SoftBank : Earnings Results Briefing for the Six Months Ended September 30, 2020 (Q2 FY2020)

Earnings Results for the Six Months Ended September 30, 2020

Investor Briefing

SoftBank Corp. November 4, 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.

For the definitions of numbers on this presentation, please refer to SoftBank Corp.'s data sheet.	2

Results for H1 FY2020

• Despite the impact ofCOVID-19, progress is at a steady pace towards full-year forecast, aiming for an increase in revenue as well as record high profits

Revenue

[JPY bn]
Progress 49%	Progress 50%
	FY Forecast

Full-year	4,861.2	+38.8	4,900.0
50,000
52,000
48,000
46,000
44,000
42,000
40,000
38,000				24,716
36,000		24,881
34,000			+55.3
30,000
32,000
26,00028,000	H1	2,373.1	+2.3%	2,428.4
24,000
22,000
20,000				1,255.8
18,000	Q2	1,208.2
16,000
14,000
12,000
10,000
8,000		1,164.9		1,172.6
6,000	Q1
4,000
2,000
0
		FY19 *1		FY20

Operating Income

		[JPY bn]
					70%
60%
	14,000					10,000
					60%
50%		Progress 61%	Progress 64%
	12,000
				FY Forecast		8,000
				50%
40%	10,000	911.7	+8.3	920.0
					40%
	8,000		+37.6			6,000
		3,304
30%		3,597
		+6.8%	589.6
	6,000	552.0	30%
						4,000
20%
		283.1		309.7	20%
	4,000
						2,000
10%
	2,000				10%
			279.9
		268.9
0%	0				0%	0
		FY19 *1		FY20

Net Income*2

[JPY bn]

Impact of gains/losses on valuations and sales on shares JPY -22.0 bn YoY

(refer to P12)

Progress 69%	Progress 65%
			FY Forecast
473.1	+11.9	485.0
3271,457.4		-12.3	1,699
		-3.8%	315.1
162.6			163.0
164.8			152.1
FY19*1			FY20

80%

70%

60%

50%

40%

30%

20%

10%

0%

-10%

*1: Actuals for FY19 have been adjusted retrospectively to have consolidated ZHD from April 1, 2018, same hereafter	3
*2: Net income: net income attributable to owners of SoftBank Corp., same hereafter

Revenue (1/2)

• Yahoo drove growth, JPY +73.1 bn (+15.1%) YoY. Enterprise steady, JPY +20.5 bn (+6.5%) YoY
• Consumer was JPY-34.8 bn (-2.6%) YoY. Sales of goods and others was JPY -57.3bn YoY due to decrease in mobile device sales, Service revenues was steady at JPY +22.5 bn YoY

By Segment		Consumer Breakdown*1
[JPY bn]		[JPY bn]

			+55.3
27,600			+2.3%
25,600		2,373.1
23,600	Other	48.2
21,600Yahoo	484.1

19,600

Distribution17,600245.1

15,600

Enterprise 314.1

13,600

11,600

9,600

7,600

Consumer 1,336.0

5,600

3,600

1,600

2,428.4	YoY
+14.4	+29.9%
62.6
557.2	+73.1	+15.1%		1,336.0	-34.8	1,301.3
			Revenue from	-2.6%	YoY
234.4	-10.7	-4.4%
sales of goods	268.7		211.4	-57.3
			and others
334.6	+20.5	+6.5%	28.6		47.4	+18.8
Electricity
			Broadband	190.5		195.9	+5.4
			Mobile	848.2		846.5	-1.7
1,301.3	-34.8	-2.6%communications
			Service	1,067.3		1,089.8	+22.5
			revenues

-21.3%

+65.6%

+2.9%

-0.2%

+2.1%

-400
Adjustments	-54.5	-61.7	FY19H1	FY20H1
	FY19H1	FY20H1
			*1: "Electricity" disclosed separately from FY20Q1

(previously included in Revenue from sales of goods and others)

4

Revenue (2/2)

• Enterprise grew by JPY +20.5 bn (+6.5%) YoY, driven by +17% in Business solution and others
• Yahoo grew by adouble-digit basis, JPY +73.1 bn (+15.1%) YoY, driven by significant YoY growth in Commerce

Enterprise Breakdown

Yahoo Breakdown*1

5,900	[JPY bn]					[JPY bn]
						+73.1	557.2	YoY
						+15.1%
					5,800	-1.1	-46.3%
						484.1	1.3
						141.6	-6.8		-4.6%
		+20.5			Other	2.5
3,900			334.6			148.4
	314.1	+6.5%	YoY	Media
			3,800
Business solution	78.4		92.0	+13.6 +17.4%
and others
Fixed1,900-line	97.6		94.4	-3.2	-3.2%		414.3	+81.0 +24.3%
					1,800	333.2
					Commerce
Mobile	138.1		148.1	+10.0	+7.3%
-100					-200
	FY19H1		FY20H1			FY19H1	FY20H1
						*1: Revenue for Commerce and Media is restated for FY2019 to reflect the transfer of	5
						certain services and subsidiaries from Commerce to Media in April 2020

Operating Income/Adjusted EBITDA/Segment Income

• Adjusted EBITDA: JPY +66.4bn (+7.6％) YoY
• Operating income: JPY +37.6 bn (+6.8％) YoY, increased in all segments. Yahoo and Enterprise recorded double- digit growth and drove total growth

Operating Income/Adjusted EBITDA*1

10,000	[JPY bn]
		+66.4	938.4
Adjusted EBITDA		+7.6%
871.9
8,000
		+37.6
6,000	552.0	+6.8%	589.6
Operating income
4,000
2,000
0
	FY19H1		FY20H1

Segment Income

10,000	[JPY bn]
8,000
		+37.6	589.6
		+6.8%
	552.0		-0.5	-6.0%
6,000		8.5
Other*2
9.1
Yahoo	75.7		98.2	+22.6	+29.8%
	12.0	+0.9	+8.6%
Distribution	11.0
Enterprise4,000	54.6		64.6	+10.0	+18.2%
2,000	401.6		406.3	+4.7	+1.2%
Consumer
0
	FY19H1		FY20H1

*1: Adjusted EBITDA＝operating income＋depreciation and amortization	*2: Other includes inter-segment adjustments (FY19H1 0.6 bn, FY20H1 -1.3 bn), same hereafter 6
(including loss on disposal of non-current assets) ±other adjustments

Operating Income (YoY Comparison)

• Consumer income increased slightly. Sales were stable, excludingHalf-Price Support (JPY 11.0 bn) and First-year and Half-year discounts (JPY -22.2 bn). Reduction in sales-related expenses made a good contribution
• Enterprise grew by JPY +10.0 bn YoY. Strong sales mainly in Business solution and others
• Yahoo grew by JPY +22.6 bn YoY. Commerce greatly drove growth

	+4.7	+10.0	+0.9	+22.6	-0.5
[JPY bn]	Consumer		Enterprise		Distribution		Yahoo		Other

+22.5

Service

revenues

-57.3	+46.9
Revenues	Cost of
from sales	goods sold
of goods

-7.4+20.5-10.5

Other Revenue Expenses expenses

-10.7+11.6+22.6-0.5

Revenue Expenses

	Mobile	-1.7		Cost of service	-16.4		Cost of goods/	-13.6
	Half-Price			Sales commissions and			service sold
552.0	support (P8)	+11.0		sales promotion expenses +27.4		Other	+3.2
First/Half year	-22.2		Telecom network charges	-2.9
	discount*1		Other	-10.8
	Others	+9.5
		Depreciation and
	Broadband	+5.4
		amortization	-4.7
	Electricity	+18.8

+37.6 bn

Cost of goods sold +10.2		Commerce*2	+32.5
Other	+1.4		of which, ZOZO +13.5
				Media*2	-4.4		589.6
				Other	-5.5
	Q1	(loss improvement of PayPay +6.8）+9.6
	Q2	(FY19 temporary factor*3etc.)	-10.1

FY19H1	*1: Change in the method of recording discount on service fees (First year discount); deferred over a 24 month period before amendment of Telecommunications	FY20H1
Business Act in October 2019, recorded over a 12 month period after amendment
	*2: Figures of Commerce and Media in Yahoo segment represent segment income/loss of ZHD	7
	*3: Due to recording of a gain of 11.9 bn on loss of control due to the reclassification of Cybereason Japan Corp. from SoftBank's subsidiary to an equity method affiliate

Accounting Related to Support Programs for Mobile Device Purchases

• Revised reserve of SoftBank's cost based onthree-year track record since introduction of the program
• Reversal of contract liabilities related toHalf-Price Support of JPY 11.0 bn was recorded as one-time revenue

Half-Price Support*1(2017-2019)

Accounting Method

When customers purchase eligible devices

in 48-month installments and upgrades after the 25th month,

the remaining payments are waived

Trade-in used mobile device and upgrade to new model in the 25th month

Device price

Payment

JPY 40,000

JPY 20,000

Difference of waived payment and

proceeds from traded-in device sale

is borne by SoftBank

Waived payment

Unit

X

Number

X

Exercise

=

Estimated

JPY 20,000

price

of cases

rate

cost

	Proceeds		Ratio of users
		exercising
	from sale of
		Half-Price Support
traded-in device

Accounting method differs

before/after revision to

Telecommunications Business Act

	Account title
Half-Price Support*1	Mobile
communications
(Sep 2017-Sep 2019)
revenue
Tokusuru Support	Sales promotion
Tokusuru Support +*2
expenses
(Sep 2019-)

Without	With
Half-Price Support	Half-Price Support
*1: From Sep 12, 2019, SoftBank has stopped accepting new applications for Half-Price Support	8
*2: Tokusuru Support is applicable for eligible models launched before Mar 26, 2020, and Tokusuru Support + is applicable for eligible models launched after Mar 27, 2020

Mobile Communications Charge

• Clarification of pure mobile communicationscharge-related business

Revenue		Operating Income

By segment

Enterprise, Yahoo,

Distribution,

and Other

Sales of goods and others

	Broadband
Consumer
Electricity

Mobile communications

Clarification

Same as left

Sales of goods and others

Broadband

Electricity

Mobile value- added services

Mobile communications charge

Warranty

Security Payment fee Monthly content, etc

By segment

Clarification

Enterprise, Yahoo,

Distribution,Same as leftand Other

Consumer services

Sales of goods and others

ConsumerBroadband Electricity

Mobile value-added services

Mobile communications charge

*Mobile communications charge for Enterprise is included in "Enterprise, Yahoo, Distribution, and Other"

9

27%

33%

40%

FY19

H1

Revenue/Operating Income Proportion (Non-audited)

• Proportion of mobile communications charge is continuouslydecreasing, and businesses other than mobile communication(non-telecom)are becoming growth drivers

Revenue*1		Operating Income*2		Revenue*1		Operating
			Income*2
ZHD	ZHD
Consolidated	Consolidated

Enterprise, Yahoo,						4%	5%	7%	13%
Distribution,	25%	25%	27%	29%								29%
and Other *3
						45%	40%	44%						44%	47%
											49%	43%
Consumer	30%	33%
services	35%	34%								33%
						26%										26%	24%
Mobile						56%	52%
communications	45%	42%							44%	44%
38%	37%						38%
charge			29%									30%	30%
0								0						0			0
													FY19	FY20
		FY15	FY16	FY17	FY18	FY19			FY15	FY16	FY17	FY18	FY19
*Pro forma (non-audited) information calculated using certain assumptions by the Company. FY18 is not retroactively adjusted for the impact of consolidating ZHD.	H1		H1

Ratio is rounded to the nearest whole number, and the total does not necessarily equal 100. *1: Sales to external customers is used as Revenue.

*2: Operating income of "Enterprise, Yahoo, Distribution, and Other" includes adjustments. *3: Mobile communications charge for Enterprise is included in "Enterprise, Yahoo, Distribution, and Other."

31%

29%

39%

FY20

H1

10

Revenue/Operating Income (Non-audited)

• Revenue and operation income of mobile communications charge are both stable

		Revenue*1			Operating Income*2			Revenue*1			Operating
								Income*2
	[JPY bn]		ZHD	[JPY bn]			ZHD	[JPY bn]	10,000	[JPY bn]
		Consolidated			Consolidated
		4,861.2				911.7
										2,373.1 2,428.4
3,410.6	3,483.1 3,582.63,746.3			644.0	678.7	719.5						589.6
Enterprise, Yahoo,					637.9						552.0
Distribution,
and Other *3
Consumer
services
Mobile						320.0	350.0
communications	1,390.0 1,430.0							220.0 230.0
				720.0 720.0
charge*4

0

FY15	FY16	FY17	FY18	FY19	FY15	FY16	FY17	FY18	FY19	FY19	FY20
*Pro forma (non-audited) information calculated using certain assumptions by the Company. FY18 is not retroactively adjusted for the impact of consolidating ZHD.	H1	H1

*1: Sales to external customers is used as Revenue. *2: Operating income of "Enterprise, Yahoo, Distribution, and Other" includes adjustments.

*3: Mobile communications charge for Enterprise is included in "Enterprise, Yahoo, Distribution, and Other." *4: Figures for "Mobile communications charge" are rounded to the nearest 10 bn.

FY19 FY20

H1 H1

11

Net Income (YoY Comparison)

• Effect fromone-time gains/losses on sales and valuations of shares in the previous and current fiscal year (a)
• Impact on net income attributable tonon-controlling interests mainly came from ZHD earning growth (including impact from ZOZO consolidation) (b)

[JPY bn]	-19.9
+37.6
	-0.1	-17.5
	Financing income/costs,	Shares of	(b)
	Gains on sales of equity
	profit/losses of
	method investments		-12.4
Operating	associates	Income taxes
income	One-time gains/losses	accounted for
	on valuations and	using the equity		Net income
	sales of shares	method		attributable to non-
	-22.0			controlling interests
327.4	(a)
			315.1
		-12.3 bn
FY19H1				FY20H1

12

CAPEX/Adjusted Free Cash Flow

• CAPEX was JPY 178.2 bn. CAPEX excluding ZHD was JPY 141.8 bn
• Adjusted free cash flow excluding ZHD (including IFRS 16 impact) was JPY 401.9 bn. Steady progress towardsfull-year target of JPY 670.0 bn

CAPEX*1

	[JPY bn]
200			178.2
180
	163.5
160			36.3
140	ZHD	47.5
120
100
80				Full-year forecast
		141.8	400.0
SoftBank	116.0
60			(Progress 35%)
(excluding IFRS 16)	(Progress 31%)
40
20
0		FY19H1	FY20H1

Adjusted FCF*2,4

[JPY bn]

Total 395.7	501.6		Full-year target
of which SoftBank
394.8	401.9		670.0
(excluding ZHD)
			(Progress 60%)

		99.7
ZHD*3	1.0	63.6	120.0
IFRS 16 impact	63.5
SoftBank	331.3	338.3	550.0
	FY19H1	FY20H1

*1: CAPEX is on acceptance basis. Excludes CAPEX for rental mobile phones and impact from IFRS 16

*2: Adjusted FCF = FCF ±total CF relating to non-recurring transactions with SoftBank Group Corp. + (proceeds from the

securitization of installment sales receivables - repayments thereof)
*3: Sum of ZHD's FCF and dividend payments from ZHD to SoftBank Corp. (FY19H1: 5.4 bn, FY20H1: 18.8 bn)
(including impact of IFRS 16 in ZHD)	13
*4: FY20H1 excludes impact from LINE TOB (84.0 bn)

Interest-bearing Debt/Net Interest-bearing Debt

and Net Leverage Ratio

• Netinterest-bearing debt decreased QoQ due to the impact of working capital of ZHD. Financing has been diversified by utilizing straight bonds and ECA*1finance, etc.
• Net leverage ratio improved due to decrease of netinterest-bearing debt and increase of adjusted EBITDA

Interest-bearing Debt/

Net Interest-bearing Debt*2

[JPY tn]		5.58	5.71	Interest-bearing debt
5.0	4.73	0.48	0.57	IFRS 16
	0.49	1.10	1.11	ZHD consolidation

Net Leverage Ratio*5,6

2.8

2.4x 2.5xIncluding IFRS 16

2.3x

4.0 0.53

3.52

3.0 1.18

0.19	0.06	Other
0.29	Bonds and CP
4.03
3.88	Net interest-bearing debt

1.11	1.14Lease liabilities*3

2.3x		2.5x	2.4x	2.2x
2.2x	2.3x
			Excluding IFRS 16

1.8	1.9x	1.9x

2.0		0.94			1.09	1.06	Securitization of
				sales receivables
1.0		1.53			1.61	1.48
				Bank loans*4
0.0
Q1	Q2	Q3	Q4	Q1	Q2

FY19FY20

*1: Export Credit Agency

*2: Net interest-bearing debt = Interest-bearing debt - Cash and cash equivalents - Cash reserve of securitization of sales receivables. Cash reserve for securitization of sales receivables is included in net interest-bearing debt from FY20, figure of FY19 is restated accordingly

*3: Lease liabilities are liabilities and borrowings related to sale and leaseback and ECA finance transactions of SoftBank Corp. and WCP (includes installment payables)

	1.7x				1.7x
	1.5x				1.5x
				Adjusted net leverage ratio
				(excluding effect of securitization
0.8				of sales receivables and IFRS 16)
Q1	Q2	Q3	Q4	Q1	Q2
		FY19				FY20

*4: Senior Loan Agreements which SoftBank Corp. entered in October 2019

*5: Net leverage ratio = Net interest-bearing debt / Adjusted EBITDA (LTM)

*6: LTM EBITDA of ZOZO retrospectively adjusted for FY19Q3, FY19Q4, FY20Q1 and FY20Q2 14

Cumulative Subscribers (Main Subscribers/Smartphones)

• Smartphone subscribers exceeded 25.00 mil (+1.97 mil YoY). Y!mobile drove the growth, reached 20% of total smartphone subscribers
• Cumulative main subscribers reached 37.28 mil (+1.72 mil YoY)

Cumulative Subscribers*1

YoY

Smartphone Subscribers

40

[Mil]

36.50 36.8737.28

+1.72

40

[Mil]

Growth in all 3 brands

Main

35.56

Subscribers

12.36

12.37

12.28

-0.25

12.52

Other*2

24.13 24.5025.00

23.03

20

20

Smartphones

23.03

24.13

24.50

25.00

+1.97

QoQ

QoQ

QoQ

(+0.36)

(+0.50)

(+0.58)

0

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

0

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

FY18

FY19

FY20

FY18

FY19

FY20

*1:	Cumulative subscribers include Wireless Home Phone subscribers (FY19Q2: 0.51 mil, FY20Q2: 0.56 mil)	15
*2:	Feature phones, tablets, mobile data communications devices, Wireless Home Phones, etc.

Churn Rate (Main Subscribers/Smartphones)

• Churn rates for both main subscribers and smartphones dramatically improved, YoY-0.10%

0.01

0.01

0.01

0.01

0.01

0.00

		YoY
0.98%	0.99%
	0.88%	-0.10%	Main subscribers
	0.73%
0.74%	0.72%
	-0.10%
	0.64%	Smartphones
	0.53%

0.00

0.00

Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2
		FY18				FY19			FY20

16

ARPU (Main Subscribers)

• ARPU before discount decreased due to introduction of unbundling plan (including family discounts and Smartphone Debut Plan), effects fromFirst-year and Half-year discount*1, and a rise in composition ratio of Y!mobile and LINE MOBILE subscribers (a)
• Discount ARPU also gradually decreased due to introduction of unbundling plan (b)

[JPY]											YoY
					5,190		4,920	4,810	4,750	(a)	-450
4,500
					4,450		4,330	4,300	4,300	(c)	-150
2,500
500
					-740		-590	-510	-450	(b)	+290
-1,500
Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4	Q1	Q2
		FY18			FY19			FY20

ARPU before discount

Total ARPU (after discount)

1. = (a) + (b)
   Discount ARPU*2

*1: Change in the method of recording discount on service fees (First-year discount); deferred over a 24-month period before amendment of Telecommunications Business Act in
October 2019, recorded over a 12-month period after amendment	17
*2: Revenue deductions relating to reward points and programs supporting handset payments are not included in calculation of ARPU

Broadband Service

• SoftBank Hikari cumulative subscribers (connected lines) reached 6.76 mil, steadily increased by 0.60 mil YoY
• Increase in subscribers accelerated partly from increased telework needs(Net adds of FY20Q2 +0.16, FY19Q2 +0.11).Home Bundle Discount Hikari Set subscribers increased

Cumulative Subscribers		Home Bundle Discount Hikari Set
(Number of Connected Lines)		Cumulative Subscribers

[Mil]

YoY

[Mil]

YoY

8

7.76

7.85

7.99 8.09

+0.34

10.09 10.19 10.29

+0.45

9.84

1.46 1.391.33

-0.26

10

1.59

Mobile

Other6

8

×2.1*2

4

6

4.75 4.83 4.90

Broadband

4.61

+0.29

*1

6.16

6.39 6.606.76

+0.60

4

QoQ

QoQ

(+0.16)

(+0.11)

2

0

0

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

FY18

FY19

FY20

FY18

FY19

FY20

-2

18

*1: SoftBank Hikari includes SoftBank Air

*2: Number of mobile lines under bundled discount per SoftBank Hikari line

ZHD and SB Payment Service: Transaction Value

• E-commercetransaction value was +30% YoY due to factors such as the consolidation of ZOZO and increased demand for online shopping under COVID-19
• SB Payment Service transaction value in Q2 recovered from a temporary decline in travel andentertainm​ent-relate​d​ transactions in Q1, and showed double-digit increase YoY

ZHD E-Commerce Transaction Value

SB Payment Service Transaction Value

YoY

[JPY bn]

[JPY bn]

964.7

974.9

+109.0

1,000

1,000

YoY

865.9

900.9

+13%

800

784.9

+180.2

800

714.3

707.3

+30%

600

604.7

600

400

400

200

200

0

0

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

Q1

Q2

Q3

Q4

Q1

Q2

Q3

Q4

Q1

Q2

FY18

FY19

FY20

FY18

FY19

FY20

19

PayPay: Registered Users and No. of Payments

• Cumulative registered users grew by 2.2 times YoY and number of payments grew by 5.1 times YoY
• Rapid growth through synergies from cooperation among Paytm's technological capabilities, Yahoo's engineers and marketing, and SoftBank's sales capabilities

Cumulative Registered Users*1

[Mil]							YoY
34						32.46	2.2x
32					30.04
30
			27.12
28
26
24
22
20
18
16		14.74
14
12
10
8
6
4
2
0
Q4	Q1	Q2	Q3	Q4	Q1	Q2
FY18		FY19				FY20

	Number of Payments*2		YoY
[Mil]						487	5.1x
					429
400				375
200
		96
0
Q4	Q1	Q2	Q3	Q4	Q1	Q2
FY18			FY19		FY20

*1: As of the end of each quarter

*2: Total of each quarter

20

PayPay: Capital Structure

• Stock acquisition rights*1issued to Paytm in Sep 2020. Future consolidation of PayPay would be considered and make PayPay a core business of SoftBank

					Ratio of Voting Rights
							After conversion of preferred
				Present		stock (after FY22) + exercise of stock
							acquisition rights by Paytm
				25%			32%
	SoftBank
								64%
			25%	32%
	Z Holdings
				50%			28%
	SoftBank Group
				―	8%
	Paytm
* 1: Exercisable from the end of Sep 2020				21

Secondary Offering of Shares

• In September 2020, SoftBank Group executed a secondary offering of SoftBank Corp.'s shares
• SoftBank Group's ownership decreased to 40%, increasing the presence of minority shareholders

Shareholder Composition*1

End of Mar 2020

67%

17%

7% 10%

End of Sep 2020	40%	27%	19%	14%
	SoftBank Group*2	Individuals	Foreign	Domestic institutional
			institutional	investor, financial
			investors	institutions, etc.
*1: Percentage of ownership is based on the total number of shares outstanding (excluding treasury stock). Percentages are rounded to the nearest whole number, and the total does not necessarily equal 100
*2. SoftBank Group Corp., our ultimate parent company, effectively owns SoftBank Corp.'s shares through SoftBank Group Japan Corporation		22

Net Income by Segment (Non-audited)

• As Beyond Carrier strategy progresses, sources of revenue and earnings diversified
• PayPay and other new business fields are in the investment phase

[JPY bn]				FY19*1
	*3	Adjusted	Operating	Financing	Profit/loss	Income	Non-	Net
	Revenue	*3	*3	income/	from equity	taxes*6	controlling		Remarks
		EBITDA	income	costs*4	method*5		interests*7	income
Mobile	1,430.0	740.0	350.0					240.0
communications	-	-	-110.0	-	Pure mobile communications charge-related business
charge*2
Consumer	1,260.0	350.0	300.0	-	-	-96.0	-	204.0	Warranty, security, monthly contents, broadband, electricity,
service*2	sales of goods, etc.
Enterprise	638.9	245.5	83.6	-	-	-26.3	-	57.3	FY20H1 operating income +18% YoY
Forecast double-digit annual profit growth for FY20-FY22
Distribution	482.4	20.3	17.2	-	-	-5.4	-	11.8	Profit growth for six consecutive years*8
Annual revenue reaching nearly JPY 500.0 bn
Yahoo	1,052.9	239.4	152.3	-3.8	-12.8	-47.7	-51.6	36.5	(Ref.)ZHD market value held by SoftBank: JPY 1.4 tn
JPY 3.1 tn (Market cap as of Nov 2, 2020) ×44.6%
PayPay	0.2	-6.8	-6.8	-	-37.9	-	12.2	-32.5	Accounted for as consolidated subsidiary in April 2019 and
equity method affiliate after May 2019
Other affiliates	108.0	26.3	17.6	-	-3.1	-5.5	-	8.9	SB Payment Service, SB Players, HAPSMobile, OYO, DiDi,
gains/losses on sales and valuation of shares, etc.
Corporate	-111.2	-8.2	-2.2	-54.4	11.5	-13.6	5.9	-52.9	In addition to consolidation adjustments, mainly financing
(Adjustments)	costs and income taxes regarding LINE business integration
Total	4,861.2	1,606.5	911.7	-58.2	-42.4	-304.5	-33.5	473.1
*1: Pro forma (non-audited) information calculated using certain assumptions by the Company. *2: Figures for Mobile communications charge and Consumer service are rounded. *3: Figures for revenue, adjusted EBITDA,
and operating income of PayPay are one month's worth, as they are accounted as a consolidated subsidiary in April 2019 and an equity method affiliate after May 2019. *4: "Financing income/costs" includes financing income
and financing costs. *5: "Profit/loss from equity method" includes shares of losses of associates accounted for using the equity method, gain/losses on sales of equity method investments, and impairment loss of equity
method investments. *6: Income taxes for all segments (excluding Yahoo) is calculated by multiplying operating income by a tax rate of 31.5%. *7: All items other than those related to ZHD Group and PayPay are included in	23
"Corporate (Adjustments)". *8: After establishment of SoftBank Commerce & Service Corp. (current SB C&S Corp.) in 2014.

Growth and Shareholder Returns

• Aim to achieve both operating income of over JPY 1 tn in FY22 and continue stable and high dividend policy. Continue policy to achieve both growth and shareholder returns.

Operating Income*1

Over JPY 1 tn in FY22

[JPY bn]

over 1 tn

	911.7	920.0
818.2	ZHD
ZHD
FY18	FY19	FY20	FY22

* 1: FY18 retroactively adjusted for the impact of consolidating ZHD

Shareholder Returns

No dividend reduction every year / total shareholder return ratio of c. 85%

	(3-year weighted average*2)
[JPY]			86+α
	85	86	Share
	buyback
75			Dividend
		per
			share
FY18	FY19	FY20	FY22

*2: Total dividends and share buybacks for FY20-FY22 / total net income attributable to	24
owners of SoftBank Corp. for FY20-FY22

Appendix

Consolidated Statements of Income

[億円]	[JPY bn]	FY19H1	FY20H1	Variance	Reasons for Variance
	Revenue	2,373.1	2,428.4	+55.3
	Cost of sales	-1,201.2	-1,184.6	+16.6
	Gross profit	1,171.9	1,243.9	+72.0
	Selling, general and administrative expenses	-631.9	-654.3	-22.3
	Other operating income	12.0	-	-12.0	Gain on loss of control due to the reclassification of Cybereason Japan
	Corp. from SoftBank's subsidiary to an equity method affiliate
	Operating Income	552.0	589.6	+37.6
	Share of gain / losses (-) of associates	-17.3	-17.4	-0.1
	accounted for using the equity method
	Financing income	3.9	3.4	-0.5
	Financing costs	-29.7	-43.8	-14.0	Losses on valuation of shares
	Gains on sales of equity method investments	5.5	-	-5.5
	Profit before income taxes	514.2	531.8	+17.6
	Income taxes	-167.7	-185.2	-17.5	Increase in income taxes due to increase in profit before income taxes
	Net income	346.6	346.7	+0.1
	Net income attributable to
	Owners of the Company	327.4	315.1	-12.3
	Non-controlling interests	19.2	31.6	+12.4

26

Consolidated Statements of Financial Position (Assets)

[億円円]]	[JPY bn]	As of	As of	Variance	Reasons for Variance
Mar 31, 2020	Sep 30, 2020
	Total assets	9,792.3	10,490.8	+698.6
	Current assets	3,364.3	3,849.3	+485.0
	Cash and cash equivalents	1,143.8	1,747.0	+603.2	Increase in funds procured from securitization of sales receivables and
	issuance of bonds
	Trade and other receivables	1,800.3	1,774.7	-25.6
	Other financial assets	94.9	96.4	+1.5
	Inventories	96.9	120.5	+23.6
	Other current assets	228.4	110.7	-117.7	Income taxes of ZHD refunded
	Non-current assets	6,428.0	6,641.6	+213.6
	Property, plant and equipment	986.1	1,098.0	+111.9	Increase in telecommunication facilities
	Right-of-use assets	1,234.5	1,153.9	-80.5	Decrease from depreciation, lease-ups, etc.
	Goodwill	618.6	624.5	+5.8
	Intangible assets	1,709.5	1,687.2	-22.4
	Contract costs	212.6	226.4	+13.7
	Investments accounted for using the	80.1	93.4	+13.3
	equity method
	Investment securities	175.2	259.0	+83.9	+84.0 from acquisition of LINE shares by SoftBank
	Investment securities in banking business	343.0	382.9	+39.9
	Other financial assets	905.6	958.5	+52.9	Increase in deposit to Central clearing agency of The Japan Net Bank
	Deferred tax assets	55.9	52.2	-3.7
	Other non-current assets	106.9	105.6	-1.3

27

Consolidated Statements of Financial Position (Liabilities)

[億円]	[JPY bn]	As of	As of	Variance	Reasons for Variance
Mar 31, 2020	Sep 30, 2020
	Total liabilities	8,084.7	8,648.0	+563.3
	Current liabilities	4,496.6	4,735.1	+238.5
	Interest-bearing debt	1,811.3	2,145.3	+334.0	Increase from securitization of sales receivables
	Trade and other payables	1,253.8	1,125.4	-128.4	Decrease in operating payables and trade payables
	Deposits for banking business	880.8	1,069.9	+189.1	Increase in saving accounts of The Japan Net Bank
	Contract liabilities	127.7	102.1	-25.6
	Other financial liabilities	3.8	2.7	-1.1
	Income taxes payable	153.4	147.4	-6.0
	Provisions	6.8	14.6	+7.8
	Other current liabilities	259.1	127.7	-131.5	Payment of withholding tax related to dividends paid from Yahoo Japan to ZHD
	Non-current liabilities	3,588.1	3,912.9	+324.8
	Interest-bearing debt	3,271.0	3,563.8	+292.9	Bond issuance by ZHD of 200.0 and SoftBank of 100.0
	Other financial liabilities	36.8	36.7	-0.0
	Defined benefit liabilities	16.3	16.5	+0.1
	Provisions	83.9	90.3	+6.4
	Deferred tax liabilities	168.2	193.7	+25.5
	Other non-current liabilities	11.9	11.8	-0.1

28

Consolidated Statements of Financial Position (Equity)

[億円]	[JPY bn]	As of	As of	Variance	Reasons for Variance
Mar 31, 2020	Sep 30, 2020
	Total equity	1,707.6	1,842.9	+135.3
	Equity attributable to owners of the Company	1,000.5	1,126.7	+126.2
	Common stock	204.3	204.3	-
	Capital surplus	-133.9	-136.1	-2.2
	Retained earnings	1,003.6	1,104.7	+101.2	-201.5 from dividend payments by SoftBank and +315.1 from net
	income in FY20H1
	Treasury stock	-68.7	-42.6	+26.1
	Accumulated other comprehensive income	-4.7	-3.7	+1.0
	Non-controlling interests	707.0	716.2	+9.2
	Shareholders' equity ratio*1	10.2%	10.7%	+0.5%
	Ratio of total equity to total asset	17.4%	17.6%	+0.2%

*1: Shareholders' equity ratio = total equity attributable to owners of the Company ÷total assets

29

Consolidated Statements of Cash Flows

[JPY bn]	FY19H1	FY20H1	Reasons for Variance
Cash flows from operating activities	566.1	785.9
Net income	346.6	346.7
Depreciation	327.3	342.9
Change in working capital	-90.8	-56.9
Interest paid	-26.4	-29.2
Income taxes paid/refunded	-124.6	-156.1
Other	134.0	338.5	Increase in deposits for banking business
Cash flows from investing activities	-219.5	-426.1
Purchases of/proceeds from sales of property, plant and	-221.6	-248.2
equipment and intangible assets
Proceeds from sales/redemption of investments	-10.0	-119.4	-84.0 from acquisition of LINE shares by SoftBank
Proceeds from obtaining control of subsidiaries	-	-9.1
Other	12.1	-49.4
Cash flows from financing activities	-130.1	243.6
Proceeds from interest-bearing debt	980.0	1,065.7	Bond issuance by ZHD of 200.0 and SoftBank of 100.0
Repayment of interest-bearing debt	-705.8	-1,021.1	Repayment of bank borrowings by ZHD
Net increase/decrease of short-terminterest-bearing debt	400.8	429.1
Cash dividends paid	-195.0	-201.4
Cash dividends paid to non-controlling interests	-24.6	-27.4
Purchase of treasury stock	-30.7	-
Purchase of treasury stock by subsidiaries	-526.8	-	Purchase of treasury stock by ZHD in FY19
Other	-28.0	-1.3
Effect of exchange rate changes on cash and cash equivalents	-0.4	-0.1
Cash and cash equivalents at the beginning of the period	938.4	1,143.8
Cash and cash equivalents at the end of the period	1,154.4	1,747.0
Adjusted free cash flow	395.7	417.6		30

Subsidiaries (1/2)

• 263 group companies at the end of Sep 2020 (of which, 201 subsidiaries and 62 affiliate*1companies)

Segment	Company Name	Ratio of Voting	Business Description	Blue: listed company
Rights Held
	Wireless City Planning Inc.	32.2%	Telecommunication services (Economic interests: 99.5%)
	LINE MOBILE Corporation	60.0%	Telecommunication services
Consumer	WILLCOM OKINAWA, Inc.	100.0%	Telecommunication services
	SB Power Corp.	100.0%	Sales and purchases of power and mediating power transaction
	SB Mobile Service Corp.	100.0%	Call center business
Enterprise	IDC Frontier Inc.	100.0%	Data center business
Telecom Engineering CO., LTD.	100.0%	Construction and operation related to telecommunications
Distribution	SB C&S Corp.	100.0%	Distribution and sales of IT-related products, provision of IT-related services
	Z Holdings Corporation	44.6%	Holdings company
	Yahoo Japan Corporation	100.0%	E-commerce, internet advertising business
	ZOZO, Inc.	50.1%	Operation of an e-commerce fashion website, distribution of private brand, operation of fashion media
	Ikyu Corporation	100.0%	Operation of internet sites that provide reservation services for high-end hotels and restaurants, etc.
	YJ Card Corporation	100.0%	Credit card, card loan, credit guarantee business
Yahoo	ASKUL Corporation	45.1%	Mail-order service of office-related products and other delivery services
	YJFX, Inc.	100.0%	Foreign exchange margin trading business
	The Japan Net Bank, Limited	46.6%	Banking business
	eBOOK Initiative Japan Co., Ltd.	43.4%	Content digitization and distribution service, planning, development, and production of digital content,
	and publishing and editorial service for magazines and books
	ValueCommerce Co., Ltd.	52.0%	Advertisement business, CRM business
*1: Affiliate companies include joint ventures			31

Subsidiaries (2/2), Affiliates

Segment	Company Name	Ratio of Voting	Business Description	Blue: listed company
Rights Held
	HAPSMobile Inc.	92.9%	R&D and manufacturing of network equipment for HAPS business
	SB Payment Service Corp.	100.0%	Payment processing
	SB Cloud Corp.	60.0%	Sales of public cloud services
	One Tap BUY Co., Ltd.	75.6%	Securities business specializing in smartphones
Other	SB Media Holdings Corp.	100.0%	Intermediate holdings company that owns ITmedia Inc.
	ITmedia Inc.	52.5%	Operation of comprehensive IT information site ITmedia
	SB Players Corp.	100.0%	Solution services for government
	SoftBank Technology Corp.	53.2%	Cloud service, security monitoring service, provision of IoT solution
	Vector Inc.	42.4%	Sales of download licenses for PC software and advertising sales
Category	Company Name	Ratio of Voting	Business Description	Blue: listed company
Rights Held

	PayPay Corporation	50.0%
	WeWork Japan G.K.	25.0%
	OYO Japan G.K.	24.9%
Affiliate	Tpoint Japan Co., Ltd.	34.0%
companies	J.Score CO., LTD.	50.0%
	Geniee, Inc.	31.3%
	Scigineer Inc.	32.1%

Development and offering of electronic payment services such as mobile payment Provision of co-working spaces

Provision of accommodation and hotel services

Point management business

FinTech services using AI-scoring

Marketing technology business

Internet marketing support services utilizing "deqwas", a personalized engine for e-commerce businesses and retailers

32

Business Integration Between ZHD and LINE

• After the business integration is completed, the JV (consolidated by SoftBank) between NAVER and SoftBank will own 65.3% of ZHD

Post-Integration Structure

50% 50%

Consolidated

JV (former LINE) Delist

65.3%

Maintain

listing

・SoftBank will have control of the majority of the board of directors (three out of five nominees)

・President, Representative Director: Ken Miyauchi, Chairperson of the Board, Representative Director: Hae Jin Lee

・LINE's business will be integrated with ZHD, the post-integration holding company

・JV will have control of the majority of the board of directors (six out of ten nominees)

・President, Representative Director and Co-CEO: Kentaro Kawabe Representative Director and Co-CEO: Takeshi Idezawa

*The structure is partially omitted or simplified.	33
*The structure of each of the proposed transactions and their ordering relative to one another may be changed within the scope of the purpose of this business integration and with the agreement of all parties concerned.

Timeline of Business Integration between ZHD and LINE

Nov. 18,	Dec. 23,	Aug 4,	Sep 15,	Jan 2021	Mar 2021
2019	2019	2020	2020	(Plan)	(Plan)

						Completion of joint		Commencement of
				Acquired clearance		tender offer for		tender offer for
Signing of		Signing of		from JFTC*1		LINE shares by		ZHD shares by
Memorandum of		Definitive				SoftBank & NAVER		LINE		Closing
Understanding		Agreement

*1: Japan Fair Trade Committee

34

SoftBank's Priority Issues (Materiality)

• Identified priority issues (materiality) to contribute to the achievement of Sustainable Development Goals (SDGs)

social Solving through issues business

social Solving through issues activities corporate

Building society and

industry through

digital transformation

Contributing to the global

environment with the power of technology

Connecting people to information to create new excitement

Building high-quality

social networks

Creating new business

through open

innovation

Developing a resilient

management

foundation

35