SoftBank Investor Presentation Deck

Definition and Calculation Method of SBG's Sum-of-the-parts Valuation i. Net debt • Net debt = SBG net interest-bearing debt • SBG net interest-bearing debt = SBG gross debt - SBG cash position, etc • SBG gross debt = SBG gross interest-bearing debt = Gross debt (Consolidated) - Gross debt of subsidiaries (Non-recourse) • SBG gross debt: adjusting (a), (b), and (c) as follows (a) JPY Hybrid Bonds issued in September 2016: 50% of outstanding amount, which is recorded as debt in consolidated B/S, is treated as equity (b) USD Hybrid Notes issued in July 2017: 50% of outstanding amount, which is recorded as equity in consolidated B/S, is treated as debt (c) JPY Hybrid Loan executed in November 2017: 50% of outstanding amount, which is recorded as debt in consolidated B/S, is treated as equity • SBG cash position, etc: considering the estimated impacts of (d), (e), (f), and (g) as follows (d) Estimated tax payment related to disposal of the shares of SBKK (e) Estimated cash proceeds and capital call payment related to the assets transfer to SVF from SBG after April 2019 (f) Future proceeds from sale of Supercell shares (g) Estimated cash proceeds and capital call payment related to the assets transfer of SVF from SBG and Delta Fund that had been already completed • Gross debt (Consolidated) = Gross interest-bearing debt (Consolidated): excluding cash position of banking business (The Japan Net Bank) • Gross debt of subsidiaries (Non-recourse) = Gross interest-bearing debt of subsidiaries (Non-recourse): Total amount gross interest-bearing deb ii. Equity value of holdings • Alibaba: calculated by multiplying the number of Alibaba shares held by SBG at December 31, 2018 (excluding those pledge for Mandatory Exchangeable Trust Securities) by the share price of Alibaba SBKK: calculated by multiplying the number of SBKK shares held by SBG by the share price of SBKK • Sprint: calculated by multiplying the share price of T-mobile US, Inc. by the exchange ratio: 0.10256 on the premise of a future merger Yahoo Japan: calculated by multiplying the number of Yahoo Japan shares held by SBG at March 31, 2019 by the share price of Yahoo Japan Arm: calculated based on the acquisition cost, excluding the number of Arm shares held by SVF SVF: calculated by the sum of (h) and (i) as follows (h) SVF: Value equivalent to SBG's portion of SVF's holding value + Performance Fee accrued, etc. (i) Transfer Assets to SVF from SBG: Value of unlisted shares, which are currently held by SBG and planning to be transferred to SVF after April 2019, is calculated by the estimated value equivalent to SBG's portion of SVF's future holding value at completion of the respective transfer • Others: calculated mainly based on fair value of unlisted shares, etc held by SBG iii. Shareholder value • Shareholder value = Equity value of holdings - Net debt . • Shareholder value per share = Shareholder value / Shares issued iv. Other assumptions • Share prices: closing price as of June 18, 2019 • FX rate: USD 1= JPY 108.29 • Shares issued: excluding treasury shares by the end of March 2019 SBKK, Sprint, SVF, Yahoo Japan, Arm, etc. *SBG = SoftBank Group Corp., SBKK = SoftBank Corp., SVF = SoftBank Vision Fund *Based on data as of March 31, 2019 unless otherwise stated *Before considering tax unless otherwise stated

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