SoftBank : Earnings Results Briefing for the Fiscal Year Ended March 31, 2020 (FY2019)

We would like to express our heartfelt sympathy to

all those affected by COVID-19

Our responsibility

as a telecommunication carrier

Work from home

Closed schools

Stay at home

Businesses asked to close

Travel restrictions

Cancelled events

Connecting people to people

	Offering students and				Providing digital
	children additional				materials for
	data free-of-charge				remote learning
	for communication				free-of-charge

Providing 2,000

smartphones to the Diamond Princess cruise ship

How we are helping

	Providing remote				Extending deadline				Over 90% of
	working solutions
							employees
	for enterprises				for payment of
							working from home
	free-of-charge				communication bills
							(Tokyo HQ base)
	(For a certain period)

Continue to support social infrastructure

Our Priority Issues (Materiality)

for SDGs Management

Sustainable Development Goals (SDGs)

9

Corporate Philosophy

Information Revolution

• Happiness for Everyone

10

Consistently pursue "social contribution

through the Information Revolution"

2008~

2000~ Smartphones 1995~ Mobile phones

1990~Internet

PC

11

CommunicationDigital technology

innovationtransformation

4G → 5G

AI・IoT・Robotics

Largest paradigm

shift ever

Work style reform	Climate Change
Diversity, decline of working population,	Environmental pollution and
depletion of resources
remote working

12

Our Materiality

Priority Issues

Contribute to achieve SDGs

13

Building society and

industry through

digital transformation

Create new industries and provide solutions for transforming various businesses in society by utilizing cutting-edge technologies such as 5G and AI.

14

Connecting people

and information

to create new excitement

Provide new experiences and enrich the lifestyles of our customers by promoting the adoption of smart devices. Concurrently, create value for both consumers and enterprises by providing partners with attractive platforms that connect people to information.

15

Creating new business

through open innovation

Develop cutting-edge technologies and innovative business models in Japan by leveraging our relationships with global leading innovative companies. Concurrently, promote the development of a highly-skilled workforce and the establishment of an organization that supports the expansion and penetration of new businesses.

16

Contributing to the global environment

with the power of technology

Contribute to mitigating climate change, promoting a circular economy and the adoption of renewable energy by utilizing cutting-edge technologies to pass on a sustainable global environment to the next generation.

17

Building high-quality social communication networks

Commit to maintaining a constantly-connected and stable network and to protecting our customers' important data, as communication networks serve as a lifeline.

18

Developing a resilient

management foundation

Conduct corporate governance with integrity to earn the trust of society through ongoing dialogue with stakeholders. In addition, foster innovation and improve the well-being of our employees by developing a progressive workplace environment where diverse human resources can thrive utilizing cutting-edge technologies.

19

business	through issues	social Solving
activities corporate	through issues	social Solving

Materiality

SoftBank Priority Issues

Building society and		Connecting people and		Creating new business
industry through		information to create		through open
digital transformation		new excitement		innovation

Contributing to the global		Building high-quality		Developing a resilient
environment with the		social communication		management
power of technology		networks		foundation

20

A world where all things, information

and minds are connected

21

Earnings Results for the Fiscal Year

Ended March 31, 2020

SoftBank Corp.

May 11, 2020

Disclaimer

Important Notice Regarding Forward Looking Statements and Other Information

This document is based on the information available to SoftBank Corp. ("we" or "the Company") as of the time hereof and assumptions which it believes are reasonable. Statements contained herein that are not historical facts, including, without limitation, our plans, forecasts, strategies and beliefs about our business and financial prospects, are forward-looking statements. 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. These forward-looking statements do not represent any guarantee by us or our management of future performance or of any specific outcome are subject to various risks and uncertainties, including, without limitation, general economic conditions, conditions in the Japanese telecommunications market, our ability to adopt new technologies and business models, competition with other mobile telecommunications providers, our ability to improve and maintain our telecommunications network, our reliance on third parties in conducting our business, including SoftBank Group Corp. and its other subsidiaries and associates, our major vendors and suppliers, and other third parties, risks relating to M&A and other strategic transactions, risks relating to information security and handling of personally identifiable information, changes in the substance and interpretation of other laws and regulations and other important factors, which may cause actual results to differ materially from those expressed or implied in any forward-looking statement. The Company expressly disclaims any obligation or responsibility to update, revise or supplement any forward-looking statement in any document or generally to the extent allowed by law or stock exchange rule. Use of or reliance on the information in this material is at your own risk. Information regarding companies other than the Company and our subsidiaries and associates is quoted from public sources and others, and we have neither verified nor are we responsible for the accuracy of information. The information presented herein regarding certain joint ventures and collaborations of the Company, Vision Fund and SoftBank Group Corp. portfolio companies and investments has been selected on a subjective basis, is provided solely for illustrative purposes and does not purport to be a complete listing of all such collaborations or joint ventures. SoftBank Group Corp., the Company and the Vision Fund each have different strategies and objectives with respect to their investments and portfolio company operations. There is no guarantee that any joint venture will be consummated on the terms expressed herein or at all, or that the joint venture will be successful. All such plans are subject to uncertainties and risks, as well as investor consents and regulatory approvals, as applicable. References to such portfolio companies and investments should not be a recommendation of any particular investment.

Important Notice Regarding Trading of SoftBank Corp. Common Stock and Unsponsored American Depository Receipts

The Company encourages anyone interested in trading in its common stock to do so on the Tokyo Stock Exchange. The Company's disclosures are not intended to facilitate trades in, and should not be relied on for decisions to trade, unsponsored American Depository Receipts ("ADRs") representing the shares of its common stock. The Company 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. The Company does not represent to any ADR holder, bank or depositary institution, nor should any such person or entity form the belief, that (i) the Company has any reporting obligations under the U.S. Securities Exchange Act of 1934 (the "Exchange Act") or (ii) the Company's website will contain on an ongoing basis all information necessary for the Company 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, the Company disclaims 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.

Consolidated Results

Fiscal Year 2019

24

Revenue
[JPY bn]	4,656.8	4,861.2
4,500.0
		ZHD impact
4,000.0	3,746.3	910.5
3,500.0
3,000.0
2,500.0
2,000.0
1,500.0
1,000.0
500.0
0.0
	FY2018	FY2018	FY2019

(Prior to ZHD adj) (Post ZHD adj)

Up 30%

(Post ZHD adj, Up 4%)

(Notes)
Actuals for FY2018 have been adjusted retrospectively to have
consolidated Z Holdings Corporation (formerly Yahoo Japan Corporation,
hereinafter "ZHD") from April 1, 2018.	25
"Yahoo" is used as the segment name when referring to ZHD business.

Revenue by Segment

[JPY bn]	4,656.8		4,861.2
4,500.0
		954.4		1,052.9	Yahoo
4,000.0
					Distribution,
				472.7
3,500.0		401.4
		others
3,000.0		620.5		638.9	Enterprise
2,500.0
2,000.0
1,500.0		2,680.5		2,696.7	Consumer
1,000.0

500.0

0.0

Increased

across all segments

FY2018FY2019

(Post ZHD adj)

(Note) Actuals for FY2018 have been adjusted retrospectively to have	26
consolidated ZHD from April 1, 2018

Operating Income

[JPY bn]		911.7
9,000		818.2
8,000	719.5	ZHD impact
	98.7
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
	FY2018	FY2018	FY2019

Up 27%

(Post ZHD adj, Up 11%)

(Prior to ZHD adj) (Post ZHD adj)	(Note) Actuals for FY2018 have been adjusted retrospectively to have	27
consolidated ZHD from April 1, 2018

Operating Income by Segment

[JPY bn]

865.0

765.0

665.0

565.0

465.0

365.0

265.0

165.0

65.0

-35.0

818.2

135.9

15.2

76.3

627.4

-36.7

911.7

152.3 Yahoo

17.2 Distribution

83.6 Enterprise Increased

across all segments

647.3

Consumer

11.4 Other, Adjustment

FY2018	FY2019	(Note) Actuals for FY2018 have been adjusted retrospectively to have	28
(Post ZHD adj)		consolidated ZHD from April 1, 2018

SoftBank Growth Strategy

New

Business

Fields

Beyond Carrier

AI / Technologies

Cutting-edge business models

Yahoo

Telecom Business

Smartphone subscriber growth	Broadband subscriber growth	New infrastructure	29

Telecom Business

30

Consumer: Revenue

[JPY bn]	2,680.5	2,696.7
2,611.9
		Sales of goods
2,500.0
		636.1
706.5	690.8	and others	Revenue from handset sales declined
2,000.0				Telecom Service Revenue
316.3	361.1	383.8	Broadband
		(Mobile and Broadband)
1,500.0				Up 4%
1,000.0
1,589.0	1,628.6	1,676.8	Mobile
500.0				(Year on Year)
0.0
FY2017	FY2018	FY2019

31

FY2019 Initiatives

Promoting multi-brand strategy

Enhanced service plans		Enhanced service plans		Sales expansion
5G launch		Sales expansion

Strengthened collaboration with

Yahoo and PayPay

Initiatives to maintain and improve

communication quality

32

(Note) All prices exclude tax unless otherwise noted.

Large Capacity

Merihari PlanSince March 2020

Subjective video and SNS

Data capacity

Unlimited*1 50GB

There might be speed limit depending on timing

Including subjective video and SNS	Discount at
2 GB or less
¥1,500 /month

*1 Applicable only to eligible services. There are cases unlimited video and SNS is not applied within the eligible services. There are device models that are not eligible for unlimited video and SNS.

Smartphone Debut

Smartphone Debut Plan

Since June 2019

Voice and Data

Basic	¥ 980/month*3
	(12 months)
	*2
	Domestic calls within 5 minutes + 1 GB data
	Extensive support
Smartphone advisors	Simple smartphones

*2 The plan is for migration from feature phones to smartphones (MNP/upgrades). The rate applies from the
2nd month, including the basic voice call plan, option for semi-flat-rate voice calls, and 1 GB data with the
First Year Discount and Small Capacity Discount, excluding handset payments. Rate becomes ¥1,980	34
/month after 14 months. In case of 5G smartphones, rate becomes ¥2,980 /month after 26 months.
*3 Certain phone numbers, such as numbers beginning with 0570, may not be eligible.

Large Capacity		Smartphone Debut
Merihari PlanSince March 2020		Since June 2019
	Smartphone Debut Plan
Q. At what level are you satisfied with		Number of subscribers
Merihari plan?	100,000	More than 2 times
	80,000
	90,000

Satisfied

91％

compared with prior plan

70,000
60,000
50,000
40,000
30,000
Prior plan
20,000
10,000
0
Mar 2019	Jun	Sep	Dec	Mar 2020

(Note) Survey by SoftBank Corp. in April 2020. Survey	(Note) The number of smartphone subscribers to debut plan is monthly	35
for customer satisfaction (n=700)	cumulative subscribers, excluding new subscribers to the student discounts.

Unbundled Plan

Enhanced Price Plans

Since Oct 2019

Simple plans with no cancellation fee

S Ｍ Ｒ

3GB /month 9GB /month 14GB /month

Sales Promotion

Dual Brand Shop Expansion

SoftBank and Y!mobile dual brand shops

expanding nationwide

c. 1,800 shops

1.5 times in 2 years

Free domestic voice calls *1

(up to 10 min per call)

Additional data campaign *2

(applicable for one year)

(Note) Unbundled plan refers to the price plan that separates service fees

and handset payments.

*1 For domestic calls exceeding 10 minutes per call, a separate call charge of ¥20 per 30 seconds will be applied. Some calls are not eligible for free. *2 For new users, upgrade users, or users changing from PHS plans, the additional data option (¥500 37 /month) is free for one year.

Unbundled Plan

Enhanced Price Plans

Since Oct 2019

Q. At what level are you satisfied with

Y!mobile price plans?

Satisfied

94％

Sales Promotion

Cumulative Subscribers

600Exceeded 5 mil

500

400

300

200

100

0

FY16 FY17 FY18 FY19

(Note) Survey by SoftBank Corp. in April 2020. Survey	38
for customer satisfaction (n=2,600)

Customer Satisfaction

Q. At what level are you satisfied with

LINE MOBILE price plans?

Satisfied

93％

(Note) Survey by SoftBank Corp. in April 2020. Survey

for customer satisfaction (n=2,500)

Cumulative Subscribers

Since LINE MOBILE joined SoftBank family

100					2 times
80		More than
90
70
60
50
40
30
20
10
0
	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4
FY2018			FY2019		40

Collaboration with Yahoo and PayPay

Acquisition	Retention
mobile service
Award PayPay for subscription	Offer user benefit	*1
bonus light

Use Yahoo or PayPay as	Improve customer satisfaction
a trigger for mobile subscription	by providing user benefits

(Notes) All information is as of May 11, 2020. *1 Smart login is required. Some plans, such as those for enterprises, are not applicable. Some products are not eligible.	41
The rewards of up to 10%, 20%, or 16% have terms and conditions of each campaign respectively. Please refer to the campaign and reward pages for details.

Smartphone Cumulative Subscribers

[Mil]		24.13	2.05 mil
	22.08
				net adds
2,000

1,500

1,000

Up 9%

Net adds for all brands

500

0

FY2016

FY2017

FY2018

FY2019

(Note) Including enterprise subscribers. 42

Smartphone Churn Rate

[%]

1.00%

0.86%

0.80%

0.83%

0.60%

0.70%

0.40%

0.20%

0.00%

FY2017

FY2018

FY2019

Record low

(Notes)

Churn rate = Number of churns / Number of active subscribers

Figures in graph show the average monthly churn rate for each fiscal year. 43

Initiatives to maintain and improve network quality

Traffic at peak time

Doubled1,200in 2 years

1,000
800
600
400
200
0
FY17	FY18	FY19

Maintained by indispensable daily

network efforts

Build additional base stations, actively use Massive MIMO technology, and make other efforts

44

The beginning of a new era where

everything is connected

45

SoftBank 5G Deployment

Maximize our technology strengths and collaborate with other companies

Promoting early 5G nationwide deployment

Using existing base stations

Nationwide

c. 230k locations

Massive MIMO

knowhow

Advantages of Massive MIMO

Number of antennas	Dedicated
Maximum 64 times	signal is assigned
of that of traditional	to each user for
base stations	smooth experience

SoftBank the first in the world to introduce technology

Operation technology

matured with 4G experience

Infrastructure sharing with KDDI

April 2020

Established JV with KDDI "5G JAPAN Corporation"

Sharing base station assets in rural areas

Accelerate 5G rollout

in rural areas

46

5G Deployment Plan

March 2020 End of FY2020 During FY2021 End of FY2021

Population

Nationwide	Stand Alone	coverage
（47 prefectures）	deployment	90%+	Ultra-low
Launch			latency
(10,000+ base stations)	(50,000+ base stations)	Mass machine
connections

Ultra-high speed

Large capacity

47

A New Society with 5G

Ultra-low latency

Mass machine connections

Ultra-high speed

Large capacity

Smart home

Game	Face
VR	authentication

Remote

operation

Autonomous

driving

Unmanned

stores

	Unmanned
Smart city	warehouse

Security robot

Smart factory

48

Enterprise: Revenue

[JPY bn]

604.2

600.0

500.0

264.5

400.0

300.0

210.8

620.5 638.9

268.1 275.1

207.4 194.6

	Enterprise total revenue
Mobile	Up 3%
	Business solution and
Fixed-line	Mobile grew steadily
	Fixed-line declined

200.0

100.0					169.2
	128.9		145.0
0.0

Business solution and others

FY2017 FY2018 FY2019

49

Enterprise: Revenue

[JPY bn]	620.5	638.9
604.2
		Business solution and others
600.0
500.0	268.1	275.1	Mobile	Up 17%
264.5
400.0
300.0				Drivers include cloud, IoT,
210.8	207.4	194.6	Fixed-line	security and digital marketing
200.0
100.0		169.2	Business solution
128.9	145.0
and others
0.0
FY2017	FY2018	FY2019

50

Enterprise: Business Solution Initiatives

Support digitalization of enterprises in various business

Cloud

Revenue Up 36% YoY

Promoted new

enrollments and

upgrades to higher plan

IoT	Security
Revenue Up 213% YoY	Revenue Up 167% YoY
Fluorescent light integrated
security camera service
Remote monitor
for LP gas meters
Release and monetization	More than 1 mil IDs
of new services	No.1 share in Japan

Digital Marketing

Revenue Up 26% YoY

Further sales

collaboration with group companies

(Note) Cybereason is an end point security service. Share in Japan refers to number of IDs sold in Japan for end point security service. 51

Enterprise

Demand for digitalization of enterprises is increasing further

Remote access to corporate system

Internet access via VPN *1

Web conference

Voice calls

*2

(Support Microsoft Teams)

6 times		10 times		2 times
New connected IDs		New sign-ups		New connected IDs
Feb 2020	Mar 2020	Feb 2020	Mar 2020	Feb 2020	Mar 2020

*1 A service that enables access to corporate system with security from PCs	*2 An enhanced voice communication service of Microsoft Teams 52
and smart devices remotely

Solve issuesfor enterprises and society through digital transformation

53

54

Yahoo: Revenue

[JPY bn]

1,000.0

954.4

800.0

301.9

600.0

400.0

652.5

200.0

0.0

1,052.9

307.7 Media

Up 10%

745.3 Commerce and Other

FY2018	FY2019	(Note) ZHD made ZOZO, Inc that operates ZOZOTOWN - an online fashion
		shopping website - a subsidiary in November 2019, and FY2019 revenue	55
		in Commerce and Other includes five-months worth of ZOZO sales.

Yahoo: Commerce Business

Made dynamic management decisions promptly

after becoming SoftBank subsidiary

New services

Acquisition of	Collaboration	X shopping concept
ZOZO	with Yamato	Cross

and others to be launched

56

Yahoo: e-Commerce Transaction Value
[JPY bn]		2,269.4	2,593.6
25,000
20,000				Up 14%
15,000
10,000				Impact from ZOZO consolidation
				(5 months)
				and PayPay Mall launch, etc.
5,000
0	FY2017	FY2018	FY2019
FY2016	(Source) ZHD Earnings Results Materials as of April 30, 2020
				(Note) Transaction value from ZOZO was added only after November	57
				2019 after it became a consolidated subsidiary of ZHD

Yahoo: Media Business

Collaborating with SoftBank to strengthen sales

Ad products

Sales

Effect

		Uplift	c. ¥4.4 bn
		FY2019 2H
		Ad placements
Attractive	SoftBank Corp.	SoftBank sales network
Ad products	Enterprise sales		New clients

Yahoo existing clients

Digital marketing subsidiary

INCUDATA Corp.Additional

ad placements

		58
(Source) ZHD Earnings Results Presentation Materials, dated April 30, 2020

Yahoo Operating Income (ZHD consolidated operating income)

[JPY bn]		ZHD Consolidation
2,000	185.8		June 2019
1,800
1,600			152.3
		140.5
1,400				Turnaround
1,200
1,000
				after SoftBank consolidated ZHD
800
600				ZOZO consolidation impact	+8.9
400				Collaboration with SoftBank accelerated
200				growth in Commerce and Media
0
	FY2017	FY2018	FY2019	(Note) Operating income of ZHD is a consolidated result of ZHD, and	59
				different from that of Yahoo segment of the Company.

Communication

AI

IoT

Media/Advertisement

Create a future that others cannot repeat

Commerce

Payment

FinTech

SNS

(Note) Concluded definitive business integration agreement on December 23, 2019 60

Distribution and Other

61

Distribution

Expanded due to demand for PC replacement

		Revenue				Operating income
[JPY bn]		482.4
				300
4,500		417.3
	347.1			250
4,000
3,500
				200			17.2
3,000						15.2
					13.3
2,500
				150
2,000
				100
1,500
1,000
				50
500
0				0
	FY2017	FY2018	FY2019		FY2017	FY2018	FY2019

62

Other: Settlement Service Business

SB Payment Service Corp. Operating Income (Standalone)

Operating Income

60				Up 60%
80
	[JPY bn]		6.9
70
50		4.2
	3.4		Transaction value
40			c. ¥3.5 tn
				(FY2019)
30
20
10
0
	FY2017	FY2018	FY2019

(Note) Operating income is on a JGAAP basis 63

Operating Income: Analysis of YoY Change
[JPY2,000	bn]
1,500
818.2
1,000
500
0

FY2018
2018年度
(Post ZHD Adj)	64

Operating Income (YoY)
[JPY2,000	bn]
			Consumer
1,500			Up 19.8 bn
		Consumer
818.2	＋19.8
Mobile subscriber increase
1,000
500			Smartphone subs	+2.05 mil
			ARPU improvement	¥ +60
0

FY2018 2018年度

(Post ZHD Adj)

(Notes) ARPU：average revenue per subscriber per
month (annual average for fiscal year), monthly discount	65
and broadband service bundle discount included

Operating Income (YoY)
[JPY2,000	bn]
			Distribution	Enterprise and Distribution
			Up 9.2 bn
1,500			+2.0
		Consumer
818.2	＋19.8	Enterprise
Business solutions
+7.3
1,000				contributed to profit
				Distribution
				Demand for PC replacement
500				Enterprise
				Mobile subscriber increase
				Some of business solutions
0				contributed to profit

FY2018
2018年度
(Post ZHD Adj)	66

Operating Income (YoY)
[JPY2,000	bn]
			Distribution	Yahoo	Yahoo
				Up 16.4 bn
1,500			+2.0	+16.4
		Consumer
818.2	＋19.8	Enterprise
+7.3		Commerce expansion
1,000
					Commerce	+24.9	*1
500
					(impact from ZOZO	+8.9)
0

FY2018
2018年度	*1 refer to a year-on-year increase in Commerce Business in
(Post ZHD Adj)	67
the consolidated operating income of ZHD.

Operating Income (YoY)
[JPY2,000	bn]
				Other	Other
				+48.1
			Distribution	Yahoo
				Up 48.1 bn
1,500			+2.0	+16.4
		Consumer
818.2	＋19.8	Enterprise
+7.3		Temporary factors
1,000					including PayPay
500					PayPay accounted for as equity method	+29.8
					Cybereason evaluation gain	+11.9
					Growth from settlement service business
0

FY2018	2019年度
2018年度
(Post ZHD Adj)	68

Operating Income (YoY)	911.7
[JPY2,000	bn]
					Other
				Yahoo	+48.1
			Distribution
1,500			+2.0	+16.4	All segments contributed
818.2	Consumer
＋19.8	Enterprise		to growth
			+7.3
1,000					Up 11%
500
0

FY2018	FY2019
2018年度	2019年度
(Post ZHD Adj)	69

Equity Method

Investments

70

P/L for Investments Using Equity Method

[JPY bn]

FY2018

FY2019

(Post ZHD Adj)			Upfront expenditures
			increased for
-16.3	Shares of		future growth
	profit/losses
	of associates	Gains on sales of
	accounted for	(New businesses including PayPay)
	equity method
	using equity
	method	investments/impa
	irment loss on
	-39.8	equity method
	investments
		+13.7	-42.4

71

SoftBank New Business Fields

Providing new value to society

72

New Business Fields FY2019 Initiatives

Focus on portfolio optimization of new businesses

Concentrated investment in

expanding businesses

Entering growth markets

Aggressive investment in PayPay	Digital marketing
Established	AI map services
AI image authentication
No. 1 position in
smartphone payments	and other areas

AI-enabledtaxi-hailing			Community centric			MaaS
		workspace
DiDi					MONET
		WeWork

73

Smartphone

Payment Service

PayPay

74

PayPay

Cumulative Registered Users

[Mil]

2.5

1.5

JPY10bn

Give out

campaign

0.5

0

Second

JPY10bn

campaign

Government

Consumer

Return* /

Convenient

PayPay

Maintain a high growth rate

Exceeded 28 mil

(April 2020)

(Source) Data by PayPay Corporation, collected from October 5, 2018 to April 30, 2020.

(Note) Number of registered users: number of accounts registered.

		* Government Consumer Return refers to the Point Reward Project for Consumers using Cashless
Oct 2018	Apr 2020	Payment, initiated by the Ministry of Economy, Trade and Industry, which is a subsidy program for
small and medium-sized enterprises and micro enterprises that wish to issue point rewards for	75
		consumers using cashless payment. This project aims to level demand after the consumption tax
		rate hike on October 1, 2019.

PayPay						Cumulative number
						of payments
Number4 of Payments per Quarter		375	1,000+ mil *1
[Mil]
300						Number of Payments
					17 times
200
						in one year
100
	21.6
0
Q3	Q4	Q1	Q2	Q3	Q4
FY2018		FY2019				(Source) Data by PayPay Corporation	76
						*1 as of May 9, 2020

PayPay
Number of Merchants			2.15
[Mil]
						Number of Merchants
1.5						Exceeded 2 mil
1.0
						locations nationwide
0.5	0.5
0
Q3	Q4	Q1	Q2	Q3	Q4	(Source) Data by PayPay Corporation
FY2018		FY2019
				(Note) Number of merchants: number of applications to PayPay, including	77
						shops, taxies, etc.

PayPay

To establish a revenue model with full-scaleentry into financial services

Personal loan

Business loan

Postpay (revolving payment)

Investment

Insurance

78

PayPay

Started trials for Postpay and Investment services

PayPay Postpay

Investment with PayPay Bonus

Users can shop using PayPay even if they do not have a PayPay balance

The payable amount will be collected in the following month

Started a trial investment service

using PayPay bonus

Plan to provide the service to	Plan to launch full-
all users in summer 2020	scale service

operation

(Note) Postpay is a service provided by YJ Card Corporation

(Note) This is a service provided by One Tap BUY Co., Ltd. 79

PayPay evolving to "Super App" by strengthening financial services

Off-line		Utility	bills/Tax		On-	line/O2O
Convenience	Barber shop				EC	Movie
store							reservation
	Tax	Utilities	Phone bill
Retail store	Food stand				Orders/	Taxi
			Booking
Pharmacy	Restaurant				Hotel	Ticket
					Flight tickets

Financial Services		P2P/Social
Personal	Business	Pocket	Pleading
loan	loan	money	for tip
Postpay	Investment	Gift	Celebration
Insurance		Donation	Splitting bill

80

AI-enabled

Taxi-hailing Platform

DiDi

Case studies presented herein are for illustrative purposes only, have been selected in order to provide examples of the types of investments made by SBIA and do not purport to be a complete list thereof. It should not be assumed that investments made in the future will be comparable in quality or performance to the investments described herein. Further, references to the investments included in the illustrative case studies should not be construed as a recommendation of any particular investment or security. Certain information was provided by third parties and certain statements reflect SBKK's beliefs

as of the date hereof based on prior experience and certain assumptions that SBKK believes are reasonable, but may prove incorrect. Past performance is 81 not necessarily indicative of future results. Please refer to visionfund.com/portfolio for a more complete list of Vision Fund I's investments.

DiDi

Service Areas

25 prefectures

(As of March 31, 2020)

Rapid

expansion

in FY2019

(Source) Provided by DiDi Mobility Japan

The information contained herein is provided for illustrative purposes only. The information presented here was provided DiDi. Nothing herein should be construed	82
as a recommendation of any investment or security. The metrics regarding select aspects of the company's operations were selected by SBIA on a subjective basis.
Such metrics are provided solely for illustrative purposes to demonstrate elements of the company's business, are incomplete, and are not necessarily indicative of
the company's performance or overall operations. There can be no assurance that historical trends will continue throughout the life of SVF1.

DiDi
Number of Taxi Partners		563
[# 500of companies]
			432
400
		295
300
200	171
100
49
0
Mar 2019	Jun	Sep	Dec	Mar 2020

Number of taxi partners

11 times

in one year

(Source) DiDi Mobility Japan

(Note) Number of taxi partners refers to the number of taxi companies that have signed on membership of DiDi platform at the beginning of each month.

The information contained herein is provided for illustrative purposes only. The information presented here was provided DiDi. Nothing herein should be construed

as a recommendation of any investment or security. The metrics regarding select aspects of the company's operations were selected by SoftBank Corp. on a 83 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.

DiDi
Number of Taxi Trips
[# of taxi trips]						Number of taxi trips
50000						8 times
40000
30000						in one year
20000
10000
						(Source) DiDi Mobility Japan
0						(Note) Number of taxi trips: number of trips that taxi hailing is completed
Q3	Q4	Q1	Q2	Q3	Q4	via DiDi platform.
The information contained herein is provided for illustrative purposes only. The information presented here was provided DiDi. Nothing herein should be construed as
FY2018		FY2019				a recommendation of any investment or security. The metrics regarding select aspects of the company's operations were selected by SoftBank Corp. on a subjective	84
				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.

DiDi

Taxi Partner Revenue Impact

Compared with revenue in January 2020

			Using DiDi results in	-6%	DiDi mitigated
			small revenue impact
0%				0%		impact of "stay-at-
				-13%		home" request
			Japan's taxi industry average	-27%	Gaining orders through DiDi app
			mitigated business decline due to lower
			Nearly 30% revenue
				street passenger acquisition
				decrease
-50%						(Source) Results of survey conducted by DiDi Mobility Japan through
			Jan 2020	Feb		interviews with Japan Federation of Hire-Taxi Associations
			Mar The information contained herein is provided for illustrative purposes only. The information presented here was provided DiDi. Nothing herein should be construed as	85
					a recommendation of any investment or security. The metrics regarding select aspects of the company's operations were selected by SoftBank Corp. 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.

DiDi

Supporting safe travels with infection prevention measures

Encourage cashless payment

Reducing cash transactions

Preventing spread

of infections in

taxi cabs

Currently 70% of

the transactions

are cashless

Provide health info in app

Display infection prevention info within app

such as drivers' mask usage

and/or health checks

(Note) Plan to launch in May 2020. The screenshot is a image under development

(Source) DiDi Mobility Japan

86

SBG and SVF1 investment

Community Centric

Workspace

WeWork

Case studies presented herein are for illustrative purposes only, have been selected in order to provide examples of the types of investments made by SBIA and do not purport to be a complete list thereof. It should not be assumed that investments made in the future will be comparable in quality or performance to the investments described herein. Further, references to the investments included in the illustrative case studies should not be construed as a recommendation of any particular investment or security. Certain information was provided by third parties and certain statements reflect SoftBank Corp's beliefs as of the date hereof based on prior experience and certain assumptions that SoftBank Corp believes are reasonable, but may prove incorrect. Past

performance is not necessarily indicative of future results. Please refer to visionfund.com/portfolio for a more complete list of Vision Fund I's investments.	87
(Photo credits) WeWork

WeWork Japan

Membership in Japan

								22,000+
	[# of memberships]
20,000	20,000
	15,000
10,000 10,000
	5,000
0	0
	Mar	Jun	Sep	Dec	Mar	Jun	Sep	Dec	Mar
	2018				2019				2020

Membership

1.8 times

in one year

(Source) Provided by WeWork Japan

(Note) Memberships at the beginning of each month

The information herein is provided for illustrative purposes only and is based on WeWork's data. Past performance is not necessarily indicative of future results

throughout the life of the SVF1. Nothing herein should be construed as a recommendation of any investment or security. The metrics regarding select aspects 88 of the company's operations were selected by SoftBank Corp. 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.

WeWork Japan

Tokyo area (represents c.70% of total desks nationwide)

		Ikebukuro		Tokyo
			metropolitan
				area
			Jimbocho
Area average				Kanda
Shinjuku	Yotsuya	Hanzomon	Marunouchi
occupancy rate
			Nihonbashi
80%+
		Hibiya
	Roppongi	Kyobashi
		Nogizaka	Toranomon
	Omotesando			Ginza
	Shibuya			Shimbashi
		Shiroyama
			Harumi

Gotanda

Wide-range deployment in

Tokyo area with

high occupancy rate

Fukuoka	Kobe	Osaka

	(Source) Edited based on WeWork Japan materials.
Nagoya	(Notes) The map shows all sites that are open as of the end of March 2020.
Yokohama	Ratio of number of desks: the ratio of number of desks at the sites in Tokyo area to
	the total number of desks nationwide, as of the end of March 2020.
	Area average occupancy rate: average occupancy rate as of the end of March 2020	89
	for the 15 sites in Tokyo areas which has been open more than 6 months.

WeWork Japan

Aim for monthly break-even during FY2020

"Work Style Reform" entering new era

Supporting diversified office demand

Office HQ

Home

WeWork

Fukuoka

Ikebukuro Kanda

Nagoya

Shinjuku

Marunouchi

Osaka

Shibuya Ginza

• Distributed offices
• Utilization for projects
• Space and cost reduction

90

Innovative Hotel Service

OYO Hotels

Case studies presented herein are for illustrative purposes only, have been selected in order to provide examples of the types of investments made by SBIA and do not purport to be a complete list thereof. It should not be assumed that investments made in the future will be comparable in quality or performance to the investments described herein. Further, references to the investments included in the illustrative case studies should not be construed as

a recommendation of any particular investment or security. Certain information was provided by third parties and certain statements reflect SBKK's beliefs 91 as of the date hereof based on prior experience and certain assumptions that SBKK believes are reasonable, but may prove incorrect. Past performance is

not necessarily indicative of future results. Please refer to visionfund.com/portfolio for a more complete list of Vision Fund I's investments.

OYO Hotels Japan

6,000Number of Hotel Rooms	5,857

[# of rooms]
4,000
2,000
0
Apr	Jun	Sep	Dec	Mar
2019				2020

Revamp

Growth

Strategy

Establishing a community-based OYO brand

at affordable prices

(Source) Provided by OYO Hotels Japan

(Note) Number of Hotel Rooms: Hotel rooms opened under OYO brand

The information herein is provided for illustrative purposes only and is based on OYO Hotel's data. Past performance is not necessarily indicative of future	92
results throughout the life of the SVF1. Nothing herein should be construed as a recommendation of any investment or security. The metrics regarding select
aspects of the company's operations were selected by SoftBank Corp. 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.

OYO Hotels Japan

Average Occupancy Rates

(Jan to Mar)

OYO Hotel

59%62%

54%53%

51%

Even with uncertainty over COVID-19

Occupancy rates remained stable

Japan Hotel Average 32%

Jan 2020

Feb

Mar

relative to market average

(Source) Japan hotel average occupancy rate：Overnight Travel Statics Survey by Japan Tourism Agency

(Note) OYO Hotel average occupancy rate：Occupied hotel rooms opened under OYO brand name / Number of sellable rooms under OYO brand

The information herein is provided for illustrative purposes only and is based on OYO Hotel's data. Past performance is not necessarily indicative of future results throughout the life of the SVF1. Nothing herein should be construed as a recommendation of any investment or security. The metrics regarding select

aspects of the company's operations were selected by SoftBank Corp. on a subjective basis. Such metrics are provided solely for illustrative purposes to 93 demonstrate elements of the company's business, are incomplete, and are not necessarily indicative of the company's performance or overall operations.

OYO Hotels Japan

Implementation of COVID-19 Support Programs

For Hotel Owners

For Medical Personnel

#CareforCare

	**
Working capital support*1	Free accommodation *2

(Source) OYO Hotel Japan

*1 OYO Hotels pays one-time support capital to hotels in Japan that join OYO on and after March 13, 2020. This payment is not required to be refunded.

But the hotels are subject to brand loyalty according to normal terms and conditions of OYO membership. The rate of payment will vary depending on the 94 facility and timing. *2 Free stay is valid for bookings before May 21, 2020.

Cyber Security Platform

Cybereason

95

Cybereason

Japan-based Enterprise Implementations (partial)

Endpoint Security Solution

No.1

EDR share in Japan

(Source) Cybereason Japan Corp.
(Note) EDR stands for Endpoint Detection and Response, and the
EDR platform is an endpoint security solution built for enhanced
endpoint monitoring and used to detect and respond to cyber attacks	96
such as targeted attacks and ransomware.

Cybereason

Number of Active Endpoints

1+ mil

[IDs]
1,200,000
1,000,000
800,000
600,000
400,000
200,000
0
FY2016	FY2017	FY2018	FY2019

Number of Active Endpoints

Doubled

in FY2019

(Source) Cybereason Japan Corp. 97

Cybereason
Number of Orders per Month	Rising remote working trend is leading to
[# of orders]	expanding security solution needs
Cybereason orders from March
	Surge
	Sales of security products of SoftBank increased
	Communication	Multi-factor
	encryption	authentication
	Remote Access Gateway	PKI certification
	one-time password

Apr May Jun	Jul Aug Sep Oct Nov Dec Jan Feb Mar
2019	2020	(Source) Cybereason Japan Corp.	98
		(Note) Number of Orders per Month: number of sales through SoftBank Corp.

Net Income

[JPY bn]	462.5	473.1
	430.8
4,500
4,000		ZHD impact
		31.7
3,500
3,000
2,500
2,000
1,500
1,000
500
0
	FY2018	FY2018	FY2019

(Prior to ZHD adj) (Post ZHD adj)

Even with extraordinary factors

Record high

Main extraordinary factors
Recording of income tax	-19.5
related to LINE business integration (Q3)
Loss on valuation and Impairment (Q4)	-8.7

(Notes)

Net Income: net income attributable to owners of SoftBank Corp.

Net income recorded the income taxes of ¥19.5 billion related to the gain on intergroup transfer of shares of Z Holdings, following the conclusion

of the definitive agreement for the business integration between Z 99 Holdings and LINE Corporation.

FY2019 Consolidated Results

[JPY bn]
FY2018		FY2018		FY2019		YoY		YoY %
	(Prior to ZHD adj)		(Post ZHD adj)			(vs Post ZHD		(vs Post ZHD
					adj)		adj)

Revenue

Adj. EBITDA

Operating

Income

Net Income

3,746.3		4,656.8		4,861.2		+204.4		+4%

1,209.8		1,367.1		1,606.5		+239.5		+18%

719.5		818.2		911.7		+93.5		+11%

430.8		462.5		473.1		+10.7		+2%

Adj. EBITDA (Adjusted EBITDA) = operating income + depreciation and amortization (including loss on disposal of non-current assets) ± other adjustments	100
Net Income: net income attributable to owners of SoftBank Corp.

CAPEX (Acceptance Basis)
[JPY bn]	381.6	369.8
350.1
3,500
		Even with 5G investment drive
3,000
2,500		Maintained level of
1,500		380 bn
2,000
1,000
500
0
FY2017	FY2018	FY2019

(Note) Excluding ZHD, device for rental service, and impact from	101
adopting IFRS 16.

Adjusted Free Cash Flow

[JPY bn]		524.2
508.0	512.0
5,000
4,000
3,000
2,000
1,000
0
FY2017	FY2018	FY2019

Maintained level of

500 bn

excluding ZHD and impact from adopting IFRS16

(Note)

Adjusted free cash flow = free cash flow ± total cash flows relating to non- recurring transactions with SoftBank Group Corp. + (proceeds from the securitization of installment sales receivables - repayments thereof), 102 excluding ZHD and impact from adopting IFRS 16.

Dividend Per Share

[JPY]

Annual 85

Annual 75*

80

70

60

50

40

30

Year-end

20

37.5

10

0

FY2018FY2019

(Forecast)

As planned

Annual 85 (Forecast)

(Up 10 YoY)

*In FY2018, SoftBank Corp. paid a half-year dividend of ¥37.50 per share
(which converts to a dividend of ¥75.00 per share if calculated on a full-	103
year basis) as the Company listed on December 19, 2018.

FY2020 Forecast

(Excluding impact from LINE business integration)

104

Even with impact from COVID-19

Continue to increase both

profits and dividends

105

FY2020 Management Policy

Telecom

Yahoo

New businesses

Smartphone

e-Commerce

Monetization for

subscriber growth

growth

expanding business

Active 5G

Growth

Financial business

(PayPay, DiDi, etc.)

deployment

Strategy

expansion

Creation of new

Promotion of DX

Business integration

businesses

for enterprises

of ZHD and LINE

Structural

Promotion of cost optimization across entire company

Reform

106

Business Impact from COVID-19

TelecomYahoo

Negative

Immaterial

Additional demands

Shop traffic		decrease
Number of	remain stable
subscribers
Data traffic		increase
Remote work demand	increase

Ad placements	decrease
(certain industries)
Travel and restaurant	decrease
business usage
Subscription	remain stable
services
e-Commerce sales	increase
(Merchandise)

Yahoo service usage time increase

Total impact

Immaterial impact on		Uncertain prospects in
telecom business		advertising, e-commerce steady

(Note) Includes the impact estimated as of April 2020. 107

Revenue
[JPY bn]	4,861.2	4,900.0
5,000.0	4,656.8
4,500.0
4,000.0				FY2020 Forecast
3,500.0				4.9 tn
2,000.0
3,000.0
2,500.0
1,500.0				(Up 1% YoY)
1,000.0
500.0
0.0
	FY2018	FY2019	FY2020	(Notes)
	Actuals for FY2018 have been adjusted retrospectively to have consolidated
	Actual	Actual	Forecast	ZHD from April 1, 2018.
				The financial impact of the business integration of ZHD and LINE	108
				Corporation is not reflected in the consolidated financial result forecasts

Operating Income
[JPY bn]	911.7	920.0
900.0
818.2
800.0
700.0			FY2020 Forecast
400.0			920 bn
600.0
500.0
300.0			(Up 1% YoY)
200.0
100.0
0.0			(Notes)
FY2018	FY2019	FY2020	Actuals for FY2018 have been adjusted retrospectively to have consolidated
ZHD from April 1, 2018.
Actual	Actual	Forecast	The financial impact of the business integration of ZHD and LINE	109
Corporation is not reflected in the consolidated financial result forecasts

Net Income
[JPY bn]	473.1	485.0
462.5
450.0
400.0			FY2020 Forecast
350.0			485 bn
200.0
300.0
250.0
150.0			(Up 3% YoY)
100.0
50.0
0.0			(Notes)
FY2018	FY2019	FY2020	Actuals for FY2018 have been adjusted retrospectively to have consolidated
ZHD from April 1, 2018.
Actual	Actual	Forecast	The financial impact of the business integration of ZHD and LINE	110
Corporation is not reflected in the consolidated financial result forecasts

FY2020 Forecast

[JPY bn]
FY2019	FY2020		Change		Change%
	Actual		Forecast		(YoY)		(YoY)

Revenue

Adj. EBITDA

Operating

Income

Net Income

Adj. Free Cash Flow

4,861.2 4,900.0

1,606.5 1,630.0

911.7 920.0

473.1 485.0

524.2 550.0

+38.8 +1%

+23.5 +1%

+8.3 +1%

+11.9 +3%

+25.8 +5%

Adjusted EBITDA = operating income + depreciation and amortization (including loss on disposal of non-current assets) ± other adjustments Adjusted free cash flow = free cash flow ± total cash flows relating to non-recurring transactions with SoftBank Group Corp. + (proceeds from the securitization of installment sales receivables - repayments thereof), excluding ZHD and impact from adopting IFRS 16.

(Note) The financial impact of the business integration

of ZHD and LINE Corporation is not reflected in the 111 consolidated financial result forecasts.

Dividend Per Share
[JPY]	Annual 85	Annual 86
80.0	Annual 75*
70.0				Continue to
60.0
40.0				increase
50.0
30.0				dividend
20.0	Year-end
	37.5
10.0
0.0
	FY2018	FY2019	FY2020
	Actual	Actual	Forecast	*In FY2018, SoftBank Corp. paid a half-year dividend of ¥37.50 per share
	(which converts to a dividend of ¥75.00 per share if calculated on a full-	112
				year basis) as the Company listed on December 19, 2018.

Summary

FY2019

Achieved increases in revenue and profits across segments

Increased ¥10 (forecast) for dividend per share

Number of smartphone subscribers increased 2.05 mil

FY2020

Continue to increase both profits and dividends Telecom business has immaterial impact from COVID-19 whereas uncertainty on ZHD business such as advertising Proceed with business integration of ZHD and LINE

113