Daiwa Securities SMBC Principal Investments Co. Ltd.
March 31, 2009

Regarding an agreement with Panasonic Corporationto accept a tender offer for shares of Sanyo Electric Co., Ltd.

Attention
This document is an unofficial translation and summary of a press release announced
on March 31, 2009 by Daiwa Securities SMBC Principal Investments Co. Ltd. The
original press release is in Japanese.
Daiwa Securities SMBC Principal Investments Co. Ltd. (a wholly owned subsidiary of Daiwa
Securities SMBC Co. Ltd., hereinafter “Daiwa SMBC PI”) announces that Evolution Investments
Co., Ltd. (a wholly owned subsidiary of Daiwa SMBC PI, hereinafter “Evolution Investments”) has
executed an agreement with Panasonic Corporation (President: Fumio Otsubo, Headquarter:Kadoma-shi Osaka, hereinafter “Panasonic”) to accept a tender offer from Panasonic for shares ofSanyo Electric Co., Ltd. (President: Seiichiro Sano, Headquarter: Moriguchi-shi Osaka, hereinafter“Sanyo Electric”) and tender class A preferred shares and class B preferred shares which Evolution
Investments holds in Sanyo Electric. The details are as follows.
1. Summary of the agreement(1) Number of preferred shares which Evolution Investments is to accept for the offer
Class A preferred shares: 89,804,900 sharesClass B preferred shares: 64,134,300 shares(Note1) In accordance with this agreement, Evolution Investments may tendercommon shares which are converted from class B preferred shares, instead oftendering all of or a part of class B preferred shares.
(Note2) Evolution Investments is to accept 25%* of outstanding shares of Sanyo
Electric for the offer. At the moment, Evolution Investments holds 178,571,500
preferred shares (class A preferred shares: 89,804,900 shares, class B preferredshares 88,766,600 shares) which is 29% of outstanding shares of SanyoElectric.
*Calculation is based on the number of common shares equivalent to that ofpreferred shares which Evolution Investments is to accept for the offer(1,539,392,000 shares) and the number of outstanding shares taking into

account a full dilution of all the preferred shares issued by Sanyo Electric.
(6,158,053,000 shares)(2) Selling PriceClass A preferred shares: 1,310 yen per share
Class B preferred shares: 1,310yen per share(Note) The selling price of common shares which are converted from class B preferredshares is 131 yen per share.
(3) Tender Offeror
Panasonic(4) Schedule of the tender offer
Conducting the tender offer from Panasonic is conditional on completing thenecessary procedures in regards to antitrust law. Although Panasonic and Sanyo
Electric are carrying forward the necessary procedures, when the tender offer iscommenced has not been decided at the moment. After completing those procedures
the tender offer will be commenced as quickly as possible.
2. Reason for the execution of this agreement
Through Evolution Investments, Daiwa SMBC PI has jointly acquired class A preferredshares and class B preferred shares of Sanyo Electric with Oceans Holdings Co., Ltd. andSumitomo Mitsui Banking Corporation, in March 2006. After the acquisition, Daiwa SMBC
PI and Daiwa SMBC dispatched two directors to Sanyo Electric, and supported to improve its
corporate value.
On December 19th, 2008, Panasonic and Sanyo Electric agreed to Capital andBusiness Alliance. Combining the accumulated technologies and manufacturingknowledge of both companies, Panasonic and Sanyo Electric believe that together
they will evolve into a corporate group which will be highly admired globally byenhancing the quality of life for the people worldwide and becoming a business
entity coexisting in harmony with the global environment. This will be done withthe aim of maximizing both companies' corporate values by pursuing synergies
between both companies further strengthening global competitiveness through thisalliance.
Daiwa SMBC PI totally agrees with their alliance and therefore decided to execute thisagreement.