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Matsushita and Toshiba Announce Outline of New CRT Joint Venture

29 January, 2003

Matsushita Electric Industrial Co., Ltd.
Toshiba Corporation

Osaka, Japan-- Matsushita Electric Industrial Co., Ltd. and Toshiba Corporation today announced that their joint venture Matsushita Toshiba Picture Display Co., Ltd. would start operation on April 1, 2003.

Mr. Minoru Ueda, currently General Manager of Matsushita's CRT (cathode ray tube) Business Integration Office, is to be named president of the joint venture.

Based on a September 26, 2002 basic agreement between Matsushita and Toshiba, the new company will integrate both companies' CRT operations from R&D to manufacturing and sales, making it the world's third largest CRT company.

The integration will cover both companies' manufacturing operations worldwide, except for those in Japan where the parent companies will continue to run their respective factories.

Company Outline

Company Name Matsushita Toshiba Picture Display Co., Ltd.
Start of Business April 1, 2003
Headquarters Takatsuki City, Osaka
President Minoru Ueda, currently General Manager of Matsushita's CRT Business Integration Office
Senior Executive Vice President Eisaburo Hamano, currently Corporate Vice President of Toshiba, and General Manager of CRT J & V Project
Capital 10 billion yen
Shareholders Matsushita 64.5%; Toshiba 35.5%
Global Sales Approximately 300 billion-yen forecast for fiscal year 2003
Employees 15,700 worldwide
Business Development, manufacture and sales of CRT's

Contacts

Matsushita Electric Industrial Co., Ltd.
Yasuhiro Fukagawa, Corporate Communications Division
Tel: +81-3-3578-1237, Fax: +81-3-3437-2776

Toshiba Corporation
Midori Suzuki, Corporate Communications Office
Tel: +81-3-3457-2105, Fax: +81-3-5444-9202
Email: press@toshiba.co.jp


Information in the press releases, including product prices and specifications, content of services and contact information, is current on the date of the press announcement,but is subject to change without prior notice.