Sony Corporation

       Announcement on determination of terms of issue, etc. of
            Euro Yen Zero Coupon Convertible Bonds due 2008

Sony Corporation (the "Company") hereby notifies the determination of the
following terms of issue, etc. of the Euro Yen Zero Coupon Convertible Bonds due
2008 (bonds with stock acquisition rights, tenkanshasaigata shinkabu
yoyakuken-tsuki shasai) (the "Bonds with Stock Acquisition Rights", of which the
Bonds and the Stock Acquisition Rights are to be the "Bonds" and the "Stock
Acquisition Rights", respectively), issuance of which was resolved by the
Executive Board on December 1, 2003.

Description


Matters Regarding the Stock
 Acquisition Rights
(1)    The amount to be paid upon
 exercise of the Stock           Equal to the issue price of the Bonds
 Acquisition Rights
                                 -------------------------------------
   Conversion Price*                                         5,605 yen
                                 -------------------------------------
   (Reference)
   Share price, etc. on Pricing
    Date (December 1, 2003)
   a.Share price (closing price)
    on the Tokyo Stock Exchange                              3,800 yen
                                 -------------------------------------
   b.Premium (((Conversion
    Price*)/
                (Share price
                 (closing
                 price))-1)x100)                                 47.5%
                                 -------------------------------------
* The amount to be paid per share
 upon exercise of the Stock
 Acquisition Rights is called the
 "Conversion Price".
(2) Amount to be transferred to                    2,803 yen per share
 stated capital
                                 -------------------------------------
(3)    Rationale for        The issue price of the Stock Acquisition
 determining the issue       Rights has been determined as zero,
 price of the Stock          taking into consideration that the Bonds
 Acquisition Rights as zero  and the Stock Acquisition Rights have a
 and the amount to be paid   close interrelation on the grounds that
 upon exercise thereof       the Stock Acquisition Rights are
                             incorporated in the bonds with stock
                             acquisition rights of a convertible bonds
                             type (tenkanshasaigata) and shall not be
                             transferable separately from the Bonds,
                             that all the Bonds shall cease to exist
                             upon exercise of the related Stock
                             Acquisition Rights due to substitute
                             payment, and also taking into
                             consideration the value of the Stock
                             Acquisition Rights, and the economic
                             value obtainable from the interest rate,
                             the issue price and other terms of issue
                             of the Bonds.  The amount to be paid upon
                             exercise of each Stock Acquisition Right
                             has been determined as the amount equal
                             to the issue price of each Bond, since
                             the Bonds are bonds with stock
                             acquisition rights of a convertible bonds
                             type (tenkanshasaigata).  The initial
                             Conversion Price has been the amount
                             obtained by multiplying the closing price
                             of the shares of common stock of the
                             Company on the Tokyo Stock Exchange on
                             December 1, 2003 by 47.5%.



(Reference)
1. Total amount of    The aggregate amount of 220,000,000,000 yen,
 issue of the Bonds:   plus an aggregate principal amount of the Bonds
                       in respect of the Bonds with Stock Acquisition
                       Rights to be additionally issued upon exercise
                       of the option granted to the Managers, and an
                       aggregate principal amount of replacement Bond
                       Certificates that may be issued against
                       appropriate evidence and indemnity in case of
                       loss, theft or destruction of any Bond
                       Certificate.
2. Date of            December 1, 2003
 resolution of
 issuance:
3. Subscription       Not applicable.
 period:
4. Date of payment    December 18, 2003
 and date of
 issuance:
5. Exercise period    From and including January 28, 2004, up to, and
 of the Stock          including December 4, 2008 when the Exercise
 Acquisition Rights:   Agent closes its business (the "Exercise
                       Period").
                      Provided, however, that the Stock Acquisition
                       Rights shall be exercised in each case (a) if
                       the relevant Bond shall have been called for
                       redemption at the Company's option, then up to
                       the close of business on the 10th business day
                       in Tokyo prior to the date fixed for redemption
                       thereof, or (b) if such Bond shall have been
                       cancelled by the Company or delivered by a
                       subsidiary of the Company for cancellation,
                       then up to the time when such Bond is so
                       cancelled or delivered, or (c) if such Bond
                       shall become due and repayable, then up to the
                       time when such Bond shall become so due and
                       repayable; provided, however, that the relevant
                       Deposit Date falls during the Exercise Period
                       above, and provided further that in no event
                       shall the Stock Acquisition Rights be exercised
                       after December 4, 2008.
6. Maturity Date:     December 18, 2008






Contacts:
For Media: Corporate Communications Tel: 03-5448-2200
For Investors and Analysts: Investor Relations Tel: 03-5448-2180

Note: This press release is intended as general information regarding
Sony Corporation's issuance of convertible bonds and shall not be
considered an offering of securities. This press release shall not be
construed as an offering of securities in any region including Japan,
the United States or Canada. The securities may not be offered or sold
in the United States absent registration or an applicable exemption
under the Securities Act of 1933. In the event of an offering of
securities in the United States, a prospectus in English prepared in
accordance with the Securities Act of 1933 will be used. This
transaction does not involve any public offering of securities in the
United States.