Progress Regarding Preparation for Tender Offer by Panasonic for SANYO Shares (Update)

Pursuant to domestic and foreign competition laws and regulations, efforts have been made to complete necessary procedures in jurisdictions including Japan, the U.S., Europe and China required for the implementation of the Tender Offer. The necessary procedures have been completed in the jurisdictions except for the U.S. and China. We proposed certain remedies to the competition law authority in China in order to resolve competition concerns. The authority’s investigation is progressing toward approval which would be conditional upon such remedies. It is expected that the decision of the Chinese competition law authority will be issued no later than November 3, 2009, which is the deadline of the investigation. We also proposed certain remedies to the competition law authority in the U.S. in order to resolve competition concerns, and the authority’s investigation is in progress. Further information on the launch of the Tender Offer will be announced promptly after it is determined considering the progress of these procedures.

About Panasonic

Best known for its Panasonic brand name, Panasonic Corporation is a worldwide leader in the development and manufacturing of electronic products for a wide range of consumer, business, and industrial needs. Based in Osaka, Japan, the company recorded consolidated net sales of 7.77 trillion yen (approx. US$78.4 billion) for the year ended March 31, 2009. The company's shares are listed on the Tokyo, Osaka, Nagoya and New York (NYSE:PC) stock exchanges. For more information on the company and the Panasonic brand, visit the company's website at http://panasonic.net/.

About SANYO

SANYO Electric Co., Ltd. is a leading company for energy and environment, providing solutions for energy, environment and lifestyle applications based on its brand vision 'Think GAIA.' SANYO's businesses are divided into three business domains: Energy, Ecology and Electronics. These three areas cover a broad range of products and services such as rechargeable batteries, photovoltaic systems, HVAC/R equipment, digital imaging devices, personal navigation systems, home appliances, electronic components and others. For further information, please visit SANYO's web site at http://sanyo.com/.

Panasonic Corporation
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International PR
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Panasonic News Bureau
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Investor Relations