BW20030328002047  20030328T161155Z UTC


( BW)(SONY-CORP.)(SON) Miscellaneous

    Business Editors
    UK REGULATORY NEWS

    TOKYO--(BUSINESS WIRE)--March 28, 2003--

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

Sony Corporation ("the Corporation") resolved at a meeting of its
Board of Directors today to issue Stock Acquisition Rights to acquire
shares of common stock (Options) for the purpose of granting stock
options to directors and employees of the Corporation and its
subsidiaries, pursuant to Articles 280-20 and 280-21 of the Commercial
Code of Japan and to the approval of the Corporation's 85th Ordinary
General Meeting of Shareholders held on June 20, 2002.

The terms of the issue are as follows:

1. Expected date of issue:
          March 31, 2003

2. Aggregate number of Stock Acquisition Rights to be issued:
          14,475

3. Issue price of Stock Acquisition Rights:
          No consideration shall be paid.

4. Class and number of shares to be issued or transferred upon exercise 
   of Stock Acquisition Rights:
          1,447,500 shares of common stock of the Corporation.
          The number of shares to be issued upon exercise of each Stock
          Acquisition Right is 100.

5. Amount to be paid in per share for exercise of Stock Acquisition
   Rights:
        36.57 US dollars
        The above amount is the US dollar amount obtained by dividing
the average of closing prices of shares of common stock of the
Corporation in the regular trading thereof on the Tokyo Stock Exchange
for ten (10) consecutive trading days (excluding days on which there
is no such closing price) 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 dollars by
telegraphic transfer against yen for such ten (10) consecutive trading
days, and a fraction less than one (1) cent arising as a result of
such calculation has been rounded up to the nearest one (1) cent.

6. Aggregate amount of the shares of common stock to be issued or
transferred upon exercise of Stock Acquisition Rights:
    52,935,075 US dollars

7. Period during which Stock Acquisition Rights may be exercised:
         From and including April 1, 2003 to and including March 31,
2013. If the last day of such period falls on a holiday of the
Corporation, the immediately preceding trading 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 share exchange or share transfer by which the Corporation becomes a
wholly-owned subsidiary of another company is approved at the meeting
of shareholders of the Corporation, holders of the Stock Acquisition
Rights may not exercise the Stock Acquisition Rights on and after the
date of such share exchange or share transfer.

9. Issue of certificates for Stock Acquisition Rights:
     Certificates for Stock Acquisition Rights shall be issued only
upon request of the holders of Stock Acquisition Rights.

10. The amount to be accounted for as stated capital in respect of
shares to be issued upon exercise of Stock Acquisition Rights:
       18.29 US dollars per share

11. Persons to whom Stock Acquisition Rights shall be allocated:
       Directors and employees of the Corporation and its
subsidiaries (total:892)

   Short Name: Sony Corp.
   Category Code: MSC
   Sequence Number: 00003441
   Time of Receipt (offset from UTC): 20030328T160111+0000

    --30--ZW/uk* SM/uk

    CONTACT: Sony Corporation

    KEYWORD: UNITED KINGDOM JAPAN INTERNATIONAL EUROPE ASIA PACFIC
    INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS
ELECTRONIC GAMES/MULTIMEDIA HARDWARE
    SOURCE: Sony Corp.

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