The following information is true and accurate at the time of publication.
August 20, 2003
Impact on Sony Corporation of Crosswave Communications Inc.'s
Application for Commencement of Reorganization Proceedings
under the Corporate Reorganization Law
Tokyo, Japan - Crosswave Communications
Inc. ("Crosswave"), 23.9% of the equity of which Sony Corporation
owns, applied for commencement of reorganization proceedings
under the Corporate Reorganization Law of Japan. Sony has
outstanding loans and leases certain fixed assets to Crosswave.
Sony estimates that the commencement of such reorganization
proceedings under the Corporate Reorganization Law will
result in a maximum decrease to consolidated income before
income taxes of approximately 6.0 billion yen.
Sony has not altered its consolidated forecast for the fiscal
year ending March 31, 2004 as a result of this decrease.
