Relevant Press Releases

FOR IMMEDIATE RELEASE
Media Contacts: Akira Kadota, International PR, Tokyo
                (Tel: 03-3578-1237, Fax: 03-3437-2776)
                Yoshihiro Kitadeya, International PR, Osaka
                (Tel: 06-6908-0447, Fax: 06-6907-2013)

Matsushita Electric Executes Own Share Repurchase

 

Matsushita Electric Industrial Co., Ltd. (NYSE and PCX: MC), best known for its "Panasonic" and "National" brand products, today announced that it has purchased a portion of its own shares in conformity with provisions of Clause 4 of Article 3 of supplementary rules to the amended Japanese Commercial Code.

This completes all share repurchases associated with the resolutions that were adopted by Matsushita's Board of Directors on January 10, 2002.

Details of the share repurchase are as follows:

1. Class of shares: Common stock
2. Period of purchase: Between April 1, 2002 and April 19, 2002
3. Aggregate purchase amount: 9,401,026,000 yen
4. Aggregate number of shares purchased: 5,586,000 shares
5. Method of purchase: Shares were purchased on the Tokyo Stock Exchange

(Reference)

1)	The following are the resolutions that were adopted by Matsushita's Board of Directors on January 10, 2002:

• Class of shares: Common stock
• Aggregate purchase amount: Up to 100 billion yen
• Aggregate number of shares to be purchased: Up to 60 million shares
• Period to purchase: Between January 11, 2002 and late April 2002

2)	Cumulative total of share repurchases between January 11 and April 19, 2002:

• Aggregate purchase amount: 99,998,961,000 yen
• Aggregate number of shares purchased: 59,586,000 shares

3)	Share repurchase as provided in the Articles of Incorporation:

• Maximum number of repurchaseable shares as provided in the Articles of Incorporation: 200 million shares
• Total number of shares repurchased until now from the date when the provision was adopted in the Articles of Incorporation: 59,586 thousand shares

Matsushita Electric Industrial Co., Ltd. is one of the world's leading producers of electronic and electric products for consumer, business and industrial use, which it markets around the world under the "Panasonic," "National," "Technics" and "Quasar" brand names. Matsushita's shares are listed on the Tokyo, Osaka, Nagoya, Fukuoka, Sapporo, Amsterdam, Dusseldorf, Frankfurt, New York, Pacific and Paris stock exchanges. For more information, visit the Matsushita web site at the following URL: http://www.panasonic.co.jp/global/

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With respect to the share exchange between Matsushita Electric Industrial Co., Ltd. (MEI) and Matsushita Communication Industrial Co., Ltd. (MCI)-

MEI has filed a registration statement with the Securities and Exchange Commission (SEC) under the Securities Act of 1933, as amended, in connection with the above share exchange, which is related to the share repurchase referred to in this press release. MEI presently expects that the prospectus included therein will be distributed to holders of MCI common stock in the United States. U.S. investors are urged to read the prospectus because it will contain important information about MEI and MCI, and the proposed share exchange between the two companies. You may read, and copy (upon payment of fees prescribed by the SEC) any documents filed by MEI, including the registration statement, at the SEC's public reference room, which is located at 450 Fifth Street, N.W., Washington D.C. 20549, telephone number: 1-800-732-0330. In addition, copies of the registration statement will be made available free of charge through MEI's Corporate Finance & IR Group in Japan, telephone number: 81-6-6906-1763.

With respect to the share exchange between MEI and each of Kyushu Matsushita Electric Co., Ltd., Matsushita Seiko Co., Ltd., Matsushita Kotobuki Electronics Industries, Ltd. and Matsushita Graphic Communication Systems, Inc.-

The business combination referred to in this press release (Transaction) involves shares of common stock of a non-U.S. company. The Transaction is subject to disclosure requirements of a non-U.S. country that are different from those of the United States. Financial information included in this press release, if any, has been prepared in accordance with non-U.S. accounting standards that may not be comparable to the financial information of United States companies.

It may be difficult for you to enforce your rights and any claim you may have arising under the U.S. federal securities laws, since the issuer of the securities is located in a non-U.S. country, and some or all of its officers and directors may be residents of a non-U.S. country. You may not be able to sue a non-U.S. company or its officers or directors in a non-U.S. court for violations of the U.S. securities laws. It may be difficult to compel a non-U.S. company and its affiliates to subject themselves to a U.S. court's judgment.

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