Q&A (Executive Summary) Following the Management Vision of the Sony Financial
Holdings Group for Fiscal 2008 (for Japanese Institutional Investors)
Time and Date:

May 26, 2008, 3:00 p.m. to 4:30 p.m.

Teruhisa Tokunaka

President and Representative Director of Sony Financial
Holdings Inc.

Hiromichi Fujikata

Executive Vice President and Representative Director ofSony Financial Holdings Inc.

Taro Okuda

President and Representative Director ofSony Life Insurance Co., Ltd.

Shinichi Yamamoto

President and Representative Director ofSony Assurance Inc.

Shigeru Ishii

President,CEO and Representative Director of Sony Bank
Inc.

Q&A (Executive Summary)Q1. The number of Lifeplanner sales employees seems to have bottomed out. Are you
putting in place any specific measures? Could you please explain what has changed,
as well as the background for those changes?
A1. (Sony Life) The environment of recruiting Lifeplanner sales employees has been still
difficult so we didn’t see a sudden increase in the number of applicants. An increase ineach Lifeplanner sales employee’s productivity raises his/her own level of confidence,
which may have positively impacted the recruiting activities by sales managers or may
have derived Lifeplanner candidate introductions. The overall age of our Lifeplanner
sales employees has increased and the know-how of training Lifeplanner sales
employees has been accumulated gradually. Last year we introduced a structure thatwill allow us to hire and train younger candidates. We believe we can keep increasing
the number of Lifeplanner sales employees going forward.

Q2. I understand that your company has placed an emphasis on the first sector, but aren’t
you going to increase salesof medical insurance a little, in comparison to the large
insurers? What specific measures are in place for the future?
A2. (Sony Life) Our core, firstly, is death protection products, and we believe that evoking
customers’ needs for death protection is our most important focus. Selling death
protection products is the way of encouraging customers to envision their futures,
leading to discussions of how they wish to protect their futures. As a result of suchdiscussions, we believe we build up relationships of trust with our customers and1arouse their death protection needs, which leads on discussions of needs for medical
insurance and annuities. However, as we haven’t introduced any new third-sector
products since July 2003 (we can not deny that our product competitiveness has been
weakened), we will strive to enhance the sales by envisioning the introduction of newproducts.

Q3. T&D has already introduced MCEV. What are your own plans for introduction?
A3. (Sony Life) In line with its growing importance as an international accounting standard,
we are currently looking into disclosing MCEV.

Q4. Can you indicate the timing of this disclosure?
A4. (Sony Life) At the present, we are exploring the possibility. It would be premature toindicate a specific date for disclosure at this time.

Q5. I have a question about the holding company’s capital policies. I believe that in thefuture, the subsidiaries will have substantial capital requirements. Do you have anyplans to raise additional funds through such methods as new share issuance in the next
three years?
A5. (SFH) It is true that each of the companies has substantial demand for capital and thattheir businesses are growing apace. Sony Bank is even considering employing
subordinate (Tier 2) capital. Nevertheless, at this stage we have no specific plans toissue new shares.

Q6. Are you training Lifeplanners in preparation for the establishment of the variableannuities subsidiary? Please explain the status of preparations.
A6. (Sony Life) We are prepared to begin addressing this situation as soon as we receive
approval (from the relevant authorities).

Q7. I have a question about the sale of insurance at bank counters. The megabanks arelikely to make full-fledged efforts to strengthen their sales of first- and third-sector
products beginning this fiscal year. Do you perceive any threat to your existing policies
from the fact that megabanks are strengthening their sales?
A7. (Sony Life) In first-sector insurance, consulting is needed to uncover latent demands. As
our success in consulting-based sales approach cannot be achieved in just a day, weperceive no specific threat from megabanks at this point in time since,. We are also
striving to enhance our level of customer satisfaction by strengthening our after-sales2

service to customers.

Q8. Are you planning to increase your frequency of EV disclosure—to twice a year, forinstance?
A8. (SFH) Increasing the frequency of our EV disclosure would involve a number of difficult
issues including a significant increase in operational burdens. For these reasons, at thepresent we are not planning to increase our frequency of disclosure, but if there issignificant call for an increase we will take this into consideration.

Q9. Do you think ROEV would be an appropriate management benchmark for Sony Life?
ROEV is affected to a large extent by externalities; wouldn’t it be more useful to look atmanagement benchmarks that made your own efforts more apparent?
A9. (Sony Life) We make comprehensive judgments that are based on multiple benchmarks,
such as operating expense trends, policy persistency rates, the lapse and surrenderrate, and per-product profitability.

Q10. (Slide 87) You mention that you will “continue to explore Group synergies in addition tocross-selling.” What specifically does this mean?
A10. (SFH) Each of the three subsidiaries has accumulated management expertise, andthey are making progress on sharing expertise in such areas as direct marketing andrisk management methods. At this stage, we are still considering the furtherpossibilities.

Questions Concerning System Investments at the Three Subsidiaries
Q11. I recall that Sony Life’s system investment was one reason for the decline in EV in
fiscal year 2007. Do you expect system investment to have a negative effect on future
EV growth?
A11. (Sony Life) Increased costs for system investment will certainly be a negative factor in
the short term. However, the reality is that we have also made a substantial investment
in personnel to fulfill our obligations to conform in such areas as internal control andwith the Financial Products Exchange Law. Putting these systems in place should
result in higher efficiency, making a substantial improvement from the present.

Q12. Is there some underlying reason for Sony Assurance’s system investment, suchcapacity having been reached?
A12. (Sony Assurance) Next year will be our 10th since establishment, and our current
3systems are ones that we put in place when we started operations and have beenmaintaining ever since. The current investment targets are systems relating to our callcenters and website. Until now, call centers and our website used different systems,
but we are planning to integrate their databases for the sake of consistency. To thisend, we aim to pursue a shift towards web-based applications. Another reason for thisinvestment is that the period of maintenance of our operating systems and otherbackbone systems is to expire.

Q13. I have a question about Sony Bank’s system. Will system developments for thesecurities subsidiary and foreign exchange margin transactions involve customizing
systems that have been purchased from outside?
A13. (Sony Bank) In principle, we outsource systems related to the securities subsidiary andforeign exchange margin transactions from the standpoint of efficiency. We select thevendor that is most appropriate, taking costs and time into consideration, developing
systems according to our specifications.

Q14. I have a question about Sony Assurance. What are your medium-term targets andexpectations for your operating expense ratio, taking system investments intoaccount?
A14. (Sony Assurance) In fiscal year 2007, our net operating expense ratio was 26.7%. We
expect this ratio to increase temporarily in fiscal year 2008, but then to revert back in
fiscal year 2010. We aim to improve our operating expense ratio again during and after
fiscal year 2010, as we expand our scale of business, improve operating efficiencies
as a result of new system releases and further accelerate to enhance our ratio of
web-based applications.

Q15. I have a question about Sony Bank. When the bank began operations, you indicated¥1.6 million as your per-account target balance. This level is now more than ¥2 million.
What is your future target for per-account customer assets balances?
A15. (Sony Bank) When the bank began operations, the average deposit balance peraccount for commercial banks was around ¥1.6 million, so this seemed a reasonabletarget. I believe the reason Sony Bank’s the customer assets balances are currently
higher is that we have found customers who are interested in asset management.
Rather than setting a target of customer assets per account, we aim to remain awareof customer characteristics and continue to provide asset management methods thatmeet the needs of our customers. We believe such approach will result in an increase4

of the balances.

Q16. I would like to confirm your thoughts on raising capital for the purpose of growth. Is thisan area where SFH should always be taking the initiative on the part of its whollyowned subsidiaries? Or rather, should outside funding be sought at the subsidiarylevel? Some cases, such as joint ventures, require 50:50 investment, but what about
wholly owned subsidiaries?
A16. (SFH) Sony Financial Holdings handles equity-level funding, but we believe there may
be a case that debt financing is conducted at the subsidiary level. If strategicallynecessary, we may invest in joint ventures.

End5