Earnings Results
for the Three-month Period
Ended June 30, 2024

Investor Briefing
August 7, 2024

SoftBank Group Corp.

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

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

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

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

Exchange rates per JPY used for translation
Average during quarter
1 USD
EOQ

Q1
138.11
Jun 30

1 USD

FY2023Q2
145.44
Sep 30Q3
147.00Dec 31Q4
147.87
Mar 31Q1
156.53Jun 30151.41161.07Q2
Sep 30

FY2024Q3

Q4

Dec 31Mar 31Abbreviations
Abbreviations used in Finance section of this presentation are as follows.
In some cases, "Ltd.“ and "Corporation" etc. are omitted from the company name.
Abbreviations

SBG
The Company
SBKK
SB Northstar
SVF1 or SoftBank Vision Fund 1
SVF2 or SoftBank Vision Fund 2
LatAm Funds or Latin America Funds
SVF
SBIA
SBGA
Arm
T-Mobile or TMo
Deutsche Telekom or DT
Alibaba

Definition (Each of the following abbreviations indicates the respective company and its subsidiaries, if any)
SoftBank Group Corp. (stand-alone basis)
SoftBank Group Corp. and its subsidiaries
SoftBank Corp.
SB Northstar LP
SoftBank Vision Fund L.P. and its alternative investment vehicles
SoftBank Vision Fund II-2 L.P.
SBLA Latin America Fund LLC
SVF1, SVF2 and LatAm Funds
SB Investment Advisers (UK) Limited
SB Global Advisers Limited
Arm Holdings plc
T-Mobile US, Inc. after merging with Sprint
Deutsche Telekom AG
Alibaba Group Holding Limited

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

Finance
SBG stand-alone financial figures are calculated by excluding those of selffinancing entities from the consolidated figures, unless otherwise stated.
Major self financing entities include SBKK (including its subsidiaries such as
LY Corporation and PayPay), Arm, SVF1, SVF2, LatAm Funds, etc.

Impact of Recent Market Environments

Financial soundness stays intact evenduring market fluctuations

NAV

 LTV level with a sufficient buffer Completed bond refinancing for FY2024
 Maintain ample cash position

(¥ T)

LTV

15.5

16.4

Cash position*1

25%

5.8

24.9

19.2

8.0%

Sep

Dec

Mar

Jun

2023

2023

2023

2024

2024

Pro- ※
試算値
forma

0%

(as of Jun 30, 2024)

10.6%

5.1

4.4

4.7

4.6

4.3

10.9%

11.5%

Jun

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

(¥ T)

35.3
27.8

※

8.4%

7.8%

Jun

Sep

Dec

Mar

2023

2023

2023

2024

Pro- ※
試算値
2024 forma
Jun

Jun

Sep

Dec

Mar

Jun

2023

2023

2023

2024

2024

(as of Jun 30, 2024)(Note) Pro forma (as of Jun 30, 2024): 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.
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.
*1 Cash and cash equivalents + short term investments recorded as current assets (such as investments from asset management subsidiaries) + bond investments + undrawn commitment line. SBG standalone basis. From Sep 2023, SBG stand-alone cash position includes bond investments of SB Northstar.

Pro- ※
試算値
forma(as of Jun 30, 2024)

Finance 2

End of June – Our Perspective on Market Fluctuations
Low LTV and ample cash position allows us to effectively absorb sudden
market fluctuations
Equity value ofholdings

Net interest-bearing debt
(SBG stand-alone)¥38.3T

Listed shares*2

Arm, etc.

Telecomstocks(defensive)

Cash position(SBG stand-alone)

Net of asset backed
finance

LTV 7.8%

Sufficient buffer¥6.0T
2x cover¥3.0T

Maintain 5-year worth ofbond redemptions in cash

¥4.6T*1*1 Cash and cash equivalents + short term investments recorded as current assets + bond investments + undrawn commitment line (light color). SBG stand-alone basis (excl. SB
Northstar; however, incl. its cash and cash equivalents and bond investments).
*2 Shares of Arm, SoftBank Corp., T-Mobile, Deutsche Telekom, listed shares held by SVF1, SVF2 and LatAm Funds and public companies included in Others as of Jun 30, 2024. (SVF1,
SVF2, and LatAm Funds figures are for SBG’s interest only.)

Finance 3

Pro forma (Jun end)- Our Perspective on Market Fluctuations:Short-term Share Price/ Foreign Exchange Fluctuations
Managing LTV level with a sufficient buffer despite sudden market shifts
Pro forma(as of Jun 30, 2024)
Applying share prices and
FX rate as of Aug 6, 2024

(Jun 30: ¥38.3T)

Listed shares*2

Net interest-bearing debt
(SBG stand-alone)

Equity value ofholdings

Cash position(SBG stand-alone)¥27.9T

Arm, etc.

Telecomstocks(defensive)

Net of asset backed
finance

LTV 10.9%

Sufficient buffer¥5.6T
1.8x cover

Maintain 4-year worth ofbond redemptions in cash

¥3.0T (Jun 30: ¥3.0T)

Foreign exchange
impact¥4.3T*1 (Jun 30: ¥4.6T)(Note) Pro forma (as of Jun 30, 2024): 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.
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.
*1 Cash and cash equivalents + short term investments recorded as current assets + bond investments + undrawn commitment line (light color). SBG stand-alone basis (excl. SB Northstar; however, incl. its cash andcash equivalents and bond investments).
*2 Shares of Arm, SoftBank Corp., T-Mobile, Deutsche Telekom, listed shares held by SVF1, SVF2 and LatAm Funds and public companies included in Others as of Jun 30, 2024. (SVF1, SVF2, and LatAm Funds figures Finance 4
are for SBG’s interest only.)Our Perspective on Market Fluctuations
Solid financial position unaffected by short-term market fluctuations
Share price / Foreign exchange

Short-term
fluctuation
Key themes of FY24
• Economic trends of each country• Revising valuations• Fed rate cuts/BoJ rate hikes• Sudden yen appreciation



LTV ratio with sufficient buffer:•Significant buffer in LTV even during market turbulence•¥6T of the listed shares* held is in telecommunication
stocks (defensive)

Ample cash position:•

Maintain at least 2-year worth of bond redemptions incash at all times•

Pace of monetization and investment is controllable

Interest rateImpact of interest payment on NAV fluctuation is limited

High level of fixed-rate financing and maturity diversification
eliminate the risk of a sudden surge in interest payments* Listed shares : Shares of Alibaba, Arm, SoftBank Corp., T-Mobile, Deutsche Telekom, listed shares held by SVF1, SVF2 and LatAm Funds and public companies included in
Others as of Jun 30, 2024. SVF1, SVF2, and LatAm Funds figures are for SBG’s interest only.

Finance 5

Difference from the 2020 COVID-19 ShockCDS fluctuation is limited compared to COVID-19 shock.
We now possess a solid financial foundation
Historical SBG share price/CDS*1
5-year CDS
12,000527(¥)

Jun 2024• LTV 7.8%
• Cash position ¥4.6T*3

Concerns in 2020

Now

(bps)

× NAV decrease

600

10,000

500

Aug 6

8,000

400 Share price

6,000

300

¥7,172(left hand axis)

× Worsening in

100

COVID-19
crisis

0
2020

2021

2022

2023

2024

NAV expansion

credibility

Low and stable LTV
Cash position over ¥4T

Expandinginvestment amounts

Controllinginvestments

×

5-year CDS
227
200 (right hand axis)

4,000
2,000

Mar 2020• LTV 14.2%• Cash position ¥1.8T*2

× Concerns overliquidity

Large scalemonetization trackrecord0*1 As of Aug 6, 2024. Created by SBG based on Bloomberg and Capital IQ.
*2 Cash position = cash and cash equivalents + short term investments recorded as current assets. SBG stand-alone basis. The amount of the undrawn commitment line as of Mar 31, 2020 is zero.
*3 Cash position = cash and cash equivalents + short term investments recorded as current assets + bond investments + undrawn commitment line. SBG stand-alone basis (excl. SB Northstar; however,Finance 6
incl. its cash and cash equivalents and bond investments)

Financials as an Investment Company

Adapt to all market changes(We have full control over the pace and scale of investments)
Cash position ¥4.6T + monetization
Normal times

Times of emergency
Control

Monetize
Growthinvestment

SourceShareholders
returnFinancial
improvement

Strategy focused control
Balanced capital allocation centeredon investments and return

Growth investment
Shareholders return
Financial improvement

Capitalallocation

Bondredemption

Market focused control
Flexibly select investment
amount/pace, etc.

(Note) Cash position = cash and cash equivalents + short term investments recorded as current assets + bond investments + undrawn commitment line. SBG stand-alone basis (excl. SB
Northstar; however, incl. its cash and cash equivalents and bond investments)

Finance 7

FY2024Q1 Financial Summary

Achieved highest NAV and lowest LTV ever. Completed bond refinancing
Continued strategic investments in AI

NAV・LTV

NAV ¥35.3T (+¥7.5T QoQ)
LTV 7.8％ (-0.6pt QoQ)
Net debt ¥3.0T (+¥0.4T QoQ)
*1
Cash position ¥4.6T (-¥0.1T QoQ)
Executed bond refinancing-

Financials-

Domestic bonds: redemption ¥450.0B, issuance ¥650.0B (¥100.0B of whole-sale bonds +¥500.0B of retail bonds)(July) Foreign bonds (USD・EUR) *2: redemption total ¥185.3B equiv., issuance total ¥301.9B equiv.

-(April) JCR: A- (Stable) → A (Stable)(May) S&P: BB (Positive) → BB+ (Stable)

One-notch upgrade by JCR and S&P

Growth investment executed sequentially. Investment gains have turned positive

Investments-

Invested $1.9B in FY24 Q1 (Investment in Wayve, etc)
Investment gain ¥559.7B: both Investment Business of Holding Companies and SoftBank Vision
Funds recorded profits*1 Cash and cash equivalents + short term investments recorded as current assets + bond investments + undrawn commitment line. The entire amount of ¥795.0B equiv. remains undrawn as of Jun
30, 2024. The figure is on SBG stand-alone basis (excl. SB Northstar; however, incl. its cash and cash equivalents and bond investments)
Finance 8*2 For foreign-currency notes, the contracted swap foreign exchange rate is applied where applicable. Converted at $1=¥161.07 and €1=¥172.33 elsewhere.

Historical NAV
Surge in Arm’s share price has been themain driver of NAV growth

NAV ¥35.3T(as of Jun 30, 2024)

NAV Pro forma(as of Jun 30, 2024)
Applying share prices and
FX rate as of Aug 6, 2024

¥24.9T

1998

2000

2002

2004

2006

2008

2010

2012

2014

2016

2018

2020

2022

2024 (FY)（Note）As of each quarter-end• NAV (Net Asset Value) = Adj. SBG stand-alone equity value of holdings – adj. SBG stand-alone net interest-bearing debt
• Information on NAV is provided for reference purposes only to illustrate its historical trend and is not intended to guarantee or imply future NAV.
• Pro forma (as of Jun 30, 2024): 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.

Finance 9Historical NAV and Market Cap
NAV growth drives market cap expansion

NAV ¥35.3T(as of June 30, 2024)

Arm

NAV pro forma(as of Jun 30, 2024)

SVF1/SVF2/
LatAm

Applying share prices and
FX rate as of Aug 6, 2024

¥24.9T

AlibabaMarket Cap

SBKK

15T

T-Mobile/
Deutsche Telekom¥

Yahoo Japan(as of Jun 30, 2024)

Others

1998

2000

2002

2004

2006

2008

2010

2012

2014

2016

2018

2020

2022

2024

（Note）As of each quarter-end. Market cap is calculated by SBG based on Bloomberg. As of Jun 30, 2024.
• NAV (Net Asset Value) = Adj. SBG stand-alone equity value of holdings – adj. SBG stand-alone net interest-bearing debt
• Information on NAV is provided for reference purposes only to illustrate its historical trend and is not intended to guarantee or imply future NAV.
• Pro forma (as of Jun 30, 2024): 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.

(FY)

Finance 10

2000 vs 2024
The evaluation of new technology undergoes cycles of hype and correction,
ultimately being assessed based on its actual performance.

Nasdaq-100 Index

Dot-com“bubble”?
4,705

1998

2000

#

Name

1
2
3
4
5
6
7
8
9
10

Cisco Systems
MicrosoftIntel
OracleDell
WorldComYahoo!
QUALCOMM
Applied Materials
Veritas Software

32
36

Amazon.com
Apple

2002

2004

2006

AI drivenmarketMarket Cap.
($ B)
552
522
476
250
148
122
106
105
84
65

17,895

#
1
2
3
4
5
6
7
8
9
10

Market Cap.
($ B)
Apple
3,182
Microsoft
2,937
NVIDIA
2,471
Amazon.com
1,690
Meta Platforms
1,204
Alphabet
1,969
Broadcom
661
Tesla
635
Costco Wholesale
355
Netflix
257
Name

25
23

2008

2010

2012

2014

2016

2018

2020

* Created by SBG based on Bloomberg and Factset data. Market capitalization as of Mar 27, 2000, and Aug 5, 2024.

2022

2024
Finance 11

Major Listed Stocks: Price Trends (Since Sep 30, 2023)

Although Arm and SBKK share prices have recently declined, major stocks
reached new record highs since their listings

($)
200

All-time HighJul 10 $186.46

2,000¥1,786$113.39($)

All-time HighAug 6 $189.86

200

2,500

150

100

(¥)

All-time HighJul 10 ¥2,088.5

150

1,500
100
1,000

50

0

Sep 30, 2023

$53.5250500

Jun 30, 2024

$163.620

Sep 30, 2023

¥1,690.5

Jun 30, 2024

¥1,964.5(Note) Created by SBG based on Bloomberg. As of Aug 6, 2024. The prices of All-time High are based on the closing prices.

0

Sep 30, 2023

$140.05

Jun 30, 2024

$176.18

Finance 12

Historical Equity Value of Holdings

Significant growth in Arm’s value boosted
the equity value of holdings by over ¥20T(~2.3x) in a year
Net of asset-backed
finace

30.3

(¥ T)

0.0

16.9
3.7

8.0
2.4
1.4
1.4
Jun 2023

18.4
4.3

21.7

14.4

38.3
21.0
$163.62
Share priceas of Jun 30

27.9 0.01 Alibaba
12.2

6.9

8.1

8.3

8.8

2.7
1.5
1.7
Sep 2023

2.8
1.9
1.8
Dec 2023

3.2
2.1
1.9
Mar 2024

9.2
3.2
2.8
2.0
Jun 2024

8.3

SVF1+2, LatAm

SBKK
2.9
T-Mobile/
2.7
Deutsche Telekom
Others1.8
Pro forma

Proportion of listed(as of Jun 30, 2024)*
Applying share prices andshares 82%• For details of equity value of holdings, see Appendix of the Earnings Results Investor Briefing Presentation materials of each quarter.
FX rate as of Aug 6, 2024
• Pro forma (as of Jun 30, 2024): 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.
* Proportion of listed shares: Shares of Alibaba, Arm, SoftBank Corp., T-Mobile, Deutsche Telekom, listed shares held by SVF1, SVF2 and LatAm Funds and public companies included in Others as of June 2024.
SVF1, SVF2, and LatAm Funds figures are for SBG’s interest only.

Finance 13

Historical LTV*1
Managed with a significant buffer

25%
18.2%
14.5%

14.0％

15.0%

Average LTV over the
past three years

11.0%

Jun 2022

Mar 2023

Sep 2022

Dec 2022

8.0%
Jun 2023

10.6%

11.5%

Sep 2023

Dec 2023

8.4%

7.8%

Mar 2024

Jun 2024*2

Pro forma (as of Jun 2024): Based on the assumption that the compositions of asset and liability as of Jun 30, 2024 remain unchanged, and is calculatedusing share prices and the FX rate as of Aug 6, 2024. This figures is provided as reference value and does not guarantee or imply future values.
*1 As of the end of each quarter*2 For details, see Appendix “LTV Calculation: SBG Stand-alone Equity Value of Holdings” and “LTV Calculation: SBG Stand-alone Net Debt.”
•

10.9%

Pro
forma
試算値
(as of Jun 30, 2024)

Applying share prices and
FX rate as of Aug 6, 2024

Finance 14

Cash Position and Future Bond Redemptions

Maintain ample cash position, well over 2-year worth of bond redemptions
Cash position

Bond redemption schedule*3¥4.6 T*1

795.0

3,813.7

Jun 2024(¥ B)
Undrawn commitment line*2＞

Bond redemptions
for the next 2 years (¥1.4T*4)
301.9
520.3

Completedrefinancing

861.6

693.2

902.2

Jul 2024

Jul 2025

Jul 2026

Jul 2027- Jun 2025

- Jun 2026

- Jun 2027

- Jun 2028

After 1 year

After 2 years

After 3 years

After 4 years*1 Cash and cash equivalents + short term investments recorded as current assets + bond investments + undrawn commitment line. SBG stand-alone basis (excl. SB Northstar; however,incl. its cash and cash equivalents and bond investments).
*2 The total size of commitment line is equivalent to ¥795.0B as of Jun 30, 2024, none of which is drawn.
*3 Outstanding balance as of Jun 30, 2024.
*4 The bond redemptions amount for the next two years from Jul 2024, minus the issuance amount (¥301.9B equiv.) of the foreign currency-denominated senior bonds issued in Jul 2024

Finance 15

Currency Breakdown and Yield of Cash Position
Continuing high yield operations primarily with USD deposits
Breakdown of cash position*1
(¥ T)

(%)

3.8

Subsidiaries

0.9

JPY

0.8

USD

Yield for SBG USD deposits, etc.
5.2%

5.5%

5.5%

5.5%

4.4% US 10Y
Treasury
yield

4.5%

2.1

Jun 2024

FF Rate(Upper Limit)
Yield*2

4.9%

Bank deposit
MMF
Investment ingovernment andcorporate bonds, etc.

5.4%

2.9%

Q2

FY2022Q3Q4Q1FY2023

Q2

Q3

Q4

Q1

FY2024*1 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)*2 Average of the yield in each quarter

Finance 16

Historical Invested Amounts (SVF + SBG)
Invested $1.9B in Q1
($ B)

SBG*1

2.5

FY2023 total$3.9B

FY2022 total
$4.0B

0.2

1.9

1.8
1.5
SVF*2

0.9

1.2

2.3
1.1

0.5
0.1

0.5

0.4
Q1

Q2

FY2022

0.2
0.3
Q3

0.5
0.1

0.4
Q4

0.3

0.3

0.4

0.2
0.1

0.3
0.1

Q2

Q3

Q4

0.9

Q1

FY20230.6

Q1

FY2024*1 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 subsidiaryacquisitions of Berkshire Grey, Inc. in July 2023 and Balyo SA in October 2023, net of cash and cash equivalents held by these companies. Excludes the amount invested in intragrouptransactions.
Finance 17*2 Sum of new and follow-on investments, including those through share exchanges. Excludes the amount invested by SVF to acquire investments transferred from SBG.

Bond Redemption Schedule

Bond issuances are managed with due consideration for cash position andmarket environment. Completed refinancing for bond redemptions in FY24(¥ B)

1,640.9

Domestic senior bonds
Domestic subordinated bonds
Domestic hybrid bonds
Foreign currency-denominated senior notes
Foreign currency-denominated hybrid notes

389.8

1,098.2
999.0

699.8
185.3

165.3

861.1

322.0
656.9

405.0
523.0

177.0

Redeemed

450.0

222.0

1,029.1

281.9
500.0

527.9

435.0

211.1

550.0

570.0

FY2025

FY2026FY2027

151.5
151.5

30.0

64.5
FY2024

221.9

550.0

291.1

FY2028FY2029FY2030

FY2031

FY2032• Outstanding balance as of Jun 30, 2024. However, incl. domestic senior bonds redeemed at maturity in Jun 2024 and foreign currency-denominated senior notes issued in Jul 2024. The domestic senior bonds
redeemed in Jun 2024 and the foreign currency-denominated senior notes redeemed in Jul 2024 are indicated by dashed lines.
• Prepared on the assumption that hybrid bonds will be redeemed on the first call dates• For foreign-currency notes, the contracted swap foreign exchange rate is applied where applicable. Converted at $1=¥161.07 and €1=¥172.33 elsewhere.

Finance 18

Bond Issuances in 2024

Already secured ¥1.5T equiv. in funding, completing FY2024 bondrefinancing. Next redemption is in April 2025

March

April

June

July

Domestic
retail bonds

Domestic
institutionalbonds

Domestic
retail bonds

Foreigncurrencydenominatednotes¥550.0B¥100.0B¥550.0B¥301.9B equiv.*

Total ¥1.5T equiv.

Allocated to bond redemptions and payments forpayable amount of the consideration for Arm shares* Converted at the contracted swap foreign exchange rate.

Finance 19

Issuance of Foreign Currency-denominatedSenior Notes (July)
First foreign currency-denominated senior notes issuance in three years
since 2021. Issued amid continuous tightening of our credit spread
Total size
Currency

Spread of SBG foreign currency
denominated senior notes*3~$1.9B (¥301.9B equiv.)*1
USD

900

EUR

bps

Pricing
6/27

800
700
600

Maturity

5-year7-year 4.5-year 8-year

500
400

Amount

$400M

$500M

€450M

€450M

300
200

Coupon*2

6.750% 7.000% 5.375% 5.750%

100

USD 4.000% (1.9Y)
USD 5.250% (6.9Y)
EUR 3.875% (7.9Y)

0
Jul 2021

Jul 2022

USD 4.625% (3.9Y)
EUR 3.375% (4.9Y)
EUR 2.875% (2.4Y)

Jul 2023*1 Converted at the contracted swap foreign exchange rate.
*2 The USD-denominated 7-year note at 7.000% translates to ~2.84% in JPY terms, while the EUR-denominated 8-year note at 5.750% translates to ~3.14% in JPY terms. These figures areindicative values calculated based on Bloomberg (swap costs not incorporated).
Finance 20*3 Created by SBG based on Bloomberg. Z-spread. As of Jun 30, 2024

Issuance of Domestic Retail Senior Bonds (June)

Following the retail bonds issued in March, strong appetite was observed#63 Senior retail bonds(Fukuoka SoftBank HAWKS Bond)

Amount¥550.0BTenor

7 years

Coupon3.03%# of sales toretail investors*~115k

Use ofproceeds

Bond redemption and a partof Payable amount of theconsideration for Arm shares

Issuance spreads(Comparison with recent domestic bonds)
260 bp
250

The spread over government
bonds (7-year residual maturity)
at the time of issuance

259bp

Tightened by 33bp

240
230

Expanded retail investor basethrough continuous issuances*Estimated by SBG based on feedback from underwriting securities firms.

220
210
200

229bp

226bp

JCR upgrade
#59
#62
#63
第59回
第62回
第63回
Senior retail Senior institutional Senior retail
bonds
bonds
bonds
リテールシニア
ホールシニア
リテールシニア
(Mar)
(Apr)
(Jun)

Finance 21

Investor Engagement

Aim to establish and deepen trust through active engagement with investors
and analysts. Consider every stakeholder and reflect in corporate actions

Investor engagement structure
Three-hub system: Japan, US, and UK)
IR department: total of 17 members*1+

Close engagement by otherdepartment and divisions

Major events• General meetings ofshareholders• Earnings results• Earnings investor briefing• Global investor call

Retail investors
Number of investors
Individual
Bondshareholders
investors

700K*2

160K*3

Promoting understanding of SBG throughcontinuous retail bond issuances

Issuance of SoftBank report(annual reports)

https://group.softbank/en/ir/financials/annual_reports/2024

Institutional investors

Engagement procedures

IR meetings
762 cases •624

FY2021661

FY2022(FY2023)

Conference attendance/
non-deal roadshows

Attended a total of 62
domestic and overseas
equity/debt conferences andnon-deal roadshows
FY2023•Arm business briefing*1 As of Jun 1, 2024. *2 Number of holders represents the total number of securities accounts that hold SBG’s corporate bonds. SBG estimates based on hearing from securities firms.
(As of Jun 30, 2024) *3 As of Mar 31, 2024

Finance 22

SBG Stand-alone Interest-bearing Debt*1

While non-recourse debt decreased due to settlement of financial liabilities
relating to prepaid forward contracts, interest-bearing debt slightly
Main changes from March 31, 2024
increased due to domestic bond issuances(¥ B)

14,083.3

7,442.8

6,640.5

Jun 2023

14,335.8

7,667.8

6,668.0

Sep 2023

13,765.7

7,169.9

6,595.8

Dec 2023

14,297.5

7,443.1

6,854.4

Mar 2024*1 Includes only interest-bearing debt and lease liabilities to third parties.
*2 Forex impacts are estimated figures.

14,328.8

7,167.0

7,161.8

Jun 2024••••

Settlement of prepaid forward transactions -¥386.6B
Forex impact on margin loan +¥81.3B*2
Increase from issuance and redemption of bonds +¥200.0B
Forex impact on foreign currency notes +¥109.8B*2

Nonrecourse to
Breakdown (June 30, 2024)
SBG
SBG borrowings
Bank loan
Hybrid loan
Subtotal
SBG bonds and CPs
Domestic senior bonds
Domestic subordinated bonds
Domestic hybrid bonds
Foreign notes
CPs
Subtotal
SBG lease liabilities
Subsidiaries’ debt
Financial liabilities relating to prepaid
forward contracts
Collar transactions using DT shares
Margin loan using SBKK shares
Margin loan using Arm shares
OthersSubtotal
Total

330.2
135.4
465.6

(¥ B)
QoQ
+2.5
+0.1
+2.7

2,593.7
1,019.6
792.1
2,052.5
168.0
6,625.9
9.0+194.6+0.5+0.1+115.1-8.5+301.8-0.3

4,785.9-386.6525.0
499.1
1,357.0
61.2
7,228.2
14,328.8

+28.1
+0.3
+82.1
+2.8
-272.9+31.3

Finance 23

SBG Stand-alone Cash Position
Continue to maintain ample cash position(¥ B)
SB Northstar

5,171.3
29.6

4,397.6
40.6

3,771.1
28.7

3,956.1
22.2

3,831.2
17.6

Main changes from March 2024
5,141.6

Jun 2023

4,357.0

Sep 2023

Increase
3,742.4

Dec 2023

3,934.0

Mar 2024

3,813.7

Decrease

・Domestic bond issuance (+¥650.0B)

・Cash settlement of collar transaction
using T-mobile shares (-¥548.3B) *2

・Sale and monetization of holding
assets (+¥312.3B)

・Redemption of domestic bonds atmaturity (-¥450.0B)

・Impact of Forex on USD deposits, etc.
(+¥96.0B) *1

・Contribution to SVF2/LatAm (-$0.3B)

Jun 2024(Note) Cash position = Cash and cash equivalents + short-term investments recorded as current assets (such as investments from asset management subsidiaries) + bond investments.
SBG stand-alone basis• From Sep 2023, SBG stand-alone cash position includes bond investments of SB Northstar.
*1 Impact from forex changes on outstanding balance of USD deposits, etc. as of Jun 2024 (estimated figure).
*2 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)

Finance 24

SBG Stand-alone Net Interest-bearing Debt
Adjusted net interest bearing-debt increased mainly due to rise in
SBG stand-alone gross interest-bearing debt(¥ B)

9,978.8

10,023.3

10,363.5

10,515.1

8,941.6

8,034.6

7,536.8

7,810.2

7,534.1

Finance-related adjustments
Asset-backed finance, etc. ¥7,167.0B
Hybrid finance ¥367.2B

Adjusted
SBG stand-alone net debt
(used for LTV calculation)

7,588.6

1,353.0
Jun 2023

1,944.1
Sep 2023

2,486.5

2,553.3

2,981.0

Dec 2023

Mar 2024

Jun 2024(Note) See Appendix “LTV Calculation: Details of SBG Stand-alone Net Debt” for details.

Finance 25

Funding and Fund Management Plans for FY2024

Flexibly select methods and scale while closely monitoring market
conditions
Products

Plans

Domestic bondPrimarily anticipated for refinancing

Foreign currency notePrimarily anticipated for refinancing

Bank loan/
short-term financing

Commitment lines*1, money trusts, CPs to be continuously rolled over

Asset-backed financeContinue to explore diversifying fundraising methods by leveraging ¥29T*2
of listed shares

Hybrid financePrimarily anticipated for refinancing(¥84.0B of hybrid loan to reach first call date in November)

Surplus fund managemet

Continue to work on diversifying excess cash management including
investments in MMFs, government bonds, and corporate bonds.

Completed refinancing
for FY2024*1 The total size of commitment line is equivalent to ¥795.0B as of Jun 30, 2024, none of which is drawn.
*2 As of Jun 30, 2024. Incl. shares of Arm, SoftBank Corp., T-Mobile, Deutsche Telekom and Alibaba. Net of asset backed financing. Before deduction of payable amount of theconsideration for Arm shares.

Finance 26

Historical Credit Ratings
Acquisition ofJapan Telecom

A+ 14
A

13

A-

12

Acquisitionof Vodafone KK

Acquisition
of Sprint

Acquisitionof ArmFirst upgrade in 12 years
Listingof SBKK

Listingof Arm

A-

11
BBB+

JCR

A

(Stable)

BBB10

S&P

BBB-9
BB+ 8
BB

7

BB

BB- 6
B+

5
4

(CY)

BB+
（Stable）

Upgradedin just 1 year

'03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 '22 '23 '24（Note）As of Aug 6, 2024

Finance 27

FY24 Financial Strategy

Steadfast financial principles
Flexibly respond to allenvironmental 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

3 Secure recurring distributions and dividend income
from SVF and other subsidiaries（Pursuing the optimal balance between
shareholder returns and financial improvement)

FY24 financial strategy•••

Effective utilization of ample cash position
Active use of non-recourse financing to support strategic
investments
Enhanced monitoring of portfolio → monetization and reinvestment
Finance 28

Newly Authorized Share Repurchase Program

Total amount(maximum)¥500B

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

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

Finance 29

Appendix

SBG Credit Spread
Spread of SBG foreign currencydenominated senior notes
700

bps

SBG 5-year CDS

USD 1.9Y

USD 3.9Y

USD 6.9Y

EUR 2.4Y

EUR 4.9Y

EUR 7.9Y

600
500
400

500 bps

SBG 5Y CDS (JPY)

450
400
350
300
250

300
200

200
150
100

100
0

Dec 2022Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024

50
0

Dec 2022Mar 2023 Jun 2023 Sep 2023 Dec 2023 Mar 2024 Jun 2024

（Note）As of Aug 6, 2024. Created by SBG based on Z Spread from Bloomberg for the senior foreign currency-denominated notes issued in Jul 2021 and spread from Capital IQ for CDS.

Finance 31

Calculation of Equity Value of Holdings as of Jun 30, 2024
$1 = ¥161.07(¥ T)¥44.4T（unadjusted）
Prepaid Forward
Contracts, etc.
4.3
Margin Loans 1.9

Arm 21.0¥38.3T(adjusted)

Alibaba 0.01
SBKK 3.2
SVF1 3.9
SVF2 4.3

Deutsche
Telekom
0.4

LatAm Funds 1.0
T-Mobile 2.4
Others 2.0

Jun 2024

Equity value of holdings
Equity value of holdings＝（unadjusted）(adjusted)
PayableーAdjustment for
asset-backed financeー

Margin loan
¥1.4T

¥21.0T ＝

923M
Share priceamount for¥22.4Tshares held*1 × ＄163.62*1 Armtransaction*2¥0.01T ＝

¥3.7T

321M
× Share priceshares held*1＄72.00*1ーPrepaid forward
contracts, etc.
¥3.7T

¥3.2T

＝

¥3.8T

1,915M
shares held

Share price¥1,964.5ーMargin loans, etc.
¥0.6T

¥3.9T

＝

¥3.9T

¥4.3T

＝

¥4.3T

¥1.0T

＝

¥1.0T

¥2.4T

＝

¥2.4T

85M
shares held*3

×

Share price＄176.18

¥0.4T

＝

¥0.9T

225M
shares held×

Share price€23.48ーCollartransactions
¥0.5T

×

Equivalent asset × SBG’svalue of each fundinterest＋

Performance fees
accrued, etc.

(Note) See Appendix “LTV Calculation: SBG Stand-alone Equity Value of Holdings” and “LTV Calculation: SBG Stand-alone Net Debt” for details of each calculation.
*1 The number of ADSs equivalent to the number of shares held by SBG and the ADS price*2 Payable amount of the consideration for Arm shares acquired from SVF1 $12.0B (¥1.94T equiv.)

Finance 32

LTV Calculation: SBG Stand-alone Equity Value of Holdings(¥ T)(L) Adjusted
SBG stand-alone net debt

¥2.98T(V) Adjusted SBG stand-alone
equity value of holdings*1¥38.26T

Adjusted SBG
stand-alone equity
value of holdings

38.26

=

Major
assets

27.02+

SBG’s interest in
SVF1&2 & LatAm Funds

9.25

*2

3.72

3.76

2.42

Deutsche
Telekom
0.91

Asset-backed finance

-1.36

-3.72

-0.56

-

-0.54

Adjusted

21.02

0.01

3.20

2.42

0.37

Arm
Unadjusted

22.38

Alibaba

SBKK

=7.8%

T-Mobile

+

SVF1
SVF2
LatAm Funds

Other investments
in listed stocks, etc.

2.00
+3.88
+4.34
+1.02

(Note) As of Jun 30, 2024
*1 See Appendix “LTV Calculation: Details of SBG Stand-alone Equity Value of Holdings” for details of adjusted SBG stand-alone equity value of holdings for each asset.
*2 Number of Arm shares held by SBG x Arm share price (¥24.32T) - payable amount of the consideration for Arm shares (¥1.94T)

Finance 33

LTV Calculation:
Details of SBG Stand-alone Equity Value of Holdings (1/2)
Assets(a) Arm

Before adjustment for asset-backed
finance and deduction of payableamount of the consideration for Arm
sharesPayable amount of the consideration
for Arm shares
Before adjustment for asset-backed
finance

Value Calculation method

21.02
24.32

Multiplying the number of Arm ADSs equivalent to the number of shares held by SBG by the
ADS price-1.94

Payable amount of the consideration for Arm shares acquired from SVF1 ($12.0B)

22.38

Multiplying the number of Arm ADSs equivalent to the number of shares held by SBG by the
ADS price- payable amount of the consideration for Arm shares acquired from SVF1 ($12.0B)
Equivalent amount of outstanding debt for margin loans using Arm shares held by SBG(¥1,357.0B)

Before adjustment

-1.36
0.01
3.72

Adjustment for asset-backed finance-3.72

Adjustment for asset-backed finance(b)Alibaba(¥ T)

Multiplying the number of Alibaba ADSs equivalent to the number of shares held by SBG by the
ADS price
Sum of the outstanding maturity settlement amounts (calculated by using the company’s shareprice (ADS price) as of Jun 30, 2024) of the prepaid forward contracts (collar contracts, forward
contracts, and call spread) using Alibaba shares (¥3,716.3B)

Before adjustment

3.20
3.76

Adjustment for asset-backed finance-0.56

Equivalent amount of outstanding debt for margin loans using SBKK shares, etc. (¥564.6B)

3.88
4.34
1.02

SBG's share of the equivalent value of assets held by SVF1 + performance fees accrued, etc.

(c) SBKK(d) SVF1(e) SVF2(f) LatAm Funds(Note) As of Jun 30, 2024

Multiplying the number of SBKK shares held by SBG by the share price

SBG's share of the equivalent value of assets held by SVF2, etc.
SBG's share of the equivalent value of assets held by LatAm Funds + performance fees accrued

Finance 34

LTV Calculation:
Details of SBG Stand-alone Equity Value of Holdings (2/2)(¥ T)

AssetsValue Calculation method(g) T-Mobile

2.42(h) Deutsche Telekom

0.37

Before adjustment

0.91

Number of DT shares held by SBG × the share price

Adjustment for
asset-backed finance-0.54

Deducting maturity settlement amounts of collar transactions using DT shares executed in Oct 2021 (¥539.9B)

2.00

Listed shares: multiplying the number of shares held by SBG by each share price
Unlisted shares: fair value (the carrying amount in SBG’s balance sheet for those not measured at FVs) of shares,
etc. held by SBG
SB Northstar (Investments in listed stocks): SBG’s share of SB Northstar's NAV(i) Others*2
Adjusted SBG stand-alone
equity value of holdings

Number of T-Mobile shares held by SBG × the share price*1

38.26 Sum of (a) through (i)(Note) As of Jun 30, 2024
*1 Payments for the cash settlement of collar transactions using T-Mobile shares were completed by Jun 30. However, as part of the settlement was executed in July, financial liabilities
relating to prepaid forward contracts of ¥87.0B were recorded as of Jun 30. For the LTV calculation, the collar transaction's cash settlement is deemed executed as the entire
payment was considered completed by Jun, and all shares related to this collar transaction are included in the equity value of holdings. Additionally, the ¥87.0B in financial liabilities
is deducted from the SBG stand-alone interest-bearing debt.
*2 SB Northstar’s cash and cash equivalents, bond investments and interest-bearing debt, other than margin loans and prime brokerage loans, are treated as net interest-bearing debt
of SBG and 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 Jun 30, 2024.

Finance 35

LTV Calculation: SBG Stand-alone Net Debt
(L) Adjusted
SBG stand-alone net debt*1(V) Adjusted SBG stand-alone
equity value of holdings(¥ T)

Adjusted SBG
stand-alone net
debt

2.98
SBKK
Arm
SVF1
SVF2

+4.99
-0.36
-0.02
+0.54

=

Consolidated
net debt

15.62

LatAm Funds
Other‐0.004-0.04¥2.98T¥38.26T-=7.8%

Net debt at selffinancing entities,
etc.

5.10

-

Other
adjustments

7.53

Adjustments for hybrid finance*2
Adjustments for asset-backed finance, etc.*2

+0.37
+7.17

(Note) As of Jun 30, 2024
*1 The presented net debt only includes debts to third parties. The presented net interest-bearing debt excludes the amount calculated as deposits for banking business less cash
position at PayPay Bank.
*2 See Appendix “LTV Calculation: Details of SBG Stand-alone Net Debt” for details.

Finance 36

LTV Calculation: Details of SBG Stand-alone Net Debt(¥ T)

SBG stand-alone net debt
(before adjustment)

10.52

Consolidated net interest-bearing debt - net interest-bearing debt
at self-financing entities*1

Adjustment for hybrid
finance‐0.37

For hybrid bonds and hybrid loans with maturity dates, deduct 50% from interest-bearing debt;
as the entire amount is recorded as interest-bearing debt in the consolidated financial statements.
As for perpetual bonds, add 50% to interest-bearing debt; as the entire amount is recorded as
equity in the consolidated financial statements.

Adjustments for assetbacked finance, etc.

‐7.17

Arm shares-1.36

Amount equivalent to the outstanding debt balance of the borrowings made through margin loanusing Arm shares (¥1,357.0B)

SBKK shares-0.55

Equivalent amount of debt outstanding for margin loans using SBKK shares, etc. (¥552.5B)

T-Mobile shares-0.09

Financial liabilities relating to prepaid forward contracts (collar contracts) using T-Mobile shares(¥87.0B)*2

Deutsche Telekom shares-0.52

Amount equivalent to the outstanding debt balance relating to collar transactions using Deutsche
Telekom shares executed in Oct 2021 (¥525.0B)

Alibaba shares-4.65

Financial liabilities relating to prepaid forward contracts (collar contracts and forward contracts)
using Alibaba shares (¥4,645.5B)

Adjusted SBG stand-alone
net debt

2.98(Note) As of Jun 30, 2024
• Net interest-bearing debt = Interest-bearing debt - cash position• Cash position = Cash and cash equivalents + short-term investments recorded as current assets + bond investments*1 Self-financing entities include SB Northstar; however, SB Northstar’s cash and cash equivalents, bond investments and interest-bearing debt, other than margin loans and prime
brokerage loans, are treated as SBG stand-alone net interest-bearing debt. There is no balance of margin loans and prime brokerage loans of SB Northstar as of Jun 30, 2024.
*2 Payments for the cash settlement of collar transactions using T-Mobile shares were completed by Jun 30. However, as part of the settlement was executed in July, financial liabilities
relating to prepaid forward contracts of ¥87.0B were recorded as of Jun 30. For the LTV calculation, the collar transaction's cash settlement is deemed executed as the entire
payment was completed by Jun 30, and all shares related to this collar transaction are included in the equity value of holdings. Additionally, the ¥87.0B in financial liabilities relating
to prepaid forward contracts is deducted from the SBG stand-alone interest-bearing debt.

Finance 37

Adjustment for Asset-backed Financein LTV and NAV Calculation
Non-recourse asset-backed finance is deducted from debt.
Value of assets required for settlement is deducted from assets
1

Forward/Collartransactions

(¥ T)
2

44.4

Margin loan

Main shares
used

Alibaba

SBKK, Arm

1

4.3

NatureFunding through variable
prepaid forward contracts*1(non-recourse to SBG)

Funding by pledging shares as
collateral(non-recourse to SBG)

2

1.9

Amounts
deductedfrom debt• Carrying amount on BS• Fixed regardless of the shareprice• Carrying amount on BS• Fixed regardless of the shareprice

Amounts
deductedfrom assets• Estimated settlement amountat maturity based on the
Equivalent to the value of assets
quarter-end share pricerequired for repayment (amount• Fluctuates depending on theof debts recorded on BS)
share priceIf shareprice falls• Settlement amountdecreases if the share pricefalls below the floor price• Neither additional collateralor prepayment are required

Asset-backed
finance¥6.2T

Used for
LTV and NAV calculation

38.3
10.5

• Additional collateral and/or
prepayment is required if theshare price falls below a certainlevel• Total repayment amount is
fixed(Note) As of Jun 30, 2024
*1 Contracts to buy or sell shares at a pre-agreed price (forward) or a price range (collar) at maturity

Equity value of holdings

1

5.3

2

1.9

3.0

SBG stand-alone
net debt

Asset-backed
finance, etc.
¥7.2T
Hybrid finance¥0.4T

Finance 38

Geographical Portfolio Diversification

Proportion of China decreased significantly.
Proportion of EMEA increased significantly due to growth of Arm’s value
10%
29%

12%

17%

6%

China
Japan
APAC

62%

EMEA

2%

Latin America
North America

6%10%(excluding China and Japan）

13%

9%
20%

Net of asset-backed
finance

32%

4%

5%

25%

23%

Jun 2022

Jun 2023

14%

Jun 2024(Note) 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 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

Finance 39

Breakdown of Equity Value of Holdings

21%

22%

14%

14%

11%

8%

Net of assetbacked finance

39%

8%

5%

7%
6%

16%
21%

24%

10%
11%

4%
8%

5%
8%

Jun 2021

Jun 2022

Jun 2023

Jun 2024

73%

49%

36%

82%

9%

Proportion oflisted shares*1

8%
7%

19%
9%

18%

55%

2%

3%
5%

SBKK
T-Mobile / Deutsche Telekom
SVF1(64 investments)
SVF2(271 investments)
LatAm (89 investments)
Others(Note)For details of equity value of holdings as of each June, see appendix of the Earnings Results Investor Briefing Presentation materials of each quarter.
*1 Proportion of listed shares includes shares of Alibaba, Arm, SoftBank Corp., T-Mobile, Deutsche Telekom, listed shares held by SVF1, SVF2 and LatAm Funds and public companies
included in Others. (SVF1, SVF2, and LatAm Funds figures are for SBG’s interest only.)

Finance 40

Proportion of Listed Shares

Proportion of listed shares is 82%, resulting in the portfolio's liquidity
being at an extremely high level

Net of assetbacked finance

Unlisted

18%

27%
51%

Listed

64%

82%

73%
49%

Jun 2021

Jun 202236%

Jun 2023

Jun 2024* Proportion of listed shares: Shares of Alibaba, Arm, SoftBank Corp., T-Mobile, Deutsche Telekom, listed shares held by SVF1, SVF2 and LatAm Funds and publiccompanies included in Others. Includes Arm in Jun 2024. SVF1, SVF2, and LatAm Funds figures are for SBG’s interest only.

Finance 41

Breakdown by Currency

Investment and monetization flows are mainly in USD, while debt refinancing isprincipally in the same currency

Investments and monetization
Cash position: ¥3.8T*1
Subsidiaries

Debt composition

Equity value of holdings: ¥38.3T*2
JPY

EUR

Net of assetbacked financeDebt*3: ¥7.1T
EUR

USD

16%
JPY

65%
76%
USD

91%
USD

(Note) As of Jun 30, 2024. Converted to JPY at $1=¥161.07 and €1=¥172.33*1 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).
*2 SBG stand-alone equity value of holdings. See Appendix “LTV Calculation: SBG Stand-alone Equity Value of Holdings” for details.
*3 SBG stand-alone interest-bearing debt (excl. non-recourse debt and “other” of the SBG stand-alone interest-bearing debt) as of Jun 30, 2024.

71%
JPY

Finance 42

Increase/Decrease in Cash Position (FY2024Q1)

Maintained ample cash position*1 through monetization and funding
despite new investments and cash settlement, etc.

Financing,
repayment, etc.*2
Monetization throughsale of assets*3

0.2

0.3

+0.5

0.5
0.3

-0.8
3.9

Cash position(Mar 2024)

Cash settlement of collartransactions using T-Mobile shares*4
SVF’s investment and SBG’sstrategic investment*5

0.2

Interests/dividends
income¥0.12TInterests/dividends
expense/tax-¥0.11Tand others

Increase

Decrease(¥ T)

Others

3.8

Cash position(Jun 2024)(Note) Converted to JPY at average rate of each quarter*1 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)*2 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).
*3 Monetization through sale of assets includes sale of Fortress shares and T-Mobile shares*4 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)*5 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 shareexchanges. Excludes the amount invested by SVF to acquire investments transferred from SBG. Excludes the amount invested in intragroup transactions. Invested amounts for strategic investments by SBG: Investment by SBG and its primary
wholly owned subsidiaries (excludes investments in U.S. Treasury Bonds).

Finance 43

Consolidated Interest-bearing Debt/ Cash Position/
Net Interest-bearing Debt

Consolidated Interest-bearing Debt*1

Jun 2023

Sep 2023

Dec 2023(¥ B)
Mar 2024

Jun 2024

SBG stand-alone

14,083.3

14,335.8

13,765.7

14,297.5

14,328.8

Incl. SB Northstar

-

-

-

-

-

SVF1&2 and LatAm Funds

1,419.9

542.2

513.2

547.9

583.1

SoftBank Segment

6,240.6

6,326.0

6,471.9

6,321.1

6,642.0

Others (Arm, etc.)

164.6

189.8

183.9

195.6

46.1

20,934.7

21,362.0

21,599.9

Total

3,643
21,393.7

21,908.5

Cosolidated Cash Position*2(¥ B)
Jun 2023

Sep 2023

Dec 2023

Mar 2024

Jun 2024

SBG stand-alone

5,171.3

4,397.6

3,771.1

3,956.1

3,831.2

Incl. SB Northstar

29.6

40.6

28.7

22.2

17.6

SVF1&2 and LatAm Funds

112.9

79.6

65.7

176.0

72.7

SoftBank Segment

1,534.8

1,783.3

1,865.0

1,792.3

1,650.7

Others (Arm, etc.)

388.8

451.0

469.3

552.3

426.1

7,207.7

6,711.5

6,171.0

6,476.8

5,980.8

Total
Consolidated Net Interest-bearing Debt*3(¥ B)
Jun 2023

Sep 2023

Dec 2023

Mar 2024

Jun 2024

SBG stand-alone

8,912.0

9,938.1

9,994.6

10,341.3

10,497.6

Incl. SB Northstar

-29.6

-40.6

-28.7

-22.2

-17.6

SVF1&2 and LatAm Funds

1,307.0

462.6

447.6

371.9

510.4

SoftBank Segment

4,705.8

4,542.7

4,606.9

4,528.7

4,991.3

Others (Arm, etc.)-224.1-261.2-285.4-356.7-380.1

14,700.7

14,682.2

14,763.7

14,885.2

15,619.1

Total*1 The presented interest-bearing debt only includes interest-bearing debt and lease liabilities to third parties, and excludes deposits for banking business at PayPay Bank.
*2 Cash position = Cash and cash equivalents + short term investments recorded as current assets + bond investments.
Cash position from Sep 2023 includes bond investments, however only investment in government bonds as of Sep 2023.
SBG stand-alone cash position excludes cash position at PayPay Bank while including SB Northstar’s cash and cash equivalents and bond investments (from Dec 2023).
*3 The presented net interest-bearing debt excludes the amount calculated as deposits for banking business less cash position at PayPay Bank. Negative figures indicate net cash.

Finance 44