Sony Financial Group
Corporate Strategy Meetingfor Fiscal Year 2019Sony Financial Holdings Inc.
May 30, 2019

AGENDASony Financial Group

Review of Financial Results
Market Overview and Medium-term Issues
Group Companies’ Priority Measures for Achieving Medium-term Targets

Strategy of Each Group Company / Priority Measures
Sony Life
Sony AssuranceSony Bank
Sony Lifecare

Sony Financial Group

Initiatives Aimed at Further Growth
Sustainability Initiatives
Governance
Progress Toward FY20 Medium-term Target
Shareholder Returns / Dividend Policy*Unless otherwise indicated, in this material figures less than the indicated unit have been truncated, while ratios andpercentage changes have been rounded* “Lifeplanner” is a registered trademark of Sony Life

Review of Financial Results -Each of the Group’s Major KPI Each of the Group's three core businesses expanded their operations steadily in linewith our Mid-term target.
 Continuously expand the business value of the entire group with the aim ofachieving Mid-term target
Sony Life

Policy amount in force*1

47

FY17

49

FY18

Sony Assurance

107.0

FY20

Retail balance*2

Direct premiums written

Mid-term target*3
55 tn
52

FY19

Sony Bank

FY17

112.1

FY18

Mid-term target*3
119.0 120.0 bn
3.9

FY19

FY20

FY17

4.2

FY18

Mid-term target*3
5.0 tn
4.5

FY19

FY20

*1: Sum of individual insurance and individual annuities*2: Sum of yen deposits, foreign currency deposits, investment trusts, securities brokerage, mediated discretionary investment contracts and personal loans*3: Mid-term target announced on May 31, 2018
3
Copyright © Sony Financial Holdings Inc. All rights reserved.

Review of FY18 Operating Results: Progress at Group Companies

Sony
Life






Sony
Assurance





Sony
Bank

Sony
Lifecare

Sales of family income insurance were favorable, and as in the previous
year, the new policy amount reached a record high.
We strengthened consulting-based sales and follow-ups via thoroughlife planning and by promoting sound contacts with customers.
In automobile insurance, we employed various initiatives to maximize
customer satisfaction, leading to the favorable acquisition of new insurance
policies and ongoing retention.
We reinforced the product strength of medical insurance, and launchedonline-only products for fire insurance and overseas travel accident
insurance.
We have reached our targets for mortgage loans through marketing tie-ups
with real estate developers and by introducing new products. The balanceof foreign currency deposits continued to grow.
We used AI to automate provisional screening for mortgage loans andreleased Sony Bank apps.
The quality of homes under management under both the SONARE andHanakotoba brands improved steadily.
We expanded headquarters support in the aim of accelerating new home
opening from FY19.
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4

Market Overview and Medium-term Issues
 We expect the market environment to continue growing more challenging, due

to a shrinking overall domestic market, falling profit margins and intensecompetition becoming more stringent.

SocialEnvironment• Overall population decrease, decrease in working-age population• Aging society with fewer children, increase in longevity• Decrease in number of family households, increase in single-personhouseholds• Promotion of working style reform, growing focus on health• Rising income disparity

Economic
Environment• Continued low interest rates• Consumption tax increase (10%)

TechnologicalInnovation• Rapid innovations in Fintech, AI and RPA technology spreading• Increasing of entry into financial industry by different industries/disruption• Developments and lower costs in life science and healthcare technologies• Progress in safety support equipment and automated driving technologies

Regulatory
Environment• Stronger response to fiduciary duty
• Revision to the tax system in relation to insurance products forcorporate customers• Revision to the Civil Code (review of statutory interest rates), revision of
non-life insurance reference loss cost rates
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5

Medium-term Plan (FY18-20) Theme / Review Points《Theme》

Using taking on the challenge of new growth as ourtheme, with the FY18–20 new medium-term plan we will
make strategic moves from a long-term perspective tosecure further growth by taking full advantage of changes
that will occur 10 years or more from now and of organic
growth from existing business models.
《Points》
Customer-First

Further promote the customer-first business
operation

Response to Changes

Establish a foundation that allows us to take fulladvantage of changes (technologicaladvancements, social or regulatory changes, etc.)
to secure further growth

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6

Group Companies’ Priority Measures for Achieving
Medium-term Targets
 We steadily implemented priority measures in the aim of achieving

mid-term targets.


Sony
Life

Sony
Assurance








Sony
Bank





Sony
Lifecare

CustomerFirst

ResponsetoChangesIn the Lifeplanner channel, we worked to further enhance quality throughstringent recruiting and the introduction of behavioral (process) evaluations.
Meanwhile in the independent agency channel, growth continued based on thechannel’s strength in U.S. dollar-denominated insurance and variable life insurance.
We established a new department to consider medium-term product strategy andotherwise worked on the development of new products targeting a changing
environment.
We increased our market share in automobile insurance, and growth
accelerated as we strengthened various line of insurance.
By combining services that humans are uniquely able to offer with technologies,
we sought to achieve enhancement of the customer experience.
We worked to increase our balance of mortgage loans and improved profitability
by striving to make operations more efficient.
In foreign currency deposits, we sought to promote product characteristics andconvenience in our marketing activities. At the same time, we expanded thecustomer base further by leveraging alliances.
We promoted the shift to cashless payments, and growth of Sony Payment
Services.
In addition to continuing to maintain or enhance the management quality ofhomes currently under management, we accelerated new developments of
two brands, bolstering our business presence.
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7

Sony Life

Key Messages
Progress and Issues under the Mid-term Plan for FY18–FY20
Customer-FirstFurtherstrengthen ourbusinessfoundationPursue further quality in the Lifeplanner channel- Introduce process evaluations to enhance customer satisfaction- Engage in stringent recruiting, work to further increase the quality ofLifeplanner
Promote initiatives for steady growth in the independent agency channel- Enhance sales support system for U.S. dollar-denominated insurance
and variable life insurance

Response to
Changes Centering on death protection products, work to reinforce product

Provide newvalue

Steadily growcorporate value

strength and expand the scope of protection provided (productdevelopment)

 Support the development of consulting support tools through life

planning data and utilizing AI (Fintech) Although the number of Lifeplanner sales employees is expected tobe below our mid-term target, aim to achieve our targets throughinitiatives to further enhance quality and by increasing profit basedon economic value

Copyright © Sony Financial Holdings Inc. All rights reserved.

9

Sony Life's Position in Japan's Life Insurance Market andReview of Financial Results
 Policy amount in force grew steadily despite the challenging business environment.

 As in the previous year, the new policy amount reached a record high. Due to the effectof revisions to the tax system, in FY19 we expect this amount to drop temporarily.
However, by introducing countermeasures during the fiscal year we expect to reach our
mid-term targets.

Policy amount in force*1
Sony Life

Life insurance market

New policy amount*1■ Lifeplanner channel■ Independent agency channel

Share

Approx. 5%

Mid-term target

6.15

6.0 tnFY15 FY16 FY17 FY18

FY19 FY20

5.15 4.95 5.28

49.5 tn
CAGR 4～5%
FY00

FY05

FY10

FY15

FY18*2*1：Sum of individual insurance and individual annuities*2：The policy amount in force for FY18 of Sony Life is actual figure.
The policy amount in force for the life insurance market as a whole
and the market share of Sony Life are calculated based on the FY18.3Q results.

Copyright © Sony Financial Holdings Inc. All rights reserved.

10Impact of Revisions to the Tax System
 Although we expect a temporary downturn due to the impact of revisions to the tax

system in FY19, we aim to achieve a turnaround in performance through initiatives
to reinforce consulting capabilities targeting corporate customers.

Corporate Market Needs

 Seek to provide protection to businessowners through consulting-basedsales Meeting needs for business protection, welfare

Business
protection

Business
succession

Protection needs

benefits and other types of protection requires
sophisticated consulting expertise. We will put inplace a sales structure to achieve superiority in this
area.
•

•

Welfare benefits

Retirement benefits,congratulatory
and/or condolencemoney

Continue to enhance training and sales support
systems
Raise convenience of products and back-office
operation procedures

 Accelerate the development of

products to meet business owners’
protection needs
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11

Pursue Further Quality in the Lifeplanner Channel

Customer-First To further enhance the quality of the Lifeplanner channel, Sony Life will set the bar forservices and value provision a notch higher than at present. At the same time, based onthat level we will introduce a system of behavioral (process) evaluations linked withcustomer satisfaction.

Process evaluations
Contact

Consulting Set the bar for the customer service
Followups

level a notch higher than at present
 Set the level for services provided to customers

by referencing overseas examples and internal
best practices

 Introduce e-learning and otherwise create an

Knowledge

environment to facilitate ongoing learning by
new employees and mid-career personnel

 Introduce process evaluations
 Based on the activity data from 5,000

Support tools
E-learning

Lifeplanner sales employees, analyze behaviors
and knowledge that contribute to customer
satisfaction

Lifeplanner

Varioustraining

Sales
supportsystem Introduce a new system for evaluating multiple

facets of the behavior (process) of Lifeplanner
sales employees
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12

Pursue Further Quality in the Lifeplanner Channel

Customer-First Ensure stringent recruiting to achieve further quality increases in the Lifeplanner channel.

 Review the pace for expanding the number of Lifeplanner, but by pursuing quality, seek toenhance productivity and meet financial targets.
*1*2

Number of Lifeplanner sales employees and productivity■ Productivity■ Number as of the end of fiscal year
■ New policy amount

100

4,612

120

Enhanceproductivity

104

5,164
4,933 5,142

 Raise the quality of new Lifeplanner

sales employees through stringent
recruiting

 Make standards for recruiting candidates more

stringent Strengthen headquarters involvement in the

recruiting process

Mid-term
target 5,700
Expected tobe belowtarget Utilize AI to achieve high-quality analysis of

recruiting candidates

 Enhance and ensure thorougheducation and cultivation

 Through headquarters, enhance training of new

Lifeplanner sales employees

 Reinforce manager training to augment theirability to cultivate staff

FY15 FY16 FY17 FY18 FY19 FY20

 Monitor and evaluate the education andcultivation environment at branches*1: The figures include the number of contracted Lifeplanner sales employees and those rehired on a fixed-term contract basis after retirement*2: Productivity is indexed to FY15 = 100, calculated on the basis of average new policy amount per person
Copyright © Sony Financial Holdings Inc. All rights reserved.

13

Promotion Initiatives for Steady Growthin the Independent Agency Channel

Customer-First We will promote initiatives to achieve stable growth by leveraging our strength in U.S.

dollar-denominated insurance and variable life insurance and others.
 In addition, we will introduce a compensation system for evaluation of partners’
service quality, strengthening relationships with good partners.

New policy amount index *1
U.S. dollar-denominated insurance and variable life insurance
Other products

Mid-term
target100

100

 Enhance sales support system for

U.S. dollar-denominated insurance
and variable life insurance
 Develop our own unique expertise, such as

partner training and support tools81 Revise the compensation system forindependent agencies

 Ensure transparency of the compensation system

and aim to strengthen relationships with good
partners by improving the mechanism forevaluating partners demonstrating high solicitation
quality

FY14 FY15 FY16 FY17 FY18 FY19 FY20
*1: FY14 = 100

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14

Advance Customer-First Service(Product Development)

Customer-First

Response to
Changes Maintaining our main focus on death protection products, we will reinforce our productstrength and work to expand the scope of protection we provide.
 At the same time, customer needs are growing more diverse and complex as we near an
era in which people live to be 100. We will consider a mid-term product strategy that takesthese realities into consideration.
 Work to strengthen product capabilities

and the scope of protection provided

Disability

 In addition to enhanced production, launched two

new types of medical insurance, with lower premiums
and health refund benefit (July 2018)

Nursing
Care

Deathprotection
products

 Going forward, in addition to accelerating product

Medicaldevelopment to meet the protection needs ofcorporate customers, consider expanding the scopeof protection in the disability field, as well

 Consider the mid-term product strategy
 Established a new, specialized department to plan andAsset building

consider medium term product strategies (April 2019)

 Promote the development of new products aimed at achanging environment in which people live to be 100

Copyright © Sony Financial Holdings Inc. All rights reserved.

15

Advance Customer-First Service(Asset Management)

Customer-First To provide customers with life insurance products in a stable manner and be certain of

our ability to pay insurance claims and benefits into the future, we will invest in superior
assets that have characteristics matching our insurance liabilities, based on an ALM
perspective.
 To ensure financial soundness, we will continue working to reduce yen interest rate risk
while striving to bolster productivity through appropriate risk control.
Breakdown of bond investments
among assets in the general account

（%）

JGBs
Japanese corporate bonds (include FILP agency
bonds and government-guaranteed bonds)
Foreign bonds

 Invest proactively in superior issuers’

ultralong-term yen-denominatedcorporate bonds

 Engage in proactive dialogue with issuers topromote the creation of investment opportunities

100 In response to favorable sales of U.S.

dollar-denominated insurance,
expand investments in U.S. dollardenominated assets

50

 Centering on the large-scale U.S. bond market,

FY15

FY16

FY17

FY18

FY19

FY20

look for opportunities and invest in U.S. dollardenominated corporate bonds
Copyright © Sony Financial Holdings Inc. All rights reserved.

16

Sony Life
Progress Toward FY20 Medium-term Target
 Although the number of Lifeplanner sales employees is expected to be below our mid-term target, aim to achieve our targets through initiatives to further enhance quality and
by increasing profit based on economic value

FY18
Actual

FY19
Forecast

FY20
Mid-term
target*1

Policy amountin force¥49 tn¥52 tn¥55 tnAlmostin lineNumber of
Lifeplanners*2

5,164

Around
5,300

Over
5,700

Below initial
targetMCEV*3¥1.7 tn¥1.7 tn

6.4%

5%~6%

Over
¥1.8 tn
Over 6%

Almostin line¥78.2 bn

¥84.2 bn

¥62 bnAbove initial
targetCore ROEV
Ordinary profit（Life insurance
business）

Progress toward
FY20
Mid-term target*1: Mid-term target announced on May 31, 2018
*2: The figures include the number of contracted Lifeplanner sales employees and those rehired on a fixed-term contract basis after retirement*3: Figures in “FY18 Actual” and “FY19 Forecast” are based on interest rate levels at the end of March 2019, “FY20 Mid-term target” are based oninterest rate levels at the end of March 2018
Copyright © Sony Financial Holdings Inc. All rights reserved.

17

AEGON Sony Life Insurance and SA Reinsurance are
to be wholly owned subsidiaries of Sony Life Since starting business in 2009, AEGON Sony Life Insurance has specialized in individual

annuities, securing business in a certain area as a life insurance company. However, thecompany has been unable to respond to the changing business environment, making it
difficult to sustain operations.
 By making the company a wholly owned subsidiary of Sony Life, we aim to accelerate
decision-making and increase the efficiency of business operations, facilitating an
improvement in operating performance at an early stage.
Income from insurance premiums /Ordinary profit

Policy amount in force*1
6,000

519.3 bn*2

5,000

2,000

Income from insurance premiums
Ordinary profit

1,500

4,000

1,000

3,000
2,000

500

1,000
0

0
FY09FY10FY11FY12FY13FY14FY15FY16FY17FY18*1：Individual annuity*2：Those figures for FY18 are as of and for the FY18.3Q results.

20.3 bn*2(2.8) bn*2
FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18
Copyright © Sony Financial Holdings Inc. All rights reserved.

18

Sony AssuranceKey Messages
Progress and Issues under the Mid-term Plan for FY18–FY20

Customer-First

Continue to grow,and expand shareof, automobile
insurance
Accelerate growthby expanding
business
categories










Response to Changes

Maximize customer
value

Utilize technologyThe policy amount in force increased, thanks to the steady acquisition of
new customers and retention of existing customers.
By enhancing product capabilities and service quality and througheffective marketing, we strove to enhance trust in direct insurance anddrive growth of the direct market.
We will commence full-fledged developments in multiple categories byreinforcing our product strength in medical insurance and launching new
online fire insurance and overseas travel accident insurance products.
We will focus on enhancing marketing and expanding channels, seeking
to expand our scale in the interest of cultivating another pillar of businessto follow automobile insurance.
We will concentrate on developing high-quality “customer-first” services
as we seek to maintain one of the industry’s highest levels of customer
satisfaction.
We will seek to improve the user experience by combining services thathumans are uniquely able to offer with leading-edge technologies.

 We will aggressively utilize leading-edge financial technologies, including
data analysis employing AI technology, image recognition and chat bots.
 We will promote collaboration within the Sony Group.
Copyright © Sony Financial Holdings Inc. All rights reserved.

20

Expansion of Automobile Insurance and Sony Assurance’s
Position in the Market
 By providing high-quality services and marketing proactively, the company has steadily increased its
number of automobile insurance policies in force.
 The number of policies in force exceeded 2 million, ahead of this fiscal year’s our 20th anniversary ofbusiness commencement. We remain the clear leader in direct automobile insurance, by sales.

Growth in Sony Assurance’s automobile insurance

200
2 million

Key initiatives in which Sony Assurance has led the industry

FY99 Accepting applications over the Internet
FY00 Rider to cover accidents while getting off cars,
insurance premium rates that differ by model, discounts
for ongoing policies
FY04 Carry over discount program
FY11 Offering free smartphone app
FY14 PHYD-type telematics insurance with cash back type
FY18 Simple estimate with a photo automobile insurance
service via website(Policies)

Bar graph:

Automobile insurance policies inforce at Sony AssuranceSony AssuranceALine graph:

Premiums on automobile insurance
policies written by direct insurers

B
C
D
G

E

F
H

FY97 FY98 FY99 FY00 FY01 FY02 FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18
Copyright © Sony Financial Holdings Inc. All rights reserved.

21

FY18 Review of Financial Results

We achieved robust top-line growth due to favorable increases in automobile insurance revenue.

Although large-scale natural disasters were frequent, we succeeded in reducing the sum of two
ratios year on year through thorough efforts to control earnings (including operating expenses).



Despite intense competition, we continued to grow and increase profits, posting record profits
for the sixth consecutive year.
Ordinary revenues

Sum of two ratios / Ordinary profit(JPY bn)＋5％

Ordinary
revenues

Others

＋4％

89.8
10.1

＋4％

93.0
10.3

＋6％

＋8％ 110.0

102.3

96.9

93.8%

(JPY bn)

115.1

89.1%

10.6

＋6％

10.3

10.5

10.0

Net expense ratio + E.I. loss ratios

10.4

8.1

＋5％

7.6
7.1

Net
premiums
written

10.5

6.8

6.5

Automobile 78.4

81.3

85.1

89.7

97.8

102.4
4.2

4.6

4.2

Adjustedordinary profit

4.9

Ordinary
profit

3.0

FY13

FY14

FY15

FY16

FY17

FY18

FY13

FY14

FY15

FY16

FY17

FY18

Copyright © Sony Financial Holdings Inc. All rights reserved.

22

Continue to Grow, andExpand Share of, Automobile InsuranceCustomer-FirstBy further enhancing product capabilities and service quality, as well as proactively rolling our effective
marketing initiatives, we strove to establish ourselves as a trusted brand and drive expansion of thedirect market.

Initiatives to enhance trust and peace of mind with direct insurance Marketing communication toraise trust in direct insurance
Promoting the tagline “Peace of mind,
less expensively”

 Cultivate a sense of value

Encourage a sense of appreciation by customers
who feel products have been tailored to them＜Set discounts for people with no accidents＞＜Enhance price competitiveness＞
・ Lower premiums for shorter driving distances
・ Expanding gold driver’s license discounts
・ Increasing new vehicle discounts

 Augmenting peace of mind andtrust with accident response
・ Eliminate unease when accidents occur
・ Promote the value of a personal response
・ Encourage appreciation of accident response speed＜SECOM’s on-site rush service＞＜Express at-home interview service＞＜Service for speaking on behalf of the counterparty＞

 Eliminate bottlenecks withenrollment procedures
Enhance convenience and ease uncertainty by improving
the user experience and expanding customer support＜Simple estimate with a photo automobile insurance service＞＜Customer database based on personalized content＞＜Call center support, encouragement＞

Copyright © Sony Financial Holdings Inc. All rights reserved.

23

Accelerate Growth by Expanding
Business Categories

Customer-FirstWe will commence full-fledged developments in multiple categories by reinforcing our product strength inmedical insurance and launching new online fire insurance and overseas travel accident insurance products.
By leveraging our distinctive products, reasonably priced insurance premiums, the convenience of direct
insurance and the marketing expertise we have accumulated with automobile insurance, we intend to
expand our business by cultivating another pillar of business to follow automobile insurance.

Medical Pursue strength in cancer protection and pricecompetitiveness Boost product recognition through TV and newspaper ads
 Expand channels, including comparison sites
 Combine sales with ZiPPi medical insurance covering
actual inpatient expenses

Fire Focus on unique products, such as ones that can be
freely set or that provide 100% earthquake coverage Offer reasonably priced insurance premiums as a uniquefeature of online insurance In addition to direct insurance, expand sales throughface-to-face channels, such as shop-style independentagencies

Overseas
travel Offer reasonably priced insurance premiums throughonline specialization and risk segmentation
 Enhance insurance acquisition capabilities by pursuingefficient online advertising

Accelerate further
growth byexpandingbusiness
categories
Stable, mediumto long-term
earnings base

 Promote cross-marketing of different types of products

Copyright © Sony Financial Holdings Inc. All rights reserved.

24

Maximization of Customer Value andImprovement of Customer ExperienceCustomer-First

Response to
Changes

We will seek to improve the customer experience by combining services that humans are uniquely able tooffer with leading-edge technologies.

Third-party evaluations of customer service in FY2018
・In J.D. Power’s 2018 Automobile Insurance Satisfaction Survey, we were ranked number one in all of
three divisions : satisfaction with new policies, policyholder satisfaction (direct) and overall industrywide
satisfaction on accident response, and we maintain top-level evaluations from a variety of other third
parties.

Initiatives to improve the customer experience
Accident Solution Services
Elimination of uncertainty
immediately following an
accident speed and satisfaction
with accident solution
Customer Services
Detailed, high-quality support
giving a sense of being by thecustomer’s side
Web/ Smartphone Services
・Pursuit of enhanced
convenience・Services from the customer
perspective

・Respond swiftly after receiving an accident report, initial
response on holidays and during nighttime hours
・SECOM on-site rush service
・Kaiketsu Houshin Navi to gain a thorough understandingof the direction of an accident solution
・Expand the call system and multiple types of non-voicecommunications
・Improve response quality with after-call surveys
・Provide specialized response support, such as a “seniordesk”
・Earned 3 starts in HDI’s “Web Support Ranking” for the ninth
straight year
・Using smartphones to improve the customer experience andproviding more sophisticated apps
・Utilize leading-edge technology, such as through the simple
estimate with a photo automobile insurance service
Copyright © Sony Financial Holdings Inc. All rights reserved.

25

Utilize Technology
Response to
Changes

We will aggressively utilize leading-edge financial technologies, including data analysis employing AI
technology, image recognition and chat bots.
Product development
 Develop new PHYD-type telematics insurance
using AI analysis technology
・Collaborate with the Sony Group and Yahoo! JAPAN・Pursue simplicity of use through measurement
・Provide sophisticated apps that support safe driving
behavior
・Offer cash back on insurance premiums for safe
driving results

Marketing Use machine learning technology to enhance ability
to analyze customer attributes and behaviors
・Use AdTech to augment marketing precision andefficiency
・Utilize upselling and recommendations

Underwriting process Improve the underwriting process with image
recognition and analysis technologies
・Provide immediate estimates of insurance
premiums based on image analysis of insurance
policies
・Promote the use of image analysis technology inmedical and fire insurance

Customer response Automate customer response using AI chat bots・Respond to inquiries with AI chat bots
・Use LINE for automated accident response

Business improvement
 Save labor with RPA office operations andanalysis
Copyright © Sony Financial Holdings Inc. All rights reserved.

26

Sony Assurance
Progress Toward FY20 Medium-term Target
 By sustaining top-line growth and maintaining sound profitability, we aim to reach

our FY20 mid-term targets ahead of time.

Progress to
FY20
Mid-term target

FY18
Actual

FY19
Forecast

FY20
Mid-term
targets*1¥112.1 bn¥119 bn¥120 bn

Above initial
targetSum of two ratios(E.I. loss ratio)(Net expense ratio)

89.1％
61.3％
27.8％

Approx.
89％

89％

Almostin lineOrdinary profit¥6.8 bn

¥7 bn

¥7 bn

Adjusted ordinary
profit *2¥10.5 bn

¥10.9 bn

¥11 bnAdjusted ROE

15.2％

Approx.
14％

Approx.
13％

Direct premiums
written*1: Mid-term targets announced on May 31, 2018.
*2: Adjusted ordinary profit ＝ Ordinary profit + Provision for catastrophe reserve

Above initial
targetCopyright © Sony Financial Holdings Inc. All rights reserved.

27

Sony Bank

Key Messages
Progress and Issues under the Mid-term Plan for FY18–FY20
Customer-First

Increase productstrength andimprove service







Response to
Changes

Utilize Fintech
and improvebusinessImproveproposalmaking
capabilityWe began handling fixed select mortgage loans and new group credit
life insurance.
We are expanding our foreign currency deposit investment options,such as by starting to handle Set Time Deposits.
We are promoting Sony Bank GATE, an investment-type crowd
funding program.
We have started using AI to automate provisional screening for
mortgage loans.
We began offering an information-sharing service using a referencesystem API.
We are promoting increases in business efficiency by eliminating
paper and using RPA.
We have begun providing Sony Bank apps.

We are starting to develop digital consulting tools.
We are setting up systems to use digital marketing.
We are enhancing our sales structure through CONSULTING PLAZA.

Copyright © Sony Financial Holdings Inc. All rights reserved.

29

FY18 Review of Financial Results
 Ordinary profit: Up 33% year on year due to business growth and cost reduction
 ROE: Improved to around 7% due to an increase in profit
 OHR: Decreased around 64% due to cost reduction

Ordinary profit(consolidated)(JPY bn)

7.3
7.8

(％)

(％)

9.5
7.1

OHR
(non-consolidated)

ROE(consolidated)

5.8

5.5

73.3

72.5
64.9

ActualActualForecast

ActualActualForecast

ActualActualForecast

FY17

FY18

FY18

FY17

FY18

FY18

FY17

FY18

FY18

Copyright © Sony Financial Holdings Inc. All rights reserved.

30

Customer-First

Mortgage Loans

Response to
Changes In our marketing activities, we are emphasizing product characteristics and convenience.
 We are enhancing profitability by increasing operating efficiency (such as expanding theuse of AI screening and introducing electronic contracts).
 We are strengthening tie-ups with real estate developer.
Mortgage loans(JPY bn)

282.6

286.6

308.0

Many things cost ¥0 at Sony Bank.
・Guarantees
・Group credit life insurance
・Advance repayment fees
・Fees to move from variable to fixedinterest rates
・Fund transfers to repayment account・Fees for ATM usage

188.3
Sony Bank’s “Cancer group credit life
insurance 100” is proving popular.
If a policyholder is diagnosed with cancer,
the mortgage loan balance is reduced tozero and the policyholder is provided with
¥1 million in cancer diagnosis benefits

FY17

FY18

FY19

FY20

Actual
実績

Actual実績

Forecast
計画

Mid-Term
計画
TargetCopyright © Sony Financial Holdings Inc. All rights reserved.

31

Customer-First

Foreign Currency Deposits

In our marketing activities, we are emphasizing the product characteristics andconvenience of Sony Bank WALLET (SBW).
 We are expanding our customer base through alliances.


Foreign currency deposits

Number of SBW holders(JPY bn)(Person 1K)
Launch ofSony BankWALLET

530.0
466.8

☆

Launch ofSony Bank
Wallet

☆

860

335.5

404.6

419.6

348.0

680
540
240

370

90
ActualActualActualActualForeacst

Mid-Term
TargetActualActualActualActual

FY15

FY16

FY17

FY18

FY19

FY20

FY15

FY16

FY17

FY18

Forecast Mid-TermTargetFY19

FY20

Copyright © Sony Financial Holdings Inc. All rights reserved.

32

Customer-First

Investment Crowd Funding The platform business uses the internet to connect companies that are taking on challenges

but need to raise funds with people who are looking for investment opportunities.
 Target projects are also being handled as a crowd funding support business of Japan’s
Reconstruction Agency, linked with reconstruction following the Great East Japan Earthquake.

Fund to support thereconstruction of Ofunato
Onsen, a symbolic hot
springs resort and place
for local relaxation

Fund to support Apple
Farm, a workplace in
Sendai that welcomespeople with disabilities

Original
animation“Himote house”

Fund to support
opening ofJapan’s first
FATBURGER shop

production fund

Fund aiming
to reduce
apparel waste
to zero

Vegetable sheet(VEGHEET)FundNIIGATAALBIREX BB
arena LED

Muscle suitencouragement
fund

fund

Copyright © Sony Financial Holdings Inc. All rights reserved.

33

Expanding Our Infrastructure as a
Digital Bank

Customer-First

Response to
Changes We have begun offering Sony Bank apps.

 We are promoting cashless transactions, using SBW as a key (touch settlement,

smartphone settlement).
 We are promoting alliances with companies that provide QR code settlement services.

SBW debit usage amounts
117,936

CAGR 69%(FY16－FY20)

89,58565,67433,987
14,472
ActualActualActualForecast

Mid-term
Foecasttarget

FY16

FY17

FY18

FY19

FY20

Copyright © Sony Financial Holdings Inc. All rights reserved.

34

Digital Consulting, a Combination of Online andFace-to-Face Consulting

Customer-First We have started developing digital consulting apps.

 We are enhancing the proposal-making function via smartphones and at

CONSULTING PLAZA.

Bricks and mortar

DigitalMakes financial assets visible and provides
financial advice via a mobile app

Consulting
tools
API

AlliancesAPI
collaboration

Sony Group(Life, Assurance, etc.)
Copyright © Sony Financial Holdings Inc. All rights reserved.

35

Customer-FirstSony Payment ServiceResponse to
ChangesThis service responds to the increasing diversity of cashless transactions and settlement types.
We are strengthening the transaction business by attracting new participating merchants.
We are expanding the payment agency business:→ Offer payment services by collaborating with Minnano Taxi Corp.
and Sony Music Corp.

Sales(JPY bn)

4.3

4.6

Expansion of business

Ordinary profit

5.1

1.2
0.8

3.6

Minnano Taxi Corporation
released taxi dispatch
APP “S.RIDE”
on April 16th, 2019

(JPY bn)

0.9

Simple vehicle dispatch; just one slide
Smooth online settlement at end of trip

0.6

ActualActualFY17

FY18

Forecast Mid-termtargetFY19

FY20

ActualActualFY17

FY18

Forecast Mid-termtargetFY19

FY20
Copyright © Sony Financial Holdings Inc. All rights reserved.

36

Sony Bank
Progress Toward FY20 Medium-term Targets

FY18
Actual

FY18
Forecast

FY20
Mid-term
targets*1

Retail balance*2¥4.2 tn¥4.5 tn¥5.0 tn

Gross operating
profit¥28.3 bn

¥29.9 bn

¥33.5 bn

Ordinary profit¥9.5 bn¥8.6 bn¥9.7 bn

ROE

7.3％

6.4％

6.8％

(Non-consolidated)

Progress toward
FY20
Mid-term targets

Almostin lineReference：Sony Payment Services
Consolidated sales¥4.3 bn¥4.6 bn¥5.1 bn

Ordinary profit¥0.8 bn¥0.9 bn¥1.2 bn*1: Mid-term target announced on May 31, 2018.
*2: Sum of yen deposits, foreign currency deposits, investment trusts, securities brokerage, mediated discretionary investment contracts andpersonal loans
Copyright © Sony Financial Holdings Inc. All rights reserved.

37

Sony Lifecare

Key Messages
Progress and Issues under the Mid-term Plan for FY18–FY20

Customer-First

Establish the SONARE
brand and makea full-fledged
move into homedevelopment
Undertake initiatives
to establish a businessfoundation in thevolume zone andachieve growth

Response to
Changes

Implement“Life Focus” asa customer-firstservice valueLeveraging the expertise we have cultivated over three years
through the operation of three existing homes, we areestablishing the high-quality and distinctive SONARE brand.



From the current fiscal year, we will move toward the fullfledged development of profitable homes targeting customers
who are in the upper/middle zone.

Proud Life Inc. is making steady progress on improving its
business and establishing an earnings base.
Taking advantage of the track record and expertise cultivatedthrough the operation of 26 homes, from the current fiscal
year the company will relaunch the Hanakotoba brand for
newly built homes and aim for new growth.



We will develop our service lineup with suitable service levels
for each price range in accordance with our new customerfirst value concept, “Life Focus,” and respond to the diverse
needs of the market.

Given the increase in the number of people requiring longterm care, we will accelerate the development of newly built
homes under both brands and raise the overall presence ofthe nursing care business.
Copyright © Sony Financial Holdings Inc. All rights reserved.

39

Market Expansion of Nursing Care Business Sony Lifecare predicts a mid- to long-term increase in the population in need ofnursing care in its main area of development, the Tokyo metropolitan area.
 Due to increased needs, the establishment of nursing homes is proceeding steadily,and Sony Lifecare expects demand to grow steadily for the foreseeable future.
Long-term estimates of people in major
metro areas needing nursing care
Tokyo metropolitan area
(Tokyo, Chiba, Saitama, Kanagawa)

2,500(People 1k)

2,383

1,951

2,000

People requiring long-term care and numberof homes for the elderly (nationwide)
People requiring
8,000
long-term care

7,000

(People 1k)

6,750

1,500

1,000

500

1,383

1,243
868

1,078

Tokai region

1,028

622

2015

33%

2,000
1,000

→ Forecast
0Percentage of homes 70%
for the elderly catering
to people requiring 60%
long-term care
50%

4,000
3,000

2020

2025

2030

2035

Source: Study by Tamura Planning & Operating

2040

90%
80%

5,000
1,445

100%

6,036

6,000
Kansai region

7,624

1,967

34%
2,280
→ Forecast

0
2015

2020

34%
2,604

40%
(Homes
1k)
30%

Homes forthe elderly

20%
10%
0%

2025

Note: Homes for the elderly include homes for those who are independent.
Copyright © Sony Financial Holdings Inc. All rights reserved.

40

Medium-term Strategy: Initiatives to Develop
Our Lineup in Response to Market Needs

Customer-First We will develop our lineup to offer solutions to diversifying market needs for nursing carehomes.
 We plan to establish new homes in the Tokyo metropolitan area (Tokyo, Chiba, Saitama,
Kanagawa), where further market expansion is expected.
 We will improve management quality by effectively utilizing Group management resources.

Volume zone

Upper

Upper / middle zone
Cultivate the expertise we haveaccumulated over three years toestablish the SONARE brand and stepup the pace of building new homes

Broaden our business foundation withthe establishment of new homes in
addition to 26 existing Hanakotoba
series homes

Middle(Operating 196 rooms as of March 31, 2019)(Operating 1,320 rooms as of March 31, 2019)

Create synergy

VolumeSONARE Shakujii(Opened: November 2018)

Hanakotoba Machida Tsurukawa
Hanakotoba

Copyright © Sony Financial Holdings Inc. All rights reserved.

41

Making a Full-Fledged Move to
the Phase of Building New Homes

Customer-First

Response to
Changes Given the increase in the number of people requiring long-term care, we will

accelerate the development of newly built homes under both brands and raise theoverall presence of the nursing care business.

Forecast number of group-operated homes

Homes scheduled to open in FY1950

SONARE Hamadayama(Planning to openin Autumn 2019 )40Group total
30

Lifecare Design(SONARE, others)

29

33
30

3

4

26

26

6

SONARE
Mejiro Otomeyama(Planning to openin Spring 2020)

20

Proud Life
(Hanakotoba)
10

27

0
FY17
(Number of homes
At the end of the fiscal year)

FY18

FY19

FY20

FY21

Hanakotoba
Nerima Nakamura(Planning to openin December, 2019)
Copyright © Sony Financial Holdings Inc. All rights reserved.

42

Sony Financial Group

Review of Medium-term Plan (FY18-20）
Group’s Growth Strategy

Provide reliable services and utilize new technology effectively to support
the entirety of our customers’ financial activities, transcending the value
chain of existing businesses

Group’s future
corporate value

New initiatives

1

Utilize Fintech

2

Establish investment subsidiary3

 Construct physical and digitalchannels Strengthen collaboration within
the Group Seek opportunities for M&A andalliances

aimed atfurther growth

Organic growth from existing businesses

Group’scurrent
corporate
value

Organic growth Further enhance consulting-based sales and follow-ups
and raise customer satisfaction
 Sustainable growth in automobile insurance, diversify
portfolios for types of non-life insurance Strengthen foreign currency deposits and mortgage loans
 Ensure steady post-startup progress of the Nursing Care
Business
Copyright © Sony Financial Holdings Inc. All rights reserved.

44

Initiatives Aimed at Further Growth－Digital Strategy・Utilization of Fintech－ Group company strategies and utilization

examplesCustomer-First

Response to
Changes Stronger ties with the Sony Group Exchange information among Sony’s R&D

Sony Life
Develop consulting support tools thatutilize life planning data and AI
Sony Life’s
own dataAI

center and Sony Financial Group companies,
and hold knowledge-sharing events
 Connect these activities with the resolutionof business issues Sony Financial Group
companies faceSony Assurance
Develop advanced PHYD-type
telematics insurance(collaboration with Sony Groupand Yahoo! JAPAN)

Sony Bank
Develop digital consulting app,
金融アドバイスをモバイルアプリで提供improve Sony Bank app

Copyright © Sony Financial Holdings Inc. All rights reserved.

45

Initiatives Aimed at Further Growth－Establishment of Investment Subsidiary－

Response to
Changes In July 2018, an investment subsidiary “Sony Financial Ventures Inc.” was established.

 Together with Global Brain Corporation, one of the largest venture capital firms in Japan,

Sony Financial Ventures launched a venture capital fund, “SFV・GB L.P.”, aiming to makestrategic investments in areas such as Fintech and Healthcare.

Sony Financial
Ventures Inc.
Limited Partner
investment

Global Brain
Corporation（As of May 30, 2019. including plans）

Category
composition
operation（General Partner）

SBI Investment
composition
Co., Ltd.
operation（General Partner）

List of venture companies

SFV・GB
L.P. fundInvestment（Total ¥5 billion）

FinTech funds（Total ¥30 billion）

SBI
AI＆Blockchain
funds（Total ¥60 billion）

Companies

Asset
management

CROWD CREDIT, Inc.

Healthcare

Biotech venture companyＡ

PFM-social lending for high-growth countries

Moneytree K.K.

-PFM service and enterprise financial
data platform

Asset
management

Crowd Investment Co., Ltd.

MediaMedia venture company B

HR

HRtech venture company C-real estate social lending platform

Copyright © Sony Financial Holdings Inc. All rights reserved.

46

Sustainability Initiatives
 Promote management from a long-term perspective,
and aim to create sustainable social value and high earnings
Initiatives to create value throughour business

Value creation• Contribute to people’s lives by offering appropriate
advice• Propose products to match individual needs• Encourage asset creation/investment, and promotehealth• Contribute to a society featuring next-generation
mobility• Improve access to financial services

Offer lifestyles that feature safety and peace of mind
Contribute to a healthy, long-lived society
Make lifestyles more convenient• Foster financial innovation

Contributing toward the development of asustainable society

Initiatives to strengthen our
foundation for creating value

Putting theCustomerFirst• Support challenges oriented toward new growth

Response
to Changes• Create an employee-friendly working environment• Promote empowerment of diverse humanresources

Corporate
activities

Economic
value

Socialvalue

Stakeholders

Enhance corporate value• Strengthen governance• Operate environmentally-considerate businesses
Copyright © Sony Financial Holdings Inc. All rights reserved.

47

Formulates New Corporate Philosophy“Mission, Vision & Values”
MissionCreate a sustainable society where people feel a sense of enrichment
VisionBecome the most trusted financial services group by invoking emotion through the power oftechnology and high-value-added products and services that meet every customer's needs
ValuesCustomer First：Provide products and services that satisfy customers by listening
sincerely to their views

Originality：Work actively and pursue creativity and innovation within an
organization that supports a spirit of freedom and open-mindedness

Integrity & Fairness : Act fairly with high ethical standards and a sense of purpose
Diversity：Create new value by harnessing diversity and varying viewpoints

Sustainability：Fulfill our stakeholder responsibilities through disciplined businesspractices
Copyright © Sony Financial Holdings Inc. All rights reserved.

48

Governance Strengthen Sony Financial Group governance, centering on the Board of Directors at SFH.
 Transition to the new management structure to enhance the sustainable corporate value.

Current SFH Board of Directors

 Strengthen governance The SFH Board of Directors consists of outside

SFH

Presidents
Sony
Outsideof the main Corporation directors
subsidiaries

New Management Team

directors, members of Sony Corporation’s
management team, and people from SFH’s
management team as directors of SFH.

 Increased the percentage of outside directors

to more than one third.

 Enhanced diversity, including a female director.

 Presidents of the main subsidiaries toconcentrate in their own business Presidents of the three main subsidiaries to resign

Note: The new management team is subject to theapproval of the Ordinary General Meeting of
Shareholders to be held on June 21, 2019.

SFH Board of Directors. Under new SFH
governance structure, three Presidents willconcentrate on their own business sustainablegrowth and enhancement of competitiveness.

Copyright © Sony Financial Holdings Inc. All rights reserved.

49

Progress Toward FY20 Medium-term Target－Consolidated－

FY18
Actual

FY19
Forecast

FY20
Mid-term
target*1

Ordinary Revenues¥1.62 tn

¥1.69 tn

¥1.76 tn

Almostin lineOrdinary Profit¥93.8 bn

¥98 bn¥77 bnAbove initial
targetProfit attributable toowner of the parent¥62 bn¥65 bn¥50 bnAbove initial
targetUS-GAAPOperating Income¥161.5 bn¥170 bn¥180 bn

Almostin line

6.7%

Approx. 6%

Approx. 7%

Almostin lineConsolidated
Adjusted ROE*2

Progress toward
FY20 Mid-termtarget*1：Mid-term target announced on May 31, 2018
*2：FY18 Actual and FY19 Forecast are based on interest rate levels as of March 31, 2019.
FY20 Mid-term target is based on interest rate levels as of March 31, 2018.
Copyright © Sony Financial Holdings Inc. All rights reserved.

50

Shareholder Returns / Dividend Policy
 Medium-term Dividend Policy：Unchanged

We aim for steady increases in dividends in line with earnings growth over the medium to long term,
while securing sufficient internal reserves to ensure the financial soundness of Group companies and toinvest in growth fields. Management will examine earnings growth over the medium to long term byplacing more importance on economic value-based profit indicators that are more suitable for valuing
the growth of the life insurance business, in addition to statutory profit. Furthermore, management will
determine specific dividend amounts for each year by taking into accounts a comprehensive range offactors surrounding the Sony Financial Group.


For FY19, after considering the business environment, the expansion of the Group’s business volume
and the level of economic value-based profit growth, we forecast dividends of ¥65 per share,
an increase of ¥2.5 from the planned dividends of ¥62.5 per share for FY18

Dividend per share
(Yen)

15 *1

FY09

20 *1

20

FY10

FY11

25

FY12

30

FY13

55

55

FY15

FY16

60

62.5

65

FY18

FY19

40

FY14

FY17

（plan）(forecast)*Although a stock split was conducted during FY11, the dividend per share figures for FY09 and FY10 are calculated
assuming that the stock split was conducted at the beginning of FY09

Copyright © Sony Financial Holdings Inc. All rights reserved.

51

Appendix

Forecast of Consolidated Financial Results for FY19
Ordinary revenues, ordinary profit and profit attributable to owners of the parent are expected to increase
For FY19, we expect stable business growth to continue in all the businesses◆Life insurance businessWe expect ordinary revenues to increase from FY2018, due mainly to a steady rise in insurance premium revenues.
We also expect ordinary profit to rise in line with growth in the policy amount in force, despite the increased provision ofpolicy reserves stemming from a decrease in surrenders. Also, although we booked an impairment loss relating to availablefor-sale securities in the general account in FY18, no equivalent loss is included in our forecast for FY19.
◆Non-life insurance businessWe expect ordinary revenues to increase from FY18, in line with growth in net premiums written, primarily for automobile
insurance. We expect ordinary profit will remain flat. We anticipate higher revenues from automobile insurance, andanticipate the impact of a temporary accumulation of policy reserves for a certain product in FY18 will disappear.
At the same time, however, we expect the provision for underwriting reserves to rise in line with an increase in theacquisition of fire insurance policies.
◆Banking businessWe expect ordinary revenues to rise year on year due to stable business growth stemming from the steady ongoingaccumulation of mortgage loans and the strengthening of the foreign currency business.
Although we anticipate a rise in gross operating profit in line with revenue growth, we expect ordinary profit to decrease
year on year due to a rise in operating expenses rise.
（JPY bn）

FY19（Forecast）

FY18（Actual）

Change1,629.1

1,690.0+3.7%

1,464.3

1,520.5+3.8%

Non-life insurance business

115.1

121.2

+5.3%

Banking business

46.0

49.3

+7.1%

93.8

98.0

+4.4%

Life insurance business

78.2

84.2

+7.7%

Non-life insurance business

6.8

7.0

+1.5%

Banking business

9.5

8.6

(10.4%)

62.0

65.0

+4.7%

Ordinary revenues
Life insurance business

Ordinary profit

Profit attributable to owners of the parents

Copyright © Sony Financial Holdings Inc. All rights reserved.

53

Definition Consolidated Adjusted ROE
Since each company of Sony Financial Group differs by industry such as insurance and banking,each group company calculate its “Adjusted ROE” based on adjusted profit and adjusted capital
to realize its corporate value and capital efficiency
Sony Financial Group*Sony Life
Core ROEVSony Assurance
Adjusted ROE

Numerator（Adjusted
profit）

New business value＋
Expected existing business
contribution

Denominator（Adjusted
capital）

MCEV as of the beginning of
the fiscal year less dividends
paid plus MCEV as of the endof the fiscal year, divided by
two

＋
①

Sony bank
ROE

Net income (loss)＋Provision amount forcatastrophe amount forreserve for price fluctuations,in each care after taxes＋

Profit (loss) attributable toowners of the parent

③

②

＋

④

The average amount of net
assets plus the sum ofcatastrophe reserve and its
reserve for price fluctuations
during the fiscal year, in eachcase after taxes⑤＋

The average amount of net
assets during the fiscal year⑥

＊ Consolidated Adjusted ROE ＝ Consolidated Adjusted Profit divided by Consolidated Adjusted capital

Consolidated Adjusted Profit ＝ ①＋②＋③
Consolidated Adjusted Capital ＝ ④＋⑤＋⑥

Copyright © Sony Financial Holdings Inc. All rights reserved.

54

U.S. GAAP-based Operating Income
As for profit of an insurer with growing policies in force, the following two reasons
increase profit for U.S. GAAP-based operating income of the Sony Group’s financial
services segment compared with Japanese GAAP-based ordinary profit of the SonyFinancial Group: Different accounting treatment for policy reserves (future insurance policy
benefits)
 Accounting treatment of deferred insurance acquisition costs (recorded in U.S.
GAAP only)
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, 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.
Consolidated subsidiaries: Sony Financial Holdings Inc., Sony Life Insurance Co. Ltd., Sony Assurance Inc., Sony Bank
Inc., Sony Payment Services Inc., and SmartLink Network Hong Kong Limited, Sony Lifecare Inc., Lifecare Design Inc.,
Proud Life Inc., Sony Financial Ventures Inc.*, and SFV・GB L.P.*
Affiliated companies: AEGON Sony Life Insurance Co., Ltd. and SA Reinsurance Ltd.
* Sony Financial Ventures Inc and SFV・GB L.P. are included in the scope of consolidation from the second quarter ended
September 30, 2018 and from the fourth quarter ended March 31, 2019, respectively.

SFH announced [Reference Disclosure] Key Performance Figures Based on U.S. GAAP on Apr. 26, 2019. Please refer the announcement.
https://www.sonyfh.co.jp/en/financial_info/results/sfh_fy2018_4q_02.pdf
Copyright © Sony Financial Holdings Inc. All rights reserved.

55

Disclaimers:
This presentation material contains statements concerning the current plans, expectations, strategies andbeliefs of the Sony Financial Group. Any statements contained herein that are not historical facts are forwardlooking statements or pro forma information. Forward-looking statements may include—but are not limited to—words such as “believe,” “anticipate,” “plan,” “strategy,” “expect,” “assume,” “forecast,” “predict,” “propose,”“intend” and “possibility” that describe future operating activities, business performance, events or conditions.
Forward-looking statements, whether spoken or written, may also be included in other materials released tothe public. These forward-looking statements and pro forma information are based on assumptions, decisions
and judgments made by the management of Sony Financial Group companies, and are based on informationthat is currently available to them. As such, they 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 to place undue reliance on forward-looking statements. SonyFinancial Group companies are under no obligation to revise forward-looking statements or pro forma
information in light of new information, future events or other findings. The information contained in thispresentation does not constitute or form part of any offer for sale or subscription of or solicitation or invitationof any offer to buy or subscribe to any securities, nor shall it or any part of it form the basis of or be relied on inconnection with any contract or commitment whatsoever in Japan or abroad.

For inquiries:
Investor Relations Dept.
Sony Financial Holdings Inc.
Telephone: +81-3-5290-6500
E-mail: press@sonyfh.co.jp