ESTEEMO NEC and Panasonic New Joint Venture Company for Mobile Handsets

NEC Corporation, and Panasonic Mobile Communications Co., Ltd., a subsidiary of Matsushita Electric Industrial Co., Ltd. today announced the establishment of a new company, ESTEEMO Co., Ltd. ESTEEMO was established based on an agreement signed by the three parties on July 27, 2006, and will carry out the development of mobile handsets, including the development of a common software and hardware platform. The company name has been coined from a combination of the words Esteem and Mobile to signify establishment by Panasonic and NEC as business partners with mutual esteem for each other, the target of acquiring esteemed customers and of becoming an esteemed company in the market for the development of mobile handsets.

With a total capital of 100.0 million yen and approximately 130 employees, the head office will be situated at Tsuzuki ku, Yokohama City, Kanagawa Prefecture, Japan. NEC Corporation is one of the world’s leading providers of Internet, broadband network and enterprise business solutions dedicated to meeting the specialized needs of its diverse and global base of customers. Panasonic Mobile Communications Co., Ltd., whose headquarters are based in Yokohama, Japan, is a worldwide leader in the development and manufacture of mobile communications products.