* 1 % / ,578,258 7,473, % $62, , , ,545 92, , ,064 9, ,519 +1,137.

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1 Annual Report

2 * 1 % / ,578,258 7,473, % $62, , , ,545 92, , ,064 9, ,519 +1, , , ,131.5% $ , ,370,410 2,280, % $19,007 8,185,795 8,370, , , ,100 * = Sony Corporation Annual Report 2003

3 Sony World Sony Corporation Annual Report

4 % 7 4, ,854 CCD Sony Corporation Annual Report 2003

5 2 X Mr , % Sony Corporation Annual Report

6 CEO COO 4 Sony Corporation Annual Report 2003

7 % Sony Corporation Annual Report

8 Sony Corporation Annual Report AV No.12 3 IT ,000 5,000-1 AV No AV PDP /HDD AV No.1 HDHD High Definition ,000 3,000 2,800

9 CEO Sony Corporation Annual Report

10 COO 8 Sony Corporation Annual Report 2003

11 CCD CCD 1 PDP EL FED PSXPSX 2 PS2 OS TV/BS PS2 DVD/HDD CD PSX EE GS OS PS2 DVD PSX PS2 DVD DVD DVD PSX DVD Electronic Entertainment Exposition E3 21 PSP 2004 PSP 3D GB UMD CD MD DVD UMD UMD MPEG-4 DVD 2 Sony Corporation Annual Report

12 Sony Corporation Annual Report UMD PSP PSX PSP -3 IT IT PC SEMC AV/IT PC 2002 PC 2003 LAN DVD AV/IT e PC PC PC SEMC AV 2003 GSM/UMTS

13 AV AV No.1 Sony Corporation Annual Report

14 PSX OS 12 Sony Corporation Annual Report 2003

15 Sony Corporation Annual Report , PS2 SCE CCD No.1 90 SCE EE GS 1 PSX CELL PS2 UVN 21 USA SPE X 4 SPE

16 Sony Corporation Annual Report SMEI 1 2 UMD PSP SMEI SMEI CEO SMEI R&B CD custommixcd.com SMEI SPE SPE DVD SPE S.W.A.T

17 Sony Corporation Annual Report

18 21 CSO 16 Sony Corporation Annual Report 2003

19 Sony Corporation Annual Report IT 4 NC 3 SEMC 8 CFO NC CFO NC NC

20 ,940 5,286 5,455 SCE ,004 SMEI SMEJ SPE IC Sony Corporation Annual Report 2003

21 PC 7% CCD DVD PC 2006 PSX 5% 36% PS2 :2,252 PS2 :1 8,990 PS2 PS2 DVD 1% 2002 CD 2 X Mr DVD/VHS 26% 89% SPE 6% 5% NACS* 23% * NACS & NACS Sony Corporation Annual Report

22 DVD / 2002 MD 9% DVD 2% 20 Sony Corporation Annual Report 2003

23 1,261 1, PC / / LCD CCD / / PC PC 18% LCD CCD CD-R/RW DVD 12% CD-R/ RW PC DVD 2% 2% Sony Corporation Annual Report

24 UVN UVN 22 Sony Corporation Annual Report 2003

25 Sony Corporation Annual Report

26 ADSL AV PC AV PC DVD 1996 AV 24 Sony Corporation Annual Report 2003

27 HARDWARE BUSINESS! PC DVD 5.1chDVD! AV Sony Corporation Annual Report

28 DVD DVD DVD DVD DVD RW/ RW/ R RW DVD DV DVD PC DVD RW/ R/ RW/ R DVD DVD PC DVD/CD 9 * DVD 5 23GB BS2 VHS 12 BS 5.1ch MPEG-2 AAC 5.1ch *9 LG 26 Sony Corporation Annual Report 2003

29 HARDWARE BUSINESS PC VAIO Media AV DVD Click to DVD DVD DVD / W Net MD W MD MD MD W Sony Corporation Annual Report

30 PC CCD Bluetooth TM FeliCa IC LAN LAN CCD 28 Sony Corporation Annual Report 2003

31 HARDWARE BUSINESS U PC 4way LAN U Z PC U LAN Z P 510 MPEG VXPC CCD CCD CCD Sony Corporation Annual Report

32 MD 2001 Net MD Net MD PC USB CD PC MD Net MD PC IC MBCD 11 * IC Duo *CD1 60 ATRAC3plus / 48kbps ,900 4,000PC Duo 1/3 Duo 1/2 IC 128MB 2 256MB PRO IC GB 512MB 256MB 3 PRO 30 Sony Corporation Annual Report

33 HARDWARE BUSINESS SEMC SEMC GSM P800 P800 T300T100 CDMA A1101S PDC SO212i 3TV W-CDMA Z S0212i A1101S Z1010 AV cm 23GB DV 25Mbps 90 MPEG IMX 50Mbps 45 Sony Corporation Annual Report

34 SCE PS 2 PS2 PS , ,100 PS 2000 PS one PS ,600 PS2 PS PS2 PS 12 6, PlayStation 2 BB Pack 32 Sony Corporation Annual Report 2003

35 GAME BUSINESS 2002 PS2 PS X Grand Theft Auto: Vice City NFL 2003 / U.S.A. Kingdom HeartsSCE A-spec ,100 The Getaway 200 PS2 SCE PS PS2 PlayStation BB PS PS2 PS PS2 SCE GOLF Sony Corporation Annual Report

36 LSI PS2 CPU EE GS LSI SCE SCE , SCE 2003 EE GS 1 SCE LSI , SCE PSP SCE PSP 2004 PSP 60 UMD 1.8GB ROM 16 9 TFT MPEG- DVD SCEPSP 34 Sony Corporation Annual Report 2003

37 INTERNET SERVICE PROVIDER So-net So-net SCN So-net ADSL FTTH Fiber to the Home 24 So-net TV AV My Sony Card So-net Sony Communication Network Corporation Sony Corporation Annual Report

38 2002 SMEI CEO SMEI SMEI16.5% 2 SMEI3 3, CD2002 7% 320 8% 3 36 Sony Corporation Annual Report 2003

39 CONTENT BUSINESS SMEI SMEI SMEI / 1 SMEI 14, SEMC SMEI SEMC SMEI 2002 SMEI SMEI AT&T mmode sm SMEI SMEI 12 CD custommixcd.com SMEI /ATV & 55,000 SMEI CD PC CD-ROM ConnecteD CD EXTRA CD DVD CD Sony Corporation Annual Report

40 SMEJ CHEMISTRYSecond to None No.1 TRUE SMEJ 1999 bitmusic CD SMEJ 150 IT CHEMISTRY 38 Sony Corporation Annual Report 2003

41 CONTENT BUSINESS MOTION PICTURE COLUMBIA PICTURES INDUSTRIES INC. MARVEL CHARACTERS INC. COLUMBIA PICTURES INDUSTRIES INC. Mr. 2002SPE 2002 SPE 6 1 5,000 2 X2 Mr SPE17% SPE 28 8,000 DVD 27 7,000 DVD SPE 4,000 SPE 2 S.W.A.T Sony Corporation Annual Report

42 SPTI 2 3, SPTI SPE /CG CG 40 Sony Corporation Annual Report 2003

43 CONTENT BUSINESS SPE , SPE 3, ,000 Sony Corporation Annual Report

44 24,793 23,497 21,522 18,817 16, * * Sony Corporation Annual Report 2003

45 SERVICES/APPLICATIONS MONEYKit , , , , Q 2Q * 3Q 4Q 1 elio elio Edy VISA 3My Sony Card elio Sony Corporation Annual Report

46 SERVICES/APPLICATIONS Any Music ) 2003 Net MD ID My Sony ID * My Sony 44 Sony Corporation Annual Report 2003

47 Cell Cell SCE 2001 IBM Cell LSI CCD AV 1/1000 1/ Si C Sony Corporation Annual Report

48 % 4, % 3, % ,000 CE Sony Corporate Laboratories Europe A OS Sony Corporation Annual Report 2003

49 TFT 1.5ml DVD CD TFT MEMS Micro Electro-Mechanical Systems Virtual Mobile Engine NW- MS70D Sony Corporation Annual Report

50 Sony Corporation Annual Report /

51 CEO COO CSO CPO UFJ Sony Corporation Annual Report

52 CEO COO CSO CPO CIO CFO Sony Corporation Annual Report 2003

53 Sony Corporation Annual Report

54 3 31 : : * , ,058 $ 5, ,176 3, , ,520 2, ,363,652 1,117,889 9, (120,826) (110,494) (921) , ,727 5, , ,999 1, , ,826 3, ,337,212 3,154,214 26, , ,778 2, , , ,566,739 1,882,613 15,689 1,697,807 1,994,123 16, , ,365 1, , ,228 7, ,216,347 2,054,219 17, ,825 60, ,369,900 3,175,195 26, ,958,234 1,896,845 15,807 1,411,666 1,278,350 10, , ,624 2, , ,127 2, , ,869 2, , ,091 2, , ,369 3,762 1,426,056 1,656,080 13,801 8,185,795 8,370,545 $69, Sony Corporation Annual Report 2003

55 : : * , ,360 $ 1, ,786 34, , ,385 5, , ,188 7, , , , ,721 2, , ,810 2, ,558,496 2,435,048 20, , ,439 6, , ,174 4, , ,079 1, ,680,418 1,914,410 15, , ,478 2,129 3,233,521 3,632,580 30, ,368 22, ,000,000 3,072, , ,000,000 3,072, , ,500,000, ,744, , ,500,000, ,385, ,361 3, , ,196 8, ,209,262 1,301,740 10, ,997 17, (711) (4,793) (40) (72,040) (182,676) (1,522) (225,839) (302,167) (2,519) (275,593) (471,978) (3,934) ,239, ,573,396 ) (7,588) (9,341) (78) 2,370,410 2,280,895 19,007 8,185,795 8,370,545 $69,755 * =120 Sony Corporation Annual Report

56 : : * ,829,003 7,058,755 6,916,042 $57, , , ,641 4, ,674 36,190 44, ,314,824 7,578,258 7,473,633 62, ,046,694 5,239,592 4,979,421 41, ,613,069 1,742,856 1,819,468 15, , , ,304 4,078 7,089,478 7,443,627 7,288,193 60, , , ,440 1, ,541 16,021 14, ,302 33,512 32, , ,708 1,398 72, , ,073 44,894 36, ,654 96, ,528 1, ,015 36,436 27, ,230 18,458 23, ,660 31, ,227 51,554 44, , ,184 95, ,868 92, ,621 2, , , ,847 1, (5,579) (49,719) (98,016) (817) 115,534 65,211 80, ,334 27, ,790 1, (15,348) (16,240) 6, ,455 34,472 44, ,227 9, , , (104,473) 5, ,754 15, ,519 $ Sony Corporation Annual Report 2003

57 : : * $ (114.31) (105.08) (15.87) (41.98) (0.35) * =120 Sony Corporation Annual Report

58 : : * ,754 15, ,519 $ , , ,925 2, , , ,054 2, ,759 14,995 37, ,304 49,862 39, (11,120) (41,708) (1,398) (72,552) (605).. (18,030) (503) (5,579) (49,719) (98,016) (817) ,219 37,537 46, ,473 (5,978)..... (177,484) 111, ,679 1, (103,085) 290,872 36, (269,004) (236,072) (317,953) (2,650) ,213 (172,626) (58,384) (486) ,749 (39,589) 14, , , ,992 1, (68,927) (71,522) (66,091) (551) (20,000) (55,661) (17,031) 5,543 29, ,224 (19,418) 26, ,983 (46,492) 48, , , ,788 $ 7, Sony Corporation Annual Report 2003

59 : : * (468,019) (388,514) (275,285) $(2,294) ,704 37,434 25, (329,319) (705,796) (1,026,361) (8,553) (136,818) (90,544) (109,987) (917) , , ,539 4, ,264 33, ,834 1, ,222 1, (719,048) (767,117) (706,425) (5,887) , ,999 12, (143,258) (171,739) (238,144) (1,985) ,245 (78,104) (7,970) (66) , ,023 1, , (22,774) (22,951) (22,871) (191) (889) 12,834 21, ,442 85,040 (93,134) (776) ,020 21,036 (24,971) (208).... (18,819) 76,555 29, , , ,800 5, , , ,058 $ 5, , , ,531 $ 1, ,806 35,371 22, ,545 * =120 Sony Corporation Annual Report

60 : , ,716 1,223,761 (425,316) (7,805) 2,182, ,151 20,143 40, ,069 1, ,754 16, (7,490) (7,490) (9,909) (9,909)... (46,134) (46,134) , , ,503.. (466) (466) (22,939) (22,939) (2,123) (2,123) ,435 2, , ,401 1,217,110 (328,567) (7,493) 2,315, ,917 5,612 9, ,310 15, (20,243) (20,243) (1,276) (1,276) : ,089 1, ,437 2, (4,237) (4,237)... (22,228) (22,228) ,432 97, , (166) (166) (22,992) (22,992) (468) (468) , , ,223 1,209,262 (275,593) (7,588) 2,370, Sony Corporation Annual Report 2003

61 : , , ,223 1,209,262 (275,593) (7,588) 2,370, ,791 15, , , (9,627) (9,627) ,288 4,288 : (4,477) (4,477) (110,636) (110,636) (83,993) (83,993) ,665 7, (80,866).. (19) (19) (23,022) (23,022) (1,817) (1,817) , , ,196 1,301,740 (471,978) (9,341) 2,280,895 Sony Corporation Annual Report

62 : * $33 $3,935 $8,069 $10,077 $(2,297) $(63) $19, (80) (80) (37) (37) (922) (922) (700) (700) (674) (0) (0) (192) (192) (15) (15) $33 $3,936 $8,202 $10,848 $(3,934) $(78) $19,007 * = Sony Corporation Annual Report 2003

63 : , , , , , , , , (3.4) (23.6) (116.5) (14.3) (12.8) (119.7) (14.9) (8.9) (23.4)..... (36.1) 57.2 (13.2) (5.5) (111.1) (30.1) 57.2 (13.2) (5.5) (111.1) (39.26) (14.34) (5.91) (120.47) (39.26) (14.34) (5.91) (120.47) (32.75) (14.34) (5.91) (120.47) (32.75) (14.34) (5.91) (120.47) * ** ,200 7,450 8,150 6,300 6,200 5,540 7,200 5, ,100 5,810 4,210 4,850 3,980 4,870 5,540 4,080 1ADR ** $ $ $ $ $ $ $ $ * ** Statement of Financial Accounting Standards144 Accounting for the Impairment or Disposal of Long-Lived Assets Financial Accounting Standards Board FASB 145 FASB FASB 13 Rescission of FASB Statements No. 4, 44 and 64, Amendment of FASB Statement No.13, and Technical Corrections FASB 146 Accounting for Costs Associated with Exit or Disposal Activities Emerging Issues Task Force EITF 94-3 Liability Recognition for Certain Employee Termination Benefits and Other Costs to Exit an Activity including Certain Costs Incurred in a Restructuring FASB FASB FASB Interpretation Guarantor s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness of Others, an interpretation of FASB Statements No. 5, 57, and 107 and rescission of FASB Interpretation No Sony Corporation Annual Report

64 FASB Accounting for Stock- Based Compensation Transition and Disclosure an Amendment of FASB Statement No. 123 Accounting Principles Board Opinion APB 25 Accounting for Stock Issued to Employees FASB 46 ARB 51 Consolidation of Variable Interest Entities an Interpretation of ARB No. 51 VIE VIE VIE VIE Accounting for Derivative Instruments and Hedging Activities 138 FASB 133 Accounting for Certain Derivative Instruments and Certain Hedging Activities an Amendment of FASB Statement No FASB 142 Goodwill and Other Intangible Assets EITF Vendor Income Statement Characterization of Consideration Paid to a Reseller of the Vendor s Products EITF 00-25EITF Accounting for Consideration Given by a Vendor to a Customer or Reseller of the Vendor s Products Sony Corporation Annual Report 2003

65 : 1 : ,804,182 6,686,661 7,314,824 7,578,258 7,473,633 $62, , , , , ,440 1, , , ,868 92, ,621 2, ,973 94, ,534 65,211 80, , , ,227 9, , , ,835 16,754 15, , $ , , , , , (15.87) (41.98) (0.35) ,072 3,072 * , , , , ,925 $ 2, , , , , ,241 2, , , , , ,128 3, ,030, , , , ,166 $ 5, ,823,665 2,182,906 2,315,453 2,370,410 2,280,895 19, , , , , , $ ,299,053 6,807,197 7,827,966 8,185,795 8,370,545 $69, , , , , , ,072 3,072 * = Sony Corporation Annual Report

66 Accounting for Derivative Instruments and Hedging Activities 138 FASB 133 Accounting for Certain Derivative Instruments and Certain Hedging Activities an Amendment of FASB Statement No FASB 142 Goodwill and Other Intangible Assets Statement of Position SOP 00-2 Accounting by Producers or Distributors of Films SOP , Staff Accounting Bulletin SAB 101 Revenue Recognition in Financial Statements SAB Sony Corporation Annual Report 2003

67 : : * ,982,432 4,772,550 4,543,313 $37, , , ,137 3, ,454,514 5,286,181 4,940,450 41, , , ,274 7, ,769 17,185 18, ,916 1,003, ,031 7, , , ,042 4, ,110 54,649 77, , , ,298 5, , , ,770 6, , , ,770 6, , , ,641 4, ,677 28,932 27, , , ,519 4, , , , ,942 91, ,721 1, , , ,314 2, (653,580) (706,374) (651,749) (5,431) ,314,824 7,578,258 7,473,633 $62,280 * =120 Sony Corporation Annual Report

68 : : * , , ,517 $ 5, % 15.7% 15.0% , , ,354 6, , , ,139 7, ,260,531 1,167, ,556 7, , , ,710 1, , , ,358 4, , , ,679 4, ,982,432 4,772,550 4,543,313 $37,861 * = Sony Corporation Annual Report 2003

69 : : * ,146 (1,158) 41,380 $ (51,118) 82, , ,502 20,175 (8,661) (72) ,315 31,266 58, ,432 22,134 23, (13,715) (16,604) (31,950) (266) , , ,731 1, ,781 17,148 15, (16,997) (21,245) (26,185) (218) , , ,440 1, ,654 96, ,528 1, (127,132) (138,184) (95,347) (794) ,868 92, ,621 $2,064 * =120 : : * , , ,836 $1, ,497 49,655 53, ,648 34,835 33, ,853 10,619 8, ,995 37,227 52, ,184 6,568 9, , , ,687 2, ,475 3,321 4, , , ,925 $2, , , ,323 $1, ,168 47,822 40, ,776 21,535 21, ,020 11,501 7, ,341 16,023 3, ,538 5,208 15, , , ,379 2, ,706 4,613 1, , , ,241 $2,177 * =120 Sony Corporation Annual Report

70 : 3 31 : * ,421,624 3,089,791 2,848,492 $23, , , ,208 5, , , ,702 5, , , ,395 7, ,074,234 2,496,052 2,910,434 24, , , ,169 2, ,077,256 8,247,742 8,242,400 68, (437,330) (270,374) (261,761) (2,181) , , ,906 3, ,827,966 8,185,795 8,370,545 $69,755 * =120 : : * ,400,777 2,248,115 2,093,880 $17, % 29.7% 28.0% ,179,833 2,461,523 2,403,946 20, ,473,780 1,609,111 1,665,976 13, ,260,434 1,259,509 1,309,831 10, ,314,824 7,578,258 7,473,633 $62,280 * ** 68 Sony Corporation Annual Report 2003

71 8,000 ( ) ( ) 1,200 SGA (%) (%) ,000 4, % 1, , % 3.1% 1.8% 2.5% SGA * * * ( ) (%) (%) % 6.3% 6.1% 6.1% 6.4% * * * * * Sony Corporation Annual Report

72 ( ) ( ) ( ) ( ) 6,000 1,500 1,200 5,000 1,000 4,000 1, , % 400 2, % , % 0.8% % % 11.8% 11.8% 8.3% -7.7% * * ( ) ( ) ( ) ( ) 1, , ,000 1, % 7.3% % 4.9% 7.3% 4.0% % 3.1% % -1.4% * * ( ) ( ) ( ) ( ) 1, , ,000 1, % 5.3% 3.6% 4.3% 4.3% % -6.8% -6.6% -8.1% -12.8% * * Sony Corporation Annual Report 2003

73 ROE 1 ( ) (%) ( ) % 6.1% 5.0% 0.7% 0.7% ROE 1 1 * * * ( ) ( ) (%) 1,500 2, , ,000 1, % 29.6% 29.0% 29.0% 27.2% , *3 31 *3 31 Sony Corporation Annual Report

74 1 ( ) ( ) 3,000 2,500 2,000 1,500 1, , *3 31 * * ( ) ( ) * * * Sony Corporation Annual Report 2003

75 ,695,373 1, ,678,842 1, ,477,756 1, ,007, ,533, ,934, ,415, , ,033, , ,939, ,371 55,029,317 5,666 47,924,895 5,755 51,973,659 6,017 13,469, ,650, ,131, ,617, , ,816, , ,457, , % 29.4% 23.5% 6.0% 1.5% % 28.2% 27.4% 5.2% 0.5% % 27.0% 30.5% 5.6% 1.1% 25,000 20,000 15,000 10, , ,475 14,500 8,900 6,700 4,200 6,745 16,950 15,100 10,340 7,460 3,615 5,360 7,510 3,960 4, % % 38.6% 24.7% 37.3% 410, , , , , , , , , , Sony Corporation Annual Report

76 Sony Corporation Annual Report CEO

77 3 3 5 CEO COO Independent Director 1 Sony Corporation Annual Report

78 * * * * * * * * * * 76 Sony Corporation Annual Report 2003

79 CEO COO CSO CPO COO 1999 CEO 2000 CEO CEO COO IT &COO 2000 COO 2003 COO CFO 2000 CFO 2003 CSO & AV CPO Sony Corporation Annual Report

80 UFJ CBS 1988 CBS 1995 TELE-TV CEO CEO PS CEO ABB CEO 1999 ABB UFJ Sony Corporation Annual Report 2003

81 CEO CEO ABB COO 1990 CEO 2001 CEO CEO ARI Sony Corporation Annual Report

82 CEO COO CSO & CPO IT& CIO CFO Sony Corporation Annual Report 2003

83 TEL: FAX: IR IR TEL: FAX: Sony Corporation of America Investor Relations 550 Madison Avenue, 27th Floor, New York, NY TEL: U.S. and Canada International FAX: Sony Global Treasury Services Plc. Investor Relations St. Helens, 1 Undershaft, London EC3A 8EE TEL: FAX: ADR JPMorgan Chase Bank 270 Park Avenue, New York, NY , U.S.A. JPMorgan Service Center JPMorgan Chase Bank P.O. Box 43013, Providence, RI , U.S.A. TEL: U.S International CIBC Mellon Trust Company 2001 University Street, 16th Floor, Montreal, Quebec, H3A 2A6, Canada TEL: UFJ TEL: , CSR CSR TEL: FAX: IR 2003 URL 100% VOC Sony Corporation Annual Report

84 Printed in Japan

85 Consolidated Financial Information

86

87

88 2

89 % PC DVD % % % , , PC 2002 PC 2001 PC 9, ,100 PC OEM

90 CD 2000 SMEI CD CD 600 1,400 SMEJ

91 , % 7 4, , % 4 9, % 72.0% % 78.8% 74.7% 70.2% 62.0% 58.2% 57.6% 60.8% PS VHS/DVD % 4, % 6.4% % 1 8, % 26.1% % 20.8% 17.1% 18.0% 39. 3% 40.6% 33.1% 34.5% 408 VHS/DVD % NACS % 32.5% % 1, % 2.5% 5

92 , , % , , , % NACS NACS SCN IC , % 4 9, % 9% 2% PC DVD CD-R/RW 2001 PC PC PC 2002 PC SEMC SEMC SEMC SEMC 6

93 , % PC % 6,825 MD CD 2002 MD CD 25 1, % 8, DVD % 8, ,000 2, % 9,586 PC SEMC PC 2002 PC PC % 2,047 CCD CD-R/RW DVD LCD % 5,374 DVD DVD , ,900 CD-R/RW PC 7

94 % 4, SEMC SEMC , % 3 8, , % 78.8% % PC PC % 20.8% 2001 PC SEMC PC , PS2 55% 15% 60% 10% 70% 25% %

95 % 9, % 1, % 11.8% % 12% PS2 PS2 PS PS one , ,807 2,252 5,120 * 9,100 6,100 91, ,180 18,990 35,000 * PS % % PS PS % 6, % SMEI 6% DVD DVD VHS/DVD DVD DVD DVD PS2 9

96 SMEI SMEI % CD SMEI DVD SMEJ % 81% SMEI 72% SMEJ 28% , % 8, % % 7.3% SPE % 92% SPE X Mr 2002 VHS/DVD DVD VHS/DVD VHS/DVD SPE SPE % 5, % % % 4, % 296 *

97 IC * , , , , ,102,369 6,971,737 7,094,945 6,960, , ,519 7,102,369 6,971,737 7,578,258 7,473, , ,181 6,989,446 6,808,635 7,443,627 7,288, ,134 23, , , , , ,861 1,307 40,421 67,878 41,856 62, ,273 22,031 72, ,980 92, , ,477 13,072 72, ,062 83, , ,305-1,673-5, ,101 8,959 1, ,918 15, , SCN IC NACS % 2, % SCN NACS 2001 SCN % 1, %

98 % % , , % % 32.6% LCD BE-ST KG SEMC GSM SEMC SPE NBC SMEI AOL CHC % 60 12

99 , , % 1.5% , % 5.0% % 8.8% SMEI SMEJ SPE SMEI SPE SGTS SGTS SGTS SGTS SGTS ,393 4,845 2,388 13

100 a b C 100% a 4,403 b C 6,200 C 2, CP MTN SGTS CP CP CP CP CP CP CP CP 528 CP SGTS MTN 144A MTN MTN MTN 1 2, MTN 780 S&P 2 R&I / A1 /P-1 S&P A+ /A-1 R&I AA/a Aa3 A1 R&I AA+ R&I CP 14

101 SGTS SGTS SGTS 4 S&P AA- AM A+ R&I AA S&P S&P / A-/A ( 12) ( 9 12) ,899 11,313 19,731 2,696 6,159 ( 12) ,925 23, , , , ,511 51,786 77,953 ( 9) , ,467 ( 24) ,814 30, ,508 24,913 20,182 ( 24) ,138 3,275 ( 24) ,140 65,831 62, , ,281 15

102 ( 23 24) ( ) , , , , ,119 9 CP 140 Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities FASB SCA SCA SCA 2 14 FASB SPE SPE SPE SPE SPE SPE 30 SPE SPE 11 SPE SPE SPE SPE

103 255 SPE FASB FASB , % 8 3, % , % 5 8,158 4, % 2 9, , % 3 1,542 2, % 2 5, , % 9, % 6, % 4,324 PS % 1, % 6, , % 1 9, % 3,727 SEMC , % 1 7,417 17

104 ,301,734 36,073 8,231 1,329, ,483 1, ,448 23,337 1,710 2,603 22,444 2,662 1, ,368 17, ,977 1,593,538 41,313 11,038 1,623,813 37,860 4,802 1,723 40, ,691 4,818 1,723 41,786 1,632,229 46,131 12,761 1,665,599 BBB

105 ALM 1.7% , % 1 2, , % 1 2, % % 2, % 1, % % % % , % 1 6, , % 1 2, % 4,348 19

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