Relevant Press Releases

FOR IMMEDIATE RELEASE
Media Contacts:Yasuhiro Fukagawa, International PR, Tokyo
               (Tel: 03-3578-1237, Fax: 03-5472-7608)

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  Matsushita Electric Industrial Co., Ltd. (NYSE and PCX symbol: MC) today announced plans to discontinue operations at Panasonic Argentina, S.A. (PARSA), a sales subsidiary located in Argentina, on March 31, 2003. Responsibility for sales activities in Argentina will be shifted to Matsushita's manufacturing and sales subsidiary, Panasonic do Brasil Ltda. (PANABRAS), which will establish a new Argentina sales office.

  This move is part of Matsushita's organizational restructuring of its South American operations in response to a sudden and severe contraction of the market in Argentina, caused by the economic turmoil in that country that began in late 2001.

See below for information about PARSA and PANABRAS.

  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, New York, Pacific, Euronext Amsterdam, Euronext Paris, Frankfurt and Dusseldorf stock exchanges. For more information, visit the Matsushita web site at the following URL: http://www.panasonic.co.jp/global/

Basic Information for PARSA (as of February 28, 2003)
 

Company name Panasonic Argentina, S.A. Representative   Hidetsugu Uji, President Location of head office   Buenos Aires, Argentina Date of incorporation   April 1, 1980 Principal business   Import and sales of TVs, audio equipment, telephones, facsimile machines, etc. Share capital   U.S.$13 million Shareholders (% ownership)   Matsushita Electric Industrial Co., Ltd. (100%)

[ Financial Results (for the most recent three fiscal years) ]

(thousands of dollars)

Fiscal year ended:	March 2000	March 2001	March 2002
Sales	33,528	38,002	25,590
Recurring profit (loss)	52	103	(3,283)
Net income (loss)	52	103	(3,358)

(Note) Amounts less than 1,000 dollars have been omitted.

This matter will have no material effect on Matsushita's consolidated, or parent-alone financial position or performance.

[Reference]

Basic Information for PANABRAS (as of February 28, 2003)

Company name Panasonic do Brasil Ltda. Representative   Masahiro Seyama, President Location of head office   Sao Paulo, Brazil Date of incorporation   October 24, 1967 Principal business   Manufacture and sales of TVs, VCRs, audio equipment, camcorders, DVD players, microwave ovens, car audio equipment, telephones and batteries, as well as import sales (systems, industrial-use products). Share capital   U.S.$51 million

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