Panasonic Corporation and Sanyo Electric are currently preparing for the public tender offer for Sanyo shares by Panasonic following the conclusion of the Capital and Business Alliance Agreement announced in the press release titled "Panasonic and Sanyo Agree to Capital and Business Alliance" dated December 19, 2008. This is an update, following the progress reports dated February 27, April 28 and June 29, 2009, on the progress of preparation including the procedures required for the launch of the Tender Offer under domestic and foreign competition laws and regulations as follows:
Pursuant to domestic and foreign competition laws and regulations, necessary procedures in the countries including Japan, the U.S., Europe and China required for the launch of the Tender Offer are in progress. The procedures in some countries have been completed and Panasonic and Sanyo will continue to make their efforts to promptly complete necessary procedures and measures in the remaining countries. The Tender Offer is scheduled to be launched as soon as practicable following the completion of necessary procedures and measures under domestic and foreign competition laws and regulations. Update on further progress of procedures under the competition laws and regulations and information on the timing of the launch will be announced upon occurrence of significant development or change in the progress toward the Tender Offer or no later than late October 2009.