IR Day 2017

May 23, 2017 Sony Corporation

 Entertainment Business (Pictures/Music) 3

 Game & Network Services (G&NS) 24

 Mobile Communications (MC) 37

 Imaging Products & Solutions (IP&S) 59

 Home Entertainment & Sound (HE&S) 74

 Semiconductors 88 Sony IR Day 2017 Entertainment Business (Pictures/Music)

May 23, 2017 Kazuo Hirai President and CEO, Representative Corporate Executive Officer Sony Corporation Chairman and Co-CEO, Inc.

Rob Stringer Chief Executive Officer Philip Rowley Entertainment Inc. Senior Executive Vice President & Kevin Kelleher Chief Financial Officer Chief Operating Officer Entertainment Inc. Sony Music Entertainment Inc.

Entertainment Financial Services

Electronics Sony’s Music Business

Recorded Music

Music Publishing Visual Media & Platform

(Equity Method) Outside Sales（FY2016 Actual）

Sony IR Day 2017 4

Sony Music Entertainment (Japan)（SMEJ）

Success in Growing Market Create New Business Create and Maximizing

Smartphone Game Application SMEJ‘s First Museum Entertainment Create New Hit Content Fate/Grand Order SNOOPY MUSEUM TOKYO Maximize Catalogue Value

Create hit content in growing market Create new business and expand utilization of catalogue IP and revitalize existing IP

Sony IR Day 2017 5 Sony/ATV Music Publishing (Sony/ATV)

No.1 Music Publisher 27% September, 2016 Sony/ATV became a wholly owned 20% subsidiary of Sony Corporation

12%

6%

ABC

＊ Music & Copyright, May 2017. Based on worldwide revenue for calendar year 2016. Sony IR Day 2017 6

Sony IR Day 2017 7 Photo by Joshua White Sony IR Day 2017 8

Entertainment Industry Trends

Motion Pictures Larger share of revenue concentrated on fewer tent-pole films

Television Productions Networks seeking to own more content rights

Media Networks TV distributors reevaluating their network portfolios

Sony Corporation 9 Issues of Sony Pictures Entertainment

Motion Pictures Implementing turnaround strategy

Television Productions Maintain and strengthen relationships with top content producers and major networks

Media Networks Generate stable profit through recurring- revenue business model

Sony Corporation 10

Anthony Vinciquerra Chairman and CEO, Sony Pictures Entertainment effective on June 1, 2017

Chairman and CEO, Fox Network Group

Senior Advisor, Texas Pacific Group

Board Director, STX Entertainment

Extensive experience in media, entertainment and technology space

Sony IR Day 2017 11 Financial Update

SPE FYE17 Review

($ in millions) All businesses saw topline growth; +5.3% however, fully allocated OI Sales $7,875 $8,292 decreased for several reasons:

Motion Pictures’ FYE17 films had higher marketing costs for films released in the 1 1 last quarter of FYE17 compared to the $346 2 3 prior year’s films 4 $280 * In Television Productions, less favorable 2 product mix (prior year included an SVOD sale of Breaking Bad)

Media Networks had higher programming costs (including increased programming Operating 3 investment and a write-off of Income programming in Italy)

FYE17 incurred one-off charges due to 4 FYE16 FYE17 reductions in centralized costs Actual Actual

Note: FYE = Fiscal Year Ended (e.g., FYE17 = Fiscal Year Ended March 2017) Source: Pictures Segment Supplemental Data, March 31, 2017 * FYE17 operating income excludes the $962 goodwill impairment write-down Sony IR Day 2017 13 SPE FYE18 Forecast

($ in millions) Factors impacting performance: +12.7%** Sales $8,292 $9,346** Improvements in current year’s films and cost reductions in Motion Pictures 3 4 1 partially offset by lower catalog sales

2 $359** 1 Television Productions growth driven by $280* 2 syndication of and several new show launches

Media Networks growth driven by GSN 3 and India, somewhat offset by TEN Sports

Operating Unfavorable impact of budget FX rates 4 Income and one-time costs

FYE17 FYE18 Actual Forecast

Source: Pictures Segment Supplemental Data, March 31, 2017 and SPE Management * FYE17 operating income excludes the $962 goodwill impairment write-down ** FYE18 sales forecast converted at 110.00 JPY/USD and rounded down to the nearest 10 billion yen to ¥1,020,000 million Sony IR Day 2017 14

Sony IR Day 2017 15 SME FYE17 Achievements/Highlights

Success from multiple Broke new talent to create Recognition through Sony Music gaining market repertoire centers future superstars industry awards share in growing market

• 7 of the Top 20 on the IFPI 2016 • Broke , G-Eazy, • awarded 5 Grammys, • Calendar 2016 market share grew Global Album chart, including #1 Rag’n’Bone Man, DJ Khaled, Alan including the top 3 – Album of the +0.5% to 26.0% (Beyoncé) and #2 (Adele) Walker, Zara Larsson in FYE17 Year, Record of the Year and Song • The market grew 6% year-over-year of the Year • 9 of the Top 20 on the IFPI 2016 driven by 60% growth in streaming Global Singles chart, including • SME’s other winners includes David • Acceleration of paid subscription breakout tracks from The Bowie (5), Beyoncé (2), The offsetting declines In Physical and Chainsmokers, ZAYN, Alan Walker Chainsmokers, Maren Morris, Download Solange, Cage The Elephant, • FYE17 top sellers include Pentatonix and many others • Future upside from new entrants into international superstars, Catalog the market (, Pandora and artists, new artists • Sony Music won an unprecedented 10 iHeartRadio) out of 13 , the most in company history

Successful, Profitable Year For Sony Music On Multiple Fronts

Sony IR Day 2017 16

VISION A Global Entertainment Leader, Building Artist Brands and Careers and Maximizing Profit Through The Best Creative Teams, A Culture of Entrepreneurial Innovation, and Aggressive Investments

Two Key Areas of Focus: Direct Reporting Data Digital International Lines Analytics Growth Expansion Talent Commercial Development Opportunities Culture of Aggressive New Business One Sony Entrepreneurship Growth Investment Strategies Initiatives

Maximize Profits, Improve Margins and Grow Market Share

日付 | SonySony IR DayIR Day 2017 2017 | 1717 Recorded Music Market Profile ($ in billions; excludes Japan)

 Two years of solid market growth  Expect slight market growth in 2017

 Streaming growth more than offsetting declines in physical and download markets  Continued rapid growth of streaming, reaching  Streaming represents 41% of total market: 56% of total market

Digital / Streaming - Paid subscription revenue up 92% year over year  Greater download and physical declines Physical - 97 million premium paid subscribers $10.9 $11.1 $10.1 $9.8 $10.2 -30% $1.4 Downloads 14% of Total Market $1.9 $2.8 19% of $4.5 Total Market 28% of Total Market 41% of $6.2 Total Market 56% of +44% $4.0 Total Market Paid Streaming $3.8 $3.5 $2.9 +5% $2.1 Video

$4.7 $4.2 $3.9 $3.5 $2.8

2013 2014 2015 2016 2017 est

Healthy industry performance overall supports SME growth

Source: IFPI Sony IR Day 2017 18

Streaming Landscape

Current Upcoming Future

Top Streaming Partners New Entrants Into Market Product Innovation Price tier innovation Voice will become a more 1 unlimited important component of services Visual (not just video) will enhance the listening experience Video is a different experience 2 and must establish and maintain a separate value with consumers and services

Others No streaming service right now is optimized or successful in the car Individual upsell opportunities Per Full Year FYE16FC exist for super fans

Goal: Incentivize users to upgrade from free to paid users

Sony IR Day 2017 19 Music FYE16 Act  FYE17 Act (USD mil.)

Sales $5,156 $5,976

4 5 6 The Orchard Step up gain 1 1 3 720 2 Physical & Download 2 700 3 Streaming 569 4 Visual Media & Platform

Strong year  Achieved growth in 5 Publishing operating profit (excluding The Orchard gain) despite significant 6 FX & Others physical/download market shrink and negative foreign currency impacts

FYE16 ActFYE16 Act FYE17 Act 1$=120.1 yen Excl. The Orchard Gain 1$=108.4 yen

Sony IR Day 2017 20

Music FYE17 Act  FYE18 4F (USD mil.)

Sales $5,976 $5,727

1 Physical & Download 2 3 4 5 1 2 Streaming

700 683 3 Visual Media & Platform

4 Publishing

5 FX & Others Similar level of profitability despite negative impacts from continuing physical / download market declines, unfavorably FX and difficult year over year comparison due to strong success of Fate / Grand Order in FYE17

FYE17 Act FYE18 4F 1$=108.4 yen 1$=110 yen

Sony IR Day 2017 21 Music Segment Financial Trend

(USD mil.)

$5,976 $5,727 $5,086 $5,156

$720 $700 $683 $551 $569*

FYE15ACT FYE16ACT FYE17ACT FYE18BP FYE15ACT FYE16ACT FYE17ACT FYE18BP Revenues Operating Income

Operating Operating Operating Operating Income Income Income Income Margin Margin Margin Margin 10.8% 11.0%* 11.7% 11.9%

* Excludes The Orchard step up gain Sony IR Day 2017 22

Sony IR Day 2017

Game & Network Services Segment

May 23, 2017

John (Tsuyoshi) Kodera

Business Executive Sony Corporation Deputy President Sony Interactive Entertainment Agenda Game & Network Services Segment

1. FY2016 Review

2. FY2017 Strategy

*FY2017 = Fiscal year ending on March 31, 2018

Sony IR Day 2017 24

Game & Network Services Segment

1. FY2016 Review

Sony IR Day 2017 25 FY2016 Key Achievements Game & Network Services Segment

Highly successful growth and development of PlayStation®4 1 (PS4™) ecosystem

2 Continued innovation with mid-lifecycle upgrade with PS4™Pro

Successful launch of PlayStation®VR (PS VR) for brand-new 3 immersive entertainment

Sony IR Day 2017 26

FY2016 Operating Profit Variation from FY2015 Game & Network Services Segment

(Billion yen)

Net Sales 1,551.9 1,649.8

① Continuous expansion of PS4™ platform ③ ② ② Successful growth in network revenue ④ 135.6 ③ Decrease of PlayStation®3 (PS3™) platform sales ① ⑤ 88.7 ④ SGA increase to support business expansion, etc.

⑤ Unfavorable impact of exchange rates*1

FY2015 FY2016 Act Act

*1: Impact of foreign exchange fluctuations is calculated using the sales and costs denominated in each currency in FY2016 and comparing them with the previous fiscal year

Sony IR Day 2017 27 Game & Network Services Segment

2. FY2017 Strategy

Sony IR Day 2017 28

Growth of the PS4™ ecosystem based on MRP direction Game & Network Services Segment

PlayStation® ecosystem Retain and expand PlayStation® engagement, increase business opportunities and revenue

PlayStation® Solutions Users Contents /Delivery & Services 70M+ MAU Methods

1st & 3rd Party Games

User engagement focused analysis and planning

Sony IR Day 2017 29 FY17 Key Strategy Game & Network Services Segment

1 PS4™ eco-system: Maximize profit during the “harvest” period

PS VR: Further expand PS VR as a game and entertainment medium, 2 incubate new content ecosystem

PlayStation™Vue: Deliver the best-in-class viewing experience 3 in the OTT TV market

Develop new audience: Create a new mobile content opportunity 4 in Japan/Asia region

Sony IR Day 2017 30

PS4™ eco-system: Maximize profit during the “harvest” period

Further expand Grow PlayStation®Plus Enhance game line-up PlayStation® user base paid subscribers

*Year‐end paid subscribers *In millions

26.4

20.8 Cumulative hardware units sold in by the end of FY2017 78 Mil

MAU at the end of FY2016 70 Mil+ + catalog assets 2015 2016 2017

Sony IR Day 2017 31 PS VR: Expand as a game and entertainment medium, incubate new content ecosystem

Expand as a game and entertainment Incubate new content ecosystem medium

• Industry-leading immersive VR platform • Expand VR content line-up such as movie and music

• Affordable HW pricing enabled by PlayStation® ecosystem • Initiatives in location-based entertainment as a new challenge

• Enhance game title line-up and PS4™Pro compatibility

Sony IR Day 2017 32

PlayStation™Vue: Actions for mid-term success Game & Network Services Segment

Offer the best personalized TV viewing experience with compelling features, content and channels

Product Differentiation & Optimized Content Personalized Ad & Quality Line-up and Cost Monetization

Five Cloud DVR Simultaneous Streams

Relevant & Subscriber Personalized Ad Growth Multi-View Browse & Capabilities Discover

Channel Access to TV Favoring Everywhere Apps

Sony IR Day 2017 33 Develop new audience: Create a new mobile content opportunity in Japan/Asia region

• Establish new service business for smart devices in Japan/Asia • Leverage strength accumulated in traditional console business ‒ SIEʼs IP and knowhow in game development ‒ Close relationship with 3rd party publishers and developers • Build a title portfolio in a wide range of genres and develop original IP • Create brand-new play through collaborations within Sony Group (Project FIELD)

Sony IR Day 2017 34

FY2017 Operating Profit Variation from FY2016 Game & Network Services Segment

(Billion yen)

Net Sales 1,649.8 1,890

① Further growth of PS4™ business ② ③ (Including PS VR) 170 ④ ② Continued growth in network revenue 135.6 ① ⑤

③ Decrease of PS3™ platform sales

④ Increase in SGA for overall sales growth, etc.

④ Unfavorable impact of exchange rates*1

FY2016 FY2017 Act Apr Fct

*1: Impact of foreign exchange fluctuations is calculated using the sales and costs denominated in each currency in FY2017 and comparing them with the previous fiscal year

Sony IR Day 2017 35 Sony IR Day 2017

Mobile Communications Segment

May 23, 2017

Hiroki Totoki

Corporate Executive Officer, Executive Vice President Officer in charge of Mobile Communications Business, In charge of New Business Platform (Strategy) Sony Corporation President & CEO, Sony Mobile Communications Inc. President and Representative Director, Sony Network Communications Corporation

Agenda Mobile Communications Segment

■FY2016 Review

■FY2017 Strategy - Smartphone Market - Business Directions and Strategy

■Growth Initiatives for FY2018 and Beyond

Sony IR Day 2017 37 1. FY2016 Review

Sony CorporationSony Investor IR Day Relations 2017 38383 8

FY2016 Operating Profit Analysis (comparison with Original Forecast) Mobile Communications Segment

（bln yen） FY16 FY16 Original Forecast Actual

１ Smartphone unit sales decrease Sales 940 759.1 （Original Plan 20M → Actual 14.6M units） Operating 10.2 Profit 5 +5.2 ２ Product pricing and product mix improvements ３ Positive impact of foreign exchange rates

４ OPEX reductions and improvements in operational efficiency 4 3 1 ２

Achieved positive Operating Profit for both the Mobile Communications Segment and Smartphone Business

Sony IR Day 2017 39 FY2016 Review: Transformation Results Mobile Communications Segment

Improved “Operational Quality” through organizational delayering and process efficiency enhancement, in addition to OPEX and headcount reductions

OPEX* [bln yen] Scrap/Disposal Costs

-27% -11% -75% -17%

220 160 180

FY2015 FY2016 FY2016 Target FY2015 FY2016 FY2016 Target

Headcount* [employees] Warranty Costs

-11% -7% -39% -9%

4,500 4,000 4,300

FY2015 FY2016 FY2016 Target FY2015 FY2016 FY2016 Target

*FY2014 forecast at the time of transformation planning: OPEX: 300 billion yen, Headcount: 7,100 Sony IR Day 2017 40

FY2016 Review: Sales Targets & Results Mobile Communications Segment

Unit sales target Unit sales target Unit sales target achievement rate* achievement rate* achievement rate* (Global) (Japan) (Outside of Japan)

Flagship Models  Xperia X Performance (Launched 6/2016) 88% 104% 60%  Xperia XZ (Launched 9/2016)

Premium Standard Models  Xperia X (Launched 5/2016) 43% 85％ 31%  Xperia X Compact (Launched 8/2016）

Total 73％ 105％ 62％ 14.6M Units/20M Units

*Achievement rate: Ratio of actual results to target announced at the beginning of the fiscal year (IR Day 2016)

Sony IR Day 2017 41 FY2016 Review: Sales Targets & Results Mobile Communications Segment

1H FY2016 Monthly Sales units (Global excluding Japan)

1000 High volume inventory of previous models due to sell-in focused sales plans 800 Insufficient actions and delayed

600 responses to channel inventory

Previous model Required more optimized launch 400 Sales timings for new models

200 New model ratio 26% Results: Not able to take full advantage of sales for new model 0 that have higher profitability Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16

Sony IR Day 2017 42

FY2016 Review: Sales Targets & Results Mobile Communications Segment

Unit sales target Unit sales target Unit sales target achievement rate* achievement rate* achievement rate* (Global) (Japan) (Outside of Japan)

Flagship Models  Xperia X Performance (Launched 6/2016) 88% 104% 60%  Xperia XZ (Launched 9/2016)

Premium Standard Models  Xperia X (Launched 5/2016) 43% 85％ 31%  Xperia X Compact (Launched 8/2016）

Total 73％ 105％ 62％ 14.6M Units/20M Units

*Achievement rate: Ratio of actual results to target announced at the beginning of the fiscal year (IR Day 2016)

Sony IR Day 2017 43 2. FY2017 Strategy

Sony CorporationSony Investor IR Day Relations 2017 4444

Smartphone Market Trend Forecast Mobile Communications Segment Global market growth slowdown and maturation, mainly due to growth deceleration in emerging markets +2％ 1,439 +４％ 1,414 1,400 1,366 Latin America +12％ 129 135 1,223 128 North America 1,200 157 155 129 165 173 193 Middle East 1,000 157 161 95 207 212 Europe 800 206 194 120 109 131 India 600 79 129 136 143 121 South East Asia 29 30 29 400 28

Japan 200 421 439 461 441 China 0 FY2014 FY2015 FY2016 FY2017 Source: Sony Mobile Communications Estimate Sony IR Day 2017 45 Competitor Product Trends Mobile Communications Segment

Competitors aim to differentiate their flagship products with new, high-end features. At the same time, many features and form factors are becoming similar to each other

Sony IR Day 2017 46

Competitor Product Prices Mobile Communications Segment

Competitor A Competitor B Competitor C

2016 Model* 2017 Model* 2016 Model* 2017 Model* 2016 Model* 2017 Model*

+15% F3+ +8% €899 S8+ €699 P10+ 29,990 +13% Rupee

F1+

€799 S7+ S8 €649 P9+ P10 24,990 +14% +8% Rupee

+11% €699 S7 €599 P9 19,990 F3 Rupee

F1s

*Prices at time of product announcement Source: Sony Sony IR Day 2017 47 FY2017 Business Directions Mobile Communications Segment

Maintaining Profitability in FY2017  Adjust our product portfolio to recover lost market share in FY2016  Differentiate products with technologies that only Sony can deliver  Improve sales operations  Further focus on markets where we can leverage our strengths

Growth Initiatives for FY2018 and Beyond  Continuously enhance smartphone product competiveness  Create new communication devices and services  Stabilize business portfolio by growing recurring revenue businesses

Sony IR Day 2017 48

Xperia Product Portfolio Mobile Communications Segment FY2016 FY2017 Higher Flagship Models XZ Premium X XZ XZs New Performance

New Premium Standard Models X X Compact Price Range XA XA1 Ultra Ultra Mid Range Models XA XA1 L1 Lower E5

Discontinue “Premium Standard” line and focus on high value-added Flagship models Sony IR Day 2017 Smartphone Business: FY2017 Product Strategy Mobile Communications Segment Xperia Flagship Smartphone: Differentiation through Sonyʼs strengths in audio-visual and communications technologies

Worldʼs first Memory Stacked CMOS image sensor and Camera Motion Eye™ camera system Super-slow motion that records video at 960 frames per second Predictive Capture features Worldʼs first smartphone with a  GSMA ”Best New 4K HDR (High Dynamic Range) Smartphone at MWC Display Display 2017” Stream/download 4K HDR content from Amazon Prime Video  GSMArena readers poll results ”Best Flagship Unique antenna and RF of 1H 2017” Network technologies that enables download speeds up to 1Gbps Sony IR Day 2017 50

Sales Operations Improvements Mobile Communications Segment Further improve sales planning & operations (in sync with sell-through), introduced in FY2016 1200 1H FY2016 Monthly Sales units (excluding Japan) 1H FY2017

1000 1000 Minimize Quick Clearance Previous 800 800 of previous model model inventory inventory 600 600 Previous model Previous model Sales Sales

400 400 Early

200 200 New model ratio launch of New model ratio 26% 2017 42% models 0 0 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17

Sony IR Day 2017 51 Initiatives for FY2018 Growth: New Communication Devices Mobile Communications Segment

Xperia Smart Products

Unique user interfaces to deliver new communication experiences

Sony IR Day 2017 52

Initiatives for FY2018 Growth: Recurring Revenue Businesses Mobile Communications Segment

Accelerate business growth in Develop common infrastructure for Smart Home area business growth • Monitoring services • Home automation services • Communication with family Application Service Operation members living separately Platform Platform Platform Collaboration with business partners that have broad user base, expand with thorough services. Utilize assets and resources from Business development with solutions utilizing Sony Network Communications in-house technologies Health management solutions and services, using wearable devices Service Healthcare CRM and image analysis Development Solutions with wide range Billing & Customer Transportation tracking and positioning, using Network Sonyʼs unique LPWA* Payment Support communications technology Sony IR Day 2017 53 *LPWA: Low Power Wide Area Initiatives for FY2018 Growth: Recurring Revenue Businesses Mobile Communications Segment

Position tracking solution for Tracking & alert services for machinery and other assets pet health and activities

IT Solutions to support energy-saving Smart Office solutions designs for IoT devices

Energy Saving for IoT Devices

Beacon Receiver

Strengthen partnerships and collaborations for

quick business launches Sony IR Day 2017

Initiatives for FY2018 Growth: Recurring Revenue Businesses Mobile Communications Segment

NURO: Focus on growth through new user acquisition while maintaining high customer satisfaction levels

Rated highly for Connection Speed & Performance

RBB TODAY RBB SPEED AWARD 2016 Kakaku.com J.D. Power 2017 Broadband Award 2016 No. 1Network Provider Net connection Japan fixed line broadband Carrier（Kanto area）No.1 (Kanto Area) Customer satisfaction 2017 Connection service Kanto・Koushinetsu area No.1 Customer satisfaction No.1

ISP: Profit growth by region, service line-up and channel strategy

Grow business while keeping balance with profitability

Sony IR Day 2017 55 Summary: FY2017 Forecast Mobile Communications Segment

(bln yen) FY2017 FY2016 April Forecast １ Unfavorable impact of foreign Sales 759.1 820 exchange rates Operating 10.2 -5.2 5 ２ Impact from increase in Profit materials/parts cost

３ Sales increase 1 4

４ OPEX reductions 2 3

Maintain profitability in FY2017 while undertaking initiatives to build a stable business structure for FY2018 and beyond

Sony IR Day 2017 56

Mid/Long-term Directions: Stable Business Portfolio Mobile Communications Segment

Achieve a well-balanced, 50:50 profit proportion Recurring between recurring revenue businesses and Hardware Revenue hardware businesses Businesses Businesses (Smartphones etc.) (Fixed-line/IoT)

Smart Home/IoT 50% FY20 50%

FY17

Continue to strengthen Differentiate fixed line product competitiveness + businesses + Create new communication Expand IoT businesses devices and services

Sony IR Day 2017 57 Sony IR Day 2017

Imaging Products & Solutions Segment

May 23, 2017

Shigeki Ishizuka

Corporate Executive Officer, Executive Vice President, Officer in charge of Imaging Products and Solutions Business Sony Corporation

Representative Director and President Sony Imaging Products & Solutions Inc.

Agenda Imaging Products & Solutions Segment

1. IP&S Segment FY2016 Review

2. IP&S Segment FY2017 Action Plan - Important Initiatives - Key Initiatives Digital Imaging business Professional Solutions business Medical business - FY2017 Forecast

3. Reference Materials

Sony IR Day 2017 59 FY2016 Review Imaging Products & Solutions Segment Sales (bln yen) 684.0 579.6 Operating FY2016 Operating Income (vs FY2015) Income 69.3 -22.0 47.3 Negative factors 1 Forex impact 2 One time items (decrease in insurance recovery

from the Thai flood) Impact of the 3 Decrease in unit sales (market shrinkage and Earthquakes opportunity loss due to the Kumamoto Earthquakes)

Positive factors

4 Increased value-added (shift to higher value- added models) 5 Improved OPEX (reduced sales expenses and enhanced operations) FY15 Factor Factor Factor Factor Factor FY16 1 2 3 4 5

Sales and operating income decreased due to forex impact and the Kumamoto Earthquakes Digital Imaging: Operating income was essentially flat due to improved value-added Professional: Operating income decreased due to forex and earthquake impacts

Sony IR Day 2017 60

Enhanced Profitability Structure of Digital Imaging Business Imaging Products & Solutions Segment Enhance Profitability through Execution of FY14 Mid-Range Strategy

FY14 IR Day Targets and Strategy for DI : Operating income ◆ : Operating income margin

◆Mid-term profitability target Progress of consumer (DI) business profitability Maintain high profitability at the same level of FY14

Operation ◆Mid-range strategy (priorities) streamline ・ Strengthen “α” interchangeable lens camera business ◆ ・ Expand the “α” interchangeable lens Forex DSC ◆ Unit CAM business sales Greater value added ・ Accelerate the shift to higher value- decrease added digital still cameras and ILC camcorders FY14 FY16 Results Results ・ Accelerate adoption of superior camera Business technology in the B2B market expansion

・ Further streamline operations Earthquake impact Sony IR Day 2017 61 FY2017 Key Initiatives Imaging Products & Solutions Segment Shift from stable profit phase to growth phase Transform the business structure and invest for growth in the future ■ Digital Imaging Business Generate higher sales and profit through enhancement of Sony as a camera brand

■ Professional Solutions Business Thoroughly streamline older businesses so as to adapt to industry trends and continue to invest in the services and solutions business

■ Medical Business Expand the product and solutions line-up centered on our imaging platform

Imaging Platform “Light to Display” Light Image Image IP Lens Display source sensor processing transmission

Sony IR Day 2017 62

Digital Imaging Business Initiatives Imaging Products & Solutions Segment

Generate higher sales and profit through enhancement of Sony as a camera brand

Sales growth of ILC body Sales growth of (FY16→FY17*1) interchangeable lens*2 (FY16→FY17*1)

CAGR +27% CAGR +27%

Pro

series High AmateurAmateur series Number of full-frame E-mount lenses series ConsumerConsumer 27 24 *3 12 15 5 FY13 FY14 FY15 FY16 FY17

*1: FY17 forecast *2: includes lens in the same package as the camera body *3: as of May 23, 2017 Sony IR Day 2017 63 Professional Solutions Business Imaging Products & Solutions Segment

Urgent need to provide customer value that adapts to media industry trends

Industry Trends Customer Value

From “Broadcast” to “IP Media“ High value-added content creation equipment centered on the camera Customer Needs × Produce large amounts of high Services and Solutions value-added content and adapted to IP/cloud-based deliver to end users efficiently workflow

Sony IR Day 2017 64

Professional Solutions Business Imaging Products & Solutions Segment

Streamline older businesses and continue to invest in the services and solutions business

Initiatives for continuous Initiatives for growth profitability improvement Strengthen the services and solutions business Streamline the business by through alliances and M&A B2B creating imaging platform Video security Media Sports Service Solution / Service Adopt the model implemented by the Content digitization service Europe and others Global in Europe (acquired in 2015) digital imaging business (excludes Japan) Bosch Security Master control automation solution in the U.S. Systems (acquired in 2017) partnership to collaborate Sports officiating in the development of Cloud-based ENG products and solutions subscription service support system Significantly reduce fixed costs in (from 2017) (alliance planned in 2017) (acquired in 2011) older businesses and shift resources

to growth areas Products Differentiated appealing products  Decrease of fixed costs in older businesses: -7% year-on-year  Break even point improvement due to streamlining: -6% year-on-year

Sony IR Day 2017 65 Professional Solutions Business Imaging Products & Solutions Segment

Examples of strengthened services and solutions business in FY17

【Media】 【Sports】 【Simulation & Cloud-based ENG Sports officiating support Entertainment】 subscription service technology “HAWK-EYE” Large display solution ”XDCAM Air” Expand the geographies where our using Crystal LED To be launched in the U.S. ball-tracking and multi-camera in summer 2017 video officiating system is Offer a new video experience deployed encompassing products and solutions

Sony IR Day 2017 66

Medical Business Initiatives Imaging Products & Solutions Segment

Expand products and solutions centered on imaging platform

4K Camera 4K 3D monitor Surgeon video Control, storage and distribution

Acquired in 2016 IP converter Data analysis Monitoring condition of equipment Suggestions for improving efficiency of surgery

Enhance operating room solutions by introducing 4K IP enabled products

and maximizing the utilization of eSATURNUS Sony IR Day 2017 67 FY2017 Forecast Imaging Products & Solutions Segment

FY2017 Operating Income Forecast Analysis (bln yen) FY2017 Operating income (vs FY2016) Sales 579.6 640 Negative factors Positive factors Operating 47.3+12.7 60 1 Forex impact income 2 One time items (absence of insurance recovery from Kumamoto earthquakes and increase in corporate costs)

3 Sales increase due to recovery from the Kumamoto Earthquakes 4 Higher added-value 5 OPEX increase (return to post-earthquake operational levels and investment in priority areas) FY16 Factor Factor Factor Factor Factor FY17 1 2 3 4 5 April Forecast

Sony IR Day 2017 68

Summary Imaging Products & Solutions Segment

■ FY2017 Forecast

■ Sales: 640 billion yen ■ Operating income: 60 billion yen

■ Mid-Range Strategy

〜FY2016 Thorough strengthening of profitability by not chasing scale

FY2017〜 Continuous transformation of the business structure with an eye on the future and utilize stable profit to investing in growth areas

Sony IR Day 2017 69 Imaging Products & Solutions Segment

Reference Materials

Sony IR Day 2017 70

IP&S Sales by Business Category and Geographic Area Imaging Products & Solutions Segment

 FY2016 Sales by Business Category  FY2016 Sales by Geographic Area

Medical

Other Digital Imaging Sales Sales 580 bln yen 580 bln yen

Still and Video Cameras Professional

Sony IR Day 2017 71 IP&S Key Product Market Share (Revenue Basis) Imaging Products & Solutions Segment

 FY2016 Still Camera Market  FY2016 Video Camera Market Market Size: 1,370 bln yen Market Size: 390 bln yen

Sony Sony 16% 29%

ILC (Incl. Lens): 14％（No. 3) Components of Video Camera Pie Chart (No. 1 in Mirror-less Camera) Video cameras for consumer (POV + Conventional) DSC: 23％（No. 2） Video cameras for business (No. 1 in Premium DSC*1) (Pro-sumer + Professional)

*1: Premium DSC = DSC with large (1/1.7 inch and over) image sensors or high zoom (20x and over) Source: Sony Sony IR Day 2017 72

Sony IR Day 2017

Home Entertainment & Sound Segment

May 23, 2017

Ichiro Takagi

Corporate Executive Officer, Executive Vice President Officer in charge of Home Entertainment & Sound Business, In charge of Consumer AV Sales & Marketing Sony Corporation Representative Director & President Sony Visual Products Inc. Representative Director & President Sony Video & Sound Products Inc. Agenda Home Entertainment & Sound Segment

1. HE&S Segment FY2016 Review 2. HE&S Segment FY2017 Action Plan 1. TV Business

• Market Trends and Sony Sales Plan

• Model Concept

• Business Direction

2. Video & Sound Business

• Priorities

3. HE&S Segment Forecast 3. Reference Materials

Sony IR Day 2017 74

Home Entertainment & Sound Segment

1. FY2016 Review

Sony IR Day 2017 75 1. FY2016 Review Home Entertainment & Sound Segment Results Operating Income Analysis （bln yen）  TV Business  Improvement in profitability resulting from a focus on high value-added models mainly 4K/large-sized TV Sales 1,159.0 1,039.0  Reduction in material costs and operating costs and improvement in profit structure from enhanced SCM operations and maintenance of proper inventory in Operating Exchange Cost Reduction response to operating environment changes Income Rates*1  Video & Sound Business Model Mix  Improvement in profitability by focusing on high value- 58.5 50.6 Improvement added products Volume  down Cost reduction through operational improvement Issues FY15 FY16  TV Business  Counteract operating environment changes such as Price foreign exchange rates Erosion  Reinforce stable profitable structure  Video & Sound Business  Reinforce brand power  Sales expansion of growing categories in Audio

*1: Impact of foreign exchange fluctuations is calculated using the sales and costs denominated in each currency in FY2016 and comparing them with the previous fiscal year. Sony IR Day 2017 76

Home Entertainment & Sound Segment

2. FY2017 Action Plan

Sony IR Day 2017 77 TV Business - Market Trends and Sony Sales Plan Home Entertainment & Sound Segment

Shift to premium 4K TV segment while TV market is recovering

LCD TV Market Trends (by units) Sony Sales Amount

（Million Units） （bln Yen） Premium 4K（％） 4K 2K 3% 4K 2K

220 230 Other 4K 97%

30％ 40％ ※Definition of Premium 4K ASP: greater than USD1,500 Spec: 120Hz

*1 FY16 *1 FY17 FY16 FY17 (Actual) （Latest Forecast） （Actual） （Latest Forecast） *1 Source: Sony Sony IR Day 2017 78

TV Business – Model Concept Home Entertainment & Sound Segment

Drive market growth of “Premium 4K”

Immersive Sony Unique Extremely Easy Picture Quality Design Content Access Realize high picture quality High picture quality but stylish Easy/Smart/Convenient regardless of panel source usability responding to through proprietary image Uncompromising beauty in user curiosity processing technology both front and back

×

Microphone Assistant

Sony IR Day 2017 79 TV Business – Business Direction Home Entertainment & Sound Segment Pursue high-value added products and establish a solid management foundation ◆Power of products Provide the best user experience via proprietary technology Continuous investment in R&D for the future

◆Competitive cost structure Cost control in line with the business scale and strategic and stable material procurement

◆Operational excellence Enhance overall operations from production through sales so as to respond to changes in the operating environment

Sony IR Day 2017 80

Video & Sound Business - Priorities Home Entertainment & Sound Segment Maintain consistent profitability by enhancing product appeal and sales resources in growth categories  Reinforce the image of Sony as a brand Sales expansion which makes great sounding products in growth categories Audio Other Category Audio Growth Category  Strengthen product competitiveness in audio growth categories through differentiated technology (Headphones, Sound Bars, Wireless Speakers)

43% 51%54%  Reinforce sales resources 30% 49%

 Investment in R&D for the future FY16 FY17(Fct)

Sony IR Day 2017 81 FY2017 Forecast Home Entertainment & Sound Segment

Operating Income Analysis （bln yen） TV Business

Sales 1,039.0 1,120  Further increase added value of products through proprietary technologies for high picture and sound Exchange Cost quality, and excellent design and usability Rates *1 Reduction  Price Model Mix Reinforce a stable profitable base through further Improvement operational improvements Operating Erosion Income 58.5 58.0

FY16 FY17 April Video & Sound Business Volume Forecast Increase  Increase added value through enhanced product appeal in growth categories  Operational improvement  Further structural reinforcement for future investment

・ The FY2017 forecasts for the segments have been calculated using the assumed foreign currency rates of approx. 110 yen to the U.S. dollar and approx. 115 yen to the euro. *1: Forecasted impact of foreign exchange fluctuations is calculated using the sales and costs denominated in each currency in the FY2017 business plan and comparing them with the previous fiscal year. Sony IR Day 2017 82

Home Entertainment & Sound Segment

3. Reference Materials

Sony IR Day 2017 83 TV Business - FY2016 Sales by Product Type & Region / Unit and Revenue Share Home Entertainment & Sound Segment

 Sales by LCD TV Product Type  Sales by Region

Other Areas Japan 4K

Asia-Pacific Sales United Sales States 724.4 724.4 bln yen bln yen 2K China Europe

 LCD TV Revenue Share by  LCD TV Unit Share by Manufacturer Manufacturer Source: Sony Source: Sony For the most recent year For the most recent year

#4 #31位

Sony IR Day 2017 84

Video & Sound Business – FY2016 Sales by Product Type & Region Home Entertainment & Sound Segment

 Sales by Product Type  Sales by Region

Headphones

Other Audio Others Sound Bars Areas JapanJapan Growth*1 Category Asia-Pacific Sales Sales Home Video Video 314.6 Wireless Speakers 314.6 bln yen China bln yen United UnitedStates States Audio EuropeEurope Others

System Stereos Audio Component Digital Music Players

*1: ”Audio Growth Category” includes Sound Bar, Wireless Speaker and Headphone as its main products. Sony IR Day 2017 85 Video & Sound Business - Key Productsʼ Market Share (Revenue basis) Home Entertainment & Sound Segment

Headphones Wireless Speakers Sound Bars

#3 #1 #4 *1 ※ Japan / *2 ※ Japan / ※ Japan US / EU3 US / EU5

#1 in Japan #1 in Japan Digital Music Players Home Video (Blu-ray Players/Recorders) (WALKMAN)

#11位 #2 *2 ※ Japan ※ Japan / US / EU3

※ Source: Sony For the most recent year *1 EU5: UK, France, Germany, Italy, Spain

*2 EU3: UK, France, Germany Sony IR Day 2017 86

Sony IR Day 2017

Semiconductors Segment

May 23, 2017

Terushi Shimizu Business Executive Sony Corporation Representative Director and President Sony Semiconductor Solutions Corporation Agenda Semiconductors Segment

1. Business Structure

2. Strengthen Business Foundation

3. Technology Development

4. Conclusion

Sony IR Day 2017 88

Agenda Semiconductors Segment

1. Business Structure

2. Strengthen Business Foundation

3. Technology Development

4. Conclusion

Sony IR Day 2017 89 SSS Business Summary Semiconductors Segment Return to growth in the image sensor business after overcoming the impact of the earthquakes

Sales Trend Key Business Strategy Key Applications Image Sensor 10,000(Bln yen) 880 773.1 Further enhance the 8,000 739.1 business as the core of the segment Other 6,000 Camera Module 4,000 Other ●Camera module Image Sensor Limit the scope of the 2,000 business and focus on differentiated technology 0 ●LSI, Display Device FY15 FY16 FY17 Develop differentiated technology

※SSS = Sony Semiconductor Solutions Corporation Sony IR Day 2017 90

FY2015 - FY2017 Semiconductors Segment

Expect to achieve profitability that exceeds FY2015 in FY2017

Operating Income (SSS Total) 120 (bln yen) Image Sensor Camera Module 14.5 One-time item: Other gain on sale of factory ▲7.8

Restructuring Initiatives ① Camera Module ② LSI Field / New Business FY15 FY16 FY17 1 USD = 120.1 yen 108.4 yen 110 yen Sony IR Day 2017 91 FY2016: Turnaround Year Semiconductors Segment Image sensors returned to the same level of performance as FY2015 in the second half of FY2016 200 Operating Income (Image Sensor)

150 Kumamoto Earthquakes 100

50

0

-50

-100

-150 Jul Jul Jan Jan Oct Oct Jun Jun Apr Apr Feb Feb Sep Sep Mar Mar Dec Dec Aug Nov Aug Nov May May FY15 (120.1 yen) FY16 (108.4 yen) 1 USD = 121.8 yen 118.4 yen 105.3 yen 111.5 yen Sony IR Day 2017 92

FY2017: Growth Year Semiconductors Segment Steadily increase the profitability of image sensors and aim for further growth

Operating Income (Image Sensor)

FX

Approximately 2 Times R&D Increase

FY15 FY17 FY17 1 USD = 120.1 yen 120.1 yen 110 yen Sony IR Day 2017 93 Image Sensor Market Semiconductors Segment

Market to grow due to automotive and surveillance, but mobile to remain core

(Mln USD) Global Revenue (CCD + CMOS Image Sensor) 16,000

14,000

12,000 ③ New Businesses （Automotive, FA, Surveillance, IoT) 10,000

8,000 6,000 ① Mobile 4,000

2,000 ②AV 0 CY10 CY11 CY12 CY13 CY14 CY15 CY16 CY17 CY18 CY19 CY20

※ Source: Sony Sony IR Day 2017 94

Mobile Sensors (1) - Business Environment Semiconductors Segment

Trend in the mobile market is toward higher added-value products; this helps our business

 Sｍartphone  Smartphone  Smartphone Market Share Feature Trend (1) Feature Trend (2)

Superiority of top-class Acceleration of the shift Acceleration of dual players is more to higher resolution lens camera adoption conspicuous front-facing cameras

Smartphones from top-class The market for high added- The sensor market is growing players, which purchase high value sensors (12 mega pixels faster than the smartphone added-value sensors from and above) is expanding further market due to greater Sony, are dominating more of due to a shift to higher adoption of dual lens the market. resolution front-facing cameras. cameras.

Sony IR Day 2017 95 Mobile Sensors (2) – Direction of Evolution Semiconductors Segment Continue to drive evolution of smartphone cameras in the future and become the engine of market expansion Camera Evolution (Evolution of Dual Lens) Diversification of New Functionality Iris Recognition Facial Recognition

High Sensitivity Zoom Personal Authentication RGB Mono Wide Tele 3D Sensing

Color Camera Brightness Camera Wide Camera Tele Camera

Sony IR Day 2017 96

AV/Surveillance Sensors – Direction of Business Expansion Semiconductors Segment Expand the business using our widely recognized superior technology, making this business another pillar along with mobile sensors Expand Opportunities to Capture Video

Sports Cam Drone 360°/VR

Pursue reality in all scenes

Evolution of basic features of image sensors

Surveillance FA ITS※

Deploy in the recognition space

※Intelligent Transport Systems Sony IR Day 2017 97 Agenda Semiconductors Segment

1. Business Structure

2. Strengthen Business Foundation

3. Technology Development

4. Conclusion

Sony IR Day 2017 98

Aiming for Strong Operation Semiconductors Segment

Improve all aspects of our performance as a semiconductor manufacturer in order to garner the trust of the market and improve our profitability

Performance

Yield rate SSS: World No. 1

Quality

Lead-time SSS: Begin improving to become a global Production Cost top-class player

Sony IR Day 2017 99 Production Capacity Semiconductors Segment

Deploy requisite capacity and enhance competitiveness and profitability

Sony Image Sensor: Wafer Production Capacity Trend 140 Kumamoto Unit: kilo slice per month ※300mm wafer basis／includes outsourced capacity Technology 120 Approximately Center 100 100 85 Nagasaki 80 68 Technology 60 Center 60 50

40 Yamagata 25 Technology 20 Center 0 Oita Dec. Mar. Nov. Aug. Jul. Mar. Technology 2010 2012 2014 2015 2016 2018 〜2020 Center

Sony IR Day 2017 100

Agenda Semiconductors Segment

1. Business Structure

2. Strengthen Business Foundation

3. Technology Development

4. Conclusion

Sony IR Day 2017 101 Strengthen Technology Development Semiconductors Segment Work on pixel process and functionality as a source of market competitiveness

High S/N High Speed Framerate High Dynamic Range/LED Flickr-less

Polarization Sensor Global Shutter High Speed Recognition

Sony IR Day 2017 102

Developing Next Generation Sensor Semiconductors Segment

Accelerate development with the expectation that applications will grow

① Automotive Sensor

② Polarization Sensor

③ Triple Layer Sensor

Sony IR Day 2017 103 Agenda Semiconductors Segment

1. Business Structure

2. Strengthen Business Foundation

3. Technology Development

4. Conclusion

Sony IR Day 2017 104

Summary of FY2016 Semiconductors Segment

Sales: 773.1 billion yen Operating Loss: 7.8 billion yen

Operating Income Variance （bln yen） FY2016 Operating Income Sales 739.1 773.1 Variance

600 14.5①②③④⑤ ▲7.8  Positive Factors ① Increase in image sensor profit 400 ⑤ Lower impairment charges related to the camera module business and other factors 200  Negative Factors 0 ② Impact of foreign exchange ③ Increase in R&D costs -200 ④ Impact of Kumamoto earthquakes (net of insurance recoveries) -400 FY15XabcdeY FY16 1 USD = 120.1 yen 108.4 yen Sony IR Day 2017 105 FY2017 Forecast Semiconductors Segment

Sales: 880 Billion yen Operating Income: 120 Billion yen

Operating Income Variance FY2017 Operating Income (Bln yen) Variance Sales 773.1 880  Positive Factors 1,500 -7.8①②③④⑤ 120 ① Image sensor profit increase ② Impact of foreign exchange ④ Impact of Kumamoto 1,000 earthquakes (net of insurance recoveries) ⑤ Lower impairment charges 500 related to the camera module business, gain on sale and other factors 0  Negative Factors ③ Increase in R&D expenses -500 FY16 FY17 YabcdeZ 1 USD = 108.4 yen 110 yen Sony IR Day 2017 106

Summary Semiconductors Segment  FY2017 Forecast

 Sales: 880 billion yen  Operating income: 120 billion yen (86.3 billion yen excluding one-time  FY2017 Strategy items)  Focus on the core business of image sensors and aim to maximize customer value and profitability, primarily in the mobile, AV and surveillance areas.

 Develop and strengthen image sensor applications for the mid- to long- term (automotive and industrial)

 Base-Line Profitability  Build a structure where 100 billion yen in operating income can be

achieved even if the yen appreciates to 100 yen to $1. Sony IR Day 2017 107 Cautionary Statement

Statements made in this presentation with respect to Sony's current plans, estimates, strategies and beliefs and other statements that are not historical facts are forward- looking statements about the future performance of Sony. Forward-looking statements include, but are not limited to, those statements using words such as "believe," "expect," "plans," "strategy," "prospects," "forecast," "estimate," "project," "anticipate," "aim," "intend," "seek," "may," "might," "could" or "should," and words of similar meaning in connection with a discussion of future operations, financial performance, events or conditions. From time to time, oral or written forward-looking statements may also be included in other materials released to the public. These statements are based on management's assumptions, judgments and beliefs in light of the information currently available to it. Sony cautions investors that a number of important risks and uncertainties could cause actual results to differ materially from those discussed in the forward-looking statements, and therefore investors should not place undue reliance on them. Investors also should not rely on any obligation of Sony to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Sony disclaims any such obligation. Risks and uncertainties that might affect Sony include, but are not limited to: (i) the global economic environment in which Sony operates and the economic conditions in Sony's markets, particularly levels of consumer spending; (ii) foreign exchange rates, particularly between the yen and the U.S. dollar, the euro and other currencies in which Sony makes significant sales and incurs production costs, or in which Sony's assets and liabilities are denominated; (iii) Sony's ability to continue to design and develop and win acceptance of, as well as achieve sufficient cost reductions for, its products and services, including televisions, game and network platforms and smartphones, which are offered in highly competitive markets characterized by severe price competition and continual new product and service introductions, rapid development in technology and subjective and changing consumer preferences; (iv) Sony's ability and timing to recoup large-scale investments required for technology development and production capacity; (v) Sony's ability to implement successful business restructuring and transformation efforts under changing market conditions; (vi) Sony's ability to implement successful hardware, software, and content integration strategies for all segments excluding the Financial Services segment, and to develop and implement successful sales and distribution strategies in light of the Internet and other technological developments; (vii) Sony's continued ability to devote sufficient resources to research and development and, with respect to capital expenditures, to prioritize investments correctly (particularly in the electronics businesses); (viii) Sony's ability to maintain product quality and customers' satisfaction with its existing products and services; (ix) the effectiveness of Sonyʻs strategies and their execution, including but not limited to the success of Sonyʼs acquisitions, joint ventures and other strategic investments; (x) significant volatility and disruption in the global financial markets or a ratings downgrade; (xi) Sony's ability to forecast demands, manage timely procurement and control inventories; (xii) the outcome of pending and/or future legal and/or regulatory proceedings; (xiii) shifts in customer demand for financial services such as life insurance and Sony's ability to conduct successful asset liability management in the Financial Services segment; (xiv) the impact of changes in interest rates and unfavorable conditions or developments (including market fluctuations or volatility) in the Japanese equity markets on the revenue and operating income of the Financial Services segment; (xv) Sony's ability to anticipate and manage cybersecurity risk, including the risk of unauthorized access to Sony's business information, potential business disruptions or financial losses; and (xvi) risks related to catastrophic disasters or similar events. Risks and uncertainties also include the impact of any future events with material adverse impact.