November 27, 2008
Sony Financial Holdings Inc.

Additional Information on FY08 2Q Financial ResultsSony Financial Holdings (“SFH”) today filed its Shihanki Hokokusho, or Quarterly Report, as required under
the Financial Instruments and Exchange Law of Japan, for the quarter ended September 30, 2008, and uploaded
this report onto its Japanese website. As part of our efforts to disclose information as fairly as possible tonon-Japanese shareholders and investors, Sony Financial Holdings discloses English-language summaries ofinformation that might be informative for investors but is typically only disclosed in the Shihanki Hokokusho.

Contents
1. Management’s Discussion and Analysis for the Three Months Ended September 30, 2008
2. Business-related and Financial-related Tasks Ahead for the Company
3. Liquidity and Capital Resources
4. Property, Plant and Equipment(1) The Status of Property, Plant and Equipment(2) Plans to Acquire or Dispose of Property, Plant and Equipment
5. Changes in the Scope of Affiliated Companies Accounted for under the Equity Method
6. Supplementary Information on Sony Bank
(1) Securities(2) Monetary Trusts

1P. 2
P. 5
P. 5P. 6P. 7
P. 8

1. Management’s Discussion and Analysis for the Three Months Ended September 30, 2008
Analysis of Operating PerformanceWith respect to the Japanese economy for the three months ended September 30, 2008, worldwide financial
market disruption, stemming from the subprime loan issues that emerged in the second half of the fiscal year
ended March 31, 2008, as well as continued inflationary material prices made the outlook for corporate
operating performance more opaque and kept consumer spending slow.
During the three months ended September 30, 2008, consolidated ordinary revenues grew 4.4 % comparedwith the same period of the previous fiscal year, to ¥213.1 billion, owing to increases in ordinary revenues fromeach of the businesses: life insurance, non-life insurance and banking.
In the life insurance business, ordinary revenues grew 2.6% year on year, to ¥189.3 billion, owing to higher
income from insurance premiums associated with a steady increase in policy amount in force. In the non-life
insurance business, ordinary revenues rose 10.0% year on year, to ¥15.0 billion, due to higher net premiumswritten, resulting from strong sales of automobile insurance policies. In the banking business, ordinary revenues
increased 47.0% year on year, to ¥9.1 billion, owing mainly to increased interest income, such as interest
income on loans, in line with the bank’s business expansion.
Consolidated ordinary expenses increased 7.7% compared with the same period of the previous fiscal year,to ¥204.6 billion, owing to increases in ordinary expenses from each of the businesses.
In the life insurance business, ordinary expenses increased 5.2% compared with the same period of theprevious fiscal year, to ¥181.5 billion, due to larger amounts of insurance claims and other payments and higher
operating expenses, as well as increased investment expenses resulting from a decrease in the fair market valueof securities stemming from worldwide financial market disruption. In the non-life insurance business, ordinary
expenses grew 16.8% year on year, to ¥14.2 billion, owing mainly to increased amount of claims paid, led bythose resulting from natural disasters, as well as to an increase in the provision of policy reserves. In the banking
business, higher interest expenses, increased general and administrative expenses, mostly system-relatedexpenses, and amortization of goodwill pushed up ordinary expenses 72.4% compared with the same period of
the previous fiscal year, to ¥9.0 billion.
As a result, consolidated ordinary profit decreased 39.8% compared with the same period of the previous
fiscal year, to ¥8.5 billion. Broken down by business, ordinary profit from the life insurance business declined
34.6% year on year, to ¥7.6 billion. Ordinary profit from the non-life insurance business decreased 49.5% year
on year, to ¥0.7 billion. Ordinary profit from the banking business dropped 89.6% year on year, to 0.1 billion.
Extraordinary losses (net) of ¥0.1 billion were recorded.
Net income decreased 53.7% year on year, to ¥4.3 billion, reflecting a decrease in consolidated ordinary
profit.
Below, we describe the operating performance for the three months ended September 30, 2008 of SFH’s
significant subsidiaries: Sony Life Insurance Co., Ltd. (“Sony Life”), Sony Assurance Inc. (“Sony Assurance”)
and Sony Bank Inc. (“Sony Bank”).

2Life Insurance Business (Sony Life, Non-Consolidated)
Sony Life’s ordinary revenues increased 2.6% from the same period of the previous fiscal year, to ¥189.1 billion,owing to higher income from insurance premiums, associated with a steady increase in policy amount in force.
Ordinary profit, on the other hand, decreased 35.5% year on year, to ¥7.6 billion, due to larger amounts ofinsurance claims and other payments and operating expenses, as well as to the deterioration of gains and losses
from investments, associated with a decrease in the fair market value of securities stemming from worldwide
financial market disruption. Net income dropped 42.4% year on year, to ¥3.8 billion.
Core profit rose 3.8% year on year, to ¥7.1 billion, as a result of an increase mainly in income frominsurance premiums.
Income from insurance premiums increased 2.5% year on year, to ¥164.4 billion, associated with a higher
policy amount in force. Investment income decreased 0.0% year on year, to ¥23.0 billion, as a rise in interestand dividends, due primarily to a higher balance of securities held, mainly Japanese government bonds, wasoffset by a decrease in income from monetary trusts, net, and gains on sale of securities. Investment expenses
expanded 120.0% year on year, to ¥37.6 billion, as larger amount of losses on general account, net, and thedeterioration in gains and losses from investments at separate accounts. As a result, losses from investment, net,
for the total of general and separate accounts amounted to ¥14.5 billion. Insurance claims and other payments
increased 17.9% year on year, to ¥64.8 billion. Operating expenses increased 3.4% year on year, to ¥24.0billion.
Policy amount in force for the total of individual life insurance and individual annuities grew steadily, to¥32,065.4 billion as of September 30, 2008, up 1.8% from March 31, 2008, and up 3.8% from September 30,2007. Annualized premiums from total policies, as of September 30, 2008, were up 2.1% from March 31, 2008,
and up 4.5% from September 30, 2007, totaling ¥540.9 billion. Of this amount, the figure for third-sector
products was up 1.4% from March 31, 2008, and up 3.4% from September 30, 2007, to ¥124.5 billion.
New policy amount for the total of individual life insurance and individual annuities increased 1.8% fromthe same period of the previous fiscal year, to ¥890.5 billion. Annualized premiums from new policies
decreased 3.9% year on year, to ¥14.7 billion. Of this amount, the figure for third-sector products dropped 3.6%
year on year, to ¥3.0 billion.
Net unrealized gains on securities* dropped 71.9% from March 31, 2008, to ¥35.9 billion. Net unrealized
gains on other securities, (net of taxes) dropped ¥61.4 billion from March 31, 2008, to ¥21.3 billion.
As of September 30, 2008, the solvency margin ratio was 1,665.4%.
*Net unrealized gains/losses on securities are calculated as the difference between the carrying value before mark-to-market and the fair market value
for securities with market value, other than trading-purpose securities. (The amount includes “monetary trusts”, but excludes trading-purpose securities.)

Non-Life Insurance Business (Sony Assurance)
Sony Assurance posted a 10.0% increase in ordinary revenues compared with the same period of the previousfiscal year, to ¥15.0 billion, primarily due to strong sales of its mainstay automobile insurance, which raised net
premiums written. Although underwriting income increased, ordinary profit decreased 49.5% year on year, to¥0.7 billion, owing primarily to an increased amount of claims paid, led by those resulting from natural disasters,
and an absence of ¥0.5 billion in positive effects recorded in the same period of the previous fiscal year, whenthe method of calculating policy reserves changed. Net income decreased 73.0% year on year, to ¥0.4 billion.
In terms of performance of insurance underwriting, owing mainly to an increased number of automobile
insurance policies in force, direct premiums written and net premiums written grew 10.3% and 10.0%, year onyear, to ¥14.7 billion and ¥14.8 billion, respectively. The net losses paid increased 13.3% year on year, to ¥7.23

billion due to the increased number of policies in force and an impact from natural disasters. As a result, net loss
ratio rose 1.5 percentage points year on year, to 55.1%. The net expense ratio rose 0.5 percentage point from thesame period of the previous fiscal year, to 26.3%, owing to an increase primarily in system-related expenses,
which more than offset operational efficiency improvements. The combined ratio (the sum of the net loss ratio
and the net expense ratio) rose 2.1 percentage points year on year, to 81.4%. As a result, underwriting profits
declined 55.3% year on year, to ¥0.5 billion, mainly due to the impact of changing the calculation method ofpolicy reserve in the three months ended September 30, 2007.
As of September 30, 2008, the solvency margin ratio was 1,096.5%.

Banking Business (Sony Bank, Non-Consolidated)
Sony Bank’s ordinary revenues increased 47.0% compared with the same period of the previous fiscal year, to¥9.1 billion, as a higher balance of investment assets and other factors, in line with business expansion, led tohigher interest income and other operating income. Ordinary profit decreased 68.3% year on year, to ¥0.3billion, owing to higher interest expenses and general and administrative expenses. Net income declined 87.4%
year on year, to ¥0.1 billion.
Gross operating profit increased 0.3% compared with the same period of the previous fiscal year, to ¥2.9billion, owing to an increase in net other operating income. With respect to the breakdown of gross operating
income, net interest income decreased 12.0% year on year, to ¥1.0 billion as a result of increased interest ondeposits. Net fees and commissions declined 60.5% year on year, to ¥0.0 billion, owing primarily to a decrease
in securities-related commissions. Net other operating income increased 18.4% year on year, to ¥1.8 billion, as aresult of increased income from foreign exchange transactions derived from the investment of foreign currency
deposits.
General and administrative expenses increased 35.7% year on year, to ¥2.5 billion, owing to an increase
mainly in system-related expenses.
As of September 30, 2008, customer assets (the sum of deposits and investment trusts) grew ¥185.8 billion
or 14.9%, from March 31, 2008, to ¥1,433.1 billion, primarily due to an increase in yen deposits. As for the
breakdown of customer assets as of September 30, 2008, deposits increased ¥193.8 billion, or 16.9%, fromMarch 31, 2008, to ¥1,338.2 billion. Investment trusts decreased ¥7.9 billion, or 7.8% from March 31, 2008, to¥94.9 billion. Loans expanded steadily to ¥400.0 billion, up ¥52.9 billion, or 15.3%, from March 31, 2008. Asof September 30, 2008, the number of accounts was up 60 thousand from March 31, 2008, to 670 thousandaccounts.
Net unrealized losses on other securities, (net of taxes) deteriorated ¥6.5 billion from March 31, 2008, to¥15.6 billion, due mainly to the decrease in fair market value of Japanese government bonds and corporatebonds.
In view of the current market environment, Sony Bank raised its capital by ¥6.0 billion, on November 12,
2008, through the allocation of its new shares to Sony Financial Holdings. This capital increase wasimplemented with an aim to support Sony Bank’s further growth.
The capital adequacy ratio (domestic criteria) as of September 30, 2008, was 8.88%.

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2. Business-related and Financial-related Tasks Ahead for the Company
In addition to the tasks ahead we disclosed in the earnings releases announced on May 16, 2008, we perceive
the need to address the finance-related task of working to secure our financial soundness, thereby ensuring thegrowth of each business, by gaining and maintaining the trust of our customers. We added this onto our tasks as
the Japanese economic outlook grows more opaque, stemming mainly from worldwide financial market
disruption.

3. Liquidity and Capital Resources
The Sony Financial Holdings Group recognizes the importance of maintaining a high level of financial
soundness to acquire and maintain the trust of its customers, as well as securing sufficient liquidity to cover thepayment obligations that we take on during the ordinary course of our business.
During the three months ended September 30, 2008, Sony Financial Holdings obtained an AA- issuer rating(outlook: stable) from Rating and Investment Information, Inc. (“R&I”). SFH obtained a rating to establish astructure to respond expeditiously in case financing needs arise.
The credit ratings of SFH’s subsidiaries as of November 27, 2008, are as follows.
Sony Life currently holds ratings from five rating agencies:
A+ from Standard & Poor’s Corp. (“S&P”) for long-term counterparty and insurer financial strength,
Aa3 from Moody’s Investors Service, Inc. for insurance financial strength,
A+ from A.M. Best Company, Inc., for financial strength,
AA from R&I for insurance claims paying ability, andAA from Japan Credit Rating Agency, Ltd. (“JCR”), for the ability to pay insurance claims.
Sony Bank currently holds rating from two rating agencies:
A-/A-2 from S&P as a long-term/short-term local/foreign currency issuer andAA- from JCR for long-term senior debt.
We abide by the regulations imposed by regulatory authorities and establish and operate under company
guidelines that comply with these regulations. We aim to maintain sufficient cash and cash equivalents andsecure sufficient means to pay our obligations.

54. Property, Plant and Equipment(1) The Status of Property, Plant and Equipment
During the three months ended September 30, 2008, there were no changes in the status of property, plant andequipment from those disclosed in the Yuka Shoken Hokokusho, or Annual Report, for the fiscal year ended
March 31, 2008, which was filed in June 2008 and is described below.
In Japan:(Millions of yen)Company

NameBook value

Purpose(Location)

Tangible fixed assets
Buildings

LandTotal

Intangible fixed assets

OtherSoftware

Other(Square meters)

Sony Life

HQ (Tokyo)

Business

——

—

8,045

49

8,095

Training Center (Tokyo)

Business

—

1,404

—

—

—

1,404

—

—

—

11,216———

24,655(3,684)
Hitotsubashi

Investment

3,265

SI Building (Tokyo)
Aoyama Oval Building

Investment

4,043

Sony City Building (Tokyo)

Investment

38,855————38,855

Honcho Plaza Building

Investment

1,666

1,421

—

—

—

3,087

—

—

—

2,848(Tokyo)

Yotsu-bashi SI Building

20,612(4,703)(Sendai)-(1,755)
Investment

1,241(Osaka)Sony7,951(3,121)

1,607(977)

HQ (Tokyo)

Business

201

—

29

4,038

36

4,306

HQ (Tokyo)

Business56

—

447

1,503

2

2,010

Assurance
Sony Bank

Overseas:(Millions of yen)CompanyName

Purpose(Location)
Sony Life Insurance (Philippines) Corporation

HQ (Makati City, Philippines)

6Book value
Buildings

Office (Lease)

Total
33

(2) Plans to Acquire or Dispose of Property, Plant and Equipment
During the three months ended September 30, 2008, there were no changes in our plans to acquire or dispose ofmajor property, plant and equipment from those disclosed in the Yuka Shoken Hokokusho, or Annual Report, forthe fiscal year ended March 31, 2008, which was filed in June 2008 and is described below(Millions of yen)

PlannedFacilities

Financing method

investment
Life-insurance business

7,400

System-related facilities, rehabilitation of theFund on handtraining center and other facilities
Non-life insurance business

1,700

System-related facilities and other facilities

Fund on hand

Banking business

1,500

System-related facilities and other facilities

Fund on hand

Total

10,600We have no plans to dispose of any major property, plant and equipment.

5. Changes in the Scope of Affiliated Companies Accounted for under the Equity Method
During the three months ended September 30, 2008, changes in the scope of affiliated companies accounted forunder the equity method were as follows.
Newly included:
Name: AEGON Sony Life Planning Co., Ltd.
Address: Minato-ku, Tokyo, Japan
Common Stock: ¥2,000 million
Segment: Life insurance business
Share Ownership: 50.0%
Note: On October 6, 2008, the company raised its common stock to ¥3,000 million, but share ownership percentages remainedunchanged.

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6. Additional Supplementary Information on Sony Bank
(1) Securities (as of September 30, 2008)
1. Held-to-maturity bonds with fair market value

Japanese bonds
Corporate bonds
Total

Balance sheet amount
19,912
1,942
21,854

Fair market value
20,183
1,952
22,136(Millions of yen)
Difference
270
10281

Note: Fair market value is primarily based on market prices as of September 30, 2008.

2. Available-for-sale securities with fair market valueBonds
Japanese bonds
Corporate bondsOther
Foreign bonds
Other
TotalAcquisition cost
457,610
233,533
224,077
199,246
189,746
9,500
656,857

Balance sheet amount
448,141
224,972
233,168
192,346
184,9317,415
640,487(Millions of yen)
Unrealized gains (losses)(9,469)(8,560)(908)(6,900)(4,814)(2,085)(16,369)

Notes: 1) Balance sheets amounts are primarily fair market values based on market prices as of September 30, 2008.
2) On the balance sheets, the negative ¥15,603 million in “net unrealized gains/losses on other securities (net of taxes)” is calculated bysubtracting a negative ¥756 million of hedged net market value and a negative ¥9 million of transferred amount relating to the sectioned
processing of built-in derivatives from the total unrealized gains/losses indicated above.

Securities without fair market value(Millions of yen)
Balance sheets amount
Available-for-sale securities
Investment trusts

2,000(2) Monetary Trusts

Other monetary trusts

Acquisition cost
1,723

Balance sheet amount
1,723

Note: Balance sheet amounts are primarily fair market values based on market prices as of September 30, 2008.

8(Millions of yen)
Unrealized gains (losses)—