Relevant Press Releases

FOR IMMEDIATE RELEASE
Media Contact: Akira Kadota
               International PR, Tokyo
               (Tel: 03-3578-1237, Fax: 03-5472-7608)

Matsushita to Delist Shares from Five Stock Exchanges

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     Matsushita Electric Industrial Co., Ltd. (NYSE symbol: MC), best known for its "Panasonic" brand products, announced that its Board of Directors today resolved to submit applications to five stock exchanges for the delisting of the company's shares.

     Details of the delisting are as follows:

1. Stock exchanges to which Matsushita will submit applications for delisting

     Matsushita will submit applications to delist its shares from the following five stock exchanges:

	In Japan:	Fukuoka Stock Exchange and Sapporo Securities Exchange
	Overseas:	Pacific Exchange (U.S.), Euronext Paris Stock Exchange (France) and Dusseldorf Stock Exchange (Germany)

2. Reasons for delisting the company's shares

     In view of recent trends toward borderless capital markets, as well as the reorganization and integration of overseas stock exchanges, Matsushita aims to establish a more strategic and effective global listing structure by concentrating the listing of its shares on a limited number of stock exchanges. Regarding the delisting of its shares from the above-mentioned five stock exchanges, the company noted that trading volume of Matsushita's shares on these exchanges is extremely low, and that the delistings would cause no substantial inconvenience to the company's shareholders and investors.

3. Schedule

     Applications for the delisting of the company's shares will be submitted to the relevant stock exchanges beginning in December 2003. The company expects to complete the delisting process between March and April 2004.

[Reference]

Stock exchanges on which Matsushita will continue to be listed

	In Japan:	Tokyo Stock Exchange, Osaka Securities Exchange and Nagoya Stock Exchange
	Overseas:	New York Stock Exchange, Euronext Amsterdam Stock Exchange and Frankfurt Stock Exchange

Disclaimer Regarding Forward-Looking Statements
   This press release includes forward-looking statements (within the meaning of Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934) about Matsushita and its group companies (the Matsushita Group). To the extent that statements in this press release do not relate to historical or current facts, they constitute forward-looking statements. These forward-looking statements are based on the current assumptions and beliefs of the Matsushita Group in light of the information currently available to them, and involve known and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors may cause the Matsushita Group's actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements. Matsushita undertakes no obligation to publicly update any forward-looking statements after the date of this press release. Investors are advised to consult any further disclosures by Matsushita in its subsequent filings with the U.S. Securities and Exchange Commission pursuant to the Securities Exchange Act of 1934.
   The risks, uncertainties and other factors referred to above include, but are not limited to, economic conditions, particularly consumer spending and corporate capital expenditures in the United States, Europe, Japan and other Asian countries; volatility in demand for electronic equipment and components from business and industrial customers, as well as consumers in many product and geographical markets; currency rate fluctuations, notably between the yen, the U.S. dollar, the euro, Asian currencies and other currencies in which the Matsushita Group operates businesses, or in which assets and liabilities of the Matsushita Group are denominated; the ability of the Matsushita Group to respond to rapid technological changes and changing consumer preferences with timely and cost-effective introductions of new products in markets that are highly competitive in terms of both price and technology; the ability of the Matsushita Group to realize expected benefits of various restructuring activities in its business and organization; the ability of the Matsushita Group to achieve its business objectives through joint ventures and other collaborative agreements with other companies; the ability of the Matsushita Group to maintain competitive strength in many product and geographical areas; current and potential, direct and indirect restrictions imposed by other countries over trade, manufacturing, labor and operations; and fluctuations in market prices of securities and other assets in which the Matsushita Group has holdings; as well as future changes or revisions to accounting policies or accounting rules.

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