Earnings Results
for the 3-month Period
Ended June 30, 2024
August 7, 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 inthis 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 andinvolve 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 the Group’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 theGroup 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 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,
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 ongoing basis 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” 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 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 theaccuracy 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 thispresentation 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 this presentation 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, andother 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 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 circumstanceson 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
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.

Market Situation
380
360
340
320
300

305.7 Arm

280
260
240
220
200
180
160
140
120

164.0 SBG
134.1 NASDAQ
127.3 S&P500
120.9 TOPIX

100
100
80
60
Sep 302023

Jun 302024
Market situation: Illustrated with the value of each index on Sep 30, 2023 as 100. Created by SBG based on Bloomberg

3Market Situation
380
360
340

305.7

320
300
280
260
240
220
200
180

211.9 Arm
164.0

160
140
120
100
100

134.1
127.3
120.9

123.8 NASDAQ
122.2 S&P500
113.2 SBG
104.8 TOPIX8060
Sep 302023

Jun 30
2024

Aug 6
2024

Market situation: Illustrated with the value of each index on Sep 30, 2023 as 100. Created by SBG based on Bloomberg

4

Business Model and Risk Management of a Strategic Investment Company

Adaptable to all environmental changes
Business model: Growth of assets and business throughcapital recycling

Driving ASI
business

Growthinvestment for ASI
Reinvestment

Risk management

Adhering to financial policy
1) Maintain LTV below 25%
2) Maintain at least 2-year worth ofbond redemptions in cash

Monetization

Leveraging debt
capacity3) Secure recurring distributions anddividend income

Financial
improvement• Flexibly control cash flowin response to market
conditions• Strategic capital allocation
while adhering to financial
policies

Shareholder
returns

5

Key Indicators
Market upheaval, our financial stability intact(Pro forma)

Jun 30, 2024

Dec 31, 2023

Jun 30, 2024

(Based on share prices andthe FX rate as of Aug 6, 2024)

NAV¥19.2T¥35.3T¥24.9T

LTV(Loan-to-Value)

11.5%

7.8%

10.9%

Cash position

¥4.4T

¥4.6T

¥4.3T

(Net Asset Value)

For details of NAV and LTV, see Appendix “Definition and Calculation Method of SBG’s NAV and LTV (as of Dec 31, 2023)”, “Definition and Calculation Method of SBG’s NAV and LTV (as of Jun 30, 2024)”, and “Definition and Calculation Method of
SBG’s NAV and LTV (as of Jun 30, 2024 Pro forma)”
Cash position: Cash and cash equivalents + short term investments recorded as current assets + bond investments + undrawn commitment line. SBG stand-alone basis(excludes SB Northstar but includes its cash and cash equivalents and bond investments)
Cash position as of Jun 30, 2024 (pro forma): Calculated based on the foreign currency balance as of Jun 30, 2024 and the FX rate as of Aug 6, 2024.
Information as of Jun 30, 2024 (pro forma) is based on the assumption that the compositions of asset and liability as of Jun 30, 2024 remain unchanged, and is calculated using share prices and the FX rate as of Aug 6, 2024.
These figures are provided as reference values and do not guarantee or imply future values.

6Striving to realize ASI
maintaining robust stability

7

FY2024Q1 Highlights
1

Net loss of ¥174.3B despite ¥559.7B investment gain

2

NAV achieves record high3

SBG's mission is to realize ASI through strategic AI
investments

4

Arm performance continues to excel

5

SVF's performance turns positive

6

Low LTV and ample cash reserves enable further AI investments8Consolidated Results

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

9Consolidated Results(¥ B)

FY2023
Q1
Net sales

Gain/loss on
investments
Income before
income tax
Net income

FY2024
Q1

Change1,557.5

1,701.7+144.2-699.0559.7+1,258.7-176.2225.7+401.9-477.6-174.3+303.3
Net income: Net income attributable to owners of the parent

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

950.0

559.7

424.6
231.1

-20.4

-477.6-174.3

Investment
gain turned
positive-264.6-699.0Q1
FY2023--931.1

Q2

Q3

Q4

Q1
FY2024

Net income: Net income attributable to owners of the parent

11Gain/Loss on Investments (quarterly)(¥ B)
Investment Business of Holding Companies
SVF
OthersConsolidated

424.6

531.3

29.5

3.8

-570.2-699.0Q1
FY2023

-20.4

32.4

567.9

124.4

276.2
-169.9-689.7

559.7

63.2

-115.3-29.5-264.6-40.6

Gains at bothInvestment
Business of
HoldingCompanies and
SVF posted
profits

-13.0

Q2

Q3

Q4

Q1
FY2024
SVF: SoftBank Vision Funds

12

Key Indicators

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

13

Key Indicators (FY2024Q1)
Mar 31, 2024

Jun 30, 2024

¥27.8T¥35.3T

LTV(Loan-to-Value)

8.4%

7.8%

Cash position

¥4.7T

¥4.6T

NAV

(Net Asset Value)($183.6B)($219.1B)

For details of NAV and LTV, see Appendix “Definition and Calculation Method of SBG’s NAV and LTV (as of Mar 31, 2024)” and “Definition and Calculation Method of SBG’s NAV and LTV (as of Jun 30, 2024)”
Cash position: Cash and cash equivalents + short term investments recorded as current assets + bond investments + undrawn commitment line. SBG stand-alone basis (excludes SB Northstar but includes its
cash and cash equivalents and bond investments)

14

History of NAV (Since FY1998)(Jun 30, 2024)¥35.3T

Pro forma(Jun 30, 2024)
Based on share prices
and the FX rate as of
Aug 6, 2024

¥24.9TArm

SVF1/SVF2/
LatAm Funds
SoftBank Corp.
T-Mobile/
Deutsche Telekom
AlibabaYahoo Japan
Other
1998

2000

2002

2004

2006

2008

2010

2012

2014

2016

2018

2020

2022

2024

(FY)

The breakdown apportions NAV based on the proportionated value of each equity holding at the end of each quarterFor details of NAV, see Appendix “Definition and Calculation Method of SBG’s NAV and LTV”
Pro forma (Jun 30, 2024) is based on the assumption that the compositions of asset and liability as of Jun 30, 2024 remain unchanged, and is calculated using share prices and the FX rate as of Aug 6, 2024. This figure is provided as reference.
Information on NAV is provided for reference purposes only to illustrate its historical trend and is not intended to guarantee or imply future NAV.

15

Impact of Forex (FY2024Q1)
Weaker JPY increased NAV and equity(Mar 31, 2024)(Jun 30, 2024)(Aug 6, 2024)$1= ¥151.41 → ¥161.07 → ¥144.98
On NAVOn accounting
Equity+¥2.1T+¥1.1T
Consolidated net income-¥0.4TFor details of NAV, see Appendix “Definition and Calculation Method of SBG’s NAV and LTV (as of Jun 30, 2024)”
On NAV: The difference in NAV when the equity value of holdings, interest-bearing liabilities, and cash position as of Jun 30, 2024, 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)
On accounting: Foreign exchange gain/loss in consolidated statement of profit or loss for FY2024Q1 and change in exchange differences from the translation of foreign operations that is recorded under accumulated other comprehensive incomeon the consolidated statement of financial position for FY2024Q1.

16

LTV
Net of asset-backed finance

40%

35％
30%

25％
20.4%
20%

18.2%
15.0%
14.5%

11.0%

10.6%

11.5%

10%

10.9%
8.4%

8.0%

0%

Q4
FY2021Q1
FY2022

Q2

Q3

Q4

Q1
FY2023

7.8%
Q2

Q3

Q4

Q1
FY2024Lowestleverage everQ1
pro forma

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.
FY2024Q1 pro forma (Jun 30, 2024) is based on the assumption that the compositions of asset and liability as of Jun 30, 2024 remain unchanged, and is calculated using share prices and the FX rate as of Aug 6, 2024.
This figure is provided as reference.

17

Cash Position

(¥ T)

5.8

6.0

5.1
5.0

4.6

4.4

4.3

4.7

4.6

4.3

3.8

4.0

3.0

5.1

Maintainhigh level

2.9

2.0

1.0

0.0

Q4
FY2021Q1
FY2022

Q2

Q3

Q4

Q1
FY2023

Q2

Q3

Q4

Q1
Q1
FY2024 pro forma

As of the end of each quarter
Cash position: Cash and cash equivalents + short term investments recorded as current assets + bond investments + undrawn commitment line. SBG stand-alone basis (excludes
SB Northstar but includes its cash and cash equivalents and bond investments)
FY2024Q1 pro forma: Calculated based on the foreign currency balance as of Jun 30, 2024 and the FX rate as of Aug 6, 2024. This figure is provided as reference. 18

Change in Composition of Assets HeldJun 30, 2020
T-Mobile/
Deutsche Telekom

SoftBank
Corp.

SVF

Jun 30, 2024
OthersOthers5%

T-Mobile/
Deutsche Telekom

6%
Alibaba

51%

14%

13%

Equity value of holdings basis
Net of asset-backed finance

SoftBank
Corp.

SVF

8%

Alibaba

0.01%

7%

5%

55%

Arm

24%

11%
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.
SVF: Total of SVF1, SVF2 and LatAm Funds

19Change in Regional Composition
Jun 30, 2020

Jun 30, 2024

North America
Latin
America 1%
Europe,
etc.
Other
APAC

Equity value of holdings basis
Net of asset-backed financeNorth America

13%

China
55%

Latin
America 2%

14%

China
6%

Japan

10%

6%

13%

Other APAC

3%
15%

Japan

China-centricrisk mitigated62%

Europe, etc.

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
Europe, etc.: Arm, Deutsche Telekom, investments in Europe, etc. from SVF1 and SVF2, and other investments in Europe, etc.
Latin America: Investments from LatAm Funds and SVF1, and other investments in Latin America
North America: T-Mobile, investments in North America from SVF1 and SVF2, and other investments in North America

20Equity Value of Holdings: Listed Share Ratio(¥ T) *() shows the proportion of the total

90%

Equity value of holdings basis
Net of asset-backed finance

6.8
80%
Unlisted
(18%)
70%

8.6
(27%)

23.6

(73%)

31.5

50%

11.1
(51%)

10.5

(49%)

40%

10.8
(64%)

30%
20%

6.1

Jun 302022

Jun 302023

Listed share ratio

82%

due to increased
Arm value

10%

(36%)
Jun 302021

60%(82%) Listed

Jun 302024

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 andlisted companies included in Others. SVF1, SVF2, and LatAm Funds figures are for SBG’s interest only.

21

Initiatives to Realize ASI

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.

22

SoftBank Group’s mission is todrive the evolution of humanity

Realizing ASI tofulfill our mission

The 44th Annual General Meeting of Shareholders (Jun 21, 2024)

23

ASI

Artificial Super
Intelligence

AI Chip

AI
Datacenter

AI Robot

Drive forward with Group-wide efforts
24=

Strategic
investment company

Unique with aspects of bothan investment company andan operating company
25=Core of
ASI Cluster of No.1
Strategy
Realizing
ASI withGroup-wide
efforts
26

Graphcore

Became a subsidiary as of Jul 11, 2024

Specialists at designing, developing andcommercializing chips for AI & ML
CEO

Nigel Toon

Establishment

2016

HQ

Bristol, UK

Business

Design, develop, andcommercialize AI chips

Anticipating to collaborate with Graphcore to realize ASI
27

SB Energy Global
Renewable Energy Platforms in the U.S.
Solar, etc. to support AI

Solar
In operation

2GW

In construction

1GW+Expanding
28

SoftBank Corp.: Building Next-generation
Social Infrastructure
Distributing AI computing infrastructure
Regional Brain(Mid-scale data center)
AI Computing
Infrastructure

Hokkaido Data CenterFirst opening scheduled for
FY2026

Brain DataCenter(Large-scale data center)
HPC/AI
ComputingInfrastructure

Data Lake

Quantum
ComputerAnnounced the construction of
AI data center that utilizes Sharp
Sakai Plant(SoftBank Corp. press release on Jun 7, 2024)(Source) SoftBank Corp.
HPC: High Performance Computing

29

SoftBank Group’s Robotics Business
Robot integrator
Connecting developers who want to make the most of robots
and users who want to introduce robots in an optimal way

2014

2018
Cleaning robot

2021
Serving robots

2022
Logistics automation

Humanoid
30

SoftBank Group’s Robotics Business
Driverless forklifts

Automated warehousefor case goods

Automated warehousefor piece goods

Piece picking

Collaborating with investee companies
to develop optimal logistics solutions
31

MedicalAI

32

VideoTEMPUS AI
Listed on the Nasdaq Global Select Market on Jun 14, 2024

The largest medical dataset in the industry
Number of hospitals incooperation in U.S.

2,000
hospitals

Number of cancer
records in U.S.

7.7M

Number of data
records in U.S.
Imaging data

1M

Samplessequenced

1M

DNA+RNA

0.25M

Focused on building the leading AI-enabled (Intelligent)
Diagnostic platform in the world(Source) Tempus AI, Inc.’s material. As of Jul 31, 2024

34

TEMPUS AI

Offering 3 services

Genomic
Testing

Medical Data
Aggregation & Analysis

AI Insights andTherapy Selection
35

SB TEMPUS
Ownership ratio ~3%

Investment ¥15B

Aug 1, 2024 Initiating full-scale operation

Investment ¥15B

Apply knowledge and technology
accumulated in U.S.
Genomic Testing(clinical research)

Data analysis
service (partial)

Further advance healthcare in Japan through the utilization of medical data and AI
For details of SB TEMPUS Corp., refer to the Aug 1, 2024 press release of SB TEMPUS Corp. (Japanese only)36

Invested Amounts (SVF + SBG)
($ B)
SBG

2.5
0.2

1.9

1.8
1.5
0.9

SVF

1.2

2.3

Significant
increase from thepast 2 quarters

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

Q1

FY2023

0.3

0.3

0.4

0.2
0.1

0.1

Q2

Q3

Q4

0.3

0.6

Q1

FY2024

Invested amounts by SBG: Investment by SBG and its primary wholly owned subsidiaries (excludes investments in U.S. Treasury Bonds).+ the amount paid to third-party shareholders in connection with the subsidiary acquisitions ofBerkshire 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 by SVF1, SVF2 and LatAm funds, including those through share exchanges. Excludes the amount invested by SVF to acquire investments transferred from SBG.

37

Divestments and Monetization
Continued capital recycling
Monetized ¥371.1B in FY2024Q1(Main monetized assets)

T-Mobile shares: Sold to Deutsche Telekom for $670M(6.7M shares)

through a partial exercise of call options for T-Mobile shares
by Deutsche Telekom

Fortress shares: Sold to Mubadala Group (Completed in May 2024)(All interests)

SVF’s portfolio: Sold investments including SenseTime and Paytm
Monetization in FY2024Q1: Sum of 1) proceeds from sale of investments by SBG and its primary wholly owned subsidiaries (excluding investments in U.S. Treasury Bonds) as accounted for under "Proceeds from sale/redemption of
investments" in SBG's consolidated statement of cash flows and 2) proceeds from loss of control over subsidiaries, and 3) proceeds from sales of investments by SVF
T-Mobile shares: All of the remaining unexercised portion expired on Jun 22, 2024 (The number of T-Mobile shares held by SBG as of Jun 30, 2024: 85.4M).

38

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

39

Quarterly Revenue (US-GAAP)
($ M)
928

License and other revenue
Royalty revenue

806

824
414

675
388

939

354

472

275

400

418

Q1

Q2

FY2023

470

514

Q3

Q4

467

Q1

FY2024

Revenue continues toreach record highRevenue above analyst
consensus ($903M)(Source) Arm
For details, see Arm Investor Relations website (https://investors.arm.com/).
License and other revenue refers to revenue excluding Royalty revenue
Analyst consensus: Data from FactSet (As of Jul 29, 2024)

40

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

448
384

361

391

Up 65%

272

Q1

YoY

Q2

FY2023Q3Q4Q1FY2024(Source) Arm
See the end of Arm’s FYE25-Q1 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/)41

Guidance (US-GAAP)FY2024Q2

FY2024

Revenue$780M - $830M$3,800M - $4,100M

Non-GAAP
operating expense~$500M~$2,050M

Non-GAAP fully
diluted earnings
per share$0.23 - $0.27$1.45 - $1.65

YoY(-3% - +3%)(+18% - +27%)(Source) Arm
For details, see Arm Investor Relations website (https://investors.arm.com/)42

Microsoft: Copilot+ PCs for HighAI Performance integrating Arm-based chips
Copilot+ PC(Announced May 2024)✓ Windows PCs designed for AI✓ Powerful AI features such as image
generation and live caption translation✓ Up to 22 hours of video playback on asingle charge, supporting long-hour use(Source) Microsoft’s press release

43
43

Armv9 contribution

~

25

%

of royalty revenue is from
Armv9 based chips(up from ~20% last quarter)
Delivers double the royalty ratecompared to equivalent Armv8
based chips

Increasing computeecosystem~

20

Chips into
datacenters
Major hyperscalers

M

Developers accelerating
software development on Arm

10companiesetc.
Major hyperscalers which
deploy Arm-based chips

Confident in Arm’s further long-term growth

Compute ecosystem refers to software developers and engineers developing software on Arm.
~20M refers to the number of application developers targeting Android and iOS, data center and PC, and embedded markets.
~20M: Data from Evans Data Corporation (Market research firm which has strength in developer population).

44

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.

45

SVF: Gain/Loss on Investments (quarterly)

USD basis(SVF Segment)

34,467($ M)

Turned to profit

13,567
10,910

958

785

2,285
630

2,869

4,607

3,549

715

5,554

2,969

3,768
-1,748

FY17
Q1

FY17
Q2

FY17
Q3

FY17
Q4

FY18
Q1

FY18
Q2

FY18
Q3

FY18 FY19Q4
Q1-8,762
FY19
Q2

FY23
Q1

FY21
Q3

1,157

952
FY19
Q3

FY20
Q1

FY20 FY20
Q2
Q3

FY22
Q4

FY20
Q4

ＦＹ22
Q3
FY22
Q2

FY19
Q4

-10,748

FY24Q1

FY23
Q3

FY21
Q1

-10,501FY22
Q1-22,736
FY21
Q4-25,563-5,174-9,940FY21
Q2-1,777

FY23
Q2

12

4,087

147

FY23
Q４

-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.

46

SVF: Gain/Loss on Investments (cumulative)
60,821

Cumulative
investment losses
remained almost flat

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
FY22
Q2

1,876
FY17
Q4

FY18
Q1

FY18
Q2

FY18
Q3

FY18 FY19
Q4
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

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

FY23
Q1

-7,061FY23
Q2-2,975 -3,364
FY23
Q3

FY23
Q4

FY24Q1-3,35247

SVF: Gain/Loss on Investments (FY2024Q1)

USD basis(SVF Segment)

Combined

SVF1

SVF2

LatAm Funds+$12M+$2,827M-$2,643M-$83M(+¥1.9B)

Other investments-$89M

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 besold 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 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.

48

SVF1: Cumulative Investment Return (as of Jun 30, 2024)
109.1

($ B)

89.5
ExitedPublic companies(investments
before exit)
Private companies(investments
before exit)

43.2

67.3

21.2

16.7

25.1

25.1

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 Jun 30, 2024.
Exited: Includes disposals (sales) as a result of share exchanges and restructuring of portfolio companies, derivative gain (including unsettled derivatives),
and interest 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.

49

SVF2: Cumulative Investment Return (as of Jun 30, 2024)($ B)

ExitedPublic companies(investments
before exit)

53.0
6.7
5.5

31.1
3.3

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.

2.9
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 Jun 30, 2024.
Exited: Includes disposals (sales) as a result of share exchanges and restructuring of portfolio companies, derivative gain (including unsettled derivatives),
and interest and dividend income from investments.
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.

50

Public Listings and Late-stage Pipeline
A strong pipeline for future public listings
Public listings (since inception)

51 listings

35B

Total fair value of late-stage portfolio $Select late-stage portfolio companies&+1 listing in FY2024Q1

Exchange:

HKEX

Listing date:

Jun 13, 2024

Gross MOIC:

1.5X

As of Jun 30, 2024. Source: SBGA/SBIA Analysis
The number of public listings (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 Jun 30, 2024,
or are likely to publicly list in the near-term based on SBGA/SBIA Analysis.
Gross MOIC (Gross Multiple of Invested Capital) is measured by dividing the Investment’s total fair value as of Jun 30, 2024, by the total acquisition cost of the Investment. 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 asindicative 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 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 hereinshould 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.

51

SVF2: New Investing Activity Last 12 Months
Focusing on uncovering superior opportunities
FY2024Q1

Applying AI-powered
computer vision todigitize insurance
claims management

CY2023Eliminating thecomplexity and risks
associated withenterprise networking
and security

Leveraging AI tostreamline businesstravel and related
operations for small
and midsizedcompanies

Accelerating next
generation medicines,
shaping the future
treatment of obesity
and metabolic
diseases

Securing everythingorganizations build
and run in the cloudPowering generative AI
search with LLMs,
providing conversational
and thoughtful responses
with reference citations
on the internet

Offering an
AI-powered market
and industry
intelligence platform

CY2024

Includes all new investments funded by SVF2 during the twelve-month period ended Jun 30, 2024.
The information herein is presented solely for SVF1, SVF2 and LatAm Funds. These highlights are provided solely for illustrative purposes and reflects the current beliefs of SBGA/SBIA as of the date hereof.
Select investments presented herein are solely for illustrative purposes, have been selected to illustrate investing activity over the last 12 months.
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.
Past performance is not indicative of future results.

52

Financial Strategy

53

Historical Credit RatingsA+

Acquisition ofJapan Telecom

Acquisition ofVodafone KK

Acquisition of
SprintFirst upgrade in 12 years

Listing of
SBKK

Acquisitionof ArmJCR

A

Listing of
Arm

A
A-

(Stable)

A-

BBB+
BBB

S&P

BBBBB+
BB

BB

BBB+
'03

'04

'05

'06

'07

'08

'09

'10

'11

'12

'13

'14

'15

'16

'17

'18

'19

'20

'21

'22

'23

BB+
(Stable)Upgradedin just 1 year
'24 (CY)
As of Aug 6, 2024

54

FY2024 Financial Strategy

Steadfast financial philosophy
Flexibly respond to
all environmental changes
Adhering to financial policy
Building trust with each stakeholder

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

2 Maintain at least 2-year worth of bond redemptions in cash
Secure recurring distributions and dividend income
3 from SVF and other subsidiaries(Pursuing the optimal balance between
shareholder returns and financial improvement)

FY2024 financial strategy•••

Effective utilization of ample cash position
Active use of nonrecourse financing to support strategic investments
Enhanced monitoring of portfolio → monetization and reinvestment
55

Newly Authorized Share Repurchase Program

Total amount(maximum)¥500B

Repurchase period: From Aug 8, 2024 to Aug 7, 2025

For details, refer to the press release dated Aug. 7, 2024, "Resolution regarding Share Repurchase”

56

FY2024Q1 Summary
1

Net loss of ¥174.3B despite ¥559.7B investment gain

2

NAV achieves record high3

SBG's mission is to realize ASI through strategic AI
investments

4

Arm performance continues to excel

5

SVF's performance turns positive

6

Low LTV and ample cash reserves enable further AI investments
57

Striving to realize ASI
maintaining robust stability

58

“Information Revolution－Happiness for Everyone”
59

60

Appendix

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

61

Definition and Calculation Method of SBG’s NAV and LTV (as of Jun 30, 2024)
1. NAV (Net Asset Value)•
NAV = Equity value of holdings - Net debt
2. Equity value of holdings (after adjustment for asset-backed financing)•
Arm: the number of Arm ADSs equivalent to the number of shares held by SBG x Arm ADS 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 marginloans using Arm 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, etc.
•
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.
•
T-Mobile: the number of T-Mobile shares held by SBG x T-Mobile 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.
•
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.
•
Others: (a) + (b) + (c)a. Listed shares: the number of shares held by SBG multiplied by the share price of each share.
b. 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.
c. SB Northstar: SBG’s share of SB Northstar‘s NAV. 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 net interest-bearing debt of SBG therefore not includedin 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 Arm, SVF1, SVF2, LatAm Funds, and SoftBank Corp. (including its subsidiaries such as LY Corporation and
PayPay Corporation), 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 (d) to (j) below
d. 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.
e. 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.
f. Deduction of the amount equivalent to the outstanding balance of the borrowings made through margin loans using Arm shares.
g. Deduction of the equivalent amount of outstanding liabilities for margin loans using SoftBank Corp. shares.
h. Deduction of the financial liabilities related to prepaid forward contracts (collar contracts) using T-Mobile shares.
i. Deduction of the financial liabilities recorded as borrowings related to collar transactions using Deutsche Telekom shares.
j. Deduction of the financial liabilities related to prepaid forward contracts (collar contracts and forward contracts) using Alibaba shares.
4. LTV (Loan to Value)•
LTV = Net debt / Equity value of holdings
5. Other assumptions•
Share prices: Closing price as of June 28, 2024•
FX rate: USD 1 = JPY 161.07

SBG = SoftBank Group Corp., Arm = Arm Holdings plc, 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,
Alibaba = Alibaba Group Holding 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.

62Definition and Calculation Method of SBG’s NAV and LTV (as of Jun 30, 2024 Pro forma)
1. NAV (Net Asset Value)•
NAV = Equity value of holdings - Net debt
2. Equity value of holdings (after adjustment for asset-backed financing)•
Arm: the number of Arm ADSs equivalent to the number of shares held by SBG x Arm ADS 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 marginloans using Arm 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, etc.
•
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.
•
T-Mobile: the number of T-Mobile shares held by SBG x T-Mobile 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.
•
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.
•
Others: (a) + (b) + (c)a. Listed shares: the number of shares held by SBG multiplied by the share price of each share.
b. 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.
c. SB Northstar: SBG’s share of SB Northstar‘s NAV. 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 net interest-bearing debt of SBG therefore not includedin 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 Arm, SVF1, SVF2, LatAm Funds, and SoftBank Corp. (including its subsidiaries such as LY Corporation and
PayPay Corporation), 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 (d) to (j) below
d. 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.
e. 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.
f. Deduction of the amount equivalent to the outstanding balance of the borrowings made through margin loans using Arm shares.
g. Deduction of the equivalent amount of outstanding liabilities for margin loans using SoftBank Corp. shares.
h. Deduction of the financial liabilities related to prepaid forward contracts (collar contracts) using T-Mobile shares.
i. Deduction of the financial liabilities recorded as borrowings related to collar transactions using Deutsche Telekom shares.
j. Deduction of the financial liabilities related to prepaid forward contracts (collar contracts and forward contracts) using Alibaba shares.
4. LTV (Loan to Value)•
LTV = Net debt / Equity value of holdings
5. Other assumptions•
Share prices: Calculated using closing prices on August 6, 2024 for Arm, SoftBank Corp., T-Mobile, Deutsche Telekom, and Alibaba, and using closing prices on June 28, 2024 for other listed shares.
•
FX rate: USD 1 = JPY 144.98


SBG = SoftBank Group Corp., Arm = Arm Holdings plc, 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,
Alibaba = Alibaba Group Holding 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.

63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, etc.
•
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 Arm ADSs equivalent to the number of shares held by SBG x Arm ADS 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 marginloans 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.

64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, etc.
•
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.

65

Monetization and Capital Allocation (FY2024Q1)
(¥ T)

4.7
Undrawn
commitment line

0.7

3.9

Cash position(Mar 31, 2024)

Financing,
repayment,
etc.
0.2
0.3
Monetization
through sale ofassets+0.5

Increase

Cash settlement ofcollar transactions using
T-Mobile shares

4.6
0.8

0.5
0.3

-0.8

Undrawn
commitment line

0.2
SVF’s investment and
SBG’s strategic
investment

3.8

Decrease

OthersCash position(Jun 30, 2024)

Converted to JPY at average rate at each quarter
Cash position: Cash position = cash and cash equivalents + short term investments recorded as current assets + bond investments. SBG stand-alone basis (excl. SB Northstar; however, incl. 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, and Arm, etc.
Monetization through sale of assets includes sale of Fortress shares and T-Mobile shares.
Financing, repayment, etc.: Net amount of bonds issued (total of ¥650.0B of domestic bonds) and bonds redeemed and repurchased (including ¥550.0B of domestic bonds)
Cash settlement of collar transactions using T-Mobile shares: Includes the cash settlement executed in Jun 2024 (¥410.2B) and the deposit paid in Q1 for the cash settlement executed in Jul 2024 (￥138.2B)
SVF’s investment and SBG’s strategic investment: invested amounts of $0.6B by SVF and $1.2B by SBG.
Invested amounts by SVF: Sum of new and follow-on investments by SVF1, SVF2 and LatAm funds, including those through share exchanges. Excludes the amount invested by SVF to acquire investments transferred from SBG.
Invested amounts for strategic investments by SBG: Investment by SBG and its primary wholly owned subsidiaries (excludes investments in U.S. Treasury Bonds). Excludes the amount invested in intragroup transactions..

66

c
SVF: Value Changes
in Portfolio (cumulative)

USD basis(SVF Segment)

Mar 31, 2024

Jun 30, 2024

No change

No change

14 co
(3%)

114 coGain+$57.4B

12 co

(3%)

(24%)

(24%)

349 co352 co(73%)

Loss-$60.8B

116 coGain+$59.6B

(73%)

Loss
-$62.9B-$3.4B (477 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 (480 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)67

SVF: Gain/Loss on Investments

FY2024Q1 (Total +$12M)+$2,811M (120 companies)+$5,468M (88 companies)+$179M+$788M+$468M+$1,160M+$215M+$378M+$258M+$2,637M+$1,950M+$245M(6 co)(51 co)(26 co)(13 co)(24 co)(10 co)(24 co)(16 co)(15 co)(23 co)MarketFactors

Publicportfolio
companies

Recenttransactions(5 co)-$49M

Markdown(SVF Segment)

FY2023Q4 (Total -$389M)
MarkupBy main factor

USD basis

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

MarketFactors(35 co)-$214M

Publicportfolio
companies(30 co)-$1,388M

OthersRecenttransactions(34 co)(8 co)-$239M-$3,201M (172 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.

-$342M

Performanceof portfolio
companies(50 co)-$2,082M

Others(64 co)-$1,020M(27 co)-$1,647M(51 co)-$365M-$5,456M (200 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 2023Q4 and FY2024Q1 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.

68

SVF1: Gain/Loss on Investments

FY2024Q1 (Total +$2,827M)+$1,501M (19 companies)+$4,566M (17 companies)

+$93M

+$87M

+$146M+$1,017M+$158M

+$94M

+$34M

+$2,459M+$1,815M+$164M(1 co)(4 co)(4 co)(7 co)(3 co)(1 co)(3 co)(4 co)(8 co)(1 co)

MarketFactors

Publicportfolio
companies

Recenttransactions

Performanceof portfolio
companies

MarketFactors(1 co)(7 co)(1 co)-$35M

Markdown(SVF1)FY2023Q4 (Total +$10M)
MarkupBy main factor

USD basis-$483M-$64M

Publicportfolio
companies(14 co)-$863M

OthersRecenttransactions

Performanceof portfolio
companies(4 co)(1 co)(8 co)-$47M-$1,491M (27 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.

-$129M-$1,199M

Others(5 co)-$28M(12 co)-$382M(1 co)-$1M-$1,739M (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 FY2023Q4 and FY2024Q1 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.

69

SVF2: Gain/Loss on Investments

FY2024Q1 (Total -$2,643M)+$915M (67 companies)+$706M (45 companies)+$86M+$564M+$225M

+$5M

+$35M

+$266M+$137M+$178M

+$82M

+$43M

(5 co)(32 co)(18 co)(2 co)(10 co)(6 co)(14 co)(11 co)(5 co)(9 co)

Recenttransactions

Performanceof portfolio
companies

MarketFactors

Publicportfolio
companies

OthersRecenttransactions

Performanceof portfolio
companies

MarketFactors

Publicportfolio
companies

Others(3 co)(42 co)(32 co)(13 co)(18 co)(6 co)(41 co)(52 co)(11 co)(14 co)-$14M

Markdown(SVF2)FY2023Q4 (Total -$336M)
MarkupBy main factor

USD basis-$532M-$122M-$458M-$125M-$1,251M (108 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.

-$207M-$881M-$899M-$1,136M-$225M-$3,348M (124 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 FY2023Q4 and FY2024Q1 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.

70

SVF1 Public Portfolio Companies (as of Jun 30, 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
10x Genomics
Delhivery
Vir Biotechnology
Roivant *5
ZomatoEnergy Vault
Full Truck Alliance
OneConnect

2,729
680
2,878
308
7,666
334
400
199
450
31
397
199
919
309
60
1,700
100

$1= ¥161.07 (Jun 30, 2024 TTM)(b)(c) = (b) - (a)Gross return*3 Gross gain (loss)
to SVF1
to SVF1

12,063
7,831
5,813
2,665
9,215
1,018
828
592
824
338
682
318
1,016
374
18
1,605
3

9,334
7,151
2,936
2,358
1,549
684
428
394
374
307
285
119
98
65
(42)
(95)
(97)

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

4.4x
11.5x
2.0x
8.7x
1.2x
3.0x
2.1x
3.0x
1.8x
10.9x
1.7x
1.6x
1.1x
1.2x
0.3x
0.9x
0.0x

Company
Fully Exited

Fully Exited
Fully Exited

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

Relay Therapeutics
ZhongAn
Aurora Innovation
Getaround
Auto1
Ginkgo Bioworks
GoTo *6
Paytm
SenseTime
Grab
Compass
View
WeWork *7
DiDi

(a)
*2
Investment cost
to SVF1(b)*3
Gross returnto SVF1(c) = (b) - (a)Gross gain (loss)
to SVF1

(118)
(150)
(224)
(345)
(393)
(396)
(473)
(544)
(580)
(589)
(606)
(1,175)(3,468)(8,064)

0.6x
0.7x
0.3x
0.0x
0.5x
0.0x
0.4x
0.7x
0.6x
0.8x
0.4x
0.0x
0.0x
0.3x

$46,697$55,417$8,7201.2x$40,870$87,567$51,731$107,148$10,860$19,580

300
550
333
348
741
404
841
1,600
1,429
2,993
1,082
1,175
3,468
12,073Public company total(Gross) *8
SVF1 private company, etc.

Total (SBG basis) *1

*9

182
400
109
3
349
8
368
1,056
849
2,404
476
0
0
4,009

(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 Jun 30, 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, 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 $32.2B as of Jun 30, 2024. See “Earnings Investor Briefing for FY2024Q1 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 Jun 30, 2024.
The selected investments presented herein were solely for illustrative purposes to show the public securities of SVF1 before or as at Jun 30, 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.

71

SVF2 Public Portfolio Companies (as of Jun 30, 2024)($ M)
Fully Exited

Fully Exited
Fully Exited
Fully Exited

Fully Exited(a)Company

Investment cost *2
to SVF2

Beike
Symbotic
QuantumPharm (XtalPi) *5
Neumora Therapeutics
IonQ
Globalstar *6
Qualtrics
Berkshire Grey
Pear Therapeutics
Full Truck Alliance
BeisenAlnnovation
Zhangmen
Keep
Exscientia
Seer
DingDong Mai Cai

1,350
200
35
60
61
5
24
115
46
250
100
126
105
200
284
205
325

(b)

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

2,497
703
56
75
63
5
15
92
0
188
21
28
1
39
97
9
28

1,147
503
21
15
3
0
(9)
(23)
(46)
(62)
(79)
(98)
(104)
(161)
(188)
(196)
(297)

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

Company

1.8x
3.5x
1.6x
1.3x
1.0x
1.1x
0.6x
0.8x
0.0x
0.8x
0.2x
0.2x
0.0x
0.2x
0.3x
0.0x
0.1x

JD Logistics
BetterAutoStore
WeWorkFully Exited(A)(B)(A)+(B)

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

Total (SBG basis) *1(a)*2
Investment cost
to SVF2(b)*3
Gross returnto SVF2$10,421$42,568$52,989

601
497
2,800
3,033

144
28
1,370
1

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

(457)
(468)
(1,430)(3,032)

0.2x
0.1x
0.5x
0.0x

$5,461($4,961)

0.5x$25,575$31,036($16,992)($21,953)*4$1= ¥161.07 (Jun 30, 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 Jun 30, 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.
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.
5. QuantumPharm (XtalPi): Investment cost of public shares to SVF2 excludes $10M which was realized in Nov 2023, prior to QuantumPharm’s public listing.
6. Globalstar: Investment cost of public shares to SVF2 excludes $5M which was realized in Aug 2023, prior to Globalstar’s public listing.
SBG's Net Paid-in Capital of SVF2 is $56.0B, and the total value is $33.0B as of Jun 30, 2024. See “Earnings Investor Briefing for FY2024Q1 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 Jun 30, 2024.
The selected investments presented herein were solely for illustrative purposes to show the public securities of SVF2 as at Jun 30, 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.

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