)

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”
Information on NAV is provided for reference purposes only to illustrate its historical trend and is not intended to guarantee or imply future NAV.

13

Change in Arm before and after Acquisition
Royalty Revenue proportions within end-markets
FY2015

FY2023
Automotive

IoT

Cloud Automotive

Cloud
MobileConsumerElectronics

Mobile(Revenue 1.5x from FY2015)

IoT
ConsumerElectronics
Based on royalty reports reported to Arm by customers. Differs from royalty revenue reported by Arm. License revenue not included.
Reference material to explain image

14

Change in Arm before and after Acquisition

3.2

($ B)

Doubled1.5

FY2015

Revenue

FY2023

Based on US-GAAP and fiscal year at the time15

Change in Arm before and after Acquisition

28.6

(B)

1.9x

14.8

2015

Arm-based chips
shipped (annual)

2023
16

Change in Arm before and after Acquisition(Headcount)
Non-Engineer
Engineer

7,096

1.7x

4,064

FY2015

Personnel

FY2023The number of employees is as of Mar 31, 2016 and Mar 31, 2024. "Engineers" and “Non-engineers" are based on job type.
Engineers in FY2015 includes program management, technical support, and other technical positions.
Engineers in FY2023 does not include the positions listed before.

17

Guidance (US-GAAP)FY2024Q1(E)FY2024(E)

Revenue(YoY)$875M ~ $925M$3,800M ~ $4,100M

Non-GAAP operating
expense~$475M~$2,050M

Non-GAAP fully diluted
earnings per share$0.32 ~ $0.36$1.45 ~ $1.65(+30% ~ +37%)(+18% ~ +27%)(Source) Arm
For details, see Arm Investor Relations website (https://investors.arm.com/).

18

Earnings Results for FY2023
1. Consolidated Results
2. Key Indicators
3. Investment Strategy
4. SVF
5. Financial Strategy

19

Consolidated Results

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

20

Consolidated Results(¥ B)

FY2022

FY2023

ChangeNet sales

6,570.4

6,756.5+186.1

Gain/loss on
investments-835.1-559.4+275.7

Income before
income tax-469.157.8+526.9Net income-970.1-227.6+742.5Net Income: Net income attributable to owners of the parent

21

Consolidated Results (FY2023 quarterly)
(¥ B)

Q1

Q2

Q3

Q4

Net sales

1,557.5

1,669.6

1,774.8

1,754.6

Gain/loss on
investments-699.0-264.6

424.6

-20.4

Income before
income tax-176.2-731.2

1,171.5-206.3

Net income-477.6-931.1

950.0

231.1

Net Income: Net income attributable to owners of the parent

22

Impact of Changes in Arm’s Share Price
Consolidated P/L

NAV

Changes in thestock value are

The number of shares held
x the share price is(for a subsidiary)(after adjustment for asset-backed
financing, etc.)

not recorded

reflected

For details of NAV, see appendix "Definition and Calculation Method of SBG’s NAV and LTV“ as of Mar 31, 2024

23

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

3,033.6
1,984.8
950.0
424.6

526.1

-511.6-783.4-57.6-477.6-20.4-264.6-699.0-931.1Q1
FY2023

Q2

231.1

Net profit for
the last
2 consecutive
quarters-2,834.4-3,162.7

Q1
FY2022

Q2

Q3

Q4

Q3

Q4
Net Income: Net income attributable to owners of the parent

24Gain/Loss on Investments(¥ B)

Investment Business of Holding
Companies
SVF
OthersConsolidated

4,560.5
67.0-559.4-835.1-459.0-167.3Significant
improvementin SVF-5,322.3-73.3

FY2022

FY2023
SVF: SoftBank Vision Funds

25

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

Investment Business of Holding
Companies
SVF
Others63.2-169.9Improving
throughout
the
124.4
fiscal year
-20.4 -115.3

Q3

Q4

Consolidated
29.5

3.8

276.2
-264.6-689.7-699.0

Q1

424.6

531.3

-29.5

-570.2-13Q2FY2023

SVF: SoftBank Vision Funds

26

Key Indicators

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

27

ar
Key Indicators(vs Mar 31, 2023)
Mar 31, 2023

Mar 31, 2024

NAV

¥14.1T¥27.8T

LTV(Loan-to-Value)

11.0%

8.4%

Cash position

¥5.1T

¥4.7T

(Net Asset Value)($105.8B)($183.6B)

For details of NAV and LTV, see Appendix “Definition and Calculation Method of SBG’s NAV and LTV (as of Mar 31, 2023)” and “Definition and Calculation Method of SBG’s NAV and LTV (as of Mar 31, 2024)”
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)

28

Change in NAV
(¥ T)
Share
price

Forex

Others

+ 3.3

- 0.4

27.8

+10.8

NAV

14.1

Up ¥13.7T(+97%)

Mainly due toshare prices/forex impact+9.9：Arm+0.8：SBKK+0.3：DT/TMUS-0.1：SVFｓ

Mar 31, 2023

Mar 31, 2024

For details of NAV, see Appendix “Definition and Calculation Method of SBG’s NAV and LTV (as of Mar 31, 2023)” and “Definition and Calculation Method of SBG’s NAV and LTV (as of Mar 31, 2024)”
SVFs: Total of SVF1, SVF2 and LatAm Funds
Forex: The difference in NAV when the equity value of holdings, interest-bearing liabilities, and cash position as of FY23 Q4, denominated in local currency, are converted to JPY at the exchange
rates ​applicable at the comparison point in time. (SVF1/2/LatAm Funds/SBN are all calculated as USD assets)

29

Impact of Forex (FY2023)
Weaker JPY increased NAV and equity(Mar 31, 2023)(Mar 31, 2024)$1 = ¥133.53 → ¥151.41
On NAVOn accounting
Equity+¥3.3T+¥2.0T
Consolidated net income-¥0.7TFor details of NAV, see Appendix “Definition and Calculation Method of SBG’s NAV and LTV (as of Mar 31, 2024)”
On NAV: The difference in NAV when the equity value of holdings, interest-bearing liabilities, and cash position as of FY23 Q4, denominated in local currency, are converted to JPY
at the exchange rates ​applicable at the comparison point in time. (SVF1/2/LatAm Funds/SBN are all calculated as USD assets)

30

LTV
Net of asset-backed finance
40%

35％
30%

25％
21.6%

20.4%

18.2%

20%

14.5%

15.0%

11.0%

10.6%

11.5%

10%

8.4%

8.0%

0%

Q3
FY2021Q4Q1
FY2022

Q2

Q3

Q4

Q1
FY2023

Q2

Q3

Increased asset
value led to lower
LTV

Q4

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 briefing

31Cash Position
(¥ T)

5.8

6.0

5.1
5.0

4.6

4.4

4.3

4.7

3.8

4.0

Maintainhigh level

2.9

3.0

2.0

5.1

2.1

1.0

0.0

Q3
FY2021Q4Q1
FY2022

Q2

Q3

Q4

Q1
FY2023Q2Q3Q4As 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)

32

Change in Composition of Assets Held
Mar 31, 2020

Mar 31, 2024

Others

T-Mobile/
Deutsche Telekom

Alibaba

Others4%
Alibaba

12%
SoftBank
Corp.

T-Mobile/
Deutsche Telekom

SoftBank
Corp.

Equity value of holdings basis
Net of asset-backed finance

0.00%

7%

7%

Arm

10%

48%

14%

47%

11%
SVFs

SVFs

29%

10%
Arm
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

33

Change in Composition of Assets Held
= Shifting to AI-centric Portfolio
Mar 31, 2020

Mar 31, 2024

Core ofAI shift

Others

T-Mobile/
Deutsche Telekom

0.00%

4%
その他

SoftBank Corp.

48%

Arm

47%

SVFs

11%

29%

10%
Arm

Others

10%

アリババ

SVFs

7% Alibaba

T-Mobile/
Deutsche Telekom

ドイツテレコム

14%

7%

Alibaba

12%
Tモバイル/SoftBank
Corp.

Equity value of holdings basis
Net of asset-backed financeTo the groupof companies
leveraging AI
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.

34

Change in Regional Composition
Mar 31, 2020

Mar 31, 2024

Latin
America
EMEA

1%

China

North America

North America
18%

Equity value of holdings basis
Net of asset-backed finance

52%

China

16%
Latin
America 3%

6%
12%

7%

12%

Other APAC

3%

Japan

Japan

Other APAC

56%
15%

China-centricrisk mitigated

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

35Equity value of holdings: Listed Share Ratio
90.0%(¥ T) *() shows the proportion of the total

Equity value of holdings basis
Net of asset-backed finance

80.0%

6.5
(21%)

8.0
(26%)

22.4

(74%)

23.9

11.1
(48%)

12.1

(52%)

(79%)

Mar 312022

50.0%

Listed

40.0%

20.0%

6.5

Mar 31
2023

Unlisted
60.0%

30.0%

9.4
(59%)

10.0%

(41%)
Mar 31
2021

70.0%

Mar 31
2024

Listed share ratio

79%

due to increased
Arm value

0.0%

Proportion of listed shares includes shares of Alibaba, Arm, SoftBank Corp., T-Mobile, Deutsche Telekom, listed shares held by SVF1, SVF2 and LatAm Funds andpublic companies included in Others. Includes Arm in Mar 2024. SVF1, SVF2, and LatAm Funds figures are for SBG’s interest only.

36

Investment Strategy

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.

37

AGI
To be achieved within 10 years
Masayoshi Son keynote presentation at SoftBank World 2023

38

Present

AI

GPT-4

(Passed USMLE)

Within 10 yrs

Within 20 yrs

AGI

ASI

Artificial GeneralIntelligence

Artificial Super
Intelligence

10x sum totalof all human
intelligence

10,000x sum totalof all human
intelligence

Achieved passing score in USMLE (United States Medical Licensing Examination) practice materials. Exams were evaluated through GPT-4 scores (5-shot)(Source) OpenAI, Microsoft “Capabilities of GPT-4 on Medical Challenge Problems”

39

“AI is everywhere”“You can’t run AI
without Arm”
Rene Haas, Arm CEO
CES 2024
40

Annual electricity consumption ofdata centers worldwide

460

*
TWh

*Exceeds total electricity consumption of UK

As of 2022
Annual electricity consumption of data centers worldwide: From executive summary report (published in Jan 2024) by International Energy Agency (IEA)
Total electricity consumption of UK: From 「United Kingdom Energy Information」 on Enerdata website
TWh (terawatt hours): Tera refers to one trillion.１Wh (watt hours) refers to the unit of energy consumption to operate a device which consumes 1W per hour.
Calculated by multiplying Electricity (W) by time (h)41Arm provides energy efficiency
Amazon: AWS Graviton

60％ more efficient than competition

Microsoft: Azure Cobalt

40％ more efficient than competition

Oracle: Ampere Altra Max

60% more efficient than competition(Source) Arm and each companies’ press release
Competition: Chip compared at each companies' announcements

42

NVIDIA： Latest Arm based
datacenter chipGrace Blackwell(Announced March 2024)✓Arm Neoverse V2 cores deployed✓Up to 95% less cost and energy consumption
than its predecessor for running AI tasks✓Enables trillion-parameter-scale AI models✓Adoption by major cloud provider andleading AI company(Source) Arm and NVIDIA
Parameter: An element that composes a large language model (LLM). It influences the performance and capabilities of the LLM, with higher
numbers allowing for more advanced data processing

43

Google’s first Arm-based CPU
for the data center
Axion processors(Announced April 2024)✓ Arm Neoverse V2 cores deployed✓ 50% better performance and up to 60%
better energy-efficiency thancomparable x86-based current generation✓ Internal deployments already started.
External deployment starting late 2024

(Source) Arm and Google

44

AGI will revolutionize all industries
Service

Accident-Free Autonomous Driving

Genetic Analysis for Personalized Medicine

More human-like customer service

Optimal investment execution

Data-Driven Supply Matching
Just-in-time by the second

An automated, efficient world
45

Invested across various sectors
utilizing AI
SBG strategic investments

Investments by SVF

Consumer

FintechFrontier Tech Transportation

Health Tech

Proptech

Logistics

Enterprise

EdtechSBG strategic investments: include Investments by SBG and its core wholly owned subsidiaries.

46

Invested across various companies
utilizing AI
Investments by SVF

SBG strategic investments
SVF1 advised
by SBIA(94 total portfolio companies
as of Mar. 31, 2024）

SoftBank Vision Funds
SVF2 advised 477 total companies
by SBGA(278 total companies
as of Mar. 31, 2024)(105 total portfolio companies
as of Mar. 31, 2024)

コンシューマー フロンティア
トランス
テック
ポーテーション

フィンテック

SBLA Funds
advised by SBGA

ヘルステックロジス
ティクス

プロップテック

エンター
プライズ

エドテック

SBG strategic investments: include Investments by SBG and its core wholly owned subsidiaries.
Investments by SVF: number of investments by SVF1, SVF2 and LatAm Funds since inception, including joint ventures with existing portfolio companies.

47

Q2スライドから何枚か引用

SBワールドの社長発表内容の抜粋“Like it or not,the AGI revolution iscoming”“In 10 to 20 years,
companies and individuals
working on AGI willlead humanity”

Masayoshi Son keynote presentation at SoftBank World 2023
48

Invested Amounts (SVF1 + SVF2 + LatAm Funds + SBG)($ B)
FY2022 total$4.0B

FY2023 total
$3.9B

5

FY2023:$3.9B invested

SBG+$5B committed forstrategic investments

2.5
0.2

SVF1+
SVF2+
LatAm Funds 2.3

1.8
0.9

0.5
0.1
0.4

Q1

Q2

FY2022

0.5

0.5

1.5
1.1

0.2
0.3

0.1
0.4

0.9

Q3

Q4

Q1

0.3

0.4

0.2
0.1

Q2

Q3

FY2023

0.3
0.3
0.1
Q4

0.0
Total committed capitalof strategic investments
Mar 31, 2024

Invested amounts by SBG: Investment by SBG and its core wholly owned subsidiaries (excludes investments in U.S. Treasury Bonds). ＋ theamount paid to third-party shareholders in connection with the subsidiary acquisitions of Berkshire Grey, Inc. in Jul 2023 and Balyo SA in Oct
2023, net of cash and cash equivalents held by these companies. Excludes the amount invested in intragroup transactions.
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.

49

Strategic Investments (by sector)($ B)

Main investments in FY2023

3.9
1.6

Industrial automation& Robotics

0.8

Autonomous driving​

1.5

Others

FY202350

GreenBox Systems
JV of Symbotic and SBG

35% OwnershipOpen for business

Launching first site in California

Further sites under active
development

65% Ownership

Warehouse-as-a-Service
GreenBox
Automated Warehouse A

GreenBox
Automated Warehouse B

100% capacity off-take signed(10yrs fully contracted)

GreenBox
Automated Warehouse C

Third-party customers utilize GreenBox automated warehouses
GreenBox is a jointly controlled entity of SBG and Symbotic.

51

AI Reshaping Industrial Automation
Strategic Investments

SBG portfolio, JV partner

Use of AI
AI powered case handling system, software
manages the entire end-to-end system, optimizing
complex bot routing, mixed-SKU pallet building, andcreating operating efficiency in warehouses anddownstream (improved in-store processes, etc.)

wholly-owned subsidiary

AI powered picking and sortation solutions,software continuously learns and improves how to pickitems

SVF2 portfolio, long-term partner

AI powered modular AS/RS system, enhancing
operations and storage without aisles. Reduces
warehouse space requirements by up to 75%,
optimizes robotic work efficiency through AI, andgreatly reduces manual labor52zInvestment
in Wayve
SBG led over $1B of investment round announced in May 2024, with
contributions from new investor NVIDIA and existing investor Microsoft
 The first to develop and test an end-toend deep learning autonomous driving
system on public roads Building foundation models, similar to a
‘GPT for driving, ’ that can empower any
vehicle to see, think, and drive through any
environment
 This investment supports Wayve inlaunching its first AI products

53

video54

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.

56

SVF: Gain/Loss on Investments (quarterly)First loss recorded
in 4 quarters

13,567
10,910

785

2,285
630

2,869

4,607

FY17
Q2

FY17
Q3

3,549

715

FY17
Q4

FY18
Q1

FY18
Q2

FY18
Q3

FY23
Q3

FY21
Q1

5,554

2,969

3,768

1,157

952

FY19
Q3

FY18 FY19
Q4
Q1

FY23
Q1

FY21
Q3

-1,748FY17Q1(SVF Segment)

34,467($ M)

958

USD basis

FY20
Q1

FY20 FY20
Q3
Q2

FY22
Q4

FY20
Q4

-1,777ＦＹ22Q2-8,762
FY19
Q2

FY22
Q3

FY19
Q4

-10,748-5,174-9,940FY21
Q2-10,501FY22
Q1-22,736
FY21
Q4-25,563

FY23
Q2

4,087

147

FY23Q4-389

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.

57

SVF: Gain/Loss on Investments (cumulative)

Cumulative
investment losses
remained almost flat

60,821
56,82555,874The 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 asindicative 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 thelife 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 partially realized investments will depend on, among otherfactors, 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.

31,262
26,353
20,166
16,398
12,84911,403

8,242

FY17
Q1

FY17
Q2

2,373
FY17
Q3

12,786
9,655

5,373
958

(SVF Segment)

66,375

($ M)

1,743

USD basis

Gain/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.

8,526

3,088
1,876
FY17
Q4

FY18
Q1

FY18
Q2

FY18
Q3

FY18
Q4

FY19
Q1

FY19
Q2

FY19
Q3

FY19
Q4

-1,093

FY20
Q1

FY20
Q2

FY20
Q3

FY20
Q4

FY21
Q1

FY21
Q2

FY21
Q3

-1,414
FY21 FY22Q1
Q4-6,588
FY22
Q2
FY22
Q3

-2,975-7,208-8,365
FY22
Q4

FY23
Q1

-7,061
FY23
Q3
FY23
Q2

FY23Q4-3,36458

SVF: Gain/Loss on Investments (FY2023Q4)

USD basis(SVF Segment)

Combined

SVF1

SVF2

LatAm Funds-$389M+$10M-$336M-$5M(-¥57.6B)

Other investments-$58M

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.

59

SVF1: Cumulative Investment Return (as of Mar 31, 2024)
106.3

($ B)

89.6
ExitedPublic companies(investments
before exit)
Private companies(investments
before exit)

38.0
26.4

66.4

16.0

25.2

23.9

Investment cost

Cumulative investment return

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.

(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 Mar 31, 2024.
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.

60

SVF2: Cumulative Investment Return (as of Mar 31, 2024)($ B)

ExitedPublic companies(investments
before exit)

52.4
3.0

8.6

33.1
3.2

4.0
Private companies(investments
before exit)

40.8

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.

25.9
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 Mar 31, 2024.
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 minor ownership percentage in another portfolio company that was received aspart of the consideration for SVF2’s investment in a certain portfolio company.

61

M&A is Enabling Growth and Exits
Strategic exits
Strategic exits

14

Select M&A transactionsof portfolio companies

Gross MOIC

1.7x

Select sales through M&As
AVEVA
General Motors
Bayer
Visa

Cohesity plans to acquire Veritas’ data protection
business, forming a new leader in AI-Powered
Data Security and Management

× Gojek××

As of Mar 31, 2024
(Source) SBGA/SBIA Analysis“Strategic Exits” are defined as a full divestiture of the Fund’s investments in a portfolio company as a result of acquisition by a 3rd party; it does not include sales to SBG or non-cash M&A transactions where shares of either a new company or a parent company were received as consideration.
Gross MOIC (Gross Multiple of Invested Capital) is measured by dividing the Investment’s total realized proceeds as of Mar 31, 2024, by the total cost of realized shares. It does not take into account taxes or Fund-related expenses at the time of exit that would reduce the value of returns
experienced by investors and should not be construed as indicative of actual or future performance. 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.
“Select sales through M&As” includes the largest two sales by Gross Consideration across SVF1, the largest sale by Gross Consideration across SVF2, and the largest sale by Gross Consideration across the LatAm Funds.
Cohesity and Veritas transaction: based on Company Press Release, Feb 8, 2024.
“Select M&A Transactions of portfolio companies” includes the three largest M&A transactions across the Combined Funds by non-cash exit proceeds as of Mar 31, 2024. OSIsoft, GM Cruise, Vividion, and Zomato are fully exited.
The information herein is presented solely for SVF1, SVF2 and LatAm Funds. These highlights are provided solely for illustrative purposes and reflect the current beliefs of the Manager. Select investments presented herein are solely for illustrative purposes, have been selected in order to highlight
Strategic Exits and do not purport to be a complete list of SVF1, SVF2 or LatAm Fund 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. The metrics regarding select aspects of the company’s operations were selected by SBIA on a subjective basis. Such metrics are provided solely for illustrative purposes to demonstrate elements of the company’sbusiness, are incomplete, and are not necessarily indicative of the company’s performance or overall operations. There can be no assurance that historical trends will continue throughout the life of SVF1, SVF2, or the LatAm Funds.

62

Public Listings and Late-stage Pipeline
Robust late-stage pipeline
Public listings(since inception)

Select late-stage portfolio companies&

50 listings
Total fair value oflate-stage portfolio$32B
As of Mar 31, 2024. Source: SBGA/SBIA Analysis
The number of public listing (since inception): Includes the number of IPOs and SPAC mergers (De-SPACs). Includes companies invested in on IPO/public listing date as well as companies that were subsequently exited or delisted. WeWork and Full Truck Alliance are both SVF1 and SVF2
investments.
Total fair value of late-stage portfolio: Includes portfolio companies that have raised Series E onwards or equivalent late-stage rounds. Selected companies include the largest private investments by Unrealized Fair Value that have raised as Series E or equivalent late-stage round as of Mar 31, 2024,
Or are likely to publicly list in the near-term based on SBGA/SBIA Analysis.
Select investments presented herein are solely for illustrative purposes, have been selected in order to provide examples of investments made by SVF1, SVF2, and LatAm Funds that have raised Series E or other equivalent late-stage rounds and do not purport to be a complete list of 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 latinamericafund.com/portfolio for a complete list of LatAm Funds investments. It should not be assumed that “Late-Stage Portfolio” companies will go public soon or at any time in the future.
Past performance is not indicative of future results.

63

Financial Strategy

64

Historical Credit RatingsA+

Acquisition ofJapan Telecom

Acquisitionof Vodafone KK

Acquisition
of Sprint

Acquisitionof ArmFirst upgrade in 12 years

Listingof SBKK

JCR

A

Listingof ArmA
A-(Stable)BBB+
BBBS&P Downgrade(May 2023)

BBBBB+

S&P (BB)
Outlook Positive(since Sep 2023)

BB
BBB+
'03

'04

'05

'06

'07

'08

'09

'10

'11

'12

'13

'14

'15

'16

'17

'18

'19

'20

'21

'22

'23

'24

(CY)
As of May 13, 2024

65

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
66

FY2024 Financial Strategy
Financial
Philosophy
Financial
Principles

FY2024
Financial
Strategy

Financial management
synchronized withinvestment strategy

・Adhering to financial policy
・Flexibly respond to all environmental changes
・Building trust with each stakeholder(Pursuing the optimal balance between​shareholder returns and financial improvement)

Prioritizing growth investments for future NAV expansion
1. Effective utilization of ample cash position
2. Active use of non-recourse financing to support strategic
investments
3. Enhanced monitoring of portfolio → monetization andreinvestment

67

FY2023 Summary1

NAV reached near-record levels (as of Mar 31, 2024)

2

Arm IPO completed; share price up

3

Maintained financial safety

4

Resumed new investments; $3.9B (¥560.9B) annually

5

SVF performance improved68

Q2スライドから何枚か引用

SBワールドの社長発表内容の抜粋“Like it or not,the AGI revolution iscoming”“In 10 to 20 years,
companies and individuals
working on AGI willlead humanity”

Masayoshi Son keynote presentation at SoftBank World 2023
69

“Information Revolution－Happiness for Everyone”
70

71

Appendix

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

72

Definition and Calculation Method of SBG’s NAV and LTV (as of Mar 31, 2024)
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 (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 – the 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 except for margin loans and prime brokerage loans, are treated as a part of the netinterest-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 except for margin loans and prime brokerage loans of SB Northstar are included in the 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 (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 Mar 29, 2024•
FX rate: USD 1 = JPY 151.41


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.

73

Definition and Calculation Method of SBG’s NAV and LTV (as of Mar 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 × 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.
•
SBKK: the number of shares held by SBG × SBKK share price - the equivalent amount of outstanding liabilities for margin loans, etc. using SBKK shares.
•
SVF1: SBG's share of the equivalent value of assets held by SVF1 + accrued performance fees, etc.
•
SVF2: SBG's share of the equivalent value of assets held by SVF2, etc.
•
LatAm Funds: SBG's share of the equivalent value of assets held by LatAm Funds + accrued performance fees.
•
T-Mobile: (a) + (b) + (c) - (d) - (e)a) The number of T-Mobile shares held by SBG, including the number of shares subject to call options held by Deutsche Telekom (34,971,809 shares as of Mar 31, 2023) × T-Mobile share price.
b) Fair value of SBG’s right to acquire the company’s shares (48,751,557 shares) for no consideration under certain conditions (contingent consideration).
c) Fair value of the rights received in connection with the transaction whereby T-Mobile sold the company’s shares to Trust that offered its Cash Mandatory Exchangeable Trust Securities, which allows a subsidiary of SBG to acquire T-Mobile shares under certain
conditions.
d) The amount of derivative financial liabilities related to unexercised call options held by Deutsche Telekom.
e) Maturity settlement amount of the prepaid forward contracts (collar contracts) using T-Mobile shares (calculated by using the company’s share price).
•
Deutsche Telekom: Deutsche Telekom: the number of Deutsche Telekom shares held by SBG × Deutsche Telekom share price - the maturity settlement amount of a collar transaction using Deutsche Telekom shares.
•
Arm: the fair value of all Arm shares calculated at SVF1 × SBG ownership (approximately 75% of shares outstanding) - the amount equivalent to the outstanding balance of the borrowings made through asset-backed finance using Arm shares.
•
Others (listed and unlisted investments by SBG): (f) + (g) + (h)f) Listed shares: calculated by multiplying the number of shares held by SBG by the share price of each listed share.
g) 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.
h) SB Northstar: SBG’s share of SB Northstar's NAV plus the value of NVIDIA Corporation shares held by SBG multiplied by its share price.
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 SBKK (including its subsidiaries such as LY Corporation and PayPay Corporation), SVF1, SVF2, LatAm Funds,
and Arm, as well as SB Northstar.
•
Other adjustments: the sum of adjustments of (i) to (q) belowi) JPY Hybrid Bonds issued in Sep 2016: 50% deducted from interest-bearing debt (to be treated as equity), as the entire amount is recorded as interest-bearing debt in the consolidated financial statements.
j) USD Hybrid Notes issued in Jul 2017: 50% added to interest-bearing debt (to be treated as a liability), as the entire amount is recorded as equity in the consolidated financial statements.
k) JPY Hybrid Loan borrowed in Nov 2017: 50% deducted from interest-bearing debt (to be treated as equity), as the entire amount is recorded as interest-bearing debt in the consolidated financial statements.
l) JPY Hybrid Bonds issued in Feb and Jun 2021: 50% deducted from interest-bearing debt (to be treated as equity), as the entire amount is recorded as interest-bearing debt in the consolidated financial statements.
m) Deduction of the financial liabilities related to prepaid forward contracts (floor contracts, collar contracts, and forward contracts) using Alibaba shares.
n) Deduction of the equivalent amount of outstanding liabilities for margin loans using SBKK shares.
o) Deduction of the financial liabilities related to prepaid forward contracts (collar contracts) using T-Mobile shares.
p) Deduction of the financial liabilities recorded as borrowings related to collar transactions using Deutsche Telekom shares.
q) Deduction of the amount equivalent to the outstanding balance of the borrowings made through asset-backed finance using Arm shares.
4. LTV (Loan to Value)•
LTV = Net debt / Equity value of holdings
5. Other assumptions•
Share prices: Closing price as of Mar 31, 2023•
FX rate: USD 1 = JPY 133.53


SBG = SoftBank Group Corp., Alibaba = Alibaba Group Holding Limited, SBKK = SoftBank Corp., 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 Limited
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.

74

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 – the 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 except for margin loans and prime brokerage loans, are treated as a part of the netinterest-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 except for margin loans and prime brokerage loans of SB Northstar are included in the 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.

75

Key Indicators (vs Dec 31, 2023)
Dec 31, 2023

Mar 31, 2024

NAV

¥19.2T¥27.8T

LTV(Loan-to-Value)

11.5%

8.4%

Cash position

¥4.4T

¥4.7T

(Net Asset Value)($135.6B)($183.6B)

For details of NAV and LTV, see Appendix “Definition and Calculation Method of SBG’s NAV and LTV (as of Dec 31, 2023)” and “Definition and Calculation Method of SBG’s NAV and LTV (as of Mar 31, 2024)”
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)

76

Change in NAV (FY2023Q4)
(¥ T)

Share
price

Forex
+ 1.8

Others
- 0.2

27.8

Dec 31, 2023(+45%)

Mainly due toshare price/forex impact+ 7.0

NAV 19.2

Up ¥8.6T+6.5：Arm+0.4：SBKK+0.1：DT/TMUS-0.1：SVFｓ

Mar 31, 2024

For details of NAV, see Appendix “Definition and Calculation Method of SBG’s NAV and LTV (as of Dec 31, 2023)” and “Definition and Calculation Method of SBG’s NAV and LTV (as of Mar 31, 2024)”
SVFs: Total of SVF1, SVF2 and LatAm Funds
Forex: The difference in NAV when the equity value of holdings, interest-bearing liabilities, and cash position as of FY23 Q4, denominated in local currency, are converted to JPY at the exchange rates ​applicable at thecomparison point in time. (SVF1/2/LatAm Funds/SBN are all calculated as USD assets)77

Impact of Forex (FY2023Q4)
Weaker JPY increased NAV and equity(Dec 31, 2023)(Mar 31, 2024)$1 = ¥141.83 → ¥151.41
On NAVOn accounting
Equity+¥1.8T+¥1.2T
Consolidated net income-¥0.4TFor details of NAV, see Appendix “Definition and Calculation Method of SBG’s NAV and LTV (as of Mar 31, 2024)”
On NAV: The difference in NAV when the equity value of holdings, interest-bearing liabilities, and cash position as of FY23 Q4, denominated in local currency, are converted to
JPY at the exchange rates ​applicable at the comparison point in time. (SVF1/2/LatAm Funds/SBN are all calculated as USD assets)78

NAV and Market Cap​(Mar 31, 2024)¥27.9T¥27.8T-53％
Market cap​

¥13.1T

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" 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.
Market cap: Calculated based on the total number of shares outstanding (excl. treasury stock)79

Equity Value of Holdings: Composition
(¥ T)

30.4

12.7

Equity value of holdings basis
Net of asset-backed finance

30.3
0.0

23.2

14.4

5.2

2.7

2.7

15.9
2.9

8.0
2.3
1.5
3.2
Mar 31
2021

10.1

7.1

2.2
1.1

2.4
1.5

Mar 31
2022

Mar 31
2023

1.9

8.8

1.3

Arm
SVF1/SVF2/LatAm Funds
SoftBank Corp.

3.2

T-Mobile/DeutscheTelekom

2.1

Other

1.9

Alibaba

Mar 312024

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 briefing80Monetization and Capital Allocation (FY2023)
(¥ T)

5.1
Undrawn
commitment line

0.6

Sale of Armshares0.7
0.8
Monetization

1.5

-0.6
-0.6
-0.6

1st installment for Arm shares acquired
SVF’s investment and SBG’s strategic
investment
Contribution to SVF2

-0.0

-1.7

Debt repayment

-0.3

4.5

Cash position(Mar 31, 2023)

4.7
0.7

Undrawn
commitment line

3.9

Increase

Decrease

OthersCash position(Mar 31, 2024)

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, $0.3B 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: $1.5B total investment by SVF and $2.4B total strategic investment by SBG
Debt repayment: Redeemed bonds by SBG (¥277.8B undated hybrid notes, ¥419.4B domestic bonds and ¥15.4 domestic hybrid bonds) and ¥145.8B repurchased during the period. The amount is net of ¥772.0B 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

81c
SVF: Value Changes
in Portfolio (cumulative)

USD basis(SVF Segment)

Mar 31, 2023

Mar 31, 2024

No change

No change

26 co
(6%)

101 coGain+$46.4B

14 co
(3%)

114 coGain+$57.4B

(24%)

(21%)

346 co349 co

(73%)

(73%)

Loss
-$60.8B

Loss-$54.8B-$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.

-$3.4B (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 no change in value)82

SVF: Gain/Loss on Investments

FY2023Q4 (Total -$389M)+$7,403M (153 companies)+$2,811M (120 companies)+$598M+$2,790M+$706M+$2,731M+$577M+$179M+$788M+$468M+$1,160M+$215M(12 co)(25 co)(68 co)(25 co)(23 co)(6 co)(51 co)(26 co)(13 co)(24 co)Publicportfolio
companies

Performanceof portfolio
companies
Recenttransactions(2 co)-$17M

Markdown(SVF Segment)

FY2023Q3 (Total +$4,087M)
MarkupBy main factor

USD basis

MarketFactors(68 co)-$1,696M(12 co)-$370M(24 co)-$1,097M

OthersRecenttransactions(34 co)(5 co)-$137M-$3,317M (140 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.

-$49M

Performanceof portfolio
companies(68 co)-$1,311M

MarketFactors(35 co)-$214M

Publicportfolio
companies
Others(30 co)-$1,388M(34 co)-$239M-$3,201M (172 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 FY2023Q3 and FY2023Q4 of each portfolio company are indicated based on the classification determined
as reasonable by SBGA and SBIA. Although SBIA and SBGA believe 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.

83

SVF1: Gain/Loss on Investments

FY2023Q4 (Total +$10M)+$3,880M (21 companies)+$1,501M (19 companies)+$10M+$2,177M+$170M+$1,197M+$327M

+$93M

+$87M

+$146M+$1,017M+$158M(2 co)(2 co)(4 co)(10 co)(3 co)(1 co)(4 co)(4 co)(7 co)(3 co)

Performanceof portfolio
companies
Recenttransactions(-)-

Markdown(SVF1)FY2023Q3 (Total +$1,940M)
MarkupBy main factor

USD basis

MarketFactors(11 co)-$1,000M(1 co)-$93M

Publicportfolio
companies(14 co)-$809M

OthersRecenttransactions

Performanceof portfolio
companies

MarketFactors(4 co)(1 co)(7 co)(1 co)-$36M-$1,939M (30 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 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.

-$35M-$483M-$64M

Publicportfolio
companies
Others(14 co)-$863M(4 co)-$47M-$1,491M (27 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 FY2023Q3 and FY2023Q4 of each portfolio company are indicated based on the classification determined
as reasonable by SBGA and SBIA. Although SBIA and SBGA believe 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.

84

SVF2: Gain/Loss on Investments

FY2023Q4 (Total -$336M)+$2,919M (96 companies)+$915M (67 companies)+$560M+$587M+$418M+$1,158M+$196M+$86M+$564M+$225M

+$5M

+$35M

(8 co)(19 co)(50 co)(8 co)(11 co)(5 co)(32 co)(18 co)(2 co)(10 co)OthersRecenttransactions

Performanceof portfolio
companies

MarketFactors

Publicportfolio
companies

Others(14 co)(3 co)(42 co)(32 co)(13 co)(18 co)Recenttransactions(2 co)-$17M

Markdown(SVF2)FY2023Q3 (Total +$1,703M)
MarkupBy main factor

USD basis

Performanceof portfolio
companies

MarketFactors(48 co)(10 co)-$587M-$275M

Publicportfolio
companies(9 co)-$287M-$50M-$1,216M (83 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 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.

-$14M-$532M-$122M-$458M-$125M-$1,251M (108 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 FY2023Q3 and FY2023Q4 of each portfolio company are indicated based on the classification determined
as reasonable by SBGA and SBIA. Although SBIA and SBGA believe 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.

85

SVF1 Public Portfolio Companies (as of Mar 31, 2024)($ 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
Delhivery
10x Genomics
Vir Biotechnology
Roivant *5
ZomatoEnergy Vault
Relay Therapeutics
OneConnect

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

$1= ¥151.41 (Mar 31, 2024 TTM)(b)(c) = (b) - (a)Gross return*3 Gross gain (loss)
to SVF1
to SVF1

10,958
7,937
5,813
2,665
9,215
1,018
828
592
824
722
338
339
1,013
374
33
232
4

8,229
7,257
2,936
2,358
1,549
684
428
394
374
325
307
140
95
65
(27)
(68)
(96)

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

4.0x
11.7x
2.0x
8.7x
1.2x
3.0x
2.1x
3.0x
1.8x
1.8x
10.9x
1.7x
1.1x
1.2x
0.6x
0.8x
0.0x

(a)
*2
Investment cost
to SVF1

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

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

(150)
(222)
(241)
(355)
(341)
(376)
(462)
(541)
(588)
(618)
(761)
(1,174)(3,468)(8,364)

0.7x
0.3x
0.9x
0.6x
0.0x
0.1x
0.4x
0.7x
0.6x
0.4x
0.7x
0.0x
0.0x
0.3x

Public company total(Gross) *8$46,697$53,984$7,2871.2x$40,878$87,575$50,344$104,328$9,466$16,753

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

SVF1 private company, etc.

Total (SBG basis) *1

*9

400
111
1,459
486
7
28
280
1,059
841
464
2,232
1
0
3,709

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

*4

Includes investments that were publicly traded at the time of investment and investments that went private after investment.
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 Mar 31, 2024.
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 Nov 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 $30.9B as of Mar 31, 2024. See “Earnings Investor Briefing for 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 Mar 31, 2024.
The selected investments presented herein were solely for illustrative purposes to show the public securities of SVF1 before or as at Mar 31, 2024 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.

86

SVF2 Public Portfolio Companies (as of Mar 31, 2024)
($ M)

(a)

Company

Beike
Symbotic
Neumora Therapeutics
IonQ
Globalstar
Fully Exited
Qualtrics
Fully Exited
Berkshire Grey
Pear Therapeutics
BeisenFull Truck AllianceAlnnovation
Zhangmen
Fully Exited
Keep
Exscientia
Seer
DingDong Mai Cai
JD Logistics
Fully Exited

Investment cost *2
to SVF2

1,350
200
60
61
5
24
115
46
100
250
126
105
200
284
205
325
601

(b)

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

2,497
900
105
69
7
15
92
0
26
171
39
1
26
109
10
17
138

1,147
700
45
9
2
(9)
(23)
(46)
(74)
(79)
(87)
(104)
(174)
(176)
(195)
(308)
(462)

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

Company

1.8x
4.5x
1.8x
1.1x
1.4x
0.6x
0.8x
0.0x
0.3x
0.7x
0.3x
0.0x
0.1x
0.4x
0.0x
0.1x
0.2x

BetterAutoStore
WeWork(A)(B)(A)+(B)

Public company total(Gross) *5
SVF2 private company, etc.

Total (SBG basis) *1(a)*2
Investment cost
to SVF2(b)*3
Gross returnto SVF2$10,386$41,984$52,370

497
2,800
3,033

31
2,241
1

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

(466)
(559)
(3,032)

0.1x
0.8x
0.0x

$6,493($3,893)

0.6x$26,567$33,060($15,417)($19,310)*4$1= ¥151.41 (Mar 31, 2024 TTM)

Includes investments that were publicly traded at the time of investment and investments that went private after investment. Investments that went private after the investment include an investment in which SBG acquired all shares.
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 Mar 31, 2024.
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. 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 $55.7B, and the total value is $35.3B as of Mar 31, 2024. See “Earnings Investor Briefing for 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 Mar 31, 2024.
The selected investments presented herein were solely for illustrative purposes to show the public securities of SVF2 as at Mar 31, 2024 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.

87

SVF1 (Inception to Mar 31, 2024)(Entire Fund)LP Net Equity
IRR

3%

LP Net Preferred
Equity IRR

7%

LP Net Blended
IRR

4%<Valuation Process>
SBIA is responsible for determining fair values of the investments in SVF1 on a quarterly basis in line with the requirements of the AIFM Directive (as issued by the FCA). The SBIA Portfolio Valuations team is functionally independent from portfolio management and may engage external specialists with a high level of knowledge and experience asneeded, in determining the fair value of equity investments and certain complex financial instruments. In parallel, the Investor Advisory Board of SVF1 has appointed certain external firms as Independent Valuers to perform semi-annual independent valuation for SVF1’s investments. Valuation results, as determined by the SBIA Portfolio Valuations
team, are reviewed and approved by the SBIA Valuation and Financial Risk Committee (”VFRC”), with due consideration of the Independent Valuer’s reports where applicable. The VFRC comprises the SBIA Co-CEOs and other senior management members at SBIA. Once approved by the VFRC, valuation results are subject to a financial statement
audit by SVF1’s independent auditors (Deloitte). The SBIA UK Board gives final approval of the valuation results.
<Valuation Methodology>
The applicable reporting framework of SVF1 is IFRS (the “Standards”). Specifically, IFRS 13 (Fair Value Measurement) outlines the general framework for measuring fair values. SVF1 is also compliant with the International Private Equity and Venture Capital (IPEV) valuation guidelines. In line with the Standards, SBIA uses valuation techniques thatare appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs (market share price, etc.) and minimizing the use of unobservable inputs. For companies that are publicly listed in an active market, quoted prices are used without adjustment to measure fair value.
For companies that are privately held, the market and income approaches are widely used valuation techniques. The market approach includes the use of Guideline Public Company multiples, industry valuation benchmarks, and available market prices. The income approach, where one method is the Discounted Cash Flow method, derives the valueof a business by calculating the present value of expected future cash flows. The price of a recent transaction, if resulting from an orderly transaction, generally represents fair value as of the transaction date. In applying the recent transaction method, we consider relevant factors including, but not limited to, the participation of new outside investors,
the level of sophistication of investors and the size of the investment round. Furthermore, SBIA recognizes the senior-subordinate capital structure of the companies in which SVF1 invests, i.e., senior shares are valued more highly than junior-ranking shares.
<Definitions of Investment Performance>
Net Equity IRR means the internal rate of return of Class A Equity Interests after taking into account management fees, performance fees (carried interest), preferred equity coupon, operational expenses, organizational expenses and other expenses borne by the Limited Partners. It is computed using the Limited Partners’ Class A Equity cash outflows(capital contributions) and inflows (distributions), net of investment-related financing, as well as the Net Asset Value attributable to Class A Equity Interests as of Mar 31, 2024.
Net Preferred Equity IRR means the internal rate of return of Class B Preferred Equity Interests after taking into account expenses. It is computed using the Limited Partners’ Class B Preferred Equity cash outflows (capital contributions) and inflows (distributions, including Preferred Equity Coupon payments), net of investment-related financing, as
well as the Net Asset Value and accrued and unpaid Preferred Equity Coupon attributable to Class B Preferred Equity Interests as of Mar 31, 2024.
Net Blended IRR reflects the combined net performance of different classes of securities (in this case, Class B Preferred Equity Interests and Class A Equity Interests) after taking into account management fees, performance fees (carried interest), preferred equity coupon, operational expenses, organizational expenses and other expenses borne by
the Limited Partners. It is computed using the Limited Partners’ cash outflows (capital contributions) and inflows (distributions), net of investment-related financing, as well as the Net Asset Value as of Mar 31, 2024. It includes preferred equity coupon distributions and related accruals.
“Equity” IRRs are provided solely for illustrative purposes, as they reflect only a subset of SVF1's overall performance, do not reflect the return on Preferred Equity Commitments (which will have a material impact on SVF1's performance in the aggregate, which could be significantly lower), and may not reflect the experience of any limited partner.
Results for individual limited partners will vary based on their specific investments as well as the timing of their specific cash flows.
SVF1 has a limited operating history and accordingly, performance information may not be representative and actual realized return on these unrealized investments may differ materially from the performance information indicated herein. SVF1’s performance is based in part on valuations of certain investments that were collectively acquired recently
by SVF1 from SBG; accordingly, the performance information herein, which is based in part on valuations of unrealized investments, is not indicative of future results. SBG is under no obligation to collectively offer similar assets to SVF1 in the future.
Past performance is not indicative of future results.

88

SVF1 (Inception to Mar 31, 2024)(SBG (LP) + Manager’s performance fee)

Net Equity IRR

3%<Valuation Process>
SBIA is responsible for determining fair values of the investments in SVF1 on a quarterly basis in line with the requirements of the AIFM Directive (as issued by the FCA). The SBIA Portfolio Valuations team is functionally independent from portfolio management and may engage external specialists with a high level of knowledge and experience asneeded, in determining the fair value of equity investments and certain complex financial instruments. In parallel, the Investor Advisory Board of SVF1 has appointed certain external firms as Independent Valuers to perform semi-annual independent valuation for SVF1’s investments. Valuation results, as determined by the SBIA Portfolio Valuations
team, are reviewed and approved by the SBIA Valuation and Financial Risk Committee (”VFRC”), with due consideration of the Independent Valuer’s reports where applicable. The VFRC comprises the SBIA Co-CEOs and other senior management members at SBIA. Once approved by the VFRC, valuation results are subject to a financial statement
audit by SVF1’s independent auditors (Deloitte). The SBIA UK Board gives final approval of the valuation results.
<Valuation Methodology>
The applicable reporting framework of SVF1 is IFRS (the “Standards”). Specifically, IFRS 13 (Fair Value Measurement) outlines the general framework for measuring fair values. SVF1 is also compliant with the International Private Equity and Venture Capital (IPEV) valuation guidelines. In line with the Standards, SBIA uses valuation techniques thatare appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs (market share price, etc.) and minimizing the use of unobservable inputs. For companies that are publicly listed in an active market, quoted prices are used without adjustment to measure fair value.
For companies that are privately held, the market and income approaches are widely used valuation techniques. The market approach includes the use of Guideline Public Company multiples, industry valuation benchmarks and available market prices. The income approach, where one method is the Discounted Cash Flow method, derives the valueof a business by calculating the present value of expected future cash flows. The price of a recent transaction, if resulting from an orderly transaction, generally represents fair value as of the transaction date. In applying the recent transaction method, we consider relevant factors including, but not limited to, the participation of new outside investors,
the level of sophistication of investors and the size of the investment round. Furthermore, SBIA recognizes the senior-subordinate capital structure of the companies in which SVF1 invests, i.e., senior shares are valued more highly than junior-ranking shares.
<Definitions of Investment Performance>
Net Equity IRR means the internal rate of return of Class A Equity Interests after taking into account management fees, performance fees (carried interest), preferred equity coupon, operational expenses, organizational expenses and other expenses borne by the Limited Partners. It is computed using the Limited Partners’ Class A Equity cash outflows(capital contribu.tions) and inflows (distributions), net of investment-related financing, as well as the Net Asset Value attributable to Class A Equity Interests as of Mar 31, 2024.
Net Equity IRR (SBG (LP) + Manager’s Performance Fee) reflects the Net Equity IRR specific to SBG’s Class A Equity Interests, modified to reflect the additional impact of performance fee payments and related accruals from the perspective of the Manager, as applicable.
“Equity” IRRs are provided solely for illustrative purposes, as they reflect only a subset of SVF1’s overall performance, and do not reflect the return on Preferred Equity Commitments (which will have a material impact on SVF1’s performance in the aggregate, which could be significantly lower), and may not reflect the experience of any limited partner.
Results for individual limited partners will vary based on their specific investments as well as the timing of their specific cash flows.
SVF1 has a limited operating history and accordingly, performance information may not be representative and actual realized return on these unrealized investments may differ materially from the performance information indicated herein. SVF1’s performance is based in part on valuations of certain investments that were collectively acquired recently
by SVF1 from SBG; accordingly, the performance information herein, which is based in part on valuations of unrealized investments, is not indicative of future results. SBG is under no obligation to collectively offer similar assets to SVF1 in the future.
Past performance is not indicative of future results.

89

SVF2 (Inception to Mar 31, 2024)(SBG (LP))

Net Blended IRR-19%<Valuation Process>
SBIA, as appointment investment adviser to SBGA, is responsible for determining fair values of the investments in SVF2 on a quarterly basis in line with the requirements of IFRS. The SBIA Portfolio Valuations team is functionally independent from portfolio management and may engage external specialists with a high level of knowledge andexperience as needed, in determining the fair value of equity investments and certain complex financial instruments. Valuation results, as determined by the SBIA Portfolio Valuations team, are reviewed and approved by the SBGA Valuation and Financial Risk Committee (”VFRC”). The VFRC comprises the SBIA Co-CEOs and other senior
management members at SBIA. Once approved by the VFRC, valuation results are subject to a financial statement audit by SVF2’s independent auditors (Deloitte). The SBGA Board gives final approval of the valuation results.
<Valuation Methodology>
The applicable reporting framework of SVF2 is IFRS (the “Standards”). Specifically, IFRS 13 (Fair Value Measurement) outlines the general framework for measuring fair values. SVF2 is also compliant with the International Private Equity and Venture Capital (IPEV) valuation guidelines. In line with the Standards, SBIA uses valuation techniques thatare appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs (market share price, etc.) and minimizing the use of unobservable inputs. For companies that are publicly listed in an active market, quoted prices are used without adjustment to measure fair value.
For companies that are privately held, the market and income approaches are widely used valuation techniques. The market approach includes the use of Guideline Public Company multiples, industry valuation benchmarks and available market prices. The income approach, where one method is the Discounted Cash Flow method, derives the valueof a business by calculating the present value of expected future cash flows. The price of a recent transaction, if resulting from an orderly transaction, generally represents fair value as of the transaction date. In applying the recent transaction method, we consider relevant factors including, but not limited to, the participation of new outside investors,
the level of sophistication of investors and the size of the investment round. Furthermore, SBIA recognizes the senior-subordinate capital structure of the companies in which SVF2 invests, i.e., senior shares are valued more highly than junior-ranking shares.
<Definitions of Investment Performance>
Net Blended IRR reflects the combined net performance of different classes of securities in the SVF2 structure, including Equity and Preferred Equity Interests, after taking into account management fees, performance-linked management fees, preferred equity coupon, operational expenses, organizational expenses and other expenses borne by the
Limited Partners. It is computed using the Limited Partners’ cash outflows (capital contributions) and inflows (distributions), net of investment-related financing, as well as the Net Asset Value as of Mar 31, 2024. It includes preferred equity coupon distributions and related accruals.
Net Blended IRR (SBG (LP)) reflects the Net Blended IRR specific to SBG’s interests. As of Mar 31, 2022, the provision for performance fees was replaced with a provision for performance-linked management fees, which are excluded from SBG’s individual performance.
SVF2 has a limited operating history and accordingly, performance information may not be representative and actual realized return on these unrealized investments may differ materially from the performance information indicated herein. SVF2’s performance is based in part on valuations of certain investments that were collectively acquired recently
by SVF2 from SBG; accordingly, the performance information herein, which is based in part on valuations of unrealized investments, is not indicative of future results. SBG is under no obligation to collectively offer similar assets to SVF2 in the future.
Past performance is not indicative of future results.

90

SVF1+2 (Inception to Mar 31, 2024)(SBG (LP) + Manager’s performance fee)

Net Blended IRR-8%<Valuation Process>
SBIA is responsible for determining fair values of the investments in SVF1 and SVF2 (together, the “Funds”) on a quarterly basis in line with the requirements of the AIFM Directive (as issued by the FCA) and IFRS. The SBIA Portfolio Valuations team is functionally independent from portfolio management and may engage external specialists with ahigh level of knowledge and experience as needed, in determining the fair value of equity investments and certain complex financial instruments. In parallel, the Investor Advisory Board of SVF1 has appointed certain external firms as Independent Valuers to perform semi-annual independent valuation for SVF1’s investments. Valuation results, as
determined by the SBIA Portfolio Valuations team, are reviewed and approved by the SBIA Valuation and Financial Risk Committee (”VFRC”), with due consideration of the Independent Valuer’s reports where applicable. The VFRC comprises the SBIA Co-CEOs and other senior management members at SBIA. Once approved by the VFRC, valuation
results are subject to a financial statement audit by the Funds’ independent auditors (Deloitte). The SBIA UK Board gives final approval of the valuation results of SVF1 while the SBGA Board gives final approval of the valuation results of SVF2.
<Valuation Methodology>
The applicable reporting framework of the Funds is IFRS (the “Standards”). Specifically, IFRS 13 (Fair Value Measurement) outlines the general framework for measuring fair values. The Funds are also compliant with the International Private Equity and Venture Capital (IPEV) valuation guidelines. In line with the Standards, SBIA uses valuation
techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs (market share price, etc.) and minimizing the use of unobservable inputs. For companies that are publicly listed in an active market, quoted prices are used without adjustment tomeasure fair value. For companies that are privately held, the market and income approaches are widely used valuation techniques. The market approach includes the use of Guideline Public Company multiples, industry valuation benchmarks and available market prices. The income approach, where one method is the Discounted Cash Flow method,derives the value of a business by calculating the present value of expected future cash flows. The price of a recent transaction, if resulting from an orderly transaction, generally represents fair value as of the transaction date. In applying the recent transaction method, we consider relevant factors including, but not limited to, the participation of new
outside investors, the level of sophistication of investors and the size of the investment round. Furthermore, SBIA recognizes the senior-subordinate capital structure of the companies in which the Funds invest, i.e., senior shares are valued more highly than junior-ranking shares.
<Definitions of Investment Performance>
Vision Fund 1+2 (SBG (LP) + Manager’s Performance Fee) represents the aggregate combined performance since inception for SBG’s investments in the Funds, as defined below.
Net Blended IRR reflects the combined net performance of different classes of securities in the SVF1 and SVF2 structures, including Equity and Preferred Equity Interests, after taking into account management fees, performance-linked management fees, performance fees (carried interest), preferred equity coupon, operational expenses,
organizational expenses and other expenses borne by the Limited Partners. It is computed using the Limited Partners’ cash outflows (capital contributions) and inflows (distributions), net of investment-related financing, as well as the Net Asset Value of Mar 31, 2024. Net Blended IRR (SBG (LP) + Manager’s Performance Fee) reflects the Net
Blended IRR specific to SBG’s interests in SVF1 and SVF2, modified to reflect the additional impact of performance fee payments and related accruals from the perspective of the SVF1 Manager, as applicable. With regard to SVF2, as of Mar 31, 2022, the provision for performance fees was replaced with a provision for performance-linked
management fees, which are excluded from SBG’s individual performance.
The Funds have a limited operating history and accordingly, performance information may not be representative and actual realized return on these unrealized investments may differ materially from the performance information indicated herein. The Funds’ performance is based in part on valuations of certain investments that were collectively acquired
recently by the funds from SBG; accordingly, the performance information herein, which is based in part on valuations of unrealized investments, is not indicative of future results. SBG is under no obligation to collectively offer similar assets to SVF1 or SVF2 in the future.
Past performance is not indicative of future results.

91

LatAm Funds (Inception to Mar 31, 2024)(SBG (LP) + Manager’s performance fee)

Net Blended IRR-3%<Valuation Process>
SBIA, as appointment investment adviser to SBGA, is responsible for determining fair values of the investments in the LatAm Funds on a quarterly basis in line with the requirements of IFRS. The SBIA Portfolio Valuations team is functionally independent from portfolio management and may engage external specialists with a high level of knowledge
and experience as needed, in determining the fair value of equity investments and certain complex financial instruments. Valuation results, as determined by the SBIA Portfolio Valuations team, are reviewed and approved by the SBGA Valuation and Financial Risk Committee (”VFRC”). The VFRC comprises the SBIA Co-CEOs and other senior
management members at SBIA. Once approved by the VFRC, valuation results are subject to a financial statement audit by the LatAm Funds’ independent auditors (Deloitte). The SBGA Board gives final approval of the valuation results.
<Valuation Methodology>
The applicable reporting framework of the LatAm Funds is IFRS (the “Standards”). Specifically, IFRS 13 (Fair Value Measurement) outlines the general framework for measuring fair values. The LatAm Funds are also compliant with the International Private Equity and Venture Capital (IPEV) valuation guidelines. In line with the Standards, SBIA uses
valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs (market share price, etc.) and minimizing the use of unobservable inputs. For companies that are publicly listed in an active market, quoted prices are used without adjustment
to measure fair value. For companies that are privately held, the market and income approaches are widely used valuation techniques. The market approach includes the use of Guideline Public Company multiples, industry valuation benchmarks and available market prices. The income approach, where one method is the Discounted Cash Flowmethod, derives the value of a business by calculating the present value of expected future cash flows. The price of a recent transaction, if resulting from an orderly transaction, generally represents fair value as of the transaction date. In applying the recent transaction method, we consider relevant factors including, but not limited to, the participation of
new outside investors, the level of sophistication of investors and the size of the investment round. Furthermore, SBIA recognizes the senior-subordinate capital structure of the companies in which the LatAm Funds invest, i.e., senior shares are valued more highly than junior-ranking shares.
<Definitions of Investment Performance>
Latin America Funds (“LatAm Funds”) segment reflects the aggregate performance of SBLA Latin America Fund LLC, including LatAm Fund 1 and LatAm Fund 2.
Net Blended IRR reflects the combined net performance of different classes of securities in the LatAm Funds structure, including Equity and Preferred Equity Interests, after taking into account management fees, performance fees, preferred equity coupon, operational expenses, organizational expenses and other expenses borne by the Limited
Partners. It is computed using the Limited Partners’ cash outflows (capital contributions) and inflows (distributions), net of investment-related financing, as well as the Net Asset Value as of Mar 31, 2024. It includes preferred equity coupon distributions and related accruals.
Net Blended IRR (SBG (LP) + Manager’s Performance Fee) reflects the Net Blended IRR specific to SBG’s interests through SBLA, modified to reflect the additional impact of performance fee payments and related accruals from the perspective of the Manager, as applicable.
Latin America Funds have a limited operating history, and accordingly, performance information may not be representative and actual realized return on these unrealized investments may differ materially from the performance information indicated herein.
Past performance is not indicative of future results.

92Arm-based Chips Shipped (cumulative)(B)
Cumulative to Dec 2023

287 billion

1990

2023 (As of the end of Dec 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 Dec 31, 2023, as reported by licensees in their royalty reports.

93

Quarterly Revenue (US-GAAP)
($ M)

928

License and other revenue
Royalty revenue

692

258

806

724
633

630
188

259

434

442

425

Q1

Q2

Q3

FY2022

414

675
388

299

824

Revenue continues
to reach record high

354

275

374

400

418

Q4

Q1

Q2

470

Q3

FY2023514

Highest-everquarterly royalty
revenue

Q4(Source) Arm
For details, see Arm Investor Relations website (https://investors.arm.com/).
License and other revenue refers to revenue excluding Royalty revenue

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

381

297

289

338

391

QoQ

Up 8%

272

198

-1
Q1

Q2

Q3

FY2022

Q4

Q1

Q2

Q3

FY2023Q4(Source) Arm
See the end of Arm’s FYE24-Q4 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/)95