Earnings Results
for the 3-month Period
ended June 30, 2023
August 8, 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 Limited. 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 andthe results of the Group in this presentation may not be indicative of, and are not an estimate, forecast or projection of the Group’s future results.
The Company does not guarantee the accuracy or completeness of information in this presentation regarding companies (including, but not limited to, those in which SB Funds have invested) other than the Group which has been quoted from public and othersources.

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

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

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

Signs of change

33

Stock Market Trends
130

120.3 Thomson Reuters

120

Venture Capital Index
116.9 NASDAQ-100
Technology Sector
114.5 NASDAQ

110110.0 S&P 500

102.8 Golden Dragon China

100

90

80

Mar 31
2023

Jun 302023

Latest (Aug 7, 2023)

Stock market trends are illustrated with the value of each index on March 31, 2023 as 100. Created by SBG based on Bloomberg

4Stock Market Trends: “Magnificent 7”130123.1 Magnificent 7

120

Alphabet, Amazon, Apple, Meta,
Microsoft, Nvidia, and Tesla

110.0 S&P 500
105.7 S&P 500

110(excluding Magnificent 7)

100

90

80

Mar 31
2023

Jun 302023

Latest (Aug 7, 2023)

Created by SBG based on Bloomberg
Stock market trends are illustrated with the value of each index on March 31, 2023 as 100.
Magnificent 7: Alphabet, Amazon, Apple, Meta, Microsoft, Nvidia, and Tesla. The graph represents the market capitalization-weighted average of these stocks.

5Stock Market Trends: Public Investments of SVF1+2
130

120

114.5 NASDAQ
110108.4 SVF1+2

Public investments

100

90

80

Mar 31
2023

Jun 302023

Latest (Aug 7, 2023)

Stock market trend is illustrated with the value of each index and funds on Mar 31, 2023 as 100. Created by SBG based on Bloomberg
SVF1+2 Public investments represents the index of the total value of holdings calculated by multiplying the number of shares of public companies held by SVF1 and SVF2 as of Mar 31, 2023 in their daily share prices.
Used daily closing foreign exchange rates. Includes portfolio companies traded on the over-the-counter markets (DiDi, Zhangmen, and Pear Therapeutics).
Sales after Apr 1 2023 are not taken into account. Excludes portfolio companies listed after Apr 1, 2023 (Beisen and Keep) and includes those delisted after Apr 1, 2023 (Qualtrics and Berkshire Grey).

6

SVF: Gain/Loss on Investments (quarterly)

Returned to profit
for the first timein 6 quarters

13,567
10,910

FY17
Q1

785

FY17
Q2

(SVF1 + SVF2 + LatAm Funds)

34,467($ M)

958

USD basis

630

FY17
Q3

715

2,285

FY17
Q4

2,869

4,607

3,549

3,768
FY19
Q1

FY18
Q1

FY18
Q2

FY18
Q3

FY23Q1

5,554
941-1,748
FY19
Q3

FY18
Q4

-8,762

FY21
Q1

2,969

FY19
Q2

FY20
Q1

FY20
Q2

FY20
Q3

FY22
Q4

FY21
Q3

FY20
Q4

FY22
Q3

-10,748-1,879-9,959FY21
Q2-10,507
FY22
Q1-22,745

FY21
Q4-25,564

Incl. investment gains
on SBG subsidiaries(mainly Arm) eliminatedin consolidation-5,185

ＦＹ22
Q2

FY19
Q4

975

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 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 ofdisposition, any related transaction costs and the timing and manner of sale, all ofwhich 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.
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.

7

SVF: Gain/Loss on Investments (cumulative)

USD basis(SVF1 + SVF2 + LatAm Funds)

66,374($ M)
60,82156,808First turnaroundin 6 quarters

55,867

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

958
FY17
Q1

1,743
FY17
Q2

2,373

FY17
Q3

3,088

12,786

11,403
9,655

5,373

8,499
1,876

FY17
Q4

FY18
Q1

FY18
Q2

FY18
Q3

FY18
Q4

FY19
Q1

FY19
Q2

FY19
Q3

FY19
Q4

-1,093

FY20
Q1

FY20
Q2

FY20
Q3

FY20
Q4

FY21
Q1

FY21
Q2

FY21
Q3

FY21
Q4

FY22
Q1

-1,460FY22Q2-6,645FY22
Q3-8,524FY22Q4FY23Q1-7,548The 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 estimatedamounts 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 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 partially realized
investments will depend on, among other factors, thevalue 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 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.
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.

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

SVF1+
SVF2+
LatAm
Funds

15.9
1.2

13.4

Resuming
investments

8.7
14.7

5.9

13.1

8.6
5.6

Q1

FY2021

Q2

Q3

Q4

2.5

1.8

2.3

0.5

0.5

0.5

0.9

Q1

Q2

Q3

Q4

Q1

FY20220.9

FY2023

SBG/Others: SBG and its core wholly owned subsidiaries
SVF invested amounts: the sum of new and follow-on investments,
including those through share exchanges.
Excludes the amount invested by SVF to acquire investments
transferred from SBG.

9

From Presentation Material on Business Strategy in AGM

10Consolidated Results

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

11

Consolidated Results(¥ B)

Net sales
Loss oninvestments
Income before
income tax
Net income

FY2022Q1

FY2023
Q1

Change1,572.0

1,557.5-14.5-2,834.4-699.0+2,135.5-3,292.5-176.2+3,116.3-3,162.7-477.6+2,685.1
Net Income: Net income attributable to owners of the parent

12Gain/Loss on Investments
(¥ B)
SVF

-13.0

-2,919.1

Materially
improved

on investments at SVF
FY2022Q1

FY2023
Q1

SVF: SoftBank Vision Funds

13

Gain/Loss on Investments(¥ B)

Investment Business of Holding
Companies
SVF
OthersConsolidated

111.2

3.8

-689.7-699.0-2,919.1-13.0

Materially
improved

on consolidated basis-26.5-2,834.4
FY2022Q1

FY2023
Q1

SVF: SoftBank Vision Funds

14

Gain/Loss on Investments(¥ B)

Investment Business of Holding
Companies
SVF
OthersIncl. ¥553.4B loss on Alibaba due tolower share price, offset by ¥769.9B
derivative gain related to the shares

Derivative gain
related to Alibaba

Consolidated

111.2

769.9

-689.7-699.0-2,919.1

-26.5

3.8

-13.0

Materially
improved

on consolidated basis-2,834.4
FY2022Q1

FY2023
SVF: SoftBank Vision Funds
Q1¥769.9B derivative gain related to Alibaba shares is recorded as derivative gain (excluding gain or loss on investments)

15

Income Before Income Tax (by segment)(¥ B)

FY2022Q1

FY2023
Q1

ChangeInvestment Business of
Holding Companies-1,198.1-394.5+803.5

SVF-2,330.8

61.0+2,391.8

SoftBank

222.2

255.0

+32.8

Arm

29.8

-9.5

-39.4

Other/Reconciliations

-15.7

-88.2

-72.5

-3,292.5-176.2+3,116.3

Consolidated

SVF segment: SoftBank Vision Funds segment

16

Net Income (quarterly)(¥ B)
Alibaba-relatedtransactions

3,033.6

1,932.8

5.5

526.4
313.7

97.1

1,255.7

1,121.7

912.3
698.3

1,172.0
761.5

627.5

29.0

55.0

24.0

¥477.6B loss

-57.6

-127.2-397.9-700.2-783.4(incl. ¥464.6B loss on forex)-1,438.2-2,100.6-3,162.7Q1Q2

FY2017

Q3

Q4

Q1

Q2

FY2018

Q3

Q4

Q1

Q2

FY2019

Q3

Q4

Q1

Q2

FY2020

Q3

Q4

Q1

Q2

FY2021

Q3

Q4

Q1

Q2

FY2022Q3Q4Q1FY2023Net Income: Net income attributable to owners of the parent

17

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 self-financing entities includes SoftBank Corp, SVF1, SVF2, LatAm Funds, and Arm, etc.​18Changes in Key Indicators (FY2023Q1)
All indicators improved
Mar 31, 2023

Jun 30, 2023

¥14.1T($105.8B)¥15.5
T($107.2B)

LTV

11.0%

8.0%

Cash position

¥5.1T

¥5.8T

NAV

(Net Asset Value)(Loan-to-Value)

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

19

Change in NAV
(¥ T)

Forex

Share
price
＋0.4

Others
- 0.3

¥1.4

＋1.3

NAV

15.5

14.1

Mar 31, 2023

UpT
mainly due toforex impact andhigher share pricesof assets

Jun 30, 2023

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

20

Impact of Forex (FY2023Q1)
Weaker JPY increased NAV and equity
On NAVOn accounting
Equity+¥1.3T+¥1.3T
Consolidated net income-¥0.5TFor details of NAV, see Appendix “Definition and Calculation Method of SBG’s NAV and LTV (as of Jun 30, 2023)”

21

NAV per Share and Share Price(¥)

Share Price

9,656
-46％

10,616
-36％

6,773

5,182

Mar 31, 2023

NAV per ShareJun 30, 2023

6,917

Aug 7, 2023

For details of NAV, see Appendix “Definition and Calculation Method of SBG’s NAV and LTV (as of Mar 31, 2023)” and “Definition and Calculation Method of SBG’s NAV and LTV (as of Jun 30, 2023)”
NAV per Share = NAV ÷ Total number of issued shares (excluding treasury stock)22

Equity Value of Holdings
excluding asset-backed finance

(¥ T)

21.7
4.5
2.4
3.4

19.7
3.0

16.9

2.2

2.0

3.3

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

Alibabafully monetizedComponent ratio (as of Jun 30, 2023)
Alibaba

0.1%

SoftBank Corp.

14%

SVF1

18%

SVF2

24%

LatAm Funds

5%

3.7

T-Mobile/
Deutsche Telekom

8%

Arm

22%

Others

8%

2.4
3.1

4.0

4.5

4.2

1.0
1.2

1.0
1.3

3.0

3.1

1.8

1.6

1.3

1.3

1.4

Q1
FY2022

Q2

Q3

Q4

Q1
FY20230.9
1.4

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 briefing

23

NAV (Net Asset Value)¥15.5T$107.2B(Jun 30, 2023)

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 Jun 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.

24

LTV (Net Debt / Equity Value of Holdings)
excluding asset-backed finance

40%

35％
30%

21.6%
18.7%

20%

25％
20.4%

15.9%

18.2%
14.5%

15.0%
11.0%

10%

0%

Q1
FY2021

Q2

Q3

Q4

Q1
FY2022

Q2

Q3

Q4

8.0%

Lowestever

Q1
FY2023As 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

25Cash Position

(¥ T)

5.8

6.0

5.1
5.0

4.6

4.3
3.8

4.0

2.8

3.0

2.0

Furtherincreased to

2.9
2.1

2.1

~¥6T

1.0

0.0

Q1
FY2021

Q2

Q3

Q4

Q1
FY2022

Q2

Q3

Q4

Q1
FY2023As of the end of each quarter
Cash position: cash and cash equivalents + short term investments recorded as current assets + undrawn commitment line. SBG stand-alone basis (excludes SB Northstar but includes its cash and cash equivalents)

26

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.

27

FY2023Q1: Gain/Loss on Investments

Combined

SVF1

SVF2

LatAm Funds+$1.0B+$0.9B-$0.3B+$0.3BThe 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 SVF 1, SVF 2 and LatAm Funds andthere is no assurance that unrealized investments will be sold for values equal to or more than the total values used in calculating the performance values portrayed herein. Actual returns on unrealized investments will depend on,among other factors, the value of the assets and market conditions at the time 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.

28

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

89.6

102.0

Exited25.2

45.7

Public companies(investments
before exit)

30.2

20.5

Private companies(investments
before exit)

34.2

35.8

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, 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.

29

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

ExitedPublic companies(investments
before exit)

51.8
1.8

8.7

33.2
2.8

Private companies(investments
before exit)

4.9
41.3

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

25.5
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, 2023.
Exited: includes 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.

30

Value Changes cin Portfolio (cumulative)

USD basis(SVF1 + SVF2 + LatAm Funds)

Mar 31, 2023

Jun 30, 2023

No change

No change

26 co
(6%)

Gain
+$46.3B

18 co

(4%)

112 co101 co
(21%)

(24%)

343 co346 co(73%)

Loss-$54.8B

Gain+$49.0B

(72%)

Loss
-$56.5B-$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.

-$7.5B (473 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)

31

Gain/Loss on Investments

FY2023Q1 (Total +$975M)+$4,639M (88 companies)+$5,385M (150 companies)

+222

+95

+1,202+256(29 co)+238+1,731+2,649(9 co)(12 co)(44 co)(32 co)(53 co)Performanceof portfolio
companies

MarketFactors

Publicportfolio
companies

Others(51 co)(16 co)(15 co)(32 co)Recenttransactions

Performanceof portfolio
companies

MarketFactors

Publicportfolio
companies

OthersRecenttransactions(4 co)(118 co)(20 co)(23 co)(27 co)(2 co)-1,279(21 co)+200(16 co)-4,272(16 co)+2,921(6 co)-82

Markdown(SVF1 + SVF2 + LatAm Funds)

FY2022Q4 (Total -$1,879M)
MarkupBy main factor($ M)

USD basis-716-$6,518M (192 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.

-169

-7

-1,751-131-2,336+511-186-$4,410M (116 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 FY2022Q4 and FY2023Q1 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.

32

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

14.7
13.1

Resuming
investments

8.6
5.6

2.3

Q1

FY2021

Q2

Q3

Q4

Q1

FY2022

0.4

0.3

0.4

0.9

Q2

Q3

Q4

Q1

FY2023

Invested amounts are the sum of new and follow-on investments,
including those through share exchanges.
Excludes the amount invested by SVF to acquire investments
transferred from SBG.

33

Enhancing Ecosystem
Host post-COVID
networking events globally
Reconnect SVF portfolio
companies, SBG groupcompanies, and investors
Promote knowledge
sharing among SVF
portfolio companies
34

Enhancing Ecosystem: Japan Market• SBG Group as a gateway to the Japanese market; helping SVF portfolio
companies to expand into Japan at various stages• 50+ SVF portfolio companies operating in Japan• Provides business opportunities to Japanese companies inside andoutside SBG Group
SVF1

SVF2

The information herein is provided solely for illustrative purposes, reflects the current beliefs of SBIA as of the date hereof. Select investments presented herein are solely for illustrative purposes, have been selected in order toprovide examples of the types of investments made by SBIA and do not purport to be a complete list of SVF1 and 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. There can be no assurances that anyplans described herein will be realized on the terms expressed herein or at all, and all such plans are subject to uncertainties and risks.

35

AI Technology Mapping
Artificial
Intelligence
ExpertSystems

Other
Subfields

MachineLearning
NaturalLanguage
Processing

Deep
Learning

Generative AI &Large Language Models
Computer
VisionGenerative AI isone componentof AI
Sources: IDC and others

The illustrative diagram on the slide is a simplified representation of AI and its various subfields.
AI is a rapidly evolving field, and many other subfields exist, intersect, and may emerge in the future.
Sources: IDC – Generative AI Explainer; UCI Department of Statistics - The Role of Statistics in Modern Data Analysis;
Bulletin of the American Meteorological Society; SBIA Analysis.
The information is provided for illustrative purposes only and reflects the beliefs of SBIA as of the date of this presentation.

36

Expansion of Use Cases for AI
SectorUse case

Enterprise

Consumer

HealthTech

Logistics

Proptech

FinTechTransportation

EdTechProcessor IP

Code Writing

Customer
Service
Management

Drug
Discovery

Automated
Warehouses

Building
Operations

Credit Scoring& LoanOrigination

Self-Driving
VehiclesDynamic
Educational
Assessments

Cybersecurity

SoftwareTesting

Product
Recommendations

Personalized
Treatment
Plans

Demand &SupplyForecasting

Real Estate
Marketing

Personalized
Financial
Planning

VehicleRepairAssessments

Real-time
Feedback

3D Printing

Requirements
Documentation

Price
Optimization

MedicalImaging
Insights

Route
Optimization

Property
Value
Assessments

Fraud
Detection

Predictive
FleetManagement

Personalized
Tutoring Plans

Frontier
Tech

Example ofinvestments
The information herein is provided solely for illustrative purposes, reflects the current beliefs of SBIA as of the date hereof. Sector characterization has been determined by SBIA, and although SBIA believes that such determinations arereasonable, they are inherently subjective in nature. Select investments presented herein are solely for illustrative purposes, have been selected in order to provide examples of the types of investments made by SBIA and do not purport to be
a complete list of SVF’s 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 becomparable in quality or performance to the investments described herein. Please refer to visionfund.com/portfolio for a more complete list of SVF's investments.

37

Arm

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

38

2,665

Q2-Q4

2,817

3-year CAGR

Q1

1,689

1,823

1,980
1,788

1,809
1,990

1,270

419
'16
© 2023 Arm

1,397

426
'17

1,410

378
'18

1,410

398
'19

(3 months)

14%

2,098

1,550

429
'20

675

'21

719

'22

641
'23

(Source) Arm
After FY2017: excl. ISG revenues
ISG: Internet-of-Things Services Group
Based on, but not necessarily in conformity with IFRSAll numbers are unaudited and provided for directional information purposes only.
All numbers are preliminary and subject to change.
The information herein was prepared by Arm. None of SBG, SVF1, the general partner of SVF1 or SBIA makeany representation regarding the accuracy of the information and are under no obligation to update the information.

39

AI on Arm is Everywhere
MobileCloud compute

Automotive

IoT &embeddedAI for all
applications

Generative Optimized
AI
for AI

Autonomous
drivingSmartvision(Source) Arm

40

Computing Platform for Mobile(announced in May 2023)

Next generation
AI

CPU

GPU

Immersive
gaming experience

Tools
Software
Arm Total Compute Solutions 2023
(Source) Arm
The information contained herein is provided for illustrative purposes only.
The information herein was prepared by Arm. None of SBG, SVF1, the general partner of SVF1 or SBIA make any representation regarding the accuracy of the information and are under no obligation to update the information.

41

NVIDIA announced Isambard 3
Supercomputer in May 2023
Isambard 3 will feature Arm-based
NVIDIA Grace CPU Superchips to
power medical and scientificresearch
Expected to be among Europe’s
most energy-efficient systems
according to NVIDIA(Source) NVIDIA Corporation
For details, please see” NVIDIA Grace Drives Wave Of New Energy-Efficient Arm Supercomputers” on NVIDIA’s website (LINK) .

42
42

Arm has confidentially submitted a draft
registration statement on Form F-1 to the U.S.
Securities and Exchange Commission.
The size and price range for the proposed offering
have yet to be determined.
The initial public offering is subject to market and other conditions andthe completion of the SEC's review process.
For details of Arm IPO plans, see SBG’s press release “Confidential Submission of Draft Registration Statement on Form F-1 by Arm Limited” dated on May 1, 2023.

43
43

AI Reshapes the Industrial Landscape44AI is revolutionizing every industry​AI
The information contained herein is provided for illustrative purposes only and does not guarantee accuracy.

45

Logistics Market Size as a Percentage of GDP
Ads

1%($0.3T)

Total$23.3T

Logistics

8%($1.8T)

GDP: as of 2021, (Source) The World Bank, “GDP (current US$)”
Ads: as of 2021, (Source) dentsu, “Global Ad Spend Forecasts July 2022”
Logistics: as of 2021, sum of transportation costs + inventory carrying costs + other costs, (Source) Council of Supply Chain Management Professionals, “33rd Annual State of Logistics Report”

46

Logistics Market Size as a Percentage of GDP
Ads1%($0.1T)

Total
$5.0T

Logistics

9%($0.4T)

USD 1 = JPY 109.90 (2021 average TTM)
GDP: as of 2021, (Source) Cabinet Office, “National Accounts for 2021”
Ads: as of 2021, (Source) dentsu, “Advertising Expenditures in Japan 2021”
Logistics: as of 2020, sum of transportation costs + inventory carrying costs + management costs, (Source) Japan Institute of Logistics Systems, “FY2022 Logistics Cost Survey Report”

47

Strategic Investments in Logistics
Made strategic investments in automated logistics that leverage AI(i) Established a JV with SBG's investmentcommitment of $3.2B; (ii) acquired additional 3%interests for $500M in July 2023
(SBG Group's interest in the company as of Mar 31, 2023: 5.6% in total)

Acquired all shares for $338M in July 2023
(SVF2's interest in the company as of Mar 31, 2023: 27.7%)

Acquired shares through the ¥23B round in March
to June 2023
The amount for which SBG acquired all shares of Berkshire Grey ($338M) includes the amount SBG acquired from SVF2.
The information herein is provided solely for illustrative purposes of the strategic investments, and references to investments included herein should not be construed as a recommendation of any particular investment or security.

48

Symbotic
Warehouse automation platform for retailers and distributors• Founded in 2007, listed on NASDAQ in
2022• Revolutionized warehouse automation
to dramatically improve storage density,
efficiency, speed and flexibility throughAI-powered robotic platform• Launched GreenBox JV targeting the$500B+ annual warehouse-as-a-service
opportunity• FY2022 revenue: $593.3M (+136% yoy)(Source) Symbotic

49

GreenBox Systems
Transformative Warehouse-as-a-Service offering

GreenBox Automated Warehouse A

GreenBox Automated Warehouse B

GreenBox Automated Warehouse C

Third-party customers (single and multi-tenant)GreenBox is a jointly controlled entity of SBG and Symbotic.
(Source) Symbotic

50

Berkshire Grey
AI-enabled robotic solutions to automate fulfillment processes• Founded in 2013
• Provide AI-enabled robotic solutions of
e-commerce fulfillment, store
replenishment, and packaging handling(identifying, sorting, and picking) for ecommerce, retail, convenience andlogistics providers• FY2022 revenue: $65.9M (+29% yoy)(Source) Berkshire Grey

51

TELEXISTENCE
Develop and deploy remote control technology and AI robots• Founded in 2017
• Deploy AI robots to restock beveragein convenience store backyards• Entered into an agreement with
FamilyMart to install AI robots in 300
stores across Japan• Replenish 500-1000 drinks/store with
TX robots replacing employees’ daily
work(Source) TELEXISTENCE

52

Financial Strategy

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

53

FY2023 Financial Strategy

Adhering tofinancial policy

Financialmanagement
adaptable to both
Defense andOffense54

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
55

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 = 8.0% as of Jun 30, 2023)
Maintain at least 2-year worth of bondredemptions in cash

(Cash position = ¥5.8T as of Jun 30, 2023)
56

Capital AllocationNew
investments

Shareholders
return*Endeavor to
strike a balance

Financial policy(Financial stability)*The level of NAV discount is also considered57

SBG Income Taxes Paid on a Consolidated Basis (Net)(¥ B)
FY2018FY2019FY2020

FY2021

FY2022

Total of 5
fiscal years

Consolidated

415.4

636.3

445.5

589.3

525.9

2,612.4

Japan

284.3

575.2

310.5

551.2

469.7

2,190.9

SBG and intermediate holding
companies (wholly owned
subsidiaries)

36.8

324.7

35.7

200.0

214.2

811.4

Operating companies (mainly
SoftBank Corp. and Yahoo
Japan Corporation)

247.5

250.5

274.8

351.2

255.5

1,379.5

131.1

61.1

135.0

38.1

56.2

421.5

Overseas

The amounts are the net amount of tax payments and tax refunds.
Income taxes paid on a consolidated basis matches the net amount of “income taxes paid” and “income taxes refunded” in the consolidated statement of cash flows.
¥83.9B of income taxes refunded for FY2018, and ¥121.1B of income taxes refunded for FY2020 were netted out with income taxes paid for the previous fiscal years as these income taxes
refunded were returned from the income taxes paid for the previous fiscal years.
58
Cash tax of ¥229.2B paid by SBG in FY2023Q1 based on FY2022 taxable income is not included in FY2022 income taxes paid in the table above.

(Ref.) Top 10 Consolidated Corporate Income Tax Payments (FY2018- 2022)(¥ B)
Company

FY2018FY2019FY2020

FY2021

FY2022

Total of 5
fiscal years

1

TOYOTA MOTOR

836.6

777.5

810.1

809.8

1,297.2

4,531.2

2

NTT

613.4

488.3

524.3

434.3

738.4

2,798.7

3

SoftBank Group

415.4

636.3

445.5

589.3

525.9

2,612.4

4

INPEX

388.1

443.9

218.1

352.7

906.0

2,308.8

5

KDDI

288.7

304.0

331.4

367.1

289.5

1,580.7

6

Sumitomo Mitsui Financial Group

283.8

285.8

135.7

268.7

384.4

1,358.4

7

Honda Motor

263.6

230.5

206.3

203.1

401.3

1,304.8

8

Mitsubishi UFJ Financial Group

302.0

128.1

124.7

220.1

477.5

1,252.5

9

JAPAN POST HOLDINGS

367.2

221.5

168.6

274.8

124.6

1,156.8

10Sony Group

210.5

216.9

119.1

269.9

297.9

1,114.3(Source) S&P Global Capital IQ
Criteria: (1) Listed companies in Japan, (2) Numbers based on income taxes paid and income taxes refunded from consolidated statements of cash flows,(3) Top 10 companies in terms of total income taxes paid for FY2018 to FY2022.
SoftBank Group: ¥83.9B in FY2018 and ¥121.1B in FY2020 of income taxes refunded were netted out with income taxes paid for the previous fiscal years as these income taxes refunded werereturned from the income taxes paid for the previous fiscal years.

59Summary
1

SVF returned to profit for the first timein 6 quarters

2 NAV up to ¥15.5T, LTV down to 8.0%
3 Resuming offensive
4 Arm continues preparations for the IPO
60

“Information Revolution－Happiness for Everyone”

61

62

Appendix

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

63

Equity Value of Holdings: Diversified Portfolio
5%

Alibaba

14%

SoftBank Corp.

8%

T-Mobile/
Deutsche Telekom

22%

Arm

43%

45%

47%

SVF1+SVF2+
LatAm Funds

435
investments439
investments438
investments

8%

8%

8%

Mar 31
2022
52%

Mar 31
2023
41%

Jun 30
2023
36%

23%

10%
5%
12%

Listed share %0.1%

excluding asset-backed finance

15%
10%
18%

Alibabafully
monetized

OthersFor details of equity value of holdings, see Appendix “Definition and Calculation Method of SBG’s NAV and LTV (as of Mar 31, 2022)” , “Definition and Calculation Method of SBG’s NAV and LTV (as of Mar 31, 2023)” and “Definition and Calculation Method of SBG’s NAV and LTV (as of Jun 30, 2023)”
Listed share % includes shares of Alibaba, listed shares held by SVF1, SVF2, LatAm Funds, SoftBank Corp., T-Mobile, Deutsche Telekom, and public companies included in Others.
SVF1, SVF2, and LatAm Funds figures are for SBG’s interest only.
The sum of (i) the portion of SBG’s equity value of holdings (net of asset-backed finance) as of Jun 30, 2023 represented by listed shares plus (ii) the value of SBG’s interests in Arm as of Jun 30, 2023, calculated as described herein and net of asset-backed finance, is 58%, taking into account Arm’s previously announced preparations forlisting. Although Arm has already announced the commencement of preparations for the listing of its shares, the timing of the listing and the value of Arm and SBG’s stake in Arm post-listing have not yet been determined, and this presentation is not intended to make any guarantee or implication with respect to these matters.
Investments held by SVF1, SVF2, and LatAm Funds as of June 30, 2023: 76 investments from SVF1, 272 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 First Quarter Ended June 30, 2023”, respectively.

64

Equity Value of Holdings: Diversified Portfolio
15%
31%
18%
11%

12%

10%

China

17%

Japan

13%

APAC

（excluding China
and Japan）

9%

Greatergeographicaldiversification

27%

32%

EMEA

4%

5%

5%

Latin America

25%

24%

23%

North America

Mar 31
2022

Mar 31
2023

Jun 302023

20%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

65

Monetization and Capital Allocation (FY2023Q1)(¥ T)
Undrawn
commitment line

5.1
0.6

Fund
procurement
0.1

-0.2

0.7

Investment

5.8
+0.1

0.7

Undrawn
commitment line

Monetization

+0.8

5.1

4.5

Cash position（Mar 31, 2023)

Increase

Decrease

OthersCash position（Jun 30, 2023）

Converted to JPY at average rate for each quarter
Cash position: cash and cash equivalents + short term investments recorded as current assets + undrawn commitment line. 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 includes SoftBank Corp, SVF1, SVF2, LatAm Funds, and 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
Fund procurement: ¥220.0B raised through SBG corporate bonds and ¥53.1B raised through hybrid loans by SBG
Investment: $0.9B contributed to SVFs and $0.9B to others
The amount of fund procurement is net of the ¥153.0B in bonds redeemed and repurchased by SBG and borrowings, etc. repaid by SBG during the period.

66

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.
•
SBKK: the number of shares held by SBG x SBKK share price - the equivalent amount of outstanding liabilities for margin loans, etc. using SBKK shares.
•
SVF1: SBG's share of the equivalent value of assets held by SVF1 + accrued performance fees, etc.
•
SVF2: SBG's share of the equivalent value of assets held by SVF2, etc.
•
LatAm Funds: SBG's share of the equivalent value of assets held by LatAm Funds + accrued performance fees.
•
T-Mobile: (a) + (b) - (c) - (d)a) The number of T-Mobile shares held by SBG, including the number of shares subject to call options held by Deutsche Telekom (34,971,809 shares as of Jun 30, 2023) x T-Mobile share price.
b) Fair value of SBG’s right to acquire the company’s shares (48,751,557 shares) for no consideration under certain conditions (contingent consideration).
c) 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: 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 (listed and unlisted investments by SBG): (e) + (f) + (g)e) Listed shares: calculated by multiplying the number of shares held by SBG by the share price of each listed 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 value of NVIDIA Corporation shares held by SBG multiplied by its share price. Cash and cash equivalents and interest-bearing debt, other than margin loans and prime brokerage loans, are treated as net
interest-bearing debt of SBG therefore not included in the calculation of SB Northstar’s NAV. There is no balance of margin loans and prime brokerage loans of SB Northstar as of June 30, 2023.
3. Net debt (after adjustment for asset-backed financing)•
Net debt = SBG net interest-bearing debt•
SBG net interest-bearing debt = Consolidated net interest-bearing debt - Net interest-bearing debt at self-financing entities, etc. - Other adjustments•
Consolidated net interest-bearing debt: excludes bank deposits and cash position at PayPay Bank Corporation•
Net interest-bearing debt at self-financing entities, etc.: the sum of gross interest-bearing debt less the sum of cash positions of self-financing entities, such as SBKK (including its subsidiaries such as Z Holdings 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. There is no balance of margin loans and prime brokerage loans of SB Northstar as of June30, 2023.
•
Other adjustments: the sum of adjustments of (h) to (q) belowh) USD Hybrid Notes issued in Jul 2017: 50% added to interest-bearing debt (to be treated as a liability), as the entire amount is recorded as equity in the consolidated financial statements (the entire balance of NC6 Hybrid Notes, which was redeemed on the first voluntary
redemption date in July 2023, is added to interest-bearing debt).
i) JPY Hybrid Loan borrowed in Nov 2017: 50% deducted from interest-bearing debt (to be treated as equity), as the entire amount is recorded as interest-bearing debt in the consolidated financial statements.
j) JPY Hybrid Bonds issued in Feb and Jun 2021: 50% deducted from interest-bearing debt (to be treated as equity), as the entire amount is recorded as interest-bearing debt in the consolidated financial statements.
k) JPY Hybrid Notes issued in April 2023: 50% deducted from interest-bearing debt (to be treated as equity), as the entire amount is recorded as interest-bearing debt in the consolidated financial statements.
l) JPY Hybrid Loan borrowed in May 2023: 50% deducted from interest-bearing debt (to be treated as equity), as the entire amount is recorded as interest-bearing debt in the consolidated financial statements.
m) Deduction of the financial liabilities related to prepaid forward contracts (floor contracts, collar contracts, and forward contracts) using Alibaba shares.
n) Deduction of the equivalent amount of outstanding liabilities for margin loans using SBKK shares.
o) Deduction of the financial liabilities related to prepaid forward contracts (collar contracts) using T-Mobile shares.
p) Deduction of the financial liabilities recorded as borrowings related to collar transactions using Deutsche Telekom shares.
q) Deduction of the amount equivalent to the outstanding balance of the borrowings made through asset-backed finance using Arm shares.
4. LTV (Loan to Value)•
LTV = Net debt / Equity value of holdings
5. Other assumptions•
Share prices: Closing price as of Jun 30, 2023•
FX rate: USD 1 = JPY 144.99


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

67

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

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

68Definition and Calculation Method of SBG’s NAV and LTV (as of Mar 31, 2022)
1. NAV (Net Asset Value)•
NAV = Equity value of holdings - Net debt
2. Equity value of holdings (after adjustment for asset-backed financing)•
Alibaba: the number of Alibaba ADSs equivalent to the number of shares held by SBG × Alibaba ADS price - (a) - (b).
a) 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.
b) Equivalent amount of outstanding liabilities for margin loans using Alibaba shares.
•
SBKK: the number of shares held by SBG × SBKK share price - the equivalent amount of outstanding liabilities for margin loans using SBKK shares.
•
SVF1: SBG's share of the equivalent value of assets held by SVF1 + accrued performance fees, etc.
•
SVF2: SBG's share of the equivalent value of assets held by SVF2, etc.
•
LatAm Funds: SBG's share of the equivalent value of assets held by LatAm Funds + accrued performance fees.
•
T-Mobile: the sum of (c) to (e), less (f) to (h) belowc) The number of T-Mobile shares held by SBG, including the number of shares subject to call options held by Deutsche Telekom (56,124,954 shares as of Mar 31, 2022) × T-Mobile share price.
d) Fair value of SBG’s right to acquire the company’s shares (48,751,557 shares) for no consideration under certain conditions (contingent consideration).
e) Fair value of the rights received in connection with the transaction whereby T-Mobile sold the company’s shares to Trust that offered its Cash Mandatory Exchangeable Trust Securities, which allows a subsidiary of SBG to acquire T-Mobile shares under certain conditions.
f) The amount of derivative financial liabilities related to unexercised call options held by Deutsche Telekom.
g) Of the total borrowing amount of the margin loan using T-Mobile shares, the amount that is considered as asset-backed financing non-recourse to SBG ($1.49bn, which is a portion of the total borrowing amount of $2.06bn less the maximum amount guaranteed by SBG ($0.57bn), because SBG guarantees a
portion of the borrowing on an exceptional basis. As a precondition for SBG to fulfill its guarantee obligations, the lenders are obligated to first recover the amount to the maximum extent possible from Alibaba shares pledged as collateral for such borrowing.)h) 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 × Deutsche Telekom share price - the maturity settlement amount of a collar transaction using Deutsche Telekom shares.
•
Arm: the fair value of all Arm shares calculated at SVF1 × SBG ownership (approximately 75% of shares outstanding) - the amount equivalent to the outstanding balance of the borrowings made through asset-backed finance using Arm shares.
•
Others (listed and unlisted investments by SBG): the sum of (i) and (k) belowi) Listed shares: calculated by multiplying the number of shares held by SBG by the share price of each listed share.
j) 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.
k) SB Northstar: SBG’s share of SB Northstar's NAV plus the value of NVIDIA Corporation shares held by SBG multiplied by its share price.
3. Net debt (after adjustment for asset-backed financing)•
Net debt = SBG net interest-bearing debt•
SBG net interest-bearing debt = Consolidated net interest-bearing debt - Net interest-bearing debt at self-financing entities, etc. - Other adjustments•
Consolidated net interest-bearing debt: excludes bank deposits and cash position at PayPay Bank Corporation•
Net interest-bearing debt at self-financing entities, etc.: the sum of gross interest-bearing debt less the sum of cash positions of self-financing entities, such as SBKK (including its subsidiaries such as Z Holdings Corporation and PayPay Corporation), SVF1, SVF2, LatAm Funds, and Arm, as well as SB Northstar.
•
Other adjustments: the sum of adjustments of (l) to (v) belowl) JPY Hybrid Bonds issued in Sep 2016: 50% deducted from interest-bearing debt (to be treated as equity), as the entire amount is recorded as interest-bearing debt in the consolidated financial statements.
m) USD Hybrid Notes issued in Jul 2017: 50% added to interest-bearing debt (to be treated a liability), as the entire amount is recorded as equity in the consolidated financial statements.
n) JPY Hybrid Loan borrowed in Nov 2017: 50% deducted from interest-bearing debt (to be treated as equity), as the entire amount is recorded as interest-bearing debt in the consolidated financial statements.
o) JPY Hybrid Bonds issued in Feb and Jun 2021: 50% deducted from interest-bearing debt (to be treated as equity), as the entire amount is recorded as interest-bearing debt in the consolidated financial statements.
p) Deduction of the amount equivalent to the outstanding margin loans using Alibaba shares.
q) Deduction of the financial liabilities related to prepaid forward contracts (floor contracts, collar contracts, and forward contracts) using Alibaba shares.
r) Deduction of the equivalent amount of outstanding liabilities for margin loans using SBKK shares.
s) Deduction of the loan amount that is considered as asset-backed financing non-recourse to SBG, which is a portion of the margin loan using T-Mobile shares pledged as collateral (refer to (g) above under 2).
t) Deduction of the financial liabilities related to prepaid forward contracts (collar contracts) using T-Mobile shares.
u) Deduction of the financial liabilities recorded as borrowings related to collar transactions using Deutsche Telekom shares.
v) Deduction of the amount equivalent to the outstanding balance of the borrowings made through asset-backed finance using Arm shares.
4. LTV (Loan to Value)•
LTV = Net debt / Equity value of holdings
5. Other assumptions•
Share prices: Closing price as of Mar 31, 2022•
FX rate: USD 1 = JPY 122.39


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

69

SVF1 Public Portfolio Companies (as of Jun 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
Vir Biotechnology
Opendoor
PolicyBazaar
10x Genomics
Delhivery
Relay Therapeutics
Roivant (Listed Portion Only) *5
Energy Vault
Zomato
GoTo (Gojek Tokopedia) *6
SenseTime
OneConnect
ZhongAn
Aurora Innovation
Auto1
Paytm
Getaround
Ginkgo Bioworks (Previously Zymergen)
Full Truck Alliance
Grab
Compass
View
WeWork *7
DiDi

(A)

Public company total (Gross)(B)(A)+(B)

SVF1 private company, etc.*1
Total (SBG basis)

*7

*8

(a)
Investment cost *2
to SVF1
2,729
680
2,878
308
7,666
334
400
199
450
199
31
397
300
919
60
309
841
1,429
100
550
333
741
1,600
348
404
1,700
2,993
1,082
1,175
3,468
12,073(b)Gross return *3
to SVF1
10,798
7,486
5,813
2,665
9,215
1,018
828
579
824
572
338
656
350
954
51
263
756
1,344
4
400
116
455
1,265
8
45
1,280
2,398
466
8
23
2,905

(c) = (b) - (a)Gross gain (loss)
to SVF1
8,069
6,806
2,936
2,358
1,549
684
428
380
374
373
307
259
50
35
(9)
(46)
(85)
(85)
(96)
(150)
(217)
(287)
(335)
(340)
(359)
(420)
(595)
(616)
(1,167)(3,445)(9,168)$46,697$53,883$7,185$40,916$87,613$46,120$100,003$5,204$12,389(d) = (b) / (a)Gross MOIC

*4

4.0x
11.0x
2.0x
8.7x
1.2x
3.0x
2.1x
2.9x
1.8x
2.9x
10.9x
1.7x
1.2x
1.0x
0.8x
0.8x
0.9x
0.9x
0.04x
0.7x
0.3x
0.6x
0.8x
0.02x
0.1x
0.8x
0.8x
0.4x
0.01x
0.01x
0.2x

1.2x

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 Jun 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.
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 $29.0B as of Jun 30, 2023. Please refer to “Earnings Investor Briefing for Q1 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 Jun 30, 2023.
The selected investments presented herein were solely for illustrative purposes to show the public securities of SVF1 before or as at Jun 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
performance figures are subject to change and not necessarily indicative of the performance of SVF1 and are included only for illustrative purposes.
$1= ¥144.99 (Jun 30, 2023 TTM)

70

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

Fully Exited

Beike
Symbotic
AutoStore
IonQ
Qualtrics *5
Berkshire Grey *6
Alnnovation
Pear Therapeutics
BeisenFull Truck AllianceZhangmen
Exscientia
Seer
DingDong Mai Cai
JD Logistics
WeWork(A)

Public company total (Gross)(B)(A)+(B)

SVF2 private company, etc.
Total (SBG basis) *1(a)Investment cost *2
to SVF2(b)
Gross return *3
to SVF2(c) = (b) - (a)Gross gain (loss)
to SVF2

1,147
656
76
22
(9)
(23)
(32)
(46)
(54)
(101)
(105)
(172)
(183)
(282)
(410)
(2,654)

1.8x
4.3x
1.0x
1.4x
0.6x
0.8x
0.7x
0.002x
0.5x
0.6x
0.002x
0.4x
0.1x
0.1x
0.3x
0.1x

$9,624$7,454$(2,170)

0.8x$42,173$51,797$25,751$33,205$(16,423)$(18,593)

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

*7

2,497
856
2,876
83
15
92
94
0
46
149
0
112
22
43
190
379

(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 Jun 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 Jun 28, 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 $51.1B, and the total value is $32.5B as of Jun 30, 2023. Please refer to “Earnings Investor Briefing for Q1 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 Jun 30, 2023.
The selected investments presented herein were solely for illustrative purposes to show the public securities of SVF2 as at Jun 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= ¥144.99 (Jun 30, 2023 TTM)

71