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Media Contact:                             Investor Relations Contacts:   

Mike Kitadeya / Karl Takahashi (Japan)     Ryuichi Tsuruta
International PR                           Investor Relations
(Tel: +81-6-6949-2293)                     (Tel: +81-6-6908-1121)

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

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

Matsushita Electric Executes Own Share Repurchase

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    Osaka, Japan, December 16, 2004 -- Matsushita Electric Industrial Co., Ltd. (MEI [NYSE symbol: MC]), best known for its "Panasonic" brand, announced that it has repurchased a portion of its own shares from the market in conformity with provisions of Article 211-3, Paragraph 1, Item 2 of the Japanese Commercial Code.

    Details of the share repurchase are as follows:

1. Class of shares: Common stock
2. Period of repurchase: Between November 30, 2004 and December 16, 2004
3. Aggregate number of shares repurchased:9,712,000 shares
4. Aggregate repurchase amount: 14,999,149,000 yen
5. Method of repurchase: Shares were repurchased on the Tokyo Stock Exchange

1)	The following details were resolved at the Board of Directors meeting held on August 27, 2004:    • Class of shares: Common stock    • Aggregate number of repurchasable shares: Up to 80 million shares    • Aggregate repurchase amount: Up to 100 billion yen
2)	Cumulative total of shares repurchased since the August 27, 2004 Board of Directors resolution through today:    • Aggregate number of shares repurchased: 42,642,000 shares    • Aggregate repurchase amount: 64,995,921,000 yen
(Reference 2)
	The number of shares issued and treasury stock as of September 30, 2004:    • Total number of shares issued (excluding treasury stock): 2,304,526,376 shares    • Treasury stock: 148,527,121 shares

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