Presentation Materials Consolidated Financial Results for the Three Months Ended June 30, 2009 Sony Financial Holdings Inc. August 11, 2009
Disclaimers:
These presentation materials contain statements concerning the current plans, expectations, strategies and beliefs of the Sony Financial Holdings Group (the “SFH Group”). Any statements contained herein that pertain to future operating performance and that are not historic facts are forward-looking statements. Forward-looking statements may include—but are not limited to— words such as “believe,” “anticipate,” “plan,” “strategy,” “expect,” “forecast,” “predict,” “possibility” that describe future operating activities, business performance, events or conditions. Forward-looking statements, whether spoken or written, are based on judgments made by the management of the SFH Group, based on information that is currently available to it. As such, these forward-looking statements 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. The SFH Group disclaims any obligation to revise forward-looking statements in light of new information, future events or other findings. The information contained in this presentation does not constitute or form part of any offer for sale or subscription of or solicitation or invitation of any offer to buy or subscribe for any securities, nor shall it or any part of it form the basis of or be relied on in connection with any contract or commitment whatsoever. 1
Line item amounts are truncated below ¥100 million; percentage change figures are rounded. ■ Ordinary revenues    ■ Ordinay profit (Billions of  yen) 21
■ Life insurance:  Ordinary revenues increased year on year, due to higher income from insurance premiums associated with an increased policy amount in force, as well as increases in investment income boosted by a relatively favorable financial market environment. Ordinary profit rose due to increased insurance premiums, reversal of the policy reserve for minimum guarantee for variable life insurance and higher gains from investment, net, on general account assets. ■ Non-life insurance: Ordinary revenues and ordinary profit increased year on year, owing mainly to increases in net premiums written, reflecting a growing number of its mainstay automobile insurance policies and a decline in the net expense ratio. ■ Banking business: Ordinary revenues and ordinary profit decreased year on year, owing mainly to decreases in net other operating income, a part of which offset increases in net interest income, bolstered primarily by the growing loan business. ■ Consolidated ordinary revenues, ordinary profit, and net income grew year on year, amounted to ¥248.1 billion, up 15.4%; ¥21.9 billion, up 57.2%; and ¥12.5 billion, up 59.7%, respectively. W
FY08.1Q FY09.1Q Sony Life PL ◆Ordinary revenues and ordinary profit increased year on year. ◆Income from insurance premiums Increased due to an increased policy amount in force. ◆Gains from investment, net, rose in a relatively favorable financial market environment. BS ◆Total net assets grew, owing to increases in net income and improved net unrealized gains on other securities, boosted by a relatively favorable financial market environment. ◆Securities increased primarily in ultralong-term bonds. ... Line item amounts are truncated below ¥100 million; percentage change figures are rounded.
4
Notes: *1 Figures for new policy amount, annualized premiums from new policies, lapse and surrender rate, policy amount in force and annualized premiums from insurance in force are calculated as the total of  individual life insurance and individual annuities. *2 The lapse and surrender rate is calculated without offsetting policies that are reinstated. Line item amounts are truncated below ¥100 million; percentage change figures are rounded. 6
New Policy Amount (Individual Life Insurance + Individual Annuities) Annualized Premiums from New Policies (Individual Life Insurance + Individual Annuities) Line item amounts are truncated below ¥100 million; numbers of policies are truncated below 1,000 policies; percentage change figures are rounded. Line item amounts are truncated below ¥100 million; percentage figures are rounded. 6
Policy Amount in Force (Individual Life Insurance + Individual Annuities) Annualized Premiums from Insurance in Force (Individual Life Insurance + Individual Annuities) Line item amounts are truncated below ¥100 billion; numbers of policies are truncated below 10,000 policies; percentage change figures are rounded. Line item amounts are truncated below ¥100 million; percentage figures are rounded 7
Lapse and Surrender Amount* Number of Lapsed and Surrendered Policies (Individual Life Insurance + Individual Annuities) ≪Full Year and 10≫ Line item amounts are truncated below ¥10 billion; numbers of policies are truncated below 1,000 policies; percentage change figures are rounded. *Figures for lapse and surrender amounts, numbers of lapsed and surrendered policies, and lapse and surrender rates are calculated without offsetting policies that are reinstated. Lapse and Surrender Rate* (Individual Life Insurance + Individual Annuities) ≪Full Year and 10≫ Lapse and surrender rate (based on policy amount, full year) (%) Lapse and surrender rate (based on policy amount, 1Q) 8
Income from Insurance Premiums Ordinary Profit Line item amounts are truncated below ¥100 million; percentage change figures are rounded. 9
Core Profit Negative Spread Line item amounts are truncated below ¥100 million; percentage change figures are rounded. 10
Number of Lifeplanner Sales Employees Number of Independent Agents (Employees) (Agents)

Breakdown of General Account Assets

12

Net Unrealized Gains/Losses on Available-for-Sale Securities with Market Value

Notes: 1) Line item amounts are truncated below ¥100 million. 2) Amounts above include those categorized as "monetary trusts." 3) Japanese government and corporate bonds of ¥34.2 billion as of  June 30, 2009, do not include unrealized loss on held-to-maturity securities of ¥0.2 billion. Foreign securities of -¥2.0 billion do not include unrealized gains on held-to-maturity securities of ¥2.6 billion. 4) As of June 30, 2009, the weighted-average fair value of convertible bonds held by Sony Life was ¥92.6.  The average remaining period was 4.0 years (In the event that Sony Life executes put options, the average remaining period would be 2.5 years.)
Solvency Margin Ratio (%)
■ Ordinary revenues  ■ Ordinary profit
FY08.1Q
FY09.1Q
Sony Assurance
◆Ordinary revenues and ordinary profit increased, year on year. ◆Ordinary revenues amounted to ¥17.4 billion, up 11.3% year on year. Net premiums written amounted to ¥17.3 billion, up 11.4% year on year, owing to an increase in the number of policies in force for mainstay automobile insurance. ◆Ordinary profit amounted to ¥0.9 billion, up 91.5% year on year, due mainly to an increase in ordinary revenues and a decline in the net expense ratio.
Line item amounts are truncated below ¥100 million; percentage change figures are rounded.
(Billions of yen)
Net expense ratio is equal to the ratio of total underwriting costs to net premiums written. Net loss ratio is equal to the ratio of net losses paid and loss adjustment expenses to net premiums written.
The number of policies in force is the total of automobile insurance and medical and cancer insurance, which accounts for 99% of net premiums written. Line item amounts are truncated below ¥ 100 million; numbers of policies are truncated below 10,000 policies; percentage change figures are rounded.
Direct Premiums Written Net Premiums Written
Net losses paid
Percentage change figures are rounded.
Net Premiums Written and Number of Policies in Force Ordinary Profit The number of policies in force is the total of automobile insurance and medical and cancer insurance policies, which account for 99% of net premiums written. More than 90% of personal accident insurance is medical and cancer insurance. Line item amounts are truncated below ¥100 million; numbers of policies are truncated below 10,000 policies; percentage change figures are rounded. Line item amounts are truncated below ¥100 million. 18
Net Expense Ratio + Earned/Incurred Loss Ratio (%) ■ Net expense ratio ■ Earned/incurred loss ratio Earned/incurred loss ratio is equal to the ratio of the sum of net losses paid, loss adjustment expenses and accumulation in provision for reserve for outstanding losses to earned premiums. *Note that earthquake insurance and compulsory automobile liability insurance are excluded from the above calculation. Reference Combined Ratio (Net Expense Ratio ÷ Net Loss Ratio) Net loss ratio is equal to the ratio of net losses paid and loss adjustment expenses to net premiums written.
Solvency Margin Ratio Note: Figures as of March 31, 2008, and March 31, 2009, are calculated based on the Insurance Business Law of Japan Enforcement Regulations and Ministry of Finance ordinances. A portion of the figures as of June 30, 2009, are calculated according to methods judged rational by Sony Assurance.
■ Ordinary revenues
FY09.1Q
Sony Bank
◆Ordinary revenues and ordinary profit decreased year on year. ◆Gross operating profit decreased ¥0.3 billion year on year due to a decrease in net other operating profit, a part of which offset net interest income. - Net interest income increased ¥2.1 billion due to higher interest on loans and a decline in interest on deposits in the lowering of interest rates. - Net fees and commissions increased ¥0.3 billion owing to increased fees and commissions from foreign exchange margin transactions - Net other operating income decreased ¥2.5 billion due to reduced gains from derivatives, net. ◆Net income decreased ¥0.4 billion year on year. ◆Customer assets were up ¥20.0billion  from March 31, 2009.
■ Ordinary profit (Billions of yen) and net other operating income; percentage change figures are rounded.
• Please refer to the graph of the non-consolidated capital adequacy ratio (domestic criteria) on P26.
The following adjustments are made to the figures on a financial accounting basis to account for profits and losses more appropriately. *1: Net interest income: Includes profits and losses associated with fund investment recorded in net other operating income, including gains or losses from currency swap transactions. *2: Net fees and commissions: Includes profits and losses for customer dealings in foreign currency transactions recorded in net other operating incorne. *3: Net other operating income: After the above adjustment (*1 and *2), consists of profits and losses for bond and derivative dealing transactions. ●Core profit Profits and losses exclude net other operating income, including those for bond and derivative dealing transactions, and stands for Sony Bank's basic profits. *4: Gross operating profit (core profit): Gross operating profit — Net other operating income *5: Net operating profit (core profit): Net operating profit — Net other operating income Line item amounts are truncated below ¥100 million; percentage change figures are rounded.
<Reference> Net Operating Profit (Core Profits) (Billions of yen) <Reference> Interest Spread (Internal Control Basis) Notes: Interest spread = Yield on investment – Yield on financing Yield on investment includes primarily gains or losses from currency swap transactions in net other operating income. Line item amounts are truncated below ¥100 million; percentage change figures are rounded.
24

Customer Assets (Deposits + Investment Trusts) and Number of Accounts Loans 25

Balance of Securities by Credit Ratings
Non-Consolidated Capital Adequacy Ratio (Domestic Criteria) Note: During the year ended March 31, 2009, Sony Bank raised its capital by ¥120.0 billion by allocating its shares to Sony Financial Holdings. * 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 Financial Services Agency of Japan (“FSA”) public ministerial announcement No. 19 of 2006. The capital adequacy ratio as of and after December 31, 2008, newly adopted the special exception of the standard mentioned above, in accordance with the FSA public ministerial announcement No. 79 of 2008. Amounts are truncated below ¥100 million. 26

Consolidated Ordinary Revenues
(Billions of yen; amounts are truncated below ¥100 million; percentage changes are rounded.
■Life insurance business
During the first quarter, ordinary revenues and ordinary profit exceeded our forecast, due to higher interest income and dividends, resulting from the consistent purchase of ultra long-term bonds. This is also because of more gains on sale of securities in line with a shift to investing in ultralong-term bonds from bonds with a short term to maturity, boosted by a relatively favorable financial market environment, as well as the lower insurance claims and other payments. Accordingly, SFH revised its first half forecast but did not change its annual forecast, owing to uncertainty in the financial market environment.
■Non-life insurance business
The financial forecast remains unchanged because SFH has adopted a cautious approach in estimating growth in the new policy amount and net loss ratio, and owing to a higher net expense ratio, despite the favorable results in the first quarter.
■ Banking Business
The financial forecast remains unchanged because of the present financial market environment, despite higher results than forecast in the first quarter.
Consolidated Ordinary Profit
Appendix

Net Assets on BS, Adjusted Net Assets and Solvency Margin

■Reduced equity assets, including Japanese stocks and CBs, from the second half of FY08
Japanese Stocks in General Account
(Billions of yen) 300 ■ Japanese stocks ■ Included in "monetary trusts" CBs in General Account ■ CBs ■ Included in monetary trusts
Line item amounts are truncated below ¥100 million. Each of impairment losses is on quarterly basis.
Market Value Information on Securities (General Account) ■ Reduced equity assets (stocks and convertible bonds) within available-for-sale securities over the past year. Accumulated ultralong-term bonds to be held to maturity. ■ Lengthened average bond duration: 8.7 years (08.3.31) =>13.6 years (09.3.31) =>14.7 years (09.6.30) ■ Decreased trading-purpose securities
●Fair value information on securities with market value (except trading-purpose securities)* (Billions of yen) *Amounts above include those categorized in "monetary trusts." Line item amounts are truncated below ¥100 million.

Sony Bank’s Mortgage Loans through Sony Life
Sony Life accounts for approx. 34% of the amount of new mortgage loans. * Sony Life started handling banking agency business in Jan. 2008.
Sony Assurance’s Auto Insurance Sold by Sony Life
Sony Life accounts for approx. 5% of new automobile policies. * Sony Life started handling automobile insurance in May 2001.
Recent topics
2009-4-2 Sony Life commenced sales of cancer hospitalization insurance, advanced medical treatment rider and hospitalization surgical benefits rider 2009-4-10 SFH announced a shelf registration arrangement for corporate bond issues
Corporate Communications & Investor Relations Department Sony Financial Holdings Inc. TEL: +81-3-5785-1074