Establishing a Financial Holding Company

    Sony Corporation

To strengthen its financial business, Sony plans to set up a financial
holding company comprising its three companies: Sony Life Insurance 
Co.Ltd., Sony Assurance Inc. and Sony Bank Inc. This is scheduled for
April 2004, subject to the approval of the relevant financial
authorities.

With deregulation progressing, the competitive landscape in the
financial sector has changed and we believe that there is an
increasing need to offer customers integrated services tailored to
their individual needs. Sony will exploit the strategic linkages
between the life insurance, non-life insurance and banking services
to offer these kinds of integrated solutions.

Sony's financial business has been developed with specific focus on
individual customers and our financial business is expected to create
value for them through direct communication. Through the creation of
this holding company we aim to enhance the confidence of our
customers, discharge our responsibility to shareholders, and
strengthen the risk management system required for financial business.

In order to allow these financial businesses to procure their own
funds for growth and to realize their latent value, Sony will
consider an IPO for the holding company, when there is a clear
indication of a viable growth strategy in each of these businesses.

By the establishment of this financial holding company, Sony aims for
the most appropriate and efficient business structure for its
financial sector, and the consequent provision of attractive
services. These in turn will enhance value for the entire Sony Group.


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