An outline of the MOU signed by Nippon Express and Panasonic is provided below.

(1)   Panasonic will transfer to Nippon Express 2,399,999 shares (66.6%) of Panasonic Logistics out of 3,600,000 shares issued in total.
(2) Panasonic Logistics as a member of the Nippon Express Group will aim to enhance logistics efficiency by utilizing Nippon Express' logistics networks and know-how.
(3) Panasonic Logistics will maintain its current service level.
(4) Nippon Express aims through the Share Transfer to acquire logistics know-how and customer networks in the electronics industry, and to establish a logistics platform for this same industry.
(5) Panasonic seeks to utilize Nippon Express' know-how and logistics services to strengthen the competitiveness of its group logistics.

4. Future Schedule

Nippon Express and Panasonic are currently engaged in detailed discussions with the goal of promptly finalizing a definitive agreement by the end of May 2013. The Share Transfer will be made in accordance with the terms of the definitive agreement and is currently expected to be completed in July 2013. Both companies recognize that, where filings relating to the Share Transfer are necessary pursuant to competition law in China, the EU, and other countries, the schedule of the Share Transfer may change, depending on the time required for expiration of the applicable post-filing waiting periods or the time required for government approvals.

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