Sony and Ericsson Complete Joint Venture Agreement

date: August 30, 2001

Sony and Ericsson, both developing 3G mobile terminals, announced that they have agreed terms to merge their mobile phone businesses worldwide, subject to final approval of the Boards of the two parent companies and subject to regulatory approvals.

The agreedment could mean Sony and Ericsson can accelerate the expansion of 3G businesses around the world.

The two companies which signed their Memorandum of Understanding in April are well on schedule and set to establish the joint venture, Sony Ericsson Mobile Communications, as planned on October 1, 2001. The joint venture's global management will be based in London and, after necessary approvals, Sony and Ericsson will start to merge their respective operations.

This cooperative agreement brings together the expertise of both Sony and Ericsson in development engineering and product planning, and will focus on 3G mobile handsets.

Sony Ericsson Mobile Communications will begin its activity with global product, marketing and sales operations and an initial workforce of 3,500 employees. On a pro-forma basis, the combined mobile phone businesses achieved annual unit sales of approximately 50 million units and sales of $7.2 billion last year.

Recently NEC has teamed with two Matsushita group companies, while Toshiba has allied with Siemens.

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