Dear Sirs and Mesdames

Thank you for your courtesies and assistance.We hereby inform you that our shareholders, Vitec Co., Ltd., and Panasonic Corporation, mutually agreed that Panasonic Corporation’s 15% of PTT Co. Ltd. shares will be transferred to Vitec Co., Ltd. By this transfer of shares, Vitec Co., Ltd. will possess 100% of PTT Co. Ltd. shares, which will make PTT Co. Ltd. a wholly owned subsidiary of Vitec Co., Ltd on March 31, 2011.

The distribution of semiconductor parts, electronic components and measuring instruments has been our three main lines of business, and we have provided a wide range of imported items in audio-visual equipment, mobile communications, automotive electronics and corporate R&D markets. Yet, to provide products and services that meet the demands of our customers in the face of diversifying market needs and calls for a greater global presence, we reached the conclusion that a capital alliance with a major electronics trading firm would be the most favorable solution.

Vitec Co., Ltd., an electronics trading firm listed in the Tokyo Stock Exchange, is engaged in the sale of a wide range of semiconductor parts, electronic components, and display systems to electronic equipment manufacturers, as well as the provision of technical support, system integration, EMS and other services. We believe that leveraging Vitec Co., Ltd.’s sales network and technical expertise will allow us to provide better services and to bring greater value to all of our customers.

Keeping in mind the long and cooperative relationship your firm and ours have shared over many years, we further intend to push forward with our work to live up to your expectations. Your continued support in the years to come will be greatly appreciated.

Sincerely yours,