#1Earnings Results for the Fiscal Year Ended March 31, 2021 Investor Briefing May 14, 2021 SoftBank Group Corp. Ver.1.3 ― SoftBank Group#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 Average during quarter 1 USD 1 CNY EOQ 1 USD 1 CNY SBIA Sprint T-Mobile Q1 SBG The Company SBKK SB Northstar SVF1 or SoftBank Vision Fund 1 SVF2 or SoftBank Vision Fund 2 SoftBank Latin America Fund Arm Alibaba WeWork 110.00 16.13 Jun 30 Q2 FY2019 107.70 15.37 Sep 30 Q3 108.98 15.46 Dec 31 Q4 109.22 15.56 Abbreviations Abbreviations used in Accounting and Finance section of this presentation are as follows: Abbreviations Mar 31 108.83 15.31 Q1 107.74 15.16 Jun 30 Q2 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. 105.88 15.27 Sep 30 Definition (Each of the following abbreviations indicates the respective company and its subsidiaries, if any) FY2020 Q3 104.45 15.71 Dec 31 SoftBank Q4 Group 106.24 16.31 Mar 31 110.71 16.84#4Index Accounting Consolidated Results Change in Reportable Segments Investment Business of Holding Companies Segment Segment Income - Investment Business of Holding Companies Partial Sale of T-Mobile Shares and Evaluation at FY20-end Investment in Listed Stocks and Other Instruments Investment in Listed Stocks and Other Instruments: Main Impact on B/S and P/L (Gain (Loss) on Investments) Price Sensitivity of Derivatives at SB Northstar (FY20-end) Details and Progress of the Agreement between the Company and WeWork in Oct 2019 and in FY20 Investments and Debt Financing to WeWork from WeWork Investment Subsidiary Derivative Gain (Loss) on Alibaba Prepaid Forward Contracts Structure After Business Integration of Z Holdings and LINE Business Integration of Z Holdings and LINE Entry into Agreement for Sale of All Shares in Arm SPACs Controlled by SBG's Subsidiaries Consolidated P/L Summary (IFRSs) Tax Rate Analysis Consolidated B/S Summary (IFRSs) Consolidated C/F Summary (IFRSs) Segment Income - SVF1 and Other SBIA-Managed Funds Appendix P 2 P 3 P 4 P 5 P 6 P 7 P 8 P 9 P 10 P 11 P 13 P 14 P 15 P 16 P 18 P 20 P 21 P 22 P 25 P 26 P 27 Finance Summary of FY2020 Increase in Gain on Investments Main Investment Activities of SVF1 & SVF2 (since Jan 2021) SBG Share Price and Domestic Bond Yields Equity Value of Holdings Diversification of SBG's Investment Portfolio Increase of NAV per Share Investment Activities of SBG P 2 P 4 P 5 Financial Improvements: Repurchase of Bonds Returns to Shareholders (Share Repurchases) LTV Trend LTV Main Financial Activities in FY2020 Q4 Cash Position SBG Standalone Interest-bearing Debt SBG Standalone Cash Position SBG Standalone Net Interest-bearing Debt P 6 P 8 P 10 P 11 P 12 P 13 SVF1 & SVF2: Gain (Loss) on Investments (SBG Consolidated Basis) SVF1 & SVF2: Cumulative Investment Performance (SBG Consolidated Basis) SVF1: IRR results (SBG) SVF2: IRR results (SBG) P 15 P 16 SVF1&2: Combined IRR results (SBG) P 17 Investments in Listed Stocks and Other Instruments: P 18 Cumulative Investment Gain (Loss) for FY2020 Investments in Listed Stocks and Other Instruments (as of March 31, 2021) Investments in Listed Stocks and Other Instruments: Options (as of March 31, 2021) Results of ¥4.5T Program Debt Reduction of ¥1T P 14 P 19 P 20 P 22 P 23 P 24 P 25 P 26 P 28 P 29 P 30 P 31 P 32 P 33 SoftBank Bond Redemption Schedule P 34 P 36 P 37 Financial Strategy for FY2021 Firmly Keeping Financial Policy Financial Management to Enable Reproduction P 40 at investment business on an expanded scale Cycle of Investment and Recovery (Illustrative) P 41 Direction of Financial Management (Illustrative) P 43 P 44 Performance of Financial Management (Mar 2020 - Mar 2021) Summary of ESG Initiatives for FY2020 E: Environment - Climate Change Responses S: Society - Diversity and Inclusion Initiatives S: Society: COVID-19 Responses G: Governance Sustainability Integration into Investments Appendix Group SoftBank Vision Funds Update Important Information Topics Progress & Highlights Performance & Impact on SoftBank Group (SBG) In Focus: Unlocking Portfolio Value P 46 P 47 P 48 P 49 P 50 P 51 P 52 P 2 P 4 P 5 P 15 P 20#5Accounting#6Consolidated Results (JPY bn) Net sales Income before income tax Net income (attributable to owners of the parent) (Reference) Gain on investments Investment Business of Holding Companies SVF1 and SVF2 Other investments FY19 5,238.9 50.0 -961.6 -1,410.2 484.3 -1,844.9 -49.6 FY20 5,628.2 5,670.5 4,988.0 7,529.0 945.9 6,292.0 291.0 Change 389.3 5,620.5 5,949.6 8,939.2 461.6 8,136.9 340.6 SoftBank YoY 7.4% 95.3% Group Accounting 2#7Change in Reportable Segments • In Q1, "Investment Business of Holding Companies" was newly established. Segment income was revised to "income before income tax." ● • In Q4, business integration of Z Holdings Corporation and LINE Corporation completed. FY19 SoftBank ● In Q2, "Brightstar segment" was removed. "SoftBank Vision Fund and Other SBIA-Managed Funds" was renamed to "SVF1 and Other SBIA-Managed Funds." FY20 SoftBank Vision Fund and Other SBIA-Managed Funds Segment SoftBank Vision Fund L.P. Investment Business of Holding Companies Segment SoftBank Group SoftBank Segment SoftBank Z HOLDINGS YAHOO! JAPAN SVF1 and Other SBIA-Managed Funds Segment SoftBank Vision Fund L.P. SoftBank Vision Fund II-2 L.P. SoftBank Segment Arm Segment¹¹ arm Group SoftBank SoftBank -Z HOLDINGS YAHOO! LINE JAPAN PayPay Group Arm Segment*1 arm Brightstar Segment Brightstar Serving Wireless rightstar Segment Brightstar Serving Wireles Other*1 PayPay Investment fund business in Latin America Other*1 FORTRESS SoftBank PayPay Investment fund business in Latin America FORTRESS Group *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 Investments (Approximately 110 companies) Alibaba, T-Mobile, WeWork, Lemonade, Inc., Social Finance, Inc., and others 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 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 Gain on investments □ ■ ■ ■ ■ P/L ▬▬▬▬▬▬▬ Gain relating to sales of T-Mobile shares Gain relating to settlement of prepaid forward contracts using Alibaba shares Realized loss on sales of investments at asset management subsidiaries Unrealized gain on valuation of investments at asset management subsidiaries Derivative loss on investments at asset management subsidiaries Realized gain on sales of investments Unrealized gain (loss) on valuation of Investments hu Derivative gain (loss) on investments Other Selling, general and administrative expenses Finance cost Income on equity method investments Derivative loss (excluding gain (loss) on investments) Other gain FY19 ‒‒‒‒iii 484.3 1,218.5 - 17.8 -690.7 -66.3 5.0 -75.1 -198.5 657.2 -1.9 FY20 47.7 946.1 -610.7 222.2 wakien20Realized gain on investments SBG made in listed stocks: 222.0 bn HIVHV VI ▬▬▬▬ T 421.8 -20.6 134.2 608.4 185.8 5.0 -102.3 -218.6 601.4 -477.5 11.9 Items 760.9 ……….…‒‒‒‒▬▬▬▬▬▬▬▬▬▬ (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 (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 ▬▬▬▬ ▬▬▬▬ SoftBank Realized loss on sales of investments by SB Northstar (investment in listed stocks) Unrealized gain on valuation of investments by SB Northstar (investment in listed stocks and other instruments) Losses mainly related to call options on listed stocks and short stock index futures contracts at SB Northstar FY20: ---- ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ 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 ▬▬▬‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒▬▬▬▬▬▬‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒D Segment income (income before income tax) 913.7 *1 Ant Small and Micro Financial Services Group Co., Ltd. (currently Ant Group Co., Ltd.) Group (JPY 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 ▬VW ▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬▬ ‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒ 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) Accounting 5#10Partial Sale of T-Mobile Shares and Evaluation at FY20-end 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. Before sale (1) Public offering (2) Private offering (3) Sale to Marcelo Claure (4) Rights offering Subtotal (5) Call options received by Deutsche Telekom (6) Shares held by the Company excluding (5) (7) Contingent consideration Total if (7) is acquired Number of shares (mil) 305 -154 -19 -5 -20 106 -101 5 +49 54 Share- holding ratio *1 24.7% -12.5% -1.6% -0.4% -1.6% 8.6% -8.2% 0.4% Total amount of Date of sale sale (USD mil) 15,877 1,667 515 2,034 Jun 26 Jul 16 Aug 3 (not for sale) 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 Gain (loss) on sale 280.3 -3.1 Revaluation of shares held P/L (FY20) (JPY bn) 296.0 Derivative gain (loss) 3.0 (derecognized the derivative liabilities) -154.5 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 Valuation gain 219.6 Derivative gain (loss) -36.8 264.4 Change from Apr 1 to FY20-end JPY 421.8 bn in total *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. SoftBank FY20-end B/S Group (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 Accounting 6#11Investment in Listed Stocks and Other Instruments • 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-) B/S P/L C/F Non-current assets Investment securities Gain (loss) on investments at 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 SB Northstar (FY20Q2-) Current assets B/S P/L C/F •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 SoftBank • Derivative financial liabilities in asset management subsidiaries Other financial liabilities (borrowed securities) • Other financial assets (investments from asset management subsidiaries (convertible bonds)) * Since no repetitive trading is expected. Current liabilities Group 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) Investor SBG SB Northstar Investment type Actual stocks Actual stocks, etc. Credit transactions 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 Consolidated B/S Account Investment securities Investments from asset management subsidiaries Securities pledged as collateral in asset management subsidiaries Borrowed securities Derivative financial assets in asset management subsidiaries Derivative financial liabilities in asset management subsidiaries Derivative financial assets in asset management subsidiaries Derivative financial liabilities in asset management subsidiaries Derivative financial assets in asset management subsidiaries *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 FY20-end balance (minuses indicate liabilities) 15.5 755.3 1,427.3 -8.7*1 176.6 -9.3 7.1 -5.4 4.4 Account Realized gain on sales of investments Unrealized gain (loss) on valuation of investments Realized gain (loss) on sales of invest- ments at asset management subsidiaries Unrealized gain (loss) on valuation of investments at asset management subsidiaries *2 Derivative loss on investments at asset management subsidiaries Consolidated P/L Gain (loss) on investments at Investment Business of Holding Companies Gain (loss) on investments attributable to non-controlling interests*³ Gain (loss) on investments attributable to owners of the parent*4 Q1 64.5 20.9 85.4 85.4 Q2 102.8 75.7 -8.1 -95.1 -292.3 -217.0 131.8 -85.2 SoftBank Gain (loss) Q3 40.6 -41.6 -84.3 200.8 -285.3 -169.8 56.3 -113.5 Q4 14.1 Group 28.4 (JPY bn) FY20 -12.7 42.3 222.0 71.8 -20.6 46.2 134.1 -33.1 -610.7 68.5 -232.9 -22.3 165.8 -67.1 Accounting 8#13Price Sensitivity of Derivatives at SB Northstar (FY20-end) 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) Long call option of listed stocks in asset management subsidiaries Short call option of listed stocks in asset management subsidiaries Total return swap contracts related to listed stocks in asset management subsidiaries Forward contracts related to listed stocks in asset management subsidiaries Fair value at the end of the period (minuses indicate liabilities) 176.6 -9.3 1.7 4.4 Assumption of change in market price 30% increase 10% increase 10% decrease 30% decrease 30% increase 10% increase 10% decrease 30% decrease 30% increase 10% increase 10% decrease 30% decrease 30% increase 10% increase 10% decrease 30% decrease Estimated fair value after factoring in assumptions (minuses indicate liabilities) 525.4 275.4 104.4 27.1 -60.2 -20.5 -3.3 -0.1 86.3 29.9 -26.6 -83.0 8.2 5.6 3.1 0.6 Impact on income before income tax 348.7 98.8 -72.2 -149.5 -50.9 -11.2 5.9 9.1 84.7 28.2 SoftBank -28.2 -84.7 3.8 1.3 -1.3 -3.8 Notional principal Group 1,482.0 -297.9 280.6 8.3 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 Credit support/ notes purchase Exchange of SVF1's JV shares 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 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 SoftBank The Company paid full amount of USD 1.5 bn in Oct 2019. 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. Group 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. 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) 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. Agreed in Aug 2020, but the notes have not been issued by the end of FY20 The Company agreed the followings with We Work 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 by the end of FY20 the credit facility for an additional year until February 2024, subject to the financial institutions agreeing to the extension . (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 Туре Common stock Preferred stock Of $1.5 billion paid in October 2019, $1.3 billion before conversion to preferred stock of WeWork at FY 19-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 Cumulative investment amount Breakdown omitted 6,580 Cumulative gain (loss) Account Breakdown omitted Consolidated Statement of Financial Position -6,292 Investment securities Investments accounted for using the equity method Investment securities Other financial assets Derivative financial assets Derivative financial liabilities Carrying amount (Minuses show liabilities) FY19-end FY20-end 14 885 406 165 1,470 1,521 26 Loss on equity method 173 investments Other loss 126 Account 1,152 Consolidated Statement of Income Gain (loss) Loss from financial instruments at FVTPL Gain (loss) from financial instruments at FVTPL Derivative gain (loss) on investments Derivative loss (excluding gain (loss) on -694 investments) SoftBank Derivative loss on investments FY19 -417 -40 -113 -3,213 -894 -703 -5,380 (USD mn) Group FY20 - 109 -307 112 -22 126 -166 -528 -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 Cumulative debt financing amount USD 2.9 bn 1,800 USD 2.9 bn 1,800 Cumulative gain (loss) 44 -256 USD 2.9 bn 140 -72 Consolidated Statement of Financial Position Carrying amount (Minuses show liabilities) FY19-end Account Other financial assets Other financial liabilities -1,334 Dec 31, 2020 -819 equity of WeWork, evaluated by the Company Sep 30, 2020 Mar 31, 2021 USD 2.2 bn -2,153 FY20-end USD 3.8 bn 1,173 -92 -220 861 Account SoftBank Other gain (loss) Consolidated Statement of Income Gain (loss) FY19 -826 -459 Group -1,285 (USD mn) * 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 Mar 31, 2020 Jun 30, 2020 FY20 44 570 599 1,213 Accounting 12#17Derivative Gain (Loss) on Alibaba Prepaid Forward Contracts Alibaba share price Signing -179.5 (-$1.7 bn) -213.6 (-$2.0 bn) FY20Q1 184.4 ($1.7 bn) -586.9 (-$5.5 bn) -402.6 (-$3.8 bn) FY20Q2 Amendment of contracts Derivative gain 280.9 ($2.7 bn) -94.5 (-$0.9 bn) -89.3 (-$0.9 bn) -275.8 (-$2.6 bn) FY20Q3 (JPY bn) Day1 loss on the amendment (Deferred tax expenses) -27.3 (-$0.26 bn) After considering taxes FY20Q4 (Impact on P/L) (JPY bn) Income before income tax Net income -18.5 Derivative loss (-$0.18 bn) -8.8 Deferred tax expenses (-$0.08 bn) (JPY bn) Derivative financial assets Derivative financial liabilities Net Financial liabilities relating to sale of shares by prepaid forward contracts SoftBank FY20 cumulative -504.0 (-$4.7 bn) (B/S items relating to Alibaba prepaid forward contracts) FY19-end 5.0 -732.9 (-$6.8 bn) 5.0 Group 196.1 FY20-end 703.7 -28.1 675.6 3,085.7 Accounting 13#18Structure After Business Integration of Z Holdings Corporation and LINE Corporation SoftBank Consolidated 40.9%*1 Group =SoftBank Consolidated *² 100% 50% 50% YAHOO! JAPAN JV 65.3% Z HOLDINGS NAVER Non-listed company Listed company 100% LINE SoftBank * Group 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 Identifiable intangible assets 407.0 in total * 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. 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) Liabilities 575.7 Deferred tax liabilities relating to acquired intangible assets 128.0 Net assets 509.3 (after PPA) Net assets at the Non-controlling acquisition interests (SBKK's interests) 264.3 245.0 Consideration 862.1 SoftBank Amount of Consideration and Goodwill (JPY bn) Net assets on acquisition (SBKK's interests) 245.0 Group Goodwill 617.1 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. 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 12.0 2.0 Details Cash of 1.25: SBGC received as a deposit for part of the consideration in the transaction. Cash of 0.75: Arm received as consideration for a license agreement. 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: Up to 5.0 ±a1 SBGC and SVF1 to receive Earn-out subject to satisfaction of certain financial performance targets for each of revenue and EBITDA*2 of Arm in FY21. Total 38.5 ±a 1.5 Total 40.0 a Consideration for the Company 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. SoftBank based on the share price of NVIDIA: USD 484.60 / share. (Reference): Closing price as of May 12, 2021 USD 550.34 / share (USD bn) Number of shares to be received by On closing the Company were determined Time of receipt FY20Q2 (received in Sep 2020) Group On closing (subject to satisfaction of specific financial performance targets by Arm) On closing *1 If elected to receive it in shares *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. Continuing operations (until the closing of the transaction is deemed highly probable) Discontinued operations On closing After deconsolidation FY20 Sep 13 (execution of Purchase Agreement) The Company's consolidated Recording 100% of Arm's financial results FY21 Approx. 18 months A subsidiary of the Company Continuing operations 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." SoftBank FY22 Closing Deconsolidated Discontinued operations SVF1 and Other SBIA-Managed Funds segment Group 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 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 Total (1) Post-IPO/start selection of a target company for a merger 3 companies SoftBank 1 company 3 companies 7 companies (2) Identification of a target company for a merger 1 company 1 company SPAC: Consolidated as a subsidiary Group (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 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. Assets 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. SoftBank Other financial assets (non-current) Trust accounts in SPACs 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) Group (JPY mn) FY20-end 327,569 (JPY mn) FY20-end 298,092 Accounting 19#24Consolidated P/L Summary (IFRSs) (JPY bn) P/L item Continuing operations Net sales 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 Selling, general and administrative expenses Finance cost Income on equity method investments Derivative loss (excluding gain (loss) on investments) Change in third-party interests in SVF1 Other loss Income before income tax Income taxes Net income from continuing operations Discontinued operations Net income from discontinued operations Net income Net income attributable to owners of the parent FY19 5,238.9 2,654.7 +484.3 +540.9 -5.5 50.0 -792.7 -742.6 FY20 5,628.2 2,874.9 -1,844.9 +6,292.0 -49.6 +291.0 -1,410.2 7,529.0 -2,060.1 -2,271.5 -293.9 -307.3 +624.0 +616.4 -480.3 -961.6 +945.9 Change +389.3 +220.2 +461.6 +8,136.9 +340.6 +8,939.2 -211.4 -13.4 -7.6 -480.3 -2,787.3 -39.0 -2,246.4 -44.5 5,670.5 +5,620.5 -1,303.2 4,367.3 +5,109.9 -510.5 -58.1 710.9: +769.0 -800.8 5,078.2 +5,879.0 4,988.0 +5,949.6 (+: plus to profit -:minus to profit) Gain on investments at Investment Business of Holding Companies: +945.9 bn (see pages 5 and 8 for details) Gain relating to sales of T-Mobile shares: 421.8 bn ● · ● · SoftBank Gain on Investments at SVF1, SVF2, and others: +6,292. 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 Group 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 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) 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 (Main factors of tax rate analysis) (1) Permanent difference (mainly tax rate differences) (2) Anti-tax heaven taxation in Japan. (3) Tax effect on investments in affiliates (4) Income taxes related to intercompany transactions eliminated in consolidation (5) Tax effect on investments in subsidiaries Others Actual tax rate Rate (%) FY20 31.5% -22.0% 6.9% 4.3% 3.8% -1.7% 0.2% 23.0% Amount (JPY bn) SoftBank 5,670.5 1,783.9 -1,247.9 392.3 242.4 216.4 -94.3 10.4 1,303.2 Group Accounting 21#26Consolidated B/S Summary (IFRSs) - 1 B/S item Current assets Non-current assets Main items 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 current assets Assets classified as held for sale Property, plant and equipment Goodwill Intangible assets Investments accounted for using the equity method Investments from SVF1 and SVF2 accounted for using FVTPL SVF1 SVF2 Investmen securities Derivative financial assets Other financial assets Total assets As of Mar 2020 15,636.9 3,369.0 313.5 461.0 9,236.0 21,620.3 1,264.5 3,998.2 1,986.0 3,240.4 As of Mar 2021 10,820.2 4,662.7 A 658.2 B 1,427.3 2 (JPY bn) 6,892.2 13,646.8 6,681.7 12,403.3 210.6 1,243.5 1,211.5 3,706.8 59.3 908.7 1,919.3 3 1,100.7 37,257.3 45,750.5 Change -4,816.7 +1,293.7 +658.2 +188.1 C 188.1 D 1,055.2 +741.7. 446.7 -14.3 38.6 -9,197.4 34,930.3 +13,310.0 1,668.6 4,684.4 2,308.4 +404.1 +686.2 +322.45 4,350.0 +1,427.3 +1,109.6 +6,754.6 +5,721.6 +1,032.9 +2,495.3 +849.4 +818.6 +8,493.2 1 Current assets related to investments from SB Northstar A: The fair value of listed stocks B: Securities pledged as collateral C: Fair value of long call option of listed stocks, etc. D: Margin deposits of 14.7 bn and restricted cash of 111.8 bn 2 3 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) ● SoftBank 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) Group ● • Increase in the fair value of Social Finance, Inc. and Lemonade, Inc. 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 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 (JPY bn B/S item Current liabilities Non-current liabilities Main items Interest-bearing debt Lease liabilities Deposits for banking business Trade and other payables Derivative financial liabilities in asset management subsidiaries Derivative financial liabilities Income taxes payables Other current liabilities Liabilities directly relating to assets classified as held for sale Interest-bearing debt Lease liabilities Third-party interests in SVF1 Other financial liabilities Deferred tax liabilities Other non-current liabilities As of Mar 2020 Total liabilities 14,191.1 3,845.2 2 378.4 873.1 1,585.3 9.3 164.3 596.5 6,455.0 15,693.2 9,286.7 761.9 4,559.7 77.2 711.2 79.6 2 29,884.4 As of Mar 2021 HEI 12,891.0 444444 7.735.2 //////////// 307.4 1,109.2 1,970.3 14.7 322.2 391.9 952.4 11.3 20,903.9 10,777.7 ▬▬▬▬▬▬ 727.6 6,601.8 415.4 2,030.7 207.5 Change 33,794.9 -1,300.1 ------- +3,890.0 -71.0 +236.1 +385.0 +14.7 +312.9 +227.6 +355.9 -6,443.7 +5,210.7 +1,491.0 -34.3 +2,042.1 +338.2 +1,319.5 +127.9 +3,910.5 * For the breakdown of interest-bearing debt and lease liabilities at core companies, see page 51 of SBG's Consolidated Financial Report. 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 SoftBank Recording of derivative financial liabilities for the call options received by Deutsch Telekom for T-Mobile shares held by the Company: 204.8 bn Group Increased due to the recording of income taxes payables primary for a gain on the sale of SBKK shares at SBGJ ● 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 2 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.) Increased mainly from differed tax liabilities at SBG 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. Accounting 23#28Consolidated B/S Summary (IFRSs) - 3 (JPY bn) B/S item Equity Common stock Capital surplus Items Other equity instruments* Retained earnings Treasury stock Accumulated other comprehensive income Accumulated other comprehensive income directly relating to assets classified as held for sale Total equity attributable to owners of the parent Non-controlling interests Ratio of equity attributable to owners of the parent (equity ratio) As of Mar 2020 7,372.9 238.8 1,490.3 496.9 3,945.8 - 101.6 -362.3 205.7 5,913.6 1,459.3 2 As of Mar 2021 11,955.6 238.8 2,618.5 496.9 HH 8,810.4 -2,290.1 338.3 0.3 10,213.1 1,742.5 Change +4,582.7 +1,128.2 HH +4,864.6 TH -2,188.5) +700.6 -205.4 +4,299.5 +283.2 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 1 Net income attributable to owners of the parent: +4,988.0 bn 2 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 ● FY19-end: Sprint classified as discontinued operations (deconsolidated at the beginning of FY20) SoftBank 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 FY20-end: Boston Dynamics, Inc. reclassified • Impact from the business integration of Z Holdings Corporation and LINE Corporation: +441.9 bn ● Group - 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) C/F item C/F from operating activities FY19 Cash and cash equivalents opening balance 1,117.9 Cash and cash equivalents closing balance FY20 Change 557.3 C/F from investing -4,286.9 -1,468.6 +2,818.3 activities C/F from financing 2,920.9 2,194.1 activities 3,858.5 3,369.0 -560.6 3,369.0 4,662.7 Primary details for FY20Q1-Q3 1,119.2 -265.1 Interest paid -588.6 264.2 HHH -4,186.7 3,845.8 -856.6 Subtotal of cash flows from operating activities -726.8 -1,362.1 345.5 (JPY bn) Income taxes paid Income taxes refunded Income taxes Payments for acquisition of investments Proceeds from sale/redemption of investments Payments for acquisitions of investments by SVF1 and SVF2 Proceeds from sales of investments by SVF1 856.4 312.8 -351.3 Payments into restricted cash -351.0 Payments into trust accounts in SPACs Proceeds in short-term interest-bearing 1,575.3 debt, net 7,965.1 Proceeds from interest-bearing debt -5,790.9 Repayment of interest-bearing debt Contributions into SVF1 from third-party investors 979.3 Payments for acquisition of control over subsidiaries Distribution/repayment from SVF1 to third-party investors Proceeds from non-controlling interests subject to possible redemption Proceeds from the partial sales of shares of subsidiaries to non-controlling interests 1,553.0 -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) C/F from operating activities: decreased 602.5 bn yoy (Major reasons for decrease) 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. Proceeds from interest-bearing debt: +7,965.1 bn (SBG) 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 above mentioned listed stocks: +675.7 bn From the partial sale of T-Mobile shares: +2,099.7 bn Sale of LINE Corporation shares by SBKK: +93.8 bn Sale or redemption of LINE Corporate Bonds by SBKK: 739.6 bn ● Short-term borrowings: +1,040.1 bn domestic hybrid tes: +177.0 (Wholly owned subsidiaries conducting fund procurement) 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) ● • SoftBank Procurement through borrowings made using Alibaba shares (margin loan): USD +6,000 mn Repayment of interest-bearing debt: -5,790.9 bn (SBG) • (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 ● Group 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) Partial sale of SBKK shares Repayment of short-term borrowings -863.3 bn; repayment of senior loans -392.4 bn; and redemption of corporate bonds -557.6 bn Accounting 25#30Segment Income - SVF1 and Other SBIA-Managed Funds P/L Gain on investments at SVF1, SVF2, and others Realized gain on sales of investments Unrealized gain (loss) on valuation of investments Change in valuation for the fiscal year Reclassified to realized gain recorded in the past fiscal year Dividend income from investments Derivative gain on investments Effect of foreign exchange translation Selling, general and administrative expenses Finance cost Change in third-party interests in SVF1 Other gain Segment income (income before income tax) FY19 FY20 -1,844.9 6,357.5 419.6 58.3 -1,917.7 -1,877.7 -40.0 12.8 0.1 1.5 -86.5 -23.5 540.9 1.4 - 1,412.6 5,897.1 6,013.4 -116.3 29.8 1.1 9.8 -74.2 -10.4 -2,246.4 0.4 4,026.8 Items SoftBank 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 Group SVF1 Sale of a portion of shares in five portfolio companies and all shares in eight portfolio companies (including share exchanges): 424.2 bn (JPY bn) 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" 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) 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 Net sales Gross profit Gain (loss) on investments •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 SoftBank Income before income tax Income (loss) on equity method investments Derivative gain (loss) (excluding gain (loss) on investments)* etc. (3) Dividend income from investments (4) Derivative gain (loss) related to financial assets at FVTPL and other investments *Derivative gain (loss) not included in "gain (loss) on investments" is shown as "derivative gain (loss) (excluding gain (loss) on investments)." Group Net income attributable to owners of the parent 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 Acquisition value for SBG FY20Q1 Acquired by SBG In case that SB Northstar sells listed shares outside the Group after the shares are transferred from SBG Acquisition value for SBG FY20Q1 Acquired by SBG Transfer value to SB Northstar FY20Q2 Transferred to SB Northstar Transfer value to SB Northstar FY20Q2 Transferred to SB Northstar Fair value held at SB Northstar ‒‒‒‒‒‒‒ Valuation gain at SB Northstar Valuation loss at SB Northstar FY20-end FY20 Valuation gain at parent SBG Sale value from SB Northstar to outside the Group Realized gain at SB Northstar Realized loss at SB Northstar Realized gain at parent SBG SoftBank P/L accounts Unrealized gain (loss) on val- uation of investments at asset management subsidiaries Unrealized gain on valuation of investments 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") Group The sum is "unrealized gain (loss) on valuation of investments" at consolidated SBG The sum is "realized gain (loss) on sales of investments" at consolidated SBG 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 Calculation of non-controlling interests Equivalent amount of cash investment by Masayoshi Son in Delaware subsidiaries March 31, 2021 Gain (loss) attributable to non-controlling interests Exchange differences on translating foreign operations Non-controlling interests (interests of Masayoshi Son) 221.3 755.3 1,427.3 188.1 126.5 14.2 19.9 A -168.7 -4.1 -152.9 Interest-bearing debt Derivative financial liabilities in asset management subsidiaries Other Total liabilities D Investments from Delaware subsidiaries (defined below)*² Equivalent amount of cash investments by SBG in Delaware subsidiaries 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 1/3 of B SoftBank Interests in equity Interests of SBG Non-controlling interests (interests of Masayoshi Son) Equity Group (JPY bn) March 31, 2021 Total assets 2,732.7 *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 1,866.5 14.7 19.2 1,900.4 1,349.0 39.8 1,289.3 19.9 A -506.3 B -10.4 832.3 C 985.2 -152.9 D 832.3 C Accounting 30#35Breakdown of Goodwill / Intangible Assets B/S Item Goodwill Arm Main intangible assets SBKK ZOZO LINE Main items Technologies Main b/d Customer relationships Main b/d Trademarks Main b/d 907.5 212.9 617.1 368.1 361.7 674.9 303.6 236.9 95.7 385.2 178.7 170.0 33.2 Fortress 33.2 +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. Management contracts Arm ZOZO LINE Arm As of Mar 2020 ZOZO LINE 3,998.2 2,554.1 907.5 212.9 395.6 387.8 474.7 316.7 103.3 221.1 178.7 As of Mar 2021 46.2 46.2 4,684.4 2,632.7 Change Changes in Amortization exchange Others rate -36.5 -13.1 -10.9 +78.6 -13.3 +10.4 +3.4 Includes ISG businesses 617.1 Outline Newly recorded SoftBank Amortized at straight-line method for 8-20 years 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 Group (JPY bn) Accounting 31#36Accounting Treatment for Partial Sale of SBKK Shares and After-tax Cash Proceeds ● • 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) (1) Net proceeds from the sale 1,526.9 (4) Taxes (3) (Equivalent to) Gain on sale (after considering taxes) (2) Consolidated carrying amount of the shares sold * Figures in the graph are the sum of the sales in May and September. 204.0 256.1 932.4 134.4 (5) Accrued cash tax (The amount of taxes expected to cash out) Recognized in P/L (positive impact on net income) Mainly through use of NOL Recognized directly in equity (capital surplus), since the Company will continue to control SBKK after the sale Increase in non-controlling interests (6) After- tax cash SoftBank proceeds ((1)-(5)) 1,322.9 Group 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. Completed shareholder return and financial improvement committed in ¥4.5T Program. Robust investment businesses Status of assets ¥4.5T program LTV SoftBank Gain on investments totaled ¥7.5T, mainly from SVF1 & SVF2 *2 - 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. - 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 ● Equity value of holdings marked at ¥29.8T. Asset diversification progressed with increased value of SVF1 & SVF2. - 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 Group 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#39I I I I 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 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) Investment Business of Holding Companies SVF1 and SVF2 -¥1,410.2B FY2019 Other investments Total gain (loss) on investments ¥7,529.0B FY2020 -¥961.6B SoftBank FY2019 ¥4,988.0B FY2020 Group Finance 4#41Main Investment Activities of SVF1 & SVF2 (since Jan 2021) Large-scale IPO of Coupang and active new investments New listings SVF1 coupang iPo IPO Market Price (Gross) ¹² $28,039M AUTO 1 IPO $2,301 M GROUP view De-SPAC $490M GUARDANT (Partial) SVF2 qualtrics.XM IPO Investment through SPACs*1 (IPO) SVF1 SVF Investment Corp. SVF Investment Corp. 2 SVF Investment Corp. 3 Exited investments OSIsoft. (Full) Market Price (Gross)*3 $26M A total of $1.15B was raised uber (Partial) MANTICORE BG New investments SVF2 qualtrics.XM TEMPO patsnap eToro FORWARD Klarna. jobandtalent elevatebi cameo SoftBank redislabs HOME OF REDIS BERKSHIRE GREY Group STANDARD VIVIDION Therapeutics EDA Technology Innovation Confidence. Life sendbird 橙心 Viit 滴滴旗下 (DiDi Grocery) SVF2 made new investments in 18 companies in total during 3 months ended Mar 2021. *1 Special Purpose Acquisition Company *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 Share price continues to outperform the index. Domestic bond yields declined further. SBG share price*1 SBG domestic senior bond yield ¹2 (Since 2020) (Since 2020) 225 200 175 150 125 100 75 50 56 Vertechn mon Jul'20 ¥4.5T Program announced Many Oct¹20 As of May 11 200 (SBG) 149 (Nasdaq) 120 (Dow) 111 (TOPIX) 5.0 4.0 3.0 2.0 1.0 0.0 (%) Jan'20 Apr¹20 Jan'21 Apr¹21 *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. Jan'20 Apr¹20 ¥4.5T Program announced Jul'20 SoftBank Oct 20 Jan'21 Apr¹21 Group Finance 6#43Robust Investment Businesses - Status of Assets - Progress of ¥4.5T Program - Financial Condition Financial Strategy ESG Initiatives I 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. Composition 30.9 29.8 (T) 26.3 13.0 3.9 2.7 0.2 3.2 2.7 0.7 Mar' 20 24.3 12.6 3.5 2.7 9.2 2.6 0.4 Jun' 20 18.6 1.8 2.8 0.8 1.3 2.6 2.3 0.8 Sep' 20 ‒‒‒‒‒‒‒‒‒‒‒ 26.9 13.1 2.0 3.6 1.0 1.6 2.5 2.1 1.0 Dec' 20 SVF1&2 12.7 2.3 6.2 1.3 1.5 2.7 1.7 1.4 Mar'21 43% 8% 21% 4% 5% 9% 6% 5% Alibaba SBKK SVF1 SVF2 T-Mobile (formerly Sprint) Arm SoftBank Excluding asset-backed Investments in listed stocks Others finance Group *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. Finance 8 - 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#45Equity Value of Holdings Achieved an increase in value; despite the large-scale asset monetization. (T) 26.3 13.0 3.9 2.7 0.2 3.2 2.7 0.7 Mar' 20 +3.5T SVF1 & SVF2 29.8 12.7 2.3 6.2 1.3 1.5 2.7 1.7 1.4 Mar'21 Alibaba SBKK SVF1 SVF2 T-Mobile (formerly Sprint) Arm Investments in listed stocks Others Increase in equity value, etc *1 New and follow-on investments *2 Breakdown of ¥3.5T increase + ¥8.0T Impact of Asset monetization *3 Excluding asset-backed + ¥1.6T SoftBank - ¥6.1T finance Group *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). - Arm: calculated based on the acquisition cost for SBG, excluding the number of Arm shares held by SVF1. *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 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. - 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 SBKK Arm T-Mobile SVF2 12% 15% 10% 1% Others SVF1 3% 10% * See page 8 for notes regarding the breakdown of total equity value of holdings Alibaba 49% SBKK Arm T-Mobile Investment in listed stocks SVF2 5% 8% 9% 4% March 31, 2021 6% SVF1 Others 5% 21% SoftBank Excluding asset-backed Group finance Alibaba 43% Finance 10#47Increase of NAV per Share NAV per share is up 43%; due to increase in NAV and decrease in number of shares issued after share repurchases NAV (\T) [ 21.7 Increased 20% Mar 20 7 26.1 Mar 21 (\) NAV per Share and Share Price Share price ■NAV per share 3,675 10,502 Mar 20 Increased 43% NAV increase SoftBank Effect of share repurchases 9,330 ㄱ 15,015 Mar 21 Group Finance 11#48Investment Activities of SBG Multiple investment entities are active in their focused fields, preparing for the full-scale Al era. SBG SVF1 Mainly management of existing investments Alibaba Group arm SoftBank KK T. -Mobile- AI Unicorns coupang 100 作业帮 在线学习就用作业帮 A AUTOMATION ANYWHERE Paytm IMPROBABLE SCIENCES DOORDASH ROIVANT COMPASS DiDi 81 companies in total*1 SVF2 AI + Unicorns ∞ lenskart.com unacademy jobandtalent Klarna. XAG seer MAKE AGRICULTURE SMARTER BG 44 companies in total*1 BERKSHIRE GREY Latin America Fund AI + Unicorns (Region: Central and South America) SoftBank KAVAK Rappi Loft Loggi Ccreditas VTEX 37 companies in total*2 SB Northstar Mainly Listed stocks 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]. Group 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) 0.5 FY18 Q3 0.4 FY18 Q4 *1 SVF1 and Other SBIA-Managed Funds segment 0.4 FY19 Q1 -0.9 FY19 Q2 -0.2 FY19 Q3 -1.1 FY19 Q4 0.3 FY20 Q1 1.1 FY20 Q2 1.4 SoftBank ¥3.6T (sum of SVF1 and SVF2) FY20 Q3 Group FY20 Q4 Finance 13#50=SoftBank SVF1 & SVF2: Cumulative Investment Performance (SBG Consolidated Basis) Significant growth in asset values driven mainly by a greater demand for online services under COVID-19 and IPOs of portfolio companies. SVF1 ($ B) 150 100 85.7 bn 50 0 Investment cost 140.7 bn Exited*1 1.8x Currently held 4.2x and listed Currently held 1.1x and private Cumulative investment return (FV + Sale price) ($ B) 12 10 8 6 4 2 0 6.7 bm bn Investment cost SVF2 11.2 bn Group Currently held 3.8x and listed Currently held 1.0x and private Cumulative investment return (FV + Sale price) ¥110.71/$ (as of March 31, 2021) 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#51SoftBank SVF1: IRR results (SBG) SoftBank Vision Fund 1 (Inception to March 31, 2021) (SBG (LP) + Manager's performance fee) Net Equity IRR 39% <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. Group <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 t 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#52SoftBank SVF2: IRR results (SBG) 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. Finance 16 Past performance is not indicative of future results.#53SoftBank SVF1&2: combined IRR results (SBG) SoftBank Vision Fund 1+2 (Inception to March 31, 2021) (SBG (LP) + Manager's performance fee) Net Equity IRR Group 43% <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 264.2 Valuation gain: 42.2 Realized gain: 222.0 Actual stocks SB Northstar 113.5 Valuation gain: 134.0 Realized loss: - 20.5 + - 610.6 Actual stocks Credit transactions * Investment gain (loss) excludes impact of selling, general and administrative expenses, tax, and other expenses. - 232.9 Derivatives Total investment gain (loss) 165.8 Investment gain (loss) attributable to non- controlling interests SoftBank (\B) - 67.1 Group Investment loss attributable to the owners of the parent Finance 18#55Investments in Listed Stocks and Other Instruments (as of March 31, 2021) ($ M) 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 SoftBank Group Fair Value 6,211 3,182 1,320 1,180 1,030 575 385 382 328 265 441 3,594 140 876 19,907 Total *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 $1.5B (net) $1.7B -$0.2B Dec 20 $1.6B -$0.09B Mar 21 Long call option of listed stocks $1.5B (net) Short call option of listed stocks Notional principal $44.3B $13.8B (net) -$30.5B Dec 20 $10.8B (net) SoftBank $13.4B -$2.6B Mar 21 Group Finance 20#57Robust Investment Businesses Status of Assets - Progress of ¥4.5T Program - Financial Condition Financial Strategy ESG Initiatives I I =SoftBank Group Finance 21#58Results of ¥4.5T Program Monetized ¥5.6T, exceeding the original plan. Original plan ¥4.5T Excess ¥1.1T Financial Improvements Returns to Shareholders Growth Investments ¥1T in total of repayment of bonds and bank loans ¥2T of share repurchases *1 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. ● • Lower corporate bond yields ● Decline in LTV ● SoftBank ● Group Rise in share price Reduced NAV discount • 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 Repurchase of foreign currency- denominated senior notes (Mar 2021) Repayment of bank loans Total ¥167.6B (total face value) Total ¥224.9B (total face value) Total ¥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. SoftBank Group Repaid ¥1T in total Finance 23#60Financial Improvements: Repurchase of Bonds Repurchased corporate bonds under ¥4.5T Program. 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. $1B*¹). 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: $2,031 M (¥224.9B¹2) ● *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/ € ● ● SoftBank 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 Total face value repurchased: ¥392.5B ¥167.6B (Repurchased the full amount applied) Group 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) Repurchased amount to date*1 (of which under ¥4.5T Program) Completion Date *1 Amount repurchased from March 16, 2020 to May 12, 2021 ¥2.5T (¥2.0T) ¥2.5T (¥2.0T) May 12, 2021 12,000 10,000 8,000 6,000 4,000 2,000 Share Price Performance (From Jan 6, 2020 to May 12, 2021) Share price Average repurchase price 2,687 0 Jan-20 Apr-20 6,815 Jul-20 SoftBank Oct-20 Jan-21 Group (¥) 10,635 مسأ 9,180 Apr-21 Finance 25#62LTV Trend 25% 18.0% FY19Q3 (Dec 19) 17.9% COVID-19 FY19Q4 (Mar 20) LTV trend*1 9.0% Program announced Moneti- zation executed FY20Q1 (Jun 20) 11.8% Moneti- zation completed FY20Q2 (Sep 20) 14.9% *2 12.4% FY20Q3 FY20Q4 (Dec 20) (Mar 21) ● SoftBank *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. Excluding asset-backed finance Immediate and large-scale monetization, taking full advantage of highly liquid assets Group Agile financial management in response to market conditions as articulated in the financial policy Finance 26#63Robust Investment Businesses Status of Assets - Progress of ¥4.5T Program - Financial Condition Financial Strategy ESG Initiatives I I SoftBank Group Finance 27#64* * LTV 17.9% FY19Q4 (Mar 20) 12.4% FY20Q4 (Mar 21) SoftBank 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. Group Excluding asset-backed finance Secured a large financial cushion with the completion of ¥4.5T Program and the growth in SVF1 & SVF2 Finance 28#65Main Financial Activities in FY2020 Q4 Flexibly conducted monetization using equity holdings, refinancing, and debt reductions Fund procurement Issuance of domestic hybrid notes*¹ (Feb) Borrowing using Alibaba shares (Mar) Debt reduction Repurchase of foreign currency-denominated senior notes*1 and consent solicitation (amendments in certain provisions of indentures; Mar) : ¥177.0B : $8.1B : SoftBank * ¥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 Group Finance 29#66Cash Position Always maintain ample cash position, more than sufficient for the bond redemptions for the next 2 years Cash position ¥2.9T 1,2 310.0 }} 2,598.0 Mar' 21 undrawn commitment line V Bond redemptions for the next 2 years (¥1.6T) 1.221.6 Bond redemption schedule *³ Apr' 21 Mar' 22 426.0 Apr' 22 Mar 23 841.1 SoftBank Apr' 23 Mar' 24 (\B) 542.0 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. Group Finance 30#67SBG Standalone Interest-bearing Debt*1 SBG standalone interest-bearing debt (excluding non-recourse debt) remains flat. (B) 8,281.3 1,718.3 6,562.9 Mar' 20 9,803.6 3,446.1 6,357.6 Jun' 20 9,319.8 2,861.9 6,093.6 Sep' 20 11,218.9 3,599.1 1,528.8 6,091.0 Dec' 20 13,023.3 4,735.9 1,866.5 6,420.8 Mar' 21 Non-recourse to SBG *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. Main variance factors from Dec 31, 2020 Breakdown as of Mar 31, 2021 SBG borrowings Bank loan Hybrid loan Others Subtotal SBG bonds and CPs Issuance of domestic hybrid bonds (Feb): +¥177.0B Borrowing using Alibaba shares (Mar): +$8.1B Repurchase of foreign currency-denominated senior notes (Mar): -¥224.9B Short-term borrowings by SB Northstar (+¥293.9 B) Domestic senior bonds Domestic subordinated/hybrid bonds Foreign currency bonds CPs Subtotal SBG lease liabilities Subsidiaries' debt SoftBank SB Northstar Others Subtotal (B) 1,068.9 83.3 0.7 1,152.9 2,222.2 1,404.0 1,119.3 246.5 4,992.0 13.4 Financial liabilities relating to prepaid forward contracts 3,085.71 Margin loan (non-recourse to SBG¹²) 1,650.21 (recourse to SBG *2) 223.9 1,866.5 38.6 6,864.9 Total 13,023.3 Group Finance 31#68* SBG Standalone Cash Position Maintain ample cash while balancing shareholder returns and investment expansion (\B) 1,818.3 Mar' 20 4,158.1 Jun' 20 4,601.6 2,175.0 2,426.6 Sep' 20 3,437.5 1,389.3 2,048.2 Dec' 20 3,589.6 991.6 2,598.0 Mar' 21 Increase Borrowing using Alibaba shares (+$8.1B) SB Northstar (Cash and deposits and investments from asset management subsidiaries) Cash position decreased due to increase in securities pledged as collateral*¹. Main variance factors from Dec 31, 2020 Repayment from SB Northstar*1 (+¥572.8B) SoftBank Net increase/decrease of bank loan and commercial paper (+\307.2B) Issuance of domestic hybrid bonds (+¥177.0B) Decrease Share repurchase (-618.4B) SVF2 capital call (-¥249.2B) Group 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) 6,463.0 2,877.0 3.586.0 Mar' 20 5,645.5 2,628.1 3.017.4 Jun' 20 6,528.9 2,887.1 3,641.8 Sep' 20 See "LTV Calculation: SBG Standalone Net Debt" in Appendix for details. 7,641.9 3,624.4 4,017.6 Dec' 20 8,558.8 4,849.0 3,709.8 Mar' 21 SoftBank Adjustments relating to finance Asset-backed finance (-¥4,735.9B) Hybrid finance (-\113.1B) Group Excluding SB Northstar Adjusted SBG standalone net debt (used for LTV calculation) Finance 33#70* Bond Redemption Schedule Exploring various redemption options with refinancings as a main option (\B) 177.0 278.6 766.0 1,044.6 Procured (through domestic hybrid bonds issued in Feb 2021) 426.0 89.0 337.0 841.1 304.5 101.8 15.4 419.4 542.0 92.0 450.0 1,021.2 344.2 177.0 500.0 FY21 FY22 FY23 FY24 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. FY25 530.0 530.0 FY26 Domestic straight bonds Domestic subordinated bonds 418.9 Domestic hybrid bonds Foreign currency-denominated senior notes Foreign currency-denominated hybrid notes. 193.7 225.1 FY27 206.5 SoftBank 206.5 FY28 Group 90.9 90.9 FY29 Finance 34#71Robust Investment Businesses Status of Assets Progress of ¥4.5T Program - Financial Condition - Financial Strategy I I I ESG Initiatives SoftBank Group Finance 35#72Financial Strategy for FY2021 Establish optimal financial strategy as an investment company Firmly keeping financial policy SoftBank Financial management to enable reproduction at investment business on an expanded scale Group 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 SoftBank 3. Secure recurring distribution and dividend income from SVF and other subsidiaries Group Finance 37#74Firmly Keeping Financial Policy (2/2): Our Policy on Supporting Portfolio Companies Portfolio company finances to be self-financing No rescue package SoftBank Group Finance 38#75Financial Strategy for FY2021 Establish optimal financial strategy as an investment company Firmly keeping financial policy SoftBank Financial management to enable reproduction at investment business on an expanded scale Group Finance 39#76Financial Management to Enable Reproduction at Investment Business on Expanded Scale ● ● Establish a cycle of investment and recovery Establish a cycle of "investment” → "recovery and CF generation" - "reinvestment" Consider returns to stakeholders when recovery sufficiently exceeds the required investment funds Prioritize financial improvement through monetizing assets, etc. in a crisis ● SoftBank Procure funds to capture attractive investment opportunities Utilize leverage with LTV in mind Group Optimize mix of various funding sources (methods / markets / products, etc.) • Emphasize dialogues with market and financial institutions Finance 40#77Cycle of Investment and Recovery (Illustrative) Cash inflows from investment exits are the source of funds for new investments in the future. Investment lifecycle Investment execution Sources of funds for new investments Now Excess of asset monetization under ¥4.5T program Other asset-backed finance Value-up Corporate financing IPO Exit Future Distributions from funds on investment exits Asset-backed finance Corporate financing SoftBank Distribution Additional fund procurement as needed Group Creation of CF through investment recovery Finance 41#78Cycle of Investment and Recovery (Illustrative) To establish an investment cycle over the medium to long term Fund A Till 8 CF from investment recovery V Additional fund procurement as needed Fund B ‒‒‒‒‒‒‒‒ SoftBank Group Expand investment scale Consider stakeholder returns as appropriate Fund C ■ ■ 1 H 1 ■ ■ Finance 42#79Direction of Financial Management (Illustrative) 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 SoftBank 35% Value increases in the mid-term; Enables balancing financial improvements and funds procurement Group 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 Investment asset value LTV % Net debt 26.3 17.9% 4.7*1 Mar 20 24.3 9.0% 2.2 O Jun 20 30.9 11.8% 3.6 O 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. 26.9 14.9% 4.0 O Dec 20 29.8 12.4% 3.7 Mar 21 (¥ T) SoftBank Group Finance 44#81I I I 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 Appointed the Chief Sustainability Officer (CSusO) Established the Sustainability Committee Foundation 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. M ■ ■ SoftBank Enhanced information disclosure on SBG's website Published the Sustainability Report Group Finance 46#83E: Environment - Climate Change Responses ■ Set greenhouse gas reduction targets for each business area. 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 ++ #& We will source 100% renewable energy We will achieve 20% absolute reduction in energy use .O. We will work with our supply chain to promote sustainable Proactive promotion of greenhouse gas reduction procurement practices We will support and drive innovation in nature and tech-based carbon sequestration solutions We will achieve 7% absolute emissions reduction from travel for work 88 We will empower our people to make low-carbon choices arm YAHOO! JAPAN Declared "FY2023 100% Renewable Energy Challenge" FY2023 100% Renewable Energy Challenge Aiming to achieve the shift to 100% renewable energy for electricity used for business operations by 2023 SoftBank Announced "Carbon Neutral 2030 Declaration" SoftBank LICHA 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 This declares to Bank Corp on a basis SoftBank FY21 onward SBG aims to become carbon neutral as a single entity • Consider implementing greenhouse gas reduction targets for the entire Group Group =SB Energy 5 mega solar farms newly started operation Finance 47#84S: 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) 8 EIGHT SLEEP 11 PlayVS Q QuikNode Emerge • An accelerator program to support under-represented entrepreneurs • Invested in 13 companies among the program participants (as of Dec 31, 2020) SPS Simple Payment NODE rebellyous Foogs PROVEN GAME JOLT aquagenuity CALDO RESTAURANT TECHNOLOGIES BRIDGE TO COLLEGE OJAEXPRESS SoftBank KONIKU SIYFT POWER SOLUTIONS Mogul Group moment.al 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) ■ • Number of companies applied (total): Approx. 7,100 companies*1 *1 Including organizations I • 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 wwwwww. PCR test implementation Tokyo, Sapporo, etc. Local govern- ment, etc. SoftBank Private companies, etc. Group 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 Improved transparency in the process of determining the Directors' renumeration Composition of the Board of Directors Governance of portfolio companies Risk management Information disclosure Management of material company information and reputation risks 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 Further enhanceed disclosure (on asset management subsidiaries, etc.) Pursue best practice at all levels across the Group globally SoftBank Group 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 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. Major companies Contribution ■ ■ SVF1 SVF2 Sectors Transportation Health Tech EdTech cruise OGUARDANT VIR seer KARIUS 掌门教育 zhangmen.com 100 Zuoyebang Education Limited DiDi Autonomous SoftBank THINK ? 豌豆思维 Group Reduction of traffic accidents Accelerating the development of new drugs, improving people's well-being. 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 Aim to improve credit rating under the investment holding company rating criteria *As of May 11, 2021 A+ A A- BBB+ BBB BBB- BB+ BB BB- B+ Acquisition of Japan Telecom J (CY) '03 '04 I '05 '06 Acquisition of Vodafone KK '07 '08 '09 '10 '11 '12 Acquisition of Sprint ¹13 Acquisition of Arm I I I Listing of SBKK SoftBank '14 '15 ¹16 '17 '18 '19 '20 ¹21 JCR (A-) Outlook Stable On January 27, 2021, S&P revised its outlook to "stable." I I S&P (BB +) Outlook Stable Group Finance 53#90LTV Calculation: SBG Standalone Net Debt (L) Adjusted SBG standalone net debt*1 (V) SBG standalone equity value of holdings (T) Adjusted SBG standalone net debt 3.71 SoftBank segment Arm segment SVF1 +4.41 -0.11 +0.38 Consolidated net debt 14.02 ¥3.71T ¥29.81T SVF2 -0.063 SB Northstar +0.87 Other -0.02 = Net debt at self- financing entities 5.46 12.4% Other adjustments 4.85 SoftBank Adjustment for hybrid finance Adjustment for asset-backed finance Group +0.11 +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 (\T) SBG standalone holdings 29.81 Alibaba shares Asset-backed finance Alibaba (adjusted) Major shares 19.24 +16.91 SBKK shares -4.16 Asset-backed finance +12.75 SBKK (adjusted) + ¥3.71T ¥29.81T Interest of SBG in SVF1/SVF2 7.51 = +2.75 T-Mobile shares +1.77 SVF1 -0.50 Asset-backed finance -0.26 SVF2 +2.26 T-Mobile (adjusted) +1.51 Arm +2.72 12.4% SoftBank Other, investments in listed stocks, etc. 3.07 +6.20 +1.31 SB Northstar +1.66 +1.40 Other Group *Listed share prices and FX rates as of March 31, 2021 - 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 98.6 (85.4) 65.5 (56.1) 33.1*1 (29.3) SoftBank * Numbers in brackets represent amounts contributed. 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. Group Finance 56#931. 2. 3. 4. 5. 6. SVF1 Snapshot (as of March 31, 2021) 7. (USD bn) (A) (B) (C)=(A)+(B) (Breakdown) Listed company total Private company, etc. total SVF 1 total (SBG consolidated basis) *4 SBG total (Net) Net asset value *5 Distributions *6 *3 *7 Performance fees (a) *2 Investment cost to SVF1 $15.7 $70.1 $85.7 (d) Paid-in capital $27.1 (b) Gross return to SVF1 $60.4 $80.3 $140.7 (e) Total value 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. Finance 57 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. $57.4 $46.1 $1.7 $9.6 SoftBank Group (c) = (b) - (a) Gross gain/(Loss) to SVF1 +$44.7 +$10.2 +$54.9#941. 2. 3. SVF1 Listed Portfolio Companies (as of March 31, 2021) (USD m) 4. Fully Exited Fully Exited Fully Exited (A) (B) (A)+(B) Company Coupang Doordash Uber Guardant Health Auto1 Opendoor Vir Biotechnology Slack Relay Therapeutics Ping An Good Doctor 10x Genomics OneConnect ZhongAn View Listed company total (Gross)* SVF1 private company, etc. Total (SBG consolidated basis) *2 (a) Investment cost to SVF1 2,729 680 7,666 308 741 450 199 334 300 400 31 100 550 1,175 $15,663 $70,061 $85,724 (b) Gross return *3 to SVF1 28,039 8,258 12,074 2,880 2,301 1,560 1,160 1,007 965 828 338 66 430 490 $60,393 $80,266 $140,659 (c) = (b) - (a) Gross gain (loss) to SVF1 +$25,310 +$7,578 +$4,408 +$2,572 +$1,560 +$1,110 +$961 +$673 +$665 +$428 +$307 -$34 -$120 -$685 +$44,730 +$10,205 +$54,935 SoftBank (d) = (b) / (a) Gross MOIC *4 10.3x 12.1x 1.6x 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 capit (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. 9.4x 3.1x 3.5x 5.8x 3.0x 3.2x 2.1x 10.9x 0.7x 0.8x 0.4x 3.9x Group#951. 2. 3. 4. 5. 6. SVF2 Snapshot (as of March 31, 2021) (USD bn) (A) (B) (C)=(A)+(B) (Breakdown) Listed company total Private company, etc. total SVF 2 total (SBG consolidated basis) SBG total (Net) Net asset value *4 Distributions *5 Performance fees *3 *6 (a) *2 Investment cost to SVF2 $1.6 $5.1 $6.7 (d) Paid-in capital $6.8 (b) Gross return¹ to SVF2 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. $6.2 $5.0 $11.2 (e) Total value $11.8 $10.7 $1.1 SoftBank Group (c) = (b) - (a) Gross gain/(Loss) to SVF2 +$4.7 -$0.1 +$4.5 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. Finance 59#96SVF2 Listed Portfolio Companies (as of March 31, 2021) 3. (USD m) (A) (B) (A)+(B) Company Beike Seer Qualtrics Listed company total (Gross)*1 SVF2 private company, etc. Total (SBG consolidated basis) (a) Investment cost to SVF2 1,350 205 24 $1,579 $5,141 $6,720 (b) Gross return to SVF2 5,956 257 26 $6,239 $4,992 $11,232 *2 (c) = (b) - (a) Gross gain/(loss) to SVF2 +$4,606 +$52 +$2 +$4,660 -$148 +$4,512 SoftBank Group (d) = (b) / (a) Gross MOIC *3 4.4x 1.3x 1.1x 4.0x 1. Listed company total only includes companies that have become publicly listed after SVF2 made its initial investment in the companies. 2. 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. 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). Transaction value up to $ 40 B *1 Softbank Group Capital Limited (SBGC) and Arm *2 SBGC and SVF1 Received by the Company as a deposit*¹ To be received by the Company*² upon closing To be received by the Company*² when certain conditions are met To be received by Arm employees upon closing Cash Cash NVIDIA shares *3 Earn-out*4 NVIDIA share compensation SoftBank Group $2.0B $10.0 B $21.5B Up to $5.0B $1.5B *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 Consolidated Interest-bearing Debt*¹ SBG standalone Incl. SB Northstar SVF1 and SVF2 SoftBank Segment Others (Arm, etc.) Total Consolidated Cash Position SBG standalone Incl. SB Northstar SVF1 and SVF2 SoftBank Segment Others (Arm, etc.) Total Consolidated Net Interest-bearing Debt*³ SBG standalone Incl. SB Northstar SVF1 and SVF2 *2 SoftBank Segment Others (Arm, etc.) Total Mar.20 Mar.20 Mar.20 8,281.3 581.5 5,081.1 328.3 14,272.2 1,818.3 198.4 821.1 406.9 3,244.6 6,463.0 383.2 4,260.0 -78.6 11,027.6 Jun.20 Jun.20 Jun.20 9,803.6 159.1 5,573.5 332.9 15,869.1 4,158.1 257.6 1,044.7 458.2 5,918.7 5,645.5 -98.5 4,528.8 -125.3 9,950.5 Sep.20 Sep.20 Sep.20 9,319.8 364.3 156.3 5,715.3 306.3 15,497.8 4,601.6 2,175.0 108.4 1,317.7 399.1 6,426.8 4,718.2 -1,810.7 48.0 4,397.7 -92.8 9,071.0 Dec.20 Dec.20 Dec.20 11,218.9 1,528.8 260.3 5,804.5 339.7 17,623.4 3,437.5 1,389.3 46.9 1,295.4 457.1 5,236.8 7,781.4 139.5 213.5 4,509.0 -117.3 12,386.6 SoftBank Mar.21 Mar.21 Mar.21 (\ B) 13,023.3 1,866.5 444.2 5,692.1 388.4 19,548.0 (\B) 3,589.6 991.6 131.1 1,285.6 524.8 5,531.2 (\ B) 9,433.7 874.9 313.1 4,406.4 -136.4 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. Group Finance 62#99QUARTER ENDED MARCH 31, 2021 SoftBank Vision Funds Update NAVNEET GOVIL Managing Partner & Chief Financial Officer SoftBank Investment Advisers =SoftBank Investment Advisers#100N Important Information (1 of 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) 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. 3 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 ← =SoftBank Investment Advisers#103Progress & Highlights LO SoftBank Investment Advisers#104PROGRESS & HIGHLIGHTS Performance Snapshot As of March 31, 2021 1 Total Fair Value¹ $154.0B SVF1 SVF2 Total Commitment $98.6B $30.0B Effective May 06, 2021 SVF1 & SVF2 COMBINED METRICS Cumulative Investment Gains² $62.1B Total Acquisition Cost² $85.7B $6.2B Cumulative Investment Gains² $57.1B $5.0B Distributions ³ $22.3B Total Fair Value¹ $142.8B $11.2B Footnotes: 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. Distributions³ $22.3B 6 =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 Companies¹ $6.2B Total Invested² PRIVATE3 Encoded THERAPEUTICS KARIUS biofourmis PEAR THERAPEUTICS ShipBob етого» PUBLIC4 DiDi Autonomous WHOOP 贝壳 Mind Tickle BEIKE M MEMPHIS MEATS TESSERA Ordermark. STANDARD XXtalPi 掌门教育 zhangmen.com seer unacademy TEMPO VIVIDION Therapeutics *cameo MANTICORE redislabs GAMES qualtrics.XM alto lenskart.com BEHAVOX // FORWARD elevatebio sendbird Full Truck Alliance 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 visionfund.com/portfolio for a more complete list of SoftBank Vision Fund 2 Investments. M ED TIER BG K keep EDA Technology BERKSHIRE GREY patsnap Undisclosed jobandtalent Company (3x) ΤΗΙΝΚ .? 就百思维 孩子爱上的数学课 FF Flock Freight XAG WER CUTE CHAT Klarna. Footnotes: 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. =SoftBank Investment Advisers#106SVF2 PROGRESS & HIGHLIGHTS ...Invested Across Disruptive Sectors As of March 31, 2021 Consumer 15% $0.9B 2 Edtech 5% $0.3B Enterprise 7% $0.5B Health Tech 21% $1.3B Fintech 8% $0.5B Transportation 9% $0.6B ACQUISITION COST BY SECTOR ¹ Frontier Tech 4% $0.2B Logistics 9% $0.5B Footnotes: 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. 8 Proptech 22% $1.4B SoftBank Investment Advisers#107SVF1 PROGRESS & HIGHLIGHTS Measurable Value in Our Portfolio As of March 31, 2021 Total Acquisition Cost¹ $85.7B Realized Investments² FULL & PARTIAL $10.5B Cost $19.8B Gross Proceeds² Cumulative Investment Gains¹ $57.1B Unrealized Investments PUBLIC $13.0B Cost $54.0B Fair Value Total Fair Value¹,3 $142.8B PRIVATE $62.2B Cost Footnotes: 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. $69.0B Fair Value 9 =SoftBank Investment Advisers#108SVF1 PROGRESS & HIGHLIGHTS Coupang IPO Drives Substantial Valuation Uplift As of May 07, 2021 NYSE: CPNG Cost SEP 28, 2018 $4.80 Gross MOIC¹ coupang 8.1x IPO- MAR 11, 2021 $35.00 -//-- 2021 Trading Activity5 +41% 2 Gross Unrealized Gain² $19.4B 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). 3 Current Market Cap³ $66.8B MAY 07, 2021 $38.93 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. 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. coupang 10 =SoftBank Investment Advisers#109PROGRESS & HIGHLIGHTS Additional IPOs¹ Continue to Unlock Value As of May 07, 2021 SVF1 ETR: AG1 Cost³ JAN 10, 2018 €15.12 AUTO 1 GROUP +39% IPO FEB 04, 2021 €38.00 -//---- 2021 4 Trading Activity* Gross MOIC² 3.1x MAY 07, 2021 €46.15 SVF2 NASDAQ: XM Cost³ IPO- JAN 28, 2021 $30.00 qualtrics.M Trading Activity +52% XM Footnotes: 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. Gross MOIC² 1.2x 11 MAY 07, 2021 $35.61 SoftBank Investment Advisers#110SVF1 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 AUTO 1 GROUP ETR: AG1 GROSS MOIC¹ 3.1x Uber NYSE: UBER GROSS MOIC¹ 1.6x coupang NYSE: CPNG GROSS MOIC¹ 10.3x view NASDAQ: VIEW GROSS MOIC¹ 0.4x DOORDASH NYSE: DASH GROSS MOIC¹ 12.1x VIR NASDAQ: VIR GROSS MOIC¹ 5.8x GUARDANT NASDAQ: GH GROSS MOIC¹ 9.4x 众安保险 ZhongAn Insurance HKG: 6060 GROSS MOIC ¹ 0.8x 金融壹账通 ONE CONNECT NYSE: OCFT GROSS MOIC¹ 0.7x 贝壳 BEIKE NYSE: BEKE GROSS MOIC¹ 4.4x Opendoor NASDAQ: OPEN GROSS MOIC¹ 3.5x qualtrics.XM NASDAQ: XM GROSS MOIC¹ 1.1x Footnotes: 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 s not included herein. RELAY THERAPEUTICS NASDAQ: RLAY GROSS MOIC¹ 3.2x 12 seer NASDAQ: SEER GROSS MOIC¹ 1.3x =SoftBank Investment Advisers#111SVF1 PROGRESS & HIGHLIGHTS Recent Funding Rounds Pre-Money Valuations Jan 2021 Series G Lead Investors: SoftBank Investment Advisers cruise ........ OUIO.. $25.8B Prior Round: $16.0B Microsoft HONDA Walmart Mar 2021 Series F Lead Investor: FRANKLIN TEMPLETON INVESTMENTS Fanatics Fidelity $12.5B Prior Round: $6.2B SILVERLAKE Blackstone THRIVE CAPITAL NEUBERGER BERMAN Mar 2021 Series G Lead Investor: goPuff Fidelity =SoftBank Investment Advisers $7.8B Prior Round: $3.8B D1 CAPITAL PARTNERS BAILLIE GIFFORD LUXOR CAPITAL Mar 2021 Series F Lead Investor: SoftBank Investment Advisers 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. Loggi $1.6B Prior Round: $1.0B CAPSUR VERDE asset management 13 =SoftBank Investment Advisers#112PROGRESS & HIGHLIGHTS Additional SPAC Launches Over $1.1B Raised to Accelerate Growth in Target Companies NASDAQ CONGRATULATES SVF INVESTMENT CORP. 2 ON THEIR IPO! SoftBank SVFB NasdaqListed Nasdaq 1 NASDAQ CONGRATULATES SVF INVESTMENT CORP. 3 ON THEIR IPO! SoftBank SVFC NasdaqListed Nasdaq Footnotes: SVF Investment Corp. Website, Home | SVF Investment Corp. IPO DATE: MAR 09, 2021 Public Offering Size SVF2 Forward Purchase Agreement Lock-up Period Warrants SVFA $604M $300M 1 Year 1/5th SVFB $230M $150M 1 Year None 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. SVFC $320M $200M 1 Year None 14 =SoftBank Investment Advisers#113Performance & Impact on SoftBank Group (SBG) 15 SoftBank Investment Advisers#114SVF1 PERFORMANCE & IMPACT ON SBG Contribution to SBG, Net of 3rd 1 Party Interests ¹ Amounts in USD billions SVF1 Twelve-Month Period Ended Fund Net Profit (Loss)² Less: Change in 3rd Party Interests in Fund SBG LP Income (Loss): Share of Fund Net Profit (Loss) SBG GP Income (Loss): Management & Performance Fees³ Contribution to SBG, Net of 3rd Party Interests¹ 2020 Mar 31 ($14.81) 7.74 (7.07) (2.36) ($9.43) 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. 2021 Mar 31 $44.48 (21.64) 22.84 9.83 $32.67 16 =SoftBank Investment Advisers#115SVF1 PERFORMANCE & IMPACT ON SBG Contribution to SBG, Net of 3rd Party Interests ¹, 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 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. 2021 Mar 31 $40.47 (19.79) 20.68 10.18 $30.86 17 =SoftBank Investment Advisers#116SVF1 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) 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. Distributions² (Realized Value) Accrued & Paid Performance Fees³ 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. $46.1B $1.7B $9.6B 18 =SoftBank Investment Advisers#117SVF 2 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 $11.8BE Net Asset Value¹ (Unrealized Value) Accrued Performance Fees² 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. $10.7B $1.1B 19 =SoftBank Investment Advisers#118In Focus: Unlocking Portfolio Value 20 SoftBank Investment Advisers#119UNLOCKING PORTFOLIO VALUE Our Philosophy Limited Partners Value of Our Portfolio Comp imizing SoftBank Vision Funds Long-term, Patient Investor Distributions to Our Investors 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. Portfolio Companies 21 =SoftBank Investment Advisers#120UNLOCKING PORTFOLIO VALUE Disciplined Monetization and Distributions PORTFOLIO COMPANIES SOFTBANK VISION FUNDS Growth & Expansion 5 Capital Raising ²0 Ecosystem Synergies PHASE 1 Investing Geographic Expansion C Market Share PHASE 2 Value Creation M&A Strategic Exit Strategy O Financial Public Listing IPO, DPO, or SPAC Opportunistic PHASE 3 Monetization 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. Monetization Factors 22 =SoftBank Investment Advisers#121SVF1 UNLOCKING PORTFOLIO VALUE Steadily Growing Distributions to Investors. Inception to March 31, 2021 Cumulative Distributions¹ SVF1 Launch MAY 2017 2017 $0.2B Mar 2018 $5.7B Mar 2019 $10.7B Mar 2020 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 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. $22.3B Mar 2021 23 =SoftBank Investment Advisers#122SVF1 UNLOCKING PORTFOLIO VALUE Key Steps of the Distribution Waterfall 1 PREFERRED EQUITY INVESTORS Payment of Preferred Equity Coupon 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. 2 PREFERRED EQUITY INVESTORS Return of Preferred Equity Contributions 3 EQUITY INVESTORS Return of Equity Contributions 4 EQUITY INVESTORS Distribution of Equity Gains to LPs 24 =SoftBank Investment Advisers#123SVF1 UNLOCKING PORTFOLIO VALUE Distributions Through the Waterfall Inception to March 31, 2021 1 Payment of Preferred Equity Coupon 2 Return of Preferred Equity Contributions 3 Net Proceeds Distributed Through Waterfall Return of Equity Contributions 4 Distribution of Equity Gains to LPs Footnotes: 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. $22.3B¹ $4.7B $14.0B $1.5B $2.1B 25 =SoftBank Investment Advisers#124SVF1 UNLOCKING PORTFOLIO VALUE Distributions Have Significantly Reduced Ongoing Coupon Payments Inception to March 31, 2021 Preferred Equity Equity Total (A) Fund Commitment $40.0B $58.6B $98.6B Drawn Capital¹ $35.2B $51.8B $87.0B Steps 2 & 3 Distribution Waterfall Return of Capital² 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. $14.0B $1.5B $15.5B 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. (D) = (B)-(C) Outstanding Capital³ $21.2B $50.3B $71.5B 26 =SoftBank Investment Advisers#125SVF1 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#126SVF1 UNLOCKING PORTFOLIO VALUE Significant Portfolio Value Unlocked Through Public Listings As of March 31, 2021 Exited¹ Public² Private³ $85.7B $10.5B $13.0B $62.2B Cost4 $142.8B $19.8B $54.0B $69.0B Fair Value4 Demonstrated Track Record of Exits and Public Listings Unrealized Future Potential Footnotes: 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. 28 =SoftBank Investment Advisers#127SVF1 UNLOCKING PORTFOLIO VALUE Portfolio Evolution Exited¹ Public² Private³ $81.9B $10.8B $10.1B $61.0B Mar 2020 26% Combined Exited & Public Fair Value4 $142.8B $29.5B $54.0B $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. 58% Combined Exited & Public Fair Value4 The information herein is provided solely for illustrative purposes, reflects the current beliefs of SBIA as of the date hereof, 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. 29 =SoftBank Investment Advisers#128UNLOCKING PORTFOLIO VALUE Maximizing Value for Our Investors. Value Creation Monetization Distributions 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. 30 =SoftBank Investment Advisers#129Thank You SoftBank Vision Funds Investor Briefing Presentations Available at visionfund.com/presentations 31 SoftBank Investment Advisers#130SoftBank Group