Earnings Results
for the 6-month Period
ended September 30, 2023
November 9, 2023

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.
In addition, this material does not constitute an offer to sell, or a solicitation of an offer to buy, any securities of Arm Holdings plc. Any offers to sell, solicitations of offers to buy, or sales of securities will be made in accordance with the registration requirements of
the U.S. Securities Act of 1933, as amended, and other applicable securities laws.
This presentation contains forward-looking statements, beliefs or opinions regarding the Group, such as statements about the Group’s future business, future position and results of operations, including estimates, forecasts, targets and plans for the Group.
Without limitation, forward-looking statements often include the words such as “targets”, “plans”, “believes”, “hopes”, “continues”, “expects”, “aims”, “intends”, “will”, “may”, “should”, “would”, “could”, “anticipates”, “estimates”, “projects” or words or terms of similar
substance or the negative thereof. Any forward-looking statements in this presentation are based on the current assumptions and beliefs of the Group in light of the information currently available to it as of the date hereof. Such forward-looking statements do not
represent any guarantee by any member of the Group or its management of future performance and involve known and unknown risks, uncertainties and other factors, including but not limited to: the success of the Group’s business model; the Group’s ability to
procure funding and the effect of its funding arrangements; key person risks relating to the management team of SBG; risks relating to and affecting the Group’s investment activities; risks relating to SB Fund (defined as below), its investments, investors andinvestees; risks relating to SoftBank Corp. and the success of its business; risks relating to law, regulation and regulatory regimes; risks relating to intellectual property; litigation; and other factors, any of which may cause the Group’s actual results, performance,
achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by such forward-looking statements. For more information on these and other factors which may affect theGroup’s results, performance, achievements, or financial position, see “Risk Factors” on SBG’s website at https://group.softbank/en/ir/investors/management_policy/risk_factor. None of the Group nor its management gives any assurances that the expectations
expressed in these forward-looking statements will turn out to be correct, and actual results, performance, achievements or financial position could materially differ from expectations. Persons viewing this presentation should not place undue reliance on forward
looking statements. The Company undertakes no obligation to update any of the forward-looking statements contained in this presentation or any other forward-looking statements the Company may make. Past performance is not an indicator of future results
and the results of the Group in this presentation may not be indicative of, and are not an estimate, forecast or projection of the Group’s future results.
The Company does not guarantee the accuracy or completeness of information in this presentation regarding companies (including, but not limited to, those in which SB Funds have invested) other than the Group which has been quoted from public and othersources.

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

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

Notice regarding Fund Information contained in this Presentation

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

September 14, 2023

Largest IPO in 2023
Photo: The New York Times/Redux/Aflo3
3

Sep 14

Listed on the Nasdaq Global Select Market$5,123M

SBG’s proceeds from the disposal

1ADS$51.00Price to the public per ADS$52B

Market cap upon listing

90.0%

Percentage of Arm shares held by SBG post-IPO- Upper limit of the preliminary terms ($47.00 - $51.00)

Market cap upon listing is calculated by multiplying the 1,025,234,000 company shares outstanding (before dilution) on September 30, 2023 by the public offering price per ADS.
Percentage of Arm shares held by SBG after the disposal is based on the 1,025,234,000 company shares outstanding (before dilution) on September 30, 2023.
For details of Arm IPO, see SBG's press release "Closing of Arm’s Initial Public Offering and Full Exercise of Underwriters’ Option to Purchase Additional American Depositary Shares" on September 19, 2023.

44

Investment Return on Arm¥8.5T

Borrowings

Equity MOIC
¥3.3T

¥7.5T

Equity value

3.2X

¥2.3T
Investment

Return The amounts of investment and return are calculated using forex rates on eachtransaction day or valuation date.
 Equity MOIC: Calculated based on the investment and return on the value of equityfrom the initial investment to Sep 30, 2023. Before considering taxes.
 Investment: Excludes related expenses and does not reflect the impact of intra-grouptransactions between SBG and SVF.
 Return: Equity value is the sum of (i) the amount realized from the offering of Armshares, net of related costs, and (ii) equity value of holdings as of Sep 30, 2023,
calculated by the number of shares held multiplied by the last available closing shareprice for Sep 2023, net of borrowings.
 Borrowings: The amount of funds raised in JPY in Sep 2016 for the acquisition.

5

Investment Track Record
Sprint/AlibabaArm

T-Mobile・Deutsche Telekom

9.8

(¥ T)

8.5
Borrowings

MOIC 1,339x+¥9.8T

MOIC 7.2x+¥2.5T
Equityvalue

MOIC 3.2x+¥5.2T

4.6
1.7

Borrowings¥7.4B

Investment Return

3.3

7.5

1.0

2.1
1.7

1.0

2.9

Equity
value

2.3

0.4

Investment Return

Investment ReturnArm's successis on par with
our past large
investments
Further growth
expected The amounts of investment and return are calculated using forex rates on each transaction

Equity day or valuation date.
 MOICs are calculated based on equity return gained from the initial investment to Sep 30,
value 2023 and before tax considerations.

 Investment amount is net of costs related to the transactions. The investment amount inArm does not reflect the impact of intra-group transactions between SBG and SVF.
 Return amount• Alibaba: Sum of (i) the amount realized from the sale of and through derivative transactions
using Alibaba shares, net of transaction costs, and (ii) equity value of holdings as of Sep 30,
2023, calculated by multiplying the number of the shares held by SBG by the last available
closing share price for Sep 2023
• Sprint/T-Mobile and Deutsche Telekom: Equity value is the sum of (a) to (d) below, net ofborrowings.
(a) The amount realized from the sale of T-Mobile shares and through derivativetransactions using T-Mobile shares and Deutsche Telekom shares. Net of transaction costs(b) Equity value of holdings as of Sep 30, 2023, calculated by multiplying the number of theshares held by SBG by the last available closing share price for Sep 2023. Net of amounts
already funded through derivative transactions(c) Fair value of contingent consideration (SBG’s right to acquire 48,751,557 T-Mobile
shares for no additional consideration if 45-day trailing VWAP of T-Mobile share ≧$149.35
during Apr 1, 2022 to Dec 31, 2025)(d) The amount of dividends received from Deutsche Telekom shares• Arm: Equity value is the sum of (i) the amount realized from the sale of Arm shares, net oftransaction costs, and (ii) equity value of holdings as of Sep 30, 2023, calculated bymultiplying the number of the shares held by SBG by the last available closing share pricefor Sep 2023, net of borrowings.
 Borrowings are the amount of funds raised in JPY for the acquisition.

6

Top 15 Global IPO Market Cap in Past 10 Years
Saudi Aramco$168B

Alibaba
Alibaba$1,707B

Life Insurance Corp of India

$75B

Uber
Uber
PorscheRivian Automotive
DiDi
DiDi
SBKK
SBKK

$67B
$64B

Kuaishou Technology
Coupang
Coupang$60B

LG Energy Solution
Japan Post Bank

2.3兆円

Arm
Arm

$52B

SBG involved in
6 of the top 15 IPOs
as the primaryshareholder

Japan Post Holdings

Postal Savings Bank of China(Source) Created SBG based on data from Bloomberg etc.
Past 10 years: 10 years from January 2014 to the end of September 2023
SBG involvement: SBG and its subsidiaries were involved as shareholders at the time of listing.

7

Consolidated Results

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

8Consolidated Results(¥ B)

FY2022
H1
Net sales

Loss onInvestments
Income before
income tax
Net income

FY2023
H1

Change3,182.5

3,227.1+44.6-849.6-963.6-114.0292.6-907.4-1,200.1-129.1-1,408.7-1,279.6
Net Income: Net income attributable to owners of the parent

9Transaction of Arm Shares

1. Accounting treatment of the acquisition of shares from SVF1

In Aug 2023, 25% equivalent shares were acquired from SVF1.
 Realized gain recorded at SVF was eliminated in consolidation as this was
an intra-group transaction of subsidiary’s shares.
 Realized gain attributable to third-party investors was recorded inconsolidated financial statements.
Consolidated P/LConsolidated B/S

No realized gain recorded(eliminated in consolidation)

Increase in third-party interests¥226.3B

increase in costs(Incl. amount related to investments other than Arm)

Third-party interests¥226.3B

increase in liabilities(Incl. amount related to investments other than Arm)

10

Transaction of Arm Shares

2. Accounting treatment of the share disposal in IPO

Arm continues to be SBG’s consolidated subsidiary post-IPO as SBG
holds 90% of Arm shares.
 Gain equivalent on the disposal is not recorded in P/L but recorded inequity section of B/S.


Consolidated P/L

No impact(Arm remains SBG’s subsidiary)

Consolidated B/S
Cash＋¥745.1B

Capitalsurplus＋¥674.4B

Non-controllinginterests (10% equiv.)(Proceeds)(Equiv. to the gainon the disposal)＋¥70.7B

11

Gain/Loss on Investments(¥ B)

Investment Business of Holding
Companies
SVF
Mainly gain related to

OthersConsolidated

3,524.7

settlement of Alibaba
prepaid forward contracts

33.3-413.5-849.6-963.6-4,353.5-583.3

Reduction inlosses at SVF-20.7

FY2022
H1

FY2023
H1

SVF: SoftBank Vision Funds

12Income before Income Tax
Third-party interests in SVF （The same impact on net income）¥1,018.7B
Positive impact(¥ B)¥226.3B
Negative impact

292.6

Change in third-party
interests in SVF led tothe ¥1.2T deterioration-907.4FY2022
H1

FY2023
H1

Net Income: Net income attributable to owners of the parent

13

Key Indicators

Some figures in this presentation are rounded and may not add up to the figures presented as the total.
SBG stand-alone financial figures in this section are calculated by excluding those of self-financing entities from the consolidated figures. Major selffinancing entities include SoftBank Corp, SVF1, SVF2, LatAm Funds, and Arm, etc.​14Changes in Key Indicators (FY2023Q2)
Jun 30, 2023

Sep 30, 2023

NAV

¥15.5T¥16.4T

LTV(Loan-to-Value)

8.0%

10.6%

Cash position

¥5.8T

¥5.1T

(Net Asset Value)

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

15

Change in NAV
(¥ T)
Forex
＋0.6

NAV

Share
price
＋0.5

Others
- 0.2

Up

15.5

16.4

Jun 30, 2023

Sep 30, 2023

¥0.9T

mainly due toforex impact and higher
share prices of assets

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

16

NAV per Share and Share Price(¥)

Share price

10,616-36%

NAV per share

11,196
-43%

6,773

6,335

Jun 30, 2023

Sep 30, 2023

6,238

Nov 8, 2023

For details of NAV, see Appendix “Definition and Calculation Method of SBG’s NAV and LTV (as of Jun 30, 2023)” and “Definition and Calculation Method of SBG’s NAV and LTV (as of Sep 30, 2023)”
NAV per Share = NAV ÷ Total number of issued shares (excluding treasury stock)17

Equity Value of Holdings

Net of asset-backed finance

(¥ T)

21.7
4.5

19.7
3.0

2.4
3.4

4.5

2.2
3.3

4.2

16.9
2.0

15.9
0.7

2.3

2.4

2.8

2.8

3.7

3.5

0.9
1.3

0.8
1.5

2.6

2.9

16.9
0.02

18.4
0.01
2.7

2.4
3.0

4.0
0.9
1.4

3.3

0.03%

3.9

SVF1

18%

0.9
1.5

SVF2

21%

LatAm Funds

5%

4.3

T-Mobile/
Deutsche Telekom

8%

Arm

24%

Others

9%

3.0

3.1

1.8

1.6

1.3

1.3

1.4

1.7

Q1

Q2

Q3

Q4

Q1

Q2

FY2023

Alibaba

15%

1.0
1.3

FY2022Composition (as of Sep 30, 2023)
SoftBank Corp.

1.0
1.2

3.7

Equity value
increased
driven by Arm

As of the end of each quarterFor 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 briefing18Equity Value of Holdings

Net of asset-backed finance

0.03%
15%

15%

28%
11%
59%

9%

21%
21%

9%
3%
1%
4%
8%
11%

Listedshare %

16%
3%
5%
11%

Addressing geopolitical risks

17%

20%

6%

18%

Diversified portfolio

5%

5%
8%

7%
24%
16%

8%

8%

9%

Q2
FY2020Q2
FY2021Q2
FY2022Q2
FY2023

81%

62%

44%

69%

As of Sep 30,
2020

As of Sep 30,
2023

Alibaba

59%

0.03%

SoftBank Corp.

6%

15%

SVF1

9%

18%

SVF2

3%

21%

LatAm Funds

1%

5%

T-Mobile/
Deutsche Telekom

4%

8%

Arm

8%

24%

Others11%

9%

As of the end of each quarterFor details of equity value of holdings, see appendix "Definition and Calculation Method of SBG’s NAV and LTV" in the presentationmaterials for each quarter’s earnings results briefing
Listed share % includes shares of Alibaba, listed shares held by SVF1, SVF2, and LatAm Funds, Arm, SoftBank Corp., T-Mobile,
Deutsche Telekom, and public companies included in Others. SVF1, SVF2, and LatAm Funds figures are for SBG’s interest only.

19

NAV (Net Asset Value)¥16.4T$109.7B(Sep 30, 2023)

Back toupward trend

1998

2000

2002

2004

2006

2008

2010

2012

2014

2016

2018

2020

2022

(FY)

As of the end of each quarterFor details of NAV, see Appendix “Definition and Calculation Method of SBG’s NAV and LTV (as of Sep 30, 2023)”
Information on NAV is provided for reference purposes only to illustrate its historical trend and is not intended to guarantee or imply future NAV.

20

LTV (Net Debt / Equity Value of Holdings)

Net of asset-backed finance

40%

35％
30%

25％
20%

21.6%
18.7%

18.2%
20.4%

15.0%
14.5%

10%

0%

10.6%

11.0%
8.0%

Q2
FY2021Q3Q4Q1FY2022

Q2

Q3

Q4

Q1
FY2023

Remain at
low level

Q2

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

21Cash Position

(¥ T)

5.8

6.0

5.0

4.6

4.3
3.8

4.0

3.0

5.1

5.1

Maintainhigh level

2.9

2.8
2.1

2.0

1.0

0.0

Q2
FY2021Q3Q4Q1FY2022

Q2

Q3

Q4

Q1
FY2023

Q2

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

22

Impact of Forex (FY2023H1)
Weaker JPY increased NAV and equity
On NAVOn accounting
Equity+¥1.9T+¥1.8T
Consolidated net income-¥0.6TFor details of NAV, see Appendix “Definition and Calculation Method of SBG’s NAV and LTV (as of Sep 30, 2023)”

23

Arm

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

24Arm-based Chips Shipped (cumulative)(Billion)
Cumulative until Jun 2023

>270 billion
Shipped in Jan - Jun 2023

13.9 billion
1990

2023 （Calendar 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 June 30, 2023, as reported by licensees in the royalty reports. 25

Revenue Opportunity in Growing Market
Market Share(2020 to 2022)

2025E TAM

TAM CAGR(2022 to 2025E)

>99%

>99%

$36B

6%

7%

10%

$28B

17%

33%

41%

$29B

16%

IoT &
EMBEDDED

58%

65%

$50B

7%

TOTAL
OPPORTUNITY

42%
42%

49%
49%

$247B

7%

MOBILECLOUD
COMPUTEAUTOMOTIVE(Source) Arm F-1
Market share: Based on Arm value share
TAM: Total Addressable Market
Total Opportunity includes Other Mobile Chips, Consumer Electronics, Networking Equipment, and Other Infrastructure not broken out in above chart.

26

Arm’s Target Markets
ClientAutomotive

Mobile devices
Note PCs, tablets
DTVs, wearables, VR headsets

Advanced driver-assistance systems
Autonomous driving
Digital cockpit
etc.

etc.

Infrastructure

IoT

Cloud compute / Servers
５G network equipment

Manufacturing equipment
City infrastructure and building
management equipment
etc.

etc.
27

Arm’s Target Markets
ClientInfrastructure

Automotive

AI

IoT

28

Progress in Strategy with Industry Leaders
Google’s latest smartphone Pixel 8announced based on Arm’s latest generationof CPUs (Armv9)
NVIDIA announced second generation of
Arm-based GH200 Grace Hopper Superchip
Renesas Electronics announced adoption of
Arm technology for next generation of chips
for autonomous driving(Source) Arm and companies named29Quarterly Revenue (US-GAAP)($ M)
License and other revenue

806

Royalty revenue

692

630

258

188

434

442

Q1

Q2

FY2022

675
388
275

400

418

Q1

Q2

FY2023

Record revenue
for first quarteras a listed company
Multiplehigh-value licenses(Source) Arm
For details, see Arm Investor Relations website (https://investors.arm.com/).

30

Non-GAAP Operating Profit (US-GAAP)
($ M)

381
297

272

Growingstrongly

198

Q1

Q2

FY2022

92% increase
yoy

Q1

Q2

FY2023(Source) Arm
See the end of Arm’s FYE24-Q2 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/).

31

Annual Revenue (US-GAAP)($ M)
License and other revenue

2,960 3,080

Royalty revenue

2,027

2,703

2,679

1,141

1,004

Strong revenue amid
weak semi market

714
663
1,313

1,562

1,675

H1 actual
1,481

818
2020

2021

2022

2023
Guidance(FY)(Source) Arm
For details, see Arm Investor Relations website (https://investors.arm.com/).

32

Guidance （US-GAAP）• Arm has good visibility of its licensing pipeline although timing,
deal size, etc. can change• Analysts forecast that the semiconductor industry will continue torecover although trajectory is unclear
FY2023Q3 (E)FY2023(E)

Revenue$720M - $800M$2,960M - $3,080M

Non-GAAP operating
expense～$460M～$1,765M

Non-GAAP fully diluted
earnings per share$0.21 - $0.28$1.00 - $1.10(Source) Arm
Arm’s FY2023 non-GAAP operating expense guidance includes a one-time increase in social security taxes of approximately $45M in the fourth quarter, related to the vesting of certain equity awards following its IPO.
For details, see Arm Investor Relations website (https://investors.arm.com/).

33

SoftBank Vision Funds

SoftBank Vision Funds: 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.

34

SVF: Gain/Loss on Investments (FY2023Q2)

USD basis(SVF1 + SVF2 + LatAm Funds)

Combined

SVF1

SVF2

LatAm Funds+$232M+$2,413M-$2,084M-$97M

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 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, investment that are unrealized may differ materially from the values indicated herein. Past performance is not indicative of future results.

35

SVF: Gain/Loss on Investments (quarterly)

USD basis(SVF1 + SVF2 + LatAm Funds)

34,467($ M)

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

958

FY17
Q1

785

FY17
Q2

2,285
630

715

FY17
Q3

FY17
Q4

2,869

4,607

FY23Q2

5,554
3,549

3,768

2,969

FY21
Q3

-1,748
FY18
Q1

FY18
Q2

FY18
Q3

FY18
Q4

FY19
Q1

-8,762

FY19
Q3

FY19
Q2

FY20
Q1

FY20
Q2

FY20
Q3

941

FY20 FY21Q4
Q1-9,959FY21
Q2-10,507
FY22
Q1-22,745-25,564
FY21
Q4

232

-1,879-5,185

ＦＹ22
Q2

FY23
Q1

975

FY22
Q3

FY19
Q4

-10,748

FY22
Q4Incl. investment gains
and losses on SBG
subsidiaries (mainly Arm)eliminated in consolidation

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 SVF1, SVF2, and LatAm Funds.
Before translation for the Company’s consolidated financial statements.
Includes derivative gains and losses. Before deducting third-party interests, tax, and expenses.

36

SVF: Gain/Loss on Investments (cumulative)(SVF1 + SVF2 + LatAm Funds)

66,374($ M)

60,821

Cumulative
investment losses
continue to improve56,80855,867The information contained herein is provided solely forillustrative 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 andLatAm Funds. There can be no assurance that unrealized
investments will be sold for values equal to or in excess ofthe total values used in calculating the values portrayedherein. Actual returns on unrealized and partially realized
investments will depend on, among other factors, the valueof 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 theassumption on which the valuations reported herein are
based. Accordingly, investments that are unrealized or
partially realized may differ materially from the values
indicated herein.

31,24526,353
20,166
16,398
12,849
8,242

1,743

FY17
Q1

FY17
Q2

2,373

12,786

11,403
9,655

5,373
958

USD basis

8,499

3,088
1,876

FY17
Q3

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

FY21
Q4

FY22
Q1

-1,460FY22Q2-6,645FY22Q3 FY22
Q4

FY23
Q1

-8,524-7,548FY23Q2

Gain/Loss on Investments (cumulative):cumulative gain and loss on investments at SVF1, SVF2,
and LatAm Funds since FY2017Q1. Before translation for
the Company’s consolidated financial statements. Includes
derivative gains and losses. Before deducting third-party
interests, tax, and expenses.

-7,31637

SVF1: Cumulative Investment Return (as of Sep 30, 2023)
($ B)

89.6
Exited34.6

Public companies(investments
29.5
before exit)
Private companies(investments
25.5
before exit)
Investment cost
The information contained herein is provided solely for illustrative purposes on an SBG basis and individual investors' results may vary. Furthermore, past
performance is not necessarily indicative of future results. Income before income tax reflects unrealized estimated amounts and does not take into account fees
or expenses at the time of exit, and should not be construed as indicative of actual or future performance and for the avoidance of doubt, should not be
understood as the "track record" for SVF1, SVF2 and LatAm Funds. There is no guarantee that historical trends will continue throughout the life of SVF1, SVF2
and LatAm Funds. There can be no assurance that unrealized investments will be sold for values equal to or in excess of the total values used in calculating thevalues portrayed herein. Actual returns on unrealized and partially realized investments will depend on, among other factors, the value of the assets and market
conditions at the time of disposition, any related transaction costs and the timing and manner of sale, all of which may differ from the assumption on which thevaluations reported herein are based. Accordingly, investments that are unrealized or partially realized may differ materially from the values indicated herein.

104.4
62.1

19.2
23.1
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 Sep 30, 2023.
Exited: includes disposals (sales) as a result of share exchanges and restructuring of portfolio companies, derivative gain on investments (including unsettled derivatives), andinterest and dividend 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.

38

SVF2: Cumulative Investment Return (as of Sep 30, 2023)($ B)

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

52.2
2.5

8.8

31.5
3.0

40.9

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

3.6
24.9
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 Sep 30, 2023.
Exited: includes disposals (sales) as a result of share exchanges, derivative gain on investments (including unsettled derivatives),
and interest and dividend income from investments.
Public companies currently held: includes portfolio companies traded in the over-the-counter market.
The investment cost and fair value of investments before exit in SVF2 include those related to a minor SVF2 ownership percentage in anotherportfolio company received as part of the consideration for SVF2’s investment in a portfolio company.

39

Public Listings and Late-stage Pipeline
Public listings (Since inception)

Robust late-stage portfolio

50 listings$29B+ Total FV of late-stage portfolio
Select portfolio companies

As of Sep 30, 2023.
Source: SBGA/SBIA Analysis.
The number of public listing includes the number of IPOs and SPAC mergers (De-SPACs),
Listings since inception 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.
$29B+ of Total Fair Value includes portfolio companies that have raised Series E or later rounds, and portfolio companies actively planning to publicly list.
Select investments presented herein are solely for illustrative purposes, have been selected in order to provide examples of investments made by SVF1, SVF2, and the LatAm Funds that have gone public or, in the opinion of SBIA, may go public in the future and do not purport to be acomplete 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. Please refer to visionfund.com/portfolio for a more complete list of SVF1 and SVF2 investments. Please refer to https://www.latinamericafund.com/portfolio for a complete list of LatAm Funds investments. Past performance is not indicative of future results.

40

Portfolio Companies Driving the AI Revolution
Best-in-class adoption of AI, across multiple use cases
Deploys AI algorithms to power the deliveryof personalized content

Uses generative AI techniques to build
products and services enabling intuitive foodand grocery ordering experiences in India

Share of social media users using TikTok

Indicative generative AI use case
Conversational and open-ended user queries

24%
2021

36%

2022

44%

2023

AI-Powered search built on large language models
Personalized recommendations

As of Sep 30, 2023.
(Source) SBGA, SBIA and Swiggy
Share of social media users using TikTok: Statista - Social media: TikTok users in the United States (Sep, 2023)
Select investments presented herein are solely for illustrative purposes, have been selected to provide examples of portfolio companies SBIA believes are AI leaders, and do not purport to be a complete list of SVF1, SVF2, and LatAm Funds investments. The use of statistics provided bythird-parties is for illustrative purposes only and is not indicative of the herein mentioned portfolio companies’ past, current, or future performance or growth. References to investments included herein should not be construed as a recommendation of any particular investment or security. Itshould 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 investments. Please refer to latinamericafund.com/portfolio for a complete list of
LatAm Funds investments. 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’s business, 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 LatAm Funds.

41

AI Investment Strategy

42

Invested Amounts (SVF1 + SVF2 + LatAm Funds + SBG/Others)
($ B)
SBG/
Others2.5

Resumed investment

0.2

1.8
SVF1+
SVF2+
LatAm
Funds

0.9
2.3

Continue to prioritize
1.5
high-quality
opportunities
1.1

0.5
0.1

0.4
Q1

FY2022

Q2

0.5
0.2
0.3
Q3

0.5
0.1

0.9

0.4
Q4

0.4
Q1

FY2023

Q2

Invested amounts by SBG/Others: Investment by SBG and its core wholly owned subsidiaries (excludes
investments in U.S. Treasury Bonds). Excludes the amount invested in intra-group 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.

43

AI Investment Strategy

＝

SBG’s
investment
strategyAI
investment
strategy

Investment by SBG• Longer-term value creation• Strategic investment• Flexible ownership• Thematic, concentrated
investment

Investment by SVF• Up to 14-year fund life
• Financial investment• Minority ownership• Diversified investment
Berkshire Grey, Inc. and Stack AV Co. are subsidiaries of SBG. GreenBox Systems LLC is a joint venture between SBG and Symbotic Inc.

44

Stack AV
Aims to optimize supply chains, delivery route, and energy
efficiency by leveraging proprietary self-driving technology• Founded in early 2023 backed by SBG• Developing AI-powered technology to
revolutionize long-standing challenges in thetrucking industry✓ Driver shortage✓ Efficiency of uptime✓ Safety concerns✓ Transportation cost
✓ CO2 emission• 170 employees across its HQ and in 15 states(Source) Stack AV

45

BalyoConvert pallet handling to autonomy with driverless forklifts• Founded in 2005, listed since 2017 EURONEXT• Completed acquisition of 71.4% of sharesthrough takeover bid in October 2023
• 1200+ robots in 300+ sites deployed in 30
countries• Simplify system commissioning & update with acode-less, web-based user journey• Deploy impact roadmap to reduce carbon
footprint(Source) Balyo 46

Mapbox
Provides custom navigation and map application for flexible use• Founded in 2013
• Mapbox’s AI-powered location technology isused by 700M+ monthly active users• Adopted by vehicle navigation systems in
Toyota, GM, BMW, and Rivian• Maximizes delivery efficiency by optimizing
delivery routes and by real-time visibility of fleet
operation(Source) Mapbox 47

Mapbox

Video

48

49

In the 4-billion-year
history of life on Earth,Singularity will arrive
within 10 years
We are currently in the midstof a 10-year crossover

Masayoshi Son keynote presentation at SoftBank World 2023

50
50

Public
Data
Private
Data

Inference

Learning

AGI

All
Industries

AGI will revolutionize each and every industry at their core
(Real-time Learning and Inference)

52
52

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

AGI will revolutionize all industries
53
53

I am determined
to make SoftBank
the most
AGIに取り組んだ企業は
AI-empowered
今から１０年後、２０年後にcompany
人類のリード役
in the worldとなるSoftBank
World
2023 基調講演
Masayoshi Son keynote
presentation
at SoftBank
World 2023

54
54

Financial Strategy

55

FY2023 Financial Strategy

Adhering tofinancial policy

Financialmanagement
adaptable to both
Defense andOffense56

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
57

Respond to Both Defense and Offense
Defense against
further downside

Invest in the
Information
Revolution,

while maintaining
financial stability

Maintain LTV below 25% in normal times(LTV = 10.6% as of Sep 30, 2023)
Maintain at least 2-year worth of bondredemptions in cash

(Cash position = ¥5.1T as of Sep 30, 2023)

58

Capital AllocationNew
investments

Shareholders
return*Financial policy（Financial stability）

Endeavorto ​strike abalance* The level of NAV discount is also considered59Summary
1

Arm IPO completed. Further growth
expected2

NAV increased from ¥15.5T to ¥16.4T

3

Resumed investment. Continue to prioritize
high-quality opportunities

4

SVF looks to increase mid- to long-term
value
60

“Information Revolution－Happiness for Everyone”

61
61

62

Appendix

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

63

Monetization and Capital Allocation (FY2023Q1-Q2)(¥ T)

Sale of Armshares5.1
Undrawn
commitment line

0.6

0.7
0.7

1.5

Monetization

-0.6
-0.5
-0.2

-1.2

1st consideration for Arm shares acquired
SVF’s investment and SBG’s strategic
investment
Debt repayment

-0.4

4.5

Cash position(Mar 31, 2023)

5.1
0.7

Undrawn
commitment line

4.4

Increase

Decrease

OthersCash position(Sep 30, 2023)

Converted to JPY at average rate for each quarter
Cash position: Cash and cash equivalents + short term investments recorded as current assets + investments in government bonds + undrawn commitment line. SBG stand-alone basis (excludes SB Northstar
but includes its cash and cash equivalents)
SBG stand-alone: Excludes those of self-financing entities from the consolidated group. Major self-financing entities include SoftBank Corp, SVF1, SVF2, LatAm Funds, Arm, etc.​
Monetization: Distribution of $0.2B from SVF1, $12M from SVF2, $30M from LatAm Funds; $4.4B procured through Alibaba prepaid forward contracts, and $0.7B proceeds from loss of control over subsidiaries
Debt repayment: Bonds redeemed by SBG (undated hybrid notes of ¥277.8B, domestic bonds of ¥19.5B, and domestic hybrid bonds of ¥15.4) and bonds repurchased by SBG of ¥145.8B during the period. The
amount is net of the ¥220.0B bonds issued by SBG and the ¥53.1B hybrid loan raised by SBG, etc.
SVF’s investment and SBG’s strategic investment: Total investment of $1.3B by SVF and total strategic investment of $2.0B by SBG

64

Equity Value of Holdings: Diversified Portfolio
5%

Alibaba

23%

10%
5%
12%

Listed share %

15%
10%
18%

Net of asset-backed finance

0.03%
15%

SoftBank Corp.

8%

T-Mobile/
Deutsche Telekom

24%

Arm

43%

45%

44%

435
investments439
investments

436
investments

8%

8%

9%

Mar 31
2022

Mar 312023

Sep 30
2023

52%

41%

69%

SVF1+SVF2+
LatAm Funds

Diversified
portfolio

Addressing
geopolitical risks

OthersFor details of equity value of holdings, see appendix "Definition and Calculation Method of SBG’s NAV and LTV" in the presentation materials for each quarter’s earnings results briefing
Listed share % includes shares of Alibaba, listed shares held by SVF1, SVF2, LatAm Funds, Arm, SoftBank Corp., T-Mobile, Deutsche Telekom, and public companies included in Others. SVF1, SVF2, and LatAm Funds figures are for SBG’s interest only.
Investments held by SVF1, SVF2, and LatAm Funds as of Sep 30, 2023: 73 investments from SVF1, 273 investments from SVF2, and 90 investments from LatAm Funds. For details, see “SVF1 Portfolio”, “SVF2 Portfolio”, and “LatAm Funds Portfolio” in “Data Sheet for the Second
Quarter Ended September 30, 2023”, respectively.

65

Equity Value of Holdings: Diversified Portfolio
9%

China

17%

Japan

12%

APAC

27%

35%

EMEA

4%

5%

5%

Latin America

25%

24%

22%

North America

Mar 31
2022

Mar 312023

Sep 30
2023

15%
31%
18%
11%

12%

（excluding China
and Japan）

9%
20%

Greatergeographicaldiversification

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
APAC (excluding China and Japan):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

66

c
SVF: Value Changes
in Portfolio (cumulative)

USD basis(SVF1 + SVF2 + LatAm Funds)

Mar 31, 2023

Sep 30, 2023

No change

No change

26 co
(6%)

Gain
+$46.3B

Gain+$52.7B

15 co

(3%)

107 co101 co
(21%)

(23%)

346 co353 co

(73%)

(74%)

Loss
-$60.0B

Loss-$54.8B-$8.5B (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.

-$7.3B (475 co)Value changes in portfolio (cumulative): gain and loss on investments at SVF1,
SVF2, and LatAm Funds, 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)67

SVF: Gain/Loss on Investments

USD basis(SVF1 + SVF2 + LatAm Funds)

FY2023Q1 (Total +$975M)

FY2023Q2 (Total +$232M)+$5,385M (150 companies)+$6,180M (89 companies)

Markup+256+238+1,731+2,649(9 co)(12 co)(44 co)(32 co)+511(53 co)

+557

+404

+242

+989

(16 co)(26 co)(15 co)(20 co)+3,990(12 co)Incl. Arm
Incl. ArmBy main factor($ M)

Recenttransactions

Performanceof portfolio
companies(2 co)(51 co)-7

Markdown-1,751MarketFactors

Publicportfolio
companies

Others(16 co)(15 co)(32 co)-131-2,336-$4,410M (116 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.

-186

Recenttransactions

Performanceof portfolio
companies

MarketFactors(3 co)(67 co)(40 co)-32-2,600-275

Publicportfolio
companies(30 co)-2,907

Others(36 co)-135-$5,948M (176 companies)
Gain and Loss on Investments at SVF: gain and loss on investments at SVF1, SVF2, and LatAm Funds,
deducting third-party interests, tax, and including derivative gain and loss before expenses.
The main factors of the change in valuation in FY2023Q1 and FY2023Q2 of each portfolio company are indicated based on the classification
determined
as reasonable by SBGA and SBIA. Although SBIA believes that such determinations are reasonable, they are inherently subjective in nature.
(Source) SBGA and SBIA
Market factors include the changes in valuation due to the changes in the valuation of public comparable companies,and changes in cost of capital, etc.
Public portfolio companies include those traded in the over-the-counter market. Gain/loss on investments due to partial or full exits of public
portfolio companies are included.
Others include gain/loss on investments due to full exits of private portfolio companies and forex impact, etc.

68

SVF1 Public Portfolio Companies (as of Sep 30, 2023)($ M)

Company

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

Fully Exited

Coupang
Doordash
NVIDIA
Guardant Health
Uber
Slack
Ping An Good Doctor
PolicyBazaar
Opendoor
10x Genomics
Delhivery
Roivant *5
Vir Biotechnology
ZomatoEnergy Vault
Relay Therapeutics
OneConnect
ZhongAn
Aurora Innovation
GoTo (Gojek Tokopedia) *6
Full Truck Alliance
Getaround
Paytm
SenseTime
Ginkgo Bioworks
Auto1
Grab
Compass
View
WeWork *7
DiDi
*8

(a)
Investment cost *2
to SVF1
2,729
680
2,878
308
7,666
334
400
199
450
31
397
919
199
309
60
300
100
550
333
841
1,700
348
1,600
1,429
404
741
2,993
1,082
1,175
3,468
12,073(b)Gross return *3
to SVF1
10,628
7,539
5,813
2,665
9,215
1,018
828
588
824
338
690
1,096
326
343
47
235
4
400
93
591
1,421
8
1,252
1,071
44
344
2,476
396
8
7
3,128

(c) = (b) - (a)Gross gain (loss)
to SVF1
7,899
6,859
2,936
2,358
1,549
684
428
389
374
307
293
177
127
34
(13)
(65)
(96)
(150)
(240)
(250)
(279)
(340)
(348)
(358)
(360)
(397)
(517)
(686)
(1,167)(3,462)(8,945)(A)

Public company total (Gross)$46,697$53,435$6,738(B)(A)+(B)

SVF1 private company, etc.*9$40,911$87,608$48,976$102,411$8,065$14,803

Total (SBG basis) *1(d) = (b) / (a)*4Gross MOIC
3.9x
11.1x
2.0x
8.7x
1.2x
3.0x
2.1x
3.0x
1.8x
10.9x
1.7x
1.2x
1.6x
1.1x
0.8x
0.8x
0.0x
0.7x
0.3x
0.7x
0.8x
0.0x
0.8x
0.7x
0.1x
0.5x
0.8x
0.4x
0.0x
0.0x
0.3x

1.1x

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 thetransfer 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 Sep 30, 2023.
4. Multiple of Invested Capital ("MOIC") is Gross return divided by Investment cost. Net performance for individual investments cannot be calculated without making arbitrary assumptions about allocations of fees and expenses, and for that reason is not included herein.
5, Roivant: investment cost of public shares to SVF1 excludes $116M which was realized in Mar 2020, prior to Roivant’s public listing.
6. GoTo: investment cost of public shares to SVF1 reflects SVF1’s investment in Tokopedia prior to its merger with Gojek and excludes $7M in cost that was realized by SVF1 prior to GoTo’s public listing.
7. WeWork: investment cost of public shares to SVF1 ($3,468M) includes the investment cost to WeWork Asia Holding Company B.V. (“WeWork Asia”) ($400M). The shares of WeWork Asia were exchanged to WeWork preferred stock in Apr 2020 at a price of $11.60 per share.
8. Public company total (Gross) includes DiDi, which is traded in the over-the-counter market.
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 $30.1B as of Sep 30, 2023. Please refer to “Earnings Investor Briefing for Q2 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 Sep 30, 2023.
The selected investments presented herein were solely for illustrative purposes to show the public securities of SVF1 before or as at Sep 30, 2023 and do not purport to be a complete list of SVF1 investments. References to investments included herein should not be construed as a recommendation of any particular investment or security. It should not beassumed 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. Itshould 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 for values 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 of disposition, 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 materially from 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
$1= ¥149.58 (Sep 30, 2023 TTM)
performance figures are subject to change and not necessarily indicative of the performance of SVF1 and are included only for illustrative purposes.

69

SVF2 Public Portfolio Companies (as of Sep 30, 2023)
Company($ M)
Fully Exited

Fully Exited
Fully Exited

Beike
Symbotic
Neumora Therapeutics
IonQ
Keep
Globalstar
Qualtrics *5
Berkshire Grey *6
Pear Therapeutics
Alnnovation
BeisenFull Truck AllianceZhangmen
Seer
Exscientia
DingDong Mai Cai
JD Logistics
BetterAutoStore
WeWork(a)
Investment cost *2
to SVF2(b)
Gross return *3
to SVF2(c) = (b) - (a)Gross gain (loss)
to SVF2

1,147
469
48
31
22
1
(9)
(23)
(46)
(64)
(70)
(84)
(104)
(194)
(199)
(297)
(438)
(467)
(1,112)(2,920)

1.8x
3.3x
1.8x
1.5x
1.1x
1.3x
0.6x
0.8x
0.0x
0.5x
0.3x
0.7x
0.0x
0.1x
0.3x
0.1x
0.3x
0.1x
0.6x
0.0x

0.6x

1,350
200
60
61
200
5
24
115
46
126
100
250
105
205
284
325
601
497
2,800
3,033

*7

2,497
669
108
92
222
6
15
92
0
62
30
166
1
11
86
27
162
30
1,688
113

(A)

Public company total (Gross)$10,386$6,075($4,311)(B)(A)+(B)

SVF2 private company, etc.
Total (SBG basis) *1$41,771$52,157$25,405$31,480($16,366)($20,677)(d) = (b) / (a)Gross MOIC

*4

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 Sep 30, 2023.
4. Multiple of Invested Capital ("MOIC") is Gross return divided by Investment cost. Net performance for individual investments cannot be calculated without making arbitrary assumptions about allocations of fees and expenses, and for that reason is not included herein.
5. Delisted on June 28, 2023, prior to SVF1 fully exiting the investment on June 29, 2023.
6. Delisted on Jul 20, 2023. SBG acquired all shares of Berkshire Grey in Jul 2023.
7. Public company total (Gross) includes Zhangmen and Pear Therapeutics, which are traded in the over-the-counter market.
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 $53.4B, and the total value is $32.4B as of Sep 30, 2023. Please refer to “Earnings Investor Briefing for Q2 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 Sep 30, 2023.
The selected investments presented herein were solely for illustrative purposes to show the public securities of SVF2 as at Sep 30, 2023 and do not purport to be a complete list of SVF2 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. 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 will continue 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 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 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 tochange and not necessarily indicative of the performance of SVF2 and are included only for illustrative purposes.

$1= ¥149.58 (Sep 30, 2023 TTM)

70

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

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

71

Definition and Calculation Method of SBG’s NAV and LTV (as of Jun 30, 2023)
1. NAV (Net Asset Value)•
NAV = Equity value of holdings - Net debt
2. Equity value of holdings (after adjustment for asset-backed financing)•
Alibaba: the number of Alibaba ADSs equivalent to the number of shares held by SBG x Alibaba ADS price - the sum of the outstanding maturity settlement amounts (calculated by using the company’s share price) of the prepaid forward contracts (floor contracts, collar
contracts, forward contracts, and call spread) using Alibaba shares.
•
SoftBank Corp.: the number of shares held by SBG x SoftBank Corp. share price - the equivalent amount of outstanding liabilities for margin loans, etc. using SoftBank Corp. shares.
•
SVF1: SBG's share of SVF1's NAV + accrued performance fees, etc.
•
SVF2: SBG's share of SVF2's NAV, etc.
•
LatAm Funds: SBG's share of LatAm Funds' NAV + accrued performance fees.
•
T-Mobile: (a) + (b) - (c) - (d)a) The number of T-Mobile shares held by SBG, including the number of shares subject to call options held by Deutsche Telekom x T-Mobile share price.
b) Fair value of SBG’s right to acquire the company’s shares for no consideration under certain conditions (Contingent consideration).
c) The amount of derivative financial liabilities related to unexercised call options held by Deutsche Telekom.
d) Maturity settlement amount of the prepaid forward contracts (collar contracts) using T-Mobile shares (calculated by using the company’s share price).
•
Deutsche Telekom: the number of Deutsche Telekom shares held by SBG x Deutsche Telekom share price - the maturity settlement amount of a collar transaction using Deutsche Telekom shares.
•
Arm: the fair value of all Arm shares calculated at SVF1 x 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: (e) + (f) + (g)e) Listed shares: the number of shares held by SBG multiplied by the share price of each share.
f) Unlisted shares: calculated based on the fair value (or the carrying amount in SBG’s balance sheet for those not measured at fair value) of unlisted shares, etc. held by SBG.
g) SB Northstar: SBG’s share of SB Northstar's NAV plus the fair value of NVIDIA Corporation shares. Cash and cash equivalents and interest-bearing debt, other than margin loans and prime brokerage loans, are treated as a part of net interest-bearing debt of SBG
therefore not included in the calculation of SB Northstar’s NAV.
3. Net debt (after adjustment for asset-backed financing)•
Net debt = SBG net interest-bearing debt•
SBG net interest-bearing debt = Consolidated net interest-bearing debt - Net interest-bearing debt at self-financing entities, etc. - Other adjustments•
Consolidated net interest-bearing debt: excludes bank deposits and cash position at PayPay Bank Corporation•
Net interest-bearing debt at self-financing entities, etc.: the sum of gross interest-bearing debt less the sum of cash positions of self-financing entities, such as SoftBank Corp. (including its subsidiaries such as Z Holdings Corporation (currently LY Corporation) and PayPay
Corporation), SVF1, SVF2, LatAm Funds, and Arm, as well as SB Northstar.
○ Note: Cash and cash equivalents and interest-bearing debt, other than margin loans and prime brokerage loans of SB Northstar are included in net interest-bearing debt of SBG.
•
Other adjustments: the sum of adjustments of (h) to (n) belowh) Among the hybrid bonds and hybrid loans with a redemption date, the entire amount is recorded as interest-bearing debt in consolidated accounting. Therefore, 50% is deducted from the interest-bearing debt (to be treated as equity).
Applicable to 4th JPY-denominated hybrid bonds, 5th JPY-denominated hybrid bonds, 6th JPY-denominated hybrid bondsi) 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.
Among the above (h) and (i), hybrid bonds for which early redemption has been notified are recorded in their entirety as interest bearing debt. Applicable to USD-denominated NC6 undated hybrid notes and 2nd JPY-denominated hybrid bonds.
j) Deduction of the financial liabilities related to prepaid forward contracts (floor contracts, collar contracts, and forward contracts) using Alibaba shares.
k) Deduction of the equivalent amount of outstanding liabilities for margin loans using SoftBank Corp. shares.
l) Deduction of the financial liabilities related to prepaid forward contracts (collar contracts) using T-Mobile shares.
m) Deduction of the financial liabilities recorded as borrowings related to collar transactions using Deutsche Telekom shares.
n) Deduction of the amount equivalent to the outstanding balance of the borrowings made through 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 Jun 30, 2023•
FX rate: USD 1 = JPY 144.99


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 Limited (currently 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.

72