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 Executes Own Share Repurchase

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    Osaka, Japan, October 14, 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 October 1, 2004 and October 14, 2004


3. Aggregate number of shares repurchased: 6,570,000 shares


4. Aggregate repurchase amount: 9,999,283,000 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: 19,904,000 shares • Aggregate repurchase amount: 29,998,265,000 yen

(Reference 2)

1)	The 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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