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SoftBank To Record Gain On Loss Of Control Of Sprint - Quick Facts

SoftBank Group Corp. (SFTBY.PK,SFTBF.PK) said it expects to record a gain of approximately 750 billion yen relating to loss of control of Sprint, under net income from discontinued operations in its consolidated statement of income for three-month period ending June 30, 2020. This is due to Sprint ceasing to be a subsidiary of SBG upon completion of the merger with T Mobile US.

Separately, the Group announced additional corporate governance enhancements, including the election by shareholders of two new independent directors. Lip-Bu Tan, Founder and Chairman of Walden International Inc. and CEO of Cadence Design Systems,
and Yuko Kawamoto, Professor at Waseda Business School, were elected. Yoshimitsu Goto, Senior Vice President, CFO, CISO & CSusO at SBG, was also elected to the Board.

The Board has approved the formation of a new Nominating & Compensation Committee, which will be comprised of a majority of independent directors and no less than three Board Directors. The committee will be Chaired by independent director, Masami
Iijima, and Yutaka Matsuo and Masayoshi Son will also serve on the committee.

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