Matsushita Announces Stock Acquisition Rights Proposal Was Approved at Shareholders' Meeting

Business Wire, June 27, 2002

Business/High Tech Editors

As announced on May 20, 2002, Matsushita Electric Industrial Co., Ltd. (NYSE:MC) today submitted a proposal at the ordinary general meeting of shareholders regarding the issue of stock acquisition rights as stock options, pursuant to the provisions of Article 280-20 and Article 280-21 of the Japanese Commercial Code, as amended.

The proposal was approved and passed as proposed by shareholders, upon which the Board of Directors adopted resolutions at its meeting, also held today, regarding the conditions for the issue of stock acquisition rights.

The details of the conditions are as follows:

1. Date of issue of stock acquisition rights:

To be issued July 15, 2002.

2. Total number of stock acquisition rights to be issued:

116 stock acquisition rights (1,000 shares of common stock

each).

3. Issue price of each stock acquisition right:

Nil.

4. Class and number of shares which will be acquired upon

exercise of stock acquisition rights:

116,000 shares in aggregate of the company's common stock.

5. The amount to be paid upon exercise of each stock acquisition

right:

To be determined on July 15, 2002.

6. Total amount of the company's common stock to be issued or

transferred as a result of exercise of stock acquisition

rights:

To be determined on July 15, 2002.

7. Period during which stock acquisition rights are exercisable:

July 1, 2004 through June 30, 2008.

8. Issue of stock acquisition rights certificates:

Stock acquisition rights certificates shall be issued only at

the request of holders of stock acquisition rights.

9. Amount, to be transferred to stated capital, out of the issue

price of the shares to be issued upon exercise of stock

acquisition rights:

One half of the issue price of a share, if issued, is

transferred to stated capital.

10. Number of persons to whom stock acquisition rights will be

offered:

Directors of the company and select senior executives,

totaling 35 persons.

(Reference)

1) Date on which Board of Directors resolved to submit a proposal

at the ordinary general meeting of shareholders regarding the

issue of stock acquisition rights:

May 20, 2002.

2) Date of approval at the ordinary general meeting of

shareholders:

June 27, 2002.

Matsushita Electric Industrial Co., Ltd. is one of the world's leading producers of electronic and electric products for consumer, business and industrial use, which it markets around the world under the "Panasonic," "National," "Technics" and "Quasar" brand names. Matsushita's shares are listed on the Tokyo, Osaka, Nagoya, Fukuoka, Sapporo, New York, Pacific, Euronext Amsterdam, Euronext Paris, Frankfurt and Dusseldorf stock exchanges. For more information, visit the Matsushita web site at the following URL: http://www.panasonic.co.jp/global/.>

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