Relevant Press Releases

FOR IMMEDIATE RELEASE

Media Contact:               Investor Relations Contacts:   
   
Yoshihiro Kitadeya (Japan)   Ryuichi Tsuruta
(Tel: 06-6949-2293)          Investor Relations   
                             (Tel: 06-6908-1121)

                             Akihiro Takei
                             Panasonic Finance (America), Inc.
                             (Tel: +1-212-698-1365)

                             Norio Iino
                             Panasonic Finance (Europe) plc
                             (Tel: +44-20-7562-4400)

Matsushita Electric to Repurchase Own Shares from Subsidiary

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    Osaka, Japan, September 28, 2004 -- Matsushita Electric Industrial Co., Ltd. (MEI [NYSE symbol: MC]), best known for its "Panasonic" brand, announced that it has resolved, at the Board of Directors meeting held today, to repurchase its own shares from a subsidiary in conformity with provisions of Article 211-3, Paragraph 1, Item 1 of the Japanese Commercial Code.

    Details of the share repurchase are as follows:

1. Name of subsidiary:	Matsushita Electric Works, Ltd. (MEW)
2. Reason for repurchase:	MEW became a consolidated subsidiary of MEI on April 1, 2004. MEI has thus decided to repurchase such MEI shares held by MEW in order to conform to Japanese laws that prohibit subsidiaries from holding shares of their parent company.

3. Details of repurchase:
  - Class of shares: MEI common stock
  - Aggregate number of shares to be repurchased: 574,922 shares
  - Aggregate repurchase amount: 845,710,262 yen
  - Repurchase date: September 29, 2004 (planned)

(Reference)
  Number of shares issued and treasury stock as of July 30, 2004:
  • Total number of shares issued (excluding treasury stock): 2,318,404,818 shares
  • Treasury stock: 134,648,679 shares

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