Press Release


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May 31, 2001



Determination of Issue Price and Certain Other Terms in Connection with the Offering of Shares of Subsidiary Tracking Stock



Sony Corporation will not register any portion of the offering of Subsidiary Tracking Stock in the United States or offer any Subsidiary Tracking Stock in the United States. The Subsidiary Tracking Stock or other securities may not be offered for sale or sold in the United States absent registration or an exemption from registration requirements under the U.S. Securities Act of 1933, as amended. These materials do not constitute an offer for sale of securities in the United States or any other jurisdiction in which such an offer is restricted.

Sony Corporation (the "Corporation") resolved at a meeting of its Board of Directors today the issue price of new shares of Subsidiary Tracking Stock and certain other terms which were not fixed at the previous meeting of its Board of Directors held on May 15, 2001. The following is an outline of the terms resolved.
1. Issue Price:
2,550 yen per share (In case subscription price is lower than issue price, the Corporation will suspend the issuance of new shares.)
2. Portion of Issue Price which will not be accounted for as stated capital:
1,275 yen per share (In addition, in the event subscription price exceeds the issue price, the balance will not be accounted for as stated capital either.)
3. Tentative Offer Price:
Not less than 3,000 yen but not more than 3,500 yen

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Referenced terms:
1. Number of Shares to be Issued:
Par value shares of Subsidiary Tracking Stock of 3,072,000 shares
2. Method of Offering:
Public Offering in Japan
3. Payment Date:
June 19, 2001
4. Commencement Date for Dividend Accrual:
April 1, 2001
5. Designated Purchaser
In connection with the offering of new shares, up to 32,800 shares representing 1.07 per cent. of all offered shares will be distributed to the Employee Stock Ownership Plan of Sony Communication Network Corporation.