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News Release：Pioneer and NEC Conclude the Stock Transfer Agreementon Plasma Display Business

Information contained in the news release is current as of the date of announcement.
It is subject to change without prior notice.

Pioneer
July 1, 2004
Pioneer Corporation
NEC Corporation

Pioneer and NEC Conclude the Stock Transfer Agreement
on Plasma Display Business

July 1, 2004, Tokyo, Japan --- Pioneer Corporation (TSE: 6773; NYSE: PIO) and NEC Corporation (TSE: 6701; NASDAQ: NIPNY) have continued discussions based on the Memorandum of Understanding dated February 3, 2004, and today officially concluded the stock transfer agreement.

In accordance with the stock transfer agreement, it is scheduled that effective as of September 30, 2004, NEC will transfer to Pioneer all the shares NEC holds in its subsidiary, NEC Plasma Display Corporation (NPD), and all the intellectual property rights on plasma displays NEC holds.

< Outline of NEC Plasma Display Corporation (NPD) >

Company name: NEC Plasma Display Corporation
Headquarters: 7-1, 5-Chome, Shiba, Minato-ku, Tokyo, Japan
Tamagawa Office: 1753, Shimonumabe, Nakahara-ku, Kawasaki, Kanagawa, Japan
Kagoshima Plant: 2080, Ohnohara-cho, Izumi, Kagoshima, Japan
President: Kenji Tokuyama
Paid-in Capital: 10 billion yen (as of March 31, 2004)
Products: Plasma display sets and modules
Sales amount: Approximately 50 billion yen (for the fiscal year ended March 31, 2004)
Number of Employees: Approximately 1,100 employees (as of March 31, 2004)

< For further information, please contact (in Japan): >

Pioneer Corporation
Public Relations Department, phone: 81-3-3495-9903;
NEC Corporation
Corporate Communications Division Diane Foley, phone: 81-3-3798-6511;
Makoto Miyakawa, phone: 81-3-3798-6511;

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