Announcement of agreements toward Panasonic's acquisition of all shares of Panasonic Electric Works and SANYO

OSAKA, JAPAN: Panasonic Corp., Panasonic Electric Works Co. Ltd and SANYO Electric Co. Ltd have resolved, at their respective Board of Directors meetings, to pursue a plan of Panasonic's acquisition of all shares of PEW and SANYO in order to make them wholly-owned subsidiaries of Panasonic by around April 2011 by way of tender offers and, thereafter, share exchanges.

The Panasonic Group will further combine the strengths of the three companies through the Acquisitions, and aim to accomplish the recently released three-year midterm management plan called the "Green Transformation 2012" (GT12), and further accelerate its efforts toward becoming the "No. 1 Green Innovation Company in the Electronics Industry," presented as the vision of the 100th anniversary of its foundation.

In order to implement the Acquisitions, Panasonic resolved, at its above-mentioned Board of Directors meeting, to simultaneously commence tender offers for the shares of common stock of each of the Subsidiaries.

In addition, the Subsidiaries similarly resolved, at their respective Board of Directors meetings, to endorse the Tender Offers, respectively, and to recommend that the Subsidiaries' shareholders tender their shares in the Tender Offers.

In the event that Panasonic does not purchase all of the PEW shares and SANYO shares anticipated to be purchased through the Tender Offers, Panasonic is thereafter anticipated to implement share exchanges to make each of PEW and SANYO a wholly-owned subsidiary of Panasonic in order to complete the acquisitions.