Sony Corporation to Issue Stock Acquisition Rights for the Purpose of Granting Stock Options

The principal terms of the issue are as follows:

1. Expected date of issue:

March 31, 2005

2. Aggregate number of Stock Acquisition Rights:

10,094

3. Issue price of Stock Acquisition Rights:

The Stock Acquisition Rights will be issued without the payment to the Corporation of any consideration.

4. Class and number of shares to be issued or transferred upon exercise of Stock Acquisition Rights:

1,009,400 shares of common stock of the Corporation
The number of shares to be issued or transferred upon exercise of each Stock Acquisition Right shall be 100 shares of common stock of the Corporation.

5. Amount to be paid in per share to be issued or transferred upon exercise of Stock Acquisition Rights:

40.34 US dollars

The above amount is obtained by dividing the average of the closing prices of shares of common stock of the Corporation in the regular trading thereof on the Tokyo Stock Exchange ( each referred to as the "Closing Price" ) for the ten ( 10 ) consecutive trading days ( excluding days on which there is no Closing Price ) immediately prior to the issue date of such Stock Acquisition Rights by the average of the exchange rate quotations by a leading commercial bank in Tokyo for selling spot U.S. dollars by telegraphic transfer against yen for such ten ( 10 ) consecutive trading days ( any fraction less than one ( 1 ) cent arising as a result of such calculation shall be rounded up to the nearest one ( 1 ) cent ).

6. Aggregate amount of issue price of shares to be issued upon exercise of Stock Acquisition Rights:

40,719,196 US dollars

7. Period during which Stock Acquisition Rights may be exercised:

From and including April 1, 2005, up to and including March 31, 2015. If the last day of such period falls on a holiday of the Corporation, the immediately preceding business day shall be the last day of such period.

8. Conditions for exercise of Stock Acquisition Rights:

( 1 ) Each Stock Acquisition Right may not be exercised in part.
( 2 ) If a share exchange or share transfer by which the Corporation becomes a wholly-owned subsidiary of another company is approved at the General Meeting of Shareholders of the Corporation, the holders of the Stock Acquisition Rights may not exercise the Stock Acquisition Rights on and after the effective date of such share exchange or share transfer.

9. Mandatory Cancellation of Stock Acquisition Rights:

Not applicable.
10. Restrictions on Transfer of Stock Acquisition Rights:

The Stock Acquisition Rights are non-transferable ( other than any transfer upon the death of a holder of the Stock Acquisition Rights to such holder's estate or beneficiaries ), unless such transfer is expressly approved by the Board of Directors of the Corporation.

11. Issue of certificates for Stock Acquisition Rights:

Certificates for the Stock Acquisition Rights shall be issued only when a holder of the Stock Acquisition Rights requests the Corporation to issue such certificates of Stock Acquisition Rights.

12. The amount to be accounted for as stated capital in respect of shares to be issued upon exercise of Stock Acquisition Rights:

20.17 US dollars per share

13. Persons to whom Stock Acquisition Rights will be allocated:

Directors, corporate executive officers and employees of the Corporation and its subsidiaries ( total: 498 )

Published on:
2005-03-30

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