Tokyo, JAPAN -- Toshiba Corporation, a leading electrical and electronic products maker, and Matsushita Electric Industrial Co., Ltd., best known for its Panasonic brand products, today announced that they will establish a joint venture to together procure parts and materials for their respective manufacturing operations of color Cathode Ray Tubes (CRTs) and projection tubes for video projectors.

The new joint venture company will be incorporated in Osaka, Japan in April 2002, with equal ownership by each company. The new company will have a centralized function to make procurement contracts for their respective operations of parent companies throughout the world.

The new company will also work on standardization of components, cost reduction scheme, and development of global supplier sources.

About Matsushita Electric Industrial

Matsushita Electric Industrial Co., Ltd., best known for its Panasonic, National, Technics, and Quasar brand names, is a worldwide leader in the development and manufacture of electronics products for a wide range of consumer, business, and industrial needs. Based in Osaka, Japan, the company recorded consolidated sales of US$61.45 billion for the fiscal year ended March 31, 2001. In addition to the Tokyo and other Japanese stock exchanges (6752), Matsushita's shares are also listed on the Amsterdam, Dusseldorf, Frankfurt, New York, Pacific (NYSE/PCX: MC), and Paris stock exchanges. For more information, visit the Matsushita web site at http://www.panasonic.co.jp/global/top.html.

About Toshiba Corporation

Toshiba Corporation is a leader in information and communications systems, electronic components, consumer products, and power systems. The company's integration of these wide-ranging capabilities assures its position as an innovator in advanced components, products, and systems. Toshiba has 188,000 employees worldwide, and annual sales of over US$47 billion. Visit Toshiba's website at http://www.toshiba.co.jp/index.htm.

Disclaimer Regarding Forward-Looking Statements:

This release contains forward-looking statements about the future. To the extent that statements in this release do not relate strictly to historical or current facts, they may constitute forward-looking statements. These forward-looking statements are based upon current assumptions and beliefs in light of the information currently available, and involve known and unknown risks and uncertainties. Actual growth or results may differ materially from those discussed in the forward-looking statements. Specific risks and uncertainties include, but are not limited to, worldwide economic and business conditions, volatility in market demand for electronic equipment and components, the ability of the companies involved to respond to rapid technological changes and changing customer preferences and introduce new products in markets that are highly competitive in terms of price and technology, and legislative, regulatory, and industry initiatives that may affect planned or actual product features and marketing methods.