Summary of Q&A at 3Q FY2007 Teleconference for
Domestic Institutional Investors and Analysts

Time/date:February 15, 2008, 15:15–15:50

Respondents:

Hiromichi Fujikata, Executive Vice President and Representative Director of SFH
Masamitsu Shimaoka, Director of Sony Life
Yuro Fujiyama, Director of Sony Assurance
Hidehiko Nakamura, Director of Sony Bank

Q&A (Summary)Q) Looking at the consolidated balance sheets for SFH as of December 31, 2007, other assets arehigher than they were as of March 31 and September 30, 2007. What was the reason?
A) (Sony Life) This is a temporary situation, resulting from the interim holdings in this account ofsecurities on which a contract was concluded in December, but for which settlement (deliveryand receipt) was in January.

Q) Sony Bank’s number of accounts was up significantly in December. What was the backgroundfor this increase?
A) (Sony Bank) Each December, we hold a bonus campaign. This campaign included preferential
interest rates on yen time deposits, which proved effective, and high interest rates pushed up thebalance of deposits and the number of accounts.

Q) I have a question about Sony Life’s breakdown of general account assets (page 10). This
information states that in real terms, Japanese stocks account for less than 10% of these assets,
and convertible bonds account for more than 10%. What were the actual figures, as of December
31, 2007?
A) (SFH) As I do not have the actual figures on hand now, allow me to respond later.
[Reference]
The breakdown of the Japanese stocks and convertible bonds within general account assets, asof December 31, 2007, is as follows.
Japanese stocks: ¥258.3 billion (of which, Japanese stocks included in monetary trusts: ¥42.2
billion) (comprising 7.7% of general account assets)
Convertible bonds: ¥427.7 billion (of which, convertible bonds included in monetary trusts:¥128.8 billion) (comprising 12.7% of general account assets)

1Q) In January, the number of accounts at Sony Bank increased beyond the December figure. Is thistrend continuing, or are there any new factors?
A) (Sony Bank) As this is a mass market, it is difficult to pinpoint any single factor. As I mentioned
earlier, however, our campaigns are proving more effective than during previous years. Otherfactors that may be in play are an increasing awareness of Sony Financial Holdings, owing to its
public stock listing, as well as our number one customer satisfaction rating, as determined bythird-party surveys.

Q) Sony Life’s investment expenses were up in 3Q. Please explain the situation surrounding theincrease in investment expenses: was this due to losses on the sale of securities, losses on thecancellation of funds, credit-related valuation losses or impairment losses owing to stock market
fluctuations?
A) (Sony Life) (The 3Q increase in investment expenses was due to the posting of losses on
separate accounts, net)
Certainly, gains or losses on the sale of securities varies each term, affected by market
conditions. In fiscal 2007, these expenses were large in 1Q, but decreased in 2Q. They wererelatively large in 3Q. It would be correct to think of these fluctuations as the changes in gains
and losses on the sale of securities. Interest and dividend income is gradually increasing, as we
acquire more bonds.
(SFH) Please understand that we are not engaging in any particular transactions involving
special types of securities. Rather, these fluctuations are merely an aspect of the orthodox
investments of a life insurance company.
End2