[Reference Disclosure] Key Performance Figures Based on U.S. GAAP(Complete Edition)

November 14, 2014
Sony Financial Holdings Inc.
Sony Corporation (“Sony”), the parent company of Sony Financial Holdings Inc. (“SFH”), prepares its
consolidated financial statements in accordance with accounting principles generally accepted in the UnitedStates of America (“U.S. GAAP”). This reporting in accordance with U.S. GAAP includes the disclosure offinancial information for the Sony Group’s Financial Services segment, including the Sony Financial Group.
On the other hand, the Sony Financial Group, which accounts for the majority of the Sony Group’s Financial
Services segment, discloses financial information in accordance with accounting principles generally acceptedin Japan (“Japanese GAAP”). SFH has received inquiries from its shareholders and other investors about thedifferences between these two accounting standards.
In the insurance business, the differences between the two accounting standards are significant. These
primarily derive from the differences of the accounting standards such as the liabilities for future insurance
policy benefits and deferred insurance acquisition costs. Therefore, we provide supplementary information forJapanese and overseas investors to help their understanding of the Sony Financial Group’s operating
performance. This document contains key financial information pertaining to the Sony Group’s Financial
Services segment that Sony disclosed in accordance with U.S. GAAP.
Please note that the supplementary information has not been audited in accordance with the Companies Act,
the Financial Instruments and Exchange Act or the standard of the Public Company Accounting Oversight
Board (United States). Moreover, certain figures have been revised from the versions previously disclosed. For
further details, please refer to the note on the page 3. SFH prepares its consolidated financial results on the basisof Japanese GAAP, and we therefore ask our shareholders and other investors to refer to figures based onJapanese GAAP.
Note: This release includes additional information from the previous release, [Reference Disclosure] Key
Performance Figures Based on U.S. GAAP, disclosed on October 31, 2014, which describes thedifferences between key financial information for the Sony Group’s Financial Services segment under
U.S. GAAP and the consolidated operating performance issued by the Sony Financial Group underJapanese GAAP.

1(1) Performance Trends
Sony Group’s Financial Services Segment <U.S. GAAP><Fiscal year basis>(Billions of yen)
FY10

FY11

FY12

FY13

Revenue

804.1

868.7

1,002.4

993.8

Operating income

117.2

129.3

142.2

170.3

(Sony Life)

116.1

132.7

157.3

159.8

Net income

70.1

112.0

99.0

116.1

720.5

817.1

970.9

1,079.7

7,065.9

7,683.4

8,570.1

9,347.9

Stockholders’ equityof Financial Services*
Total assets<Quarterly basis>(Billions of yen)
FY13-1Q

FY13-2Q

FY13-3Q

FY13-4Q

FY14-1Q

FY14-2Q

Revenue

251.4

243.7

282.1

216.7

247.0

269.6

-

-

Operating income

45.1

38.4

46.4

40.4

43.8

47.7

-

-

(Sony Life)

39.5

36.4

48.2

35.6

37.2

45.7

-

-

Net income

30.3

26.1

31.3

28.5

29.9

32.9

-

-

965.4

1,007.0

1,045.1

1,079.7

1,102.5

1,141.1--

8,687.4

8,847.2

9,184.9

9,347.9

9,452.7

9,650.2--

Stockholders’ equityof Financial Services*
Total assets

FY14-3Q

FY14-4Q<Year-to-date basis>(Billions of yen)
FY13-1Q

FY13-2Q

FY13-3Q

FY13-4Q

FY14-1Q

FY14-2Q

Revenue

251.4

495.1

777.2

993.8

247.0

516.5

-

-

Operating income

45.1

83.5

129.9

170.3

43.8

91.5

-

-

(Sony Life)

39.5

75.9

124.1

159.8

37.2

82.9

-

-

Net income

30.3

56.3

87.6

116.1

29.9

62.8

-

-

965.4

1,007.0

1,045.1

1,079.7

1,102.5

1,141.1--

8,687.4

8,847.2

9,184.9

9,347.9

9,452.7

9,650.2--

Stockholders’ equityof Financial Services*
Total assets

FY14-3Q

FY14-4Q

Note: Figures on a quarterly basis and those on a year-to-date basis are expressed in billions of yen. However, the totals for the figure provided on a
year-to-date basis may not necessarily total those on a quarterly basis. Fractional amounts of less than ¥0.1 billion are rounded.
*The figure of Stockholders’ equity of Financial Services substantially corresponds to shareholders’ equity under Japanese GAAP.

2

Note:
During the fourth quarter of the fiscal year ended March 31, 2014, Sony revised its financial statements. Sony had previously recognized substantially allof the revenue from universal life insurance contracts over the period of the contract as fees were earned for services. However, Sony had recognized asmall portion of the overall contract revenue, representing the residual amount of revenue after taking into account the future insurance liabilities andfuture services to be provided to the policyholder, as fees were received. Under the revision, Sony will also recognize this small portion of revenue
over the contract period. The application of the prior revenue recognition accounting, which occurred over a number of years, was immaterial topreviously issued financial statements, but its cumulative impact would have been material to the consolidated financial statements had it been adjusted
in the fiscal year ended March 31, 2014. Accordingly, Sony revised its financial statements for the prior period. The modified application does not affectthe presentation of the Japanese statutory financial statements of Sony Financial Group under generally accepted accounting principles and practices inJapan.

Sony Financial Holdings (Consolidated) <Japanese GAAP><Fiscal year basis>(Billions of yen)
FY10

FY11

FY12

FY13

Ordinary revenues

1,002.2

1,078.0

1,259.0

1,320.4

Ordinary profit

76.8

74.6

79.2

76.1

(Sony Life)

73.1

69.4

74.6

69.2

Net income

41.7

32.8

45.0

40.5

Shareholders’ equity

294.8

346.5

434.1

465.7

Total assets

6,597.1

7,241.4

8,096.1

8,841.3<Quarterly basis>(Billions of yen)
FY13-1Q

FY13-2Q

FY13-3Q

FY13-4Q

FY14-1Q

FY14-2Q

FY14-3Q

FY14-4Q

Ordinary revenues

313.0

298.1

436.6

272.6

303.2

339.8

-

-

Ordinary profit

17.0

19.7

24.7

14.5

21.9

24.9

-

-

(Sony Life)

14.1

17.1

23.4

14.4

17.6

22.7

-

-

Net income

9.6

11.2

14.4

5.1

14.5

16.6

-

-

Shareholders’ equity

409.8

436.7

455.5

465.7

481.3

503.4

-

-

Total assets

8,211.3

8,361.3

8,682.6

8,841.3

8,933.6

9,120.2--<Year-to-date basis>(Billions of yen)
FY13-1Q

FY13-2Q

FY13-3Q

FY13-4Q

FY14-1Q

FY14-2Q

Ordinary revenues

313.0

611.1

1,047.8

1,320.4

303.2

643.0

-

-

Ordinary profit

17.0

36.8

61.5

76.1

21.9

46.9

-

-

(Sony Life)

14.1

31.3

54.7

69.2

17.6

40.4

-

-

Net income

9.6

20.8

35.3

40.5

14.5

31.1

-

-

Shareholders’ equity

409.8

436.7

455.5

465.7

481.3

503.4

-

-

Total assets

8,211.3

8,361.3

8,682.6

8,841.3

8,933.6

9,120.2--

3

FY14-3Q

FY14-4Q

Note 1: Figures on a quarterly basis and those on a year-to-date basis are expressed in billions of yen. However, the totals for the figures provided on a
year-to-date basis may not necessarily total those on a quarterly basis. Fractional amounts of less than ¥0.1 billion are discarded.
Note 2: When reporting its quarterly operating performance, SFH discloses figures on a year-to-date basis, so the figures provided on a quarterly basis
are calculated as the difference of figures provided on a year-to-date basis.
Note3: Within the Sony Financial Group, in the first quarter of the fiscal year ending March 31, 2015, Sony Bank revised its method of recording
ordinary revenues and ordinary expenses on hedge transactions. Ordinary revenues for the fiscal year ended March 31, 2014, have been
retroactively adjusted to reflect the change. (No revisions have been made to ordinary revenues for the fiscal years ended March 31, 2011
through 2013.) As adjustments to ordinary revenues were accompanied by adjustments in the same amount to ordinary expenses, ordinary
profit, net income, shareholders’ equity and total assets were unaffected.

(2) Financial Forecast for the Fiscal 2014
Sony Group’s Financial Services Segment <U.S. GAAP><Fiscal year basis>(Billions of yen)

FY13 Results

FY14 Forecast

Revenue

993.8

1,000.0

Operating income

170.3

164.0

Sony Financial Holdings (Consolidated) <Japanese GAAP><Fiscal year basis>(Billions of yen)

FY13 Results

FY14 Forecast

Ordinary revenues

1,320.4

1,191.0

Ordinary profit

76.1

77.0

(3) Differences between U.S.GAAP and Japanese GAAP
The periodic profit and loss of the insurance business where the number of insurance contracts in force isincreasing generally tend to experience higher operating income under U.S. GAAP than the ordinary profit underJapanese GAAP, primarily due to the following two factors:
・Difference of the accounting standards for the liabilities for future insurance policy benefits and other・Deferred insurance acquisition costs (only applicable under U.S. GAAP)For more detailed information, please refer to the Appendix, “Significant Differences between Japanese GAAP
and U.S. GAAP”.

Differences between key financial information for the Sony Group’s Financial Services segment under
U.S. GAAP and the consolidated operating performance reported by the Sony Financial Group underJapanese GAAP

4

<Fiscal year basis>(Billions of yen)
FY12

FY13

Sony Group’s Financial Services Segment:
Operating income <U.S. GAAP> (A)

142.2

170.3

Ordinary profit <Japanese GAAP> (B)

79.2

76.1

Difference (A-B)

63.0

94.2

53.1

60.7

20.1

31.7

Sony Financial Holdings (Consolidated):－Difference of the accounting standards forthe liabilities for future insurance policy
benefits and other－Deferral/amortization of deferred insurance
acquisition costs (net impact)<Quarterly basis>(Billions of yen)
FY13-1Q

Y13-2Q

FY14-1Q

FY14-2Q

45.1

38.4

43.8

47.7

Ordinary profit <Japanese GAAP> (B)

17.0

19.7

21.9

24.9

Difference (A-B)

28.1

18.6

21.8

22.7

18.6

15.1

14.7

15.3

7.3

5.2

5.5

9.0

Sony Group’s Financial Services Segment:
Operating income <U.S. GAAP> (A)Sony Financial Holdings (Consolidated):－Difference of the accounting standards forthe liabilities for future insurance policy
benefits and other－Deferral/amortization of deferred insurance
acquisition costs (net impact)

5

<Year-to-date basis>(Billions of yen)
FY13-1Q

Y13-2Q

FY14-1Q

FY14-2Q

45.1

83.5

43.8

91.5

Ordinary profit <Japanese GAAP> (B)

17.0

36.8

21.9

46.9

Difference (A-B)

28.1

46.7

21.8

44.5

18.6

33.7

14.7

30.0

7.3

12.5

5.5

14.5

Sony Group’s Financial Services Segment:
Operating income <U.S. GAAP> (A)Sony Financial Holdings (Consolidated):－Difference of the accounting standards forthe liabilities for future insurance policy
benefits and other－Deferral/amortization of deferred insurance
acquisition costs (net impact)

Note: Figures on a quarterly basis and those on a year-to-date basis are expressed in billions of yen. However, the sum of the figures
provided on a year-to-date basis may not be necessarily the sum of those on a quarterly basis. Amounts of less than ¥0.1
billion in (B) are rounded down and the other rows are rounded off in ¥0.1 billion.

SFH’s consolidated results* are prepared in accordance with Japanese GAAP. As such, these figures differ in significant
respects from the financial information reported by Sony, the SFH’s parent company, which prepares its financial statementsin accordance with U.S. GAAP.
Sony Financial Group’s scope of consolidation and that of Sony Group’s Financial Services segment are described below.
< Sony Financial Group’s scope of consolidation under Japanese GAAP>*SFH’s scope of consolidation includes Sony Financial Holdings Inc., Sony Life Insurance Co. Ltd., Sony Assurance Inc.,
Sony Bank Inc., Sony Life Insurance (Philippines) Corporation, Sony Bank Securities Inc., SmartLink Network, Inc, andSmartLink Network Hong Kong Limited. It also includes AEGON Sony Life Insurance Co., Ltd. and SA Reinsurance Ltd.,
as affiliated companies accounted for under the equity method. Smart Link Network, Inc. and SmartLink Network Hong
Kong Limited were included in the scope of consolidation from the second quarter of the year ended March 31, 2012 and thefourth quarter of the year ended March 31, 2014, respectively. Sony Bank Securities Inc. and Sony Life Insurance(Philippines) Corporation were out of the scope of consolidation from the second quarter of the year ended March 31, 2013
and the third quarter of the year ended March 31, 2013, respectively and thereafter.

6

<Scope of consolidation of the Sony Group’s Financial Services segment under U.S. GAAP>
Sony Group’s Financial Services segment includes Sony Financial Holdings Inc., Sony Life Insurance Co. Ltd., Sony
Assurance Inc., Sony Bank Inc., Sony Bank Securities Inc., SmartLink Network, Inc., SmartLink Network Hong Kong
Limited. and Sony Finance International, Inc. as consolidated subsidiaries. It also includes AEGON Sony Life Insurance Co.,
Ltd., SA Reinsurance Ltd., and SFI Leasing Company, Limited as affiliated companies accounted for under the equity
method. However, from the fiscal year ended March 31, 2013, Sony Finance International, Inc., and the equity results of SFI
Leasing Company, Limited, are not included in the Sony Group’s Financial Services segment. Sony Bank Securities Inc. wasout of the scope of consolidation from the second quarter of the year ended March 31, 2013 and thereafter.

This Press Release contains statements concerning the current plans, expectations, strategies and beliefs of the SonyFinancial Group. Any statements contained herein that pertain to future operating performance and that are not historicfacts are forward-looking statements. Forward-looking statements may include—but are not limited to—words such as“believe,” “anticipate,” “plan,” “strategy,” “expect,” “forecast,” “predict,” and “possibility” that describe future operating
activities, business performance, events or conditions. Forward-looking statements, whether spoken or written, are basedon judgments made by the management of the Sony Financial Group, based on information that is currently available to it.
As such, these forward-looking statements are subject to various risks and uncertainties, and actual business results mayvary substantially from the forecasts expressed or implied in forward-looking statements. Consequently, investors are
cautioned not to place undue reliance on forward-looking statements. The Sony Financial Group disclaims any obligation
to revise forward-looking statements in light of new information, future events or other findings.

For inquiries:
Masaaki Konoo or Hiroko Hanakura
Corporate Communications & Investor Relations Dept.
Sony Financial Holdings Inc.
Telephone: +81-3-5785-1074
E-mail: press@sonyfh.co.jp
Website of Sony Financial Holdings Inc.
http://www.sonyfh.co.jp/index_en.html

7Appendix:
Significant Differences between Japanese GAAP and U.S. GAAP
SFH’s consolidated results are prepared in accordance with accounting principles generally accepted in Japan (“Japanese
GAAP”) and provisions of the Insurance Business Act of Japan. As such, these figures differ in significant respects from thefinancial information reported by Sony Corporation, the SFH’s parent company, which prepares its financial statements inaccordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Significant
differences between Japanese GAAP and U.S. GAAP are described below:(1) Standards for recognizing income from insurance premiums in the life insurance business
Under U.S. GAAP, premium income on traditional insurance products is recognized as revenues during thepremium-paying period. Income other than premium payments received under investment agreements or for separate
agreements under universal life insurance (*), which are equivalent to deposits, is recognized as revenue. Under Japanese
GAAP, all premiums paid by policyholders are recognized as revenues.
*Note: For Sony Life Insurance Co., Ltd., investment agreements primarily include lump-sum payment endowment insurance,
lump-sum payment educational endowment insurance and individual annuities. Universal insurance mainly includes
variable life insurance and interest-rate sensitive whole life insurance.

(2) Standards for recognizing net gains from investment in the life insurance business
The recognition of net gains from investment in the life insurance business, which are classified in separate accounts
defined under the Insurance Business Act of Japan and which directly belong to policyholders, differs between Japanese
GAAP and U.S. GAAP. Under U.S. GAAP, net gains or losses are always recorded as revenues, whereas underJapanese GAAP such figures are recognized as ordinary revenues if they are positive, and as ordinary expenses if
negative.

(3) Policy reserves (future insurance policy benefit, etc.) in the insurance business
Since the method of calculation differs between Japanese regulations and U.S. GAAP, profits and losses during theperiod differ as well. Under the Insurance Business Act of Japan, insurance companies in Japan are required toaccumulate a policy reserve for the fulfillment of future obligations such as payment of insurance benefits based on theaccumulation method and actuarial assumptions approved by the authorities of the supervisory administrative agencies inJapan, whereas under U.S. GAAP, liabilities for future insurance policy benefits are primarily composed of the present
value of estimated future payments to policyholders. Under U.S. GAAP, liabilities for future insurance policy benefits
are computed based upon actuarial assumptions, such as future investment yield, mortality rates, morbidity rates,
contingency rates and other factors. These assumptions are reviewed on a periodic basis. Liabilities for future insurance
policy benefits also include liabilities for minimum guaranteed benefits related to certain insurance products such as
variable insurance policies. With respect to liabilities for minimum guaranteed benefits, the relevant insurance policies
differ between Japanese GAAP and U.S. GAAP.

(4) Deferral and amortization of deferred insurance acquisition costs
Under Japanese GAAP, insurance acquisition costs in the life insurance and non-life insurance businesses are charged as8

costs when incurred, whereas under U.S. GAAP insurance acquisition costs are deferred and amortized, in general,
equally over the premium-paying period of the related insurance policies by using the same calculation basis used incomputing future insurance policy benefit. The deferred insurance acquisition costs for variable insurance and other
non-traditional life insurance policies are amortized over the expected life span of policies in proportion to the estimatedgross profits. The estimated gross profits are reviewed in case the assumptions for calculations change materially due tosignificant fluctuations in the stock market and other factors. Under U.S. GAAP, insurance acquisition costs include suchitems as commissions and medical examination and inspection report fees that directly relate to the costs of acquiring
new insurance policies and renewing policies, as long as they are recoverable.

(5) Contingency reserve
Pursuant to provisions of the Insurance Business Act of Japan, to ensure the fulfillment of future obligations, insurancecompanies in Japan are required to accumulate a contingency reserve to account for the risk of insurance payment eventsoccurring at a higher-than-expected rate due to higher-than-expected mortality and morbidity rates (insurance risks), therisk of actual investment yields being lower than the assumed investment yields relating to outstanding policies (assumed
interest rate risk), the risk of actual investment results being lower than the amount guaranteed relating to the minimum
guaranteed portion of variable life insurance or variable annuities (minimum guarantee risks) and other risks. The
Insurance Business Act of Japan establishes an accumulation standard and a maximum amount of reserve for each risk.
The contingency reserve can be reversed in regards to each risk. Contingency reserve is recorded as a component ofpolicy reserve on the balance sheet. Under U.S. GAAP, there is no requirement for the provision of such a legal reserve.

(6) Catastrophe reserve
Pursuant to the provisions of the Insurance Business Act of Japan, non-life insurance companies in Japan are required toaccumulate an amount based on premium income to cover losses due to catastrophic events. The catastrophe reserve acts
as a provision against risks to which the law of large numbers is not applicable on a single-year basis, in consideration of
the special characteristics of the non-life insurance business to cover a wide range of risks including disasters. The
catastrophe reserve is reversed in fiscal years in which a catastrophe occurs. Furthermore, the catastrophe reserve isaccounted for as a part of underwriting reserves on the balance sheet. There is no requirement for the accumulation ofsuch a legal reserve under U.S. GAAP.

(7) Reserve for price fluctuations
Pursuant to provisions of the Insurance Business Act of Japan, insurance companies in Japan are required to accumulatea reserve to cover losses due to price fluctuations in assets subject to market price volatility, particularly investments instocks, bonds and foreign currency-denominated investments. The Insurance Business Act of Japan establishes theaccumulation standard and a maximum amount of reserve for each asset. The reserve for price fluctuations may bereversed to reduce losses arising from price fluctuations of those assets. Under U.S. GAAP, there is no requirement forthe provision of such a legal reserve.

(8) Foreign currency transactions
The majority of the Sony Financial Group’s operations in the banking business involve transactions denominated in9foreign currencies. Under Japanese GAAP, transactions involving assets and liabilities denominated in foreign currencies
are in principal translated to yen at the exchange rate prevailing on the date of the settlement of accounts, and any
translation adjustments are recorded in the statements of income as foreign exchange gains or losses. For that reason, inthe banking business, translation adjustments on those investments coming from foreign currency deposits (liabilities) areoffset partially in the statements of income by ones from investments in available-for-sale bonds denominated in foreign
currency (assets) for the purpose of covering those foreign currency deposits. However, under U.S. GAAP, althoughtranslation adjustments on foreign currency deposits (liabilities) are recorded in the statements of income, translation
adjustments on available-for-sale bonds denominated in foreign currency (assets) are posted directly to net assets inaccordance with fluctuations in the fair market value of securities held, and are therefore not recorded in the statements ofincome until maturity or sale. As such, under U.S. GAAP, asset-side translation adjustments and liability-side translation
adjustments are recorded differently. Therefore, foreign exchange gains or losses resulting from liability-side exchange
rate fluctuations have a larger impact on net income under U.S. GAAP than is the case under Japanese GAAP.

(9) Accounting treatment of compound financial instruments (financial instruments including derivatives)
When accounting for compound financial instruments under U.S. GAAP, if such financial instruments are valued
together, they are marked to market together regardless of the category in which they are held, and valuation gains orlosses are recorded in the income statements. However, under Japanese GAAP the method for valuing these instruments
differs depending on the category in which they are held. Consequently, the amounts of valuation gains or losses, gains
or losses on sale, and impairment losses differ depending on whether U.S. GAAP or Japanese GAAP is applied.

10