Matsushita Announces Board Decisions Relating to Stock

Option Plan Osaka, Japan (ots-PRNewswire) - Matsushita Electric Industrial Co., Ltd. (NYSE: MC; PX) today announced that its board of directors has made decisions relating to the Company's proposed stock option plan. The decisions, as follow, are subject to approval of the proposal, "Purchase of own shares for transfer to directors and employees," at the annual shareholders' meeting to be held on June 29, 1999. 1. Particulars of the stock option plan

(1) Transferees: 32 directors on the board and 4 select senior executives in office as at the closing of the above- mentioned shareholders' meeting

(2) Class of shares to be transferred: Par value common stock of the Company

(3) Number of shares to be transferred: 2,000 to 10,000 shares per qualified individual

(4) Transfer price per share: An amount equal to 1.05 times the monthly average closing price of the Company's common stock on the Tokyo Stock Exchange ("TSE") during the month prior to the month in which stock option rights will be granted, unless that amount is lower than the closing price of the Company's common stock on the TSE on the date when stock option rights are granted, in which case the transfer price per share shall be equal to that day's closing price.

(5) Period during which rights are exercisable: July 1, 2001 through June 30, 2005

(6) Conditions for the exercise of rights: To be provided by agreements entered into between the Company and the qualified directors and senior executives pursuant to resolutions adopted at the shareholders' meeting and subsequent board of directors' meetings. 2. Purchase of own shares to be used for aforementioned options

(1) Class of shares to be purchased: Par value common stock of the Company

(2) Maximum number of shares in aggregate to be purchased: 120,000 shares

(3) Maximum amount in aggregate to be spent for the share purchase: 350 million yen 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 outside Japan on the Amsterdam, Dusseldorf, Frankfurt, New York, Pacific and Paris stock exchanges. ots Original Text Service: Matsushita Electric Industrial Co., Ltd. Internet: http://www.newsaktuell.de Contact: Akihiro Takei of Panasonic Finance, America, Inc. (USA) 212-371-5447

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