Tokyo,Japan - At the Board of Directors' Meeting held today, Sony Corporation (Sony) resolved to make applications to nine out of the eleven overseas stock exchanges for the delisting of Sony's shares (including depositary receipts representing such shares; hereinafter the same shall apply). Related matters in this regard are as follows:
1. Stock exchanges to which Sony will make applications for delisting:
Pacific and Chicago (U.S.), Toronto (Canada), Frankfurt and Dusseldorf (Germany), Paris (France), Brussels (Belgium), Vienna (Austria), Swiss (Switzerland)
2. Reasons for delisting:
Due to the prevalence of borderless stock trading, the trading volume of Sony's shares on each of these nine stock exchanges has been extremely low. Therefore, Sony believes that these delistings would cause no substantial inconvenience to Sony's shareholders and investors.
Applications for the delisting of Sony's shares will be made to each such stock exchange beginning in November 2005. Sony expects to complete the whole delisting procedures within one year; however, this timetable may vary depending on each stock exchange's delisting requirements.
4. Stock exchanges on which Sony's shares will continue to be listed:
Japan: Tokyo, Osaka
North America: New York