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Updated on September 7, 2016

Shareholdings in Other Listed Companies

Sony Corporation and its subsidiaries may hold shares of other listed companies for the purpose of expanding Sony's business portfolio, promoting certain businesses within Sony and enhancing Sony's relationships with those companies. Sony's policy regarding shareholdings of listed companies, except for Sony's subsidiaries, and voting their shares is as follows:

Policy regarding shareholdings of listed companies

Sony makes the decision to hold shares of another listed company only if the shareholding furthers Sony's business purposes and has sufficient economic rationale, and only after duly conducting an appropriate examination of the investment.

Sony also periodically evaluates its existing shareholdings in listed companies by reviewing the importance of Sony's business relationships with each company, including the progress of, and outlook for, any anticipated business collaboration by Sony with the company, and any anticipated positive impact of Sony's shareholdings on Sony's business relationship with the company, as well as the company's financial position. The results of this evaluation about the major shareholdings are reported to the Board of Directors of Sony Corporation (the "Board"), as appropriate.

Policy for exercising voting rights

Sony believes that it is important to enhance the corporate value of the listed companies whose shares Sony holds, and Sony's corporate value in turn, through the exercise of its voting rights. Accordingly, Sony assesses proposals and the purpose and economic rationale of the shareholdings and aims to exercise its voting rights with a view to increasing each company's mid- to long-term corporate value.
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