Matsushita Electric Executes Own Share Repurchase

OSAKA, Japan--July 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 July 1, 2005 and July 21, 2005

3. Aggregate number of shares repurchased: 8,670,000 shares

4. Aggregate repurchase amount: 14,998,313,000 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 April 28, 2005:

-- Class of shares: Common stock

-- Aggregate number of repurchasable shares: Up to 120 million shares

-- Aggregate repurchase amount: Up to 150 billion yen

2) Cumulative total of shares repurchased since the April 28, 2005 Board of Directors resolution through today:

-- Aggregate number of shares repurchased: 30,175,000 shares

-- Aggregate repurchase amount: 49,998,055,000 yen

(Reference 2)

The number of shares issued and treasury stock as of March 31, 2005:

-- Total number of shares issued (excluding treasury stock): 2,258,357,710 shares

-- Treasury stock: 194,695,787 shares