Matsushita Electric Executes Own Share Repurchase

    Business Editors

    OSAKA, Japan--(BUSINESS WIRE)--Jan. 21, 2005--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 December 24, 2004 and January 21, 2005

3. Aggregate number of shares repurchased: 6,279,000 shares

4. Aggregate repurchase amount: 9,998,936,000 yen

5. Method of repurchase: Shares were repurchased on the Tokyo Stock Exchange

(Reference 1)

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: 48,921,000 shares

-- Aggregate repurchase amount: 74,994,857,000 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

--30--AC/ny*

CONTACT: Media: International PR Mike Kitadeya / Karl Takahashi (Japan) +81-6-6949-2293 or Investor Relations: Ryuichi Tsuruta, +81-6-6908-1121 or Panasonic Finance (America), Inc. Akihiro Takei, +1-212-698-1365 or Panasonic Finance (Europe) plc Norio Iino, +44-20-7562-4400

KEYWORD: JAPAN INTERNATIONAL ASIA PACIFIC INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS NETWORKING SOURCE: Matsushita Electric Industrial Co., Ltd.

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