February 12, 2009
Sony Financial Holdings Inc.

Additional Information on FY08 3Q Consolidated 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 December 31, 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 of
information 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 December 31, 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. Securities and Monetary Trusts as of December 31, 2008
6. Supplementary Information on Sony Life (Non-Consolidated)(1) Securities as of December 31, 2008
(2) Monetary Trusts as of December 31, 2008
7. Supplementary Information on Sony Assurance(1) Condensed Balance Sheets(2) Condensed Statements of Income (9 months)(3) Condensed Statements of Income (3 months)(4) Securities as of December 31, 2008
8. Supplementary Information on Sony Bank (Non-Consolidated)(1) Securities as of December 31, 2008

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1. Management’s Discussion and Analysis for the Three Months Ended December 31,
2008
Analysis of Operating Performance
During the third quarter, the Japanese economy experienced the expanding effects of the U.S. financial crisis.
Amid worldwide economic deceleration, exports declined and corporate revenues and profits grew lackluster.
Consumer buying sentiment worsened, owing to concerns about declines in real income, causing personal
consumption to remain slack.
During the three months ended December 31, 2008, consolidated ordinary revenues grew 8.3% comparedwith the same period of the previous fiscal year, to ¥220.1 billion, owing to increases in ordinary revenues fromall the businesses: life insurance, non-life insurance and banking.
In the life insurance business, ordinary revenues grew 7.5% year on year, to ¥196.7 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 11.2% year on year, to ¥15.4 billion, due to higher net premiums
written, resulting from strong sales of automobile insurance policies. In the banking business, ordinary revenues
increased 24.6% year on year, to ¥8.3 billion, as a higher balance of investment assets in line with the bank’sbusiness expansion led to an increase mainly in interest income.
Consolidated ordinary expenses increased 8.7% compared with the same period of the previous fiscal year,to ¥209.7 billion, owing to increases in ordinary expenses from all the businesses.
In the life insurance business, ordinary expenses increased 7.0% compared with the same period of theprevious fiscal year, to ¥186.4 billion, due to increased insurance claims and other payments as well as
increased investment expenses associated with a significant decline in Japanese stock market prices. In the
non-life insurance business, ordinary expenses grew 17.8% year on year, to ¥15.1 billion, owing mainly to
expanded net losses paid caused by increased number of accidents occurred in December 2008. In the banking
business, increased system-related expenses and amortization of goodwill pushed up ordinary expenses 34.6%
compared with the same period of the previous fiscal year, to ¥8.3 billion.
As a result, consolidated ordinary profit increased 1.8% compared with the same period of the previous
fiscal year, to ¥10.4 billion. Broken down by business, ordinary profit from the life insurance business increased
17.7%, year on year, to ¥10.3 billion. Ordinary profit from the non-life insurance business decreased 72.6%
year on year, to ¥0.2 billion. The banking business recorded ordinary losses of ¥0.1 billion. In the life insurance
business, contingency reserve was partially reversed in response to lower investment yields associated withfinancial market deterioration.
Extraordinary gains for the three months ended December 31, 2008, amounted to ¥8.6 billion, due mainly toa partial reversal of reserve for price fluctuations in the life insurance business. Extraordinary losses of ¥3.7
billion were recorded, owing mainly to losses on disposal of fixed assets in the non-life insurance business, in
relations to its suspension of the new system development.
As a result, net income increased 39.2% year on year, to ¥8.3 billion.

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Below, we describe the operating performance, on a non-consolidated basis, for the three months ended
December 31, 2008 of SFH’s significant subsidiaries: Sony Life Insurance Co., Ltd. (“Sony Life”), Sony
Assurance Inc. (“Sony Assurance”) and Sony Bank Inc. (“Sony Bank”).

Life Insurance Business (Sony Life, Non-Consolidated)
During the three months ended December 31, 2008, Sony Life’s ordinary revenues increased 7.5% from thesame period of the previous fiscal year, to ¥196.6 billion, owing to higher income from insurance premiums,
associated with a steady increase in policy amount in force. While income from insurance premiums increased,in line with the growing policy amount in force, insurance claims and other payments expanded and gains andlosses from investments deteriorated resulting from a significant fall in Japanese stock market prices. However,contingency reserve was partially reversed in reseponse to lower investment yields associated with financial
market deterioration, resulting in ordinary profit to increase 16.7%, year on year, to ¥10.2 billion. Net income
expanded 123.2% year on year, to ¥11.2 billion, as a result of the partial reversal of reserve for pricefluctuations.
Core profit rose 2.7% year on year, to ¥6.0 billion.
Income from insurance premiums increased 0.8% year on year, to ¥162.5 billion, associated with a higher
policy amount in force. Investment income increased 58.9% year on year, to ¥31.8 billion, as a higher balanceof securities held, mainly Japanese government bonds, and other factors led to a rise in interest and dividends.
Investment expenses expanded 430.6% year on year to ¥74.1 billion, resulting from deteriorations in gains andlosses from investments in separate accounts. As a result, losses from investment, net, of ¥42.2 billion wererecorded as the sum of general and separate accounts. Insurance claims and other payments amounted to ¥72.4
billion, up 17.0% year on year. Operating expenses declined 3.5% year on year, to ¥22.8 billion.
Policy amount in force for the total of individual life insurance and individual annuities grew steadily, to¥32,406.6 billion as of December 31, 2008, up 2.9% from March 31, 2008, and up 3.7% from December 31,
2007. Annualized premiums from total policies as of December 31, 2008, were up 3.0% from March 31, 2008,
and up 4.1% from December 31, 2007, totaling ¥546.1 billion. Of this amount, the figure for third-sector
products was up 2.6% from March 31, 2008, and up 3.3% from December 31, 2007, to ¥126.0 billion.
New policy amount for the total of individual life insurance and individual annuities increased 6.5% fromthe same period of the previous fiscal year, to ¥1,098.8 billion. Annualized premiums from new policies
decreased 1.8% year on year, to ¥16.8 billion. Of this amount, the figure for third-sector products was ¥3.8
billion, up 3.0% year on year.
Net unrealized gains on securities* dropped 1.8% from March 31, 2008, to ¥125.5 billion. Net unrealized
gains on other securities, net of taxes, amounted to ¥24.6 billion, down ¥58.0 billion from March 31, 2008.
As of December 31, 2008, Sony Life’s solvency margin ratio was 1,995.0%, compared with 1,747.9% as ofMarch 31, 2008.
*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.)3

Non-Life Insurance Business (Sony Assurance)
During the three months ended December 31, 2008, Sony Assurance posted an 11.2% increase in ordinary
revenues compared with the same period of the previous fiscal year, to ¥15.4 billion, primarily due to strong
sales of its mainstay automobile insurance, which raised net premiums written. Although underwriting income
increased, ordinary profit decreased 72.6% year on year, to ¥0.2 billion, owing mainly to an increased amountof claims paid. Losses on disposal of fixed assets were recorded as extraordinary losses, resulting in net loss of¥2.6 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 11.7% and 11.0%, year on
year, to ¥15.1 billion and ¥15.2 billion, respectively. The net losses paid increased 18.8% year on year, to ¥7.9
billion due to increased number of accidents occurred in December 2008. The net loss ratio rose 3.6 percentage
points year on year, to 58.4%, owing mainly to increases in net losses paid and higher loss adjustment expenses.
The net expense ratio rose 0.6 percentage point from the same period of the previous fiscal year, to 25.3%. The
combined ratio (the sum of the net loss ratio and the net expense ratio) rose 4.2 percentage points year on year,
to 83.7%. As a result, underwriting profits declined 76.4% year on year, to ¥0.2 billion.
For the purpose of enhancing system and operational efficiency, Sony Assurance began developing new
systems in the fiscal year ended March 31, 2007. However, the company subsequently decided to suspend thisdevelopment and to overhaul its development policy. Accordingly, some software assets that were previously
recorded as intangible fixed assets (software) and for which future use is uncertain were disposed of, resulting inlosses on disposal of fixed assets of ¥3.7 billion, which were recorded as extraordinary losses.

Banking Business (Sony Bank, Non-Consolidated)
During the three months ended December 31, 2008, Sony Bank’s ordinary revenues increased 23.9%
compared with the same period of the previous fiscal year, to ¥8.3 billion, due mainly to an increase in interest
income, as the balance of investment assets rose in line with business expansion. Although gross operating
profit increased, ordinary profit dropped 80.9% year on year, to ¥0.09 billion, as the general and administrative
expenses, mostly system-related expenses, expanded. Net income declined 87.4% year on year, to ¥0.06 billion,
due to an absence of deferred tax assets that were topped up in the three months ended December 31, 2007.
Gross operating profit increased 13.3% compared with the same period of the previous fiscal year, to ¥2.8
billion, owing to increases in net interest income and net fees and commissions. With respect to the breakdownof gross operating income, net interest income increased 28.0% year on year, to ¥1.7 billion, due to increased
interest and dividends on securities. Net fees and commissions expanded 7,581.6% year on year, to ¥0.1 billion,
as steady inflows of commissions from the foreign exchange margin transactions, which started in May 2008,
offset a decrease in securities-related commissions. Net other operating income decreased 20.1% year on year,
to ¥0.9 billion, as valuation losses on derivatives, which Sony Bank held for the purpose of hedging againstinterest rate risks of securities and others, expanded, influenced by the market fluctuations.
General and administrative expenses expanded 39.1% year on year, to ¥2.7 billion, due mainly to anincrease in system-related expenses.
As of December 31, 2008, customer assets (the sum of deposits and investment trusts) grew ¥170.5 billion,or 13.7%, from March 31, 2008, to ¥1,417.9 billion, primarily due to an increase in yen deposits. As for the
breakdown of customer assets as of December 31, 2008, deposits amounted to ¥1,339.2 billion, up ¥194.8
billion, or 17.0%, from March 31, 2008. Investment trusts were ¥78.7 billion, down ¥24.2 billion, or 23.5%
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from March 31, 2008. Loans expanded steadily to ¥431.6 billion, up ¥84.5 billion, or 24.4%, from March 31,
2008. As of December 31, 2008, the number of accounts was up 91 thousand from March 31, 2008, to 701
thousand accounts.
Net unrealized losses on other securities, net of taxes, an item in net assets, totaled ¥15.2 billion, deterioratedby ¥6.2 billion from March 31, 2008, owing primarily to a decline in prices such as Japanese corporate bonds.
To ensure a sound financial base, Sony Bank’s capital was raised by allocating its shares to SFH. In the threemonths ended December 31, 2008, ¥6.0 billion in capital was injected. As a result, Sony Bank’s common stockand capital surplus as of December 31, 2008, were ¥31.0 billion and ¥21.0 billion, respectively.
As of December 31, 2008, Sony Bank’s non-consolidated capital adequacy ratio* (domestic criteria) was
14.38%, compared with 9.15% as of March 31, 2008.
* Sony Bank’s non-consolidated capital adequacy ratio was calculated based on the standard stipulated by Article 14-2 of the Banking Law of Japan, in
accordance with the Financial Services Agency of Japan (“FSA”) public ministerial announcement No. 19 of 2006. The capital adequacy ratio as ofDecember 31, 2008, newly adopted the special exception of the standard mentioned above, in accordance with the FSA public ministerial
announcement No. 79 of 2008.

2. Business-related and Financial-related Tasks Ahead for the Company
During the three months ended December 31, 2008, there were no changes in the status of business-related andfinancial-related tasks ahead for the company from those we previously disclosed in the Yuka Shoken
Hokokusho, or Annual Report, for the fiscal year ended March 31, 2008, which was filed in June 2008 and in
the Shihanki Hokokusho or Quarterly Report, for the second quarter ended September 30, 2008, which was
filed in November 2008.
To mitigate the increasing risk of a decline in the Japanese stock prices, which emerged sharply during thequarter ended December 31, 2008, from affecting its management soundness, Sony Life reduced its exposure ofequity assets, such as Japanese stocks and convertible bonds.

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 December 31, 2008, for the purpose of strengthening the financial base inview of Sony Bank’s further sustainable growth, Sony Financial Holdings injected capital of ¥6.0 billion toSony Bank, by using a part of proceeds received through SFH’s initial public offering.
So as to establish a structure to respond expeditiously in case financing needs arise, Sony Financial
Holdings has obtained an AA- issuer rating (outlook: stable) from Rating and Investment Information, Inc.
(“R&I”). The credit ratings of SFH’s subsidiaries as of February 12, 2009, are as follows.
Sony Life:
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.

5Sony Bank:
A-/A-2 from S&P as a long-term/short-term local/foreign currency issuer, andAA- from JCR for long-term senior debt (outlook: stable).
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.

4. Property, Plant and Equipment(1) The Status of Property, Plant and Equipment
During the three months ended December 31, 2008, Sony Assurance disposed of a part of software (recorded
as intangible fixed assets) of ¥3,756 million, due to the suspension of the new system development.
(2) Plans to Acquire or Dispose of Property, Plant and Equipment
During the three months ended December 31, 2008, there were no changes in our plans to acquire or disposeof major property, plant and equipment from those previously disclosed

5. Securities and Monetary Trusts as of December 31, 2008 (SFH Consolidated)(1) Held-to-maturity bonds with fair market value(Millions of yen)

Bonds
Japanese government
and municipal bonds
Corporate bonds
Other
Total

Balance sheet amount
784,921

Fair market value
855,348

777,129
7,791
42,404
827,325

847,395
7,952
42,925898,273

Difference
70,42770,265161
521
70,948(2) Available-for-sale securities with fair market value(Millions of yen)

Bonds
Japanese government
and municipal bonds
Corporate bonds
Japanese stocks
Other
Total

Acquisition cost
1,796,719

Balance sheet amount
1,832,179

Unrealized gains (losses)
35,4591,248,692
548,027
63,104
307,088
2,166,913

1,296,189
535,989
67,215290.3122,189,708

47,497(12,037)
4,111(16,776)
22,795

Note: Impairment losses on available-for-securities with fair market value of ¥17,427 million yen were recorded. SFH principally
records impairment losses on securities when their fair market value as of the end of the accounting period declined by 30% ormore from the acquisition cost.

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(3) Monetary trusts for held-to-maturity
Not applicable.
(4) Other monetary trusts (other than held-to-maturity or investment purpose)(Millions of yen)

Other monetary trusts

Acquisition cost
720,256

Balance sheet amount739,324

Unrealized gains
19,068Notes: 1) The table above includes ¥270 million of jointly invested monetary trusts.
2) Impairment losses of ¥6,103 million yen were recorded for the monetary trusts other than investment, held-to-maturity or
policy reserve matching. SFH principally records impairment losses on securities, held in monetary trusts, when their fairmarket value as of the end of the accounting period has declined by 30% or more from the acquisition cost.

76. Supplementary Information on Sony Life (Non-Consolidated)(1) Securities as of December 31, 2008
1. Held-to-maturity bonds with fair market value(Millions of yen)

Bonds
Japanese government
and municipal bonds
Foreign securities
Total

Balance sheet amount
720,767

Fair market value
789,842

720,767
41,306762,074

789,842
41,805
831,647

Difference
69,07569,075498
69,573

2. Available-for-sale securities with fair market value(Millions of yen)

Bonds
Japanese government
and municipal bonds
Corporate bonds
Japanese stocks
Foreign securities
Other
Total

Acquisition cost
1,211,305

Balance sheet amount
1,248,801

Unrealized gains (losses)
37,495929,833
281,472
63,104
69,1917,450
1,351,051

979,912
268,888
67,21564,553
7,425
1,387,995

50,079(12,584)
4,111(4,637)(24)
36,944

Note: Impairment losses on available-for-securities with fair market value of ¥17,340 million yen were recorded. Sony Life
principally records impairment losses on securities when their fair market value as of the end of the accounting period declined
by 30% or more from the acquisition cost.

(2) Monetary trusts as of December 31, 2008
1. Monetary trusts for held-to-maturity
Not applicable.
2. Other monetary trusts (other than for investment, held-to-maturity, and policy reserve matching purposes)(Millions of yen)

Other monetary trusts

Acquisition cost
718,980

Balance sheet amount
738,048

Unrealized gains
19,068Notes: 1) The table above includes ¥50 million of jointly invested monetary trusts.
2) Impairment losses of ¥6,103 million yen were recorded for the monetary trusts other than investment, held-to-maturity or
policy reserve matching. Sony Life principally records impairment losses on securities, held in monetary trusts, when theirfair market value as of the end of the accounting period has declined by 30% or more from the acquisition cost.

87. Supplementary Information on Sony Assurance(1) Condensed Balance Sheets(Million Yen)

As of
December 31, 2008

As ofMarch 31, 2008

Assets:Cash and deposits

981

2,929

63,46856,237

Tangible fixed assets

277

231

Intangible fixed assets

1,907

4,075

Other assets

10,51910,736

Deferred tax assets

5,073

4,434

Total assets

82,22778,64564,88856,958Reserves foroutstanding claims

15,824

14,246

Policy reserve

49,06442,711Other liabilities

3,215

5,284

133

516

1

－

3,080

4,767

456

412

36

39

295

529

9

36

9

36

68,901

63,260

Securities

Liabilities:
Policy reserve

Income taxes payable
Lease obligations
OthersReserve for employees’
retirement benefits
Reserve for directors’
retirement benefits
Reserve for employees’
bonuses
Reserve for pricefluctuations and others
Reserve for pricefluctuations
Total Liabilities

9

(Million Yen)

As of
December 31, 2008

As ofMarch 31, 2008

Net Assets:
Shareholder’s equity
Common stock

20,00020,000Capital surplus

20,00020,000Retained deficits-26,536-24,591

Total shareholder’sequityValuation and translation
adjustment
Net unrealized gains onother securities, net of
taxes
Total valuation andtranslation adjustments

13,463

15,408

-137

-23

-137

-23

Total Net Assets

13,325

15,385

Total Liabilities and Net
Assets82,22778,64510

(2) Condensed Statements of Income (9 months)(Million Yen)

For nine months
ended December 31, 2008
Ordinary revenues

46,139Underwriting income

45,609Net premiums written

45,580Interest and dividends on deposits of premiums

28

Investment income

503

Interest income and dividends

512

Gains on sale of securities
Transfer to interest and dividends on deposits ofpremiums
Other ordinary income

18
-28
26

Ordinary expenses

44,682

Underwriting expenses

33,514

Net losses paid

22,092

Loss adjustment expenses

2,702

Net commissions and brokerage fees

789

Provision for reserve for outstanding claims

1,577

Provision for policy reserve

6,352

Investment expenses

116

Losses on sale of securities

28

Devaluation losses on securities

86

Operating, general and administrative expenses

11,045

Other ordinary expenses

5

Ordinary profit

1,456

Extraordinary gains

27

Reversal of reserve for price fluctuations and others

27

Reversal of reserve for price fluctuations

27

Extraordinary losses

3,819

Losses on sale or disposal of fixed assets

3,819

Income (losses) before income taxes-2,335

Income taxes –Current

248

Income taxes –Deferred-638

Net loss-1,94511

(3) Condensed Statements of Income (3 months)(Million Yen)

For three months
ended December 31, 2008
Ordinary revenues

15,425

Underwriting income

15,238Net premiums written

15,228Interest and dividends on deposits of premiums

9

Investment income

181

Interest income and dividends

177

Gains on sale of securities
Transfer to interest and dividends on deposits ofpremiums
Other ordinary income

13
-9
5

Ordinary expenses

15,148Underwriting expenses

11,428Net losses paid

7,967

Loss adjustment expenses

930

Net commissions and brokerage fees

249

Provision for reserve for outstanding claims

492

Provision for policy reserve

1,787

Investment expenses

102

Losses on sale of securities

28

Devaluation losses on securities

72

Operating, general and administrative expenses

3,616

Other ordinary expenses

1

Ordinary profit

277

Extraordinary gains

25

Reversal of reserve for price fluctuations and others

25

Reversal of reserve for price fluctuations

25

Extraordinary losses

3,756

Losses on sale or disposal of fixed assets

3,756

Income (losses) before income taxes-3,453

Income taxes –Current-562

Income taxes –Deferred-246

Net loss-2,64312

(4) Securities as of December 31, 2008
1. Held-to-maturity securities with fair market value(Million Yen)

As of December 31, 2008
Balance sheet amountJapanese government andcorporate bonds
Foreign securities
Total

Fair market value

Difference

42,32043,066

746

1,098

1,120

22

43,41844,187768

2. Available-for-sale securities with fair market value（Million Yen）

As of December 31, 2008
Acquisition cost

Balance sheet amount

Difference

Japanese government andcorporate bonds

17,14917,011

-137

Total

17,14917,011-137

Note: As of December 31, 2008, Sony Assurance recorded ¥86 million in impairment losses on available-for-sale securities withfair market values. Sony Assurance principally records impairment losses on securities when their market value has declined
by 50% or more from the acquisition cost. Sony Assurance also records impairment losses on securities that have declined invalue by 30% or more but less than 50%, unless a rebound in their market value is expected.

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8. Supplementary Information on Sony Bank (Non-Consolidated)(1) Securities as of December 31, 2008
1. Held-to-maturity bonds with fair market value(Millions of yen)

Balance sheet amount

Fair market value

Difference

Japanese bonds

19,914

20,494580

Corporate bonds

1,917

1,943

25

Total

21,832

22,438605

Note: Fair market value is primarily based on market prices as of December 31, 2008.

2. Available-for-sale securities with fair market value(Millions of yen)

Acquisition cost
Japanese bonds

Balance sheet amount

568,265

Unrealized gains (losses)

566,367(1,898)Japanese government
bonds

310,748

308,110(2,637)

Corporate bonds

257,516

258,256739

228,099

215,986(12,112)

Foreign bonds

207,956

199,137(8,818)

Other

20,142

16,849(3,293)796,364

782,354(14,010)

Other

Total

Notes: Balance sheets amounts are primarily fair market values based on market prices as of December 31, 2008.

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