Panasonic AVC Networks - Delisting Offer

ICICI Securities Ltd ("Manager to the Offer"), on behalf of Matsushita Electric Industrial Company Ltd ("Acquirer") has issued this Public Announcement to the equity shareholders of Panasonic AVC Networks India Company Ltd ("Target Company"), which is in continuation of and should be read in conjunction with the Public Announcement ("PA") dated August 31, 2007, in respect of the proposed acquisition of the fully paid-up equity shares of Target Company and subsequent delisting of the Company, pursuant to the Securities and Exchange Board of India (Delisting of Securities) Guidelines, 2003 ("the Guidelines") ("the Delisting Offer"), in respect whereof the book build period ended on September 28, 2007.

1. Discovered Price

The "Discovered Price" determined through the reverse book building process in accordance with the Guidelines (being the price at which the largest number of shares were validly tendered) is Rs 30.00 per share (the Discovered Price).

2. Exit Price and Delisting

The Acquirer has accepted the Discovered Price and will acquire all shares validly tendered at or below the Discovered Price in the Delisting Offer (the Exit Price). The settlement of funds will be according to the timelines specified in the PA.