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Recognition of Loss on Valuation of Shares of Subsidiaries and Associates (as Special Loss) in Non-consolidated Financial Statements

SoftBank Group Corp.

SoftBank Group Corp. (“SBG”) announced today that it recognized loss on valuation of shares of subsidiaries and associates of JPY 670,470 million as special loss in its non-consolidated financial statements (Japan GAAP) for the fiscal year ended March 2020 as follows.

1. Outline of loss on valuation of shares of subsidiaries and associates

SBG recognized loss on valuation of shares of subsidiaries and associates of JPY 670,470 million as special loss in its non-consolidated financial statements (Japan GAAP) for the fiscal year ended March 2020, as a result of the impairment of certain subsidiaries and associates’ shares held by the company. This loss is mainly composed of a loss of JPY 537,010 million recorded for the shares of SB WW Holdings (Cayman) Limited (“SB WW”), which invests in The We Company (“WeWork”), an operator of the co-working “space-as-a-service” business WeWork, and a loss of JPY 57,726 million recorded for the shares of OneWeb Global Limited (“OneWeb”), a communication satellite venture.

SBG had announced that it expected to recognize loss on valuation of shares of subsidiaries and associates of JPY 497,700 million related to SB WW as special loss in its non-consolidated financial statements for the fiscal year ended March 2020, in “Recognition of Loss on Valuation of Shares of Subsidiaries and Associates (as Special Loss) in Non-consolidated Financial Statements” dated November 6, 2019.

2. Impact on SBG's consolidated financial results

As for WeWork, in addition to SB WW’s investment in WeWork, SoftBank Vision Fund has also invested in WeWork and its three affiliates. As for OneWeb, SBG has made investments, including equity investments, and loans to OneWeb. For losses related to these investments on SBG's consolidated financial results, please refer to its “Consolidated Financial Report For the Fiscal Year Ended March 31, 2020” announced today.

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