News Release：Pioneer Announces Year-End Dividend for Fiscal 2003

TOKYO - Pioneer Corporation has announced a year-end cash dividend of ¥10.0 per share of common stock for fiscal 2003, ending March 31, a ¥2.5 increase over that of the previous fiscal year. Subject to resolution of the Company's board of directors and approval at an ordinary general meeting of shareholders to be held in late June, the dividend will be paid to shareholders or pledgees registered as of March 31, 2003, Japan time.

The Company's policy on dividends allows for dividend continuance and stability. In addition, the Company determines the appropriate dividend amount, taking into consideration its financial condition, consolidated business results and other factors. Based on this policy, the decision was attributed to the fact that the Company's business for fiscal 2003 so far generally is in accordance with its consolidated business forecast announced in January 2003.

Together with an interim dividend paid in December 2002, this payment brings the total annual cash dividend for fiscal 2003 to ¥17.5 per share of common stock.

For the previous fiscal year, the Company paid an interim dividend of ¥7.5 per share, and a year-end dividend of ¥7.5 per share.

Pioneer Corporation is one of the leading manufacturers of consumer- and business-use electronics products such as audio, video and car electronics on a global scale. Its shares are traded on the New York Stock Exchange (ticker symbol PIO), Euronext Amsterdam, Tokyo Stock Exchange, and Osaka Securities Exchange.