Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).

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For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.

WHAT INFORMATION DO WE COLLECT ABOUT YOU?

We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.

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In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

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HOW WE USE INFORMATION

We store and use information you provide as follows:

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We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.

ACCESS TO YOUR INFORMATION AND CORRECTION

We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.

WHERE WE STORE YOUR PERSONAL DATA

The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.

CHANGES TO OUR PRIVACY POLICY

Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.

OTHER WEBSITES

Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.

CONTACT

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Sony Corp (SON)

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Friday 18 January, 2013

Sony Corp

Sony Corporation of America Announces Sale of 5...

Sony Corporation of America Announces Sale of 550 Madison Avenue Building

Sony Corporation

Sony Corporation of America Announces Sale of 550 Madison Avenue Building

(NEW YORK, NY – January 18, 2013) - Sony Corporation of America (“SCA”), a wholly-owned subsidiary of Sony Corporation (“Sony”), today announced that it has entered into a contract to sell its U.S. headquarters building, located at 550 Madison Avenue in New York City, to a consortium led by The Chetrit Group, a New York-based owner of commercial properties in New York City and other major US real estate markets.

The sale price is $1.1 billion, and it is expected that the transaction will close in March 2013. SCA and other Sony businesses (including Sony Music Entertainment, Sony/ATV Music Publishing and Sony Pictures Entertainment, among others) will remain in the building for up to three years under a leaseback arrangement with the purchaser.

After repaying debt related to the building and other transaction costs, it is expected that Sony will receive net cash proceeds of approximately $770 million. Sony expects to realize a gain on the sale of approximately $685 million to be recorded as operating income.

Sony is currently reevaluating its forecast of the consolidated financial results for the current fiscal year ending March 31, 2013 to take into account this sale and other factors that might affect such forecast.

Eastdil Secured advised Sony on this transaction.

1. Reasons for this sale

Sony is undertaking a range of initiatives to strengthen its financial foundation and business competitiveness and for future growth. At the same time, Sony is balancing cash inflows and outflows while working to improve its cash flow by carefully selecting investments, selling assets and strengthening control of working capital such as inventory. This sale is made as a part of such initiatives.

2. Summary of assets to be sold

Assets / Location    

Selling Price

    Book Value     Gain on Sale     Current Status
Headquarters building of Sony Corporation of America

(at 550 Madison Avenue in New York City, the United States of America)

$1.1 billion Approximately $174 million Expected to be approximately $685 million Headquarters of Sony Corporation of America


3. Summary of Sony Corporation of America

Trade name   Sony Corporation of America
Address of head office 550 Madison Avenue, New York, NY 10022, the United States
Name and title of representative Michael Lynton, CEO
Business Management of Sony Group’s businesses in the U.S.
Stated capital $11,316.7 million


4. Summary of Buyer

Trade name   550 Madison Fifth LLC
Address of head office c/o The Chetrit Group, LLC, 512 Seventh Avenue, New York, NY 10018, the United States
Contact Information c/o The Chetrit Group, LLC, attention: Jacob Chetrit
Purpose of incorporation Special purpose entity to own real estate

Jurisdiction over incorporation

A limited liability company established under the law of the State of Delaware
Date of incorporation January 15, 2013
Summary of investors A consortium led by The Chetrit Group, a New York-based owner of commercial properties of various property types in New York City and other major US real estate markets

Relationship with Sony

Corporation

Capital relationship Sony is not an investor in the Buyer. There is no capital relationship between the Buyer and Sony required to be referred to herein. There is no capital relationship between affiliates of the Buyer and Sony required to be referred to herein.
Personnel relationship There is no personnel relationship between the Buyer and Sony required to be referred to herein. There is no personnel relationship between affiliates of the Buyer and Sony required to be referred to herein.
Transaction relationship There is no transaction relationship between the Buyer and Sony required to be referred to herein. There is no transaction relationship between affiliates of the Buyer and Sony required to be referred to herein.
Status as a related party Neither the Buyer nor its affiliates are deemed to be a related party of Sony.


5. Schedule

(1)   Approval of the contract of sale

(by the CEO of Sony Corporation)

  January 18, 2013 (Japan Time)
(2) Execution of the contract of sale January 17, 2013 (EST)
(3) Expected closing date of the sale March 15, 2013


6. Outlook

As mentioned above, Sony is currently reevaluating its forecast of the consolidated financial results for the current fiscal year ending March 31, 2013 to take into account this sale and other factors that might affect such forecast.

(For reference) Sony’s consolidated financial forecast for the fiscal year ending March 31, 2013, which was announced on November 1, 2012, and its consolidated financial results for the fiscal year ended March 31, 2012

       

(Yen in billions)

 
  Sales and

operating revenue

Operating income

(loss)

Income (loss) before income taxes Net income (loss) attributable to Sony Corporation’s stockholders
Consolidated financial forecast for the fiscal year ending March 31, 2013 6,600 130 150 20
Consolidated financial results for the fiscal year ended March 31, 2012 6,493.2 (67.3) (83.2) (456.7)


About Sony Corporation of America:

Sony Corporation of America, located in New York, NY, is the U.S. headquarters of Sony Corporation, based in Tokyo, Japan. Sony's principal U.S. businesses include Sony Electronics Inc., Sony Mobile Communications (USA) Inc., Sony Computer Entertainment America LLC, Sony Network Entertainment Inc., Sony Pictures Entertainment Inc., Sony Music Entertainment, Sony/ATV Music Publishing LLC, and Sony Online Entertainment LLC. With some 900 million Sony devices in hands and homes worldwide today, a vast array of Sony movies, television shows and music, and the PlayStation Network and the Sony Entertainment Network, Sony creates and delivers more entertainment experiences to more people than anyone else on earth.

Sony recorded consolidated annual sales of approximately $79 billion for the fiscal year ended March 31, 2012, and employs 162,700 people worldwide.