#1Earnings Results for the Fiscal Year Ended March 31, 2021 Investor Briefing May 14, 2021 SoftBank Group Corp. Ver.1.3 ■ SoftBank#2Disclaimers This presentation provides relevant information about SoftBank Group Corp. ("SBG") and its subsidiaries (together with SBG, the "Company") and its affiliates (together with the Company, the "Group") and does not constitute or form any solicitation of investment including any offer to buy or subscribe for any securities in any jurisdiction. This presentation contains forward-looking statements, beliefs or opinions regarding the Group, such as statements about the Group's future business, future position and results of operations, including estimates, forecasts, targets and plans for the Group. Without limitation, forward-looking statements often include the words such as "targets", "plans", "believes", "hopes", "continues", "expects", "aims", "intends", "will", "may", "should", "would", "could" "anticipates", "estimates", "projects" or words or terms of similar substance or the negative thereof. Any forward-looking statements in this presentation are based on the current assumptions and beliefs of the Group in light of the information currently available to it as of the date hereof. Such forward-looking statements do not represent any guarantee by any member of the Group or its management of future performance and involve known and unknown risks, uncertainties and other factors, including but not limited to: the success of the Group's business model; the Group's ability to procure funding and the effect of its funding arrangements; key person risks relating to the management team of SBG; risks relating to and affecting the Group's investment activities; risks relating to SB Fund (defined as below), its investments, investors and investees; risks relating to SoftBank Corp. and the success of its business; risks relating to law, regulation and regulatory regimes; risks relating to intellectual property; litigation; and other factors, any of which may cause the Group's actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by such forward-looking statements. For more information on these and other factors which may affect the Group's results, performance, achievements, or financial position, see "Risk Factors" on SBG's website at https://group.softbank/en/ir/investors/management policy/risk factor. None of the Group nor its management gives any assurances that the expectations expressed in these forward-looking statements will turn out to be correct, and actual results, performance, achievements or financial position could materially differ from expectations. Persons viewing this presentation should not place undue reliance on forward looking statements. The Company undertakes no obligation to update any of the forward-looking statements contained in this presentation or any other forward-looking statements the Company may make. Past performance is not an indicator of future results and the results of 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 other sources. Regarding Trademarks Names of companies, products and services that appear in this presentation are trademarks or registered trademarks of their respective companies. Important Notice - Trading of SBG Common Stock, Disclaimer Regarding Unsponsored American Depository Receipts. SBG encourages anyone interested in buying or selling its common stock to do so on the Tokyo Stock Exchange, which is where its common stock is listed and primarily trades. SBG's disclosures are not intended to facilitate trades in, and should not be relied on for decisions to trade, unsponsored American Depository Receipts ("ADRS"). SBG has not and does not participate in, support, encourage, or otherwise consent to the creation of any unsponsored ADR programs or the issuance or trading of any ADRs issued thereunder in respect of its common stock. SBG does not represent to any ADR holder, bank or depositary institution, nor should any such person or entity form the belief, that (i) SBG has any reporting obligations within the meaning of the U.S. Securities Exchange Act of 1934 ("Exchange Act") or (ii) SBG's website will contain on an ongoing basis all information necessary for SBG to maintain an exemption from registering its common stock under the Exchange Act pursuant to Rule 12g3-2(b) thereunder. To the maximum extent permitted by applicable law, SBG and the Group disclaim any responsibility or liability to ADR holders, banks, depositary institutions, or any other entities or individuals in connection with any unsponsored ADRs representing its common stock. The above disclaimers apply with equal force to the securities of any of the Group which are or may in the future be the subject of unsponsored ADR programs, such as SoftBank Corp. or 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 Investment Advisers (UK) Ltd.("SBIA"), SBLA Advisers Corp. ("SBLA") and any of their respective affiliates (collectively, the "SB Fund Managers" and each an "SB Fund Manager") (such funds together with, as the context may require, any parallel fund, feeder fund, co-investment vehicle or alternative investment vehicle collectively, the "SB Funds" and each an "SB Fund"). For the avoidance of doubt, the SB Funds include, among other funds, SoftBank Vision Fund L.P. (together with, as the context may require, any parallel fund, feeder fund, co-investment vehicle or alternative investment vehicle, the "Vision Fund I" or "SVF1"), and 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" or "SVF2"), which are managed by SBIA and its affiliates, SoftBank Latin America Fund L.P. (together with, as the context may require, any parallel fund, feeder fund, co-investment vehicle or alternative investment vehicle, the "SoftBank Latin America Fund" or "LatAm Fund"), which is managed by SBLA 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 (including SBIA and SBLA), any successor or future fund managed by a 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 a SB Fund Manager. Information relating to the performance of the SB Funds or any other entity referenced in this presentation has been included for background purposes only and should not be considered an indication of the future performance of the relevant SB Fund, any other entity referenced in this presentation or any future fund managed by an SB Fund Manager. References to any specific investments of an SB Fund, to the extent included therein, are presented to illustrate the relevant SB Fund Manager's investment process and operating philosophy only and should not be construed as a recommendation of any particular investment or security. The investment performance of individual investments of an SB Fund may vary and the performance of the selected transactions is not necessarily indicative of the performance of all of the applicable prior investments. The specific investments identified and described in this presentation do not represent all of the investments made by the relevant SB Fund Manager, and no assumption should be made that investments identified and discussed therein were or will be profitable. The performance of an SB Fund in this presentation is based on unrealized valuations of portfolio investments. Valuations of unrealized investments are based on assumptions and factors (including, for example, as of the date of the valuation, average multiples of comparable companies, 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 at the valuations indicated in this presentation or used to calculate the returns contained therein, and transaction costs connected with such realizations remain unknown and, therefore, are not factored into such calculations. Estimates of unrealized value are subject to numerous variables that change over time. The actual realized returns on the relevant SB Fund's unrealized investments will depend on, among other factors, future operating results, the value of the assets and market conditions at the time of disposition, any related transaction costs and the timing and manner of sale, all of which may differ from the assumptions and circumstances on which the relevant SB Fund Manager's valuations are based. Past performance is not necessarily indicative of future results. The performance of an SB Fund or any future fund managed by an SB Fund Manager may be materially lower than the performance information presented in this presentation. There can be no assurance that each SB Fund or any future fund managed by the relevant SB Fund Manager will achieve comparable results as those presented therein. The actual realized return on unrealized investments by an SB Fund may differ materially from the performance information indicated in this presentation. No assumption should be made that investments identified and discussed in this presentation were or will be profitable, or that investments made in the future will be comparable in quality or performance to the investments described 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. SBIA and SBLA manage separate and independent operations and processes from each other and those of SBG and any SB Funds managed by SBIA or SBLA are solely managed by SBIA or SBLA respectively.#3Exchange rates used for translation SoftBank Group FY2019 FY2020 Average during quarter Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 1 USD 110.00 107.70 108.98 109.22 107.74 105.88 104.45 106.24 1 CNY 16.13 EOQ Jun 30 15.37 Sep 30 15.46 15.56 15.16 15.27 15.71 16.31 Dec 31 Mar 31 Jun 30 Sep 30 Dec 31 Mar 31 1 USD 108.83 110.71 1 CNY 15.31 16.84 Abbreviations Abbreviations used in Accounting and Finance section of this presentation are as follows: Abbreviations SBG The Company SBKK SB Northstar SVF1 or SoftBank Vision Fund 1 SVF2 or SoftBank Vision Fund 2 SoftBank Latin America Fund SBIA Sprint T-Mobile Arm Alibaba WeWork 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. and its alternative investment vehicles SoftBank Latin America Fund L.P. SB Investment Advisers (UK) Limited Sprint Corporation T-Mobile US, Inc. after merging with Sprint Arm Limited Alibaba Group Holding Limited WeWork Inc.#4Index Accounting SoftBank Group Finance Consolidated Results P 2 Summary of FY2020 P 2 Bond Redemption Schedule P 34 Change in Reportable Segments P 3 Increase in Gain on Investments P 4 Financial Strategy for FY2021 P 36 Investment Business of Holding Companies P 4 Main Investment Activities of SVF1 & SVF2 P 5 Firmly Keeping Financial Policy P 37 Segment (since Jan 2021) Financial Management to Enable Reproduction P 40 Segment Income - Investment Business of P 5 Holding Companies SBG Share Price and Domestic Bond Yields Equity Value of Holdings P 6 P 8 Partial Sale of T-Mobile Shares and Evaluation at FY20-end P 6 Diversification of SBG's Investment Portfolio P 10 Increase of NAV per Share P 11 at investment business on an expanded scale Cycle of Investment and Recovery (Illustrative) P 41 Direction of Financial Management (Illustrative) P 43 Performance of Financial Management P 44 Investment in Listed Stocks and Other Instruments P 7 Investment Activities of SBG P 12 - (Mar 2020 Mar 2021) Investment in Listed Stocks and Other P 8 SVF1 & SVF2: Gain (Loss) on Investments (SBG Consolidated Basis) P 13 Summary of ESG Initiatives for FY2020 P 46 E: Environment - Climate Change Responses P 47 Instruments: Main Impact on B/S and P/L (Gain (Loss) on Investments) Price Sensitivity of Derivatives at SVF1 & SVF2: Cumulative Investment P 14 - Performance (SBG Consolidated Basis) S: Society Diversity and Inclusion Initiatives S: Society: COVID-19 Responses P 48 P 49 P 9 SVF1: IRR results (SBG) P 15 G: Governance P 50 SB Northstar (FY20-end) SVF2: IRR results (SBG) P 16 Details and Progress of the Agreement P 10 SVF1&2: Combined IRR results (SBG) P 17 Sustainability Integration into Investments Appendix P 51 P 52 between the Company and WeWork in Oct 2019 and in FY20 Investments and Debt Financing to WeWork P 11 Investments in Listed Stocks and Other Instruments: P 18 Cumulative Investment Gain (Loss) for FY2020 Investments in Listed Stocks and Other P 19 from WeWork Investment Subsidiary Derivative Gain (Loss) on Alibaba Prepaid P 13 Instruments (as of March 31, 2021) Investments in Listed Stocks and Other P 20 SoftBank Vision Funds Update Forward Contracts Instruments: Options (as of March 31, 2021) Important Information P 2 Structure After Business Integration of P 14 Results of ¥4.5T Program P 22 Topics P 4 Z Holdings and LINE Debt Reduction of ¥1T P 23 Progress & Highlights P 5 Business Integration of Z Holdings and LINE P 15 Financial Improvements: Repurchase of Bonds P 24 Performance & Impact P 15 Entry into Agreement for Sale of All Shares in Arm P 16 SPACS Controlled by SBG's Subsidiaries P 18 Returns to Shareholders (Share Repurchases) LTV Trend P 25 on SoftBank Group (SBG) P 26 In Focus: Unlocking Portfolio Value P 20 Consolidated P/L Summary (IFRSS) P 20 LTV P 28 Tax Rate Analysis P 21 Main Financial Activities in FY2020 Q4 P 29 Consolidated B/S Summary (IFRSS) P 22 Cash Position P 30 Consolidated C/F Summary (IFRSS) P 25 SBG Standalone Interest-bearing Debt P 31 Segment Income - SVF1 and Other P 26 SBG Standalone Cash Position P 32 SBIA-Managed Funds SBG Standalone Net Interest-bearing Debt P 33 Appendix P 27#5Accounting#6Consolidated Results (JPY bn) Net sales Income before income tax SoftBank FY19 FY20 Change YoY 5,238.9 5,628.2 389.3 7.4% 50.0 5,670.5 5,620.5 Net income (attributable to owners of -961.6 4,988.0 5,949.6 the parent) (Reference) Gain on investments -1,410.2 7,529.0 8,939.2 Investment Business 484.3 945.9 461.6 95.3% of Holding Companies SVF1 and SVF2 -1,844.9 6,292.0 8,136.9 Other investments -49.6 291.0 340.6 Group Accounting 2#7Change in Reportable Segments • SoftBank Group In Q1, "Investment Business of Holding Companies" was newly established. Segment income was revised to "income before income tax." In Q2, "Brightstar segment" was removed. "SoftBank Vision Fund and Other SBIA-Managed Funds" was renamed to "SVF1 and Other SBIA-Managed Funds." • In Q4, business integration of Z Holdings Corporation and LINE Corporation completed. FY19 FY20 SoftBank Vision Fund and Other SBIA-Managed Funds Segment SoftBank Vision Fund L.P. SoftBank Segment SoftBank -SoftBank Group Arm Segment*1 Brightstar Segment arm Brightstar Serving Wireless JAPAN Z HOLDINGS YAHOO! SoftBank Group Other*1 PayPay FORTRESS Investment fund business in Latin America Investment Business of Holding Companies| Segment SVF1 and Other SoftBank Group Vision Fund II-2 L.P. SBIA-Managed Funds Segment SoftBank Vision Fund L.P. SoftBank SoftBank Segment Arm Segment*1 Brightstar Segment Other*1 SoftBank arm Brightstar Serving Wireless -Z HOLDINGS YAHOO! LINE JAPAN PayPay PayPay FORTRESS Investment fund business in Latin America *1 In conjunction with the decision to manage the Internet-of-Things Services Group (ISG) businesses separately from Arm's remaining business, the operating results of the Arm segment for FY19 and FY20 exclude contributions of the ISG businesses. Operating results of the ISG businesses are included in "Other" in the reportable segments. Accounting 3#8Investment Business of Holding Companies Segment . Main businesses: Investment activities by SBG and its subsidiaries Core companies: SBG, SBGC, SBGJ, and SB Northstar SBGC SBGJ and others Subsidiaries Indirect Investment Direct Investment SBG SoftBank Group By contract, two-thirds of gain/loss is attributable to SBG and the remaining one-third to non-controlling interests (Masayoshi Son) SB Northstar Investments (Approximately 110 companies) Alibaba, T-Mobile, WeWork, Lemonade, Inc., Social Finance, Inc., and others Acquisition and sale of listed stocks and other instruments, derivative and credit transactions related to listed stocks Accounting 4#9Segment Income - Investment Business of Holding Companies SoftBank Group P/L Gain on investments Π Gain relating to sales of T-Mobile shares " FY19 FY20 Items 484.3 946.1 (1) Gain of 280.3 bn on sales of T-Mobile shares (2) Gain of 296.0 bn on the revaluation of T-Mobile shares continued to be held by the Company 421.8 (JPY bn) (3) Derivative loss of 154.5 bn relating to the call options received by Deutsche Telekom AG for T-Mobile shares held by the Company Gain relating to settlement of prepaid forward contracts using Alibaba shares 1,218.5 Realized loss on sales of investments -20.6 Realized loss on sales of investments by SB Northstar (investment in listed stocks) at asset management subsidiaries Unrealized gain on valuation of investments at asset management subsidiaries Derivative loss on investments - 134.2 Unrealized gain on valuation of investments by SB Northstar (investment in listed stocks and other instruments) at asset management subsidiaries Realized gain on sales of investments Unrealized gain (loss) on valuation of Investments -690.7 608.4 -610.7 Losses mainly related to call options on listed stocks and short stock index futures contracts at SB Northstar 17.8 222.2 FY20: Realized gain on investments SBG made in listed stocks: 222.0 bn FY20: ⚫Unrealized gain on T-Mobile shares continued to be held by the Company: 219.6 bn (for the period from June 26, 2020▪ to FY20-end) •Unrealized valuation gain on following companies: Social Finance, Inc. +124.4 bn, Lemonade, Inc. +73.0 bn, Berkshire Grey, Inc. +49.5 bn •Unrealized gain on investments SBG made in listed stocks: 42.3 bn FY20: Increase of 264.4 bn in the fair value of the right to acquire T-Mobile shares for no additional consideration if certain conditions are met, which was received as part of consideration for the merger between Sprint and T-Mobile Derivative gain (loss) on investments -66.3 185.8 Other Selling, general and administrative expenses 5.0 -75.1 5.0 -102.3 Finance cost -198.5 -218.6 Income on equity method investments 657.2 601.4 Derivative loss -1.9 -477.5 (excluding gain (loss) on investments) Other gain 47.7 11.9 Segment income (income before income tax) 913.7 760.9 Interest expenses increased mainly due to an increase in interest-bearing debt as a result of wholly owned subsidiaries conducting fund procurement entering into several prepaid forward contracts using Alibaba shares from Apr to Aug 2020 with financial institutions. FY19: Income on 277.2 bn related to acquiring Ant Financial*1 shares by Alibaba FY20: Income on equity method investments related to Alibaba 572.5 bn (Negative impact of 72.4 bn on income on equity method investments as Alibaba recorded an expense in FY20Q4 for the fine levied pursuant to China's Anti-Monopoly Law, which the Company recorded for FY20Q4 as a significant event in the staggered period) FY20: Derivative loss of 504.0 bn in connection with several prepaid forward contracts using Alibaba shares entered into in Nov 2019 and from Apr to Aug 2020 (including the impact of amendments of the contracts in Oct and Nov in 2020) *1 Ant Small and Micro Financial Services Group Co., Ltd. (currently Ant Group Co., Ltd.) Accounting 5#10Partial Sale of T-Mobile Shares and Evaluation at FY20-end SoftBank Group The Company sold (1) and (2) below in FY20Q1 and received JPY 1,830.4 bn. With additional sales of (3) and (4) in Q2, the Company received JPY 2,099.7 bn in aggregate for FY20Q1-Q2. Number of shares (mil) Share- holding ratio *1 Total amount of Date of sale sale (USD mil) P/L (FY20) (JPY bn) Gain relating to sales of T-Mobile shares Closing price on Jun 26: USD 105.20 / share Opening price on Jul 16: USD 104.50/share Opening price on Aug 3: USD 107.98 / share Evaluation at FY20-end (Change for the period from Jun 26 to FY20-end) Closing price on Mar 31: USD 125.29/share FX on Mar 31: JPY 110.71 / USD FY20-end B/S Gain (loss) on sale Revaluation of shares held Derivative gain (loss) Valuation gain Derivative gain (loss) Before sale 305 24.7% (1) Public offering -154 -12.5% 15,877 Jun 26 280.3 (2) Private offering -19 -1.6% 1,667 (3) Sale to Marcelo Claure -5 -0.4% 515 Jul 16 3.0 -3.1 (4) Rights offering -20 -1.6% 2,034 Aug 3 (derecognized the derivative liabilities) Subtotal 106 8.6% (5) Call options received by Deutsche Telekom -101 -8.2% 296.0 219.6 -154.5 (6) Shares held by the Company excluding (5) 5 0.4% (not for sale) (7) Contingent consideration +49 Total if (7) is acquired 54 JPY 421.8 bn in total -36.8 264.4 Change from Apr 1 to FY20-end (Assets) •Shares of (5)(6): Recorded JPY 1.47 tn under "investment securities" (7): Recorded JPY 460.7 bn under "derivative financial assets" JPY 196.3 bn recorded on Apr 1 + JPY 264.4 bn for change in the fair value to FY20-end (Liabilities) (5): Recorded JPY 204.8 bn under "derivative financial liabilities" JPY -154.5 bn for derivative loss at time of sale on Jun 26 + JPY -42.0 bn for change in the fair value to FY20-end + FX effect *1 Shareholding ratio of T-Mobile's outstanding shares as of Apr 1, 2020. * On July 30, 2020, SBG's wholly-owned subsidiary borrowed USD 4.38 bn (margin loan) using the T-Mobile shares held by SBG's wholly-owned subsidiary. Accounting 6#11Investment in Listed Stocks and Other Instruments SoftBank Group • In order to diversify assets and manage surplus funds, investments were initially made directly by SBG and later by asset management subsidiary SB Northstar from Q2. • SB Northstar is engaged in acquiring and selling listed stocks and other instruments, derivative and credit transactions related to listed stocks. • Accounts in B/S, P/L and C/F are as follows. SBG (FY20Q1-) SB Northstar (FY20Q2-) Non-current assets B/S Investment securities Gain (loss) on investments at B/S P/L C/F Investment Business of Holding Companies • Realized gain (loss) on sales of investments • Unrealized gain (loss) on valuation of investments C/F from investing activities • Payments for acquisition of investments Proceeds from sale/redemption • of investments P/L C/F Current assets • Investments from asset management subsidiaries (stocks) • Securities pledged as collateral in asset management subsidiaries Derivative financial assets in asset management subsidiaries • Other financial assets (margin deposits and restricted cash) Non-current assets • Other financial assets (investments from asset management subsidiaries (convertible bonds)) * Since no repetitive trading is expected. Current liabilities . • Derivative financial liabilities in asset management subsidiaries • Other financial liabilities (borrowed securities) Gain (loss) on investments at Investment Business of Holding Companies Realized gain (loss) on sales of investments at asset management subsidiaries • Unrealized gain (loss) on valuation of investments at asset management subsidiaries • Derivative gain (loss) on investments at asset management subsidiaries C/F from operating activities →As SB Northstar's primary business is to frequently trade marketable securities, investments made by the company are recorded under C/F from operating activities. C/F from investment activities →Cash flows from acquisition of convertible bonds, which are not expected to be traded repeatedly, are recorded under C/F from investment activities. Accounting 7#12Investment in Listed Stocks and Other Instruments: Main Impact on B/S and P/L (Gain (Loss) on Investments) SoftBank Group (JPY bn) Consolidated B/S Consolidated P/L Investor Investment type Account FY20-end balance (minuses indicate liabilities) Gain (loss) Account Q1 Q2 Q3 Q4 FY20 Realized gain on sales of investments 64.5 102.8 40.6 14.1 222.0 SBG Actual stocks Investment securities 15.5 Unrealized gain (loss) on valuation of investments 20.9 75.7 -41.6 -12.7 42.3 Investments from 755.3 asset management subsidiaries Realized gain (loss) on sales of invest- ments at asset management subsidiaries -8.1 -84.3 71.8 -20.6 Actual stocks, etc. Securities pledged as collateral in asset management subsidiaries 1,427.3 Unrealized gain (loss) on valuation of investments at asset management subsidiaries*2 -95.1 200.8 28.4 134.1 Credit transactions Borrowed securities -8.7*1 SB Northstar Deriva- tives Long call options of listed stocks Short call options of listed stocks Short stock index futures contracts Total return swap contracts related to listed stocks Forward contracts related to listed stocks assets in asset management subsidiaries Derivative financial assets in asset management subsidiaries Derivative financial liabilities in asset management subsidiaries 176.6 -9.3 Derivative financial assets in asset management subsidiaries Derivative financial liabilities in asset management subsidiaries 7.1 Derivative loss on investments at asset management subsidiaries -292.3 -285.3 -33.1 -610.7 -5.4 Derivative financial *1 Fair value of the securities borrowed for short credit transactions. *2 After elimination of intercompany transactions *3 33% of the gain (loss) on investments at SB Northstar *4 Excludes impacts such as selling, general and administrative expenses and tax expenses 4.4 Gain (loss) on investments at Investment Business of Holding 85.4 -217.0 -169.8 68.5 -232.9 Companies Gain (loss) on investments attributable to non-controlling interests*3 131.8 56.3 -22.3 165.8 Gain (loss) on investments attributable to owners of the parent*4 85.4 -85.2 -113.5 46.2 -67.1 Accounting 8#13Price Sensitivity of Derivatives at SB Northstar (FY20-end) SoftBank The below table shows the impact on income before income tax of changes in the market prices of the underlying assets from March 31, 2021 of options, total return swap contracts, and forward contracts related to listed stocks at SB Northstar, assuming all other variables remain unchanged. (JPY bn) Group Fair value at the end of the period (minuses indicate liabilities) Assumption of change in market price 30% increase Estimated fair value after factoring in assumptions (minuses indicate liabilities) Impact on income before income tax Notional principal 525.4 348.7 Long call option of listed stocks in asset management subsidiaries 10% increase 275.4 98.8 176.6 1,482.0 10% decrease 104.4 -72.2 30% decrease 27.1 -149.5 30% increase -60.2 -50.9 Short call option of listed 10% increase -20.5 -11.2 stocks in asset management subsidiaries -9.3 -297.9 10% decrease -3.3 5.9 30% decrease -0.1 9.1 30% increase 86.3 84.7 Total return swap contracts related to listed stocks 10% increase 29.9 28.2 1.7 280.6 in asset management subsidiaries 10% decrease -26.6 -28.2 30% decrease -83.0 -84.7 30% increase 8.2 3.8 Forward contracts related to 10% increase 5.6 1.3 listed stocks 4.4 8.3 in asset management 10% decrease 3.1 -1.3 subsidiaries 30% decrease 0.6 -3.8 Accounting 9#14Details and Progress of the Agreement between the Company and WeWork in Oct 2019 and in FY20 Existing commitment of USD 1.5 bn Tender offer Reduction of exercise price from USD110.00/share to USD 11.60/share and early payment Tender offer up to USD 3.0 bn at USD 19.19/share •The Company paid full amount of USD 1.5 bn in Oct 2019. • SoftBank Group • USD 200 mn was converted into preferred stock in Nov 2019, while the remaining USD 1.3 bn was converted into preferred stock in Apr 2020. The Company launched the tender offer in Nov 2019, but terminated it in Apr 2020 as the Company asserted several of the closing conditions were not satisfied by the deadline. Credit support/ notes purchase Exchange of SVF1's JV shares a) Credit support for USD 1.75 bn letter of credit facility by financial institutions to WeWork b) Up to USD 2.2 bn in unsecured notes to be issued by WeWork c) Up to USD 1.1 bn in senior secured notes to be issued by WeWork Exchange of WeWork JV shares held by SVF1 for WeWork preferred stock In settling lawsuits relating to the terminated tender offer, the Company purchased common stock and preferred stock of WeWork at a price of USD 19.19/share (USD 1.5 bn in total) from (1) We Holdings LLC (an affiliated holding company of Adam Neumann) via a private sale in Feb 2021, and (2) certain other shareholders of WeWork via a tender offer launched in Mar 2021 and completed in Apr 2021. •The Company received warrants that are exercisable for WeWork preferred stock at an exercise price of USD 0.01/ share as consideration for a) and b) The Company agreed the followings with WeWork and BowX in conjunction with the agreement relating to the merger transaction between the two companies: (1) The conversion and exchange of WeWork preferred stock held by the Company into common stock of the merged company upon the merger. • Purchased USD 1.8 bn out of b) (2) For a), extension of credit support by the Company as co-obligor to the credit facility for an additional year until February 2024, subject to the financial institutions agreeing to the extension . • by the end of FY20 Agreed in Aug 2020, but the notes have not been issued by the end of FY20 (3) For c), an amended amount up to $550 million to be purchasable by the Company until February 12, 2023 or for a period of 18 months from the closure of the merger transaction, whichever comes first. As consideration for (1) and (2), the Company will acquire warrants that are exercisable for common stock of the merged company at the price of USD 0.01/ share, as adjusted, when each is completed. • The exchange of WeWork Asia shares at USD 11.60/share was completed in Apr 2020. The exchange of WeWork China was canceled. Accounting 10#15Investments and Debt Financing to WeWork from the WeWork Investment Subsidiary-1 Equity Type Common stock Preferred stock Of $1.5 billion paid in October 2019, $1.3 billion before conversion to preferred stock of WeWork at FY19-end Warrants exercisable for acquisition of preferred stock of WeWork (before exercise) Warrants exercisable for common stock of the merged company (before exercise) Derivatives related to the tender offer that started in Mar 2021 Total Consolidated Statement of Financial Position Cumulative investment amount Cumulative gain (loss) Account Carrying amount (Minuses show liabilities) Account FY19-end SoftBank Group (USD mn) Consolidated Statement of Income Gain (loss) FY19 FY20 FY20-end Investment securities Loss from financial instruments at FVTPL -417 Loss on equity method Investments accounted for using the equity method 14 173 investments -40 -109 Other loss -113 -307 Investment securities 885 1,521 -3,213 112 Gain (loss) from financial instruments at FVTPL -894 Other financial assets 406 Breakdown Breakdown omitted omitted 6,580 -6,292 165 26 26 Derivative financial assets Derivative financial liabilities -703 -22 Derivative gain (loss) on investments 126 126 Derivative loss (excluding gain (loss) on -694 investments) Derivative loss on investments 1,470 1,152 -166 -528 -5,380 -894 Accounting 11#16Investments and Debt Financing to WeWork from the WeWork Investment Subsidiary-2 Debt Type Purchase of unsecured notes Liabilities related to loan commitment Liabilities related to financial guarantee contract Total SoftBank Group (USD mn) Consolidated Statement of Income Gain (loss) FY19 FY20 Consolidated Statement of Financial Position Cumulative debt financing amount Cumulative gain (loss) Account Carrying amount (Minuses show liabilities) FY19-end Account FY20-end 1,800 44 Other financial assets 1,173 1,800 44 -256 -1,334 -92 Other gain (loss) -826 570 Other financial liabilities 140 -72 -819 -220 -2,153 861 -459 599 -1,285 1,213 * Allowances for losses from the financial guarantee contract and the loan commitment are recorded as "other financial liabilities" in the Consolidated Statement of Financial Position. The Company did not record gains or losses relating to the agreement on these contracts on the Consolidated Statement of Income at the time of execution, since the Company acquired consideration for the agreement (warrants convertible for preferred stock of WeWork at $0.01 per share). Subsequently, at the previous fiscal year-end, the Company recorded provision for allowance for losses following a deterioration in WeWork's credit risk, which was reversed during the fiscal year mainly due to the improvement of WeWork's credit risk. For liabilities related to the loan commitment, when the WeWork Investment Subsidiary purchased the unsecured notes, a corresponding amount was reversed from "other financial liabilities" and deducted from the initial recognition amount of loan receivable recorded as "other financial assets." The unsecured notes are regularly amortized from the time when the loan receivable was recognized. Liabilities related to financial guarantee contract are regularly amortized from the fourth quarter of the previous year, when the guarantee started. (Reference) Fair value of the entire equity of WeWork, evaluated by the Company Mar 31, 2020 Jun 30, 2020 Sep 30, 2020 Dec 31, 2020 Mar 31, 2021 USD 2.9 bn USD 2.9 bn USD 2.9 bn USD 2.2 bn USD 3.8 bn Accounting 12#17Derivative Gain (Loss) on Alibaba Prepaid Forward Contracts SoftBank Group Alibaba share price Amendment of contracts Signing -179.5 (-$1.7 bn) 184.4 ($1.7 bn) -213.6 (-$2.0 bn) -586.9 (-$5.5 bn) -402.6 (-$3.8 bn) (JPY bn) Derivative gain 280.9 ($2.7 bn) (Impact on P/L) (JPY bn) Income before income tax Net income FY20 cumulative -504.0 (-$4.7 bn) -732.9 (-$6.8 bn) -18.5 Derivative loss (-$0.18 bn) -94.5 (-$0.9 bn) -8.8 Deferred tax expenses -27.3 O -89.3 (-$0.08 bn) (-$0.26 bn) (-$0.9 bn) After considering taxes -275.8 (-$2.6 bn) the amendment Day 1 loss on (Deferred tax expenses) (B/S items relating to Alibaba prepaid forward contracts) (JPY bn) Derivative financial assets Derivative financial liabilities FY19-end FY20-end 5.0 703.7 -28.1 Net 5.0 675.6 FY20Q1 FY20Q2 FY20Q3 FY20Q4 Financial liabilities relating to sale of shares by prepaid 196.1 3,085.7 forward contracts Accounting 13#18Structure After Business Integration of Z Holdings Corporation and LINE Corporation SoftBank Group SoftBank Group Consolidated 40.9% *1 SoftBank Consolidated*2 NAVER 50% 50% JV Non-listed company 65.3% Z HOLDINGS Listed company 100% YAHOO! JAPAN 100% LINE * The structure presented is simplified for illustrative purposes. *1 Holding ratio as of March 31, 2021 *2 SBKK holds the right to appoint the majority of the JV's board of directors (three out of five). Accounting 14#19Business Integration of Z Holdings Corporation and LINE Corporation Identifiable intangible assets: JPY 407.0 bn in total Goodwill: JPY 617.1 bn SoftBank *The above amounts are fair values based on the best estimate currently available; therefore may change in a year from the acquisition date when additional information is obtained and evaluated related to facts and circumstances that existed as of the acquisition date. Group Identifiable intangible assets 407.0 in total Trademarks 170.1 No amortization as useful lives are indefinite Customer relationships 236.9 Straight-line amortization for 12-18 years Other assets 806.0 (JPY bn) Amount of Consideration and Goodwill (JPY bn) Consideration 862.1 Goodwill 617.1 Liabilities 575.7 Deferred tax liabilities relating to acquired intangible assets 128.0 Net assets 509.3 (after PPA) Net assets at the acquisition (SBKK's interests) 245.0 Non-controlling interests 264.3 Net assets on acquisition (SBKK's interests) 245.0 Accounting 15#20Entry into Agreement for Sale of All Shares in Arm - Overview • In Sep 2020, the Company agreed to sell all of Arm shares to NVIDIA. SoftBank Group • As the Company expects to hold approx. 6.7-8.1% of NVIDIA shares, further upside can be enjoyed as the largest shareholder when the share price goes higher. Transaction value Details (USD bn) Time of receipt 2.0 12.0 Cash of 0.75: Arm received as consideration for a license agreement. Cash of 1.25: SBGC received as a deposit for part of the consideration in the transaction. FY20Q2 (received in Sep 2020) 10.0 Cash: SBGC and SVF1 to receive 21.5 ±a 44.37 mil of NVIDIA shares: SBGC and SVF1 to receive Up to 10.32 mil of NVIDIA shares or cash: SBGC and SVF1 to receive Earn-out subject to Up to 5.0 ±a satisfaction of certain financial performance targets for each of revenue and EBITDA *2 of Arm in FY21. Total 38.5 ±a Consideration for the Company 1.5 Total 40.0 ±a NVIDIA share compensation for Arm employees ✓ The consideration for the Company will be allocated to SBGC and SVF1 in accordance with their respective ownership ratios of Arm shares (75.01% to SBGC and 24.99% to SVF1). ✓ The proceeds received by SVF1 will be further distributed to SVF1's limited partners, including the Company, based on a designated waterfall. Number of shares to be received by On closing the Company were determined based on the share price of NVIDIA: USD 484.60/share. (Reference): Closing price as of May 12, 2021 USD 550.34 / share *1 If elected to receive it in shares On closing (subject to satisfaction of specific financial performance targets by Arm) On closing *2 Subject to certain adjustment and amounts and excludes amounts attributable to the ISG business Accounting 16#21Entry into Agreement for Sale of All Shares in Arm - Accounting • Arm will continue to be classified under continuing operations (until the closing of the transaction is deemed highly probable, such as after obtaining regulatory approvals). • On closing, Arm will cease to be a subsidiary of the Company: expected to take approx. 18 months to close following the execution of the Purchase Agreement. SoftBank Group FY20 FY21 FY22 Sep 13 (execution of Purchase Agreement) Approx. 18 months Closing Deconsolidated Discontinued operations A subsidiary of the Company Continuing operations Continuing operations (until the closing of the transaction is deemed highly probable) Discontinued operations On closing After deconsolidation The Company's consolidated Recording 100% of Arm's financial results Impairment tests on goodwill To be measured at fair value or carrying amount, whichever is lower when assets and liabilities are classified as disposal group held for sale. The difference between the consideration and carrying amount will be recorded as gain relating to loss of control under "net income from discontinued operations." SVF1 and Other SBIA-Managed Funds segment Recording changes in valuation of Arm shares of 24.99% held by SVF1 under "gain (loss) on investments" : the amount is eliminated in the Company's consolidated P/L as Arm is a subsidiary of the Company. (Reference) The above changes in valuation is recorded under "Change in third-party interests in SVF1" in the consolidated P/L based on a designated waterfall. NVIDIA shares to be received will be recorded as financial assets at FVTPL, with its changes in fair value will be recognized as net income or loss. Accounting 17#22SPACS Controlled by SBG's Subsidiaries =SoftBank Group A Special Purpose Acquisition Company ("SPAC") is an investment vehicle formed for the purpose of effecting business combination with an existing operating company. • • A subsidiary of SBG, as a sponsor, establishes a SPAC with a small amount of capital. The SPAC issues founder shares and warrants designed to allow the sponsor to own up to 20% of the equity of the merged entity. (The sponsor can acquire up to 20% of interests in the merged entity with a small investment.) (1) Executes an IPO to raise capital for business combination; starts seeking a target company for the merger (2) Identifies a target company for the merger (within 19 months from the date of the IPO) (3) Completes the merger (De-SPAC) (within 24 months from the date of the IPO) An existing operating company can effectively go public in a shorter period of time compared to traditional IPOs. As of March 31, 2021 SB Investment Advisers (UK) ("SBIA") Investment fund business in Latin America Fortress (1) Post-IPO/start selection of a target company for a merger 3 companies 1 company (2) Identification of a target company for a merger Total 3 companies 1 company 7 companies 1 company SPAC: Consolidated as a subsidiary (3) Completion of a merger (De-SPAC) 1 company 1 company SPAC after De-SPAC: Excluded from the scope of consolidation Accounting 18#23SPACS Controlled by SBG's Subsidiaries SoftBank Group Nine SPACS controlled by SBG's subsidiaries raised USD 3,304 mn in total through IPO in FY20 SBIA: USD 1,154 mn Investment fund business in Latin America: USD 230 mn Fortress: USD 1,920 mn (of which USD 345 mn from one entity that completed De-SPAC) Impact of eight SPACS controlled by SBG's subsidiaries on FY20 SBG consolidated F/S • The proceeds can only be used for a merger with a target company and redemptions of the interests attributable to public market investors. • The proceeds received are held in a trust account until completion of merger with a target company and are invested only in certain financial assets that are highly liquid. • The SPACs will cease all operations and redeem all interests attributable to public market investors in it, if it is unable to complete a merger within 24 months from the date of IPO (operating expenses of the SPAC are borne by the sponsor). ● Public market investors retain an option to redeem part or all of the proceeds contributed from them upon completion of the initial merger. → Because the relevant SPACs will be obligated to redeem them for cash under such conditions, non-controlling interests subject to possible redemption are classified as "liabilities", not as "equity" under IFRSS. Assets (JPY mn) FY20-end Other financial assets (non-current) Trust accounts in SPACS 327,569 Liabilities Other financial liabilities (non-current) Non-controlling interests subject to possible redemption Impact of one SPAC (deconsolidated after De-SPAC) on FY20 SBG consolidated F/S • Upon deconsolidation, the increase in the value of the shares held by the sponsor was recognized as gain. (JPY 13,516 mn) (JPY mn) FY20-end 298,092 Accounting 19#24Consolidated P/L Summary (IFRSS) P/L item Continuing operations Net sales FY19 FY20 (JPY bn) Change SoftBank Group Gain on investments at Investment Business of Holding Companies: +945.9 bn (see pages 5 and 8 for details) 5,238.9 5,628.2 +389.3 • Gain relating to sales of T-Mobile shares: 421.8 bn • 2,654.7 2,874.9 +220.2 • • Unrealized gain on T-Mobile shares continued to be held by the Company: 219.6 bn Derivative gain resulting from an increase in the fair value of a contingent consideration*1: 264.4 bn Investment loss in listed stocks and other instruments: 232.9 bn Gain on Investments at SVF1, SVF2, and others: +6,292.0 bn (see page 26 for details) Realized gain on sales of investments (net): 423.7 bn Unrealized gain on valuation of investments (net): 5,478.1 bn at SVF1 and 490.3 bn at SVF2 Gain on other Investments: +291.0 bn Gain on investments at SoftBank Latin America Fund (net): 196.6 bn Income on equity method investments: +616.4 bn (decreased 7.6 bn yoy) Gain on equity method investments in Alibaba: 572.5 bn (FY19: Gain of 286.5 bn related to Alibaba acquiring Ant Financial*2 shares by Alibaba) Derivative loss (excluding gain (loss) on investments): -480.3 bn Derivative loss in connection with several prepaid forward contracts using Alibaba shares entered into in Nov 2019 and from Apr to Aug 2020: 504.0 bn (including the impact of amendments of the contracts in October and November in 2020) Gross profit Gain (loss) on investments Gain on investments at Investment Business of Holding Companies Gain (loss) on Investments at SVF1 and SVF2, and others Gain (loss) on other investments Total gain (loss) on investments +484.3 +945.9 +461.6 -1,844.9 +6,292.0 +8,136.9 Selling, general and administrative expenses Finance cost Income on equity method investments Derivative loss -49.6* +291.0 +340.6 -1,410.2 7,529.0 +8,939.2 -2,060.1 -2,271.5 -211.4 -293.9 -307.3 -13.4 +624.0: +616.4 -7.6 -480.3 -480.3 (excluding gain (loss) on investments) Change in third-party interests in SVF1 +540.9 -2,246.4 -2,787.3 Other loss Income before income tax -5.5 50.0 Income taxes -792.7 Net income from continuing operations Discontinued operations -742.6 -44.5 -39.0 5,670.5 +5,620.5 -1,303.2 -510.5 4,367.3 +5,109.9 Net income from discontinued operations Net income -58.1 -800.8 Net income attributable to owners of the parent 710.9: +769.0 5,078.2 +5,879.0 -961.6 4,988.0 +5,949.6 (+: plus to profit -:minus to profit) Income taxes • • • Recorded current income taxes at SBKK and Yahoo Japan Corporation Recorded current income taxes associated with the sale of T-Mobile shares Recorded deferred tax expenses due to revisions of the prepaid forward contracts using Alibaba shares A credit of income taxes of 256.1 bn (profit) was recorded mainly due to the use of loss carryforwards, to which deferred tax assets had not been recognized against taxable income generated from the partial sale of SBKK shares. (see page 32 for details) Recorded gain relating to loss of control of Sprint: 720.8 bn *1 The right to acquire T-Mobile shares for no additional consideration if certain conditions are met, which was received as part of consideration for the completion of the merger between Sprint and T-Mobile US, Inc. *2 Ant Small and Micro Financial Services Group Co., Ltd. (currently Ant Group Co., Ltd.) Accounting 20#25Tax Rate Analysis Tax rate analysis Net income before income tax Effective statutory tax rate Rate (%) 31.5% FY20 SoftBank Group Amount (JPY bn) 5,670.5 1,783.9 (Main factors of tax rate analysis) (1) Permanent difference (mainly tax rate differences) -22.0% -1,247.9 (2) Anti-tax heaven taxation in Japan 6.9% 392.3 (3) Tax effect on investments in affiliates 4.3% 242.4 (4) Income taxes related to intercompany transactions eliminated in consolidation 3.8% 216.4 (5) Tax effect on investments in subsidiaries -1.7% -94.3 Others 0.2% 10.4 Actual tax rate 23.0% 1,303.2 Accounting 21#26Consolidated B/S Summary (IFRSS) - 1 SoftBank Group (JPY bn) B/S item Main items As of Mar 2020 As of Mar 2021 Change 1 Current assets related to investments from SB Northstar A: The fair value of listed stocks 15,636.9 Cash and cash equivalents 3,369.0 Investments from asset management subsidiaries 10,820.2 4,662.7 A 658.2 -4,816.7 B: Securities pledged as collateral C: Fair value of long call option of listed stocks, etc. +1,293.7 D: Margin deposits of 14.7 bn and restricted cash of 111.8 bn +658.2 Current assets Securities pledged as collateral in asset management subsidiaries B 1,427.3 • +1,427.3 Derivative financial assets in asset management subsidiaries • C 188.1 +188.1 Other financial assets Other current assets Assets classified as held for sale 313.5 D 1,055.2 461.0 446.7 9,236.0 +741.7 38.6 21,620.3 34,930.3 -14.3 -9,197.4 +13,310.0 Property, plant and equipment 1,264.5 1,668.6 +404.1 2 Goodwill 3,998.2 4,684.4 Non-current assets Intangible assets 1,986.0 2,308.4 Investments accounted for 3,240.4 4,350.0 +686.2 +322.4 +1,109.6 3 • using the equity method Investments from SVF1 and SVF2 6,892.2 accounted for using FVTPL SVF1 SVF2 3 Investment securities 1,211.5 Derivative financial assets 59.3 Other financial assets 1,100.7 Total assets 37,257.3 13,646.8 +6,754.6 6,681.7 12,403.3 +5,721.6 210.6 1,243.5 +1,032.9 3,706.8 +2,495.3 908.7 +849.4 1,919.3 +818.6. 45,750.5 +8,493.2 • 2 Current assets related to forward contracts using Alibaba shares • Restricted cash: 361.4 bn (the amount required for the early termination of a portion of the collar contract in April 2021) Derivative assets: 359.1 bn (reclassified from non-current assets for the contracts with a contracted term of one year or less) Impact of the business integration of Z Holdings Corporation and LINE Corporation • Goodwill: 617.1 bn, identifiable intangible assets (sum of trademarks and customer relationships): 407.0 bn related to LINE Corporation (including its subsidiaries), as of the acquisition date (Reference) Carrying amount of Alibaba shares: 3,751.4 bn (FY20-end) Investment securities: 3,706.8 bn (increased 2,495.3 bn) • T-Mobile shares continued to be held after the partial sale: +1,474.4 bn Increase in the fair value of portfolio companies of and new and follow-on investments from SoftBank Latin America Fund: +327.5 bn Increase in the fair value of Social Finance, Inc. and Lemonade, Inc. Increase of derivative financial assets related to the below: • Contingent consideration for T-Mobile shares: 460.7 bn Prepaid forward contracts using Alibaba shares: 339.6 bn Balance of funds that were raised through IPOs by SPACS, which were formed by the Company's subsidiaries as sponsors (listed and not yet merged with operating companies as of FY20-end), and invested in money market funds as of FY20-end: +327.6 bn Accounting 22#27Consolidated B/S Summary (IFRSS) - 2 SoftBank Group Interest-bearing debt (current) of SB Northstar • Short-term borrowings to be used in transactions for listed stocks: +1,203.9 bn Borrowings made using Alibaba shares (margin loan): + USD 6.0 bn Recording of derivative financial liabilities for the call options received by Deutsch Telekom for T-Mobile shares held by the Company: 204.8 bn Increased due to the recording of income taxes payables primary for a gain on the sale of SBKK shares at SBGJ (JPY bn) B/S item Main items As of Mar 2020 As of Mar 2021 Change 14,191.1 1 12,891.0 -1,300.1 1 Interest-bearing debt 3,845.2 2 7.735.2 +3,890.0 Lease liabilities 378.4 307.4 -71.0 Deposits for banking business 873.1 1,109.2 +236.1 Current liabilities Trade and other payables 1,585.3 1,970.3 +385.0 Derivative financial liabilities in asset management subsidiaries 14.7 +14.7 Derivative financial liabilities 9.3 322.2 +312.9 Income taxes payables 164.3 391.9 Other current liabilities 596.5 952.4 +227.6 +355.9 • • Liabilities directly relating to 6,455.0 11.3 -6,443.7 assets classified as held for sale 2 15,693.2 20,903.9 +5,210.7 2 Non-current liabilities Interest-bearing debt 9,286.7 10,777.7 +1,491.0 Lease liabilities 761.9 Third-party interests in SVF1 4,559.7 727.6 6,601.8 -34.3 +2,042.1 Other financial liabilities Deferred tax liabilities 77.2 711.2 415.4 +338.2 Other non-current liabilities 79.6 2,030.7 207.5 +1,319.5 +127.9 Total liabilities 29,884.4 33,794.9 +3,910.5 Increased due to the recording of expected payment amount of withholding income tax related to dividends paid from SBGJ to SBG: 245.1 bn A deposit received for the sale of all shares of Arm: USD 1.25 bn Financial liabilities relating to sale of shares by prepaid forward contracts: 3,085.7 bn (+2,889.6 bn) Increased (including current liabilities) due to prepaid forward contracts using Alibaba shares concluded from Apr to Aug 2020 and amendments made to some of the contracts in Oct and Nov 2020 (For details of debt reduction related to JPY 4.5 trillion program, see the Finance Section.) Financial liabilities of 298.1 bn were recorded for the equity interests of investors other than sponsors in SPACS (listed and not yet merged with operating companies as of FY20-end), which were formed by the Company's subsidiaries as sponsors. Increased mainly from differed tax liabilities at SBG * For the breakdown of interest-bearing debt and lease liabilities at core companies, see page 51 of SBG's Consolidated Financial Report. Accounting 23#28Consolidated B/S Summary (IFRSS) - 3 SoftBank Group (JPY bn) B/S item Items As of Mar 2020 As of Mar 2021 Change 7,372.9 11,955.6 +4,582.7 Common stock 238.8 238.8 Equity 1 Capital surplus 1,490.3 2,618.5 +1,128.2 2 Other equity instruments* 496.9 496.9 1 • Retained earnings 3,945.8 8,810.4 +4,864.6 2 Treasury stock -101.6 -2,290.1 -2,188.5 Accumulated other comprehensive -362.3 338.3 +700.6 income Accumulated other comprehensive income directly relating to assets 205.7 0.3 -205.4 classified as held for sale Total equity attributable to owners of the parent 5,913.6 10,213.1 +4,299.5 Non-controlling interests 1,459.3 1,742.5 +283.2 Ratio of equity attributable to owners of the parent (equity ratio) 15.9% 22.3% +6.4% * USD-denominated undated subordinated notes issued by SBG in July 2017, which were classified as equity instruments in accordance with IFRSS . Changes in interests in subsidiaries resulting from the partial sale of SBKK shares: +932.4 bn Changes in interests due to a decrease in the equity stake in the new company formed by the merger following the business integration of Z Holdings Corporation and LINE Corporation: +243.0 bn Net income attributable to owners of the parent: +4,988.0 bn Share repurchase in FY20: 2,226.2 bn (Breakdown) • • 484.0 bn under the Board's approval on Mar 13, 2020 • 500.0 bn under the Board's approval on May 15, 2020 500.0 bn under the Board's approval on Jun 25, 2020 742.2 bn under the Board's approval on Jul 30, 2020 Increased in exchange differences arising from translating overseas subsidiaries and associates into yen due to a weaker yen against the major currencies: +652.0 bn FY19-end: Sprint classified as discontinued operations (deconsolidated at the beginning of FY20) FY20-end: Boston Dynamics, Inc. reclassified • Impact from the business integration of Z Holdings Corporation and LINE Corporation: +441.9 bn - the recognition of 264.3 bn of non-controlling interests related to LINE Corporation (including its subsidiaries) on the acquisition date - a decrease in the equity stake in the new company formed by the merger • Partial sale of SBKK's shares: +134.4 bn • Impact from deconsolidation of Sprint: -424.7 bn SB Northstar -152.9 bn Accounting 24#29Consolidated C/F Summary (IFRSS) SoftBank Group C/F from operating activities: decreased 602.5 bn yoy (JPY bn) C/F item FY19 FY20 Change Primary details for FY20Q1-Q3 (Major reasons for decrease) C/F from operating activities 1,119.2 1,117.9 557.3 -560.6 Subtotal of cash flows from operating activities -265.1 Interest paid • • -588.6 Income taxes paid Income taxes refunded 264.2 Incom -4,186.7 Payments for acquisition of investments Proceeds from sale/redemption of investments 3,845.8 -856.6 C/F from investing activities -4,286.9 -1,468.6 +2,818.3 856.4 312.8 Payments for acquisitions of investments by SVF1 and SVF2 Proceeds from sales of investments by SVF1 Decrease of Income taxes paid by 613.4 bn yoy Deconsolidation of Sprint (Sprint recorded operating cash inflows of 641.0 bn in FY19) SB Northstar recorded cash outflows of 509.2 bn (before elimination of intercompany transactions) mainly associated with realized loss on investments in derivatives. Payments for acquisition of investments: -4,186.7 bn Acquisition of highly liquid listed stocks by SBG with the aim of diversifying its assets and managing its surplus funds: -2,705.4 bn (SBNS has taken over this investment activity from FY20Q2; see pages 7-8) Acquisition of LINE Corporation shares by SBKK -269.1 bn; Subscription of LINE Corporation bonds by SBKK : -739.6 bn Proceeds from sales /redemption of investments: +3,845.8 bn From the sale of a portion of the abovementioned listed stocks: +675.7 bn • Payments for acquisition of control over subsidiaries • From the partial sale of T-Mobile shares: +2,099.7 bn -351.3 Payments into restricted cash -351.0 Payments into trust accounts in SPACs Proceeds in short-term interest-bearing debt, net 1,575.3 7,965.1 Proceeds from interest-bearing debt -5,790.9 9. Repayment of interest-bearing debt 979.3 C/F from financing 2,920.9 2,194.1 -726.8 -1,362.1 activities 345.5 Cash and cash equivalents opening balance Cash and cash equivalents closing balance 3,858.5 3,369.0 3,369.0 4,662.7 Contributions into SVF1 from third-party investors Distribution/repayment from SVF1 to third-party investors Proceeds from non-controlling interests subject to possible redemption Proceeds from the partial sales of shares 1,553.0 of subsidiaries to non-controlling interests -2,226.2 Purchase of treasury stock SPACS, sponsored by the Company's subsidiaries, raised a total of USD 3.3 bn of funds through IPOS (See page 19 for details) • Sale of LINE Corporation shares by SBKK: +93.8 bn Sale or redemption of LINE Corporate Bonds by SBKK: 739.6 bn Proceeds from interest-bearing debt: +7,965.1 bn (SBG) Short-term borrowings: +1,040.1 bn domestic hybrid notes: +177.0 bn (Wholly owned subsidiaries conducting fund procurement) Transactions between SBKK and LINE Corporation prior to LINE Corporation becoming a subsidiary are presented in gross amounts (total cash outflow for acquisition of LINE Corporation shares (net) was 175.3 bn) • Procurement through borrowings made using T-Mobile shares (margin loan): USD +4,380 mn • Procurement through borrowings made using Alibaba shares (margin loan): USD +8,125 mn • Procurement through several prepaid forward contracts using Alibaba shares: USD +15,445 mn (SB Northstar) • Procurement through borrowings made using Alibaba shares (margin loan): USD +6,000 mn Repayment of interest-bearing debt: -5,790.9 bn (SBG) Repayment of short-term borrowings -863.3 bn; repayment of senior loans -392.4 bn; and redemption of corporate bonds -557.6 bn (Wholly owned subsidiaries conducting fund procurement) Repayment of margin loan made using Alibaba shares: USD -9,444 mn (SVF1) Repayment of borrowings under the Fund Level Facility: USD -4,976 mn Repayment of borrowings under the Portfolio Financing Facility: USD -1,033 mn Partial sale of SBKK shares Accounting 25#30Segment Income - SVF1 and Other SBIA-Managed Funds SoftBank Group (JPY bn) P/L FY19 FY20 Items Gain on investments at SVF1, SVF2, and others -1,844.9 6,357.5 SVF1 Realized gain on sales of investments 58.3 419.6 Sale of a portion of shares in five portfolio companies and all shares in eight portfolio companies (including share exchanges) : 424.2 bn Unrealized gain (loss) on valuation of investments -1,917.7 5,897.1 Change in valuation for the fiscal year -1,877.7 6,013.4 Reclassified to realized gain recorded in the past fiscal year -40.0 -116.3 Dividend income from investments 12.8 29.8 Derivative gain on investments 0.1 1.1 Effect of foreign exchange translation 1.5 9.8 Selling, general and administrative expenses -86.5 -74.2 Finance cost -23.5 -10.4 Change in third-party interests in SVF1 540.9 -2,246.4 Other gain 1.4 Segment income (income before income tax) - 1,412.6 0.4 4,026.8 Unrealized gain (net) on valuation of investments held at FY20-end: SVF1: 5,523.1 bn (USD 52,186 mn) ⚫Listed companies: USD 40,507 mn in total •Unlisted companies: USD 11,679 mn in total SVF2: 490.3 bn (USD 4,633 mn) Mainly recorded USD 4,671 mn for listed stocks, mainly driven by an Increase in the share price of KE Holdings Inc. (See page 33-34 of SBG's Consolidated Financial Report for details) Unrealized gain on valuation of investments recorded in prior fiscal years related to the investments exited in FY20 are reclassified to "realized gain on sales of investments" Administrative expenses at SBIA, SVF1 and SVF2 Interest expenses decreased primarily due to a decline in the outstanding balance of borrowings following the repayment of borrowings (Fund Level Facility and Portfolio Financing Facility). The sum of distributions to third-party investors in proportion to their interests in fixed distributions and performance-based distributions, which are based on the gain and loss on investments at SVF1, net of management and performance fees payable to SBIA, and operating and other expenses of SVF1. Accounting 26#31Appendix#32Changes in Presentation of P/L ➤ In FY20Q1, "Gain (loss) on investments" is newly P/L after the revision of the presentation presented ➤ Operating income is no longer used • The importance of investment activities has increased in the consolidated results, following the completion of Sprint/T-Mobile US, Inc. merger and removal of Sprint from subsidiaries. • "Gain (loss) on investments" is newly presented in order to clearly indicate investment performance in P/L. "Gain (loss) on investments" includes (1) to (4). (1) Realized gain (loss) on sales of investment securities (financial assets at FVTPL) and investments accounted for using the equity method (2) Unrealized gain (loss) on valuation of financial assets at FVTPL (3) Dividend income from investments (4) Derivative gain (loss) related to financial assets at FVTPL and other investments Net sales Gross profit Gain (loss) on investments SoftBank •Gain (loss) on investments at Investment Business of Holding Companies •Gain (loss) on investments at SVF1, SVF2, and others •Gain (loss) on other investments ⚫Selling, general and administrative expenses • Finance cost • Income (loss) on equity method investments Group • Derivative gain (loss) (excluding gain (loss) on investments)* etc. Income before income tax Net income attributable to owners of the parent *Derivative gain (loss) not included in "gain (loss) on investments" is shown as "derivative gain (loss) (excluding gain (loss) on investments)." Accounting 28#33Investment in Listed Stocks by SB Northstar: Gain/Loss on Investments Transferred from SBG in P/L In case that SB Northstar continues to hold listed shares after the shares are transferred from SBG Fair value held at SB Northstar Transfer value to SB Northstar Acquisition value for SBG FY20Q1 Acquired by SBG FY20Q2 Transferred to SB Northstar SoftBank Group Valuation gain P/L accounts Unrealized gain (loss) on val- uation of investments at asset management subsidiaries at SB Northstar Valuation loss at SB Northstar Valuation gain at parent SBG of investments FY20-end Unrealized gain on valuation The sum is "unrealized gain (loss) on valuation of investments" at consolidated SBG In case that SB Northstar sells listed shares outside the Group after the shares are transferred from SBG Acquisition value for SBG Transfer value to SB Northstar Sale value from SB Northstar to outside the Group Realized gain at SB Northstar Realized loss at SB Northstar Realized gain at parent SBG P/L accounts Realized gain (loss) on sales of investments at asset management subsidiaries Realized gain on sales of in- vestments (reclassified from "unrealized gain on valuation of investments") The sum is "realized gain (loss) on sales of investments" at consolidated SBG FY20Q1 Acquired by SBG FY20Q2 Transferred to SB Northstar FY20 Accounting 29#34Impact of the Asset Management Subsidiaries on SBG Consolidated B/S*1 Cash and cash equivalents Investments from asset management subsidiaries Securities pledged as collateral in asset management subsidiaries Derivative financial assets in asset management subsidiaries Other financial assets Other March 31, 2021 221.3 Interest-bearing debt 755.3 Derivative financial liabilities in asset management subsidiaries 1,427.3 Other 188.1 Total liabilities 126.5 14.2 Investments from Delaware subsidiaries (defined below)*2 Equivalent amount of cash investments by SBG in Delaware subsidiaries SoftBank Group (JPY bn) March 31, 2021 1,866.5 14.7 19.2 1,900.4 1,349.0 39.8 Total assets 2,732.7 Equivalent amount of loans to Delaware subsidiaries held by SBG (the amount entrusted by SBG related to asset management) Equivalent amount of cash investments by Masayoshi Son in Delaware subsidiaries Retained earnings Exchange differences on translating foreign operations Equity 1,289.3 19.9 A -506.3 B -10.4 832.3 C *1 SB Northstar's statement of financial position, excluding the impact of Alibaba shares contributed in kind to SB Northstar by SBG via Delaware subsidiaries and investments made by SB Northstar in SPACS controlled by SBIA *2 Investment from the Company's subsidiaries, Delaware Project 1 L.L.C., Delaware Project 2 L.L.C., and Delaware Project 3 L.L.C. ("Delaware subsidiaries"), to the asset management subsidiary, SB Northstar ■Calculation of non-controlling interests Equivalent amount of cash investment by Masayoshi Son in Delaware subsidiaries Gain (loss) attributable to non-controlling interests Exchange differences on translating foreign operations Non-controlling interests (interests of Masayoshi Son) ■Interests in equity Interests of SBG 985.2 19.9 A -168.7 1/3 of B Non-controlling interests (interests of Masayoshi Son) Equity -152.9 D 832.3 C -4.1 -152.9 D Accounting 30#35Breakdown of Goodwill / Intangible Assets SoftBank Group (JPY bn) Change B/S Item Main items As of Mar 2020 As of Mar 2021 Changes in Amortization exchange rate Outline Others 3,998.2 4,684.4 Arm Goodwill 2,554.1 2,632.7 +78.6 Includes ISG businesses SBKK ZOZO 907.5 907.5 212.9 212.9 LINE 617.1 617.1 Newly recorded Technologies 395.6 368.1 Main b/d Arm 387.8 361.7 -36.5 +10.4 - Amortized at straight-line method for 8-20 years Main intangible assets Customer relationships 474.7 674.9 ZOZO 316.7 303.6 -13.1 Main b/d LINE 236.9 Arm 103.3 95.7 -10.9 +3.4 - - - Amortized at straight-line method for 18-25 years Amortized at straight-line method for 12-18 years Amortized at straight-line method for 13 years Trademarks 221.1 385.2 ZOZO 178.7 178.7 Main b/d LINE 170.0 Management contracts Fortress 46.2 46.2 33.2 33.2 -13.3 +0.3 Amortized at straight-line method for 3-10 years *1 The amounts of goodwill recognized at the date of acquisition by SBG. They do not include goodwill recognized as a result of M&A executed by the relevant subsidiaries after their acquisition dates. In FY20Q1, Arm changed its functional currency from GBP to USD. * Accounting 31#36Accounting Treatment for Partial Sale of SBKK Shares and After-tax Cash Proceeds SoftBank Group • In May and Sep 2020, SBG sold a total of 1.27 bn shares of SBKK held through SBGJ (SoftBank Group Japan Corp.) and received a total of JPY 1.5 tn. • ✓ May: 240 mn shares (shareholding ratio: 5.0%) sold for JPY 310.2 bn ✓ Sep: 1.03 bn shares (shareholding ratio: 21.7%) sold for JPY 1,216.7 bn Shareholding ratio after the sales: 40.2%. SBKK continues to be a subsidiary of the Company. (JPY bn) (5) Accrued cash tax 204.0 (The amount of taxes expected to cash out) (4) Taxes Recognized in P/L (positive 256.1 impact on net income) (1) Net Mainly through use of NOL proceeds (6) After- from the sale Recognized directly in tax cash equity (capital surplus), since the 1,526.9 (3) (Equivalent to) 932.4 Company will Gain on sale (after considering taxes) continue to control proceeds ((1)-(5)) 1,322.9 SBKK after the sale (2) Consolidated carrying amount of the shares sold 134.4 Increase in non-controlling interests * Figures in the graph are the sum of the sales in May and September. Accounting 32#37Finance SBG standalone financial numbers are calculated by excluding numbers of self-financing entities from the consolidated numbers, unless otherwise stated. Major self-financing entities are SBKK, Arm, SVF1, SVF2, PayPay, Fortress, SB Energy, etc.#38Summary of FY2020*1 Investment businesses performed robustly, especially at SVF1 & SVF2. SoftBank Completed shareholder return and financial improvement committed in ¥4.5T Program. Robust Gain on investments totaled ¥7.5T, mainly from SVF1 & SVF2 Group investment businesses - - SVF1 & SVF2: Coupang, Auto1, etc. were listed in Q4; 9 companies *2 were listed for the full year. Consolidated net income*³ reached ¥5.0T. Status of assets • Equity value of holdings marked at ¥29.8T. Asset diversification progressed with increased value of SVF1 & SVF2. ¥4.5T program LTV - Equity value of SVF1 & SVF2 increased to ¥7.5T; up to 25% of the portfolio - Equity value of Alibaba marked at ¥12.7T; down to 43% of the portfolio Completed the asset monetization under ¥4.5T Program by Q2; completed shareholder return and financial improvement - Shareholder return: ¥2T*4 (amount of shares repurchased from Jun 17, 2020 to May 12, 2021 under the ¥4.5T Program) - Debt reduction: Reduced debt by a total of ¥1T Further improvements of LTV and cash position, while maintaining thick financial cushion - LTV: 12.4% - Cash position: ¥2.9T*5 *1 As of March 31, 2021, unless otherwise stated *2 Excludes SPACS *3 Net income attributable to owners of the parent *4 Amount of share repurchase totaled ¥2.5T, if including ¥500.0B authorized prior to ¥4.5T Program and repurchased from March 16, 2020 to June 15, 2020. *5 Cash position = cash and cash equivalents + short-term investments recorded as current assets + undrawn commitment line. SBG standalone basis (excluding SB Northstar) Finance 2#39- - Robust Investment Businesses Status of Assets Progress of ¥4.5T Program - Financial Condition - Financial Strategy - ESG Initiatives SoftBank Group Finance 3#40Increase in Gain on Investments SoftBank Net income of ¥4,988.0B: Gain on investments at SVF1 & SVF2 increased significantly. Gain on investments Net income (attributable to owners of the parent) Group Investment Business of Holding Companies SVF1 and SVF2 -¥1,410.2B FY2019 Other investments Total gain (loss) on investments ¥7,529.0B -\961.6B ¥4,988.0B FY2020 FY2019 FY2020 Finance 4#41Main Investment Activities of SVF1 & SVF2 (since Jan 2021) Large-scale IPO of Coupang and active new investments SVF1 New listings Market Price (Gross)*2 $28,039M SoftBank Group SVF2 New investments SVF2 qualtrics.XM IPO Market Price (Gross)*3 $26M qualtrics.XM STANDARD VIVIDION Therapeutics coupang iPo Investment through SPACS*1 (IPO) TEMPO patsnap eToro етого AUTO 1 IPO $2,301M SVF Investment Corp. FORWARD Klarna. jobandtalent GROUP SVF Investment Corp. 2 A total of $1.15B was raised elevatebia cameo EDA Technology Innovation Confidence. Life view De-SPAC $490M 橙心 SVF Investment Corp. 3 1tist GUARDANT (Partial) *1 Special Purpose Acquisition Company Exited investments SVF1 OSIsoft. (Full) Uber (Partial) MANTICORE BG BERKSHIRE GREY redislabs HOME OF REDIS 滴滴旗下 (DiDi Grocery) sendbird SVF2 made new investments in 18 companies in total during 3 months ended Mar 2021. *2 Gross Return = Unrealized value + Realized value (incl. realized dividend income related to portfolio companies). Realized values are gross of transaction fees, taxes and other expenses. SBG's return on any SVF1 portfolio company is not the full return amount for the SVF1 but is instead proportionate to its commitment amount to SVF1 and any return received as a parent to the Manager, and does not reflect fees and expenses that would reduce the value of returns experienced by SVF1. As of March 31, 2021. *3 Gross Return = Unrealized value. SBG's return on any SVF2 portfolio company is not the full return amount for the SVF2 but is instead proportionate to its commitment amount to SVF2 and any return received as a parent to the Manager, and does not reflect fees and expenses that would reduce the value of returns experienced by SVF2 investors. As of March 31, 2021. * Exit and IPO information is presented solely for illustrative purposes, has been selected in order to provide examples of current and former SVF1 and SVF2 investments that have been publicly listed and do not purport to be a complete list thereof. References to specific investments should not be construed as a recommendation of any particular investment or security. Past performance is not necessarily indicative of future results. There can be no assurance that SBIA will be able to implement its investment strategy or achieve its investment objective. There can be no assurances that any plans described herein will be realized on the terms expressed herein or at all, and all such plans are subject to uncertainties and risks, as well as investor consents and regulatory approvals, as applicable. Finance 5#42SBG Share Price and Domestic Bond Yields SoftBank Share price continues to outperform the index. Domestic bond yields declined further. SBG share price*1 Group SBG domestic senior bond yield *2 225 200 175 150 125 100 75 56 50 Jan'20 Apr'20 (Since 2020) As of May 11 (%) 5.0 √ 200 M 200 (SBG) 4.0 ¥4.5T Program announced Jul'20 Oct'20 Jan'21 Apr'21 3.0 149 (Nasdaq) 120 (Dow) 2.0 111 (TOPIX) 1.0 (Since 2020) ¥4.5T Program announced 0.0 Jan'20 Apr 20 Jul'20 *1 As of May 11, 2021. Calculated with a base value of 100 as of January 1, 2020. *2 Bond yields of 55th, 56th, and 57th series Unsecured Straight Bond. Source: SBG and Bloomberg. As of May 11, 2021. Oct'20 Jan'21 Apr'21 Finance 6#43- Robust Investment Businesses Status of Assets - Progress of ¥4.5T Program - Financial Condition - Financial Strategy - ESG Initiatives SoftBank Group Finance 7#44Equity Value of Holdings Equity value of holdings marked at ¥29.8T, driven by increase in SVF1 and SVF2's equity value. (\T) 26.3 24.3 13.0 12.6 30.9 29.8 26.9 18.6 13.1 SoftBank Group Excluding asset-backed finance Composition 43% Alibaba 8% SBKK 21% SVF1 4% SVF2 5% T-Mobile (formerly Sprint) 12.7 9% Arm 6% Investments in listed stocks 5% Others 2.3 2.0 3.9 1.8 6.2 3.5 3.6 SVF1&2 2.8 2.7 0.8 1.0 1.3 0.2 2.7 1.3 1.6 1.5 35 3.2 0.2 1.4 2.6 2.5 2.7 2.6 1.7 2.7 2.3 2.1 0.4 1.0 1.4 0.7 0.8 0.8 Mar' 20 Jun' 20 Sep' 20 Dec' 20 Mar'21 * As of the end of each quarter - Alibaba: calculated by multiplying the number of Alibaba shares (ADR) held by SBG by the share price of Alibaba; less (i) the sum of the amount to be settled at the maturity (calculated by using the share price of Alibaba) of the unsettled portion of prepaid forward contracts using Alibaba shares (floor contracts, collar contracts, and call spread), (ii) the amount equivalent to the outstanding margin loan backed by Alibaba shares executed in March 2021, and (iii) the amount equivalent to the outstanding margin loan backed by Alibaba shares executed by SB Northstar in October 2020. - SBKK: calculated by multiplying the number of shares held by SBG by the share price of SBKK, deducting the amount equivalent to the outstanding margin loan backed by SBKK shares - SVF1: value equivalent to SBG's portion of SVF1's holding value + performance fee accrued, etc. - SVF2: value equivalent to SVF2's holding value + performance fees accrued - T-Mobile (formerly Sprint): calculated by multiplying the number of shares held by SBG (including the number of shares subject to call options (101,491,623 shares) received by Deutsche Telekom AG) by the share price of T- Mobile. Adding fair value of SBG's right to acquire T-Mobile shares (48,751,557 shares) for no additional consideration if certain conditions are met, and fair value of the right of a subsidiary of SBG to receive T-Mobile shares if certain conditions are met, in connection with the transaction in which T-Mobile sold T-Mobile shares to Trust that offered its Cash Mandatory Exchangeable Trust Securities. Deducting the amount of derivative financial liabilities relating to the call options received by Deutsche Telekom AG and the loan amount that is considered as asset-backed financing non-recourse to SBG, which is a portion of the total borrowing amount from margin loan using T-Mobile shares pledged as collateral. SBG has, as an exception, guaranteed a portion of the $4.38B margin loan backed by T- Mobile shares. The amount not guaranteed by SBG, is considered as a non-recourse loan amount obtained by asset- backed financing. - Arm: calculated based on the acquisition cost for SBG, excluding the number of Arm shares held by SVF1. - Investments in listed stocks: value equivalent to SBG's portion of SB Northstar's holding value, etc., adding the amount equivalent to the outstanding margin loan backed by Alibaba shares executed by asset management subsidiaries in October 2020. - Others: calculated by multiplying the number of shares held by SBG by each share price for listed shares, and calculated based on fair value for unlisted shares, etc. held by SBG Finance 8#45Equity Value of Holdings Achieved an increase in value; despite the large-scale asset monetization. (\T) +3.5T SoftBank Group Excluding asset-backed finance Breakdown of ¥3.5T increase 26.3 13.0 29.8 12.7 Alibaba Increase in equity value, etc *1 + \8.0T New and follow-on investments *2 + \1.6T Impact of Asset monetization *3 - \6.1T 2.3 SBKK T-Mobile (formerly Sprint) Arm 3.9 6.2 SVF1 SVF1 & 2.7 SVF2 1.3 SVF2 0.2 1.5 3.2 2.7 2.7 1.7 0.7 1.4 Mar' 20 Mar'21 *1 Total change in the equity values from March 31, 2020 to March 31, 2021, less the amount of new and follow-on investments and monetization. *2 Total amount of new and follow-on investments made by SBG and its subsidiaries in FY2020. *3 Includes impact of monetization of ¥5.6T and increase in other asset-backed finance (amendments to some of the contracts and others). * As of the end of each quarter - Alibaba: calculated by multiplying the number of Alibaba shares (ADR) held by SBG by the share price of Alibaba; less (i) the sum of the amount to be settled at the maturity (calculated by using the share price of Alibaba) of the unsettled portion of prepaid forward contracts using Alibaba shares (collar contracts and call spread), (ii) the amount equivalent to the outstanding margin loan backed by Alibaba shares executed in March 2021, and (iii) the amount equivalent to the outstanding margin loan backed by Alibaba shares executed by SB Northstar in October 2020. - SBKK: calculated by multiplying the number of shares held by SBG by the share price of SBKK, deducting the amount equivalent to the outstanding margin loan backed by SBKK shares - SVF1: value equivalent to SBG's portion of SVF1's holding value + performance fee accrued, etc. - SVF2: value equivalent to SVF2's holding value + performance fees accrued - T-Mobile (formerly Sprint): calculated by multiplying the number of shares held by SBG (including the number of shares subject to call options (101,491,623 shares) received by Deutsche Telekom AG) by the share price of T-Mobile. Adding fair value of SBG's right to acquire T-Mobile shares (48,751,557 shares) for no additional consideration if certain conditions are met, and fair value of the right of a subsidiary of SBG to receive T-Mobile shares if certain conditions are met, in connection with the transaction in which T-Mobile sold T-Mobile shares to Trust that offered its Cash Mandatory Exchangeable Trust Securities. Deducting the amount of derivative financial liabilities relating to the call options received by Deutsche Telekom AG and the loan amount that is considered as asset-backed financing non-recourse to SBG, which is a portion of the total borrowing amount from margin loan using T-Mobile shares pledged as collateral. SBG has, as an exception, guaranteed a portion of the $4.38B Investments in listed stocks margin loan backed by T-Mobile shares. The amount not guaranteed by SBG, is considered as a non-recourse loan amount obtained by asset- backed financing. Others - Arm: calculated based on the acquisition cost for SBG, excluding the number of Arm shares held by SVF1. - Investments in listed stocks: value equivalent to SBG's portion of SB Northstar's holding value, etc., adding the amount equivalent to the outstanding margin loan backed by Alibaba shares executed by asset management subsidiaries in October 2020. - Others: calculated by multiplying the number of shares held by SBG by each share price for listed shares, and calculated based on fair value for unlisted shares, etc. held by SBG Finance 9#46Diversification of SBG's Investment Portfolio Further diversifying portfolio; as Alibaba's proportion declined and SVF1 & SVF2's value increased March 31, 2020 SoftBank Group Excluding asset-backed finance T-Mobile Others 3% 12% SBKK 15% 10% Arm 1% 10% SVF2 SVF1 See page 8 for notes regarding the breakdown of total equity value of holdings March 31, 2021 Others Investment in listed stocks 5% T-Mobile 6% 5% SBKK Alibaba 8% 49% Arm 9% 4% SVF2 SVF1 21% Alibaba 43% Finance 10#47Increase of NAV per Share SoftBank Group NAV per share is up 43%; due to increase in NAV and decrease in number of shares issued after share repurchases (\T) 21.7 NAV per Share and Share Price NAV Increased 20% (¥) 7 26.1 ■NAV per share Share price Increased 43% NAV increase Effect of share repurchases 7 15,015 3,675 10,502 9,330 Mar 20 Mar 21 Mar 20 Mar 21 Finance 11#48Investment Activities of SBG SoftBank Group Multiple investment entities are active in their focused fields, preparing for the full-scale Al era. SBG SVF1 SVF2 Latin America Fund SB Northstar Mainly management of existing investments Unicorns ΑΙ ΑΙ + Unicorns ΑΙ + Unicorns (Region: Central and South America) Mainly Listed stocks KAVAK Rappi Loft Loggi seer 在线学习用作业帮 Paytm D IMPROBABLE E2A Alibaba Group 阿里巴巴集团 coupang |100 作业帮 arm A AUTOMATION ANYWHERE SoftBank KK T.-Mobile- ROIVANT SCIENCES DOORDASH COMPASS DiDi 81 companies in total*1 lenskart.com unacademy jobandtalent Klarna. XAG MAKE AGRICULTURE SMARTER BG BERKSHIRE GREY 44 companies in total*1 Ccreditas VTEX 37 companies in total *2 Amazon Facebook TSMC PayPal Microsoft etc. As of March 31, 2021. *1 Companies presented are shown only for illustrative purposes and not indicative of overall portfolio composition. Please refer to visionfund.com/portfolio for a more complete list of SVF1 investments and SVF2 investments. *2 The investments listed herein do not purpose to be a complete list of investments currently held by the LatAm Fund. A full list of investments is available upon request to [email protected]. Finance 12#49SVF1 & SVF2: Gain (Loss) on Investments (SBG Consolidated Basis)*1 Recorded ¥3.6T gain on investments for FY20Q4, and cumulative ¥6.4T gain for FY20. (\T) SoftBank Group \3.6T (sum of SVF1 and SVF2) 0.5 0.4 0.4 -0.2 1.1 0.3 -0.9 -1.1 1.4 FY18 Q3 FY18 FY19 FY19 FY19 FY19 FY20 FY20 FY20 FY20 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 *1 SVF1 and Other SBIA-Managed Funds segment Finance 13#50SVF1 & SVF2: Cumulative Investment Performance (SBG Consolidated Basis) SoftBank Significant growth in asset values driven mainly by a greater demand for online services under COVID-19 and IPOs of portfolio companies. Group SVF1 SVF2 ($ B) ($ B) 150 140.7 bn 12 11.2 bm bn 10 Exited*1 1.8x 100 85.7 bn 8 Currently held 4.2x 6.7 bm and listed Currently held 3.8x and listed 6 50 4 Currently held 1.1x and private 2 Currently held 1.0x and private 0 Investment cost ¥110.71/$ (as of March 31, 2021) Cumulative investment return (FV Sale price) 0 Investment cost Cumulative investment return (FV + Sale price) For a certain investment that was once decided to be transferred from SBG to SVF1 but canceled afterwards, its unrealized gain/loss incurred for the period leading up to the decision to cancel the transfer are not included. * Before deducting third-party interests, tax, and expenses *1 Value of exited investments for SVF1 includes associated derivative costs and gain/loss. Finance 14#51SVF1: IRR results (SBG) SoftBank SoftBank Vision Fund 1 (Inception to March 31, 2021) (SBG (LP) + Manager's performance fee) Net Equity IRR 39% Group <Valuation Process> SBIA is responsible for determining fair values of the investments in SVF1 on a quarterly basis in line with the requirements of the AIFM Directive (as issued by the FCA). The SBIA Portfolio Valuations team is functionally independent from portfolio management and may engage external specialists with a high level of knowledge and experience as needed, in determining the fair value of equity investments and certain complex financial instruments. In parallel, the Investor Advisory Board of SVF1 has appointed certain external firms as Independent Valuers to perform semi-annual independent valuation for SVF1's investments. Valuation results, as determined by the SBIA Portfolio Valuations team, are reviewed and approved by the SBIA Valuation and Financial Risk Committee ("VFRC"), with due consideration of the Independent Valuer's reports where applicable. The VFRC comprises the SBIA CEO, CFO, CRO, General Counsel, Deputy CFO and senior investment professionals. Once approved by the VFRC, valuation results are subject to a financial statement audit by SVF1's independent auditors (Deloitte). The SBIA UK Board gives final approval of the valuation results. <Valuation Methodology> The applicable reporting framework of SVF1 is IFRS (the "Standards"). Specifically, IFRS 13 (Fair Value Measurement) outlines the general framework for measuring fair values. SVF1 is also compliant with the International Private Equity and Venture Capital (IPEV) valuation guidelines. In line with the Standards, SBIA uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs (market share price, etc.) and minimizing the use of unobservable inputs. For companies that are publicly listed in an active market, quoted prices are used without adjustment to measure fair value. For companies that are privately held, the market and income approaches are widely used valuation techniques. The market approach includes the use of Guideline Public Company multiples, industry valuation benchmarks and available market prices. The income approach, otherwise known as the Discounted Cash Flow method, derives the value of a business by calculating the present value of expected future cash flows. The price of a recent transaction, if resulting from an orderly transaction, generally represents fair value as of the transaction date. In applying the recent transaction method, we consider relevant factors including, but not limited to, the participation of new outside investors, the level of sophistication of investors and the size of the investment round. Furthermore, SBIA recognizes the senior-subordinate capital structure of the companies in which SVF1 invests, i.e., senior shares are valued more highly than junior-ranking shares. <Definitions of Investment Performance> Net Equity IRR means the internal rate of return of Class A Equity Interests after taking into account management fees, performance fees (carried interest), preferred equity coupon, operational expenses, organizational expenses and other expenses borne by the Limited Partners. It is computed using the Limited Partners' Class A Equity cash outflows. (capital contributions) and inflows (distributions), net of investment-related financing, as well as the Net Asset Value attributable to Class A Equity Interests as of March 31, 2021. Net Equity IRR (SBG LP + Manager's Performance Fee) reflects the Net Equity IRR specific to SBG's Class A Equity Interests, modified to reflect the additional impact of performance fee payments and related accruals from the perspective of the Manager. "Equity" IRRS are provided solely for illustrative purposes, as they reflect only a subset of SVF1's overall performance, and do not reflect the return on Preferred Equity Commitments (which will have a material impact on SVF1's performance in the aggregate, which could be significantly lower), and may not reflect the experience of any limited partner. Results for individual limited partners will vary based on their specific investments as well as the timing of their specific cash flows. SVF1 has a limited operating history and accordingly, performance information may not be representative and actual realized return on these unrealized investments may differ materially from the performance information indicated herein. SVF1's performance is based in part on valuations of certain investments that were collectively acquired recently by SVF1 from SBG; accordingly, the performance information herein, which is based in part on valuations of unrealized investments, is not indicative of future results. SBG is under no obligation to collectively offer similar assets to SVF1 in the future. The Manager's performance fee related to exits prior to the end of the investment period has been paid in full to the Manager and is subject to clawback provisions. Past performance is not indicative of future results. Finance 15#52SVF2: IRR results (SBG) SoftBank SoftBank Vision Fund 2 (Inception to March 31, 2021) (SBG (LP) + Manager's performance fee) Net Equity IRR 119% Group <Valuation Process> SBIA is responsible for determining fair values of the investments in SVF2 on a quarterly basis in line with the requirements of the AIFM Directive (as issued by the FCA). The SBIA Portfolio Valuations team is functionally independent from portfolio management and may engage external specialists with a high level of knowledge and experience as needed, in determining the fair value of equity investments and certain complex financial instruments. Valuation results, as determined by the SBIA Portfolio Valuations team, are reviewed and approved by the SBIA Valuation and Financial Risk Committee ("VFRC"). The VFRC comprises the SBIA CEO, CFO, CRO, General Counsel, Deputy CFO and senior investment professionals. Once approved by the VFRC, valuation results are subject to a financial statement audit by SVF2's independent auditors (Deloitte). The SBIA UK Board gives final approval of the valuation results. <Valuation Methodology> The applicable reporting framework of SVF2 is IFRS (the "Standards"). Specifically, IFRS 13 (Fair Value Measurement) outlines the general framework for measuring fair values. SVF2 is also compliant with the International Private Equity and Venture Capital (IPEV) valuation guidelines. In line with the Standards, SBIA uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs (market share price, etc.) and minimizing the use of unobservable inputs. For companies that are publicly listed in an active market, quoted prices are used without adjustment to measure fair value. For companies that are privately held, the market and income approaches are widely used valuation techniques. The market approach includes the use of Guideline Public Company multiples, industry valuation benchmarks and available market prices. The income approach, otherwise known as the Discounted Cash Flow method, derives the value of a business by calculating the present value of expected future cash flows. The price of a recent transaction, if resulting from an orderly transaction, generally represents fair value as of the transaction date. In applying the recent transaction method, we consider relevant factors including, but not limited to, the participation of new outside investors, the level of sophistication of investors and the size of the investment round. Furthermore, SBIA recognizes the senior-subordinate capital structure of the companies in which SVF2 invests, i.e., senior shares are valued more highly than junior-ranking shares. <Definitions of Investment Performance> Net Equity IRR means the internal rate of return of Class A Equity Interests after taking into account management fees, performance fees (carried interest), preferred equity coupon, operational expenses, organizational expenses and other expenses borne by the Limited Partners. It is computed using the Limited Partners' Class A Equity cash outflows (capital contributions) and inflows (distributions), net of investment-related financing, as well as the Net Asset Value attributable to Class A Equity Interests as of March 31, 2021. Net Equity IRR (SBG LP + Manager's Performance Fee) reflects the Net Equity IRR specific to SBG's Class A Equity Interests, modified to reflect the additional impact of performance fee payments and related accruals from the perspective of the Manager. As of March 31, 2021, SVF2's committed capital comprises Class A Equity Interests, only, with SBG as the sole Limited Partner. SVF2 has a limited operating history and accordingly, performance information may not be representative and actual realized return on these unrealized investments may differ materially from the performance information indicated herein. SVF2's performance is based in part on valuations of certain investments that were collectively acquired recently by SVF2 from SBG; accordingly, the performance information herein, which is based in part on valuations of unrealized investments, is not indicative of future results. SBG is under no obligation to collectively offer similar assets to SVF2 in the future. Past performance is not indicative of future results. Finance 16#53SVF1&2: combined IRR results (SBG) SoftBank SoftBank Vision Fund 1+2 (Inception to March 31, 2021) (SBG (LP) + Manager's performance fee) Net Equity IRR 43% Group <Valuation Process> SBIA is responsible for determining fair values of the investments in SVF1 and SVF2 (together, the "Funds") on a quarterly basis in line with the requirements of the AIFM Directive (as issued by the FCA). The SBIA Portfolio Valuations team is functionally independent from portfolio management and may engage external specialists with a high level of knowledge and experience as needed, in determining the fair value of equity investments and certain complex financial instruments. In parallel, the Investor Advisory Board of SVF1 has appointed certain external firms as Independent Valuers to perform semi-annual independent valuation for SVF1's investments. Valuation results, as determined by the SBIA Portfolio Valuations team, are reviewed and approved by the SBIA Valuation and Financial Risk Committee ("VFRC"), with due consideration of the Independent Valuer's reports where applicable. The VFRC comprises the SBIA CEO, CFO, CRO, General Counsel, Deputy CFO and senior investment professionals. Once approved by the VFRC, valuation results are subject to a financial statement audit by the Funds' independent auditors (Deloitte). The SBIA UK Board gives final approval of the valuation results. <Valuation Methodology> The applicable reporting framework of the Funds is IFRS (the "Standards"). Specifically, IFRS 13 (Fair Value Measurement) outlines the general framework for measuring fair values. The Funds are also compliant with the International Private Equity and Venture Capital (IPEV) valuation guidelines. In line with the Standards, SBIA uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs (market share price, etc.) and minimizing the use of unobservable inputs. For companies that are publicly listed in an active market, quoted prices are used without adjustment to measure fair value. For companies that are privately held, the market and income approaches are widely used valuation techniques. The market approach includes the use of Guideline Public Company multiples, industry valuation benchmarks and available market prices. The income approach, otherwise known as the Discounted Cash Flow method, derives the value of a business by calculating the present value of expected future cash flows. The price of a recent transaction, if resulting from an orderly transaction, generally represents fair value as of the transaction date. In applying the recent transaction method, we consider relevant factors including, but not limited to, the participation of new outside investors, the level of sophistication of investors and the size of the investment round. Furthermore, SBIA recognizes the senior-subordinate capital structure of the companies in which the Funds invest, i.e., senior shares are valued more highly than junior-ranking shares. <Definitions of Investment Performance> SoftBank Vision Fund 1+2 (SBG (LP) + Manager's Performance Fee) represents the aggregate combined performance since inception for SBG's investments in the Funds, as defined below. Net Equity IRR means the internal rate of return of Class A Equity Interests after taking into account management fees, performance fees (carried interest), preferred equity coupon, operational expenses, organizational expenses and other expenses borne by the Limited Partners. It is computed using the Limited Partners' Class A Equity cash outflows (capital contributions) and inflows (distributions), net of investment-related financing, as well as the Net Asset Value attributable to Class A Equity Interests as of March 31, 2021. Net Equity IRR (SBG LP + Manager's Performance Fee) reflects the Net Equity IRR specific to SBG's Class A Equity Interests, modified to reflect the additional impact of performance fee payments and related accruals from the perspective of the Manager. With regard to SVF1, the Manager's performance fee related to exits prior to the end of the investment period has been paid in full to the Manager and is subject to clawback provisions. As of March 31, 2021, SVF2's committed capital comprises Class A Equity Interests, only, with SBG as the sole Limited Partner. The Funds have a limited operating history and accordingly, performance information may not be representative and actual realized return on these unrealized investments may differ materially from the performance information indicated herein. the Funds' performance is based in part on valuations of certain investments that were collectively acquired recently by the funds from SBG; accordingly, the performance information herein, which is based in part on valuations of unrealized investments, is not indicative of future results. SBG is under no obligation to collectively offer similar assets to SVF1 or SVF2 in the future. Past performance is not indicative of future results. Finance 17#54Investments in Listed Stocks and Other Instruments: Cumulative Investment Gain (Loss) for FY2020 SBG SB Northstar 264.2 Valuation gain: 42.2 Realized gain: 222.0 Actual stocks 113.5 Valuation gain: 134.0 Realized loss: - 20.5 - 610.6 - 232.9 165.8 Actual stocks Derivatives + Total investment gain (loss) Credit transactions Investment gain (loss) excludes impact of selling, general and administrative expenses, tax, and other expenses. SoftBank (\B) - 67.1 Group Investment gain (loss) attributable to non- controlling interests Investment loss attributable to the owners of the parent Finance 18#55Investments in Listed Stocks and Other Instruments (as of March 31, 2021) ($M) SoftBank Group Fair Value Stocks Others Amazon.com Facebook TSMC ADR PayPal Holdings Microsoft Alphabet Class C salesforce.com Netflix Pacific Biosciences of California AbCellera Biologics SPACS *1 Others NVIDIA *2 Convertible bonds Total 6,211 3,182 1,320 1,180 1,030 575 385 382 328 265 441 3,594 140 876 19,907 *1 Includes 3 SPACS controlled by SBIA (fair value: $54 million). Investments into the 3 SPACs that are controlled by SBIA are eliminated as intercompany transactions in the consolidated financial statements. *2 The NVIDIA shares are held by SBG. Finance 19#56Investments in Listed Stocks and Other Instruments: Options (as of Mar 31, 2021) Fair value SoftBank Group Notional principal $44.3B Long call option of listed stocks $13.4B $1.7B $1.6B $13.8B (net) $1.5B (net) $1.5B (net) $10.8B (net) -$0.2B -$0.09B -$2.6B Dec 20 Mar 21 Short call option of listed stocks -$30.5B Dec 20 Mar 21 Finance 20#57- Robust Investment Businesses - Status of Assets - Progress of ¥4.5T Program - Financial Condition - Financial Strategy - ESG Initiatives SoftBank Group Finance 21#58Results of ¥4.5T Program Monetized ¥5.6T, exceeding the original plan. Original plan ¥4.5T Excess ¥1.1T SoftBank Group ¥1T in total of Financial Improvements • Lower corporate bond yields repayment of bonds and bank loans . Decline in LTV Returns to Shareholders Growth Investments \2T of share repurchases*1 Rise in share price Reduced NAV discount Investments through SVF2 *1 Amount of share repurchase totaled ¥2.5T, if including ¥500.0B authorized prior to ¥4.5T Program and repurchased from March 16, 2020 to June 15, 2020. . Further diversification of the asset portfolio Finance 22#59Debt Reduction of ¥1T Bond repurchase and early repayment of borrowings Repurchase of domestic unsecured bonds (Jul 2020) *1 Total ¥167.6B (total face value) Repurchase of foreign currency- denominated senior notes (Mar 2021) SoftBank Group Total ¥224.9B (total face value) Repaid \1T in total Total Repayment of bank loans ¥610.0B *1 The figure does not include domestic bonds redeemed at maturity; ¥100B in June 2020 and ¥50B in Nov 2020, which were funded by issuing domestic bonds in 2019. Finance 23#60Financial Improvements: Repurchase of Bonds Repurchased corporate bonds under ¥4.5T Program. SoftBank Group Provided opportunity for both domestic and oversea bondholders to subscribe. . Repurchase of foreign currency-denominated senior notes (Mar 2021) Much larger than the Jan 2019 purchases (approx. $1B1). Absorbed 17% of foreign currency-denominated senior notes balance Amended certain provisions of indentures to match the current business model as an investment holding company in parallel (Received about 80% consents.) Face value repurchased USD-denominated: $978M EUR-denominated: €898M Total: $2,031M (\224.9B *2) • Repurchase of domestic bonds (Jul 2020) First-ever repurchase of domestic retail bonds Largest-ever repurchase of domestic bonds • SBG's credit spread on track to tighten Face value repurchased ¥167.6B (Repurchased the full amount applied) Total face value repurchased: ¥392.5B *1 Translated at an exchange rate at the time of execution: $1.1379/ € *2 Translated at an exchange rate as of March 31, 2021: ¥110.71/ $, ¥129.80/ € Finance 24#61Returns to Shareholders (Share Repurchases) Completed the share repurchase of ¥2.5 trillion. Share repurchases Authorized amount (of which under ¥4.5T Program) SoftBank Group Share Price Performance (From Jan 6, 2020 to May 12, 2021) (\) 12,000 ¥2.5T Share price 10,635 (\2.0T) Average repurchase price 10,000 8,000 6,815 Repurchased amount to date *1 ¥2.5T (of which under ¥4.5T Program) (\2.0T) 6,000 4,000 Completion Date May 12, 2021 2,000 2,687 *1 Amount repurchased from March 16, 2020 to May 12, 2021 9,180 0 Jan-20 Apr-20 Jul-20 Oct-20 Jan-21 Apr-21 Finance 25#62LTV Trend 25% 18.0% 17.9% LTV trend *1 9.0% 11.8% 14.9% COVID-19 Program announced Moneti- zation executed Moneti- zation completed *2 12.4% · SoftBank Group Excluding asset-backed finance Immediate and large-scale monetization, taking full advantage of highly liquid assets • Agile financial management in response to market conditions as articulated in the financial policy FY19Q3 (Dec 19) FY19Q4 (Mar 20) FY20Q1 (Jun 20) FY20Q2 (Sep 20) FY20Q3 (Dec 20) FY20Q4 (Mar 21) *1 Presented LTV ratios are as of the end of each quarter. *2 See "LTV Calculation: SBG Standalone Net Debt" and "LTV Calculation: SBG Standalone Equity Value of Holdings" in Appendix for the calculations. Finance 26#63- - - Robust Investment Businesses Status of Assets Progress of ¥4.5T Program - Financial Condition - Financial Strategy - ESG Initiatives SoftBank Group Finance 27#64LTV 17.9% FY19Q4 (Mar 20) 12.4% FY20Q4 (Mar 21) SoftBank Group Excluding asset-backed finance Secured a large financial cushion with the completion of ¥4.5T Program and the growth in SVF1 & SVF2 * Presented LTV ratios are as of the end of each quarter. * See "LTV Calculation: SBG Standalone Net Debt" and "LTV Calculation: SBG Standalone Equity Value of Holdings" in Appendix for calculations. Finance 28#65Main Financial Activities in FY2020 Q4 ■ SoftBank Flexibly conducted monetization using equity holdings, refinancing, and debt reductions Fund procurement Group Issuance of domestic hybrid notes *1 (Feb) : ¥177.0B Borrowing using Alibaba shares (Mar) : $8.1B Debt reduction Repurchase of foreign currency-denominated senior notes *1 and consent solicitation (amendments in certain provisions of indentures; Mar) * ¥110.71/ $, ¥129.80/€ *1 Issuance amount of domestic hybrid bonds and repurchase of foreign currency-denominated senior notes are on a face value basis : ¥224.9B Finance 29#66Cash Position SoftBank Always maintain ample cash position, more than sufficient for the bond redemptions for the next 2 years Group Cash position ¥2.9T *1, 2 310.0 undrawn commitment line 2,598.0 Mar' 21 Λ Bond redemption schedule*3 Bond redemptions for the next 2 years (¥1.6T) 1,221.6 841.1 (\B) 426.0 542.0 - Apr 21 Mar 22 Apr 22 Mar 23 Apr 23 Mar' 24 - Apr 24 Mar 25 *1 Cash Position = cash and cash equivalents + short-term investments recorded as current assets + undrawn commitment line. SBG standalone basis (excluding SB Northstar). *2 Undrawn commitment line was left as of March 31, 2021. *3 The bond redemption amount excludes bonds repurchased and held in treasury. Finance 30#67SBG Standalone Interest-bearing Debt*1 SBG standalone interest-bearing debt (excluding non-recourse debt) remains flat. Main variance factors from Dec 31, 2020 Issuance of domestic hybrid bonds (Feb): +\177.0B Borrowing using Alibaba shares (Mar): +$8.1B SoftBank Group 13,023.3 (\B) Repurchase of foreign currency-denominated senior notes (Mar): -\224.9B 11,218.9 4,735.9 9,803.6 9,319.8 3,599.1 8,281.3 Non-recourse 3,446.1 to SBG 2,861.9 1 1,718.3 1,866.5 1,528.8 Short-term borrowings by SB Northstar (+¥293.9 B) Breakdown as of Mar 31, 2021 (\B) SBG borrowings Bank loan 1,068.9 Hybrid loan Others Subtotal 83.3 0.7 1,152.9 SBG bonds and CPs Domestic senior bonds 2,222.2 Domestic subordinated/hybrid bonds 1,404.0 Foreign currency bonds 1,119.3 CPs 246.5 6,562.9 Subtotal 4,992.0 6,357.6 6,093.6 6,091.0 6,420.8 SBG lease liabilities 13.4 Subsidiaries' debt Financial liabilities relating to prepaid forward contracts 3,085.71 Margin loan (non-recourse to SBG*2) Mar' 20 Jun' 20 Sep' 20 Dec' 20 Mar' 21 *1 Includes only interest-bearing debt and lease liabilities to third parties. *2 Out of the margin loan of $4.38 billion in total using T-Mobile shares as collateral, $2.36 billion is accounted as the amount borrowed through non-recourse asset-back financing. Because SBG has, as an exception, guaranteed a portion of the margin loan, the $2.02 billion cap on the guaranteed obligations is deducted from the total amount. As a precondition for SBG to fulfill its guarantee obligations, the lenders are obligated to first recover, to the maximum extent possible, from Alibaba shares held that have been pledged by SBG as collateral for the margin loan. SB Northstar Others Subtotal (recourse to SBG*2) 1,650.21 223.9 1,866.5 38.6 6,864.9 Total 13,023.3 Finance 31#68SBG Standalone Cash Position SoftBank Group Maintain ample cash while balancing shareholder returns and investment expansion (\B) 4,158.1 4,601.6 3,589.6 3,437.5 2,175.0 SB Northstar (Cash and deposits and investments from asset management subsidiaries) 991.6 1,389.3 Cash position decreased due to increase in securities pledged as collateral*1. Main variance factors from Dec 31, 2020 Decrease Increase 2,598.0 Borrowing using Alibaba shares (+$8.1B) Share repurchase (-\618.4B) 2,426.6 2,048.2 1,818.3 Mar' 20 Jun' 20 Sep' 20 Dec' 20 Mar' 21 Repayment from SB Northstar*1 (+\572.8B) Net increase/decrease of bank loan and commercial paper (+\307.2B) Issuance of domestic hybrid bonds (+\177.0B) SVF2 capital call (-\249.2B) Other investments (-\324.4B) Repurchase of foreign currency- denominated senior notes (-\224.9B) * Cash Position= cash and cash equivalents + short-term investments recorded as current assets (such as trading securities). SBG standalone basis *1 Of securities pledged as collateral, securities that the recipient can sell or pledge them as re-collateral are separated from "Investments from asset management subsidiaries" and presented as "Securities pledged as collateral in asset management subsidiaries (current)" in the consolidated statement of financial position. Finance 32#69SBG Standalone Net Interest-bearing Debt Remained at a constant level under strict LTV management (\B) 8,558.8 7,641.9 SoftBank Group Excluding SB Northstar 6,463.0 6,528.9 4,849.0 Adjustments relating to finance Asset-backed finance ( -¥4,735.9B) 5,645.5 3,624.4 Hybrid finance (-\113.1B) 2,877.0 2,887.1 2,628.1 4,017.6 3,586.0 3,641.8 3,709.8 3,017.4 Mar' 20 Jun' 20 Sep' 20 Dec' 20 Mar' 21 * See "LTV Calculation: SBG Standalone Net Debt" in Appendix for details. Adjusted SBG standalone net debt (used for LTV calculation) Finance 33#70Bond Redemption Schedule =SoftBank Exploring various redemption options with refinancings as a main option Group (\ B) Procured (through domestic 177.0 hybrid bonds issued in Feb 2021) 1,044.6 1,021.2 278.6 841.1 344.2 Domestic straight bonds Domestic subordinated bonds Domestic hybrid bonds Foreign currency-denominated senior notes Foreign currency-denominated hybrid notes 304.5 542.0 177.0 530.0 426.0 101.8 92.0 418.9 15.4 766.0 89.0 FY21 193.7 500.0 530.0 206.5 419.4 450.0 337.0 90.9 225.1 206.5 90.9 FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29 * * Outstanding balance as of March 31, 2021. Prepared on the assumption that hybrid bonds will be redeemed on the first call dates. * The contracted swap foreign exchange rate is used where applicable. ¥110.71/$ is used elsewhere. Excludes bonds repurchased and held in treasury. * Finance 34#71- - - Robust Investment Businesses Status of Assets Progress of ¥4.5T Program - Financial Condition - Financial Strategy - ESG Initiatives SoftBank Group Finance 35#72Financial Strategy for FY2021 Establish optimal financial strategy as an investment company SoftBank Group Firmly keeping financial policy Financial management to enable reproduction at investment business on an expanded scale Finance 36#73Firmly Keeping Financial Policy (1/2) 1. Manage LTV below 25% in normal times (upper threshold of 35% even in times of emergency) 2. Maintain funds Covering bond redemptions for at least the next 2 years 3. Secure recurring distribution and dividend income from SVF and other subsidiaries SoftBank Group Finance 37#74Firmly Keeping Financial Policy (2/2): Our Policy on Supporting Portfolio Companies SoftBank Group Portfolio company finances to be self-financing No rescue package Finance 38#75Financial Strategy for FY2021 Establish optimal financial strategy as an investment company SoftBank Group Firmly keeping financial policy Financial management to enable reproduction at investment business on an expanded scale Finance 39#76Financial Management to Enable Reproduction at Investment Business on Expanded Scale SoftBank Group • ● Establish a cycle of investment and recovery Procure funds to capture attractive investment opportunities Establish a cycle of "investment” → "recovery and CF generation" - "reinvestment" • Utilize leverage with LTV in mind · Optimize mix of various funding Consider returns to stakeholders when recovery sufficiently exceeds the required investment funds Prioritize financial improvement through monetizing assets, etc. in a crisis • sources (methods / markets / products, etc.) Emphasize dialogues with market and financial institutions Finance 40#77Cycle of Investment and Recovery (Illustrative) SoftBank Group Cash inflows from investment exits are the source of funds for new investments in the future. Investment lifecycle Investment execution Value-up IPO Exit Distribution Sources of funds for new investments Now Excess of asset monetization under ¥4.5T program Other asset-backed finance Future Distributions from funds on investment exits Asset-backed finance Corporate financing Creation of CF through investment recovery Corporate financing Additional fund procurement i as needed I Finance 41#78Cycle of Investment and Recovery (Illustrative) To establish an investment cycle over the medium to long term Fund A SoftBank Group Expand investment scale CF from investment recovery Additional fund procurement as needed Fund B Consider stakeholder returns as appropriate Fund C Finance 42#79Direction of Financial Management (Illustrative) SoftBank Group Continue to procure funds to enable reproduction at investments at an expanded scale, while maintaining financial discipline and managing net debt increase to be more moderate than asset growth. Investment asset value LTV % Net debt Credit ratings Value increases in the mid-term; Enables balancing financial improvements and funds procurement 35% 25% Maintain and improve LTV while possibly increasing net debt Aiming to improve rating Time Finance 43#80Performance of Financial Management (Mar 2020 - Mar 2021) Under COVID-19, conducted large-scale monetization of assets and returns to stakeholders while controlling LTV SoftBank Group 26.3 Investment asset value 24.3 LTV % 17.9% *1 4.7 Net debt Mar 20 30.9 29.8 26.9 14.9% 12.4% 11.8% 9.0% *1 3.6 4.0 3.7 2.2 O Jun 20 Sep 20 *1 Net debt used for LTV calculation (net interest-bearing debt) less the impact of subsequent events at the end of each quarter. (\T) Dec 20 Mar 21 Finance 44#81- - - Robust Investment Businesses Status of Assets Progress of ¥4.5T Program - - Financial Condition Financial Strategy ESG Initiatives SoftBank Group Finance 45#82Summary of ESG Initiatives for FY2020 Worked to build a foundation, reinforce initiatives, and enhance information disclosure 1. Build a Foundation ☐ Appointed the Chief Sustainability Officer (CSusO) ■ Established the Sustainability Committee SoftBank Group 2. Reinforce Initiatives 3. Enhance Information Disclosure <Environment> • Established the Environmental Policy ⚫ Addressed carbon neutral (Arm, Yahoo Japan, SBKK) <Social> Addressed diversity & Inclusion (SB Opportunity Fund, Emerge) Responded to COVID-19 ✓ Provided immediate and maximum support for the unprecedented pandemic ✓ Provided personal protective equipment and antibody testing kits; established PCR Inspection Center <Governance> Changed the composition of the Board of Directors (improving external directors' proportion and the diversity at the Board) • Established the Nominating & Compensation Committee Appointed Chief Risk Officer (CRO) and established the Risk Management Office, etc. ⚫ Enhanced information disclosure on SBG's website ■ Published the Sustainability Report Finance 46#83E: Environment - Climate Change Responses Proactive promotion of greenhouse gas reduction ■ Set greenhouse gas reduction targets for each business area. SoftBank Group Continue to reduce greenhouse gas emissions through renewable energy businesses. arm Committing to Net Zero Carbon by 2030 How We'll Achieve Net Zero Carbon By 2030 +1 We will source 100% renewable energy #& We will achieve 20% absolute reduction in energy use We will achieve 7% YAHOO! JAPAN Declared "FY2023 100% Renewable Energy Challenge" SoftBank Announced "Carbon Neutral 2030 Declaration" SoftBank absolute emissions reduction from travel for work FY2023 100% Renewable Energy Challenge Aiming to achieve the shift to 100% renewable energy for electricity used for business operations by 2023 Declaration of Carbon-neutral 2030 SoftBank will achieve virtually zero greenhouse gas emissions Achieve 100% renewable energy for company-wide power supply by FY2030 Contribute to the realization of a decarbonized society by using technologies 0 We will work with our supply chain to promote sustainable procurement We will sapport and drive innovation in nature and tech-based 889 We will empower our people to make low-carbon choices practices carbon sequestration solutions SB Energy 5 mega solar farms newly started operation arm FY21 onward SBG aims to become carbon neutral as a single entity Consider implementing greenhouse gas reduction targets for the entire Group Finance 47#84SoftBank Group S: Society - Diversity and Inclusion Initiatives SB Opportunity Fund The largest venture fund ($100M) in the U.S. for racial minorities Invested in 28 companies (as of May 12, 2021) Emerge An accelerator program to support under-represented entrepreneurs Invested in 13 companies among the program participants (as of Dec 31, 2020) GOAT SPS Simple" Payment Solutions rebellyous Toogs GAME JOLT CALDO OJAEXPRESS SHYFT moment.al RESTAURANT TECHNOLOGIES POWER SOLUTIONS 20 8₁ 11 PlayVS Q NODE EIGHT SLEEP QuikNode PROVEN aquagenuity BRIDGE TO COLLEGE KONIKU Mogul SCRIPT HEALTH (Participants of the program) FY21 onward Continue to support outstanding under-represented entrepreneurs with the aim of building diversity in the society Finance 48#85S: Society - COVID-19 Responses (as of May 12, 2021) Established SB Coronavirus Inspection Center Corp. Provide immediate and maximum support for the unprecedented pandemic ⚫ PCR testing center: 3 locations (Tokyo, Sapporo, Fukuoka) SoftBank Group E ◉ Number of companies applied (total): Approx. 7,100 companies*1 *1 Including organizations ■ Number of tests available: Approx. 20,000 tests/day (about 10% of the total in Japan*2) *2 Calculated from data published by the Ministry of Health, Labour and Welfare Total number of tests: Approx. 950,000 tests PCR test implementation Local govern- ment, etc. Private companies, etc. Tokyo, Sapporo, etc. Chiba Institute of Technology, B. LEAGUE, Hotel Okura Sapporo, etc. FY21 Continue to take measures against variants of COVID-19; contributing to a detection of infection routes and a prevention of infection. Finance 49#86G: Governance SoftBank Group Improved transparency in the process of determining the Directors' renumeration Composition of the Board of Directors Governance of portfolio companies Risk management Achievements in FY20 Established and held the Nominating & Compensation Committee; and enhanced its functions (expansion of scope of deliberation) Improved external directors' proportion and diversity (in gender & nationality); and changes to the business execution system Reported on compliance of Governance and Investment Guidelines Policy (monitoring and evaluating the governance of portfolio companies) Established the Risk Management Office and appointed CRO Information disclosure Further enhanceed disclosure (on asset management subsidiaries, etc.) Management of material company information and reputation risks Pursue best practice at all levels across the Group globally Integrate governance appropriate for a strategic investment company while striking a balance between agile decision- making and risk mitigation Improve transparency and credibility (gaining a better understanding from capital markets) Finance 50#87Sustainability Integration into Investments Past activities SoftBank Group • Under the corporate philosophy of "Information Revolution - Happiness for everyone," we have implemented environmentally and socially friendly investments and businesses. ESG assessment has also been conducted in the investment process of SVF1 and SVF2. Sectors Transportation Major companies DiDi Autonomous Contribution Reduction of traffic accidents Accelerating the development of new cruise SVF1 SVF2 Health Tech O GUARDANT NIR seer KARIUS drugs, improving people's well-being EdTech 100 Zuoyebang Education Limited 掌门教育 : 豌豆思维 zhangmen.com THINK through prevention of diseases Providing an educational environment to more people at a lower cost FY21 Integrating the Company's ESG approaches into the investment process ⚫ Revised "Portfolio Company Governance and Investment Guidelines Policy" (April 2021) • Evaluate opportunities and risks arising not only from governance factors but also from environment and social factors, and use them for investment decisions and post-investment monitoring Finance 51#88Appendix#89SBG Credit Rating Trend SoftBank Aim to improve credit rating under the investment holding company rating criteria Group Acquisition of Japan Telecom Acquisition of Vodafone KK A+ A A- BBB+ BBB BBB- BB+ BB BB- B+ * As of May 11, 2021 03 (CY) '03 Acquisition of Sprint Acquisition of Arm Listing of SBKK '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 I JCR (A-) Outlook Stable S&P (BB+) Outlook Stable I On January 27, 2021, S&P revised its outlook to "stable." '14 '15 '16 '17 '18 '19 '20 '21 Finance 53#90LTV Calculation: SBG Standalone Net Debt (L) Adjusted SBG standalone net debt*1 (V) SBG standalone equity value of holdings ¥3.71T = 12.4% ¥29.81T SoftBank Group (\T) Adjusted SBG Consolidated standalone net debt = net debt 3.71 14.02 Net debt at self- financing entities 5.46 Other adjustments 4.85 SoftBank segment Arm segment SVF1 +4.41 -0.11 +0.38 SVF2 SB Northstar Other -0.063 +0.87 -0.02 Adjustment for hybrid finance Adjustment for asset-backed finance* *2 +0.11 *3 +4.74 *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 The Japan Net Bank (currently PayPay Bank). *2 For hybrid bonds issued in July 2017, which are recorded as equity in the consolidated balance sheet, 50% of outstanding amount is treated as debt. For hybrid bonds issued in September 2016 and February 2021, and hybrid loan closed in November 2017, deducting 50% of outstanding amount, recorded as debt in consolidated B/S, that is treated as equity. *3 The presented net debt considers the following estimated impacts: a) deducting the sum of (i) the financial liabilities relating to prepaid forward contracts using Alibaba shares (collar contracts) (¥3,085.7B), (ii) the amount equivalent to the outstanding margin loan backed by SBKK shares (¥498.7B), and (iii) the amount equivalent to the outstanding margin loan backed by Alibaba shares (¥894.1B). b) deducting the loan amount that is considered as asset-backed financing non-recourse to SBG (¥223.9B), which is a portion of the margin loan using T-Mobile shares pledged as collateral from net debt (¥481.3B). (SBG has, as an exception, guaranteed a portion ($2.02B) of the outstanding margin loan backed by T-Mobile shares ($4.38B). 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 that have been pledged as collateral for the margin loan.) Finance 54#91LTV Calculation: SBG Standalone Equity Value of Holdings (L) Adjusted SBG Standalone Net Debt (V) SBG Standalone Equity Value of Holdings ¥3.71T = 12.4% ¥29.81T (\T) SBG standalone holdings 29.81 Major shares 19.24 + Interest of SBG in SVF1/SVF2 7.51 SoftBank Group Other, investments in listed stocks, etc. 3.07 Alibaba shares +16.91 SBKK shares Asset-backed finance Alibaba (adjusted) -4.16 Asset-backed finance +12.75 SBKK (adjusted) +2.75 T-Mobile shares -0.50 Asset-backed finance -0.26 +2.26 T-Mobile (adjusted) Arm +1.77 SVF1 SVF2 +6.20 +1.31 Other SB Northstar +1.66 +1.40 +1.51 * Listed share prices and FX rates as of March 31, 2021 +2.72 - Alibaba: calculated by multiplying the number of Alibaba shares held by SBG by the share price of Alibaba; less (i) the sum of the amount to be settled at the maturity (calculated by using the share price of Alibaba (ADR) as of March 31, 2021) of the prepaid forward contracts using Alibaba shares (collar contracts and call spread) (¥2,605.5B), (ii) the amount equivalent to the outstanding margin loan backed by Alibaba shares executed in March 2021 (¥894.1B), and (iii) the amount equivalent to the outstanding margin loan backed by Alibaba shares executed by SB Northstar in October 2020 (¥662.6B). - SBKK: calculated by multiplying the number of shares held by SBG by the share price of SBKK; less the amount equivalent to the outstanding margin loan backed by SBKK shares (¥498.7B). - T-Mobile: calculated by multiplying the number of shares held by SBG (including the number of shares subject to call options (101,491,623 shares) received by Deutsche Telekom AG) by the share price of T-Mobile; plus fair value of SBG's right to acquire T-Mobile shares (48,751,557 shares) for no additional consideration if certain conditions are met, and fair value of the right of a subsidiary of SBG to receive T-Mobile shares if certain conditions are met, in connection with the transaction in which T-Mobile sold T-Mobile shares to Trust that offered its Cash Mandatory Exchangeable Trust Securities; less the amount of derivative financial liabilities relating to the call options received by Deutsche Telekom AG and the loan amount that is considered as asset-backed financing non-recourse to SBG (¥223.9B), which is a portion of the balance of margin loan using T-Mobile shares pledged as collateral (¥481.3B). As for the margin loan of $4.38B backed by T-Mobile shares, SBG has, as an exception, guaranteed a portion of the loan with the $2.02B cap on the guaranteed obligations. - Arm: calculated based on the acquisition cost, excluding the number of Arm shares held by SVF1. - SVF1: value equivalent to SBG's portion of SVF1's holding value + performance fee accrued, etc - SVF2: value equivalent to SVF2's holding value + performance fees accrued - Investments in listed stocks: value equivalent to SBG's portion of asset management subsidiaries' NAV, etc. + the amount equivalent to the outstanding margin loan backed by Alibaba shares executed by SB Northstar in October 2020 (¥662.6B). Finance 55 - Other: the sum of listed shares: calculated by multiplying the number of shares held by SBG by the share price of each listed share and unlisted shares: calculated based on the fair value of unlisted shares, etc. held by SBG.#92SVF1: Capital Commitment (as of March 31, 2021) ($ B) Third-party limited partners SoftBank Group 98.6 (85.4) * Numbers in brackets represent amounts contributed. 65.5 (56.1) 33.1*1 (29.3) SBG *1 The presented SBG's committed capital to SVF1 includes approximately $8.2 billion of an obligation satisfied by using Arm Limited shares (all said shares have been contributed) and $2.5 billion earmarked for purposes of an incentive scheme related to SVF1. Finance 56#93SVF1 Snapshot (as of March 31, 2021) (USD bn) (a) to SVF1 (b) *2 *1 Investment cost Gross return to SVF1 SoftBank Group (c) = (b) (a) - Gross gain/(Loss) to SVF1 *3 (A) (B) Listed company total $15.7 $60.4 +$44.7 Private company, etc. total $70.1 $80.3 +$10.2 |(C)=(A)+(B) SVF 1 total (SBG consolidated basis) *4 $85.7 $140.7 +$54.9 (d) Paid-in capital (e) Total value (Breakdown) SBG total (Net) Net asset value *5 Distributions *6 Performance fees" $27.1 $57.4 $46.1 $1.7 "7 $9.6 1. 23 2. 3. 4. 5. 6. 675 Gross Return to SVF1 is the sum of the cumulative Gross Realized Proceeds from exited and partially exited investments, realized dividend income related to portfolio companies, and Fair Market Value of unrealized investments held by SVF1 as of March 31, 2021. Gross Gain/(Loss) to SVF1 is the difference between the Gross Return to SVF1 and Investment Cost to SVF1. Gross Realized Proceeds are before tax and expenses and include proceeds from the exited and partially exited investments and their related hedges. Fair Market Value reflects unrealized estimated amounts, does not take into account fees or expenses, and should not be construed as indicative of actual or future performance. 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 information 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 information reported herein is based. SBG's return and gain or loss on any SVF1 portfolio company are not the full Gross Return and Gross Gain/(Loss) to SVF1 but are net of third party limited partners' interest in SVF1 and SBG's share of any applicable fees and expenses of SVF1. Such deductions will reduce the value of returns from SVF1 experienced by SBG and SBG's investors. Investment Cost to SVF1 is cumulative from SVF1 inception to March 31, 2021. Investment Cost includes investments that have been fully or partially realized since inception. Listed company total only includes companies that have become publicly listed on or after the date SVF1 made its initial investment in the companies. The companies indicated as fully exited are fully exited companies that became publicly listed on or after SVF1's initial investment in the companies and before SVF1's full exit from the companies. SBG Consolidated basis: includes the impact from hedges on the public securities and the effect of consolidating intercompany transactions. For certain investments that were once decided to be transferred from SBG to SVF1 but canceled afterwards, their unrealized gain (loss) incurred for the period leading up to the decision to cancel the transfer are not included in the presentation. Net Asset Value includes net changes in fair value of financial assets at fair value through profit or loss (FVTPL) and investment gains/losses recorded as deemed capital movement. Net change in fair value of financial assets at FVTPL and deemed capital movement are based on valuations that reflect unrealized estimated amounts, do not take into account fees or expenses that would reduce the value of returns experienced by investors, and should not be construed as indicative of actual or future performance. 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 information 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 information reported herein is based. Accordingly, the actual realized returns on investments that are unrealized may differ materially from the values indicated herein. Distributions include Realized Proceeds and Preferred Equity Coupon distributed from SVF1 to Limited Partners from Inception to March 31, 2021. It includes the Return of Recallable Utilised Contributions that were returned or retained and reinvested and the Return of Non-Recallable Utilised Contributions but does not include the Return of Recallable Unutilised Contribution. Performance Fees earned by SBG through its subsidiary, SBIA UK reflect total Performance Fees earned by the Manager from Fund Inception to March 31, 2021. Information herein is presented for illustrative purposes and relates solely to SVF1. Past performance is not necessarily indicative of future results. Individual investors' results may vary. 7. Finance 57#94Company (a) Investment cost to SVF1 SVF1 Listed Portfolio Companies (as of March 31, 2021) (USD m) to SVF1 (c) = (b) - (a) Gross gain (loss) to SVF1 SoftBank (d) = (b) / (a) Group (b) Gross return *3 Gross MOIC *4 Coupang 2,729 28,039 +$25,310 10.3x Doordash 680 8,258 +$7,578 12.1x Uber 7,666 12,074 +$4,408 1.6x Guardant Health 308 2,880 +$2,572 9.4x Auto1 741 2,301 +$1,560 3.1x Opendoor 450 1,560 +$1,110 3.5x Vir Biotechnology 199 1,160 +$961 5.8x Fully Exited Slack 334 1,007 +$673 3.0x Relay Therapeutics 300 965 +$665 3.2x Fully Exited Ping An Good Doctor 400 828 +$428 2.1x Fully Exited 10x Genomics 31 338 +$307 10.9x OneConnect ZhongAn View 100 66 -$34 0.7x 550 430 -$120 0.8x 1,175 490 -$685 0.4x (A) (B) Listed company total (Gross) *1 $15,663 $60,393 +$44,730 3.9x (A)+(B) SVF1 private company, etc. Total (SBG consolidated basis) *2 $70,061 $85,724 $80,266 $140,659 +$10,205 +$54,935 1. 2. 3. 4. Listed company total only includes companies that have become publicly listed on or after the date SVF1 made its initial investment in the companies. The companies indicated as fully exited are fully exited companies that became publicly listed on or after SVF1's initial investment in the companies and before SVF1's full exit from the companies. SBG Consolidated basis: includes the impact from hedges on the public securities and the effect of consolidating inter-company transactions. For a certain investment that was once decided to be transferred from SBG to SVF1 but canceled afterwards, its unrealized gain (loss) incurred for the period leading up to the decision to cancel the transfer are not included in the presentation. Gross Return = Unrealized value + Realized value (incl. realized dividend income related to portfolio companies). Realized values are gross of transaction fees, taxes and other expenses. SBG's return on any SVF1 portfolio company is not the full return amount for the SVF1 but is instead proportionate to its commitment amount to SVF1 and any return received as a parent to the Manager, and does not reflect fees and expenses that would reduce the value of returns experienced by SVF1 investors. Gross multiples of invested capital (i.e., the total unrealized + realized gross return divided by the invested amount, "Gross MOIC") are reflected on a gross basis, before the impact of hedges on the public securities, and do not reflect the deduction of management fees, partnership expenses, performance fee, taxes & transaction fees, and other expenses borne by the limited partners. 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. 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 March 31, 2021. Past performance is not necessarily indicative of future results. Select investments presented herein are solely for illustrative purposes, have been selected for illustrative purposes to show the public securities held by SVF1 before or as at March 31, 2021 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 be assumed that investments made in the future will be comparable in quality or performance to the investments described herein. Please refer to visionfund.com/portfolio for a more complete list of SVF1's investments. Valuations reflect unrealized and partially realized estimated amounts and should not be construed as indicative of actual or future performance. Such values do not reflect fees and expenses that would reduce the value of returns experienced by SVF1 investors. There is no guarantee that historical trends will continue throughout the life of SVF1. It should not be assumed that investments made in the future will be comparable in quality or performance to investments described herein. There can be no assurance that unrealized and partially realized investments will be sold 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 Finance 58 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.#95SVF2 Snapshot (as of March 31, 2021) (USD bn) (a) Investment cost to SVF2 (b) SoftBank Group (c) = (b) - (a) *2 *1 Gross return Gross gain/(Loss) to SVF2 to SVF2 *3 (A) (B) Listed company total $1.6 $6.2 +$4.7 Private company, etc. total $5.1 $5.0 -$0.1 |(C)=(A)+(B) SVF 2 total (SBG consolidated basis) $6.7 $11.2 +$4.5 (d) (e) Paid-in capital Total value $6.8 $11.8 1. 2. 3. 4. 5. 6. (Breakdown) SBG total (Net) Net asset value *4 Distributions *5 Performance fees *6 $10.7 $1.1 Gross Return to SVF2 is Fair Market Value of unrealized investments held by SVF2 as of March 31, 2021. Gross Gain/(Loss) to SVF2 is the difference between the Gross Return to SVF2 and Investment Cost to SVF2. Gross Realized Proceeds are before tax and expenses. Fair Market Value reflects unrealized estimated amounts, does not take into account fees or expenses, and should not be construed as indicative of actual or future performance. 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 information 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 information reported herein is based. Investment Cost to SVF2 is cumulative from SVF2 inception to March 31, 2021. Listed company total only includes companies that have become publicly listed on or after the date SVF2 made its initial investment in the companies. The companies indicated as fully exited are fully exited companies that became publicly listed on or after SVF2's initial investment in the companies and before SVF2's full exit from the companies. Net Asset Value includes net changes in fair value of financial assets at fair value through profit or loss (FVTPL) and investment gains/losses. Net change in fair value of financial assets at FVTPL are based on valuations that reflect unrealized estimated amounts, do not take into account fees or expenses that would reduce the value of returns experienced by investors, and should not be construed as indicative of actual or future performance. 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 information 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 information reported herein is based. Accordingly, the actual realized returns on investments that are unrealized may differ materially from the values indicated herein. No Distributions have been paid out of SVF2 as of March 31, 2021. Performance Fees earned by SBG through its subsidiary, SBIA UK reflect total Performance Fees earned by the Manager from Fund Inception to March 31, 2021. Information herein is presented for illustrative purposes and relates solely to SVF2. Past performance is not necessarily indicative of future results. Individual investors' results may vary. Finance 59#96SVF2 Listed Portfolio Companies (as of March 31, 2021) SoftBank Group (USD m) Company Beike Seer (a) Investment cost to SVF2 (b) Gross return *2 to SVF2 1,350 205 5,956 257 (c) = (b) - (a) Gross gain/(loss) to SVF2 +$4,606 +$52 (d) = (b) / (a) Gross MOIC *3 4.4x 1.3x Qualtrics (A) (B) (A)+(B) Listed company total (Gross)*1 SVF2 private company, etc. Total (SBG consolidated basis) 24 $1,579 $5,141 $6,720 26 +$2 1.1x $6,239 $4,992 +$4,660 4.0x -$148 $11,232 +$4,512 2. 1. Listed company total only includes companies that have become publicly listed after SVF2 made its initial investment in the companies. Gross Return = Unrealized value. SBG's return on any SVF2 portfolio company is not the full return amount for the SVF2 but is instead proportionate to its commitment amount to SVF2 and any return received as a parent to the Manager, and does not reflect fees and expenses that would reduce the value of returns experienced by SVF2 investors. Gross multiples of invested capital (i.e., the total unrealized + realized gross return divided by the invested amount, "Gross MOIC") are reflected on a gross basis, before the impact of hedges on the public securities, and do not reflect the deduction of management fees, partnership expenses, performance fee, taxes & transaction fees, and other expenses borne by the limited partners. 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. 3. 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 March 31, 2021. Past performance is not necessarily indicative of future results. Select investments presented herein are solely for illustrative purposes, have been selected for illustrative purposes to show the public securities held by SVF2 as at March 31, 2021 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 to change and not necessarily indicative of the performance of SVF2 and are included only for illustrative purposes. Finance 60#97Entry into Agreement for Sale of Shares in Arm to NVIDIA Remain committed to the long-term success of NVIDIA as a major shareholder (approximately 6.7-8.1% ownership expected). SoftBank Group Received by the Company as a deposit*1 Cash $2.0B Cash $10.0 B Transaction value up to $ 40 B To be received by the Company*2 when certain conditions are met To be received by the Company*2 upon closing NVIDIA shares *3 $21.5B Earn-out*4 Up to $5.0 B To be received by Arm employees upon closing NVIDIA share compensation $1.5B *1 Softbank Group Capital Limited (SBGC) and Arm *2 SBGC and SVF1 *3 Upon the closing of the transaction, the Company will receive 44,366,423 NVIDIA common stock. The total number of shares of NVIDIA common stock to be received was determined based on a price of $484.6007 per share (the average of the daily closing prices of NVIDIA common stock for the 30 consecutive trading days ended September 10, 2020). *4 An earn-out of up to $5.0 billion in cash or up to 10,317,772 shares of NVIDIA common stock is payable to the Company subject to satisfaction of certain financial performance targets or the agreed floors for each of revenue and EBITDA (after adjustments) of Arm during the fiscal year ending March 31, 2022. Finance 61#98Consolidated SBG: Interest-bearing Debt, Cash Position, and Net Interest-bearing Debt SoftBank Group Consolidated Interest-bearing Debt¹ (\ B) Mar.20 Jun.20 Sep.20 Dec.20 Mar.21 SoftBank Segment SBG standalone Incl. SB Northstar SVF1 and SVF2 Others (Arm, etc.) Total Consolidated Cash Position *2 SBG standalone 8,281.3 9,803.6 9,319.8 364.3 11,218.9 1,528.8 13,023.3 1,866.5 581.5 5,081.1 328.3 14,272.2 159.1 5,573.5 156.3 260.3 444.2 5,715.3 5,804.5 5,692.1 332.9 15,869.1 Incl. SB Northstar SVF1 and SVF2 388.4 19,548.0 (\ B) Mar.20 Jun.20 Sep.20 Dec.20 Mar.21 1,818.3 4,158.1 4,601.6 2,175.0 3,437.5 3,589.6 1,389.3 991.6 198.4 821.1 406.9 3,244.6 257.6 108.4 46.9 131.1 1,044.7 1,317.7 1,295.4 1,285.6 458.2 399.1 5,918.7 6,426.8 457.1 5,236.8 306.3 339.7 15,497.8 17,623.4 SoftBank Segment Others (Arm, etc.) Total 524.8 5,531.2 *3 Consolidated Net Interest-bearing Debt (\ B) Mar.20 Jun.20 Sep.20 Dec.20 Mar.21 SBG standalone 6,463.0 5,645.5 4,718.2 7,781.4 9,433.7 Incl. SB Northstar -1,810.7 139.5 874.9 SVF1 and SVF2 SoftBank Segment 383.2 -98.5 48.0 213.5 313.1 4,260.0 4,528.8 4,397.7 4,509.0 4,406.4 Others (Arm, etc.) Total -78.6 11,027.6 -125.3 9,950.5 -92.8 9,071.0 -117.3 -136.4 12,386.6 14,016.8 *1 The presented interest-bearing debt only includes interest-bearing debt and lease liabilities to third parties, and excludes deposits for banking business at The Japan Net Bank (currently PayPay Bank). *2 The presented cash position is the sum of cash and cash equivalents and short-term investments recorded as current assets, and excludes cash position at The Japan Net Bank (currently PayPay Bank). *3 The presented net interest-bearing debt excludes the amount calculated as deposits for banking business less cash position at The Japan Net Bank. Finance 62#99QUARTER ENDED MARCH 31, 2021 SoftBank Vision Funds Update NAVNEET GOVIL Managing Partner & Chief Financial Officer SoftBank Investment Advisers SoftBank Investment Advisers#100Important Information (1 of 2) 2 This presentation (this "Presentation") is furnished to you for informational purposes in connection with the interests of SoftBank Group Corp. (together with its affiliates, "SoftBank") in 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" or "SVF I") 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 the Vision Fund I or 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, "SVF II" or the "Vision Fund II"), each managed by SB Investment Advisers (UK) Ltd. (the "Manager" or "SBIA") and its affiliates thereof. This Presentation is not intended to be relied upon as the basis for any investment decision, and is not, and should not be assumed to be, complete. The contents of this Presentation are not to be construed as legal, business or tax advice. None of Vision Fund I, Vision Fund II, any successor fund managed by the Manager, SBIA, SoftBank 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 Vision Fund I, Vision Fund II, any successor fund managed by the Manager or any other entity referenced in this Presentation. Recipients of this Presentation should make their own investigations and evaluations of the information contained in this Presentation and should note that such information may change materially. For the avoidance of doubt, the Vision Fund I is a prior fund managed by SBIA which is not being offered to investors. Information relating to the performance of the Vision Fund I 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 Vision Fund I, any other entity referenced in this Presentation or any future fund managed by SBIA. References to any specific investments of the Vision Fund I, to the extent included herein, are presented to illustrate the Manager's investment process and operating philosophy only and should not be construed as a recommendation of any particular investment or security. The investment performance of individual investments in the Vision Fund I 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 herein do not represent all of the investments made by the Manager, and no assumption should be made that investments identified and discussed herein were or will be profitable. Statements contained in this Presentation (including those relating to current and future market conditions and trends in respect thereof) that are not historical facts are based on current expectations, estimates, projections, opinions and/or beliefs of the Manager. Such statements involve known and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. In addition, no representation or warranty is made with respect to the reasonableness of any estimates, forecasts, illustrations, prospects or returns, which should be regarded as illustrative only, or that any profits will be realized. Certain information contained herein constitutes "forward-looking statements," which can be identified by the use of terms such as "may", "will", "should", "expect", "project", "estimate", "intend", "continue", "target" or "believe" (or the negatives thereof) or other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events or results or actual performance of the Vision Fund I or any successor fund managed by the Manager (or any other entity referred to herein) may differ materially from those reflected or contemplated in such forward-looking statements. As a result, investors should not rely on such forward-looking statements in making their investment decisions. Further, the targets stated herein are based on an assumption that economic, market and other conditions will not deteriorate and, in some cases, improve. These projections involve significant elements of subjective judgment. No representation or warranty is made as to future performance or such forward-looking statements. None of the information contained herein has been filed with the U.S. Securities and Exchange Commission, any securities administrator under any securities laws of any U.S. or non-U.S. jurisdiction or any other U.S. or non-U.S. governmental or self-regulatory authority. No such governmental or self-regulatory authority will pass on the merits of the offering of interests in the Vision Fund I, Vision Fund II or any successor fund managed by the Manager or the adequacy of the information contained herein. Any representation to the contrary is unlawful. Except where otherwise indicated herein, the information provided in this Presentation is based on matters as they exist as of the date of preparation of this Presentation and not as of any future date, and will not be updated or otherwise revised to reflect information that subsequently becomes available, or circumstances existing or changes occurring after the date hereof. SoftBank Investment Advisers#101Important Information (2 of 2) 3 Vision Fund I performance herein 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 Manager believes are reasonable under the circumstances relating to each particular investment. However, there can be no assurance that unrealized investments will be realized at the valuations indicated herein or used to calculate the returns contained herein, 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 Vision Fund I'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 Manager's valuations are based. Vision Fund I performance is based in part on valuations of certain investments that were recently acquired by the Vision Fund I as a portfolio from SoftBank Group Corp; accordingly, the performance information herein, which is based in part on valuations of unrealized investments, is not indicative of future results. The selection of such investments, the timing of such acquisitions and the valuation and subsequent performance of those investments had a material and positive impact on the performance of the Vision Fund I. SoftBank Group Corp. is under no obligation to offer similar assets to the Vision Fund I in the future. Past performance is not necessarily indicative of future results. The performance of the Vision Fund I or any future fund managed by the Manager may be materially lower than the performance information presented herein. There can be no assurance that the Vision Fund I, Vision Fund II or any successor fund managed by the Manager will achieve comparable results as those presented herein or that investors in the Vision Fund I, Vision Fund II or any successor fund managed by the Manager will not lose any or all of their invested capital. Certain information contained in this Presentation has been obtained from published and non-published sources prepared by other parties, which in certain cases has not been updated through the date hereof. While such information is believed to be reliable for the purposes of this Presentation, none of the Vision Fund I, Vision Fund II, any successor fund managed by the Manager, the Manager, SoftBank, or their respective affiliates assumes any responsibility for the accuracy or completeness of such information and such information has not been independently verified. Certain hypothetical illustrations set forth herein contain projections, targets, assumptions and expectations with respect to the performance of investments. These hypothetical returns, including the projections, targets, assumptions and expectations contained therein, have been prepared and are set out for illustrative purposes only, and do not constitute forecasts. They have been prepared based on the Manager's current view in relation to future events and various assumptions and estimations, including estimations and assumptions with respect to events that have not occurred, any of which may prove incorrect. Others may select other underlying assumptions or methodologies that would significantly affect the projected returns or performance information set forth herein, even materially. Third-party logos and vendor information included herein 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 the Manager, the Vision Fund I's portfolio companies, any future portfolio companies of a successor fund managed by the Manager or SoftBank will work with any of the firms or businesses whose logos are included herein in the future. SoftBank Investment Advisers#102Topics 01- Progress & Highlights 02- Performance & Impact on SoftBank Group (SBG) 03- In Focus: Unlocking Portfolio Value 4 SoftBank Investment Advisers#103Progress & Highlights LO 5 SoftBank Investment Advisers#104PROGRESS & HIGHLIGHTS Performance Snapshot As of March 31, 2021 Footnotes: SVF1 SVF2 Total Fair Value¹ $154.0B SVF1 & SVF2 COMBINED METRICS Cumulative Investment Gains² $62.1B Distributions³ $22.3B Total Commitment Total Acquisition Cost² Cumulative Investment Gains² Total Fair Value¹ Distributions³ $98.6B $30.0B Effective May 06, 2021 $85.7B $6.2B $57.1B $5.0B $142.8B $11.2B $22.3B 6 1. Total Fair Value is the Acquisition Cost plus Cumulative Investment Gains and Dividend Proceeds as of March 31, 2021. 2. Total Acquisition Cost and Cumulative Investment Gains are cumulative from Fund Inception to March 31, 2021. Cumulative Investment Gains are before tax and expenses and include Unrealized, Realized gains and Dividend Proceeds and losses from Investments and their related hedges. Cumulative Investment Gains does not take into account fees or expenses and should not be construed as indicative of actual or future performance. 3. Distributions include proceeds from Investment Realizations and Preferred Equity Coupon distributed to Limited Partners from Fund Inception to March 31, 2021. It includes the Return of Recallable Utilized Contributions that were returned or retained and reinvested and the Return of Non-Recallable Utilized Contributions but does not include the Return of Recallable Unutilized Contributions. The information herein is presented solely for SoftBank Vision Fund 1 and SoftBank Vision Fund 2. These highlights are provided solely for illustrative purposes and individual investors' results may vary. Past performance is not necessarily indicative of future results. Cumulative Investment Gains and Total Value include valuations of Unrealized Investments, do not take into account fees or expenses at the time of exit that would reduce the value of returns experienced by investors, and should not be construed as indicative of actual or future performance. Actual Realized amounts 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. SoftBank Investment Advisers#105SVF2 PROGRESS & HIGHLIGHTS A Broad and Diverse Portfolio... As of March 31, 2021 SVF2 Launch OCT. 2019 44 Total Number of Portfolio Companies $6.2B Total Invested2 PRIVATE 3 Encoded THERAPEUTICS MindTickle X*XtalPi alto &帮 Full Truck Alliance M KARIUS 掌门图 keep MEMPHIS zhangmen.com Lenskart.com MEATS biofourmis TESSERA PEAR THERAPEUTICS THINK : 碗百思维 孩子爱上的数学课 K Flock Freight XAG MARCUL CATE unacademy BEHAVOX TIER Ordermark. ΤΑ ΤΕΜΡΟ /FORWARD EDA Technology Klarna. DiDi Autonomous WHOOP VIVIDION elevatebin BG BERKSHIRE GREY Therapeutics ShipBob STANDARD cameo sendbird patsnap етого MANTICORE redislabs jobandtalent GAMES Undisclosed Company (3x) Footnotes: PUBLIC4 BEIKE seer qualtrics* XM 1. Total Number of Portfolio Companies include investments in portfolio companies made by the Fund and joint-ventures with existing portfolio companies from the Fund's inception to March 31, 2021. Total excludes minor equity stakes in companies received through existing Fund investments. 2. Total Invested includes all capital invested in companies by SoftBank Vision Fund 2 from Fund inception to March 31, 2021. 3. Private is the total number of SoftBank Vision Fund 2 portfolio company Investments that have not been fully Realized or publicly listed as of March 31, 2021. Private Portfolio company logos exclude minor equity stakes in companies received through existing Fund investments and any undisclosed investments. 4. Public includes publicly listed portfolio companies that SoftBank Vision Fund 2 has not fully exited as of March 31, 2021. The Investments presented herein are solely for illustrative purposes, have been selected in order to demonstrate examples of SoftBank Vision Fund 2 Investments, and do not purport to be a complete list thereof. References to individual Investments should not be construed as a recommendation of any specific Investment or security. Please refer to vision fund.com/portfolio for a more complete list of SoftBank Vision Fund 2 Investments. SoftBank Investment Advisers#106SVF2 PROGRESS & HIGHLIGHTS ...Invested Across Disruptive Sectors As of March 31, 2021 80 Consumer Edtech Enterprise Health Tech Fintech Transportation Frontier Tech Logistics Proptech 15% 5% 7% 21% 8% 9% 4% 9% 22% $0.9B $0.3B $0.5B $1.3B $0.5B $0.6B $0.2B $0.5B $1.4B ACQUISITION COST BY SECTOR 1 1. Acquisition Cost by Sector is cumulative from Fund Inception to March 31, 2021. Percentages shown above are calculated as Acquisition Cost of a sector divided by Total Acquisition Cost and are based on rounded figures. Information herein is presented solely for SoftBank Vision Fund 2 from fund inception and March 31, 2021. Information is provided solely for illustrative purposes and there can be no assurance that future investments will be made in sectors similar to those set forth herein. Sector characterization has been determined by SBIA on a subjective basis. Sector concentration is calculated as a percentage of total portfolio cost as of March 31, 2021. Acquisition Cost by Sector reflects unrealized estimated amounts, does not take into account fees or expenses, and should not be construed as indicative of actual or future performance. 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 information 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 information reported herein is based. Accordingly, the actual realized returns on investments that are unrealized may differ materially from the values indicated herein. SoftBank Investment Advisers Footnotes:#107SVF 1 PROGRESS & HIGHLIGHTS Measurable Value in Our Portfolio As of March 31, 2021 Total Acquisition Cost¹ $85.7B Realized Investments² FULL & PARTIAL Footnotes: $10.5B Cost Cumulative Investment Gains¹ $57.1B Unrealized Investments PUBLIC $19.8B $13.0B Gross Proceeds² Cost $54.0B Fair Value Total Fair Value1,3 $142.8B PRIVATE $62.2B $69.0B Cost Fair Value 6 1. Total Acquisition Cost and Cumulative Investment Gains are cumulative from Fund Inception to March 31, 2021. Cumulative Investment Gains are before tax and expenses and include Unrealized and Realized gains and losses from Investments and their related hedges as well as Dividends received. Total Cumulative Investment Gains does not take into account fees or expenses and should not be construed as indicative of actual or future performance. 2. Realized Investments include fully and partially exited Investments and Dividend Income received from Fund inception to March 31, 2021. 3. Total Fair Value includes the Gross Proceeds received for Realized Investments plus the Fair Value of Unrealized Investments and Dividend Income received. The information herein is presented solely for SoftBank Vision Fund 1. These highlights are provided solely for illustrative purposes and individual investors' results may vary. Past performance is not necessarily indicative of future results. Cumulative Investment Gains and Total Fair Value include valuations of Unrealized Investments, do not take into account fees or expenses at the time of exit that would reduce the value of returns experienced by investors, and should not be construed as indicative of actual or future performance. Actual Realized amounts 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. SoftBank Investment Advisers#108SVF 1 PROGRESS & HIGHLIGHTS Coupang IPO Drives Substantial Valuation Uplift As of May 07, 2021 Gross MOIC¹ Gross Unrealized Gain² NYSE: CPNG coupang 8.1x $19.4B Cost4 SEP 28, 2018 $4.80 IPO MAR 11, 2021 $35.00 --//- 2021 Trading Activity5 +41% Current Market Cap³ $66.8B MAY 07, 2021 $38.93 coupang 10 Footnotes: 1. Gross MOIC (Gross Multiple of Invested Capital) is measured by dividing the Investment's total Realized and Unrealized value as of May 07, 2021 by the total amount invested. It includes valuation changes that reflect Unrealized estimated amounts, does not take into account taxes or Fund-related expenses at the time of exit that would reduce the value of returns experienced by investors, and should not be construed as indicative of actual or future performance. Net performance for individual Investments cannot be calculated without making arbitrary assumptions about allocations of fees and expenses, and for that reason is not included herein. 2. Gross Unrealized Gain is before tax and expenses. 3. Current Market Cap represents Coupang's market capitalization as of May 07, 2021. Source: Bloomberg. 4. Cost represents implied SoftBank Vision Fund 1 entry valuation in September 2018. 5. Trading Activity prices represent the closing price of Coupang's publicly traded stock on the respective date (as indicated). Public Listing information is presented for SoftBank Vision Fund 1 only and is solely for illustrative purposes. With respect to publicly-traded securities, the quoted prices presented herein are as of the measurement date and have likely moved either upwards or downwards since such measurement date. Individual investors' results may vary. It should not be assumed that Investments made in the future will be comparable in quality or performance to Investments described herein. References to specific Investments should not be construed as a recommendation of any particular investment or security. Select Investments have been presented to illustrate examples of SoftBank Vision Fund 1's Investments that have undergone public offerings and do not purport to be a more complete list of SoftBank Vision Fund 1's Investments. Please refer to visionfund.com/portfolio for a more complete list of SoftBank Vision Fund 1's Investments. Net performance for the subset of Investments described above cannot be calculated without making arbitrary assumptions about allocations of fees and expenses, and for that reason is not included herein. Past performance is not necessarily indicative of future results. SoftBank Investment Advisers#109PROGRESS & HIGHLIGHTS Additional IPOs¹ Continue to Unlock Value As of May 07, 2021 SVF 1 SVF2 Gross MOIC² Gross MOIC² AUTO 1 ETR: AG1 GROUP Cost³ Trading Activity4 3.1x NASDAQ: XM qualtrics.M 1.2x Cost³ Trading Activity4 Footnotes: +39% IPO FEB 04, 2021 €38.00 -//-- JAN 10, 2018 2021 €15.12 MAY 07, 2021 €46.15 IPO JAN 28, 2021 $30.00 +52% MAY 07, 2021 $35.61 11 1. Additional IPOs include SoftBank Vision Fund 1 and SoftBank Vision Fund 2 investments that were listed publicly via Initial Public Offerings (IPOs) and not Special Purpose Acquisition Companies (SPACS). 2. Gross MOIC (Gross Multiple of Invested Capital) is measured by dividing the Investment's total Realized and Unrealized value as of May 07, 2021 by the total amount invested. It includes valuation changes that reflect Unrealized estimated amounts, does not take into account taxes or Fund-related expenses at the time of exit that would reduce the value of returns experienced by investors, and should not be construed as indicative of actual or future performance. Net performance for individual Investments cannot be calculated without making arbitrary assumptions about allocations of fees and expenses, and for that reason is not included herein. 3. Cost represents implied SoftBank Vision Fund 1's entry valuation in AUTO1 in January 2018 and SoftBank Vision Fund 2's entry valuation in Qualtrics in January 2021. 4. Trading Activity prices represent the closing price of AUTO1 and Qualtrics publicly traded stock on the respective date (as indicated). Public Listing information is presented for SoftBank Vision Fund 1 and SoftBank Vision Fund 2 only and is solely for illustrative purposes. With respect to publicly-traded securities, the quoted prices presented herein are as of the measurement date and have likely moved either upwards or downwards since such measurement date. Individual investors' results may vary. It should not be assumed that Investments made in the future will be comparable in quality or performance to Investments described herein. References to specific Investments should not be construed as a recommendation of any particular Investment or security. Select Investments have been presented to illustrate examples of SoftBank Vision Fund 1 and SoftBank Vision Fund 2 Investments that have undergone public offerings and do not purport to be a more complete list of SoftBank Vision Fund 1 and SoftBank Vision Fund 2 Investments. Please refer to visionfund.com/portfolio for a more complete list of SoftBank Vision Fund 1 and SoftBank Vision Fund 2 Investments. Net performance for the subset of Investments described above cannot be calculated without making arbitrary assumptions about allocations of fees and expenses, and for that reason is not included herein. Past performance is not necessarily indicative of future results.. SoftBank Investment Advisers#110SVF 1 SVF2 PROGRESS & HIGHLIGHTS Active Public Listings As of March 31, 2021 +4 New Listings During the Quarter² 17 Total Listings Since Inception of the Funds³ Footnotes: AUTO 1 GROUP coupang ETR: AG1 NYSE: CPNG NYSE: DASH DOORDASH GUARDANT NASDAQ: GH 金融壹账通 ONE CONNECT NYSE: OCFT Opendoor NASDAQ: OPEN RELAY THERAPEUTICS NASDAQ: RLAY GROSS MOIC1 GROSS MOIC1 GROSS MOIC¹ GROSS MOIC¹ GROSS MOIC¹ GROSS MOIC1 3.1x 10.3x 12.1x 9.4x 0.7x 3.5x Uber view. NIR NYSE: UBER NASDAQ: VIEW NASDAQ: VIR GROSS MOIC¹ GROSS MOIC1 GROSS MOIC¹ 1.6x 0.4x 5.8x 众安保险 ZhongAn Insurance: HKG: 6060 BEIKE NYSE: BEKE GROSS MOIC1 3.2x qualtrics.M NASDAQ: XM seer NASDAQ: SEER GROSS MOIC¹ 0.8x GROSS MOIC¹ 4.4x GROSS MOIC¹ 1.1x GROSS MOIC¹ 1.3x 12 1. Gross MOIC (Gross Multiple of Invested Capital) is measured by dividing the Investment's total Realized and Unrealized value by the total amount invested. It includes valuation changes that reflect Unrealized estimated amounts, does not take into account taxes or Fund-related expenses at the time of exit that would reduce the value of returns experienced by investors, and should not be construed as indicative of actual or future performance. Net performance for individual Investments cannot be calculated without making arbitrary assumptions about allocations of fees and expenses, and for that reason is not included herein. 2. New Listings During the Quarter include all listing between January 1, 2021 and March 31, 2021. Qualtrics listed on January 28, 2021. AUTO1 listed on February 04, 2021. View listed on March 09, 2021. Coupang listed on March 11, 2021. 3. Total Listings Since Inception of the Funds exclude exited Investments. 10x Genomics fully exited on August 18, 2020. Slack Technologies fully exited on September 04, 2020. PingAn Good Doctor fully exited on October 28, 2020. Public Listing information is presented for SoftBank Vision Fund 1 and SoftBank Vision Fund 2 only and is solely for illustrative purposes. With respect to publicly-traded securities, the quoted prices presented herein are as of the measurement date and have likely moved either upwards or downwards since such measurement date. Individual investors' results may vary. It should not be assumed that Investments made in the future will be comparable in quality or performance to Investments described herein. References to specific Investments should not be construed as a recommendation of any particular Investment or security. Select Investments have been presented to illustrate examples of SoftBank Vision Fund 1's Investments and SoftBank Vision Fund 2's Investments that have undergone public offerings and do not purport to be a more complete list of SoftBank Vision Fund 1's Investments and SoftBank Vision Fund 2's Investments. Please refer to visionfund.com/portfolio for a more complete list of SoftBank Vision Fund 1's Investments and SoftBank Vision Fund 2's Investments. Net performance for the subset of Investments described above cannot be calculated without making arbitrary assumptions about allocations of fees and expenses, and for that reason is not included herein. SoftBank Investment Advisers#111SVF 1 PROGRESS & HIGHLIGHTS Recent Funding Rounds Pre-Money Valuations Jan 2021 Series G cruise 1 $25.8B Prior Round: $16.0B Mar 2021 Series F Fanatics $12.5B Prior Round: $6.2B goPuff Mar 2021 Series G $7.8B Prior Round: $3.8B Mar 2021 Series F Loggi $1.6B Prior Round: $1.0B Lead Lead Microsoft Investors: gm SILVERLAKE Investor: SoftBank H Walmart > Investment Advisers HONDA FRANKLIN TEMPLETON INVESTMENTS Lead Investor: D1 CAPITAL PARTNERS Lead Investor: CAPSUR Blackstone THRIVE CAPITAL Fidelity BAILLIE GIFFORD SoftBank Investment Advisers Fidelity NEUBERGER BERMAN SoftBank LUXOR CAPITAL Investment Advisers VERDE asset managemen 13 Select investments presented herein are solely for illustrative purposes, have been selected in order to provide examples of the types of investments which were made by SBIA and have had funding rounds recently and do not purport to be a complete list of SoftBank Vision Fund 1 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 SoftBank Vision Fund 1 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 SoftBank Vision Fund 1 investors. There is no guarantee that historical trends will continue throughout the life of SoftBank Vision Fund 1. 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. Third-party logos included herein 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 the Manager, SoftBank Vision Fund 1 portfolio companies or SoftBank will work with any of the firms or businesses whose logos are included here in in the future. SoftBank Investment Advisers#112PROGRESS & HIGHLIGHTS Additional SPAC Launches Over $1.1B Raised to Accelerate Growth in Target Companies SVFA SVFB SVFC NASDAQ CONGRATULATES SVF INVESTMENT CORP. 2 NASDAQ CONGRATULATES Public Offering Size $604M $230M $320M SVF INVESTMENT CORP. 3 ON THEIR IPO! ON THEIR IPO! SVF2 Forward $300M $150M $200M Purchase Agreement Footnotes: SoftBank SoftBank SVFB Nasdaq Listed SVFC NasdaqListed Lock-up Period 1 Year 1 Year 1 Year Nasdaq Nasdaq Warrants 1/5th None None IPO DATE: MAR 09, 2021 14 SVF Investment Corp. Website, Home | SVF Investment Corp. SVFA, SVFB and SVFC terms provided herein are for informational and discussion purposes only, consist of terms only, and are a summary of certain terms and are not intended to be complete and are qualified in their entirety by reference to the respective Company S-1. There is no guarantee that any offering will be achieved on the terms described herein or at all. There can be no assurances that any plans described herein will be Realized, and all such plans are subject to change, as well as uncertainties, risks, and investor consents and regulatory approvals, as applicable. SoftBank Investment Advisers#113Performance & Impact on SoftBank Group (SBG) 15 SoftBank Investment Advisers#114SVF 1 PERFORMANCE & IMPACT ON SBG Contribution to SBG, Net of 3rd Party Interests¹ Amounts in USD billions SVF1 Twelve-Month Period Ended Fund Net Profit (Loss) 2 Less: Change in 3rd Party Interests in Fund 2020 Mar 31 2021 Mar 31 ($14.81) $44.48 7.74 (21.64) SBG LP Income (Loss): Share of Fund Net Profit (Loss) (7.07) 22.84 SBG GP Income (Loss): Management & Performance Fees³ (2.36) 9.83 Contribution to SBG, Net of 3rd Party Interests¹ ($9.43) $32.67 Footnotes: 1. Contribution to SBG, Net of 3rd Party Interests reflects the income or loss from SBG's Limited Partner interest and Manager's Management and Performance Fee entitlement. Contributions to SBG and Fund Net Profit/(Loss) include the impacts of SBG's interests in the Fund through the Employee Incentive Scheme. SBG's LP interests increased as a result, as did the contribution to SBG net of 3rd party interests of the Fund. 2. Fund Net Profit (Loss) includes net changes in fair value of financial assets at fair value through profit or loss (FVTPL) and Investment gains/losses recorded as deemed capital movement. Net change in fair value of financial assets at FVTPL and deemed capital movement are based on valuations that reflect Unrealized estimated amounts, do not take into account fees or expenses that would reduce the value of returns experienced by investors, and should not be construed as indicative of actual or future performance. 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 information 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 information reported herein is based. Accordingly. the actual Realized returns on Investments that are Unrealized may differ materially from the values indicated herein. 3. Management Fees and Performance Fees earned by SBG through its subsidiary, SBIA UK reflect total Management Fees and Performance Fees earned by the Manager during the twelve-month periods ended March 31, 2020 and March 31, 2021, respectively. Information herein is presented for illustrative purposes and relates solely to SoftBank Vision Fund 1. Past performance is not necessarily indicative of future results. Individual investors' results may vary. 16 SoftBank Investment Advisers#11517 17 SVF 1 PERFORMANCE & IMPACT ON SBG Contribution to SBG, Net of 3rd Party Interests¹ 1.3 Amounts in USD billions SVF1 Inception to Fund Net Profit² Less: Change in 3rd Party Interests in Fund SBG LP Income: Share of Fund Net Profit SBG GP Income: Management & Performance Fees³ 2021 Mar 31 $40.47 (19.79) 20.68 10.18 Contribution to SBG, Net of 3rd Party Interests¹ Footnotes: 1. Contribution to SBG, Net of 3rd Party Interests reflects the income or loss from SBG's Limited Partner interest and Manager's Management and Performance Fee entitlement. Contributions to SBG and Fund Net Profit include the impacts of SBG's interests in the Fund through the Employee Incentive Scheme. SBG's LP interests increased as a result, as did the contribution to SBG net of 3rd party interests of the Fund. 2. Fund Net Profit includes net changes in fair value of financial assets at fair value through profit or loss (FVTPL) and Investment gains/losses recorded as deemed capital movement. Net change in fair value of financial assets at FVTPL and deemed capital movement are based on valuations that reflect Unrealized estimated amounts, do not take into account fees or expenses that would reduce the value of returns experienced by investors, and should not be construed as indicative of actual or future performance. 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 information 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 information reported herein is based. Accordingly, the actual Realized returns on Investments that are Unrealized may differ materially from the values indicated herein. 3. Management Fees and Performance Fees earned by SBG through its subsidiary, SBIA UK reflect total Management Fees and Performance Fees earned by the Manager from inception of the Fund through March 31, 2021. Information herein is presented for illustrative purposes and relates solely to SoftBank Vision Fund 1. Past performance is not necessarily indicative of future results. Individual investors' results may vary. $30.86 SoftBank Investment Advisers#116SVF 1 PERFORMANCE & IMPACT ON SBG Contribution to SBG, Realized and Unrealized Values As of March 31, 2021 SBG Paid-In Capital $27.1B SBG Total Value5 $57.4B Net Asset Value¹ (Unrealized Value) Distributions² (Realized Value) Accrued & Paid Performance Fees³ $46.1B $1.7B $9.6B 18 Footnotes: 1. Net Asset Value includes net changes in fair value of financial assets at fair value through profit or loss (FVTPL) and Investment gains/losses recorded as deemed capital movement. Net change in fair value of financial assets at FVTPL and deemed capital movement are based on valuations that reflect Unrealized estimated amounts, do not take into account fees or expenses that would reduce the value of returns experienced by investors, and should not be construed as indicative of actual or future performance. 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 information 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 information reported herein is based. Accordingly, the actual Realized returns on Investments that are Unrealized may differ materially from the values indicated herein. 2. Distributions include proceeds from Investment Realizations and Preferred Equity Coupon distributed to Limited Partners from Fund Inception to March 31, 2021. It includes the Return of Recallable Utilized Contributions that were returned or retained and reinvested and the Return of Non-Recallable Utilized Contributions but does not include the Return of Recallable Unutilized Contributions. 3. Accrued & Paid Performance Fees earned by SBG through its subsidiary, SBIA UK reflect total Performance Fees earned by the Manager from inception of the Fund through March 31, 2021. 4. SBG Paid-In Capital represents SBG Commitment drawn down through capital calls less Return of Recallable Contributions. 5. SBG Total Value reflects SBG's Limited Partner interest in the Fund and the Manager's Performance Fee entitlement. Information herein is presented for illustrative purposes and relates solely to SoftBank Vision Fund 1. Past performance is not necessarily indicative of future results. Individual investors' results may vary. SoftBank Investment Advisers#117SVF2 PERFORMANCE & IMPACT ON SBG Contribution to SBG, Realized and Unrealized Values As of March 31, 2021 SBG Paid-In Capital³ $6.8B SBG Total Value4 $11.8B Net Asset Value¹ (Unrealized Value) Accrued Performance Fees² $10.7B $1.1B 19 Footnotes: 1. Net Asset Value includes net changes in fair value of financial assets at fair value through profit or loss (FVTPL) and Investment gains/losses recorded as deemed capital movement. Net change in fair value of financial assets at FVTPL and deemed capital movement are based on valuations that reflect Unrealized estimated amounts, do not take into account fees or expenses that would reduce the value of returns experienced by investors, and should not be construed as indicative of actual or future performance. 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 information 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 information reported herein is based. Accordingly, the actual Realized returns on Investments that are Unrealized may differ materially from the values indicated herein. 2. Accrued Performance Fees earned by SBG through its subsidiary, SBIA UK reflect total Performance Fees earned by the Manager from inception of the Fund through March 31, 2021, 3. SBG Paid-In Capital represents SBG Commitment drawn down through capital calls less Return of Recallable Contributions. 4. SBG Total Value reflects SBG's Limited Partner interest in the Fund and the Manager's Performance Fee entitlement. Information herein is presented for illustrative purposes and relates solely to SoftBank Vision Fund 2. Past performance is not necessarily indicative of future results. Individual investors' results may vary. SoftBank Investment Advisers#118In Focus: Unlocking Portfolio Value 20 20 SoftBank Investment Advisers#119UNLOCKING PORTFOLIO VALUE Our Philosophy Limited Partners 21 21 Value of Our Maximizing Portfolio SoftBank Vision Funds Long-term, Patient Investor Companies Distributions to Our Investors Portfolio Companies The information provided herein is for illustrative purposes only and reflects the beliefs of SBIA as of the date of this presentation. There can be no assurance that the operations and/or processes of SBIA, SoftBank Vision Fund 1 and SoftBank Vision Fund 2 described in this Presentation will continue throughout the life of SoftBank Vision Fund 1, Softbank Vision Fund 2 or any successor fund managed by the Manager, and such processes and operations may change. SoftBank Investment Advisers#120UNLOCKING PORTFOLIO VALUE Disciplined Monetization and Distributions Growth & Expansion Exit Strategy M&A PORTFOLIO COMPANIES Capital Raising Geographic Expansion Ecosystem Synergies Market Share PHASE 1 SOFTBANK VISION FUNDS Investing PHASE 2 Value Creation D Public Listing IPO, DPO, or SPAC O 69 Strategic Financial Opportunistic PHASE 3 Monetization Monetization Factors 22 22 The information provided herein is for illustrative purposes only and reflects the beliefs of SBIA as of the date of this presentation. There can be no assurance that the operations and/or processes of SBIA, SoftBank Vision Fund 1 and SoftBank Vision Fund 2 described in this Presentation will continue throughout the life of SoftBank Vision Fund 1, SoftBank Vision Fund 2 or any successor fund managed by the Manager, and such processes and operations may change. SoftBank Investment Advisers#121SVF 1 UNLOCKING PORTFOLIO VALUE Steadily Growing Distributions to Investors. Inception to March 31, 2021 Cumulative Distributions¹ SVF1 Launch MAY 2017 2017 $10.7B $5.7B $0.2B Mar 2018 Mar 2019 Mar 2020 $22.3B 1. Cumulative Distributions include proceeds from Investment Realizations and Preferred Equity Coupon distributed to Limited Partners from Fund Inception to the respective date. It includes the Return of Recallable Utilized Contributions and the Return of Non-Recallable Utilized Contributions but does not include the Return of Recallable Unutilized Contributions. The information herein is presented solely for SoftBank Vision Fund 1. These highlights are provided solely for illustrative purposes and individual investors' results may vary. Past performance is not necessarily indicative of future results. Footnotes: Mar 2021 23 23 SoftBank Investment Advisers#122SVF 1 UNLOCKING PORTFOLIO VALUE Key Steps of the Distribution Waterfall 1 PREFERRED EQUITY INVESTORS Payment of Preferred Equity Coupon 2 PREFERRED EQUITY INVESTORS Return of Preferred Equity Contributions The information herein is presented solely for SoftBank Vision Fund 1. These highlights are provided solely for illustrative purposes and individual investors' results may vary. 3 EQUITY INVESTORS Return of Equity Contributions 4 EQUITY INVESTORS Distribution of Equity Gains to LPs 24 24 SoftBank Investment Advisers#123SVF 1 UNLOCKING PORTFOLIO VALUE Distributions Through the Waterfall Inception to March 31, 2021 Footnotes: 1 Payment of Preferred Equity Coupon 2 Return of Preferred Equity Contributions Net Proceeds Distributed Through Waterfall $22.3B¹ 3 Return of Equity Contributions $4.7B $14.0B $1.5B 4 Distribution of Equity Gains to LPs $2.1B 25 1. Net Proceeds Distributed through the Waterfall include proceeds from Investment Realizations and Preferred Equity Coupon distributed to Limited Partners from Fund Inception to the respective date. It includes the Return of Recallable Utilized Contributions and the Return of Non-Recallable Utilized Contributions but does not include the Return of Recallable Unutilized Contributions. The information herein is presented solely for SoftBank Vision Fund 1. These highlights are provided solely for illustrative purposes and individual investors' results may vary. Past performance is not necessarily indicative of future results. SoftBank Investment Advisers#124SVF 1 UNLOCKING PORTFOLIO VALUE Distributions Have Significantly Reduced Ongoing Coupon Payments Inception to March 31, 2021 Steps 2 & 3 Distribution Waterfall (A) (D) = (B)-(C) Fund Commitment Drawn Capital¹ Return of Outstanding Capital² Capital³ Preferred Equity $40.0B $35.2B $14.0B $21.2B Equity $58.6B $51.8B $1.5B $50.3B Total $98.6B $87.0B $15.5B $71.5B Footnotes: 1. Drawn Capital includes Fund Commitment drawn down through capital calls and Return of Recallable Utilized Contributions that were retained and reinvested, less Return of Recallable Unutilized Contributions. Drawn Capital excludes any Drawdowns or Returns of Recallable Contributions which fall due post March 31, 2021. 2. Return of Capital includes Return of Non-Recallable Contributions and Return of Recallable Utilized Contributions from financing distributions. 3. Outstanding Capital includes Drawn Capital less Return of Capital (as defined above). The information herein is presented solely for SoftBank Vision Fund 1. These highlights are provided solely for illustrative purposes and individual investors' results may vary. Past performance is not necessarily indicative of future results. 26 SoftBank Investment Advisers#125SVF 1 UNLOCKING PORTFOLIO VALUE Continued Focus on Value and Distributions Inception to March 31, 2021 Track Record Cumulative Distributions to our Investors Fund Inception May 20, 2017 $22.3B¹ Year 4 March 31, 2021 Value Maximization & Distributions through Public Listings and M&A 12-Year Fund Life + 2-Year Extension Footnotes: 1. Cumulative Distributions include proceeds from Investment Realizations and Preferred Equity Coupon distributed to Limited Partners from Fund Inception to the respective date. It includes the Return of Recallable Utilized Contributions and the Return of Non-Recallable Utilized Contributions but does not include the Return of Recallable Unutilized Contributions. The information provided herein is for illustrative purposes only and reflects the beliefs of SBIA as of the date of this presentation. There can be no assurance that the operations and/or processes of SBIA and SoftBank Vision Fund 1 described in this Presentation will continue throughout the life of SoftBank Vision Fund 1 or any successor fund managed by the Manager, and such processes and operations may change. 27 SoftBank Investment Advisers#126SVF 1 UNLOCKING PORTFOLIO VALUE Significant Portfolio Value Unlocked Through Public Listings As of March 31, 2021 Footnotes: Exited¹ $142.8B Public² $19.8B Private³ $85.7B $54.0B $10.5B $13.0B Demonstrated Track Record of Exits and Public Listings $69.0B Unrealized Future Potential $62.2B Cost4 Fair Value4 28 1. Exited Cost figure represents the cost for full and partially Realized Investments as of March 31, 2021. Exited Fair Value Figure represents the Gross Realized Proceeds for full and partially Realized Investments including Dividends as of March 31, 2021. 2. Public Cost figure represents the cost of Unrealized Investments that were publicly listed as of March 31, 2021. Public Fair Value figure represents the fair value of Unrealized Investments that were publicly listed as of March 31, 2021. 3. Private Cost represents the cost of Unrealized Investments that were not publicly traded as of March 31, 2021, Private Fair Value represents the fair value of Unrealized Investments that were not publicly traded as of March 31, 2021, and includes Dividends received from these investments. 4. Exited, Public and Private Cost and Fair Value figures are for illustrative purposes only and does not reflect the expected position at the end of Softbank Vision Fund 1's life. Past performance is not necessarily indicative of future results. Individual investors' results may vary. The information herein is provided solely for illustrative purposes, reflects the current beliefs of SBIA as of the date hereof, is preliminary and is based on a variety of assumptions and estimates that are subject to various risks. Certain information presented herein is preliminary in nature, may be incomplete and inaccurate, and subject to change. It should not be assumed that Investments made in the future will be comparable in quality or performance to the Investments described herein. Past performance is not necessarily indicative of future results. Valuations reflect Realized amounts and 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 SoftBank Vision Fund 1 investors. 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 partially Realized or Unrealized may differ materially from the values indicated herein. Please see visionfund.com/portfolio for a more complete list of SoftBank Vision Fund 1 Investments. SoftBank Investment Advisers#127SVF 1 UNLOCKING PORTFOLIO VALUE $81.9B 26% $142.8B 29 $29.5B 58% Combined Exited & Public Fair Value4 $10.8B $54.0B $10.1B Combined Exited & Public Fair Value4 Portfolio Evolution Exited¹ Public² $61.0B Private³ Mar 2020 $59.3B Mar 2021 Pro-Forma5 Footnotes: 1. Exited represents the Gross Realized Proceeds for full and partially Realized Investments including Dividend Income as of the respective date. Mar 2021 Pro-Forma figure includes Gross Realized Proceeds and Dividend Income for full and partially Realized Investments as well as the expected Gross Realized Proceeds of announced but not Realized exits as of March 31, 2021. 2. Public represents the fair value of Unrealized Investments that were publicly listed as of the respective date. 3. Private represents the fair value of Unrealized Investments that were not publicly traded as of the respective date. Mar 2021 Pro-Forma Private figure is adjusted to remove the fair value of Arm which was an announced but not yet Realized exit as of March 31. 2021. 4. Combined Exited & Public Fair Value represents the Gross Realized Proceeds and Dividend Income from exited Investments plus the fair value of Unrealized Investments that were publicly listed as of the respective date. Mar 2021 Pro-Forma figures represents the Gross Realized Proceeds and Dividend Income of fully and partially exited Investments plus the expected Gross Realized Proceeds for announced exits as of March 31, 2021. 5. Mar 2021 Pro-Forma represents a pro-forma portfolio composition of SoftBank Vision Fund 1 based upon announced but not yet completed transactions. Exited, Public and Private representation for illustrative purposes only and does not reflect the expected position at the end of Softbank Vision Fund 1's life. Past performance is not necessarily indicative of future results. Individual investors' results may vary. The information herein is provided solely for illustrative purposes, reflects the current beliefs of SBIA as of the date hereof, is preliminary and is based on a variety of assumptions and estimates that are subject to various risks. Certain information presented herein is preliminary in nature, may be incomplete and inaccurate, and subject to change. It should not be assumed that Investments made in the future will be comparable in quality or performance to the Investments described herein. Past performance is not necessarily indicative of future results. Valuations reflect Realized amounts and 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 SoftBank Vision Fund 1 investors. 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 partially Realized or Unrealized may differ materially from the values indicated herein. Please see visionfund.com/portfolio for a more complete list of SoftBank Vision Fund 1 Investments. SoftBank Investment Advisers#128UNLOCKING PORTFOLIO VALUE Maximizing Value for Our Investors Value Creation Monetization Distributions 30 The information provided herein is for illustrative purposes only and reflects the beliefs of SBIA as of the date of this presentation. There can be no assurance that the operations and/or processes of SBIA and SoftBank Vision Fund 1 described in this Presentation will continue throughout the life of SoftBank Vision Fund 1 or any successor fund managed by the Manager, and such processes and operations may change. SoftBank Investment Advisers#129Thank You SoftBank Vision Funds Investor Briefing Presentations Available at visionfund.com/presentations 31 SoftBank Investment Advisers#130= SoftBank Group