May 20, 2011 Company Name: Sony Financial Holdings Inc. Name of Representative: Katsumi Ihara, President and Representative Director (Code: 8729, TSE First Section)
Preliminary Results of Sony Lifes Market Consistent Embedded Value as of March 31, 2011
Tokyo, May 20, 2011 Sony Financial Holdings Inc. (SFH) will announce its consolidated financial results for the year ended March 31, 2011 (April 1, 2010, to March 31, 2011). At the same time, SFH will also disclose the preliminary results of Market Consistent Embedded Value (MCEV) of Sony Life Insurance Co., Ltd. (Sony Life), as of March 31, 2011, as part of its efforts to disclose information to shareholders and investors in a timely and appropriate manner. MCEV is regarded as one of the indices used to evaluate the corporate value of Sony Life, a wholly-owned subsidiary of SFH. (Billions of yen) As of March 31, 2010 MCEV Adjusted net worth Value of existing business Of which, new business value 894.0 206.2 687.8 55.6 As of March 31, 2011 853.6 230.3 623.3 56.8 Change 40.4 24.1 64.5 1.2
Sony Lifes preliminary MCEV as of the end of March 31, 2011 decreased 40.4 billion year on year, to 853.6 billion due to decreased value of existing business which offset the positive impact of an increase in adjusted net worth under the change of financial market conditions such as lowering of ultralong-term interest rates. Furthermore, to the extent of ultralong-term interest rates as of March 31, 2011, interest swap rates were lower than Japanese government bond (JGB) yields. Sony Life has been comprehensively managing interest rate risk residing in its assets and liabilities by investing mainly in ultralong-term JGB in asset side to prepare for the future insurance claims and other payments in liability side. Thus, it is considered reasonable and proper to use JGB yields as risk-free-rate for calculation of liability side for the purpose of internal risk management. As for the calculation of MCEV above, we use interest swap rates. Meanwhile, if we calculated the sum of the present value of certainty-equivalent profit and the time value of options and guarantees which consists of components of value of existing business by using the JGB yields, instead of interest swap rates, as of the March 31, 2011, this calculation would have shown an increase in the value of existing business and new business value by 47.6 billion and 4.8 billion, respectively. Please keep in mind that the validity of these calculations has not been verified by outside specialists. MCEV as of March 31, 2011, calculated in accordance with the European Insurance CFO Forum Market Consistent Embedded Value Principles1 and verified by outside specialists, is scheduled to be announced at May 27, 2011.
Copyright Stichting CFO Forum Foundation 2008
For inquiries: Corporate Communications & Investor Relations Dept. Sony Financial Holdings Inc. Telephone: +81-3-5785-1074 (9:0017:30 JST) Email: press@sonyfh.co.jp Website of Sony Financial Holdings Inc. http://www.sonyfh.co.jp/index_en.html

May 20, 2011 Company Name: Sony Financial Holdings Inc. Name of Representative: Katsumi Ihara, President and Representative Director (Code: 8729, TSE First Section)
Announcement of Changes in Representative Directors and Exectives, and New Management Team
Tokyo, May 20, 2011At the Board of Directors Meeting held today, Sony Financial Holdings Inc. (SFH) resolved candidates for election to the position of Director and Statutory Auditor and resolved the proposed changes in Directors as stated below, subject to the aproval of the Financial Services Agency. These changes are subject to the approval of the Ordinary General Meeting of Shareholders as well as the Board of Directors Meeting both to be held on June 24, 2011.
1. Changes in Representative Directors

(1) Resignation Name

Teruhisa Tokunaka Hiromichi Fujikata 1 Current Position Chairman Representative Director Executive Vice President Representative Director Reason for Resignation Expiration of Directors term of office Expiration of Directors term of office
Note: 1. Hiromichi Fujikata will be appointed as the Standing Statutory Auditor of Sony Life Insurance Co., Ltd. on June 29, 2011.
(2) Date of Resignation June, 24 2011

2. Changes in Directors

(1) Newly assignment Name
Hirotoshi Watanabe Isao Yamamoto Newly Appointed Position Director Director (Independent Director 3 (Dokuritsu Yakuin) ) Concurrente Responsibilities Senior Vice President of Sony Life Insurance Co., Ltd. 2 President, Enterprising Investment, Inc.
Notes: 2. Hirotoshi Watanabe will resign his post on June 21, 2011. 3. Independent Director (Dokuritsu Yakuin) is a director designated by Securities Listing Regulations of Tokyo Stock Exchange Group, Inc.
<Biography of Hirotoshi Watanabe>
April 1974 March 1996 August 1998 July 1999 May 2003 June 2006 April 1981 January 1991 January 1999 April 2001 Entered the Industrial Bank of Japan, Ltd. Entered Sony Corporation Manager, Financial Service Business Promotion Department General Manager, Financial Strategy Department General Manager, Finance Department Senior Vice President of Sony Life Insurance Co., Ltd. (present) Entered Nomura Reserch Institute, Ltd. Head of Strategic Advisory Group, Nomura Research Institute. Managing Director & Head of Japan TMT, Merrill Lynch Japan Securities. International Examinations Committee Member, The Securities Analyst Association of Japan (present)
<Biography of Isao Yamamoto>
January 2002 November 2003 September 2007 January 2008 October 2008 November 2009
Co-head of Investment Banking Division, Managing Director, Merrill Lynch Japan Securities. President & CEO, The Institute for Securities Investments & Governance Director of MASSTUNE, Inc. (present) Instructor (Financing Policy), Aoyama Business School (present) Instructor (Corporate Finance Strategy), The University of Tokyo Graduate School of Economics Finance Program (present) President, Enterprising Investment, Inc. (present)
3. New Management Team as of June 24, 2011
Title President Representative Director Director

Name Katsumi Ihara

Hirotoshi Watanabe
Director Director Director Director Director (Independent Director7) Director Director (Independent Director7) Standing Statutory Auditor
Taro Okuda Shinichi Yamamoto Shigeru Ishii Masaru Kato Yasushi Ikeda Ryuji Yasuda Isao Yamamoto Hiroshi Sano
Positions at Sony Corporation and the SFH Group 4 President, Representative Director of Sony Life Insurance Co., Ltd. 5 Director of Sony Assurance Inc. Director of Sony Bank Inc. Director of Sony Life Insurance Co., Ltd. Director of Sony Assurance Inc. Director of Sony Bank Inc. Chairman, Representative Director of Sony Life Insurance Co., Ltd. President, Representative Director of Sony Assurance Inc. President, Representative Director of Sony Bank Inc. EVP 6 and CFO, Coporate Executive Officer of Sony Corporation

Outside Director of Sony Corporation
Statutory Auditor Statutory Auditor Statutory Auditor Statutory Auditor
Takemi Nagasaka Hiroshi Ueda So Sato Takatoshi Yajima
Statutory Auditor of Sony Life Insurance Co., Ltd. Statutory Auditor of Sony Assurance Inc. Statutory Auditor of Sony Bank Inc. SVP 6, Senior General Manager, Accounting Division of Sony Corporation Standing Statutory Auditor of Sony Bank Inc. Standing Statutory Auditor of Sony Life Insurance Co., Ltd. Standing Statutory Auditor of Sony Assurance Inc. Statutory Auditor of Sony Life Insurance Co., Ltd.
Notes: 4. The SFH Group here indicates SFH, Sony Life Insurance Co., Ltd., Sony Assurance Inc. and Sony Bank Inc. Positions at Sony Life Insurance Co., Ltd., Sony Assurance Inc., Sony Bank Inc. and Sony Corporation are subject to the approval of each companys General Meeting of Shareholders and Board of Directors Meeting to be held on June 29, June 23, June 22, and June 28, 2011, respectively. 5. These positions are subject to approval of the Financial Services Agency in accordance with the Insurance Business Law and the Banking Law. 6. EVP stands for Executive Vice President, SVP stands for Senior Vice President. 7. Independent Director (Dokuritsu Yakuin) is a director designated by Securities Listing Regulations of Tokyo Stock Exchange Group, Inc. 8. Though there are no changes in all of the statuory auditors above, the four year term of office of four statutory auditors except for Takatoshi Yajima will be expired in June 2011, and they have to be appointed by the Ordinary General Meeting of Shareholders to be held in June, 2011.
For inquiries: Masaaki Konoo Corporate Communications and Investor Relations Dept. Sony Financial Holdings Inc. Telephone: + 81-3-5785-1074 E-mail: press@sonyfh.co.jp Website of Sony Financial Holdings Inc.: http://www.sonyfh.co.jp/index_en.html