Presentation Materials

FY2007 Third Quarter
Consolidated Financial ResultsSony Financial Holdings Inc.
February 15, 2008

Disclaimers:
These presentation materials contain statements concerning the current plans, expectations, strategies and beliefs of the SonyFinancial Holdings Group (the “SFH Group”). Any statements contained herein that pertain to future operating performance andthat are not historic facts are forward-looking statements. Forward-looking statements may include—but are not limited to—words such as “believe,” “anticipate,” “plan,” “strategy,” “expect,” “forecast,” “predict,” “possibility” and similar words that describe
future operating activities, business performance, events or conditions. Forward-looking statements, whether spoken or written,
are based on judgments made by the management of the SFH 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 may vary
substantially from the forecasts expressed or implied in forward-looking statements. Consequently, investors are cautioned not toplace undue reliance on forward-looking statements. The SFH Group disclaims any obligation to revise forward-looking
statements in light of new information, future events or other findings. The information contained in this presentation does notconstitute or form part of any offer for sale or subscription of or solicitation or invitation of any offer to buy or subscribe for anysecurities, nor shall it or any part of it form the basis of or be relied on in connection with any contract or commitment
whatsoever.

1Highlights of Group Consolidated Operating
Performance for 3Q FY2007
3Q FY2006(Billions of yen)

+10%

Life insurance
business606.1

550.9Non-life
insurancebusiness

+44%

37.8

Bankingbusiness

26.2
Eliminations(Billionsand corporateof yen)

(Nine months, cumulative)

SFH Group,consolidated

Ordinary
revenues
Ordinary
profitOrdinary
revenues
Ordinary
profitOrdinary
revenues
Ordinary
profitOrdinary
revenues
Ordinary
profitOrdinary
revenues
Ordinary
profit3Q FY2007(Nine months, (Nine months,cumulative)
cumulative)

Change

499.1

547.1

+48.0

+10%

23.5

32.7

+9.2

+39%

38.2

41.6

+3.4

+9%

1.8

3.0+1.2

+67%

14.4

18.1

+3.7

+26%

0.8

1.8+1.0

+118%

(0.7)

(0.7)

+0.0

-0.00.1

+0.0

+202%

550.9

606.1

+55.1

+10%

26.2

37.8

+11.5

+44%

Line item amounts are truncated below ¥100 million; percentage change figures are rounded.

2

Highlights of Group Consolidated Operating
Performance for 3Q FY2007
 In the life insurance business, both the policy amount in force and new

insurance sales (individual life insurance + individual annuities) remained firm,
and general account investment income increased. As a result, ordinary
revenues and ordinary profit both increased.
 In the non-life insurance business, a steady rise in the number of policies,

chiefly for automobile insurance, boosted net premiums written. The net loss
and expense ratios both improved, and both ordinary revenues and ordinary
profit increased.
 In the banking business, owing to the steady expansion of operations, interest

income increased in line with expanded operations, and ordinary revenues andordinary profit both increased.
 Consolidated ordinary revenues grew 10% compared with the first nine monthsof the prior fiscal year, to ¥606.1 billion. Ordinary profit increased ¥11.5 billion,or 44%, to ¥37.8 billion, and net income grew ¥6.6 billion, or 41%, to ¥22.7billion.

3

Highlights of Operating Performance:
Sony Life (Non-Consolidated)(Billions of yen)

+10%

546.9
Ordinary revenues

498.8

+40%

32.8

23.5
(Billions of yen)
(Nine months, cumulative)

Sony Life
Revenues and profit up compared with the first nine months ofFY2006
New insurance sales up 10% compared with the first nine monthsof FY2006
Income from insurance premiums increased, in line with robust
growth in policy amount in force
General account investment income roseCore profit came to ¥19.8 billion
Lapse and surrender rate increased 0.27 percentage point, to4.61%

3Q
FY20063Q
FY2007(Ninemonths,cum.)(Ninemonths,cum.)

Change

498.8

546.9

+48.1

+10%

Income from insurance
premiums

442.9

479.7

+36.7

+8%

Investment income

53.3

63.7

+10.4

+20%

Ordinary expenses

475.3

514.1

+38.7

+8%

Insurance claims andother payments

158.7

179.4

+20.6

+13%

Provision for policy
reserve and others

241.6

235.7

(5.8)

(2)%

Investment expenses

4.321.9+17.6 +406%

Operating expenses

63.2

69.3

+6.0+10%

Ordinary profit

23.5

32.8

+9.3

+40%

Net income

14.3

18.1+3.7+26%

Core profit

18.6

19.8

+1.2

+7%

Securities

2,192.2

2,419.4+227.2+10%

Policy reserve

2,980.8

3,324.6+343.7+12%

Total net assets

212.8

213.8

+1.0+0%3,325.4

3,710.3+384.9+12%

Total assets

Note: The figures above are on a non-consolidated basis. Line item amounts aretruncated below ¥100 million; percentage change figures are rounded.

4Overview of Performance:
Sony Life (Non-Consolidated)(Billions of yen)

3Q FY2006

3Q FY2007(Nine months,cumulative)(Nine months,cumulative)

Percentagechange30,027.8

31,255.0+ 4.1％

497.6

524.6

+ 5.4％

115.8

122.0

+ 5.3%

Lapse and surrender rate*1, *2

4.34％

4.61％

+ 0.27 pt

New insurance sales*1

2,637.3

2,910.9+ 10.4％

49.2

48.3

(1.8) ％

10.9

10.3

(5.7) %

Income from insurance premiums

442.9

479.7

+ 8.3％

Investment profit

48.9

41.7

(14.6)％

Core profit

18.6

19.8

+ 6.8％

Policy amount in force*1
Annualized premiums frominsurance in force*1
Of which, third-sector products

Annualized premiums from newinsurance sales*1
Of which, third-sector products

Notes:

Line item amounts are truncated below ¥100 million; percentage change figures are rounded.

*1 Each figure of policy amount in force, annualized premiums from insurance in force, lapse and surrender rate, new insurance sales and annualized premiums
from new policies is calculated as the total of individual life insurance and individual annuities.
*2 The lapse and surrender rate is calculated without offsetting policies that are reinstated.

5

Sony Life Operating Performance (1)Insurance in ForceNew Insurance Sales(Individual Life Insurance + Individual Annuities)(Individual Life Insurance + Individual Annuities)(Trillions of yen)

(Millions of policies)

+7.3%

3.76
3.47
27.3

28.7

(Thousands of policies)

Number of newpolicies (3Q)

4.37

4.07
30.0

(Trillions of yen)

2.70
31.2

+4.1%

387

2.91

500

+10.4%

2.52
379

2.63
400

391 +2.3% 401
300

200

1000

(Nine months, cumulative)
Line item amounts are truncated below ¥100billon or ¥10 billion; numbers of policies are truncated below 10,000 or 1,000 policies; percentage change figures are rounded.

6

Sony Life Operating Performance (2)Annualized Premiums from Insurance in Force

Annualized Premiums from New Insurance Sales(Individual Life Insurance + Individual Annuities)(Individual Life Insurance + Individual Annuities)(Billions of yen)(Billions of yen)

70
+5.4％

60
▲1.8%

50403020
+5.3%

10

▲5.7%

0
(Nine months, cumulative)

Line item amounts are truncated below ¥100 million.

7

Sony Life Operating Performance (3)Income from Insurance Premiums(Billions of yen)

Ordinary Profit(Non-Consolidated)Core Profit(Billions of yen)(Billions of yen)Core profit (3Q)40479.7
442.9

32.8+8%30

23.5+40%20

18.6

19.8+7%100
3Q FY2006(Nine months, cumulative)(Nine months, cumulative)

3Q FY07(Nine months, cumulative)

Line item amounts are truncated below ¥100 million; percentage change figures are rounded.

Sony Life Operating Performance (4)Lapse and Surrender Rate*

Lapse and Surrender Rate*(Individual Life Insurance + Individual Annuities)(Individual Life Insurance + Individual Annuities)<fiscal year & first half>

<3Q>

（%）

（％）

6.32

3.16

5.84

5.79

4.34
2.89

2.81

4.61

3.01

* The lapse and surrender rate is calculated without offsetting policies that are reinstated.

Sony Life Operating Performance (5)Breakdown
31, 2007 vs. September 30, 2007 vs. March 31, 2007)
Breakdown ofof General
General Account
Account Assets
Assets (December(December 31, 2007 vs. September 30, 2007 vs. March 31, 2007)

2.6%

Other securities
Real estate
Policyholder loans, including commercial loans
Monetary trusts
Foreign stocksForeign government and corporate bonds
Japanese stocks
Japanese government and corporate bonds (incl. CBs)
Cash and call loans

Notes:
CBs account for slightly more than 10% of generalaccount assets (CBs within government andcorporate bonds and CBs within monetary trusts).
Stocks account for slightly less than 10% of generalaccount assets, including stocks in monetary trusts.

10Sony Life Operating Performance (6)Embedded Value (EV)(Billions of yen)

Adjusted net worth

Value of in-force business

Of which, value of new business in the fiscal year

1,000900.5
776.1800600492.0

539.3
Adjusted
net worth

400

261.7

270.7

240.1

200

38.9

38.1

34.2

36.7

0

3/31/04

3/31/05

3/31/06

3/31/07

9/30/07

12/31/07

The assumptions upon which EV is calculated at the end of FY2003, FY2004,
FY2005 and FY2006 differ. For details regarding calculation methods, pleaserefer to the press releases for each of these years.

Highlights of Operating Performance:
Sony Assurance(Billions of yen)

38.2

+9%

3.0

1.8
(Billions of yen)

(Nine months,cumulative)

38.2

41.6

Underwriting income

37.8

41.2

+3.3

+9%

Investment income

0.3

0.4+0.0+20%

36.4

38.6+2.2+6%

Underwriting expenses

27.4

28.9+1.5+6%

Investment expenses

0.0

0.0+0.0+62%

9.0

9.6+0.6

+7%

1.8
1.3
13.0
63.4

3.0
2.5
15.8
74.3

+1.2+1.2+2.8+10.9+67%
+90%
+22%
+17%

Ordinary expenses+67%

3Q FY2007(Nine months,cumulative)

Change+3.4+9%

Ordinary revenues

41.6

3Q FY2006

Operating, general andadministrative expenses
Ordinary profit
Net income
Total net assets
Total assets(Nine months, cumulative)

Line item amounts are truncated below ¥100 million;
percentage change figures are rounded.

Sony AssuranceRevenues and profit up compared with first nine months ofFY2006
Net premiums written of ¥41.1 billion , owing to increase in
number of policies for mainstay automobile insuranceLoss ratio and net expense ratio improved, pushing ordinary
profit up to ¥3.0 billion
Combined ratio improved 0.5 percentage point, to 77.4%
12

Overview of Performance: Sony Assurance(Billions of yen)

3Q FY2006

3Q FY2007(Nine months, cumulative)(Nine months, cumulative)

Direct premiums written

37.5

40.9+9％Net premiums written

37.8

41.1+9％Net losses paid

17.7

19.1+8％Net loss ratio

52.4％

52.3％

0.1 pt improvement

Net expense ratio

25.5％

25.1％

0.4 pt improvement

Combined ratio

77.9％

77.4％

0.5 pt improvement

910 thousand

1,000 thousand+ 10％

Number of policies in force

ChangeLine item amounts are truncated below ¥100 million; percentage change figures are rounded.
Net expense ratio = Operating expenses related to underwriting ÷ net premiums written
Net loss ratio = (Net losses paid + expenses incurred in surveying damages) ÷ net premiums written
The number of policies in force is the total of automobile insurance and medical and cancer insurance,
which accounts for 99% of net premiums written. These numbers are rounded below 10,000.

13Sony Assurance Operating Performance (1)Net Premiums Written andNumber of Policies in Force(Billions of yen)6050(%)(Thousands of policies)

Other
Personal accident insurance
Automobile insurance
Number of policies in force

910
40Combined Ratio

37.8

+10%

86.5
1,000

1,000(3Q)

82.5

79.9

77.9

77.4

41.1

+9%30500
2010003Q FY2006

3Q FY2007(Nine months, cumulative)

The number of policies in force is the total of automobile insurance and medicaland cancer insurance, which accounts for 99% of net premiums written. Most
personal accident insurance is medical and cancer insurance.
Line item amounts are truncated below ¥100 million for net premiums written androunded below 10,000 for the number of policies in force; percentage change
figures are rounded.

Net expense ratio = Operating expenses related to underwriting ÷ netpremiums written
Net loss ratio = (Net losses paid + expenses incurred in surveying damages)
÷ net premiums written

14Sony Assurance Operating Performance (2)Ordinary Profit(Billions of yen)

3.0+67%

1.8(Nine months, cumulative)
Line item amounts are truncated below ¥100 million.

15

Highlights of Operating Performance:
Sony Bank (Non-Consolidated)
Ordinary revenues
Ordinary profit+26%(Nine months,cumulative)(Nine months,cumulative)

Ordinary revenues

14.4

18.1+3.7+26%

Gross operating profit

6.7

7.9+1.2+19%

Net interest income

3.1

3.8+0.6+21%

0.1

0.3+0.1+78%

3.3

3.8+0.4+14%

General andadministrative
expenses

5.8

5.8+0.0+0%

Ordinary profit

0.8

2.0+1.2+144%

18.1

Net fees andcommissions
Net other operating
income2.00.8(Billions of yen)
3Q FY2006

3QFY2007(Billions of yen)

14.4+144%

3Q
FY20063Q FY2007(Nine months, cumulative)

Sony Bank
Revenues and profit both up compared with the first nine months ofFY2006
Principally, net interest income and net fees and commissions
expanded, driven up primarily by higher interest on loans—stemming froma higher mortgage loan balance—and higher brokerage fees andcommissions received.
Owing to an increase in deferred income taxes, net income expanded
substantially, to ¥2.5 billion.
Gross operating profit totaled ¥7.9 billion; the sum of net interest incomeof ¥3.8 billion, net fees and commissions of ¥0.3 billion and net otheroperating income of ¥3.8 billion. General and administrative expenses
remained even, at ¥5.8 billion.
Customer assets were up ¥248.5 billion, compared with March 31, 2007,
to ¥1,097.4 billion.

Change（億Net income円Securities）

0.4

2.5+2.1+488%

393.2

441.7

+48.4+12%

Loans

260.7

331.6+70.9+27%

Deposits

717.5

980.6

+263.0+37%

Customer assets

807.3

1,097.4+290.1＋36%

Total net assets

36.0

38.5+2.5+7%

Total assets

782.6

1,058.1+275.5+35%

Line item amounts are truncated below ¥100 million; percentage change figures are rounded.

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Overview of Performance:
Sony Bank (Non-Consolidated)(Billions of yen)

3Q FY2006

3Q FY2007(Nine months, cumulative)(Nine months, cumulative)

Percentage change

Gross operating profit

6.77.9+ 19％

General andadministrative
expenses

5.85.8+ 0％

Net operating profit

0.82.1+ 141％

Ordinary profit

0.82.0+ 144％

Customer assets

807.3

1,097.4+ 36％

Of which, 1Q-3Q increase

132.2

248.5+ 88％

Loans

260.7331.6+ 27％

Of which, 1Q-3Q increase

21.2

46.9+ 121％

9.89％

10.79％+ 0.9 pt

Number of accounts

471 thousand

556 thousand+ 18％

Of which, 1Q-3Q increase

41 thousand

65 thousand+ 23 thousand

Capital adequacy ratio(domestic criteria)

Line item amounts are truncated below ¥100 million; percentage change figures are rounded.

17

Sony Bank Operating Performance (1)Customer Assets (Deposits + Investment Trusts)
and Number of Accounts(Billionsof yen)

Loans

Number of accounts (thousands)
Investment trusts

556

Foreign-currency deposits
Yen deposits

430

532
491

458

1,097.4
1,006.0

848.8
762.7

(Billions of yen)

Investment
trusts:¥116.8 billion

331.6
319.1

Foreigncurrency
deposits:¥198.7 billion

284.7
239.4

675.1
Yen deposits:¥781.8 billion

249.1

Others:¥7.6billion
Mortgageloans:¥323.9billionAmounts are truncated below ¥100 million.

18

Sony Bank Operating Performance (2)Gross Operating Profit, General and
Administrative Expenses, Ordinary Profit

Capital Adequacy Ratio(Domestic Criteria)（％）(Billions of yen)

7.9
6.7

6.7
5.8

5.0

5.1

11.49
10.52

5.8

10.94

10.79

9.24

3.0
2.0
1.5
0.8

(2.0)
Amounts are truncated below ¥100 million.

(Nine months, cumulative)

Note: Capital adequacy ratios as of March 31, 2007, September 30, 2007 andDecember 31, 2007 were calculated based on the standard stipulated in theFinancial Services Agency Public Announcement No. 19 of 2006. The capital
adequacy ratios up to and including those for December 31, 2006 were
calculated based on the standard stipulated in the former public announcement.

19Consolidated Operating Performance Forecast
for Full Fiscal Year (FY2007)(Billions of yen)

FY2006

FY2007

FY2007(Previous forecast)(Current forecast)

Change fromprevious forecast

Year-on-yearchangeConsolidated ordinary
revenues

759.2

809.0815.0+ 0.7%+ 7.3%

Consolidated ordinary profit

18.3

35.041.0+ 17.1%+ 123.4%

Consolidated net income

10.0

21.0

24.0

+ 14.3%+ 139.5%

Line item amounts are truncated below ¥100 million; changes are rounded.

Consolidated Ordinary Revenues(Billions of yen)

Consolidated Ordinary Profit(Billions of yen)

815.0

41.0

759.2

18.3

20

New Business Progress Update
Sony Bank Securities
 Began accepting applications to open accounts: October 1, 2007
 Began Japanese stock transactions: October 15, 2007
 Number of accounts as of December 31, 2007: 5,284
 Customer assets as of December 31, 2007: ¥1,788 million

Sony Life Receives Permission to Handle Banking Agency Business on Behalf of Sony Bank
 Began handling banking agency business: January 16, 2008
 Products and services
1. Lifeplanner sales employees: Conduct product explanations and deliver applications for mortgage loans on behalf of Sony Bank
2. Life Planning SQUARE (Ginza Sony Building): Handle Sony Bank mortgage loan and account opening procedures

21

APPENDIX

22

Comparison with Sony Corporation’s
Consolidated Financial Services Segment(Principal Differences between Japan GAAP and U.S. GAAP)* “SFH” refers to “Sony Financial Holdings Inc.”*Financial Services Segment of Sony
Corporation, Consolidated(U.S. GAAP)SFH Consolidated(Japan GAAP)

Treatment of new policy acquisition
costs(Mainly concerns the life insurancebusiness)

Insurance acquisition costs that vary with and areprimarily related to acquiring new insurance
policies are deferred as long as they arerecoverable generally over the premium-paying
period of the related insurance policies.

Insurance acquisition costs are charged to income
when incurred.

Method of calculating policy reserves（future insurance policy benefits)(Mainly concerns the life insurancebusiness)

Calculated according to the net level premium
method with certain adjustments of actuarial
assumptions for U.S. GAAP purposes.

Calculated according to methods approved by
Japan’s Financial Services Agency. Computedwith an emphasis on the early accumulation ofpolicy reserves from the standpoint of protecting
policyholders.

Treatment of the market value ofconvertible bonds held
(Mainly concerns the life insurance
business)

Changes in fair value (changes in market value)of so-called “hybrid financial instruments,” whichcontain embedded derivatives, are charged toincome.

Changes in fair value are posted to the balance
sheets as increases or decreases in net assets.

Notes:
1. The above-mentioned differences between U.S. GAAP and Japan GAAP are deemed significant to SFH’s consolidated ordinary profit for the nine months
ended December 31, 2007.
2. The scope of Sony Corporation’s consolidated Financial Services segment and SFH’s consolidation differ, as follows:• Sony Corporation’s consolidated Financial Services segment (for reference purposes): Sony Life Insurance Co., Ltd., Sony Assurance Inc., Sony Bank
Inc., Sony Finance International Inc., and the other• SFH consolidated: Sony Life Insurance Co., Ltd., Sony Assurance Inc., Sony Bank Inc., Sony Bank Securities Inc., and Sony Life Insurance(Philippines) Corporation
3.Under U.S. accounting treatments, the book value at the date of conversion to shares is used as the market value of shares converted from convertible
bonds (CBs), whereas under Japanese accounting treatments the book value is carried as the CB acquisition price even after conversion. Consequently,
gains or losses on the sales of shares converted from CBs (differences between selling prices and book values) and impairment losses of shares converted
from CBs (differences between market value and book value) differ depending on the use of U.S. or Japanese accounting treatments.

23

Contacts:SFH

Corporate Communications & Investor Relations Department
Sony Financial Holdings Inc.
TEL： +81-3-5785-1074

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