Softbank Investor Presentation November 2019 discussing the progress of SoftBank. The value of SoftBank's business is underpinned by the value of Alibaba, Sprint and ARM Holdings. The SoftBank Vision Fund and in particular its stake in WeWork has performed disastrously but overall the value of the entity has risen.
Portfolio Risk And Return Analysis PowerPoint Presentation Slides SlideTeam
Presenting this set of slides with name - Portfolio Risk And Return Analysis Powerpoint Presentation Slides. Enhance your audiences knowledge with this well researched complete deck. Showcase all the important features of the deck with perfect visuals. This deck comprises of total of twenty nine slides with each slide explained in detail. Each template comprises of professional diagrams and layouts. Our professional PowerPoint experts have also included icons, graphs and charts for your convenience. All you have to do is DOWNLOAD the deck. Make changes as per the requirement. Yes, these PPT slides are completely customizable. Edit the colour, text and font size. Add or delete the content from the slide. And leave your audience awestruck with the professionally designed Portfolio Risk And Return Analysis Powerpoint Presentation Slides complete deck.
http://www.indxx.com/research.php - Attribution is the measurement and quantification of the historical as well as expected return contributions of the individual steps of the investment process as well as of the applied financial instruments.
Portfolio Risk And Return Analysis PowerPoint Presentation Slides SlideTeam
Presenting this set of slides with name - Portfolio Risk And Return Analysis Powerpoint Presentation Slides. Enhance your audiences knowledge with this well researched complete deck. Showcase all the important features of the deck with perfect visuals. This deck comprises of total of twenty nine slides with each slide explained in detail. Each template comprises of professional diagrams and layouts. Our professional PowerPoint experts have also included icons, graphs and charts for your convenience. All you have to do is DOWNLOAD the deck. Make changes as per the requirement. Yes, these PPT slides are completely customizable. Edit the colour, text and font size. Add or delete the content from the slide. And leave your audience awestruck with the professionally designed Portfolio Risk And Return Analysis Powerpoint Presentation Slides complete deck.
http://www.indxx.com/research.php - Attribution is the measurement and quantification of the historical as well as expected return contributions of the individual steps of the investment process as well as of the applied financial instruments.
A project on derivatives market in indiaProjects Kart
A project on derivatives market in India report goes beyond that the local derivative in the emerging markets have witnessed widespread use of the derivative instrument for a variety of reasons. This continuous growth and development by the emerging market participants has resulted in capital inflows as well as helped the investors in risk protection through hedging. Visit: http://www.projectskart.com/p/contact-us.html for more information.
The slides contain discussion on the global capital market as well as international lending. It also identifies the different bond markets at well as current data on international lending.
Derivative is a financial instrument that derives its value from the value of some underlying asset. When the prices of commodities, currencies, securities, and interest rate are not fixed and keep on fluctuating, it becomes very necessary to hedge. Copy the link given below and paste it in new browser window to get more information on Derivatives and Hedging:- http://www.transtutors.com/homework-help/finance/derivaties-and-hedging.aspx
Corporate failures are not uncommon in today's business world. However, when a company like Silicon Valley Bank (SVB) collapses, it sends shockwaves throughout the industry. SVB was once a thriving banking institution that specialized in tech startups, but its downfall was swift and sudden. The reasons behind SVB's collapse are complex, but they offer valuable lessons for all businesses.
An exchange-traded fund (ETF) is an investment fund traded on stock exchanges, much like stocks. An ETF holds assets such as stocks, commodities, or bonds, and trades close to its net asset value over the course of the trading day. Most ETFs track an index, such as a stock index or bond index. ETFs may be attractive as investments because of their low costs, tax efficiency, and stock-like features. ETFs are the most popular type of exchange-traded product.
An ETF combines the valuation feature of a mutual fund or stock, which can be bought or sold at the end of each trading day for its net asset value, with the tradability feature of a closed-end fund, which trades throughout the trading day at prices that may be more or less than its net asset value. Closed-end funds are not considered to be ETFs, even though they are funds and are traded on an exchange.
Only authorized participants, which are large broker-dealers that have entered into agreements with the ETF's distributor, actually buy or sell shares of an ETF directly from or to the ETF, and then only in creation units, which are large blocks of tens of thousands of ETF shares, usually exchanged in-kind with baskets of the underlying securities. Authorized participants may wish to invest in the ETF shares for the long-term, but they usually act as market makers on the open market, using their ability to exchange creation units with their underlying securities to provide liquidity of the ETF shares and help ensure that their intraday market price approximates the net asset value of the underlying assets. Other investors, such as individuals using a retail broker, trade ETF shares on this secondary market
noorulhadi Lecturer at Govt College of Management Sciences, noorulhadi99@yahoo.com
i have prepared these slides and still using in mylectures, Reference: Portfolio management by S kevin and onlin
Discussion on Fisher's Theory and it's effect on money supply.
The Fisher effect is an economic theory that describes the relationship between inflation and both real and nominal interest rates. The Fisher effect states that the real interest rate equals the nominal interest rate minus the expected inflation rate.
Visit us on www.norrenberger.com for more insight.
A project on derivatives market in indiaProjects Kart
A project on derivatives market in India report goes beyond that the local derivative in the emerging markets have witnessed widespread use of the derivative instrument for a variety of reasons. This continuous growth and development by the emerging market participants has resulted in capital inflows as well as helped the investors in risk protection through hedging. Visit: http://www.projectskart.com/p/contact-us.html for more information.
The slides contain discussion on the global capital market as well as international lending. It also identifies the different bond markets at well as current data on international lending.
Derivative is a financial instrument that derives its value from the value of some underlying asset. When the prices of commodities, currencies, securities, and interest rate are not fixed and keep on fluctuating, it becomes very necessary to hedge. Copy the link given below and paste it in new browser window to get more information on Derivatives and Hedging:- http://www.transtutors.com/homework-help/finance/derivaties-and-hedging.aspx
Corporate failures are not uncommon in today's business world. However, when a company like Silicon Valley Bank (SVB) collapses, it sends shockwaves throughout the industry. SVB was once a thriving banking institution that specialized in tech startups, but its downfall was swift and sudden. The reasons behind SVB's collapse are complex, but they offer valuable lessons for all businesses.
An exchange-traded fund (ETF) is an investment fund traded on stock exchanges, much like stocks. An ETF holds assets such as stocks, commodities, or bonds, and trades close to its net asset value over the course of the trading day. Most ETFs track an index, such as a stock index or bond index. ETFs may be attractive as investments because of their low costs, tax efficiency, and stock-like features. ETFs are the most popular type of exchange-traded product.
An ETF combines the valuation feature of a mutual fund or stock, which can be bought or sold at the end of each trading day for its net asset value, with the tradability feature of a closed-end fund, which trades throughout the trading day at prices that may be more or less than its net asset value. Closed-end funds are not considered to be ETFs, even though they are funds and are traded on an exchange.
Only authorized participants, which are large broker-dealers that have entered into agreements with the ETF's distributor, actually buy or sell shares of an ETF directly from or to the ETF, and then only in creation units, which are large blocks of tens of thousands of ETF shares, usually exchanged in-kind with baskets of the underlying securities. Authorized participants may wish to invest in the ETF shares for the long-term, but they usually act as market makers on the open market, using their ability to exchange creation units with their underlying securities to provide liquidity of the ETF shares and help ensure that their intraday market price approximates the net asset value of the underlying assets. Other investors, such as individuals using a retail broker, trade ETF shares on this secondary market
noorulhadi Lecturer at Govt College of Management Sciences, noorulhadi99@yahoo.com
i have prepared these slides and still using in mylectures, Reference: Portfolio management by S kevin and onlin
Discussion on Fisher's Theory and it's effect on money supply.
The Fisher effect is an economic theory that describes the relationship between inflation and both real and nominal interest rates. The Fisher effect states that the real interest rate equals the nominal interest rate minus the expected inflation rate.
Visit us on www.norrenberger.com for more insight.
Nextdoor is a hyperlocal social networking app that connects neighborhoods.
The San Francisco-based company was founded in 2010 by social media veterans Sarah Leary, Nirav Tolia, Prakash Janakiraman & David Wiesen, and funded by Benchmark Capital and Shasta Ventures.
Nextdoor went public in November 2021 through a merger with a Khosla Ventures-backed SPAC in a deal that reportedly values the company at $4.3 billion
Read more: https://bestpitchdeck.com/nextdoor
Trian White Paper on Creating Value at Disney April 2024Neil Kimberley
Nelson Peltz owns and operates Trian Capital. Trian's strategy is to identify underperforming public companies, then intervene as an activist investor to enact aggressive value creating strategies. This white paper outlines an approach for DIS (Disney, who owns TV Stations, film studios and theme parks to change strategy and create more value for their shareholders. Peltz has a past in many CPG businesses like Snapple, Kraft Heinz and Wendy's...
In today's regulatory environment of increased fee transparency, it is an economic and fiduciary necessity for small business 401(k) sponsors to benchmark their current plan. NS Capital & MJM401k have developed a proprietary analytic tool to help sponsors make sense of their current plan.
Quabit unveils its 2018-2022 Business Plan update.
The company is set to position itself as one of the leading real estate developers in Spain already in 2021. Current share price represents a huge opportunity as the company is trading at a very significant discount over Book Value and over NAV and it is planned to reach a 17%-20% ROE in 2022.
Daily Technical Report:20 September 2019Axis Direct
Axis Direct presents daily derivatives report presenting recommendations based on technical analysis. For trading in derivatives visit https://simplehai.axisdirect.in/offerings/products/derivatives
PLAYSTUDIOS Pitch Deck: $1.1B SPAC merger with AciesPitch Decks
PLAYSTUDIOS is the developer and operator of award-winning free-to-play casual games for mobile and social platforms. They create play-to-earn mobile games such as myVegas Slots and myVegas Blackjack, with a loyalty program called playAwards where players can redeem points for rewards such as MGM accommodations and amenities.
PLAYSTUDIOS offers players the chance to earn rewards from 95 partners and 290 entertainment, retail, travel, leisure, and gaming brands. The community has purchased over 11 million rewards worth $500,000 with playAwards loyalty points.
Acies, a blank-check firm started by former MGM Resorts International CEO Jim Murren, and PLAYSTUDIOS agreed to a merger in February 2021, listing on the Nasdaq under the ticker “MYPS.” The transaction valued the mobile games developer at $1.1 billion. Here is the investor presentation behind the PLAYSTUDIOS and Acies Acquisition Corp. merger.
With the pressure on auto manufacturers to trim CO2 emission, electric vehicle stocks have seen a great improvement. Check out the Top EV stocks that will provide investors an exposure to the sector.
We recommend adding equities through Asset allocation schemes and Fund of fund schemes like
ICICI Prudential Balanced Advantage Fund and ICICI Prudential Asset Allocator Fund (FOF)
Read the full doc to know more
AI won't take your job but someone using AI will take your job.
AI is a major topic of discussion today. Debates rage about the ethics, the potential for human extinction, obliteration of the workforce and plenty more between AI sceptics and AI believers. The variety and pace of development of the technology is unparalleled. It's almost impossible to keep up.
In this series of sessions at BoS Conference USA 2023 we’ll deep dive into how Autobooks retooled their business and ask the question, “What Happens if Product, Sales & Marketing Work Together?”
https://businessofsoftware.org/events/business-of-software-conference-usa-2023/autobooks-case-study/
A case study like no other. In this series of sessions at BoS Conference USA 2023 we deep dived into how Autobooks retooled their business and ask the question, “What Happens if Product, Sales & Marketing Work Together?”
By focussing everything they did on the needs of their customers and helping them grow, they also grew faster, made their lives easier and changed the way they think about collaboration across the company.
https://businessofsoftware.org/events/business-of-software-conference-usa-2023/how-autobooks-reinvented-itself-2/
The average lifespan of a first hire Product Manager is 11 months. This is terrible for Product Manager's and the businesses they join and then leave. What are the most common pitfalls that make this so difficult and what can founders and first hire Product Managers do to change this?
Tim shares an approach to make first hires a success that is focused on product but contains plenty of insights for hires in other functions. He starts before the hiring process starts and then share some tried and trusted guidelines for founders and Product Managers to make the first 12 months in the role a case study in excellence. He shares some templates you will be able to use to set yourself up for better outcomes.
https://businessofsoftware.org/talks/making-first-hire-product-managers-work/
You’ve got a great product customers love and you want to grow your user base. In this session, Lucy will explain why the smartest way to growth is to align your marketing with the strengths of your product so your product becomes a marketing engine.
She will show you how to understand the types of problems your customers experience and how that should shape your marketing to capture demand. Lucy will share case studies of companies that have developed powerful product led marketing approaches successfully including Grammarly, Hubspot. She will help you to understand the problems your customers face so that you can align your marketing and product marketing strategy with insights that will drive effective growth and product development.
https://bos.thebln.com/talks/your-product-as-a-marketing-engine/
B2B sales is hard and in a recession it gets harder. Over 70% of buyers think that sales people bring zero value to their buying process.
In this session, Mark will explain why sales can be such a challenge for software companies, why a recession can make it even harder and what you can do to change the narrative. He will share tried and trusted steps to help you, your product and your sales team stand out from the crowd so your buyers value your product and the help you can give them.
https://businessofsoftware.org/talks/better-b2b-sales/
Alex will discuss his journey from author and expert on business models to being CEO and Founder of Strategyzer, the product business that he has built from his mountain retreat in Switzerland. He will discuss how he manages and leads a fully remote team spread across 12 countries, how some of his biggest breakthroughs as an entrepreneur have come from being coached, how coaching has helped him to resolve team conflict and why at the heart of the business is a commitment to transparency that allows everyone to be part of the journey.
https://businessofsoftware.org/talks/alex-osterwalder-coaching-leadership-in-remote-companies/
Oyinda’s experience in helping nonprofits transition to digital literacy has given her insights into how we can maximise the impact of technology in the world. How can established organisations make better use of tools and frameworks that we as software people use everyday?
Oyinda will share lessons that help you understand the opportunities, the challenges and the processes that can help technology drive change in the world. From evolving perspectives, adapting and overcoming resistance to change, and why using frameworks for guidance, she will consider how to use frameworks and tools for social impact.
Whatever your business, you will learn how change happens and thus how your business can have more impact.
https://businessofsoftware.org/events/europe-2024/oyinda-bamgbose-how-tech-can-still-save-the-world/
Ninnu will share her experiences and insights on the things people and companies do that get big stuff done or lead to the destruction of the company. She’s worked for startups and global companies, in highly regulated industries, as well as ones where there are few rules. She has a strong understanding of how to get the best from teams and how companies often fail their people. She will share the good and the bad and some frameworks to get the best from your teams and encourage them to fail.
Humans fear failure but some failure is essential to progress. How can you encourage the right kind of failure in your organisation?
https://businessofsoftware.org/events/europe-2024/ninnu-campbell-how-to-make-people-fail/
Joe discusses why managing an effective external board for your organisation starts with understanding and managing your own internal board.
Your mind has a number of relatively discrete and often conflicting subpersonalities affecting how you come to decisions. The strongest personalities change in the moment. Understanding which personality is speaking and the history that informs them, helps you to understand why they give the advice they do.
You can learn to manage your mind, the voices you amplify and control in different contexts. The same is true for external boards – each member comes with unique history and perspective. Joe shares how understanding your inner board allows you to manage your board’s voices, amplify the right voices at the right time and know when you need to find new input.
https://businessofsoftware.org/events/europe-2024/five-traits-of-a-modern-ceo/
Imogen started her first company, Qudini, after leaving university and sold the business 10 years later, 2 months before Imogen’s first child was born.
She will share some of the lessons she learned along the way in a journey that started with a hackathon she attended at age 23 where she met her Co-Founder and CTO. She will talk about her experience raising funds when she did not believe she would be a unicorn, growth hacking, choosing advisers, why she decided it was time to sell, and how she ultimately steered her business to a successful exit.
https://businessofsoftware.org/events/europe-2024/imogen-wethered-how-to-start-sell-a-software-business-in-a-decade/
Do you know what the top five regrets of the dying are? Wishing you had worked harder, surprisingly, isn’t on the list. Eleanor will discuss the importance of discovering one’s true purpose as a key step in the way to long-term fulfillment.
In this interactive session, (pens and paper provided…), she will challenge you to consider your own personal history, how it has shaped your identity and values and show how understanding that can help you lead a more meaningful life. Living a life that aligns with your values can be hard when you may have concerns about the opinions of others. Aside from the value individuals take from understanding their purpose, or ‘why’, in the workplace, more engaged and self-aware employees are happier, more engaged, productive and creative in the workplace – if your company values are aligned with theirs.
https://businessofsoftware.org/events/europe-2024/dr-eleanor-gunn-the-top-five-regrets-of-the-dying-what-you-can-do-now/
How well do you know your best customers? Why do they choose your solution over all the others? Reality check – most of us guess.
Knowing what to focus on is hard. Knowing who your best customers are, quantifying and measuring how they feel value, gives you a top decile advantage. It enables you to operationalise growth.
Claire will show you how to match your product experience with real customer needs. Your teams will be better equipped and more focused to unlock product growth and revenue.
You’ll learn:
- Why identifying your best customers unlocks your product growth strategy.
- How to use what customers value to reverse engineer your ideal product experience.
- How to identify your leading indicators of success (which will more effectively influence your lagging KPIs like your free/trial to paid % & MRR growth).
- How to spot success gaps in your customer experience your team can fill.
https://businessofsoftware.org/events/europe-2024/claire-suellentrop-how-to-operationalise-customer-value-to-maximize-product-growth/
How can you take a team of infighting execs, each with their own goals and turn them into a disciplined team with a single shared purpose?
As you evolve, priorities may change, but the need to keep your team focused on the big goal (singular) of your org is a constant challenge for founders and professional leaders alike.
In this talk, Bruce will share the core principles you need to understand your stakeholders, negotiate priorities, set and manage the metrics that will drive your teams forward together in pursuit of the strategy you have set for the business.
https://businessofsoftware.org/talks/bruce-mccarthy-aligning-your-executive-team/
Jobs to be Done provides a framework to help you leverage the force of your customers’ behaviour in order to drive your product improvement.
In a highly interactive session, Bob, architect of JTBD, and long time friend of BoS, (he loves the people he meets and is always one of the top three rated speakers), will work through some of the challenges you have implementing the framework in your organisations. From running successful interviews, collecting the data, using it to drive insights that will help inform your product, sales and marketing strategies, you will hear live case studies from your peers in the audience that will help you build better products and companies. Attendees will be invited to share their case study prior to the event for discussion on stage.
https://businessofsoftware.org/events/europe-2024/bob-moesta-live-jobs-to-be-done-case-studies-and-problem-shooting/
Talk about the misuse of AI and the dangers it could bring if not used properly, focusing attention on the wrong things. Keeping humans at the center of the technology, not to replace.
“We are in 2107 years in the future, we are looking back in time to warn 2024 of the misuse of AI.
We have 2 billion less of the population, water levels rose and took land, harvest and some technology away from us and not everyone survived or knew how to do everything you do in the present.
We should have worked together more, we do now. We could have focused on the right things to use AI for rather than to help the rich stay rich and live longer. We appreciate what value people can offer rather than making them redundant.”
- Mike 🙂
Building Your Employer Brand with Social MediaLuanWise
Presented at The Global HR Summit, 6th June 2024
In this keynote, Luan Wise will provide invaluable insights to elevate your employer brand on social media platforms including LinkedIn, Facebook, Instagram, X (formerly Twitter) and TikTok. You'll learn how compelling content can authentically showcase your company culture, values, and employee experiences to support your talent acquisition and retention objectives. Additionally, you'll understand the power of employee advocacy to amplify reach and engagement – helping to position your organization as an employer of choice in today's competitive talent landscape.
B2B payments are rapidly changing. Find out the 5 key questions you need to be asking yourself to be sure you are mastering B2B payments today. Learn more at www.BlueSnap.com.
LA HUG - Video Testimonials with Chynna Morgan - June 2024Lital Barkan
Have you ever heard that user-generated content or video testimonials can take your brand to the next level? We will explore how you can effectively use video testimonials to leverage and boost your sales, content strategy, and increase your CRM data.🤯
We will dig deeper into:
1. How to capture video testimonials that convert from your audience 🎥
2. How to leverage your testimonials to boost your sales 💲
3. How you can capture more CRM data to understand your audience better through video testimonials. 📊
Personal Brand Statement:
As an Army veteran dedicated to lifelong learning, I bring a disciplined, strategic mindset to my pursuits. I am constantly expanding my knowledge to innovate and lead effectively. My journey is driven by a commitment to excellence, and to make a meaningful impact in the world.
In the Adani-Hindenburg case, what is SEBI investigating.pptxAdani case
Adani SEBI investigation revealed that the latter had sought information from five foreign jurisdictions concerning the holdings of the firm’s foreign portfolio investors (FPIs) in relation to the alleged violations of the MPS Regulations. Nevertheless, the economic interest of the twelve FPIs based in tax haven jurisdictions still needs to be determined. The Adani Group firms classed these FPIs as public shareholders. According to Hindenburg, FPIs were used to get around regulatory standards.
Kseniya Leshchenko: Shared development support service model as the way to ma...Lviv Startup Club
Kseniya Leshchenko: Shared development support service model as the way to make small projects with small budgets profitable for the company (UA)
Kyiv PMDay 2024 Summer
Website – www.pmday.org
Youtube – https://www.youtube.com/startuplviv
FB – https://www.facebook.com/pmdayconference
Discover the innovative and creative projects that highlight my journey throu...dylandmeas
Discover the innovative and creative projects that highlight my journey through Full Sail University. Below, you’ll find a collection of my work showcasing my skills and expertise in digital marketing, event planning, and media production.
Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
𝐓𝐉 𝐂𝐨𝐦𝐬 provides unlimited package services including such as Event organizing, Event planning, Event production, Manpower, PR marketing, Design 2D/3D, VIP protocols, Interpreter agency, etc.
Sports events - Golf competitions/billiards competitions/company sports events: dynamic and challenging
⭐ 𝐅𝐞𝐚𝐭𝐮𝐫𝐞𝐝 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐬:
➢ 2024 BAEKHYUN [Lonsdaleite] IN HO CHI MINH
➢ SUPER JUNIOR-L.S.S. THE SHOW : Th3ee Guys in HO CHI MINH
➢FreenBecky 1st Fan Meeting in Vietnam
➢CHILDREN ART EXHIBITION 2024: BEYOND BARRIERS
➢ WOW K-Music Festival 2023
➢ Winner [CROSS] Tour in HCM
➢ Super Show 9 in HCM with Super Junior
➢ HCMC - Gyeongsangbuk-do Culture and Tourism Festival
➢ Korean Vietnam Partnership - Fair with LG
➢ Korean President visits Samsung Electronics R&D Center
➢ Vietnam Food Expo with Lotte Wellfood
"𝐄𝐯𝐞𝐫𝐲 𝐞𝐯𝐞𝐧𝐭 𝐢𝐬 𝐚 𝐬𝐭𝐨𝐫𝐲, 𝐚 𝐬𝐩𝐞𝐜𝐢𝐚𝐥 𝐣𝐨𝐮𝐫𝐧𝐞𝐲. 𝐖𝐞 𝐚𝐥𝐰𝐚𝐲𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞 𝐭𝐡𝐚𝐭 𝐬𝐡𝐨𝐫𝐭𝐥𝐲 𝐲𝐨𝐮 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐨𝐮𝐫 𝐬𝐭𝐨𝐫𝐢𝐞𝐬."
2. This presentation (this “Presentation”) is furnished to you for informational purposes in connection with the interests of SoftBank Group Corp. (together with its affiliates, “SoftBank”) 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 SoftBank Vision Fund L.P. (together with, as the context may require, any parallel fund, feeder fund, co-investment vehicle or alternative investment vehicle, the “Vision Fund
I” or “SVF I”) or SoftBank Vision Fund II-1 L.P. and SoftBank Vision Fund II-2 L.P. (together with, as the context may require, any parallel fund, feeder fund, co-investment vehicle or alternative investment vehicle, “SVF II” or the “Vision Fund II”), each managed by SB Investment Advisers
(UK) Ltd. (the “Manager” or “SBIA”) and its affiliates thereof. This Presentation is not intended to be relied upon as the basis for any investment decision, and is not, and should not be assumed to be, complete. The contents of this Presentation are not to be construed as legal, business or tax
advice.
None of Vision Fund I, Vision Fund II, any successor fund managed by the Manager, SBIA, SoftBank or their respective affiliates makes any representation or warranty, express or implied, as to the accuracy or completeness of the information contained herein and nothing contained herein
should be relied upon as a promise or representation as to past or future performance of Vision Fund I, Vision Fund II, any successor fund managed by the Manager or any other entity referenced in this Presentation.
Recipients of this Presentation should make their own investigations and evaluations of the information contained in this Presentation and should note that such information may change materially.
For the avoidance of doubt, the Vision Fund I is a prior fund managed by SBIA which is not being offered to investors. Information relating to the performance of the Vision Fund I or any other entity referenced in this Presentation has been included for background purposes only and should not
be considered an indication of the future performance of the Vision Fund I, any other entity referenced in this Presentation or any successor fund managed by SBIA. References to any specific investments of the Vision Fund I, to the extent included herein, are presented to illustrate the
Manager’s investment process and operating philosophy only and should not be construed as a recommendation of any particular investment or security. The investment performance of individual investments in the Vision Fund I may vary and the performance of the selected transactions is not
necessarily indicative of the performance of all of the applicable prior investments. The specific investments identified and described herein do not represent all of the investments made by the Manager, and no assumption should be made that investments identified and discussed herein were or
will be profitable.
Statements contained in this Presentation (including those relating to current and future market conditions and trends in respect thereof) that are not historical facts are based on current expectations, estimates, projections, opinions and/or beliefs of the Manager. Such statements involve known
and unknown risks, uncertainties and other factors, and undue reliance should not be placed thereon. In addition, no representation or warranty is made with respect to the reasonableness of any estimates, forecasts, illustrations, prospects or returns, which should be regarded as illustrative only,
or that any profits will be realized. Certain information contained herein constitutes “forward-looking statements,” which can be identified by the use of terms such as “may”, “will”, “should”, “expect”, “project”, “estimate”, “intend”, “continue”, “target” or “believe” (or the negatives thereof)
or other variations thereon or comparable terminology. Due to various risks and uncertainties, actual events or results or actual performance of the Vision Fund I or any successor fund managed by the Manager (or any other entity referred to herein) may differ materially from those reflected or
contemplated in such forward-looking statements. As a result, investors should not rely on such forward-looking statements in making their investment decisions. Further, the targets stated herein are based on an assumption that economic, market and other conditions will not deteriorate and, in
some cases, improve. These projections involve significant elements of subjective judgment. No representation or warranty is made as to future performance or such forward-looking statements.
None of the information contained herein has been filed with the U.S. Securities and Exchange Commission, any securities administrator under any securities laws of any U.S. or non-U.S. jurisdiction or any other U.S. or non-U.S. governmental or self-regulatory authority. No such
governmental or self-regulatory authority will pass on the merits of the offering of interests in the Vision Fund I, Vision Fund II or any successor fund managed by the Manager or the adequacy of the information contained herein. Any representation to the contrary is unlawful. Except where
otherwise indicated herein, the information provided in this Presentation is based on matters as they exist as of the date of preparation of this Presentation and not as of any future date, and will not be updated or otherwise revised to reflect information that subsequently becomes available, or
circumstances existing or changes occurring after the date hereof.
Certain hypothetical company valuation scenarios herein contain projections and assumptions with respect to the performance of companies. These hypothetical scenarios, including the projections and assumptions contained therein, have been prepared and are set out for illustrative purposes
only, and do not constitute forecasts and are not necessarily based on a Vision Fund I company or a SoftBank investment. Such information is presented to demonstrated certain factors considered in the valuation of a company, and does not purport to be a complete list of factors considered by
SBIA or SoftBank in the valuations of their respective investments.
Vision Fund I performance herein is based on unrealized valuations of portfolio investments. Valuations of unrealized investments are based on assumptions and factors (including, for example, as of the date of the valuation, average multiples of comparable companies, and other
considerations) that the Manager believes are reasonable under the circumstances relating to each particular investment. However, there can be no assurance that unrealized investments will be realized at the valuations indicated herein or used to calculate the returns contained herein, and
transaction costs connected with such realizations remain unknown and, therefore, are not factored into such calculations. Estimates of unrealized value are subject to numerous variables that change over time. The actual realized returns on the Vision Fund I’s unrealized investments will depend
on, among other factors, future operating results, the value of the assets and market conditions at the time of disposition, any related transaction costs and the timing and manner of sale, all of which may differ from the assumptions and circumstances on which the Manager’s valuations are
based.
Vision Fund I performance is based in part on valuations of certain investments that were recently acquired by the Vision Fund I as a portfolio from SoftBank Group Corp; accordingly, the performance information herein, which is based in part on valuations of unrealized investments, is not
indicative of future results. The selection of such investments, the timing of such acquisitions and the valuation and subsequent performance of those investments had a material and positive impact on the performance of the Vision Fund I. SoftBank Group Corp. is under no obligation to offer
similar assets to the Vision Fund I in the future.
Past performance is not necessarily indicative of future results. The performance of the Vision Fund I, Vision Fund II or any successor fund managed by the Manager may be materially lower than the performance information presented herein. There can be no assurance that the Vision Fund I,
Vision Fund II or any successor fund managed by the Manager will achieve comparable results as those presented herein or that investors in the Vision Fund I, Vision Fund II or any successor fund managed by the Manager will not lose any or all of their invested capital.
Certain information contained in this Presentation has been obtained from published and non-published sources prepared by other parties, which in certain cases has not been updated through the date hereof. While such information is believed to be reliable for the purposes of this Presentation,
none of the Vision Fund I, Vision Fund II, any successor fund managed by the Manager, the Manager, SoftBank, or their respective affiliates assumes any responsibility for the accuracy or completeness of such information and such information has not been independently verified.
Third-party logos and vendor information included herein are provided for illustrative purposes only. Inclusion of such logos does not imply affiliation with or endorsement by such firms or businesses. There is no guarantee that the Manager, the Vision Fund I’s portfolio companies, any future
portfolio companies of a successor fund managed by the Manager or SoftBank will work with any of the firms or businesses whose logos are included herein in the future.
IMPORTANT INFORMATION
3. This material was prepared based on information available and views held at the time it was made. Statements in this
material that are not historical facts, including, without limitation, plans, forecasts and strategies are “forward-looking
statements”.
Forward-looking statements are by their nature subject to various risks and uncertainties, including, without limitation, a
decline in general economic conditions, general market conditions, technological developments, changes in customer
demand for products and services, increased competition, risks associated with international operations, and other
important factors, each of which may cause actual results and future developments to differ materially from those
expressed or implied in any forward-looking statement.
With the passage of time, information in this material (including, without limitation, forward-looking statements) could be
superseded or cease to be accurate. SoftBank Group Corp. disclaims any obligation or responsibility to update, revise or
supplement any forward-looking statement or other information in any material or generally to any extent. Use of or
reliance on the information in this material is at your own risk. Information contained herein regarding companies other
than SoftBank Group Corp. and other companies of the SoftBank Group is quoted from public sources and others.
SoftBank Group Corp. has neither verified nor is responsible for the accuracy of such information.
Any statements made herein regarding Sprint Corporation (“Sprint”) are made by SoftBank solely in its capacity as an
investor in Sprint. None of such statements are made on behalf of or attributable to Sprint. Any information contained
herein regarding Sprint is subject to any and all subsequent disclosures made by Sprint on its own behalf. Neither Sprint
nor SoftBank undertakes any obligation to update the information contained herein in connection with any subsequent
disclosures made by Sprint, or to reflect any other subsequent circumstances or events. Nothing contained herein may
be construed as an obligation on the part of Sprint to provide disclosures or guidance on its own behalf.
Disclaimer
8. FY18H1 FY19H1 Change YoY
Net sales 4,653.9 4,651.7 -2.2 -0%
EBIT 1,420.7 -15.6 -1,436.3 -
Net income 840.1 421.6 -418.5 -50%
Consolidated Results
Net income: net income to attributable to owners of the parent
(JPY bn)
!6
10. One-time gain from Arm China: On Jun. 26, 2018, Arm sold 51% of its equity interest in its
wholly-owned Chinese subsidiary, Arm China to certain institutional investors. As a result of
this transaction, Arm China is no longer considered as a subsidiary of SoftBank Group Corp.
Accordingly, SoftBank Group Corp. recorded gain relating to loss of control over subsidiaries.
Others = Arm + Brightstar + “Others” + reconciliations
SVF: SoftBank Vision Fund and Delta Fund
102.5
193.3
-572.6
632.4
560.9524.1
One-time gain from
Arm China (176.3)1,420.7
FY18H1 FY19H1
(JPY bn)
EBIT
SVF
segment
Sprint
Others
SoftBank
segment
-106.3105.4
!8
-156
11. Net income: net income to attributable to owners of the parent
840.1
421.6
Net Income
(JPY bn)
FY18H1 FY19H1
!9
12. Impact of WeWork to
SBG Consolidated Results
Please refer to visionfund.com/portfolio for a complete list of SVF1's investments.
!10
13. Cumulative investment amount
By SVF1
USD 3.0bn
Change in FV
(as of Sep. 30, 2019) (note) WeWork: The We Company
(WeWork Parent Co.)
WeWork
Cumulative investment amounts do not reflect current valuations associated with such investments and are not indicative of actual performance. Please refer to visionfund.com/portfolio for a complete list of SVF1's investments.
USD 3.0bn: acquisition cost (SBG consolidated basis). As a result of inter-group transaction, SVF1’s acquisition cost is USD 3.1bn
Impact on SBG Consolidated Results from WeWork (1)
SVF segment
operating
income and loss
!11
14. Cumulative investment amount
USD 9.0bn
WeWork
By SBG
USD 4.5bn
Warrants held by SBG
USD 1.5bn
Change in FV
Non-operating
income (loss)
(as of Sep. 30, 2019)
*
*Fair value of the warrants (at the time of contract), which will be automatically converted to preferred stock in April 2020 (unexecuted commitments as of the end of September 2019)
(note) WeWork: The We Company
(WeWork Parent Co.)
USD 3.0bn: acquisition cost (SBG consolidated basis). As a result of inter-group transaction, SVF1’s acquisition cost is USD 3.1bn
Cumulative investment amounts do not reflect current valuations associated with such investments and are not indicative of actual performance. Please refer to visionfund.com/portfolio for a complete list of SVF1's investments.
SVF segment
operating
income and loss
!12
By SVF1
USD 3.0bn
Impact on SBG Consolidated Results from WeWork (2)
15. Cumulative investment amount
USD 9.0bn
Cumulative investment amount
WeWork WeWork Joint Ventures (Three affiliates)
By SVF1
USD 1.3bn
Change in FV
(as of Sep. 30, 2019)(as of Sep. 30, 2019)
(note) Three affiliates: WeWork China, WeWork Asia, WeWork Japan (excl. shares held by SBKK)Cumulative investment amounts do not reflect current valuations associated with such investments and are not indicative of actual performance. Please refer to visionfund.com/portfolio for a complete list of SVF1's investments.
(note) WeWork: The We Company
(WeWork Parent Co.)
*Fair value of the warrants (at the time of contract), which will be automatically converted to preferred stock in April 2020 (unexecuted commitments as of the end of September 2019)
USD 3.0bn: acquisition cost (SBG consolidated basis). As a result of inter-group
transaction, SVF1’s acquisition cost is USD 3.1bn
Warrants held by SBG
USD 1.5bn
*
Non-operating
income (loss)
SVF segment
operating
income and loss
SVF segment
operating
income and loss
Change in FV
!13
By SBG
USD 4.5bn
By SVF1
USD 3.0bn
Impact on SBG Consolidated Results from WeWork (3)
16. Cumulative
investment amount
USD 3.0bn
Impact of WeWork Held by SVF1 (1)
(SVF1 only)
Cumulative investment amounts do not reflect current valuations associated with such investments and are not indicative of actual performance. 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 SVF1 investors. There is no guarantee that historical trends will continue. It should not be assumed that investments made in the future will be comparable in quality or
performance to investments described herein. References to specific investments should not be construed as a recommendation of any particular investment or security. There can be no assurance that unrealized investments will be sold for values equal to or in excess of
the values 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, investments that are unrealized may differ materially from the values indicated herein. Please refer to visionfund.com/portfolio for a complete list of SVF1's investments.
(note) WeWork: The We Company
(WeWork Parent Co.)
USD 3.0bn: acquisition cost (SBG consolidated basis). As a result of inter-group transaction, SVF1’s acquisition cost is USD 3.1bn
!14
17. Cumulative
investment amount
FV as of
Jun. 30, 2019
USD 4.0bn
USD 3.0bn
(SVF1 only)
(note) WeWork: The We Company
(WeWork Parent Co.)
USD 3.0bn: acquisition cost (SBG consolidated basis). As a result of inter-group transaction, SVF1’s acquisition cost is USD 3.1bn
Cumulative investment amounts do not reflect current valuations associated with such investments and are not indicative of actual performance. 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 SVF1 investors. There is no guarantee that historical trends will continue. It should not be assumed that investments made in the future will be comparable in quality or
performance to investments described herein. References to specific investments should not be construed as a recommendation of any particular investment or security. There can be no assurance that unrealized investments will be sold for values equal to or in excess of
the values 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, investments that are unrealized may differ materially from the values indicated herein. Please refer to visionfund.com/portfolio for a complete list of SVF1's investments. !15
Impact of WeWork Held by SVF1 (2)
18. Total equity value
(WeWork)
Cumulative
investment amount
FV as of
Jun. 30, 2019
FV as of
Sep. 30, 2019
USD 1.0bn
USD 4.0bn
USD 3.0bn
*
With consideration of
transaction
(announced on Oct. 22, 2019)
Cumulative investment amounts do not reflect current valuations associated with such
investments and are not indicative of actual performance. 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 SVF1 investors. There is no guarantee that historical trends will
continue. It should not be assumed that investments made in the future will be comparable
in quality or performance to investments described herein. References to specific
investments should not be construed as a recommendation of any particular investment or
security. There can be no assurance that unrealized investments will be sold for values
equal to or in excess of the values 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, investments that are unrealized may
differ materially from the values indicated herein. Please refer to visionfund.com/portfolio
for a complete list of SVF1's investments.
(SVF1 only) * Total equity value of WeWork (post-transaction) is calculated with
consideration of SBG's early execution of existing commitment (USD 1.5bn)
and joint ventures share swap included in finance package for WeWork
announced on Oct. 22 2019.
(note) WeWork: The We Company
(WeWork Parent Co.)
(note) Oct. 22, 2019: Eastern standard time
USD 3.0bn: acquisition cost (SBG consolidated basis). As a result of inter-group
transaction, SVF1’s acquisition cost is USD 3.1bn
USD 7.8bn
!16
Impact of WeWork Held by SVF1 (3)
19. Cumulative
investment amount
FV as of
Jun. 30, 2019
FV as of
Sep. 30, 2019
Impact
USD 1.0bn
USD 4.0bn
USD 3.0bn
USD -3.0bn
SVF segment
operating
income and loss
(as of FY19Q2)
(SVF1 only)
(note) WeWork: The We Company
(WeWork Parent Co.)
Total equity value
(WeWork) USD 7.8bn
*
!17
Cumulative investment amounts do not reflect current valuations associated with such
investments and are not indicative of actual performance. 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 SVF1 investors. There is no guarantee that historical trends will
continue. It should not be assumed that investments made in the future will be comparable
in quality or performance to investments described herein. References to specific
investments should not be construed as a recommendation of any particular investment or
security. There can be no assurance that unrealized investments will be sold for values
equal to or in excess of the values 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, investments that are unrealized may
differ materially from the values indicated herein. Please refer to visionfund.com/portfolio
for a complete list of SVF1's investments.
(note) Oct. 22, 2019: Eastern standard time
USD 3.0bn: acquisition cost (SBG consolidated basis). As a result of inter-group
transaction, SVF1’s acquisition cost is USD 3.1bn
* Total equity value of WeWork (post-transaction) is calculated with
consideration of SBG's early execution of existing commitment (USD 1.5bn)
and joint ventures share swap included in finance package for WeWork
announced on Oct. 22 2019.
Impact of WeWork Held by SVF1 (4)
With consideration of
transaction
(announced on Oct. 22, 2019)
20. FV as of
Jun. 30, 2019
USD 1.3bn
Impact of WeWork Joint Ventures (Three affiliates)
Held by SVF1 (1)
SVF segment
operating
income and los
Cumulative investment amounts do not reflect current valuations associated with such investments and are not indicative of actual performance. 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 SVF1 investors. There is no guarantee that historical trends will continue. It should not be
assumed that investments made in the future will be comparable in quality or performance to investments described herein. References to specific investments should not be construed as a recommendation of any particular
investment or security. There can be no assurance that unrealized investments will be sold for values equal to or in excess of the values 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, investments that are unrealized may differ materially from the values indicated herein. Please refer to visionfund.com/portfolio for a complete list of SVF1's investments.
(note) Three affiliates: WeWork China, WeWork Asia, WeWork Japan (excl. shares held by SBKK)
(SVF1 only)
!18
*
*Includes $0.4B of transfers from SBG that transferred post quarter end
21. FV as of
Jun. 30, 2019
USD 1.5bnUSD 1.3bn USD 0.2bn
Jul. - Sep. 2019
(additional investment)
SVF segment
operating
income and los
Cumulative investment amounts do not reflect current valuations associated with such investments and are not indicative of actual performance. 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 SVF1 investors. There is no guarantee that historical trends will continue. It should not be
assumed that investments made in the future will be comparable in quality or performance to investments described herein. References to specific investments should not be construed as a recommendation of any particular
investment or security. There can be no assurance that unrealized investments will be sold for values equal to or in excess of the values 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, investments that are unrealized may differ materially from the values indicated herein. Please refer to visionfund.com/portfolio for a complete list of SVF1's investments.
(note) Three affiliates: WeWork China, WeWork Asia, WeWork Japan (excl. shares held by SBKK)
(SVF1 only)
!19
*1
*1 Includes $0.4B of transfers from SBG that transferred post quarter end.
*2 Anniversary payments agreed at initial investment into two of the affiliate companies.
*2
Impact of WeWork Joint Ventures (Three affiliates)
Held by SVF1 (2)
22. FV as of
Jun. 30, 2019
FV as of
Sep. 30 2019
USD 1.1bn
USD 1.5bnUSD 1.3bn USD 0.2bn
Jul. - Sep. 2019
(additional investment)
SVF segment
operating
income and los
With consideration of
transaction
(announced on Oct. 22, 2019)
Cumulative investment amounts do not reflect current valuations associated with such investments and are not indicative of actual performance. 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 SVF1 investors. There is no guarantee that historical trends will continue. It should not be
assumed that investments made in the future will be comparable in quality or performance to investments described herein. References to specific investments should not be construed as a recommendation of any particular
investment or security. There can be no assurance that unrealized investments will be sold for values equal to or in excess of the values 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, investments that are unrealized may differ materially from the values indicated herein. Please refer to visionfund.com/portfolio for a complete list of SVF1's investments.
(note) Three affiliates: WeWork China, WeWork Asia, WeWork Japan (excl. shares held by SBKK)
(SVF1 only) (note) Oct. 22, 2019: Eastern standard time
!20
*1
*1 Includes $0.4B of transfers from SBG that transferred post quarter end.
*2 Anniversary payments agreed at initial investment into two of the affiliate companies.
*2
Impact of WeWork Joint Ventures (Three affiliates)
Held by SVF1 (3)
23. FV as of
Jun. 30, 2019
FV as of
Sep. 30 2019
Impact
USD 1.1bn
USD 1.5bnUSD 1.3bn
$B
USD 0.2bn
Jul. - Sep. 2019
(additional investment)
SVF segment
operating
income and los
Cumulative investment amounts do not reflect current valuations associated with such investments and are not indicative of actual performance. 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 SVF1 investors. There is no guarantee that historical trends will continue. It should not be
assumed that investments made in the future will be comparable in quality or performance to investments described herein. References to specific investments should not be construed as a recommendation of any particular
investment or security. There can be no assurance that unrealized investments will be sold for values equal to or in excess of the values 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, investments that are unrealized may differ materially from the values indicated herein. Please refer to visionfund.com/portfolio for a complete list of SVF1's investments.
(note) Three affiliates: WeWork China, WeWork Asia, WeWork Japan (excl. shares held by SBKK)
(SVF1 only)
USD -0.4bn
SVF segment
operating
income and loss
(as of FY19Q2)
!21
(note) Oct. 22, 2019: Eastern standard time
*1
*1 Includes $0.4B of transfers from SBG that transferred post quarter end.
*2 Anniversary payments agreed at initial investment into two of the affiliate companies.
*2
Impact of WeWork Joint Ventures (Three affiliates)
Held by SVF1 (4)
With consideration of
transaction
(announced on Oct. 22, 2019)
24. Cumulative
investment amount
USD 6.0bn
USD 4.5bn
(SBG only)
USD 1.5bn
Warrants*1
*2
Impact of WeWork Held by SBG (1)
(note) WeWork: The We Company (WeWork Parent Co.) !22
*Warrants: the Company’s wholly owned subsidiary owns warrants that were to be automatically converted
into preferred stock in April 2020. This investment is recognized as a derivative liability, and changes in its fair
value are recorded as derivative gain or loss. This investment is unexecuted commitments as of the end of
September 2019.
*Non-operating income (loss): derivative gain or loss that is the change in the fair value of warrants + loss
from financial instruments at FVTPL that is the change in the fair value of pref. stock / common stock.
*1 Fair value of the warrants (at the time of contract), which will be automatically converted to
preferred stock in April 2020
(unexecuted commitments as of the end of September 2019)
*2 Including *1
*3 Total equity value of WeWork (post-transaction) is calculated with consideration of SBG's early
execution of existing commitment (USD 1.5bn) and joint ventures share swap included in finance
package for WeWork announced on Oct. 22 2019.
(note) Oct. 22, 2019: Eastern standard time
Cumulative investment amounts do not reflect current valuations associated with such investments and are
not indicative of actual performance. 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 SVF1 investors. There is no guarantee that historical trends
will continue. It should not be assumed that investments made in the future will be comparable in quality or
performance to investments described herein. References to specific investments should not be construed as
a recommendation of any particular investment or security. There can be no assurance that unrealized
investments will be sold for values equal to or in excess of the values 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, investments that are unrealized may differ materially from the values indicated herein. Please
refer to visionfund.com/portfolio for a complete list of SVF1's investments.
25. Cumulative
investment amount
FV as of
Jun. 30, 2019
USD 6.0bnUSD 6.0bn
USD 4.7bnUSD 4.5bn
(SBG only)
USD 1.3bn
Warrants
USD 1.5bn
Warrants*1
*2
(note) WeWork: The We Company (WeWork Parent Co.) !23
*Warrants: the Company’s wholly owned subsidiary owns warrants that were to be automatically converted
into preferred stock in April 2020. This investment is recognized as a derivative liability, and changes in its fair
value are recorded as derivative gain or loss. This investment is unexecuted commitments as of the end of
September 2019.
*Non-operating income (loss): derivative gain or loss that is the change in the fair value of warrants + loss
from financial instruments at FVTPL that is the change in the fair value of pref. stock / common stock.
(note) Oct. 22, 2019: Eastern standard time
Cumulative investment amounts do not reflect current valuations associated with such investments and are
not indicative of actual performance. 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 SVF1 investors. There is no guarantee that historical trends
will continue. It should not be assumed that investments made in the future will be comparable in quality or
performance to investments described herein. References to specific investments should not be construed as
a recommendation of any particular investment or security. There can be no assurance that unrealized
investments will be sold for values equal to or in excess of the values 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, investments that are unrealized may differ materially from the values indicated herein. Please
refer to visionfund.com/portfolio for a complete list of SVF1's investments.
*1 Fair value of the warrants (at the time of contract), which will be automatically converted to
preferred stock in April 2020
(unexecuted commitments as of the end of September 2019)
*2 Including *1
*3 Total equity value of WeWork (post-transaction) is calculated with consideration of SBG's early
execution of existing commitment (USD 1.5bn) and joint ventures share swap included in finance
package for WeWork announced on Oct. 22 2019.
Impact of WeWork Held by SBG (2)
26. Cumulative
investment amount
FV as of
Jun. 30, 2019
FV as of
Sep. 30, 2019
USD 6.0bnUSD 6.0bn
USD 0.3bn
USD 1.0bn
USD 4.7bnUSD 4.5bn
(SBG only)
USD 1.3bn
USD 1.3bn
Warrants
USD 1.5bn
Warrants*1
*2
(note) WeWork: The We Company (WeWork Parent Co.)
Total equity value
(WeWork)
*3
With consideration of
transaction
(announced on Oct. 22, 2019)USD 7.8bn
!24
*Warrants: the Company’s wholly owned subsidiary owns warrants that were to be automatically converted
into preferred stock in April 2020. This investment is recognized as a derivative liability, and changes in its fair
value are recorded as derivative gain or loss. This investment is unexecuted commitments as of the end of
September 2019.
*Non-operating income (loss): derivative gain or loss that is the change in the fair value of warrants + loss
from financial instruments at FVTPL that is the change in the fair value of pref. stock / common stock.
(note) Oct. 22, 2019: Eastern standard time
Cumulative investment amounts do not reflect current valuations associated with such investments and are
not indicative of actual performance. 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 SVF1 investors. There is no guarantee that historical trends
will continue. It should not be assumed that investments made in the future will be comparable in quality or
performance to investments described herein. References to specific investments should not be construed as
a recommendation of any particular investment or security. There can be no assurance that unrealized
investments will be sold for values equal to or in excess of the values 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, investments that are unrealized may differ materially from the values indicated herein. Please
refer to visionfund.com/portfolio for a complete list of SVF1's investments.
*1 Fair value of the warrants (at the time of contract), which will be automatically converted to
preferred stock in April 2020
(unexecuted commitments as of the end of September 2019)
*2 Including *1
*3 Total equity value of WeWork (post-transaction) is calculated with consideration of SBG's early
execution of existing commitment (USD 1.5bn) and joint ventures share swap included in finance
package for WeWork announced on Oct. 22 2019.
Impact of WeWork Held by SBG (3)
27. Cumulative
investment amount
FV as of
Jun. 30, 2019
FV as of
Sep. 30, 2019
Impact
USD 6.0bnUSD 6.0bn
USD 0.3bn
4.7
USD 1.0bn
USD 4.7bnUSD 4.5bn
(SBG only)
USD 1.3bn
USD 1.3bn
Warrants
USD 1.5bn
Warrants*1
*2
USD -4.7bn
(note) WeWork: The We Company (WeWork Parent Co.)
Non-operating
income (loss)
(as of FY19Q2)
Total equity value
(WeWork)
*3
With consideration of
transaction
(announced on Oct. 22, 2019)USD 7.8bn
!25
(note) Oct. 22, 2019: Eastern standard time
*Warrants: the Company’s wholly owned subsidiary owns warrants that were to be automatically converted
into preferred stock in April 2020. This investment is recognized as a derivative liability, and changes in its fair
value are recorded as derivative gain or loss. This investment is unexecuted commitments as of the end of
September 2019.
*Non-operating income (loss): derivative gain or loss that is the change in the fair value of warrants + loss
from financial instruments at FVTPL that is the change in the fair value of pref. stock / common stock.
Cumulative investment amounts do not reflect current valuations associated with such investments and are
not indicative of actual performance. 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 SVF1 investors. There is no guarantee that historical trends
will continue. It should not be assumed that investments made in the future will be comparable in quality or
performance to investments described herein. References to specific investments should not be construed as
a recommendation of any particular investment or security. There can be no assurance that unrealized
investments will be sold for values equal to or in excess of the values 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, investments that are unrealized may differ materially from the values indicated herein. Please
refer to visionfund.com/portfolio for a complete list of SVF1's investments.
*1 Fair value of the warrants (at the time of contract), which will be automatically converted to
preferred stock in April 2020
(unexecuted commitments as of the end of September 2019)
*2 Including *1
*3 Total equity value of WeWork (post-transaction) is calculated with consideration of SBG's early
execution of existing commitment (USD 1.5bn) and joint ventures share swap included in finance
package for WeWork announced on Oct. 22 2019.
Impact of WeWork Held by SBG (4)
29. SVF1 highlights are provided solely for illustrative purposes and individual investors' results may vary. Past performance is not necessarily indicative of future results. Shareholder value increase is not indicative of actual performance. Investment market uplift includes valuation uplifts and 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. 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. References to specific investments should not be construed as a recommendation of any particular investment or
security. 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.
Two Facts
!27*1 As of Sep. 30, 2019
*2 Since May 20, 2017.
*2
*1
SVF1 investment
market uplift
+USD 11.4bn
(since SVF1 inception)
SBG shareholder value
~JPY 1.4t
increase
30. !28
SVF1 highlights are provided solely for illustrative purposes and individual investors' results may vary. Past performance is not necessarily indicative of future results. Shareholder value increase is not indicative of actual performance. Investment market uplift includes valuation uplifts and 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. 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. References to specific investments should not be construed as a recommendation of any particular investment or
security. 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.
*1 As of Sep. 30, 2019
*2 Since May 20, 2017.
*2
*1
Two Facts
SVF1 investment
market uplift
+USD 11.4bn
(since SVF1 inception)
SBG shareholder value
~JPY 1.4t
increase
31.
32. Equity value of
holdings
Net debt Shareholder
value
SVF
Others
Share price: closing price as of Aug. 7 (Japan)
closing price as of Aug. 6 (U.S.)
• For details, see “Definition and Calculation Method of SBG’s Sum-of-the-parts Valuation”
SOTP (As of August 7, 2019, Previous Announcement)
!30
104
43
27
24
32
237
8
45
192
USD 1 = JPY 108.84
(USD bn)
33. Equity value of
holdings
Net debt Shareholder
value
• For details, see “Definition and Calculation Method of SBG’s Sum-of-the-parts Valuation”
SOTP (As of Nov. 6, 2019)
!31
USD 13bn increase
Shareholder value
SVF
Others
Share price: closing price as of Nov. 6 (Japan)
closing price as of Nov. 5 (U.S.)
USD 1 = JPY 108.84
256
123
44
29
25
29
7
206
50
(USD bn)
34. Aug. 7, 2019 Nov. 6, 2019
(as of previous announcement)
Share price: closing price as of Nov. 6 (Japan)
closing price as of Nov. 5 (U.S.)
• For details, see “Definition and Calculation Method of SBG’s Sum-of-the-parts Valuation”
SVF
Others
(USD bn)
Equity Value of Holdings
+USD
19bn
!32
256
123
44
29
25
29
104
43
27
24
32
237 7
8
USD 1 = JPY 108.84
35. Aug. 7, 2019 Nov. 6, 2019
Shareholder Value
(as of previous announcement)
• For details, see “Definition and Calculation Method of SBG’s Sum-of-the-parts Valuation”
!33
+USD 13bn206192
(USD bn)
Share price: closing price as of Nov. 6 (Japan)
closing price as of Nov. 5 (U.S.)
USD 1 = JPY 108.84
36. !34
SVF1 highlights are provided solely for illustrative purposes and individual investors' results may vary. Past performance is not necessarily indicative of future results. Shareholder value increase is not indicative of actual performance. Investment market uplift includes valuation uplifts and 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. 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. References to specific investments should not be construed as a recommendation of any particular investment or
security. 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.
*1 As of Sep. 30, 2019
*2 Since May 20, 2017.
*2
*1
Two Facts
SVF1 investment
market uplift
+USD 11.4bn
(since SVF1 inception)
SBG shareholder value
~JPY 1.4t
increase
37. 投資利益
1.2兆円
SVF1 Cumulative Investment Highlights (end of Sep. 2019)
Mark up
Valuation gain
USD 12.5bn
USD 17.2bn
Realized gain
USD 4.7bn
(37 companies)
SVF1 highlights are provided solely for illustrative purposes and individual investors' results may vary. Past performance is not necessarily indicative of future results. Investment market uplift includes valuation uplifts and 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. 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. References to
specific investments should not be construed as a recommendation of any particular investment or security. 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.
Select investments presented herein are solely for illustrative purposes, 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 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 complete list of SVF1's investments.
!35
38. USD -5.8bn
SVF1 Cumulative Investment Highlights (end of Sep. 2019)
Valuation gain
USD 12.5bn
USD 17.2bn
Realized gain
USD 4.7bn
Mark down
(22 companies)
!36
Mark up
(37 companies)
SVF1 highlights are provided solely for illustrative purposes and individual investors' results may vary. Past performance is not necessarily indicative of future results. Investment market uplift includes valuation uplifts and 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. 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. References to
specific investments should not be construed as a recommendation of any particular investment or security. 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.
Select investments presented herein are solely for illustrative purposes, 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 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 complete list of SVF1's investments.
39. USD -5.8bn
SVF1 Cumulative Investment Highlights (end of Sep. 2019)
Valuation gain
USD 12.5bn
USD 17.2bn
Realized gain
USD 4.7bn Investment
market uplift
USD 11.4bn
!37
Mark down
(22 companies)
Mark up
(37 companies)
SVF1 highlights are provided solely for illustrative purposes and individual investors' results may vary. Past performance is not necessarily indicative of future results. Investment market uplift includes valuation uplifts and 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. 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. References to
specific investments should not be construed as a recommendation of any particular investment or security. 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.
Select investments presented herein are solely for illustrative purposes, 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 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 complete list of SVF1's investments.
40. Cumulative
investment cost
USD 11.4bn
USD 76.3bn
Investment
market uplift
SVF1 Cumulative Investment Highlights (end of Sep. 2019)
(Since SVF1 inception)
*
Cumulative investment cost and aggregate market uplift include Flipkart, Nvidia, and Guardant Health, which were exited in August 2018 and January 2019 and Guardant Health which was partially sold in September 2019. Aggregate Market Uplift is before tax and expenses and includes unrealized and
realized gains from investments and their related hedges. Cumulative Investment Cost includes amounts funded by promissory notes which are due for settlement after September 30, 2019. Information herein is presented on an aggregate basis across the SVF1 and Delta Fund. Delta Fund did not hold any
investment as of Sep. 30, 2019.
SVF1 highlights are provided solely for illustrative purposes and individual investors' results may vary. Past performance is not necessarily indicative of future results. Cumulative investment cost does not reflect current valuations associated with investments and are not indicative of actual performance.
Investment market uplift includes valuation uplifts and 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. 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. References to specific investments should not be construed as a recommendation of any particular investment or security. 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.
Select investments presented herein are solely for illustrative purposes, 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 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 complete list of SVF1's investments.*Since May 20, 2017.
!38
41. !39
International
private equity &
venture capital
Auditor
SBIA Valuation Framework & Governance
Reporting framework
Regulatory compliance
Valuers / Auditors
Leading international
accounting firms
Established valuation
specialists
Other applicable
regulators
All investments, except Arm Holdings , were independently valued at December 31, 2018.
SB Investment Advisers (US) Inc. is an investment adviser registered with the SEC under the Investment Advisers Act of 1940. SB Investment Advisers (UK) Limited (“SBIA”), which is registered with the United Kingdom's Financial Conduct AuthorityHowever, such registration does not imply a certain level of skill or training.
No regulator or government authority has reviewed this document or the merits of the products and services referenced herein. The use of regulator or government authority logos does not imply approval by such entities.
Complying with global / industry standards
42. IAB Valuations & Financial
Risk Committee
Audit SVF F/S including
valuation process
Audit
Investor Advisory Board
(Board members are SVF1
major Limited Partners)
Industry leading two firms
appointed by IAB
Review
Independent
ValuationValuation
SBIA Valuation Process
!40
Advisory
This is the SBIA Valuation process in connection with SVF 1 as of Nov. 6, 2019. Valuation processes may differ for future funds managed by SBIA and are subject to the fund documents of such funds including for Vision Fund 2.
43. WeWork
Please refer to visionfund.com/portfolio for a complete list of SVF1's investments.
!41
44. !42
Reduced Exercise Price of Existing Commitment: USD 1.5bn
Before exercise After exercise
Exercise
price
USD 110 /
share
USD 11.60 /
share
(Valuation at USD 47bn)
Reduced
substantially
*
There can be no assurances that any plans described herein will be realized on the terms or timeline presented herein, and such plans are subject to uncertainties and risks.
Valuation based on the price of warrant: post-money
Acceleration of Apr. 2020
exercised to Oct. 2019
45. Preparing a loan facility
from SBG to WeWork
Support for letter of credit facility from financial institutions
+
Financing for WeWork
*1
Unsecured notes
USD 2.2bn
Senior secured notes
USD 1.1bn
There can be no assurances that any plans described herein will be realized on the terms or timeline presented herein, and such plans are subject to uncertainties and risks.
*1 Credit support details are currently under discussion between SBG and financial institutions
*2 Warrants worth 17% economic ownership, calculated on a post-money TSM (treasury stock method) basis, assuming completion of all other transactions contemplated
!43
Obtain warrants
as consideration for the financing
(17%)
*2
46. Ownership of SoftBank Group
Before transaction After transaction
(average acquisition cost: USD 89.40/share)
12.8% 41.2%
(average acquisition cost: USD 19.38/share)
Tender offer worth up to USD 3bn
scheduled to be held at USD 19.19 / share
!44
*1 Excludes the $3 billion tender offer at $19.19 per share but assumes completion of all other transactions contemplated
*2 Economic ownership percentage calculated on a TSM (treasury stock method) basis
*1
*2*2
There can be no assurances that any plans described herein will be realized on the terms or timeline presented herein, and such plans are subject to uncertainties and risks.
47. Optimization of
governance
Marcelo Claure appointed as
Executive Chairman of the Board of Directors
*Adam Neumann, the founder of the company, will become a Board observer.
*The size of the Board will be expanded and it will receive voting control over Mr.
Neumann’s shares. !45
49. 0
Negative
Hypothetical Illustration of EBITDA
The information presented herein is provided for purely hypothetical, illustrative purposes only. Information herein reflect current beliefs of SBG as of the date hereof and is based on a variety of assumptions and estimates that are subject to various risks. The metrics
regarding select aspects of the company’s operations were selected by SBG 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. Actual results may differ materially from projections, estimates and other subjective and/or forward-looking statements herein. For
the avoidance of doubt, this hypothetical illustration does not represent WeWork’s actual EBITDA or other metrics
!47
50. − =
!48
Low High Negative
OPEX EBITDAGross profit
(Location-level)
The information presented herein is provided for purely hypothetical, illustrative purposes only. Information herein reflect current beliefs of SBG as of the date hereof and is based on a variety of assumptions and estimates that are subject to various risks. The metrics
regarding select aspects of the company’s operations were selected by SBG 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. Actual results may differ materially from projections, estimates and other subjective and/or forward-looking statements herein. For
the avoidance of doubt, this hypothetical illustration does not represent WeWork’s actual EBITDA or other metrics
Hypothetical Illustration of Factors of EBITDA
51. − =
OPEX EBITDAGross profit
(Location-level)
!49
Hypothetical Illustration of Factors of EBITDA
The information presented herein is provided for purely hypothetical, illustrative purposes only. Information herein reflect current beliefs of SBG as of the date hereof and is based on a variety of assumptions and estimates that are subject to various risks. The metrics
regarding select aspects of the company’s operations were selected by SBG 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. Actual results may differ materially from projections, estimates and other subjective and/or forward-looking statements herein. For
the avoidance of doubt, this hypothetical illustration does not represent WeWork’s actual EBITDA or other metrics
52. Year 1 Year 2 Year 3
!50
Workstation Capacity (Illustration)
The information presented herein is provided for illustrative purposes only. Information herein reflect current beliefs of SBG as of the date hereof and is based on a variety of assumptions and estimates that are subject to various risks. The metrics regarding select
aspects of the company’s operations were selected by SBG 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. Actual results may differ materially from projections, estimates and other subjective and/or forward-looking statements herein. Illustrative bar
graphs are approximate representations based on company data based on years 2016 to 2018. Source: WeWork S-1 Filing.
Approximately
doubled
each year
53. High profit
Low profit
Loss
Current expectation
Hypothetical Illustration of Number of Locations (Current)
Months: months since the opening
Most locations
opened within
6 months
Under
construction
1-6 months
7-12 months
13 months+
!51
The information presented herein is provided for purely hypothetical, illustrative purposes only. Information herein reflect current beliefs of SBG as of the date hereof and is based on a variety of assumptions and estimates that are subject to various risks. The metrics
regarding select aspects of the company’s operations were selected by SBG 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. Actual results may differ materially from projections, estimates and other subjective and/or forward-looking statements herein. For
the avoidance of doubt, this hypothetical illustration does not represent WeWork’s actual EBITDA or other metrics
(expected)
(expected)
(expected)
54. 0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0 2 4 6 8 10 12 14 16 18 20 22 24
Loss Low profit High profit
(Months since the opening)
Hypothetical Illustration of Occupancy Rate
Improve
over time
Seek to
Gross profit
!52
The information presented herein is provided for purely hypothetical, illustrative purposes only. Information herein reflect current beliefs of SBG as of the date hereof and is based on a variety of assumptions and estimates that are subject to various risks. The metrics regarding select
aspects of the company’s operations were selected by SBG 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. Actual results may differ materially from projections, estimates and other subjective and/or forward-looking statements herein. For the avoidance of doubt, this hypothetical illustration does
not represent actual profit amounts of WeWork
55. ① Pause contracting new offices
② Cost reduction
③ Sort out unprofitable business
!53
Proposed Measures to Improve Profitability
There can be no assurance that the strategy of SBG set forth herein will be successful.
56. Potential
year 1 1H
Potential
year 1 2H
Potential
year 2 1H
Potential
year 2 2H
Potential
year 3 1H
High profit (13 months+)
Low Profit (7-12 months)
Loss (1-6 months)
Under Construction
Hypothetical Illustration of Location Profitability Over Time (Future)
The information presented herein is provided for illustrative purposes only. Information herein reflect current beliefs of SBG as of the date hereof and is based on a variety of assumptions and estimates that are subject to various risks. The metrics regarding select aspects of the company’s operations were selected by SBG 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. Actual results may differ materially from projections, estimates and other subjective and/or forward-looking statements herein. For the avoidance of doubt, the information shown in this
graph is not based on actual ratios of profit for WeWork
Increase in
ratio of high
profit location
Expect to
!54
57. !55
Hypothetical Illustration of Profitability
(Amount)
(Time)
This hypothetical illustration is provided solely for illustrative purposes, reflects the current beliefs of SBG as of the date hereof, and is based on a variety of assumptions and estimates about, among others, future operating results, the value of 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 this hypothetical illustration is based. There are numerous factors related to the markets in general or the
implementation of any specific operational plan that cannot be fully accounted for with respect to the hypothetical illustration herein. Any targets or estimates are therefore subject to a number of important risks, qualifications, limitations, and exceptions that could
materially and adversely affect the hypothetical illustration presented herein. Accordingly, actual results may differ materially from the hypothetical illustration presented herein. For the avoidance of doubt, this illustration does not reflect actual results or metrics from the
company
Gross profit
(after improvement)
58. !56
OPEX
(before reduction)
Hypothetical Illustration of Profitability
(Amount)
Gross profit
EBITDA
(Time)
This hypothetical illustration is provided solely for illustrative purposes, reflects the current beliefs of SBG as of the date hereof, and is based on a variety of assumptions and estimates about, among others, future operating results, the value of 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 this hypothetical illustration is based. There are numerous factors related to the markets in general or the
implementation of any specific operational plan that cannot be fully accounted for with respect to the hypothetical illustration herein. Any targets or estimates are therefore subject to a number of important risks, qualifications, limitations, and exceptions that could
materially and adversely affect the hypothetical illustration presented herein. Accordingly, actual results may differ materially from the hypothetical illustration presented herein. For the avoidance of doubt, this illustration does not reflect actual results or metrics from the
company.
59. !57
Hypothetical Illustration of Profitability
(Amount)
(Time)This hypothetical illustration is provided solely for illustrative purposes, reflects the current beliefs of SBG as of the date hereof, and is based on a variety of assumptions and estimates about, among others, future operating results, the value of 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 this hypothetical illustration is based. There are numerous factors related to the markets in general or the
implementation of any specific operational plan that cannot be fully accounted for with respect to the hypothetical illustration herein. Any targets or estimates are therefore subject to a number of important risks, qualifications, limitations, and exceptions that could
materially and adversely affect the hypothetical illustration presented herein. Accordingly, actual results may differ materially from the hypothetical illustration presented herein. For the avoidance of doubt, this illustration does not reflect actual results or metrics from the
company.
Gross profit
EBITDA
OPEX
(after reduction)
Aim for reduction of
new location related cost
(interior, etc.)
60. 0
Negative
!58
Hypothetical Illustration of EBITDA
The information presented herein is provided for purely hypothetical, illustrative purposes only. Information herein reflect current beliefs of SBG as of the date hereof and is based on a variety of assumptions and estimates that are subject to various risks. The metrics
regarding select aspects of the company’s operations were selected by SBG 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. Actual results may differ materially from projections, estimates and other subjective and/or forward-looking statements herein. For
the avoidance of doubt, this hypothetical illustration does not represent WeWork’s actual EBITDA or other metrics
61. 0
Turnaround
Aim to achieve
!59
Future
Hypothetical Illustration of EBITDA
The information presented herein is provided for purely hypothetical, illustrative purposes only. Information herein reflect current beliefs of SBG as of the date hereof and is based on a variety of assumptions and estimates that are subject to various risks. The metrics
regarding select aspects of the company’s operations were selected by SBG 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. Actual results may differ materially from projections, estimates and other subjective and/or forward-looking statements herein. For
the avoidance of doubt, this hypothetical illustration does not represent WeWork’s actual EBITDA or other metrics
62. Assessing Value for Investments
This section is designed for illustrative purposes only to demonstrate a personal view of assessing value in a potential investment company. For the avoidance of doubt, the slides in this section do not purport to describe the valuations process conducted by
SoftBank Investment Advisers, the Manager to the SVF1, and its Valuations Committee. The Manager conducts its valuations in accordance with IFRS 13, IPEV guidelines and its internal policies and procedures.
!60
64. 1
2
3
Manage LTV at less than 25% during “normal” periods
(upper threshold of 35% even during “abnormal” periods)
Firmly Maintain Financial Policy
Maintain cash position covering
bond redemptions for at least next 2 years
Secure sustainable distribution and dividend income
from SVF and other subsidiaries
!62
65. Key KPI for evaluating
enterprise value
FCF
The information presented herein is provided for illustrative purposes only and represents a high level overview of assessing company value. Investments held by SVF1 are valued in accordance with the detailed procedures established in the SVF1 governing documents.
FCF: free cash flow
!63
66. × Multiple = Company
value
FCF
Factors for Assessing Value
The information presented herein is provided for illustrative purposes only and represents a high level overview of assessing company value. Investments held by SVF1 are valued in accordance with the detailed procedures established in the SVF1 governing documents.
FCF: free cash flow
!64
67. !65!65
45x
15x
Factors for Assessing Company Value (2020 Projections)
(source) S&P Capital IQ
These companies are not necessarily portfolio companies owned by the SVF1 or SoftBank Group Corp. The information presented herein is provided for illustrative purposes only and represents a high level overview of assessing company value. Investments held by SVF1 are valued in
accordance with the detailed procedures established in the SVF1 governing documents. Third-party logos included herein are provided for illustrative purposes only. Inclusion of such logos does not imply affiliation with or endorsement by such firms or businesses. There is no guarantee that the
Manager, the SVF1's portfolio companies or SoftBank will work with any of the firms or businesses whose logos are included herein in the future. The comparables provided herein were selected by SBG for illustrative purposes because SBG believes that they present the most direct comparables
in the industry within the relevant time period. Selection of such criteria is inherently subjective and others might select other comparables based on their assessment of the market. References to companies 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 companies described herein. There can be no assurance that projected results will be attained, and actual results may be significantly different from the
projections herein. The information provided herein is for illustrative purposes only, provides hypothetical company valuation scenarios and is not necessarily based on a SVF1 portfolio company or a SBG investment. The information herein is presented to demonstrate certain factors considered in
the valuation of a company, and does not purport to be a complete list of factors considered by SBIA or SBG in the valuations of their respective investments, and is based on a variety of assumptions and estimates.
Alibaba Group is a SoftBank Group Corp. investment.
68. 0x
10x
20x
30x
40x
50x
0% 10% 20% 30% 40%
Square
Booking
Alibaba
Tencent
Netflix
Alphabet
Facebook
Amazon
!66!66
25x
EV / FCF (2021 projections)
Revenue CAGR
(multiple)
(2019-2021 projections) (source) S&P Capital IQ
Alibaba Group is a SoftBank Group Corp. investment.
EV: enterprise value
These companies are not necessarily portfolio companies owned by the SVF1 or SoftBank Group Corp. The information presented herein is provided for illustrative purposes only and represents a high level overview of assessing company value. Investments held by SVF1 are valued in accordance with the detailed procedures established in the SVF1 governing documents. Third-party logos included herein are
provided for illustrative purposes only. Inclusion of such logos does not imply affiliation with or endorsement by such firms or businesses. There is no guarantee that the Manager, the SVF1's portfolio companies or SoftBank will work with any of the firms or businesses whose logos are included herein in the future. The comparables provided herein were selected by SBG for illustrative purposes because SBG
believes that they present the most direct comparables in the industry within the relevant time period. Selection of such criteria is inherently subjective and others might select other comparables based on their assessment of the market. References to companies 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 companies described herein. There can be no assurance that projected results will be attained, and actual results may be significantly different from the projections herein. The information provided herein is for illustrative purposes only, provides hypothetical company valuation scenarios and is not necessarily based on a SVF1 portfolio company or a
SBG investment. The information herein is presented to demonstrate certain factors considered in the valuation of a company, and does not purport to be a complete list of factors considered by SBIA or SBG in the valuations of their respective investments, and is based on a variety of assumptions and estimates.
30%
!66
69. 0x
10x
20x
30x
40x
50x
0% 10% 20% 30% 40%
Square
Booking
Alibaba
Tencent
Netflix
Alphabet
Facebook
Amazon
!67!67
Assumptions Amount
FCF USD 1bn
FCF multiple (25x) USD 25bn
DCF (discount rate 30%) USD 7bn
Risk (40% discount) USD 4bn
25x
EV / FCF (2021 projections)
Revenue CAGR
Hypothetical 5-year projections:
how we see value in a company
(revenue CAGR 30%)
(multiple)
(2019-2021 projections) (source) S&P Capital IQ
Alibaba Group is a SoftBank Group Corp. investment.
EV: enterprise value
These companies are not necessarily portfolio companies owned by the SVF1 or SoftBank Group Corp. The information presented herein is provided for illustrative purposes only and represents a high level overview of assessing company value. Investments held by SVF1 are valued in accordance with the detailed procedures established in the SVF1 governing documents. Third-party logos included herein are
provided for illustrative purposes only. Inclusion of such logos does not imply affiliation with or endorsement by such firms or businesses. There is no guarantee that the Manager, the SVF1's portfolio companies or SoftBank will work with any of the firms or businesses whose logos are included herein in the future. The comparables provided herein were selected by SBG for illustrative purposes because SBG
believes that they present the most direct comparables in the industry within the relevant time period. Selection of such criteria is inherently subjective and others might select other comparables based on their assessment of the market. References to companies 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 companies described herein. There can be no assurance that projected results will be attained, and actual results may be significantly different from the projections herein. The information provided herein is for illustrative purposes only, provides hypothetical company valuation scenarios and is not necessarily based on a SVF1 portfolio company or a
SBG investment. The information herein is presented to demonstrate certain factors considered in the valuation of a company, and does not purport to be a complete list of factors considered by SBIA or SBG in the valuations of their respective investments, and is based on a variety of assumptions and estimates.
30%
!67
70. 0x
10x
20x
30x
40x
50x
0% 10% 20% 30% 40%
Square
Booking
Alibaba
Tencent
Netflix
Alphabet
Facebook
Amazon
!68!68
25x
Assumptions Amount
FCF USD 2bn
FCF multiple (25x) USD 50bn
DCF (discount rate 30%) USD 8bn
Risk (50% discount) USD 4bn
EV / FCF (2021 projections)
Revenue CAGR
Hypothetical 7-year projections:
how we see value in a company
(revenue CAGR 30%)
(multiple)
(2019-2021 projections) (source) S&P Capital IQ
Alibaba Group is a SoftBank Group Corp. investment.
EV: enterprise value
These companies are not necessarily portfolio companies owned by the SVF1 or SoftBank Group Corp. The information presented herein is provided for illustrative purposes only and represents a high level overview of assessing company value. Investments held by SVF1 are valued in accordance with the detailed procedures established in the SVF1 governing documents. Third-party logos included herein are
provided for illustrative purposes only. Inclusion of such logos does not imply affiliation with or endorsement by such firms or businesses. There is no guarantee that the Manager, the SVF1's portfolio companies or SoftBank will work with any of the firms or businesses whose logos are included herein in the future. The comparables provided herein were selected by SBG for illustrative purposes because SBG
believes that they present the most direct comparables in the industry within the relevant time period. Selection of such criteria is inherently subjective and others might select other comparables based on their assessment of the market. References to companies 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 companies described herein. There can be no assurance that projected results will be attained, and actual results may be significantly different from the projections herein. The information provided herein is for illustrative purposes only, provides hypothetical company valuation scenarios and is not necessarily based on a SVF1 portfolio company or a
SBG investment. The information herein is presented to demonstrate certain factors considered in the valuation of a company, and does not purport to be a complete list of factors considered by SBIA or SBG in the valuations of their respective investments, and is based on a variety of assumptions and estimates.
30%
!68
72. Alibaba
Local Services
(Zuoyebang)
(PingAn Good Doctor)
(Full Truck Alliance)
As of Sep. 30, 2019
+ JVs / affiliates etc.
(14 companies)
SoftBank Vision Fund 1
88 companies
The investments presented herein are solely for illustrative purposes, have been selected in order to demonstrate examples of SVF1 investments, and do not purport to be a complete list thereof.
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 complete list of SVF1's investments. There are no assurances that any pending acquisition will be consummated at all or on the current terms of the agreement.
*Disclosed aggregate number of “88 companies” includes the existing SVF1 investments (disclosed / undisclosed) and JVs / affiliates among portfolio companies and SVF1. !70
73. !71
’95 ’96 ’97 ’98 ’99 ’00
22x
Market cap. of
Internet
companies
Internet
(CY)
(source) Market cap. of the internet companies: estimated by SoftBank Group Corp. based on S&P Capital IQ
Index assuming the market cap. of the Internet companies in 1994 was 1
74. !72
’95 ’96 ’97 ’98 ’99 ’00
Internet
Market cap. of
Internet
companies
22x
12x
(CY)
(source) Market cap. of the internet companies: estimated by SoftBank Group Corp. based on S&P Capital IQ
Index assuming the market cap. of the Internet companies in 1994 was 1
75. ’95 ’96 ’97 ’98 ’99 ’00 (CY)
!73
Internet
(source) Internet traffic: Cisco VNI (Visual Networking Index) & OECD, Market cap. of the internet companies: estimated by SoftBank Group Corp. based on S&P Capital IQ
*1 Petabyte (PB) = 1 million GB Net traffic: calculated per monthIndex assuming the market cap. of the Internet companies in 1994 was 1
Market cap. of
Internet
companies
Internet traffic
84PB
12x
22x
76. ’95 ’99 ’03 ’07 ’11 ’15 ’18
!74
Internet
(source) Internet traffic: Cisco VNI (Visual Networking Index) & OECD, Market cap. of the internet companies: estimated by SoftBank Group Corp. based on S&P Capital IQ
*1 Exabyte (EB) = 1 billion GB Index assuming the market cap. of the Internet companies in 1994 was 1
(CY)
Internet traffic
156EB
Market cap. of
Internet
companies
1,000x
Net traffic: calculated per month
77. ’13 ’14 ’15 ’16 ’17 ’18 ’19
!75
’95 ’99 ’03 ’07 ’11 ’15 ’18
Aggregated valuation of
AI companies
17x
?
Internet
Market cap. of
Internet
companies
Internet traffic
156EB
1,000x
AI
(source) Internet traffic: Cisco VNI (Visual Networking Index) & OECD,
Market cap. of the internet companies: estimated by SoftBank Group Corp. based on S&P Capital IQ
*1 Exabyte (EB) = 1 billion GB Net traffic: calculated per monthIndex assuming the market cap. of the Internet companies in 1994 was 1 Aggregated valuation of AI companies: collected data by gathering the private companies,
categorized in “Artificial Intelligence & Machine Learning” in PitchBook, with valuation above USD 100m
(source) PitchBook
(CY) (CY)
78. ’13 ’14 ’15 ’16 ’17 ’18 ’19’95 ’99 ’03 ’07 ’11 ’15 ’18
!76
Aggregated valuation of AI companies: collected data by gathering the private companies, categorized in “Artificial Intelligence & Machine
Learning” in PitchBook, with valuation above USD 100m
Amount of stored digital data: total amount of data created on data center (on-premise / cloud), edge, and devices (source) PitchBook & IDC
?
Amount of
stored digital data
33ZB
Internet
Market cap. of
Internet
companies
Internet traffic
156EB
1,000x
AI
Aggregated valuation of
AI companies
17x
(source) Internet traffic: Cisco VNI (Visual Networking Index) & OECD,
Market cap. of the internet companies: estimated by SoftBank Group Corp. based on S&P Capital IQ
*1 Exabyte (EB) = 1 billion GB Net traffic: calculated per monthIndex assuming the market cap. of the Internet companies in 1994 was 1
(CY) (CY)
79. ’95 ’99 ’03 ’07 ’11 ’15 ’18
!77
’13 ’16 ’19 ’22 ’25 ’28 ’30
Aggregated
valuation of
AI companies
(illustration)
Internet
Market cap. of
Internet
companies
Internet traffic
156EB
1,000x
AI
(CY) (CY)
(source) Internet traffic: Cisco VNI (Visual Networking Index) & OECD,
Market cap. of the internet companies: estimated by SoftBank Group Corp. based on S&P Capital IQ
*1 Exabyte (EB) = 1 billion GB Net traffic: calculated per monthIndex assuming the market cap. of the Internet companies in 1994 was 1 Aggregated valuation of AI companies: collected data by gathering the private companies, categorized in “Artificial Intelligence & Machine
Learning” in PitchBook, with valuation above USD 100m
Amount of stored digital data: total amount of data created on data center (on-premise / cloud), edge, and devices (source) PitchBook & IDC
Amount of stored digital data
(illustration)
82. SVF1 highlights are provided solely for illustrative purposes and individual investors' results may vary. Past performance is not necessarily indicative of future results. Shareholder value increase is not indicative of actual performance. Investment market uplift includes valuation uplifts and 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. 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. References to specific investments should not be construed as a recommendation of any particular investment or
security. 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.
Two Facts
!80*1 As of Sep. 30, 2019
*2 Since May 20, 2017.
*2
*1
SVF1 investment
market uplift
+USD 11.4bn
(since SVF1 inception)
SBG shareholder value
~JPY 1.4t
increase
83. Aug. 7, 2019 Nov. 6, 2019
(as of previous announcement)
Share price: closing price as of Nov. 6 (Japan)
closing price as of Nov. 5 (U.S.)
• For details, see “Definition and Calculation Method of SBG’s Sum-of-the-parts Valuation”
SVF
Others
(USD bn)
Equity Value of Holdings
+USD
19bn
!81
256
123
44
29
25
29
104
43
27
24
32
237 7
8
USD 1 = JPY 108.84
84. Aug. 7, 2019 Nov. 6, 2019
Shareholder Value
(as of previous announcement)
• For details, see “Definition and Calculation Method of SBG’s Sum-of-the-parts Valuation”
!82
+USD 13bn206192
(USD bn)
Share price: closing price as of Nov. 6 (Japan)
closing price as of Nov. 5 (U.S.)
USD 1 = JPY 108.84
85. LTV
17%
• Net debt = SBG net interest-bearing debt = SBG gross debt - SBG cash positions, etc
• LTV (Loan to value) = Net debt / Equity value of holdings
• For details, see “Definition and Calculation Method of SBG’s Sum-of-the-parts Valuation”
(note) excl. the amount equivalent to the outstanding debt of asset-backed finance from both Net debt and Equity value of holdings (JPY 1t). !83
Share price: closing price as of Nov. 6 (Japan)
closing price as of Nov. 5 (U.S.)
86. USD -5.8bn
SVF1 Cumulative Investment Highlights (end of Sep. 2019)
Mark up
Valuation gain
USD 12.5bn
USD 17.2bn
Realized gain
USD 4.7bn
(37 companies)
Mark down
(22 companies)
Investment
market uplift
USD 11.4bn
SVF1 highlights are provided solely for illustrative purposes and individual investors' results may vary. Past performance is not necessarily indicative of future results. Investment market uplift includes valuation uplifts and 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. 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. References to specific investments should not be construed as a recommendation of any particular investment or
security. 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.
Select investments presented herein are solely for illustrative purposes, 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 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 complete list of SVF1's investments.
!84
87. USD 206bn
’95 ’97 ’99 ’01 ’03 ’05 ’07 ’09 ’11 ’13 ’15 ’17 ’19 (FY) SBG Market cap.: closing price as of Nov. 6
Shareholder value: closing price as of Nov. 6 (Japan)
closing price as of Nov. 5 (U.S.)
!85
USD 82bn
Market cap.
SBG
shareholder
value
Discount
60%
USD 1 = JPY 108.84
90. Definition and Calculation Method of SBG’s Sum-of-the-parts Valuation
i. Net debt
• Net debt = net interest-bearing debt (SBG) = Net debt (SBG)
• Net debt (SBG) = gross debt (SBG) - cash position, etc (SBG)
• gross debt (SBG) = gross interest-bearing debt (SBG) = Gross debt (Consolidated) - Gross debt of subsidiaries (Non-recourse)
• gross debt (SBG): adjusting (a), (b), and (c) as follows
(a) JPY Hybrid Bonds issued in September 2016: 50% of outstanding amount, which is recorded as debt in consolidated B/S, is treated as equity
(b) USD Hybrid Notes issued in July 2017: 50% of outstanding amount, which is recorded as equity in consolidated B/S, is treated as debt
(c) JPY Hybrid Loan executed in November 2017: 50% of outstanding amount, which is recorded as debt in consolidated B/S, is treated as equity
• cash position, etc (SBG): considering the impacts of (d) and (e) as follows
(d) Estimated cash proceeds and capital call payment related to the assets transfer of SVF from SBG that had been already completed by the end of September 2019
(e) Closing of the accelerated $1.5 billion payment commitment to The We Company from SBG (completed on October 30, 2019)
• Gross debt (Consolidated) = Gross interest-bearing debt (Consolidated): excluding cash position of banking business (The Japan Net Bank)
• Gross debt of subsidiaries (Non-recourse) = Gross interest-bearing debt of subsidiaries (Non-recourse): Total amount of gross interest-bearing debt of SBKK, Sprint, SVF, Arm, etc.
ii. Equity value of holdings
• Alibaba: calculated by multiplying the number of Alibaba shares held by SBG at June 30, 2019 by the share price of Alibaba
• SBKK: calculated by multiplying the number of SBKK shares held by SBG by the share price of SBKK
• Sprint: calculated by multiplying the share price of T-mobile US, Inc. by the exchange ratio: 0.10256 on the premise of a future merger
• Arm: calculated based on the acquisition cost, excluding the number of Arm shares held by SVF
• SVF: Value equivalent to SBG’s portion of SVF’s holding value + Performance Fee accrued, etc
• Others: calculated mainly based on fair value of unlisted shares, etc held by SBG and adjusted the following
Closing of the accelerated $1.5 billion payment commitment to The We Company from SBG (completed on October 30, 2019)
iii. Shareholder value
• Shareholder value = Equity value of holdings - Net debt
• Shareholder value per share = Shareholder value / Shares issued
iv. Loan to value (LTV)
• LTV = Net debt / Equity value of holdings (excluding the amount equivalent to the outstanding debt of asset-backed finance from both Net debt and Equity value of holdings)
v. Other assumptions
• Share prices: (Japan) closing price as of Nov 6, 2019, (US) closing price as of Nov 5, 2019
• FX rate: USD 1 = JPY 108.84
• Shares issued: excluding treasury shares
※SBG = SoftBank Group Corp., SBKK = SoftBank Corp., SVF = SoftBank Vision Fund
※Based on data as of September 30, 2019 unless otherwise stated
※Before considering tax unless otherwise stated