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Panasonic and SANYO Agree to Capital and Business Alliance


Osaka.- Panasonic Corporation (NYSE: PC/ TSE:6752,“Panasonic”) and SANYO Electric Co., Ltd. (TSE 6764, “SANYO”), upon the resolutionsof the meetings of their respective Boards of Directors held on December 19, 2008,today announce that they have entered into the Capital and Business AllianceAgreement. Panasonic will aim to acquire the majority of the voting rights of SANYOassuming full dilution (which takes into account conversion of Class A preferred stockand Class B preferred stock into common stock) by means of a public tender offer bid.Panasonic and SANYO will form a close alliance in business with the prospect oforganizational restructurings of both companies.

Panasonic will commence the tender offer as soon as is practical, subject to, amongother conditions, completion of the procedures and the measures that are necessaryunder domestic and overseas competition laws and regulations. It is expected to take acertain amount of time for the procedures of the regulatory authorities to be completed.Therefore, no later than around the end of February next year, the progress up to thattime will be disclosed.


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