Panasonic Announces Delisting Schedule from New York Stock Exchange<6752.T>

Mon Apr 1, 2013 4:30am EDT

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OSAKA, Japan--(Business Wire)--
Panasonic Corporation (NYSE:PC) (TOKYO:6752) ("Panasonic"), today announced the
delisting schedule from the New York Stock Exchange ("NYSE") and notified to the
NYSE on April 1, 2013 (Eastern Time in the U.S.) that it will apply for
voluntary delisting of its American Depositary Shares ("ADSs"), in connection
with its announcement on March 28, 2013 relating to its intention of delisting
from the NYSE. 

1. Reason for Delisting

Panasonic listed its ADSs on the NYSE in December 1971 mainly to promote trading
of its shares and to raise the visibility of the Panasonic brand in the U.S.
Since then, Panasonic has made efforts to enhance disclosures for shareholders
and investors with the goal of deepening their understanding of Panasonic, in
addition to complying with the disclosure requirements of U.S. securities laws
and regulations, providing financial statements in accordance with U.S.
generally accepted accounting principles ("U.S. GAAP"), and establishing
internal controls in accordance with the Sarbanes-Oxley Act of 2002. Meanwhile,
the external environment has significantly changed as indicated by the increases
in trading volume of Japanese stocks through stock exchanges in Japan by
overseas investors due to the internationalization of the Japanese financial and
capital markets, as well as the narrowing of the gap between U.S. and Japanese
disclosure standards with respect to financial reporting due to a series of
amendments to Japanese laws and regulations and accounting standards. 

While Panasonic believes the initial objectives of the U.S. ADS listing were
mainly achieved, it judges that the continued listing on the NYSE is not
economically justified, taking into account the fact that the trading volume of
Panasonic's ADSs on the NYSE accounts for only a small fraction of the total
trading volume of Panasonic's shares. Therefore, Panasonic has decided to apply
for voluntary delisting of its ADSs from the NYSE and for termination of
registration of its ADSs with SEC under the Exchange Act. 

2. Listed Stock Exchange

Tokyo Stock Exchange, Osaka Securities Exchange, Nagoya Stock Exchange

                                                                                                                                  
 3. Delisting schedule (Eastern Time in the U.S.)                                                                                 
                                                                                                                                  
 April 1, 2013     Panasonic to provide NYSE with a written pre-notice of the delisting application                               
 April 11, 2013    Panasonic to file Form 25 with the SEC for NYSE delisting and SEC deregistration                               
 April 22, 2013    Delisting to become effective                                                                                  
                   Panasonic to file Form 15F with the SEC to terminate Panasonic's reporting obligations under the Exchange Act  
 July 2013         Deregistration with SEC to become effective                                                                    
                   Termination of Panasonic's reporting obligations under the Exchange Act to become effective                    
                                                                                                                                  
 The schedule provided above including the anticipated effective dates may be delayed if the SEC objects or requests an extended review or for other reasons. 
                                                                                                                                  


4. Future Plans

While Panasonic's reporting obligations under the Exchange Act (including the
obligation to file annual reports on Form 20-F) will be terminated, Panasonic
will continue to prepare English consolidated financial statements in accordance
with U.S. GAAP and disclose them on Panasonic's website, in addition to English
translations of disclosure documents pursuant to Japanese law and relevant
information such as news releases, in order to facilitate comparisons with past
disclosure. Continuous efforts will be made to maintain and enhance governance
and disclosure for shareholders and investors. 

After delisting its ADSs from the NYSE, Panasonic intends to maintain its
American Depositary Receipt Program in the U.S., and therefore anticipates that
its ADSs will continue to be traded in the U.S. on the over-the-counter market.

                                                                                                                                                      
 5. Contact Information for inquiries regarding Panasonic's ADSs                                                                                      
                                                                                                                                                      
   JPMorgan Service Center (U.S.)                                                                                                                     
                     Tel: U.S.: 1-800-990-1135 (toll free)                                                                                            
                     International: +1-651-453-2128                                                                                                   
                     Website: www.adr.com                                                                                                             
                     E-mail: jpmorgan.adr@wellsfargo.com                                                                                              
                     (Shareholder Service Representatives are available Monday through Friday, from 7:00 a.m. to 7:00 p.m. Eastern Time in the U.S.)  


Media Contacts:
Megumi Kitagawa, +81-3-3574-5664 (Japan)
Global Public Relations Office
or
Panasonic News Bureau (Japan)
Tel: +81-3-3542-6205
or
Jim Reilly, +1-201-392-6067 (U.S.)
or
Anne Guennewig, +49-611-235-457 (Europe)
or
Investor Relations Contacts:
Shozo Mizuno, +81-6-6908-1121 (Japan)
Corporate Finance & IR Group
or
Panasonic Finance (America), Inc.
Yuko Iwatsu, +1-212-698-1360 (U.S.)
or
Panasonic Finance (Europe) plc
Hiroko Carvell, +44-20-3008-6887 (Europe)



Copyright Business Wire 2013

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