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Matsushita Electric (Panasonic) and TCL Holdings Sign Collaborative Agreement on Consumer Electronics

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Beijing, China - Matsushita Electric Industrial Co., Ltd. (MEI), best known for its Panasonic brand of consumer electronic and digital communications products, and TCL Holdings (TCL), a Guangdong province-based leading manufacturer of fixed-line telephones, mobile phones and home appliances, today announced that they have reached an agreement to begin a collaborative relationship in the consumer electronics business field. Throughout this fiscal year, the two companies will undertake feasibility studies in such areas as R&D, production, sales and procurement on a regular basis. MEI President Kunio Nakamura and TCL Chairman of the Board and President Li Dongsheng signed a memorandum of understanding in promotion of such terms.

In the midst of a global economy where open, multi-lateral corporate alliances are recognized as a process in achieving mutually beneficial effects to the companies concerned, MEI and TCL aim to achieve this through the maximization of their respective competitive advantages, MEI with its advanced technology and product development capabilities in consumer electronics, and TCL with its robust manufacturing and sales capabilities in the Chinese market. In unison with the rapid economic growth of China and the diversification of market demands, both companies have encountered common challenges in product markets ranging from volume-zone models to high added-value models. Over the past ten years, both companies have established manufacturing and sales companies in China under their own direct investment. However, MEI and TCL have both come to realize that Sino-Japanese relationship is entering a new stage, where they must pursue corporate interest by achieving mutual benefit through the reinforcement of their competitive edge.

Although details concerning this agreement will be scrutinized under further discussion, current topics include:
a) Supply of Matsushita's key devices to TCL (CRT, plasma displays, compressors)
b) Sales of Matsushita's products (locally manufactured, imported and OEM products) through TCL's sales channels in the Chinese market
c) Collaboration in the mutual supply of products including TVs through means such as OEM (original equipment manufacturing) and ODM (original design manufacturing - supply of originally designed products under client brand names)
d) Collaboration in R&D, especially with emphasis on advanced AV (audio-visual) technology-related products

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Matsushita Group currently operates 49 companies in China, with annual turnover reaching approximately 300 billion yen. The Group's mid-term business plan "Value Creation 21" focuses on the expansion of overseas sales as one of its primary targets, and positioning sales increase in China as a core, the agreement with TCL is expected to make significant contribution to the realization of this target.

TCL is a role model of companies that experienced rapid growth since the beginning of China's economic reforms. Encompassing consumer electronics, communications, information equipment and housing electronics in its business fields, TCL is committed to the manufacturing, sales and services related to products such as TVs, home appliances, computers, mobile/fixed-line phones, communication network facilities and lighting equipment. It accounts for the top market share in TV and fixed-line telephones in China, and reported a total sales of RMB 21.1 billion in fiscal '01 (year ended March '02).

About Matsushita Electric Industrial
Matsushita Electric Industrial Co., Ltd., best known for its Panasonic, National, Technics and Quasar brands, is a worldwide leader in the development and manufacture of electronics products for a wide range of consumer, business, and industrial needs. Based in Osaka, Japan, the company posted consolidated sales of US$61.45 billion for the fiscal year ended March 31, 2001. In addition to stock exchanges in Tokyo (6752) and other major cities in Japan, Matsushita's shares are also listed on the Amsterdam, Dusseldorf, Frankfurt, New York (NYSE: MC), Pacific and Paris stock exchanges. Additional information is available at http://www.panasonic.co.jp/global/top.html.

About TCL Holdings
Based in Huizhou, Guangdong Province, China, TCL Holdings Co., Ltd. operates in consumer electronics, information, communications and housing equipment industries, specializing mainly in the manufacture/sales/services of products such as TVs, home appliances, computers, mobile and fixed-line phones, communication network facilities switches and lighting equipment. Established in September 1981 jointly with the Huizhou city government, the company currently holds 33,000 employees and two subsidiaries - TCL Communication Equipment Co., Ltd. and TCL International Holdings Ltd. - listed in Shenzhen and Hong Kong respectively. For more details please visit
http://tcl.com/english/index.jsp

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Disclaimer Regarding Forward-Looking Statements
This press release includes forward-looking statements (within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934) that reflect the plans and expectations of Matsushita Electric Industrial Co., Ltd. ("MEI") and its group companies (collectively, the "Matsushita Group"). To the extent that statements in this press release do not relate to historical or current facts, they constitute forward-looking statements. These forward-looking statements are based on the current assumptions and beliefs of the Matsushita Group in light of the information currently available to them, and involve known and unknown risks, uncertainties, and other factors. Such risks, uncertainties, and other factors include, in particular, the factors set forth in "Item 3.D: Risk Factors" of MEI's Annual Report on Form 20-F dated July 24, 2001 which has been filed with the U.S. Securities and Exchange Commission. Such risks, uncertainties and other factors may cause the Matsushita Group's actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements. MEI undertakes no obligation to publicly update any forward-looking statements after the date of this press release.

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