#1|| SoftBank Group Earnings Results for the 6-month Period ended September 30, 2023 November 9, 2023#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. In addition, this material does not constitute an offer to sell, or a solicitation of an offer to buy, any securities of Arm Holdings plc. Any offers to sell, solicitations of offers to buy, or sales of securities will be made in accordance with the registration requirements of the U.S. Securities Act of 1933, as amended, and other applicable securities laws. 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 LY Corporation. Notice regarding Fund Information contained in this Presentation This presentation is furnished to you for informational purposes and is not, and may not be relied on in any manner as, legal, tax, investment, accounting or other advice or as an offer to sell or a solicitation of an offer to buy limited partnership or comparable limited liability equity interests in any fund managed by a subsidiary of SBG, including SB Global Advisers Limited ("SBGA"), SB Investment Advisers (UK) Limited ("SBIA"), and any of their respective affiliates thereof (collectively, the "SB Fund Managers" 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"), which are managed by SBIA and its affiliates; SoftBank Vision Fund II-2 L.P. (together with, as the context may require, any parallel fund, feeder fund, co-investment vehicle or alternative investment vehicle, the "Vision Fund II"), which are managed by SBGA and its affiliates; and SBLA Latin America Fund LLC (together with, as the context may require, any parallel fund, feeder fund, co-investment vehicle or alternative investment vehicle, the "SoftBank Latin America Fund"), which are managed by SBGA and its affiliates. None of the SB Funds (including the Vision Fund I, Vision Fund II and SoftBank Latin America Fund), the SB Fund Managers -any successor or future fund managed by an SB Fund Manager, SBG or their respective affiliates makes any representation or warranty, express or implied, as to the accuracy or completeness of the information contained herein and nothing contained herein should be relied upon as a promise or representation as to past or future performance of the SB Funds or any other entity referenced in this presentation, or future performance of any successor or the future fund managed by an SB Fund Manager. Information relating to the performance of the SB Funds or any other entity referenced in this presentation has been included for background purposes only and should not be considered an indication of the future performance of the relevant SB Fund, any 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 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. Third-party logos and vendor information included in this presentation are provided for illustrative purposes only. Inclusion of such logos does not imply affiliation with or endorsement by such firms or businesses. There is no guarantee that an SB Fund Manager, an SB Fund's portfolio companies, any future portfolio companies of a future fund managed by an SB Fund Manager or SBG will work with any of the firms or businesses whose logos are included in this presentation in the future. SBGA and SBIA manage separate and independent operations and processes from each other and those of SBG in the management of Vision Fund I, Vision Fund II and SoftBank Latin America Fund, respectively. Any SB Funds managed by SBGA or SBIA are solely managed by SBGA or SBIA respectively.#3NBCUniversal ju Nesdag MCSA 4 0.93% asdag 10 +0.42 $45.61 0.00 13 813.59 PEPSICO PEP 23% Nasdaq100 $180.09 +0.41 WasdaqListed AAPL ▼ 012% Nasdaq 100 -0.20 CH 0.00 $51.00 $174.00 SBUX 0.28% Nasdaq 100 -0.27 $96.66 NDAQ NasdaqListed amazon AMZN Nasdaq 100 September 14, 2023 -0.06 +0.23 $145.08 PayPal PYPL * 0.16% Nasdaq 100 $51.10 arm ARM Nasdaalisted Largest IPO in 2023 SP500 +0.46% +23.07 NBCUniversal CMCSA 1.83% +1.15 $63.99 Nasdaq 100 4,490.51 0.93% +0.42 $45.61 Photo: The New York Times/Redux/Aflo 3#4Arm IPO Summary Sep 14 $5,123M 1ADS $51.00 $52B 90.0% Listed on the Nasdaq Global Select Market SBG's proceeds from the disposal Price to the public per ADS - Upper limit of the preliminary terms ($47.00 - $51.00) arm Market cap upon listing Percentage of Arm shares held by SBG post-IPO Market cap upon listing is calculated by multiplying the 1,025,234,000 company shares outstanding (before dilution) on September 30, 2023 by the public offering price per ADS. Percentage of Arm shares held by SBG after the disposal is based on the 1,025,234,000 company shares outstanding (before dilution) on September 30, 2023. For details of Arm IPO, see SBG's press release "Closing of Arm's Initial Public Offering and Full Exercise of Underwriters' Option to Purchase Additional American Depositary Shares" on September 19, 2023. 4#5Investment Return on Arm ¥8.5T ¥3.3T ¥2.3T Investment ¥7.5T Return Borrowings Equity value arm Equity MOIC 3.2x The amounts of investment and return are calculated using forex rates on each transaction day or valuation date. ■ Equity MOIC: Calculated based on the investment and return on the value of equity from the initial investment to Sep 30, 2023. Before considering taxes. ■ Investment: Excludes related expenses and does not reflect the impact of intra-group transactions between SBG and SVF. ■ Return: Equity value is the sum of (i) the amount realized from the offering of Arm shares, net of related costs, and (ii) equity value of holdings as of Sep 30, 2023, calculated by the number of shares held multiplied by the last available closing share price for Sep 2023, net of borrowings. ■ Borrowings: The amount of funds raised in JPY in Sep 2016 for the acquisition. 5#6Investment Track Record (¥T) Alibaba MOIC 1,339x +¥9.8T 9.8 ¥7.4B Investment Return Equity value Sprint/ T-Mobile Deutsche Telekom MOIC 7.2x +¥2.5T 2.1 1.7 4.6 1.7 2.9 0.4 Investment Return Borrowings Equity value Borrowings Arm MOIC 3.2x +¥5.2T 3.3 1.0 2.3 8.5 1.0 7.5 Investment Return arm Arm's success is on par with our past large investments Equity day or valuation date. value Further growth expected The amounts of investment and return are calculated using forex rates on each transaction ■ MOICs are calculated based on equity return gained from the initial investment to Sep 30, 2023 and before tax considerations. . ■ Investment amount is net of costs related to the transactions. The investment amount in Arm does not reflect the impact of intra-group transactions between SBG and SVF. ■ Return amount Alibaba: Sum of (i) the amount realized from the sale of and through derivative transactions using Alibaba shares, net of transaction costs, and (ii) equity value of holdings as of Sep 30, 2023, calculated by multiplying the number of the shares held by SBG by the last available closing share price for Sep 2023 • Sprint/T-Mobile and Deutsche Telekom: Equity value is the sum of (a) to (d) below, net of borrowings. (a) The amount realized from the sale of T-Mobile shares and through derivative transactions using T-Mobile shares and Deutsche Telekom shares. Net of transaction costs (b) Equity value of holdings as of Sep 30, 2023, calculated by multiplying the number of the shares held by SBG by the last available closing share price for Sep 2023. Net of amounts already funded through derivative transactions (c) Fair value of contingent consideration (SBG's right to acquire 48,751,557 T-Mobile shares for no additional consideration if 45-day trailing VWAP of T-Mobile share $149.35 during Apr 1, 2022 to Dec 31, 2025) (d) The amount of dividends received from Deutsche Telekom shares • Arm: Equity value is the sum of (i) the amount realized from the sale of Arm shares, net of transaction costs, and (ii) equity value of holdings as of Sep 30, 2023, calculated by multiplying the number of the shares held by SBG by the last available closing share price for Sep 2023, net of borrowings. ■ Borrowings are the amount of funds raised in JPY for the acquisition. 6#7Top 15 Global IPO Market Cap in Past 10 Years) arm SoftBank Group SoftBank Group SoftBank SoftBank Group Group SoftBank Group SoftBank Group Saudi Aramco Alibaba Life Insurance Corp of India Uber Porsche Rivian Automotive DiDi SBKK Kuaishou Technology Coupang LG Energy Solution Japan Post Bank Arm Japan Post Holdings Postal Savings Bank of China 11 $75B $67B $64B $60B $52B |$168B $1,707B SBG involved in 6 of the top 15 IPOs as the primary shareholder (Source) Created SBG based on data from Bloomberg etc. Past 10 years: 10 years from January 2014 to the end of September 2023 SBG involvement: SBG and its subsidiaries were involved as shareholders at the time of listing. 7#8Consolidated Results Some figures in this presentation are rounded and may not add up to the figures presented as the total. 8#9Consolidated Results (B) Net sales Loss on Investments Income before income tax Net income FY2022 H1 3,182.5 -849.6 292.6 -129.1 FY2023 H1 3,227.1 -963.6 -907.4 -1,408.7 Change +44.6 -114.0 -1,200.1 -1,279.6 Net Income: Net income attributable to owners of the parent 9#10Transaction of Arm Shares 1. Accounting treatment of the acquisition of shares from SVF1 • In Aug 2023, 25% equivalent shares were acquired from SVF1. • Realized gain recorded at SVF was eliminated in consolidation as this was an intra-group transaction of subsidiary's shares. • Realized gain attributable to third-party investors was recorded in consolidated financial statements. Consolidated P/L No realized gain recorded (eliminated in consolidation) Increase in third-party interests ¥226.3B increase in costs (Incl. amount related to investments other than Arm) Consolidated B/S Third-party interests ¥226.3B increase in liabilities (Incl. amount related to investments other than Arm) 10#11Transaction of Arm Shares 2. Accounting treatment of the share disposal in IPO • Arm continues to be SBG's consolidated subsidiary post-IPO as SBG holds 90% of Arm shares. • Gain equivalent on the disposal is not recorded in P/L but recorded in equity section of B/S. Consolidated P/L No impact (Arm remains SBG's subsidiary) Cash Consolidated B/S Capital surplus Non-controlling interests (10% equiv.) +¥745.1B (Proceeds) +¥674.4B (Equiv. to the gain on the disposal) +¥70.7B 11#12Gain/Loss on Investments (B) Investment Business of Holding Companies SVF Others Consolidated 3,524.7 -849.6 -4,353.5 FY2022 H1 Mainly gain related to settlement of Alibaba prepaid forward contracts -20.7 -963.6 FY2023 H1 33.3 -413.5 -583.3 Reduction in losses at SVF SVF: SoftBank Vision Funds 12#13Income before Income Tax (\B) Third-party interests in SVF (The same impact on net income) ¥1,018.7B ¥226.3B Negative impact Positive impact 292.6 FY2022 H1 -907.4 FY2023 H1 Change in third-party interests in SVF led to the ¥1.2T deterioration Net Income: Net income attributable to owners of the parent 13#14Key Indicators Some figures in this presentation are rounded and may not add up to the figures presented as the total. SBG stand-alone financial figures in this section are calculated by excluding those of self-financing entities from the consolidated figures. Major self- financing entities include SoftBank Corp, SVF1, SVF2, LatAm Funds, and Arm, etc. 14#15Changes in Key Indicators (FY2023Q2) NAV (Net Asset Value) LTV (Loan-to-Value) Cash position Jun 30, 2023 ¥15.5T 8.0% Sep 30, 2023 ¥16.4T 10.6% ¥5.8T ¥5.1T For details of NAV and LTV, see Appendix "Definition and Calculation Method of SBG's NAV and LTV (as of Jun 30, 2023)" and "Definition and Calculation Method of SBG's NAV and LTV (as of Sep 30, 2023)" Cash position: Cash and cash equivalents + short term investments recorded as current assets + investments in government bonds + undrawn commitment line. SBG stand-alone basis (excludes SB Northstar but includes its cash and cash equivalents) 15#16Change in NAV (T) NAV 15.5 Jun 30, 2023 Forex +0.6 Share price +0.5 Others -0.2 16.4 Up ¥0.9T mainly due to forex impact and higher share prices of assets Sep 30, 2023 For details of NAV, see Appendix "Definition and Calculation Method of SBG's NAV and LTV (as of Jun 30, 2023)" and "Definition and Calculation Method of SBG's NAV and LTV (as of Sep 30, 2023)" 16#17NAV per Share and Share Price (*) -36% 6,773 10,616 ■Share price Jun 30, 2023 -43% 16₁ 6,335 11,196 NAV per share 6,238 Sep 30, 2023 Nov 8, 2023 For details of NAV, see Appendix "Definition and Calculation Method of SBG's NAV and LTV (as of Jun 30, 2023)" and "Definition and Calculation Method of SBG's NAV and LTV (as of Sep 30, 2023)" NAV per Share = NAV ÷ Total number of issued shares (excluding treasury stock) 17#18Equity Value of Holdings (T) 21.7 4.5 2.4 3.4 4.5 1.0 1.2 3.0 1.8 Q1 FY2022 19.7 3.0 2.2 3.3 4.2 1.0 1.3 3.1 1.6 Q2 16.9 2.0 2.3 2.8 3.7 0.9 1.3 2.6 1.3 Q3 15.9 0.7 2.4 2.8 3.5 0.8 ir co 01 1.5 2.9 1.3 Q4 16.9 0.02 2.4 3.0 4.0 0.9 1.4 3.7 1.4 Q1 FY2023 18.4 0.01 2.7 3.3 3.9 0.9 1.5 4.3 1.7 Q2 Net of asset-backed finance Equity value increased driven by Arm Composition (as of Sep 30, 2023) Alibaba SoftBank Corp. SVF1 SVF2 LatAm Funds T-Mobile/ Deutsche Telekom Arm Others 0.03% 15% 18% 21% 5% 8% 24% 9% As of the end of each quarter For details of equity value of holdings, see appendix "Definition and Calculation Method of SBG's NAV and LTV" in the presentation materials for each quarter's earnings results briefing 18#19Equity Value of Holdings Listed share % 59% 6% 9% 4% 8% 11% Q2 FY2020 81% 28% 9% 20% 16% 3% 5% 11% 8% Q2 FY2021 62% 15% 11% 17% 21% 5% 7% 16% 8% Q2 FY2022 44% 0.03% 15% 18% 21% 5% 8% 24% 9% Q2 FY2023 69% Net of asset-backed finance Diversified portfolio Addressing geopolitical risks Alibaba SoftBank Corp. SVF1 SVF2 LatAm Funds T-Mobile/ Deutsche Telekom Arm Others As of Sep 30, 2020 59% 6% 9% 3% 1% 4% 8% 11% As of Sep 30, 2023 0.03% 15% 18% 21% 5% 8% 24% 9% As of the end of each quarter For details of equity value of holdings, see appendix "Definition and Calculation Method of SBG's NAV and LTV" in the presentation materials for each quarter's earnings results briefing Listed share % includes shares of Alibaba, listed shares held by SVF1, SVF2, and LatAm Funds, Arm, SoftBank Corp., T-Mobile, Deutsche Telekom, and public companies included in Others. SVF1, SVF2, and LatAm Funds figures are for SBG's interest only. 19#201998 NAV (Net Asset Value) 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 ¥16.4T $109.7B (Sep 30, 2023) 2022 (FY) As of the end of each quarter For details of NAV, see Appendix "Definition and Calculation Method of SBG's NAV and LTV (as of Sep 30, 2023)" Information on NAV is provided for reference purposes only to illustrate its historical trend and is not intended to guarantee or imply future NAV. 20 Back to upward trend#21LTV (Net Debt / Equity Value of Holdings) 40% 30% 20% 10% 0% 18.7% Q2 FY2021 21.6% Q3 20.4% Q4 14.5% Q1 FY2022 15.0% Q2 18.2% Q3 11.0% Q4 8.0% Q1 FY2023 10.6% Q2 35% 25% Net of asset-backed finance Remain at low level As of the end of each quarter For details of LTV, see Appendix "Definition and Calculation Method of SBG's NAV and LTV" in the presentation materials for each quarter's earnings results briefing 21#22Cash Position (¥T) 6.0 5.0 4.0 3.0 2.0 1.0 0.0 2.8 Q2 FY2021 2.1 Q3 2.9 Q4 4.6 Q1 FY2022 4.3 Q2 3.8 Q3 5.1 Q4 5.8 Q1 FY2023 5.1 Q2 Maintain high level As of the end of each quarter Cash position: Cash and cash equivalents + short term investments recorded as current assets + investments in government bonds + undrawn commitment line. SBG stand-alone basis (excludes SB Northstar but includes its cash and cash equivalents) 22#23Impact of Forex (FY2023H1) Weaker JPY increased NAV and equity On NAV On accounting +¥1.9T Equity +¥1.8T Consolidated net income -¥0.6T For details of NAV, see Appendix "Definition and Calculation Method of SBG's NAV and LTV (as of Sep 30, 2023)" 23#24Arm Some figures in this presentation are rounded and may not add up to the figures presented as the total. 24#25Arm-based Chips Shipped (cumulative) (Billion) 1990 arm Cumulative until Jun 2023 >270 billion Shipped in Jan - Jun 2023 13.9 billion 2023 (Calendar year) (Source) Arm The number of Arm-based chips shipped on this page is the actual shipments of royalty units (chips incorporating Arm technology) by Arm licensees up to June 30, 2023, as reported by licensees in the royalty reports. 25#26Revenue Opportunity in Growing Market Market Share (2020 to 2022) MOBILE CLOUD COMPUTE AUTOMOTIVE IoT & EMBEDDED TOTAL OPPORTUNITY >99% 7% 33% 58% 42% >99% 10% 41% 65% 49% 2025E TAM $36B $28B $29B $50B $247B arm TAM CAGR (2022 to 2025E) 6% 17% 16% 7% 7% (Source) Arm F-1 Market share: Based on Arm value share TAM: Total Addressable Market Total Opportunity includes Other Mobile Chips, Consumer Electronics, Networking Equipment, and Other Infrastructure not broken out in above chart. 26#27Arm's Target Markets Client Mobile devices Note PCs, tablets DTVs, wearables, VR headsets Infrastructure of sen Cloud compute / Servers 5G network equipment etc. etc. Automotive Advanced driver-assistance systems Autonomous driving Digital cockpit lo T Manufacturing equipment City infrastructure and building management equipment etc. etc. 27#28Arm's Target Markets W Client Infrastructure AI Automotive loT arm 28#29Progress in Strategy with Industry Leaders arm Google's latest smartphone Pixel 8 announced based on Arm's latest generation of CPUs (Armv9) VA NVIDIA announced second generation of Arm-based GH200 Grace Hopper Superchip 1104 Renesas Electronics announced adoption of Arm technology for next generation of chips for autonomous driving (Source) Arm and companies named 29#30Quarterly Revenue (US-GAAP) ($ M) License and other revenue Royalty revenue 692 258 434 Q1 FY2022 630 188 442 Q2 T UN H E 1 L M ■ H ■ " ■ U L E M - m T U M 1 U M 1 L B L B 675 275 400 Q1 FY2023 806 388 418 Q2 arm Record revenue for first quarter as a listed company Multiple high-value licenses (Source) Arm For details, see Arm Investor Relations website (https://investors.arm.com/). 30#31Non-GAAP Operating Profit (US-GAAP) ($ M) 297 Q1 198 Q2 FY2022 M 1 T ■ U H E 1 L T ■ = ■ " ■ U L E M T 1 M B B 272 Q1 381 Q2 FY2023 arm 92% increase yoy Growing strongly (Source) Arm See the end of Arm's FYE24-Q2 Shareholder Letter for a reconciliation of Non-GAAP Operating Income to the most directly comparable GAAP metric. For details, see Arm Investor Relations website (https://investors.arm.com/). 31#32Annual Revenue (US-GAAP) ($ M) License and other revenue Royalty revenue 2,027 714 1,313 2020 2,703 1,141 1,562 2021 2,679 1,004 1,675 2022 2,960 - 3,080 663 818 2023 Guidance Strong revenue amid weak semi market H1 actual 1,481 arm (FY) (Source) Arm For details, see Arm Investor Relations website (https://investors.arm.com/). 32#33Guidance (US-GAAP) ● Arm has good visibility of its licensing pipeline although timing, deal size, etc. can change Analysts forecast that the semiconductor industry will continue to recover although trajectory is unclear Revenue Non-GAAP operating expense Non-GAAP fully diluted earnings per share FY2023 Q3 (E) $720M - $800M ~$460M arm FY2023 (E) $2,960M - $3,080M ~$1,765M $1.00 - $1.10 $0.21 - $0.28 (Source) Arm Arm's FY2023 non-GAAP operating expense guidance includes a one-time increase in social security taxes of approximately $45M in the fourth quarter, related to the vesting of certain equity awards following its IPO. For details, see Arm Investor Relations website (https://investors.arm.com/). 33#34SoftBank Vision Funds SoftBank Vision Funds: SoftBank Vision Funds Segment. Includes SVF1, SVF2, and LatAm Funds. Some figures in this presentation are rounded and may not add up to the figures presented as the total. 34#35SVF: Gain/Loss on Investments (FY2023Q2) Combined +$232M SVF1 +$2,413M SVF2 -$2,084M USD basis (SVF1 + SVF2 + LatAm Funds) LatAm Funds -$97M The information contained herein is provided solely for illustrative purposes and individual investors' results may vary. There is no guarantee that historical trends will continue throughout the life of SVF1, SVF2 and LatAm Funds and there is no assurance that unrealized investments will be sold for values equal to or more than the total values used in calculating the performance values portrayed herein. Actual returns on unrealized investments will depend on, among other factors, the value of the assets and market conditions at the time of disposition, any related transaction costs and the timing and manner of sale, all of which may differ from the assumption on which the valuations reported herein are based. Accordingly, investment that are unrealized may differ materially from the values indicated herein. Past performance is not indicative of future results. 35#36SVF: Gain/Loss on Investments (quarterly) ($ M) 958 785 630 FY17 FY17 Q1 Q2 2,285 2,869 715 4,607 3,549 3,768 FY17 FY17 FY18 FY18 FY18 FY18 FY19 Q3 Q4 Q1 Q2 Q3 Q4 Q1 -8,762 FY19 Q2 -1,748 2,969 FY19 Q3 10,910 -10,748 13,567 FY19 Q4 34,467 FY20 FY20 FY20 FY20 FY21 Q1 Q2 Q3 Q4 Q1 5,554 FY21 Q2 -10,507 FY21 Q3 -25,564 941 FY22 Q2 FY21 Q4 FY22 تھا Profit for the last 2 consecutive quarters FY22 Q3 -9,959 -22,745 FY22 Q4 -5,185 FY23 Q1 -1,879 975 USD basis (SVF1 + SVF2 + LatAm Funds) FY23Q2 232 Incl. investment gains and losses on SBG subsidiaries (mainly Arm) eliminated in consolidation The information contained herein is provided solely for illustrative purposes on an SBG basis and individual investors' results may vary. Furthermore, past performance is not necessarily indicative of future results. Income before income tax reflects unrealized estimated amounts and does not take into account fees or expenses at the time of exit, and should not be construed as indicative of actual or future performance and for the avoidance of doubt, should not be understood as the "track record" for SVF1, SVF2 and LatAm Funds. There is no guarantee that historical trends will continue throughout the life of SVF1, SVF2 and LatAm Funds. 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 values portrayed herein. Actual returns on unrealized and partially realized investments will depend on, among other factors, 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 assumption on which the valuations reported herein are based. Accordingly, investments that are unrealized or partially realized may differ materially from the values indicated herein. Gain/Loss on Investments (quarterly): quarterly gain and loss on investments at SVF1, SVF2, and LatAm Funds. Before translation for the Company's consolidated financial statements. Includes derivative gains and losses. Before deducting third-party interests, tax, and expenses. 36#37SVF: Gain/Loss on Investments (cumulative) ($ M) 958 1,743 2,373 3,088 5,373 12,849 8,242 FY17 FY17 FY17 FY17 FY18 Q1 Q2 Q3 Q4 Q1 FY18 Q2 16,398 20,166 11,403 FY18 FY18 FY19 FY19 FY19 Q3 Q4 Q1 Q2 Q3 9,655 FY19 Q4 -1,093 12,786 26,353 1,876 FY20 FY20 Q1 Q2 60,821 66,374 FY20 FY20 Q3 Q4 55,867 FY21 FY21 Q1 Q2 56,808 FY21 Q3 31,245 FY21 FY22 Q4 Q1 8,499 FY22 Q2 -1,460 -6,645 Cumulative investment losses continue to improve FY22 Q3 USD basis (SVF1 + SVF2 + LatAm Funds) FY22 Q4 FY23 Q1 FY23Q2 40-7,316 The information contained herein is provided solely for illustrative purposes on an SBG basis and individual investors' results may vary. Furthermore, past performance is not necessarily indicative of future results. Income before income tax reflects unrealized estimated amounts and does not take into account fees or expenses at the time of exit, and should not be construed as indicative of actual or future performance and for the avoidance of doubt, should not be understood as the "track record" for SVF1, SVF2 and LatAm Funds. There is no guarantee that historical trends will continue throughout the life of SVF1, SVF2 and LatAm Funds. 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 values portrayed herein. Actual returns on unrealized and partially realized investments will depend on, among other factors, 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 assumption on which the valuations reported herein are based. Accordingly, investments that are unrealized or partially realized may differ materially from the values indicated herein. Gain/Loss on Investments (cumulative): cumulative gain and loss on investments at SVF1, SVF2, and LatAm Funds since FY2017Q1. Before translation for the Company's consolidated financial statements. Includes derivative gains and losses. Before deducting third-party interests, tax, and expenses. 37#38SVF1: Cumulative Investment Return (as of Sep 30, 2023) 104.4 ($ B) Exited Public companies (investments before exit) Private companies (investments before exit) 89.6 34.6 29.5 25.5 Investment cost The information contained herein is provided solely for illustrative purposes on an SBG basis and individual investors' results may vary. Furthermore, past performance is not necessarily indicative of future results. Income before income tax reflects unrealized estimated amounts and does not take into account fees or expenses at the time of exit, and should not be construed as indicative of actual or future performance and for the avoidance of doubt, should not be understood as the "track record" for SVF1, SVF2 and LatAm Funds. There is no guarantee that historical trends will continue throughout the life of SVF1, SVF2 and LatAm Funds. 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 values portrayed herein. Actual returns on unrealized and partially realized investments will depend on, among other factors, 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 assumption on which the valuations reported herein are based. Accordingly, investments that are unrealized or partially realized may differ materially from the values indicated herein. 62.1 19.2 23.1 Cumulative investment return (FV + Sale price) Cumulative investment return: before deducting third-party interests, taxes, and expenses. The classification of portfolio companies as public/private is based on their status as of Sep 30, 2023. Exited: includes disposals (sales) as a result of share exchanges and restructuring of portfolio companies, derivative gain on investments (including unsettled derivatives), and interest and dividend income from investments. Public companies currently held: includes a portfolio company traded in the over-the-counter market. For a certain investment that was initially determined to be transferred from the Company to SVF1 but later canceled, any unrealized valuation gains and losses incurred for the period leading up to the decision to cancel the transfer are not included in Cumulative investment return in the presentation. 38#39SVF2: Cumulative Investment Return (as of Sep 30, 2023) ($ B) Exited Public companies (investments before exit) Private companies (investments before exit) 52.2 2.5 8.8 40.9 Investment cost The information contained herein is provided solely for illustrative purposes on an SBG basis and individual investors' results may vary. Furthermore, past performance is not necessarily indicative of future results. Income before income tax reflects unrealized estimated amounts and does not take into account fees or expenses at the time of exit, and should not be construed as indicative of actual or future performance and for the avoidance of doubt, should not be understood as the "track record" for SVF1, SVF2 and LatAm Funds. There is no guarantee that historical trends will continue throughout the life of SVF1, SVF2 and LatAm Funds. 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 values portrayed herein. Actual returns on unrealized and partially realized investments will depend on, among other factors, 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 assumption on which the valuations reported herein are based. Accordingly, investments that are unrealized or partially realized may differ materially from the values indicated herein. 31.5 3.0 3.6 24.9 Cumulative investment return (FV + Sale price) Cumulative investment return: before deducting third-party interests, taxes, and expenses. The classification of portfolio companies as public/private is based on their status as of Sep 30, 2023. Exited: includes disposals (sales) as a result of share exchanges, derivative gain on investments (including unsettled derivatives), and interest and dividend income from investments. Public companies currently held: includes portfolio companies traded in the over-the-counter market. The investment cost and fair value of investments before exit in SVF2 include those related to a minor SVF2 ownership percentage in another portfolio company received as part of the consideration for SVF2's investment in a portfolio company. 39#40Public Listings and Late-stage Pipeline Public listings (Since inception) 50 listings arm SVF1 SVF2 10x ECNOMICS DELHIVERY Small World DiDi 创新奇智 Altruvetion Paytm slack Uber GINKGO goto Grab GUARDANT BIOWORKS 10 |平安好医生 PINGAN GOOD DOCTOR LatAm Funds AutoStore Exscientia Full Truck Alliance AUTO T Aurora GROUP DOORDASH qualtrics™ seer nu policybazaar.com ENERGY VAULT Full Truck Alliance getaround Opendoor view VIR COMPASS coupang 贝壳 Beisen 33 BIKE 金融壹账通 ONECONNECT RELAY ROIVANT FLY 32 SATELLOGIC wework BERKSHIRE GREY IFNC-2 VTEX 高通 SWEBLIO 众安保险 ZhongA Insurancs |IONQ_JDLA K keep Neumora PEAR 11 1 symbotic wework 掌门教育 zhangmen.com Better FR DNGDONG MAGA Robust late-stage portfolio $29B+ Total FV of late-stage portfolio Select portfolio companies InByte Dance P PayPay KAVAK Fanatics vuori QuintoAndar As of Sep 30, 2023. Source: SBGA/SBIA Analysis. The number of public listing includes the number of IPOs and SPAC mergers (De-SPACs), Listings since inception includes companies invested in on IPO/public listing date as well as companies that were subsequently exited or delisted. WeWork and Full Truck Alliance are both SVF1 and SVF2 investments. $29B+ of Total Fair Value includes portfolio companies that have raised Series E or later rounds, and portfolio companies actively planning to publicly list. Select investments presented herein are solely for illustrative purposes, have been selected in order to provide examples of investments made by SVF1, SVF2, and the LatAm Funds that have gone public or, in the opinion of SBIA, may go public in the future and do not purport to be a complete list of 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 and SVF2 investments. Please refer to https://www.latinamericafund.com/portfolio for a complete list of LatAm Funds investments. Past performance is not indicative of future results. 40#41Portfolio Companies Driving the Al Revolution Best-in-class adoption of Al, across multiple use cases InByte Dance Deploys Al algorithms to power the delivery of personalized content Share of social media users using TikTok 24% 2021 36% 2022 44% 2023 $SWIGGY Uses generative Al techniques to build products and services enabling intuitive food and grocery ordering experiences in India 000 Indicative generative Al use case Conversational and open-ended user queries Al-Powered search built on large language models Personalized recommendations As of Sep 30, 2023. (Source) SBGA, SBIA and Swiggy Share social media users using TikTok: Statista - Social media: TikTok users in the United States (Sep, 2023) Select investments presented herein are solely for illustrative purposes, have been selected to provide examples of portfolio companies SBIA believes are Al leaders, and do not purport to be a complete list of SVF1, SVF2, and LatAm Funds investments. The use of statistics provided by third-parties is for illustrative purposes only and is not indicative of the herein mentioned portfolio companies' past, current, or future performance or growth. References to investments included herein should not be construed as a recommendation of any particular investment or security. It should not be assumed that investments made in the future will be comparable in quality or performance to the investments described herein. Please refer to visionfund.com/portfolio for a more complete list of investments. Please refer to latinamericafund.com/portfolio for a complete list of LatAm Funds investments. The metrics regarding select aspects of the company's operations were selected by SBIA on a subjective basis. Such metrics are provided solely for illustrative purposes to demonstrate elements of the company's business, are incomplete, and are not necessarily indicative of the company's performance or overall operations. There can be no assurance that historical trends will continue throughout the life of SVF1, SVF2, or LatAm Funds. 41#42Al Investment Strategy 42#43Invested Amounts (SVF1 + SVF2 + LatAm Funds + SBG/Others) ($ B) SBG/ Others SVF1+ SVF2+ LatAm Funds 2.5 0.2 2.3 Q1 FY2022 0.5 0.1 0.4 Q2 0.5 0.2 0.3 Q3 0.5 0.1 0.4 Q4 1.8 0.9 0.9 Q1 FY2023 1.5 1.1 0.4 Q2 Resumed investment Continue to prioritize high-quality opportunities Invested amounts by SBG/Others: Investment by SBG and its core wholly owned subsidiaries (excludes investments in U.S. Treasury Bonds). Excludes the amount invested in intra-group transactions. Invested amounts by SVF: Sum of new and follow-on investments, including those through share exchanges. Excludes the amount invested by SVF to acquire investments transferred from SBG. 43#44Al Investment Strategy SBG's investment strategy || AI investment strategy Investment by SBG ● ● ● ● ● Longer-term value creation Investment by SVF ● Strategic investment Flexible ownership Thematic, concentrated investment Up to 14-year fund life Financial investment Minority ownership Diversified investment BG MAP BERKSHIRE GREY TELEXISTENCE mapbox GB STACK SVF1 SVF2 LatAm Berkshire Grey, Inc. and Stack AV Co. are subsidiaries of SBG. GreenBox Systems LLC is a joint venture between SBG and Symbotic Inc. 44#45Stack AV Aims to optimize supply chains, delivery route, and energy efficiency by leveraging proprietary self-driving technology VAL O STACK ● STACK Founded in early 2023 backed by SBG Developing Al-powered technology to revolutionize long-standing challenges in the trucking industry ✓ Driver shortage Efficiency of uptime ✓ Safety concerns ✓ Transportation cost ✓ CO2 emission 170 employees across its HQ and in 15 states (Source) Stack AV 45#46Balyo Convert pallet handling to autonomy with driverless forklifts CEUR WRTH DAI EN BALYO BOLLORE ● ● BALYO ● Founded in 2005, listed since 2017 EURONEXT Completed acquisition of 71.4% of shares through takeover bid in October 2023 1200+ robots in 300+ sites deployed in 30 countries Simplify system commissioning & update with a code-less, web-based user journey Deploy impact roadmap to reduce carbon footprint (Source) Balyo 46#47Mapbox mapbox Provides custom navigation and map application for flexible use Bigg **** M FR FAIDANA $10**** JOU! www S 1.5 mi Lombard St 12:18 pm 2.1 mi 10 min X 25 24 mph imm ******* **** Van Ness Ave upsammy Extra Warm 8 DA H: 83° L: 67° ● ● Founded in 2013 Mapbox's Al-powered location technology is used by 700M+ monthly active users Adopted by vehicle navigation systems in Toyota, GM, BMW, and Rivian Maximizes delivery efficiency by optimizing delivery routes and by real-time visibility of fleet operation (Source) Mapbox 47#48Mapbox Video mapbox 48#49mapbox#50In the 4-billion-year history of life on Earth, Singularity will arrive within 10 years We are currently in the midst of a 10-year crossover Masayoshi Son keynote presentation at SoftBank World 2023 50#51Present Al GPT-4 (Passed USMLE) Within 10 yrs AGI Artificial General Intelligence Within 20 yrs ASI Artificial Super Intelligence 10x sum total of all human intelligence 10,000x sum total of all human intelligence Achieved passing score in USMLE (United States Medical Licensing Examination) practice materials. Exams were evaluated through GPT-4 scores (5-shot) (Source) OpenAl, Microsoft "Capabilities of GPT-4 on Medical Challenge Problems" 51#52Public Data Private Data T MS 52450 1 FO Learning AGI Inference All Industries AGI will revolutionize each and every industry at their core (Real-time Learning and Inference) 52#53Mobility de type: car tion: passing d: 87 km/h Finance AUTONOMOUS DRIVING Accident-Free Autonomous Driving SELL Vehicle type wan Direction: passing BUY Healthcare Optimal investment execution Genetic Analysis for Personalized Medicine Logistics Service More human-like customer service Manufacture Data-Driven Supply Matching Just-in-time by the second AGI will revolutionize all industries An automated, efficient world 53#54I am determined to make SoftBank the most AI-empowered company in the world Masayoshi Son keynote presentation at SoftBank World 2023 54#55Financial Strategy 55#56FY2023 Financial Strategy Adhering to financial policy Financial management adaptable to both Defense and Offense 56#57Adhering to Financial Policy 1 2 3 Maintain LTV below 25% in normal times (upper threshold of 35% even in times of emergency) Maintain at least 2-year worth of bond redemptions in cash Secure recurring distributions and dividend income from SVF and other subsidiaries 57#58Respond to Both Defense and Offense Invest in the Information Revolution, Defense against further downside while maintaining financial stability Maintain LTV below 25% in normal times (LTV = 10.6% as of Sep 30, 2023) Maintain at least 2-year worth of bond redemptions in cash (Cash position = ¥5.1T as of Sep 30, 2023) 58#59Capital Allocation PURCHASE STOCK AGREEMENT New THIS AGREEMENT is m into this day of 20by and betwe And as "Seller") and investments (hereinaft her referred to as WHEREAS, the Seller is the record outstanding shares of the capital stock of shares of S as the "Corporation"), a capital stock of i and fter refe has iss par value common stock/ corporation, which Corpot WHEREAS, the Purchaser desires to purchase said stock and the Se in sell said stock, upon the terms and subject to the conditions here stion of the mutual covenants in order to consu tion res UNDERVALUED purchase EQUITY Shareholders rotin Market wnership REACO CONTROL Capital E Financial policy (Financial stability) EHOLD Endeavor to strike a balance * The level of NAV discount is also considered 59#60Summary 1 2 NAV increased from ¥15.5T to ¥16.4T Resumed investment. Continue to prioritize high-quality opportunities 3 Arm IPO completed. Further growth expected 4 SVF looks to increase mid- to long-term value 60#61"Information Revolution -Happiness for Everyone" 61#62II SoftBank Group 62#63Appendix Some figures in this presentation are rounded and may not add up to the figures presented as the total. 63#64Monetization and Capital Allocation (FY2023Q1-Q2) Sale of Arm shares (T) Undrawn- commitment line Li 5.1 0.6 4.5 Cash position (Mar 31, 2023) 0.7 0.7 1.5 Monetization Increase -0.6 -0.5 -0.2 -1.2 Decrease 1st consideration for Arm shares acquired SVF's investment and SBG's strategic investment Debt repayment -0.4 Others 5.1 0.7 4.4 Cash position (Sep 30, 2023) Undrawn commitment line Converted to JPY at average rate for each quarter Cash position: Cash and cash equivalents + short term investments recorded as current assets + investments in government bonds + undrawn commitment line. SBG stand-alone basis (excludes SB Northstar but includes its cash and cash equivalents) SBG stand-alone: Excludes those of self-financing entities from the consolidated group. Major self-financing entities include SoftBank Corp, SVF1, SVF2, LatAm Funds, Arm, etc. Monetization: Distribution of $0.2B from SVF1, $12M from SVF2, $30M from LatAm Funds; $4.4B procured through Alibaba prepaid forward contracts, and $0.7B proceeds from loss of control over subsidiaries Debt repayment: Bonds redeemed by SBG (undated hybrid notes of ¥277.8B, domestic bonds of ¥19.5B, and domestic hybrid bonds of ¥15.4) and bonds repurchased by SBG of ¥145.8B during the period. The amount is net of the ¥220.0B bonds issued by SBG and the ¥53.1B hybrid loan raised by SBG, etc. SVF's investment and SBG's strategic investment: Total investment of $1.3B by SVF and total strategic investment of $2.0B by SBG 64#65Equity Value of Holdings: Diversified Portfolio Alibaba Listed share % 23% 10% 5% 12% 43% 435 investments 8% Mar 31 2022 52% 5% 15% 10% 18% 45% 439 investments 8% Mar 31 2023 41% 0.03% 15% 8% 24% 44% 436 investments 9% Sep 30 2023 69% SoftBank Corp. T-Mobile/ Deutsche Telekom Arm Net of asset-backed finance Others Diversified portfolio Addressing SVF1+SVF2+ LatAm Funds geopolitical risks For details of equity value of holdings, see appendix "Definition and Calculation Method of SBG's NAV and LTV" in the presentation materials for each quarter's earnings results briefing Listed share % includes shares of Alibaba, listed shares held by SVF1, SVF2, LatAm Funds, Arm, SoftBank Corp., T-Mobile, Deutsche Telekom, and public companies included in Others. SVF1, SVF2, and LatAm Funds figures are for SBG's interest only. Investments held by SVF1, SVF2, and LatAm Funds as of Sep 30, 2023: 73 investments from SVF1, 273 investments from SVF2, and 90 investments from LatAm Funds. For details, see "SVF1 Portfolio", "SVF2 Portfolio", and "LatAm Funds Portfolio" in "Data Sheet for the Second Quarter Ended September 30, 2023", respectively. 65#66Equity Value of Holdings: Diversified Portfolio 31% 11% 9% 20% 4% 25% Mar 31 2022 15% 18% 12% 27% 5% 24% Mar 31 2023 9% 17% 12% 35% 5% 22% Sep 30 2023 China Japan APAC (excluding China and Japan) EMEA Latin America North America Greater geographical diversification Classification of regions based on the location of each portfolio company's headquarters China: Alibaba, investments in China from SVF1 and SVF2, and other investment in China Japan: SoftBank, investments in Japan from SVF1 and SVF2, and other investments in Japan APAC (excluding China and Japan): Investments in APAC excluding China and Japan from SVF1 and SVF2, and other investments in the region EMEA: Arm, Deutsche Telekom, investments in EMEA from SVF1 and SVF2, and other investments in EMEA Latin America: Investments from LatAm Funds and other investments in Latin America North America: T-Mobile, investments in North America from SVF1 and SVF2, and other investments in North America 66#67SVF: Value Changes in Portfolio (cumulative) Loss -$54.8B Mar 31, 2023 No change 26 co (6%) 346 co (73%) 101 co (21%) Gain +$46.3B Loss -$60.0B -$8.5B (473 co) The information contained herein is provided solely for illustrative purposes on an SBG basis and individual investors' results may vary. Furthermore, past performance is not necessarily indicative of future results. Income before income tax reflects unrealized estimated amounts and does not take into account fees or expenses at the time of exit, and should not be construed as indicative of actual or future performance and for the avoidance of doubt, should not be understood as the "track record" for SVF1, SVF2 and LatAm Funds. There is no guarantee that historical trends will continue throughout the life of SVF1, SVF2 and LatAm Funds. 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 values portrayed herein. Actual returns on unrealized and partially realized investments will depend on, among other factors, 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 assumption on which the valuations reported herein are based. Accordingly, investments that are unrealized or partially realized may differ materially from the values indicated herein. USD basis (SVF1 + SVF2 + LatAm Funds) Sep 30, 2023 No change 15 co (3%) 353 co (74%) 107 co (23%) -$7.3B (475 co) Gain +$52.7B Value changes in portfolio (cumulative): gain and loss on investments at SVF1, SVF2, and LatAm Funds, including derivative gain and loss, before deducting third-party interests, tax, and expenses. Includes Polygon, which is invested through the purchase of MATIC Tokens (counted as no change in value) 67#68SVF: Gain/Loss on Investments Markup By main factor ($ M) FY2023Q1 (Total +$975M) +$5,385M (150 companies) +2,649 (32 co) +256 (9 co) Recent transactions (2 co) -7 +238 (12 co) Performance of portfolio companies (51 co) -1,751 +1,731 (44 co) Incl. Arm Market Factors (16 co) -131 Public portfolio companies (15 co) -2,336 +511 (53 co) Others (32 co) -186 Markdown -$4,410M (116 companies) The information contained herein is provided solely for illustrative purposes on an SBG basis and individual investors' results may vary. Furthermore, past performance is not necessarily indicative of future results. Income before income tax reflects unrealized estimated amounts and does not take into account fees or expenses at the time of exit, and should not be construed as indicative of actual or future performance and for the avoidance of doubt, should not be understood as the "track record" for SVF1, SVF2 and LatAm Funds. There is no guarantee that historical trends will continue throughout the life of SVF1, SVF2 and LatAm Funds. 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 values portrayed herein. Actual returns on unrealized and partially realized investments will depend on, among other factors, 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 assumption on which the valuations reported herein are based. Accordingly, investments that are unrealized or partially realized may differ materially from the values indicated herein. +557 (16 co) FY2023Q2 (Total +$232M) +$6,180M (89 companies) +989 (20 co) Recent transactions (3 co) -32 +404 (26 co) Performance of portfolio companies USD basis (SVF1 + SVF2 + LatAm Funds) (67 co) -2,600 +242 (15 co) Market Factors (40 co) -275 Public portfolio companies (30 co) -2,907 +3,990 (12 co) Incl. Arm -$5,948M (176 companies) Others (36 co) -135 Gain and Loss on Investments at SVF: gain and loss on investments at SVF1, SVF2, and LatAm Funds, deducting third-party interests, tax, and including derivative gain and loss before expenses. The main factors of the change in valuation in FY2023Q1 and FY2023Q2 of each portfolio company are indicated based on the classification determined as reasonable by SBGA and SBIA. Although SBIA believes that such determinations are reasonable, they are inherently subjective in nature. (Source) SBGA and SBIA Market factors include the changes in valuation due to the changes in the valuation of public comparable companies, and changes in cost of capital, etc. Public portfolio companies include those traded in the over-the-counter market. Gain/loss on investments due to partial or full exits of public portfolio companies are included. Others include gain/loss on investments due to full exits of private portfolio companies and forex impact, etc. 68#69SVF1 Public Portfolio Companies (as of Sep 30, 2023) (c) = (b) - (a) Gross gain (loss) ($ M) to SVF1 Fully Exited Fully Exited Fully Exited Fully Exited Fully Exited Fully Exited Fully Exited Fully Exited Company Coupang Doordash NVIDIA Guardant Health Uber Slack Ping An Good Doctor PolicyBazaar Opendoor 10x Genomics Delhivery Roivant *5 Vir Biotechnology Zomato Energy Vault Relay Therapeutics OneConnect ZhongAn Aurora Innovation GoTo (Gojek Tokopedia)*6 Full Truck Alliance Getaround Paytm Sense Time Ginkgo Bioworks Auto1 Grab Compass View WeWork *7 DiDi *8 (a) Investment cost *2 to SVF1 2,729 680 2,878 308 7,666 334 400 199 450 31 397 919 199 309 60 300 100 550 333 841 1,700 348 1,600 1,429 404 741 2,993 1,082 1,175 3,468 12,073 $46,697 $40,911 $87,608 (b) Gross return *3 to SVF1 SVF1's investment in Tokopedia prior to its merger with Gojek and excludes $7M cost that was realized by SVF1 prior to Go To' 10,628 7,539 5,813 2,665 9,215 1,018 828 588 824 338 690 1,096 326 343 47 235 4 400 93 591 1,421 8 1,252 1,071 44 344 2,476 396 8 7 3,128 listing. 7. WeWork: investment cost of public shares to SVF1 ($3,468M) includes the investment cost to WeWork Asia Holding Company B.V. ("WeWork Asia") ($400M). The shares of WeWork Asia were exchanged to WeWork preferred stock in Apr 2020 at a price of $11.60 per share. 8. Public company total (Gross) includes DiDi, which is traded in the over-the-counter market. 9. SVF1 private company, etc. includes Arm. Prior to Arm's initial public offering in Aug 2023, a wholly owned subsidiary of the Company acquired substantially all of the ordinary shares of Arm held by SVF1. 7,899 6,859 2,936 2,358 1,549 684 428 389 374 307 293 177 127 34 (13) (65) (96) (150) (240) (250) (279) (340) (348) (358) (360) (397) (517) (686) (1,167) (3,462) (8,945) $6,738 (d) = (b) / (a) Gross MOIC 3.9x 11.1x 2.0x 8.7x 1.2x 3.0x 2.1x 3.0x 1.8x 10.9x 1.7x 1.2x 1.6x 1.1x 0.8x 0.8x 0.0x 0.7x 0.3x 0.7x 0.8x 0.0x 0.8x 0.7x 0.1x 0.5x 0.8x 0.4x 0.0x 0.0x 0.3x 1.1x (A) Public company total (Gross) $53,435 (B) SVF1 private company, etc.*9 $8,065 $48,976 $102,411 (A)+(B) Total (SBG basis) *1 $14,803 1. SBG basis refers to SoftBank Vision Funds Segment basis. includes the impact from hedges on the public securities and the effect of consolidating inter-company transactions. For certain investments that were originally 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. Cumulative investment performance is presented on a net basis. 2. Investment cost is the sum of all external cash flows, including investment-related financing, directed towards the purchase of investments, plus net premiums paid for investment-related hedges. 3. Gross return is the sum of all external cash flows generated by investments and their related hedges, gross of taxes, investment-related financing and other liabilities etc., plus the market value of any unrealized securities as of Sep 30, 2023. 4. Multiple of Invested Capital ("MOIC") is Gross return divided by Investment cost. 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. 5, Roivant: investment cost of public shares to SVF1 excludes $116M which was realized in Mar 2020, prior to Roivant's public listing. GoTo: investment cost of public shares to SVF1 *4 The total and the sum of the breakdown in the table may not match as the amount of each item is rounded to the nearest unit. SBG's Net-Paid-in Capital of SVF1 is $27.7B, and the total value is $30.1B as of Sep 30, 2023. Please refer to "Earnings Investor Briefing for Q2 FY2023 SoftBank Vision & LatAm Funds" for further details. 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 Sep 30, 2023. The selected investments presented herein were solely for illustrative purposes to show the public securities of SVF1 before or as at Sep 30, 2023 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 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. $1= 149.58 (Sep 30, 2023 TTM) 69#70SVF2 Public Portfolio Companies (as of Sep 30, 2023) (b) (c) = (b) - (a) Gross gain (loss) to SVF2 1,147 469 ($ M) Fully Exited Fully Exited Fully Exited (A) (B) (A)+(B) Company Beike Symbotic Neumora Therapeutics lonQ Keep Globalstar Qualtrics *5 Berkshire Grey *6 Pear Therapeutics Alnnovation Beisen Full Truck Alliance Zhangmen Seer Exscientia DingDong Mai Cai JD Logistics Better AutoStore WeWork *7 Public company total (Gross) SVF2 private company, etc. Total (SBG basis)*¹ (a) Investment cost *2 to SVF2 1,350 200 60 61 200 5 24 115 46 126 100 250 105 205 284 325 601 497 2,800 3,033 $10,386 $41,771 $52,157 Gross return *3 to SVF2 2,497 669 108 92 222 7. Public company total (Gross) includes Zhangmen and Pear Therapeutics, which are traded in the over-the-counter market. The total and the sum of the breakdown in the table may not match as the amount of each item is rounded to the nearest unit. SBG's Net-Paid-in Capital of SVF2 is $53.4B, and the total value is $32. as of Sep 30, 2023. Please refer to "Earnings Investor Briefing for Q2 FY2023 SoftBank Vision & LatAm Funds" for further details. 6 15 92 0 62 30 166 1 11 86 27 162 30 1,688 113 $6,075 $25,405 $31,480 1. SBG basis refers to SoftBank Vision Funds Segment basis. Cumulative investment performance is presented on net basis. 2. Investment cost is the sum of all external cash flows, including investment-related financing, directed towards the purchase of investments, plus net premiums paid for investment-related hedges. 3. Gross return is the sum of all external cash flows generated by investments and their related hedges, gross of taxes, investment-related financing and other liabilities etc., plus the market value of any unrealized securities as of Sep 30, 2023. 4. Multiple of Invested Capital ("MOIC") is Gross return divided by Investment cost. 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. 5. Delisted on June 28, 2023, prior to SVF1 fully exiting the investment on June 29, 2023. 6. Delisted on Jul 20, 2023. SBG acquired all shares of Berkshire Grey in Jul 2023. 48 31 22 1 (9) (23) (46) (64) (70) (84) (104) (194) (199) (297) 438) (467) (1,112) (2,920) ($4,311) ($16,366) ($20,677) (d) = (b)/(a) Gross MOIC 1.8x 3.3x 1.8x 1.5x 1.1x 1.3x 0.6x 0.8x 0.0x 0.5x 0.3x 0.7x 0.0x 0.1x 0.3x 0.1x 0.3x 0.1x 0.6x 0.0x 0.6x *4 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 Sep 30, 2023. The selected investments presented herein were solely for illustrative purposes to show the public securities of SVF2 as at Sep 30, 2023 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. $1= 149.58 (Sep 30, 2023 TTM) 70#71Definition and Calculation Method of SBG's NAV and LTV (as of Sep 30, 2023) 1. NAV (Net Asset Value) 2. Equity value of holdings (after adjustment for asset-backed financing) Alibaba: the number of Alibaba ADSS equivalent to the number of shares held by SBG x Alibaba ADS price - the sum of the outstanding maturity settlement amounts (calculated by using the company's share price) of the prepaid forward contracts (floor contracts, collar contracts, forward contracts, and call spread) using Alibaba shares. SoftBank Corp.: the number of shares held by SBG x SoftBank Corp. share price - the equivalent amount of outstanding liabilities for margin loans, etc. using SoftBank Corp. shares. SVF1: SBG's share of SVF1's NAV + accrued performance fees, etc. SVF2: SBG's share of SVF2's NAV, etc. ● NAV = Equity value of holdings - Net debt LatAm Funds: SBG's share of LatAm Funds' NAV + accrued performance fees. T-Mobile: (a) + (b) - (c) - (d) a) The number of T-Mobile shares held by SBG, including the number of shares subject to call options held by Deutsche Telekom x T-Mobile share price. b) Fair value of SBG's right to acquire the company's shares for no consideration under certain conditions (Contingent consideration). c) The amount of derivative financial liabilities related to unexercised call options held by Deutsche Telekom. d) Maturity settlement amount of the prepaid forward contracts (collar contracts) using T-Mobile shares (calculated by using the company's share price). Deutsche Telekom: the number of Deutsche Telekom shares held by SBG x Deutsche Telekom share price - the maturity settlement amount of a collar transaction using Deutsche Telekom shares. I Arm: the number of shares held by SBG X Arm share price - payable amount of the consideration for Arm shares acquired from SVF1 through an intra-group transaction - the equivalent amount of outstanding liabilities for margin loans using Arm shares. Others: (e) + (f) + (g) e) Listed shares: the number of shares held by SBG multiplied by the share price of each share. f) Unlisted shares: calculated based on the fair value (or the carrying amount in SBG's balance sheet for those not measured at fair value) of unlisted shares, etc. held by SBG. g) SB Northstar: SBG's share of SB Northstar's NAV plus the fair value of NVIDIA Corporation shares. Cash and cash equivalents and interest-bearing debt, other than margin loans and prime brokerage loans, are treated as a part of net interest-bearing debt of SBG therefore not included in the calculation of SB Northstar's NAV. 3. Net debt (after adjustment for asset-backed financing) Net debt SBG net interest-bearing debt SBG net interest-bearing debt = Consolidated net interest-bearing debt - Net interest-bearing debt at self-financing entities, etc. - Other adjustments Consolidated net interest-bearing debt: excludes bank deposits and cash position at PayPay Bank Corporation Net interest-bearing debt at self-financing entities, etc.: the sum of gross interest-bearing debt less the sum of cash positions of self-financing entities, such as SoftBank Corp. (including its subsidiaries such as Z Holdings Corporation (currently LY Corporation) and PayPay Corporation), SVF1, SVF2, LatAm Funds, and Arm, as well as SB Northstar. • Note: Cash and cash equivalents and interest-bearing debt, other than margin loans and prime brokerage loans of SB Northstar are included in net interest-bearing debt of SBG. Other adjustments: the sum of adjustments of (h) to (n) below h) Among the hybrid bonds and hybrid loans with a redemption date, the entire amount is recorded as interest-bearing debt in consolidated accounting. Therefore, 50% is deducted from the interest-bearing debt (to be treated as equity). Applicable to 4th JPY-denominated hybrid bonds, 5th JPY-denominated hybrid bonds, 6th JPY-denominated hybrid bonds. i) Among the hybrid bonds, the perpetual bonds without a redemption date are recorded in their entirety as equity in consolidated accounting. Therefore, 50% is included in the interest-bearing debt. Applicable to USD-denominated NC10 undated hybrid notes. Deduction of the financial liabilities related to prepaid forward contracts (floor contracts, collar contracts, and forward contracts) using Alibaba shares. j) k) Deduction of the equivalent amount of outstanding liabilities for margin loans using SoftBank Corp. shares. 1) Deduction of the financial liabilities related to prepaid forward contracts (collar contracts) using T-Mobile shares. m) Deduction of the financial liabilities recorded as borrowings related to collar transactions using Deutsche Telekom shares. n) Deduction of the amount equivalent to the outstanding balance of the borrowings made through margin loans using Arm shares. 4. LTV (Loan to Value) LTV Net debt / Equity value of holdings 5. Other assumptions Share prices: Closing price as of Sep 29, 2023 FX rate: USD 1= JPY 149.58 SBG = SoftBank Group Corp., Alibaba = Alibaba Group Holding Limited, SVF1 = SoftBank Vision Fund 1, SVF2 = SoftBank Vision Fund 2, LatAm Funds = SoftBank Latin America Funds, T-Mobile = T-Mobile US, Inc., Deutsche Telekom = Deutsche Telekom AG, Arm Arm Holdings plc Before considering tax unless otherwise stated The information herein is based on assumptions made by the Company and is not indicative of the price of SBG's common shares or any securities held by the Company and should not form the basis of any investment decisions. 71#72Definition and Calculation Method of SBG's NAV and LTV (as of Jun 30, 2023) 1. NAV (Net Asset Value) 2. Equity value of holdings (after adjustment for asset-backed financing) Alibaba: the number of Alibaba ADSS equivalent to the number of shares held by SBG x Alibaba ADS price - the sum of the outstanding maturity settlement amounts (calculated by using the company's share price) of the prepaid forward contracts (floor contracts, collar contracts, forward contracts, and call spread) using Alibaba shares. SoftBank Corp.: the number of shares held by SBG x SoftBank Corp. share price - the equivalent amount of outstanding liabilities for margin loans, etc. using SoftBank Corp. shares. SVF1: SBG's share of SVF1's NAV + accrued performance fees, etc. SVF2: SBG's share of SVF2's NAV, etc. ● NAV = Equity value of holdings - Net debt LatAm Funds: SBG's share of LatAm Funds' NAV + accrued performance fees. T-Mobile: (a) + (b) - (c) - (d) ■ a) The number of T-Mobile shares held by SBG, including the number of shares subject to call options held by Deutsche Telekom x T-Mobile share price. b) Fair value of SBG's right to acquire the company's shares for no consideration under certain conditions (Contingent consideration). c) The amount of derivative financial liabilities related to unexercised call options held by Deutsche Telekom. d) Maturity settlement amount of the prepaid forward contracts (collar contracts) using T-Mobile shares (calculated by using the company's share price). Deutsche Telekom: the number of Deutsche Telekom shares held by SBG x Deutsche Telekom share price - the maturity settlement amount of a collar transaction using Deutsche Telekom shares. Arm: the fair value of all Arm shares calculated at SVF1 x SBG ownership (approximately 75% of shares outstanding) - the amount equivalent to the outstanding balance of the borrowings made through asset-backed finance using Arm shares. Others: (e) + (f) + (g) 3. Net debt (after adjustment for asset-backed financing) Net debt SBG net interest-bearing debt ■ e) Listed shares: the number of shares held by SBG multiplied by the share price of each share. f) Unlisted shares: calculated based on the fair value (or the carrying amount in SBG's balance sheet for those not measured at fair value) of unlisted shares, etc. held by SBG. g) SB Northstar: SBG's share of SB Northstar's NAV plus the fair value of NVIDIA Corporation shares. Cash and cash equivalents and interest-bearing debt, other than margin loans and prime brokerage loans, are treated as a part of net interest-bearing debt of SBG therefore not included in the calculation of SB Northstar's NAV. 4. LTV (Loan to Value) SBG net interest-bearing debt = Consolidated net interest-bearing debt - Net interest-bearing debt at self-financing entities, etc. - Other adjustments Consolidated net interest-bearing debt: excludes bank deposits and cash position at PayPay Bank Corporation Net interest-bearing debt at self-financing entities, etc.: the sum of gross interest-bearing debt less the sum of cash positions of self-financing entities, such as SoftBank Corp. (including its subsidiaries such as Z Holdings Corporation (currently LY Corporation) and PayPay Corporation), SVF1, SVF2, LatAm Funds, and Arm, as well as SB Northstar. • Note: Cash and cash equivalents and interest-bearing debt, other than margin loans and prime brokerage loans of SB Northstar are included in net interest-bearing debt of SBG. Other adjustments: the sum of adjustments of (h) to (n) below h) Among the hybrid bonds and hybrid loans with a redemption date, the entire amount is recorded as interest-bearing debt in consolidated accounting. Therefore, 50% is deducted from the interest-bearing debt (to be treated as equity). Applicable to 4th JPY-denominated hybrid bonds, 5th JPY-denominated hybrid bonds, 6th JPY-denominated hybrid bonds i) Among the hybrid bonds, the perpetual bonds without a redemption date are recorded in their entirety as equity in consolidated accounting. Therefore, 50% is included in the interest-bearing debt. Applicable to USD-denominated NC10 undated hybrid notes. Among the above (h) and (i), hybrid bonds for which early redemption has been notified are recorded in their entirety as interest bearing debt. Applicable to USD-denominated NC6 undated hybrid notes and 2nd JPY-denominated hybrid bonds. j) Deduction of the financial liabilities related to prepaid forward contracts (floor contracts, collar contracts, and forward contracts) using Alibaba shares. k) Deduction of the equivalent amount of outstanding liabilities for margin loans using SoftBank Corp. shares. 1) Deduction of the financial liabilities related to prepaid forward contracts (collar contracts) using T-Mobile shares. m) Deduction of the financial liabilities recorded as borrowings related to collar transactions using Deutsche Telekom shares. n) Deduction of the amount equivalent to the outstanding balance of the borrowings made through asset-backed finance using Arm shares. 5. Other assumptions LTV Net debt / Equity value of holdings Share prices: Closing price as of Jun 30, 2023 FX rate: USD 1= JPY 144.99 SBG=SoftBank Group Corp., Alibaba = Alibaba Group Holding Limited, SVF1 = SoftBank Vision Fund 1, SVF2 = SoftBank Vision Fund 2, LatAm Funds = SoftBank Latin America Funds, T-Mobile = T-Mobile US, Inc., Deutsche Telekom = Deutsche Telekom AG, Arm = Arm Limited (currently Arm Holdings plc) Before considering tax unless otherwise stated The information herein is based on assumptions made by the Company and is not indicative of the price of SBG's common shares or any securities held by the Company and should not form the basis of any investment decisions. 72