Panasonic Signs to Renew Title Sponsorship of Toyota F1 Program for Three More Years

Tokyo, Japan, Oct 7, 2005 - (JCN Newswire) - Panasonic, the leading brand for which Matsushita Electric Industrial Co., Ltd. is known, and TOYOTA MOTOR CORPORATION (TMC) announced today that they have agreed and signed a contract to renew Panasonic's title sponsorship of the Toyota Formula One (F1) program.

Panasonic has been Toyota F1's title sponsor since Toyota entered into the FIA Formula One Championships in 2002, and the current contract is valid through the end of 2006. The renewed, three-year contract is valid through the end of 2009. The team, the name of which - Panasonic Toyota Racing - remains the same, will continue challenging Formula One Championships at circuits around the world.

Panasonic and TMC have been building a longstanding business relationship through such activities as joint development of automotive AV equipment and batteries for hybrid cars, and both partners hope to continue strengthening their cooperation through the F1 program.

About Matsushita Electric Industrial Co., Ltd.

Best known by its Panasonic brand name, Matsushita Electric Industrial Co., Ltd. is a worldwide leader in the development and manufacture of electronic products for a wide range of consumer, business, and industrial needs. Based in Osaka, Japan, the company recorded consolidated net sales of US$81.44 billion for the year ended March 31, 2005. The company's shares are listed on the Tokyo, Osaka, Nagoya, New York , Euronext Amsterdam and Frankfurt stock exchanges. For more information on the company and the Panasonic brand, visit the company's website at http://panasonic.co.jp/global/index.html