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Matsushita Electric Industrial Co., Ltd.
and Consolidated Subsidiaries

Financial Summary
(Three months ended June 30)

                                       Yen                          U.S. Dollars
                                    (billions)          Percentage   (millions)
                                 2001        2000        2001/2000      2001

Net sales                     ¥1,674.8    ¥1,772.4          94%       $13,506

Operating profit (loss)          (38.7)       21.2          --           (312)

Income (loss) before
 income taxes                    (21.2)       28.6          --           (171)

Net income (loss)                (19.4)        9.4          --           (156)

Net income (loss)
 per common share, basic         (9.32) yen   4.52 yen                 $(0.08)

Net income (loss)
 per common share, diluted       (9.32) yen   4.45 yen                 $(0.08)

Notes to consolidated financial statements:

The Company's consolidated financial statements are prepared in conformity with United States generally accepted accounting principles.
From this fiscal year, the Company has applied SFAS No.133, "Accounting for Derivative Instruments and Hedging Activities," and SFAS No.138, "Accounting for Certain Derivative Instruments and Certain Hedging Activities, as amendment of SFAS No.133."
For the fiscal first quarter ended June 30, 2001, comprehensive loss totaled 34.3 billion yen ($276 million), compared with comprehensive loss of 36.5 billion yen in the comparable first quarter a year ago. Comprehensive income (loss) includes net income (loss), increases (decreases) in cumulative translation adjustments, unrealized holding gains of available-for-sale securities, and unrealized derivative gains (losses).
Number of consolidated companies: 329
Number of companies reflected by the equity method: 47
United States dollar amounts are translated from yen for convenience at the rate of U.S. $1.00 =124 yen, the approximate rate on the Tokyo Foreign Exchange Market on June 29, 2001.

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