#1SoftBank Group#2IMPORTANT INFORMATION This presentation (this "Presentation") is furnished to you on a confidential basis for informational due diligence purposes and 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 SoftBank Vision Fund L.P. (together with, as the context may require, any parallel fund, feeder fund, co-investment vehicle or alternative investment vehicle,"SVF" or the "Vision Fund") or any future fund managed by SB Investment Advisers (UK) Ltd. (the "Manager" or "SBIA") or any affiliates thereof. This Presentation 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 f this presentation are not to be construed as legal, business or tax advice. None of the Vision Fund, the Manager, any future fund managed by the Manager, SoftBank Group Corp. (together with its affiliates, "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 the Vision Fund or any other entity referenced in this Presentation, or future performance of any future fund managed by the Manager. 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. The recipient acknowledges and agrees that it is a sophisticated investor with such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of the opportunities described herein. The recipient agrees that it shall independently and without reliance upon SoftBank, the Manager or any of their related persons and based on such documents and information as it has deemed appropriate and on consultations with its own legal, tax, regulatory, accounting, investment and financial advisors, make its own appraisal of, and investigation into the business, operations, property, financial and other conditions, creditworthiness, likelihood of success, merits and consequences of the opportunities described herein. Recipient acknowledges and agrees that none of the Vision Fund, the Manager, any future fund managed by the Manager, any affiliate of the foregoing or any related person shall have any duty or responsibility to provide the recipient with any information regarding the business, operations, property, financial and other condition and creditworthiness of the companies discussed herein or any of its affiliates which may come into the possession of any of them. For the avoidance of doubt, the Vision Fund is a prior fund managed by SBIA which is not being offered to investors. Information relating to the performance of the Vision Fund 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, any other entity referenced in this Presentation or any future fund managed by SBIA. References to any specific investments of the Vision Fund, 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 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 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 or any future 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. 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 or any future fund managed by the Manager or the adequacy of the information contained herein. Any representation to the contrary is unlawful. Vision Fund 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 the Vision Fund's unrealized investments will depend on, among other factors, future operating results, the value of the s and market conditions at the time of disposition, any related transaction 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. As used throughout, and unless otherwise indicated, Gross Equity IRR is pro-forma and based on the limited partners' equity cash inflows (capital contributions based) and outflows (distributions), net of financing, assuming disposition of assets at the valuations as of 31 March 2019. It includes the effect of leverage and does not take into account deductions of management fees, carried interest, Vision Fund expenses or other expenses, and accrued Preferred Equity Coupon. Net Equity IRR is based on the limited partners' equity cash inflows (capital contributions) and outflows (distributions), net of financing, assuming disposition of assets at the valuations as of 31 March 2019. Net Equity IRR includes the effect of leverage and is after deducting management fees, carried interest, Vision Fund expenses or other expenses, and accrued Preferred Equity Coupon. As used herein, Equity IRRS do not reflect the return on Preferred Equity Commitments, which will have a material impact on the Vision Fund's or any future fund managed by the Manager's performance in aggregate, as well as the IRR generated by a particular investor, which could be materially lower. Net Blended IRR is pro forma and based on the limited partners' cash inflows (capital contributions) and outflows (distributions), net of financing, assuming disposition of assets at the valuations as of 31 March 2019, and reflects combined performance of the Vision Fund's Preferred Equity Commitments and Equity Commitments. Net Blended IRR includes the effect of leverage and is after deducting management fees, carried interests, Vision Fund expenses or other expenses, and accrued Preferred Equity Coupon. Net Blended IRR includes Preferred Equity Coupon payments. "Equity" IRRs are provided for illustrative purposes, reflect a subset of the Vision Fund's overall performance and may not reflect the experience of any other limited partner. Results for individual limited partners will vary based on their specific investment as well as the timing of their specific cash flows. The Vision Fund 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. Vision Fund performance is based in part on valuations of certain investments that were recently acquired by the Vision Fund 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. SoftBank Group Corp. is under no obligation to offer similar assets to the Vision Fund in the future. Past performance is not necessarily indicative of future results. The performance of the Vision Fund 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 or any future fund managed by the Manager will achieve comparable results as those presented herein or that investors in the Vision Fund or any future fund managed by the Manager will not lose any or all of their invested capital. The actual realized return on these unrealized investments may differ materially from the performance information indicated herein. No assumption should be made that investments identified and discussed herein were or will be profitable, or that investments made in the future will be comparable in quality or performance to the investments described therein. The actual return realized by any investor in the Vision Fund or any future fund managed by the Manager may differ materially from those reflected or contemplated in the data presented in this Presentation. 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, any future 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. Except where otherwise indicated herein, the information provided in this Presentation is based on matters a s they exist as of the date of preparation of this Presentation and not as of any future date, and will not be updated r otherwise revised to reflect information that subsequently becomes available, or circumstances existing or changes occurring after the date hereof. 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. Projections, targets, assumptions and expectations with respect to the Manager, the Vision Fund and any future fund managed by the Manager are based on the Manager's current beliefs for the future operations of the Vision Fund or any future fund managed by the Manager, the Manager's current views in relation to possible future events, and various other models, estimates and assumptions made by the Manager. 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. Others may select other underlying assumptions o r methodologies that would significantly affect the projected returns or performance information set forth herein, even materially. There can be no assurance that the expected projected results will be achieved, and actual results may vary significantly from the expected projections. General economic, natural and other conditions, which are not predictable and are outside the control of the Manager, can have an adverse impact on the reliability of such expected projections. There can be no assurance that the Vision Fund or any future fund managed by SBIA will be able to make investments in companies that the Manager otherwise deems appropriate or, if it does, as to the size of the position it will be able to build. Moreover, the inability to sell investments in companies these circumstances could materially adversely affect the investment results of the Vision Fund or any future fund managed by the Manager. There is no guarantee that the Vision Fund or any future fund managed by SBIA will be able to successfully implement the strategies described in the Information. Certain information presented herein may be based, in part, on information from third parties believed to be reliable and/or assumptions that later prove to be invalid or incorrect. 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 r businesses. There is no guarantee that the Manager, the Vision Fund's portfolio companies, any future portfolio companies of a future fund managed by the Manager or SoftBank will work with any of the firms or businesses whose logos are included herein in the future. No assumption should be made that investments identified and discussed herein were or will be profitable, or that investments made in the future will be comparable in quality or performance to the investments described therein. The actual return realized by any investor in the Vision Fund or any future fund managed by SBIA may differ materially from those reflected or contemplated in the data presented in this Presentation. EACH RECIPIENT ACKNOWLEDGES AND AGREES THAT IT IS RECEIVING THIS PRESENTATION ONLY FOR THE PURPOSES STATED ABOVE AND SUBJECT TO ALL APPLICABLE CONFIDENTIALITY OBLIGATIONS AS WELL AS THE UNITED STATES SECURITIES LAWS PROHIBITING ANY PERSON WHO HAS RECEIVED MATERIAL, NON-PUBLIC INFORMATION FROM PURCHASING OR SELLING SECURITIES OF THE APPLICABLE ISSUER OR FROM COMMUNICATING SUCH INFORMATION TO ANY OTHER PERSON UNDER CIRCUMSTANCES IN WHICH IT IS REASONABLY FORESEEABLE THAT SUCH PERSON IS LIKELY TO PURCHASE OR SELL SUCH SECURITIES.#3Disclaimer This material was prepared based on information available and views held at the time it was made. Statements in this material that are not historical facts, including, without limitation, plans, forecasts and strategies are "forward-looking statements". Forward-looking statements are by their nature subject to various risks and uncertainties, including, without limitation, a decline in general economic conditions, general market conditions, technological developments, changes in customer demand for products and services, increased competition, risks associated with international operations, and other important factors, each of which may cause actual results and future developments to differ materially from those expressed or implied in any forward-looking statement. With the passage of time, information in this material (including, without limitation, forward-looking statements) could be superseded or cease to be accurate. SoftBank Group Corp. disclaims any obligation or responsibility to update, revise or supplement any forward-looking statement or other information in any material or generally to any extent. Use of or reliance on the information in this material is at your own risk. Information contained herein regarding companies other than SoftBank Group Corp. and other companies of the SoftBank Group is quoted from public sources and others. SoftBank Group Corp. has neither verified nor is responsible for the accuracy of such information. Any statements made herein regarding Sprint Corporation ("Sprint") are made by SoftBank solely in its capacity as an investor in Sprint. None of such statements are made on behalf of or attributable to Sprint. Any information contained herein regarding Sprint is subject to any and all subsequent disclosures made by Sprint on its own behalf. Neither Sprint nor SoftBank undertakes any obligation to update the information contained herein in connection with any subsequent disclosures made by Sprint, or to reflect any other subsequent circumstances or events. Nothing contained herein may be construed as an obligation on the part of Sprint to provide disclosures or guidance on its own behalf.#4EBIT (JPY bn) 2,353.9 1,303.8 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 (FY) Japanese-GAAP IFRSs Exceeded JPY 2t for the first time *FY2013-14: excluding impact of GungHo & Supercell 2#5EBIT (JPY bn) 2,353.9 1,303.8 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 Japanese-GAAP IFRSs SVF segment SVF is driving the growth Others (FY) *FY2013-14: excluding impact of GungHo & Supercell#6Net Income (JPY bn) 1,426.3 1,039.0 ‒‒‒‒‒‒‒‒‒ ‒‒‒‒ ---- H FY16 FY17 1,411.2 ‒‒‒‒‒‒‒‒‒‒ .JPY 1t FY18 Over JPY 1t for 3 consecutive years Net income: net income to attributable to owners of the parent st#7Shareholder Value (equity value of holdings - net debt) '95 '97 Thom '03 '99 '01 '05 '07 '09 '11 '13 '15 '17 JPY 22t JPY 20,504 per share '19 (FY) Shareholder value: closing price as of Jun. 18 LO 5#8What is the SoftBank Group? 6#9SON Industrial Revolution#10Thomas Edison Henry Ford Andrew Carnegie John Rockefeller Entrepreneurs led industrial revolution Cornelius Vanderbilt J.P. Morgan Graham Bell#11Thomas Edison Established electricity supply system#12Henry Ford Commoditization of automobiles HM 6050 10#13John Rockefeller al X37 Steady supply of oil#14** J.P. Morgan Supported industry with finance 12#15Revenues Ranking (1960) 1 2 Standard Oil of New Jersey 3 4 5 6 7 8 GM 9 Ford GE U.S. Steel Standard Oil of New York Gulf Oil Texaco Chrysler 10 Swift & Company Car Oil Car Elec- tricity Steel Oil Oil Oil Car Food etc. Companies that led industrial revolution ranked on top (source) Fourtune 500 13#16Occupational Structure (150 years) 64% 36% 1850 1900 1950 98% Manufacturing / services 2% Agriculture 2016 (CY) *Ratio of occupations by different industrial sector (source) Estimated by SoftBank Group Corp. based on data from U.S. Census and OECD 14#17GDP (150 years) *Assuming 1850 was 1 1 1850 1900 1950 260x 2016 (CY) Significantly enhanced (source) Estimated by SoftBank Group Corp. based on data from Maddison Project Database (2018) 15#18Information Revolution 16#19Traffic 160EB 156EB Internet traffic 180TB '95 '97 '99 '01 '03 '05 '07 '09 11 13 15 17 '18 (CY) 0 8 O Exabyte (EB) = 1 billion GB, net traffic = calculated per month (source) Internet traffic: Cisco VNI (Visual Networking Index) & OECD, Market cap. of the internet companies: Estimated by SoftBank Group Corp. based on S&P Capital IQ 17#20Traffic Index of the market cap (19941) 160EB 1,030 156EB Internet traffic 1,000x 180TB '95 '97 '99 '01 '03 '05 '07 '09 11 13 15 17 '18 (CY) 0 Market cap. of Internet companies 8 O Index assuming the market cap. of the Internet companies in 1994 was 1 Exabyte (EB) = 1 billion GB, net traffic = calculated per month 18 (source) Internet traffic: Cisco VNI (Visual Networking Index) & OECD, Market cap. of the internet companies: Estimated by SoftBank Group Corp. based on S&P Capital IQ#21Market Cap. Top 10 (Dec. 31, 1994) (JPY) NTT GE ExxonMobil Coca-Cola GM Philip Morris Walmart Merck Roche IBM 10t 14t 8t 7t 7t 6t 5t 5t 5t 5t (source) S&P CapitallQ 19#22Market Cap. Top 10 (Jun. 18, 2019) (JPY) Microsoft Amazon Apple Google Facebook Berkshire Hathaway Alibaba Tencent Johnson & Johnson Visa 47t 44t 40t 40t 58t 55t 83t 112t 102t 99t (source) S&P CapitallQ 20#23GDP (U.S.) Retail 6% Ads 1% USD 1t Internet revolutionized retail and advertisement Hendes set ONLINE FASHION SHOP SALE UP TO 50% OF MESHURLINGA & (source) Chart created by SoftBank Group Corp. based on U.S. Bureau of Economic Analysis, Zenith As of 2017 21#24GDP (U.S.) Constructions Recreation, etc. Information Wholesale trade Finance, etc. Others Educational services, health care, etc. Retail USD 194 Ads Real estate Govern- ment Professional and business services Manufacturing Al revolutionizes all industries (source) Chart created by SoftBank Group Corp. based on U.S. Bureau of Economic Analysis, Zenith Professional and business services: Professional, scientific, and technical services + management of companies and enterprises + Administrative and waste management services Others: Transportation and warehousing + Utility + Mining + Agriculture, forestry, fishing, and hunting + "Others" As of 2017 22#25is AI Biggest revolution in human history 23#26OSIsoft. flexport. Kabbage DELHIVERY Small World 3 ZZUME DOORDASH nuro IN Tight O BRANDLESS Fanatics AUTO 1 GROUP cruise Petuum Plenti G GROFERS coupang View 20 EALTHRONNECT fair tokopedia IMPROBABLE RELAY DiDi 心 金融查账道 one connect KLOOK COMPASS Grab Loggi D brain 众安保险 ZhongAn Insurance Group of Al Entrepreneurs wework Corp Uber GET YOUR GUIDE Дал Clutter ANYWHERE Gympass OYO 瓜子 Getaround Opendoor Guazi.com Alibaba Local Services Wag! arm Paytm policy bazaar ROIVANT mapbox GUARDANT ByteDance 字节跳动 VIR CAMBRIDGE MOBILE TELEMATIES slack COHESITY KATERRA 平安好医生 HRE firstery 100 作业帮 在线学习能用作化研 Globality OakNorth 10x GENOMICS Greensill ParkJockey nauto Rappi#27What is the SoftBank Group? 25#28Conductor 26#2927#30ParkJockey Gympass CAMBRIDGE MOMLE TELEMATICS 2 brain@ corp VIR COHESITY Conductor of Al Revolution RELAY slack COMPASS Loggi Wag! N 帮 zymerçen Globality GUARDANT Fanatics policy bazaare arm wework 平安好医生 要健康上平安好医生 nauto OYO HEALTHEDANECT GET YOUR GUIDE nuro Uber 0000 Rappi Greensill ByDance 川字节跳动 DiDi IMPROBABLE Plenty Opendoor Grab 众安保险 flexport. DOORDASH tokopedia Alibaba Local Services firstcry KATERRA coupang SoftBank ZZUME Group ROIVANT SCIENCES Getaround Paytm mapbox AUTO 1 GROUP OSIsoft. cruise The investments presented herein are solely for illustrative purposes, have been selected in order to demonstrate examples of the Vision Fund investments, and do not purport to be a complete list thereof. 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. The SoftBank Group Corp. logo is not intended to represent SoftBank Group Corp. on a stand-alone basis. Intended to represent SoftBank Group as a whole, including the Vision Fund, in a broader sense. Please refer to visionfund.com/portfolio for a complete list of the Vision Fund investments. As of Jun. 19, 2019 DELHIVERY Small World 10x GENOMICS 金融壹账運 ONECONNECT 瓜子 梅西南网 Gul.com Да AUTOMATION ANYWHERE Kabbage view light Petuum KLOOK Clutter fair BRANDLESS 100 作业帮 EXPERASAN (Zuoyebang) OakNorth GROFERS 28#31Entrepreneur = player Creating harmony with top players 29#32Aggregated Annual GMV (Gross Merchandise Volume) JPY 11t (USD 95.8bn) JPY2.5t (USD 23.0bn) JPY 5.6t (USD 50.4bn) '17 Jan.-Mar. (annualized) JPY 8.9t (USD 80.1bn) '16 Jan.-Mar. (annualized) Past performance is not indicative of future results. There can be no assurances that historical trends will continue throughout the life of the Vision Fund. '18 Jan.-Mar. (annualized) (CY) '19 Jan.-Mar. (annualized) Uber DiDi Grab OLA World's leading ride-sharing platform USD 1=JPY 110.81 (as of Mar. 29, 2019) (source) Uber, DiDi, Grab, Ola Annualized: 4 times the Aggregated GMV of Jan.-Mar, of each year. * Investment in Ola is not the Vision Fund investment. Currently held by a subsidiary of SoftBank Group Corp. "Gross merchandise volume (GMV): the aggregate of all the ride-sharing transactions through the each company platform. of the vision fund. Nothing here should be construed as a consequation of any investment of select to regulatory and contractual approvals. There and pen The information contained herein is provided for illustrative purposes only and is provided on an aggregate basis across the four ride-sharing investment reflected herein. The investment in Ola currently held by SoftBank Group be no assurances that historical trends will continue throughout the life or security. None of SBG, the Vision Fund, the general partner of the Vision Fund or SBIA make any representation regarding the accuracy or completeness of the information and are under no obligation to update the information. Past performance is not indicative of future results. The metrics regarding select aspects of the companies' operations were selected by SBG on a subjective basis. Such metrics are provided solely for illustrative purposes to demonstrate elements of the companies' business, are incomplete, and are not necessarily indicative of the companies' performance or overall operations. ¹30#33Total Memberships (k) 470 0 2017 Mar. 2018 Mar. 466k 2019 Mar. (CY) wework World's leading working space community The information herein is provided for illustrative purposes only and is based on WeWork's data. There can be no assurances that historical trends will continue throughout the life of the Vision Fund. Nothing herein should be construed as a recommendation of any investment or security. The metrics regarding select aspects of the company's operations were selected by SBIA on a subjective basis. Such metrics are provided solely for illustrative purposes to demonstrate elements of the company's business, are incomplete, and are not necessarily indicative of the company's performance or overall operations. *Figures are as of the last month of the quarter, on a beginning-of-month basis (source) WeWork 31#34Net Additions (Rooms in 3 months cumulative) OYO (India + China + Others) Marriott Hilton IHG (InterContinental) 15K 10K 6K ΟΥΟ The comparables provided herein were selected by the SBIA for illustrative purposes because the SBIA believes that they present the most direct comparables in the industry within the relevant time period. Selection of such criteria is inherently subjective and others might select other comparables based on their assessment of the market. Please refer to the disclaimer. Past performance is not indicative of future results. There can be no assurances that historical trends will continue throughout the life of the Vision Fund. Nothing herein should be construed as a recommendation of any investment or security. 176K Leading hotel network in India *Number for OYO and other companies' numbers are for three months from Jan. to Mar. 2019 Marriott, Hilton, and IHG are classified as "World Top 3" based on hotelsmag.com Selection criteria for "World Top 3" were determined on a subjective basis. Information presented herein is a comparison between OYO and "World Top 3" hotels. (source) OYO and companies' disclosure 32 Numbers of Marriott, Hilton, and IHG are inclusive of all locations.#35Total Payment Volume (Gross Merchandise Volume) (USD bn) 80.0 0 2016 Jan.-Mar. (annualized based on * quarterly data) '17 Jan.-Mar. (annualized based on quarterly data) '18 Jan.-Mar. (annualized based on quarterly data) The information hesin is provided for ustrative purposes only and is based on PayTe's data. There can be no assurances that historical trends will continue throughout the life a Nothing herein should be construed as a recommendation of any investment or security. The metrics regarding select aspects of the company's operations were selected by S8A on a subjective basis. Such metrics are provided solely for illustrative purposes to demonstrate elements of the company's business, are incomplete, and are not necessarily indicative of the company's performance or overall operations '19 Jan.-Mar. (annualized based on quarterly data) Leader in payments in India (CY) Paytm Accepted Here To Pay, Scan QR Code in Paytm App 90 Paytm раутм USD 1= INR 69.16 (as of Mar. 29, 2019) Annualized: 4 times the Total Payment Volume of Jan.-Mar. of each year *Total payment volume: Total volume of payments settled through PayTM (source) PayTM 33#36Revenue 6.0 (USD bn) 2016 Jan.-Mar. '17 Jan.-Mar. (annualized based on quarterly data) '18 Jan.-Mar. 5.5 (annualized based on quarterly data) '19 Jan.-Mar. (annualized based on quarterly data) Leading eCommerce platform in Korea (CY) cou ane 4 VA coupang coupang (annualized based on quarterly data) Annualized: 4 times the revenue of Jan.-Mar. of each year USD 1=KRW 1,135 (as of Mar.29, 2019) (source) Coupang The information herein is provided for illustrative purposes only and is based on Coupang's data. There can be no assurances that historical trends will continue throughout the life of the Vision Fund. Nothing herein should be construed as a recommendation of any investment or security. The metrics regarding select aspects of the company's operations were selected by SBIA on a subjective basis. Such metrics are provided solely for illustrative purposes to demonstrate elements of the company's business, are incomplete, and are not necessarily indicative of the company's performance or overall operations. 로켓배송 34#37KLOOK COHESITY OakNorth DELHIVERY World Getaround policy bazaar IMPROBABLE (Plenty Kabbage COMPASS G nauto YOSIsoft. Wag! 日 平安好医生 ****** flexport. tight Z ZUME DOORDASH Paytm HEALTHKONNECT Alibaba Local Services VIR Fanatics 川字节跳动 Al orchestra 10x i slack view tokopedia OYO Opendoor You coupang DEA Grab GUARDANT 89 wework CELE Greensill arm SoftBank Group nura ROIVANT BRANDLESS DiDi Uber firstery KATERRA 瓜子 张学 one connect Petuum 二手车百本网 Guazi. Loggi AUTO 1 GROUP RELAY brain corp Rappi cruise 100 作业帮 mapbox Clutter Gympass A₁ AUTOMANC ANYWHE fair G GROFERS Globality GET YOUR GUIDE 众安保险 sance Park Jockey CAMBRIDGE MOBILE TELERMATICE#38II SoftBank Strategic Holding Company Group 36#39PC Internet Internet-webpage Favorites http://ww Website News Broadband Smartphone AL of Information Mainstream Revolution is shifting to Al 37#40SoftBank Vision Fund Over JPY 10t The amount of committed capital of the Vision Fund USD 97.2bn (as of Mar. 31, 2019) converted to JPY, USD 1=JPY 110.81 (as of Mar 29, 2019) 38#41Leading Position Global venture fundraising in 2018 JPY 8.6t SoftBank Vision Fund Over JPY 10t Over JPY 10t the amount of committed capital of the Vision Fund/USD 97.2bn (as of Mar. 31, 2019) converted to JPY, USD 1=JPY 110.81 (as of Mar.29, 2019) JPY 8.6t: Global venture fundraising in 2018 USD 78bn converted to USD 1 JPY110.81 (as of Mar.29, 2019) (source) KPMG Enterprise "Venture Pulse Q4 2018" (published on Jan. 15, 2019) 39#42SoftBank Vision Fund Specialize in Al Investment in unicorns Synergy creation Leading Information Revolution with Cluster of No.1 Al Strategy There can be no assurances or guarantees that the Vision Fund's investment objectives will be realized or that the vision Fund's investment strategy will prove successful. 40#43SoftBank Vision Fund (March 2019) LP Net Equity IRR 45% LP Net Blended IRR 29% (To be updated at earnings results annually) Valuation Process SBIA is responsible for determining fair values on a quarterly basis in line with the requirements of the AIFM Directive (as issued by the FCA) The SBIA Valuation 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 certain complex financial Instruments. In parallel t or Advisory Boan ion Fund has appointed certain external firms as independent valuers to perform semi-annual independent valuation. Valuation results as determined by the SBIA Valuation team, with due consideration of the Independent Valuer's reports, are reviewed and approved by the SBIA Valuation and Finansial Risk Committee VFRC"). The VFRC comprises the SBLA CEO, CFO, CRO, General Counsel and senior Investment Professionals. Once approved by the VFRC, valuation results are subject to a financial statement audit by the Vision Fund's independent auditors (Deloitte) <Valuation Methodology The applicable reporting framework of the Vision Fund is FRS the "Standards" Specifically, FRS 13 (Fair Valbe Measurement) outlines the general framework for measuring fair values. The Vision Fund is also compliant with the International Private Equity and Venture Capital (IPEV) valuation guidelines, In line with the standards, the Vision Fund uses valuation techniques that are appropriate in the sircumstances and for which sufficient/data are available to measure fair value maximising the use of relevant observable inputs (market share price, etc.) and minimising 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 Flows method, depives the value of 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. Further, we recognize the senior-subordinate structure of the companies we invest in i.e. senior shares are worth more than junior ranking shares. Performance> <Batinitions of meanal rate of return of Clar Net the A Equity Interests after management fees performance fees, Preferred Equity Coupon and other expenses. It is based on the limited partners' equity cash outflows (capital contributions), inflows (distributions) and share of the subscription line of credit activities, net of investment related financing, and the Net Asset Net Blended IRR reflects the combined net performance of Class A Equity Interests and Class B Preferred Equity Interests and includes Preferred Equity Coupon distributions as well as accrued Preferred Equity Coupon. "Equity" IRRS: Results for individuaNimi putery strative purposes, a as the timing of their specifio cash flows. und's overall performance, do not reflect the return on Preferred Equity Commitments (which will have a material impact on the Vision Fund's performance in the aggregate, which could be significantly lower), and may not reflect the experience of any limited partner. The Vision Fund 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. The Vision Fund performance is based in part of valuations of certain investments that were collectively acquired recently by the Vision Fund from SoftBank Group Corp.; accordingly, the performance information herein is based in part on valuations of unrealized investments and is not indicative of future results. Such investments and the subsequent performance thereof had a positive impact on the performance of the Vision Fund. SoftBank Group Corp. is under no obligation to collectively offer Past performance is not indicative of future results. P is not indicative of future results. Please refer to the disclaimers at the front of this presentation for more important qualifying information about the performance information herein. 's masovestmaa suuser of the Vision 41#44SoftBank Vision Fund (March 2019) Net Equity IRR SBG (LP) + Manager's performance fee 62% (To be updated at earnings results annually) Valuation Process SBIA is responsible for determining fair values on a quarterly basis in line with the requirements of the AIFM Directive (as issued by the FCAY The SBIA Valuation 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 certain complex financial Instruments. In parallel f or Advisory Board ion Fund has appointed certain external firms as independent valuers to perform semi-annual independent valuation. Valuation results as determined by the SBIA Valuation team, with due consideration of the Independent Valuer's reports, are reviewed and approved by the SBIA Valuation and Finansial Risk CommitteeVFRC"). The VFRC comprises the SBA CEO, CFO, CRO, General Counsel and senior Investment Professionals. Once approved by the VARC, valuation results are subject to a financial statement audit by the Vision Fund's independent auditors (Deloitte <Valuation Methodology The applicable reporting framework of the Vision Fund is IFRS the "Standards" Specifically, FRS 13 (Fair Valbe Measurement) outlines the general framework for measuring fair values. The Vision Fund is also compliant with the International Private Equity and Venture Capital (IPEV) valuation guidelines. In line with the Standards, the Vision Fund uses valuation techniques that are appropriate in the sircumstances and for which sufficient/data are available to measure fair value, maximising the use of relevant observable inputs (market share price, etc.) and minimising 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 Flows s method, depives the value of 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. Further, we recognize the senior-subordinate structure of the companies we invest in i.e. senior shares are worth more than junior ranking shares. Equittent Performance> ans the internal rate of return of Net of Cla Value atteutsible to Class A Equity Interests as of March quity Interests after management fees perforplange fees, Preferred Equity Coupon and other expenses. It is based on the limited partners' equity cash outflows (capital contributions), inflows (distributions) and share of the subscription line of credit activities, net of investment-related finanding, and the Net Asset 31 2819 Net Equity IRR(SBG LP Manager's performance Fee) is the same as Net Equity IRR computation but includes the addition of accrued performance fees for the Manager. "Equity" IRRs are pa Results for individu polely for illustrative purposes, as t ed partners will vary based on th has they reflectomy a subsele ureve te funds overall performance, and do not reflect the return on Preferred Equity Commitments (which will have a material impact on the Vision Fund's performance in the aggregate, which could be significantly lower), and may not reflect the experience of any limited partner. well as the timing of their specific cash flows The Vision Fund 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. The Vision Fund performance is based in part of valuations of certain investments that were collectively acquired recently by the Vision Fund from SoftBank Group Corp. accordingly, the performance information herein is based in part on valuations of unrealized investments and is not indicative of future results. Such investments and the subsequent performance thereof had a positive impact on the performance of the Vision Fund. SoftBank Group Corp is under no obligation to collectively Vision The Managers p s performance fee is deferred until the end of investment period and may not ultimately be paid out. Past performance is not indicative of future results. Please refer to the disclaimers at the front of this Presentation for more important qualifying information about the performance information herein. 42#45SoftBank Vision Fund 2 announcement pending in the near future IT Information presented herein is solely for illustrative purposes only and there can be no assurance that the anticipated announcement will actually occur. 43 The content of this slide is not and should not be construed as an offer of or invitation to invest in limited partnership or other interests in any specific fund.#46DIVATH SoftBank Vision Fund 415 employees *As of May 31, 2019 full-time + part-time Number of employees for SoftBank Investment Advisors TV 1,000 employees (plan) Aim to accelerate the growth strategy The content of this slide is not and should not be construed as an offer of or invitation to invest in limited partnership or other interests in a There can be no assurance that any operational plans of SBIA set forth herein will be realized. specific fund.#47Dets Vienna Philharmonic Orchestra (established in 1842) 45#48Top class conductor / player KUPITE On ANG Orchestra Data Ecosystem that preserves tradition and brand 46#49World's leading Al entrepreneurs KLOOK COHESITY OakNorth DELHIVERY Getaround IMPROBABLE policy bazaar COMPASS OSI DOnauto Kabbage flexport. Paytm Z Wag! 日 全商生 DOORDASH Fanatics BiH light 字节跳动】 ZZUME VIR tokopedia Alibaba Local Services, view OYO Opendoor coupang 10x GENOMICS nuro Grab slack GUARDANT wework Greensil =SoftBank firstcry Group 展開報導 arm Petuum ROIVANT →Loggi KATERRA DiDi Uber RELAY brain Rappi mapbox Clutter AUTO 1 GROUP Gympass 瓜子拉專線 fair 100 作业 cruise The information contained herein is provided for illustrative purposes only. Nothing herein should be construed as a recommendation of any investment security. GROFERS Globality CO SET... GUIDE 众安保险 ParkJockey SAMBI SoftBank Vision Fund Aim to create an ecosystem that keeps growing for over 300 years#50The SoftBank Group works to turn our vision into reality 48#51Dreamer 49#52Big Vision 50#53"I Would like to count company's profits in trillions" Annual General Meeting of Shareholders in 2004 Net loss back then: JPY 107bn 51#541 'cho'(trillion), 2 'cho'(trillion) When Son Masayoshi founded SoftBank Group in 1981, he once said "I will grow SoftBank" so big we can count sales in trillion ('cho') like tofu. 52 'Cho' is used as the unit for counting the numbers of Tofu in Japanese. "Trillion" is also pronounced "cho" in Japanese.#5510 'cho' (trillion), 20 'cho'(trillion) 000 53#56100 'cho' (trillion) 200 'cho'(trillion) DOO 54#57June 25, 2010 Next 30-Year Vision -SoftBank Group 55#58Market Cap. JPY 2.7t Equivalent to 200th in world rank 2010 (Next 30-Year Vision announcement) I I I I JPY 200t (up 15% per year) World rank top 10 2040 Next 30-Year Vision announcement: Jun. 25, 2010 56 JPY 200t: Estimated market capitalization in order to be ranked within top 10 in 2040, based on SBG's estimation. (announced in next 30 years vision on June 25, 2010)#59Market Cap. JPY 2.7t Equivalent to 200th in world rank (up 16% per year) JPY 10t 108th in world rank 2010 (Next 30-Year Vision announcement) Jun. 2019 (Current) JPY 200t (up 15% per year) World rank top 10 Steady increase 2040 Current: closing price as of Jun. 18, 2019 57 JPY 200t: Estimated market capitalization in order to be ranked within top 10 in 2040, based on SBG's estimation. (announced in next 30 years vision on June 25, 2010) Next 30-Year Vision announcement: Jun. 25, 2010#60Shareholder Value JPY 3.6t (up 22% per year) JPY 22t 2010 (Next 30-Year Vision announcement) Jun. 2019 (Current) JPY 200t (up 15% per year) World rank top 10 Steady increase 2040 Current: closing price as of Jun. 18, 2019 58 JPY 200t: Estimated market capitalization in order to be ranked within top 10 in 2040, based on SBG's estimation. (Announced in next 30 years vision on June 25, 2010) Next 30-Year Vision announcement: Jun. 25, 2010#61JPY 200t??! 59#62Shareholder Value (equity value of holdings - net debt) '95 '97 Thom '03 '99 '01 '05 '07 '09 '11 '13 '15 '17 JPY 22t JPY 20,504 per share '19 (FY) 60 Shareholder value: closing price as of Jun. 18#63Equity Value of Holdings JPY 3.1t JPY 0.5t JPY 0.6t JPY 2.7t JPY 2.9t SVF Others YAHOO! JAPAN arm Sprint SoftBank KK JPY 4.5t €2. Alibaba Group JPY 11.9t 阿里巴巴集团 Equity value of holdings . For details, see "Definition and Calculation Method of SBG's Sum-of-the-parts Valuation" JPY 26t Share price: closing price as of Jun. 18 61#64EBIT (JPY bn) 2,353.9 1,303.8 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 Japanese-GAAP IFRSs SVF segment SVF is driving the growth Others (FY) *FY2013-14: excluding impact of GungHo & Supercell 62#65SVF 1 equity value of holdings (SBG) (as of Mar. 31, 2019): calculated by the sum of (a) and (b) as follows (a) SVF: Value equivalent to SBG's portion of SVF's holding value + Performance Fee accrued, etc. JPY 3t (b) Transfer Assets to SVF from SBG: Value of unlisted shares, which are currently held by SBG and planning to be transferred to SVF after April 2019, is calculated by the estimated value equivalent to SBG's portion of SVF's future holding value at completion of the respective transfer SVF1 (equity value of holdings) The information contained herein is provided for illustrative purposes only. Nothing herein should be construed as a recommendation of any investment security. 63#66SVF 1 equity value of holdings (SBG) (as of Mar. 31, 2019): calculated by the sum of (a) and (b) as follows (a) SVF: Value equivalent to SBG's portion of SVF's holding value + Performance Fee accrued, etc. JPY 6t JPY 3t (illustrative) JPY 3t (b) Transfer Assets to SVF from SBG: Value of unlisted shares, which are currently held by SBG and planning to be transferred to SVF after April 2019, is calculated by the estimated value equivalent to SBG's portion of SVF's future holding value at completion of the respective transfer *SVF2 Assumes that the committed capital from SBG at first major closing of SVF 1 (USD 28 billion) is invested in a year. (Does not indicate the actual investment amount of SVF 2 and actual results may differ) The content of this slide is not and should not be construed as an offer of or invitation to invest in limited partnership or other interests in any specific fund. SVF2 (illustrative) SVF1 (equity value of holdings) The information contained herein is provided for illustrative purposes only. Nothing herein should be construed as a recommendation of any investment security. 64#67SoftBank Vision Fund (March 2019) Net Equity IRR SBG (LP) + Manager's performance fee 62% (To be updated at earnings results annually) Valuation Process SBIA is responsible for determining fair values on a quarterly basis in line with the requirements of the AIFM Directive (as issued by the FCAY The SBIA Valuation 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 certain complex financial Instruments. In parallel f or Advisory Board ion Fund has appointed certain external firms as independent valuers to perform semi-annual independent valuation. Valuation results as determined by the SBIA Valuation team, with due consideration of the Independent Valuer's reports, are reviewed and approved by the SBIA Valuation and Finansial Risk CommitteeVFRC"). The VFRC comprises the SBA CEO, CFO, CRO, General Counsel and senior Investment Professionals. Once approved by the VARC, valuation results are subject to a financial statement audit by the Vision Fund's independent auditors (Deloitte <Valuation Methodology The applicable reporting framework of the Vision Fund is IFRS the "Standards" Specifically, FRS 13 (Fair Valbe Measurement) outlines the general framework for measuring fair values. The Vision Fund is also compliant with the International Private Equity and Venture Capital (IPEV) valuation guidelines. In line with the Standards, the Vision Fund uses valuation techniques that are appropriate in the sircumstances and for which sufficient/data are available to measure fair value, maximising the use of relevant observable inputs (market share price, etc.) and minimising 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 Flows s method, depives the value of 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. Further, we recognize the senior-subordinate structure of the companies we invest in i.e. senior shares are worth more than junior ranking shares. Equittent Performance> ans the internal rate of return of Net of Cla Value atteutsible to Class A Equity Interests as of March quity Interests after management fees perforplange fees, Preferred Equity Coupon and other expenses. It is based on the limited partners' equity cash outflows (capital contributions), inflows (distributions) and share of the subscription line of credit activities, net of investment-related finanding, and the Net Asset 31 2819 Net Equity IRR(SBG LP Manager's performance Fee) is the same as Net Equity IRR computation but includes the addition of accrued performance fees for the Manager. "Equity" IRRs are pa Results for individu polely for illustrative purposes, as t has they reflectomy a subsele ureve te funds overall performance, and do not reflect the return on Preferred Equity Commitments (which will have a material impact on the Vision Fund's performance in the aggregate, which could be significantly lower), and may not reflect the experience of any limited partner. ed partners will vary based on th well as the timing of their specific cash flows The Vision Fund 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. The Vision Fund performance is based in part of valuations of certain investments that were collectively acquired recently by the Vision Fund from SoftBank Group Corp. accordingly, the performance information herein is based in part on valuations of unrealized investments and is not indicative of future results. Such investments and the subsequent performance thereof had a positive impact on the performance of the Vision Fund. SoftBank Group Corp is under no obligation to collectively Vision The Managers p s performance fee is deferred until the end of investment period and may not ultimately be paid out. Past performance is not indicative of future results. Please refer to the disclaimers at the front of this Presentation for more important qualifying information about the performance information herein. 65#68Shareholder Value (JPY t) 6 0 1 2 3 4 5 6 7 8 9 9 10 11 12 13 14 15 16 17 18 19 20 (CY) The information contained herein is provided for illustrative purposes only. Nothing herein should be construed as a recommendation of any investment security. 66#69Shareholder Value (no dividend for 10 years) (JPY t) IRR 35% 6 0 1 120 2 3 4 5 6 7 20x (IRR 35%) *Theoretical value with an assumption of investing JPY 6t in the first year, and operating with IRR 35% in the first 10 years and IRR 26% for the following 10 years. *Assuming that there would be no dividend for 10 years. *Information described herein does not promise the future IRR and actual result differs. "IRR: Gross IRR (management fee/performance fee/before excluding interests, etc.) 8 89 10 11 12 13 14 15 16 17 18 19 20 (CY) The information contained herein is provided for illustrative purposes only. Nothing herein should be construed as a recommendation of any investment security. 67#70Shareholder Value (no dividend for 10 years) (JPY t) IRR 35% x 10 years 6 0 1 120 2 3 4 5 6 7 20x (IRR 35%) *Theoretical value with an assumption of investing JPY 6t in the first year, and operating with IRR 35% in the first 10 years and IRR 26% for the following 10 years. *Assuming that there would be no dividend for 10 years. *Information described herein does not promise the future IRR and actual result differs. "IRR: Gross IRR (management fee/performance fee/before excluding interests, etc.) 8 89 10 11 12 13 14 15 16 17 18 19 20 (CY) The information contained herein is provided for illustrative purposes only. Nothing herein should be construed as a recommendation of any investment security. 68#71Shareholder Value (no dividend for 10 years) (JPY t) 20x? IRR 35% x 10 years 6 0 1 120 2 3 4 5 6 7 20x (IRR 35%) *Theoretical value with an assumption of investing JPY 6t in the first year, and operating with IRR 35% in the first 10 years and IRR 26% for the following 10 years. *Assuming that there would be no dividend for 10 years. *Information described herein does not promise the future IRR and actual result differs. "IRR: Gross IRR (management fee/performance fee/before excluding interests, etc.) 8 89 10 11 12 13 14 15 16 17 18 19 20 (CY) The information contained herein is provided for illustrative purposes only. Nothing herein should be construed as a recommendation of any investment security. 69#72Shareholder Value (no dividend for 20 years) (JPY t) 20x? IRR 35% x 10 years 6 0 1 IRR 26% 120 2 3 4 5 6 7 20x (IRR 35%) *Theoretical value with an assumption of investing JPY 6t in the first year, and operating with IRR 35% in the first 10 years and IRR 26% for the following 10 years. *Assuming that there would be no dividend for 20 years. *Information described herein does not promise the future IRR and actual result differs. "IRR: Gross IRR (management fee/performance fee/before excluding interests, etc.) 8 89 10 11 12 13 14 15 16 17 10x (IRR 26%) 1,200 18 19 20 (CY) The information contained herein is provided for illustrative purposes only. Nothing herein should be construed as a recommendation of any investment security. 70#73Shareholder Value (no dividend for 20 years) (JPY t) 20x? IRR 35% x 10 years 6 0 1 IRR 26% x 10 years 120 2 3 4 5 6 7 20x (IRR 35%) *Theoretical value with an assumption of investing JPY 6t in the first year, and operating with IRR 35% in the first 10 years and IRR 26% for the following 10 years. *Assuming that there would be no dividend for 20 years. *Information described herein does not promise the future IRR and actual result differs. "IRR: Gross IRR (management fee/performance fee/before excluding interests, etc.) 8 89 10 11 12 13 14 15 16 17 10x (IRR 26%) 1,200 18 19 20 (CY) The information contained herein is provided for illustrative purposes only. Nothing herein should be construed as a recommendation of any investment security. 71#74Shareholder Value (no dividend for 20 years) (JPY t) 20x? IRR 35% x 10 years 6 0 1 10x? IRR 26% x 10 years 120 2 3 4 5 6 7 20x (IRR 35%) *Theoretical value with an assumption of investing JPY 6t in the first year, and operating with IRR 35% in the first 10 years and IRR 26% for the following 10 years. *Assuming that there would be no dividend for 20 years. *Information described herein does not promise the future IRR and actual result differs. "IRR: Gross IRR (management fee/performance fee/before excluding interests, etc.) 8 89 10 11 12 13 14 15 16 17 10x (IRR 26%) 1,200 18 19 20 (CY) The information contained herein is provided for illustrative purposes only. Nothing herein should be construed as a recommendation of any investment security. 72#75Shareholder Value (no dividend for 20 years) (JPY t) 20 times x 10 times 6 0 1 120 2 3 4 5 6 7 20x (IRR 35%) *Theoretical value with an assumption of investing JPY 6t in the first year, and operating with IRR 35% in the first 10 years and IRR 26% for the following 10 years. *Assuming that there would be no dividend for 20 years. *Information described herein does not promise the future IRR and actual result differs. "IRR: Gross IRR (management fee/performance fee/before excluding interests, etc.) 8 89 10 11 12 13 14 15 16 17 10x (IRR 26%) 1,200 18 19 20 (CY) The information contained herein is provided for illustrative purposes only. Nothing herein should be construed as a recommendation of any investment security. 73#76Shareholder Value (no dividend for 20 years) (JPY t) 20 times x 10 times = 200 times? 6 0 1 120 2 3 4 5 6 7 20x (IRR 35%) *Theoretical value with an assumption of investing JPY 6t in the first year, and operating with IRR 35% in the first 10 years and IRR 26% for the following 10 years. *Assuming that there would be no dividend for 20 years. *Information described herein does not promise the future IRR and actual result differs. "IRR: Gross IRR (management fee/performance fee/before excluding interests, etc.) 8 89 10 11 12 13 14 15 16 17 10x (IRR 26%) 1,200 18 19 20 (CY) The information contained herein is provided for illustrative purposes only. Nothing herein should be construed as a recommendation of any investment r security. 74#77Shareholder Value (no dividend for 20 years) (JPY t) 6 20 tim x 10 times = 200 tim 0 1 2 3 4 5 6 7 20x (IRR 35%) *Theoretical value with an assumption of investing JPY 6t in the first year, and operating with IRR 35% in the first 10 years and IRR 26% for the following 10 years. *Assuming that there would be no dividend for 20 years. *Information described herein does not promise the future IRR and actual result differs. "IRR: Gross IRR (management fee/performance fee/before excluding interests, etc.) 120 8 89 10 11 12 13 14 15 16 17 10x (IRR 26%) 1,200 18 19 20 (CY) The information contained herein is provided for illustrative purposes only. Nothing herein should be construed as a recommendation of any investment security. 75#78Shareholder Value (no dividend for 20 years) (JPY t) 6 0 1 2 3 IRR 19% 4 5 6 7 8 9 10 11 12 IRR 19% *Theoretical value with an assumption of investing JPY 6t in the first year, and operating with IRR 19% in 20 years. *Information described herein does not promise the future IRR and actual result differs. "Assuming that there would be no dividend for 20 years. *IRR: Gross IRR (management fee/performance fee/before excluding interests, etc.) 13 14 15 16 17 200 18 18 19 20 (CY) 76#79Shareholder Value (no dividend for 20 years) (JPY t) 6 0 1 2 3 IRR 19% × 20 years 4 5 6 7 8 9 10 11 12 13 14 15 16 IRR 19% *Theoretical value with an assumption of investing JPY 6t in the first year, and operating with IRR 19% in 20 years. *Information described herein does not promise the future IRR and actual result differs. "Assuming that there would be no dividend for 20 years. *IRR: Gross IRR (management fee/performance fee/before excluding interests, etc.) 17 200 18 18 19 20 (CY) 77#80Shareholder Value (no dividend for 20 years) (JPY t) 6 0 1 2 3 33x? IRR 19% × 20 years 4 5 6 7 8 9 10 11 12 13 14 15 16 IRR 19% *Theoretical value with an assumption of investing JPY 6t in the first year, and operating with IRR 19% in 20 years. *Information described herein does not promise the future IRR and actual result differs. "Assuming that there would be no dividend for 20 years. *IRR: Gross IRR (management fee/performance fee/before excluding interests, etc.) 17 200 18 18 19 20 (CY) 78#81100 'cho' (trillion) 200 'cho'(trillion) DOO 79#82Information Revolution Happiness for everyone 80#83June 25, 2010 Next 30-Year Vision -SoftBank Group 81#84Next 30-Year Vision (2010) Realization of Brain computer 888 82#85Number of Transistors 30bn 3bn 2010 '18 Exceeds human brain in 2018 83#86Number of Transistors 30bn 3bn 2010 '17 '18 III Exceeded human brain in 2017 In June 2017, IBM, GLOBALFOUNDRIES and Samsung announced that they have developed an industry- first process to build silicon nanosheet transistors that will enable 5 nanometer chips (30 billion switches onto a microprocessor chip) 84#87Transportation Uber DiDi nauto Grab nuro cruise AUTO GROUP ParkJockey fair Fintech Getaround 瓜子= 众安保险 ZhongAn Insurance 彩 第二季车直卖网 Guzzi.com Paytm 金融壹账色 ONECONNECT policy bazaar G Greensill OakNorth Kabbage Frontier tech Logistics DELHIVERY Small World flexport. GGROFERS MA Loggi DOORDASH Alibaba Local Services ZZUME Rappi arm brain light IMPROBABLE Petuum AI Health tech ROIVANT GUARDANT RELAY THERAPEUTICS VO SCIENCES z zymergen HEALTHKONNECT VIR 10x GENOMICS 平安好医生 要健康上平安好医生 KLOOK OYO coupang Fanatics ByteDance 川字节跳动 100 作业帮 在线学习能用作业帮 Plenty GET Wag! dag's best friend firstcry YOUR GUIDE BRANDLESS tokopedia Real estate wework Opendoor COMPASS k KATERRA Clutter view Enterprise slack OSIsoft. mapbox COHESITY CAMBRIDGE MOBLE TELEMATICS Gympass Globality ANN AUTOMATION ANYWHERE Consumer Portal composition is provided solely for illustrative purposes and there can be no assurance that future investments will be similar to those set forth her Sector purport to be a complete at therefor References to investments included herein should not be construed as a recommendation of any particular investment or security. Please refer to visionfund.com/portfolio for a complest of the Vision Fund investments 85#88Next 30-Year Vision (2010) Generalization of DNA treatment and artificial organs Towards the era of life expectancy of 200 years 86#89Conventional Tissue biopsy Costly, slow, risky The information contained herein is provided for illustrative purposes only. The information presented herein was provided by Guardant Health. Nothing herein should be construed as a recommendation of any investment or security. ● GUARDANT Liquid biopsy utilizing Al Affordable, rapid, safe (source) Guardant Health 87#90Next 30-Year Vision (2010) ESSO Pooooo Ghos Coexistence with intelligent robot 88#91Boston Dynamics pepper SoftBank Global top class robotics company Boston Dynamics Group 89#92Next 30-Year Vision (2010) Life log Comm Everything integrates with cloud 90#93THE arm BOUCOR CARRA FOR 3772877 World of 1t loT devices 91#94e S ก 1888 S D * Å arm Data (IoT) SoftBank Vision Fund Big data (Cloud) Lepa AI World with Al surpassing human wisdom 92#95Aim to create a world customized to individual interest OVO I Byte Dance 字节跳动 The information contained herein is provided for illustrative purposes only. Nothing herein should be construed as a recommendation of any investment or security. 93#96577 Aim to create a world fulfilled with safe food Plenty The information contained herein is provided for illustrative purposes only. Nothing herein should be construed as a recommendation of any investment or security. 94#97Aim to create a world without car Dail accidents through autonomous driving cruise nuro Uber DiDi The information contained herein is provided for illustrative purposes only. Nothing herein should be construed as a recommendation of any investment or security. 95#98M NEVENTVIZUITO E RO ANTE Aim to create a world without fatal disease by DNA analysis 96#9997#100Information Revolution Happiness for everyone 98#101SoftBank Group#102Valuation Process / Methodology, and Definitions of Investment Performance <Valuation Process> SBIA is responsible for determining fair values on a quarterly basis in line with the requirements of the AIFM Directive (as issued by the FCA). The SBIA Valuation 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 certain complex financial instruments. In parallel, Investor Advisory Board of the Vision Fund has appointed certain external firms as independent valuers to perform semi-annual independent valuation. Valuation results as determined by the SBIA Valuation team, with due consideration of the Independent Valuer's reports, are reviewed and approved by the SBIA Valuation and Financial Risk Committee ("VFRC"). The VFRC comprises the SBIA CEO, CFO, CRO, General Counsel and senior Investment Professionals. Once approved by the VFRC, valuation results are subject to a financial statement audit by the Vision Fund's independent auditors (Deloitte). <Valuation Methodology> The applicable reporting framework of the Vision Fund is IFRS (the "Standards"). Specifically, IFRS 13 (Fair Value Measurement) outlines the general framework for measuring fair values. The Vision Fund is also compliant with the International Private Equity and Venture Capital (IPEV) valuation guidelines. In line with the Standards, the Vision Fund uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs (market share price, etc.) and minimising 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 Flows 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. Further, we recognize the senior-subordinate structure of the companies we invest in i.e. senior shares are worth more than junior ranking shares. <Definitions of Investment Performance> Net Equity IRR means the internal rate of return of Class A Equity Interests after management fees, performance fees, Preferred Equity Coupon and other expenses. It is based on the limited partners' equity cash outflows (capital contributions), inflows (distributions) and share of the subscription line of credit activities, net of investment-related financing, and the Net Asset Value attributable to Class A Equity Interests as of March 31, 2019. Net Blended IRR reflects the combined net performance of Class A Equity Interests and Class B Preferred Equity Interests and includes Preferred Equity Coupon distributions as well as accrued Preferred Equity Coupon. Net Equity IRR (SBG LP + Manager's performance Fee) is the same as Net Equity IRR computation but includes the addition of accrued performance fees for the Manager. "Equity" IRRs are provided solely for illustrative purposes, as they reflect only a subset of the Vision Fund's overall performance, do not reflect the return on Preferred Equity Commitments (which will have a material impact on the Vision Fund'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. The Vision Fund 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. Vision Fund performance is based in part on valuations of certain investments that were collectively acquired recently by the Vision Fund 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. Such investments and the subsequent performance thereof had a positive impact on the performance of the Vision Fund. SoftBank Group Corp. is under no obligation to collectively offer similar assets to the Vision Fund in the future. Past performance is not indicative of future results.#103Definition and Calculation Method of SBG's Sum-of-the-parts Valuation i. Net debt • Net debt = SBG net interest-bearing debt • SBG net interest-bearing debt = SBG gross debt - SBG cash position, etc • SBG gross debt = SBG gross interest-bearing debt = Gross debt (Consolidated) - Gross debt of subsidiaries (Non-recourse) • SBG gross debt: adjusting (a), (b), and (c) as follows (a) JPY Hybrid Bonds issued in September 2016: 50% of outstanding amount, which is recorded as debt in consolidated B/S, is treated as equity (b) USD Hybrid Notes issued in July 2017: 50% of outstanding amount, which is recorded as equity in consolidated B/S, is treated as debt (c) JPY Hybrid Loan executed in November 2017: 50% of outstanding amount, which is recorded as debt in consolidated B/S, is treated as equity • SBG cash position, etc: considering the estimated impacts of (d), (e), (f), and (g) as follows (d) Estimated tax payment related to disposal of the shares of SBKK (e) Estimated cash proceeds and capital call payment related to the assets transfer to SVF from SBG after April 2019 (f) Future proceeds from sale of Supercell shares (g) Estimated cash proceeds and capital call payment related to the assets transfer of SVF from SBG and Delta Fund that had been already completed • Gross debt (Consolidated) = Gross interest-bearing debt (Consolidated): excluding cash position of banking business (The Japan Net Bank) • Gross debt of subsidiaries (Non-recourse) = Gross interest-bearing debt of subsidiaries (Non-recourse): Total amount gross interest-bearing deb ii. Equity value of holdings • Alibaba: calculated by multiplying the number of Alibaba shares held by SBG at December 31, 2018 (excluding those pledge for Mandatory Exchangeable Trust Securities) by the share price of Alibaba SBKK: calculated by multiplying the number of SBKK shares held by SBG by the share price of SBKK • Sprint: calculated by multiplying the share price of T-mobile US, Inc. by the exchange ratio: 0.10256 on the premise of a future merger Yahoo Japan: calculated by multiplying the number of Yahoo Japan shares held by SBG at March 31, 2019 by the share price of Yahoo Japan Arm: calculated based on the acquisition cost, excluding the number of Arm shares held by SVF SVF: calculated by the sum of (h) and (i) as follows (h) SVF: Value equivalent to SBG's portion of SVF's holding value + Performance Fee accrued, etc. (i) Transfer Assets to SVF from SBG: Value of unlisted shares, which are currently held by SBG and planning to be transferred to SVF after April 2019, is calculated by the estimated value equivalent to SBG's portion of SVF's future holding value at completion of the respective transfer • Others: calculated mainly based on fair value of unlisted shares, etc held by SBG iii. Shareholder value • Shareholder value = Equity value of holdings - Net debt . • Shareholder value per share = Shareholder value / Shares issued iv. Other assumptions • Share prices: closing price as of June 18, 2019 • FX rate: USD 1= JPY 108.29 • Shares issued: excluding treasury shares by the end of March 2019 SBKK, Sprint, SVF, Yahoo Japan, Arm, etc. *SBG = SoftBank Group Corp., SBKK = SoftBank Corp., SVF = SoftBank Vision Fund *Based on data as of March 31, 2019 unless otherwise stated *Before considering tax unless otherwise stated