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Hitachi, Toshiba and Matsushita Conclude Agreement for Establishment of TV LCD Panel Joint Venture, IPS Alpha Technology

29 October, 2004


Tokyo, October 29, 2004 --- Hitachi, Ltd. (NYSE:HIT / TSE: 6501, "Hitachi"), Toshiba Corporation (TSE: 6502, "Toshiba"), Matsushita Electric Industrial Co., Ltd. (NYSE: MC / TSE: 6752, "Matsushita") and wholly owned Hitachi subsidiary Hitachi Displays, Ltd. ("Hitachi Displays") today officially concluded a joint venture agreement to establish a company to manufacture and sell LCD panels for flat panel TVs. This agreement follows a basic agreement signed on August 31 this year.

The joint venture, to be called IPS Alpha Technology, Ltd. ("IPS Alpha"), is scheduled to commence operations on January 1, 2005. President of Hitachi Displays, Mr. Fumiaki Yonai, will serve concurrently as president of IPS Alpha.

*1 IPS Alpha will manufacture LCD panels using Hitachi Displays' world-leading IPS mode system technology. Close collaboration with IPS Alpha is expected to achieve synergies in the production of finished products at Hitachi, Toshiba and Matsushita, allowing them to achieve LCD TVs that are even more competitive in terms of performance and price.

*2 IPS Mode System Technology
In-Plane-Switching (IPS) mode system is a type of TFT LCD display technology. IPS is distinguished by a wide 170-degree viewing angle, both horizontally and vertically, along with minimal gray-scale inversion and viewing-angle dependency, reproducing lifelike images, which is made possible because the liquid crystal molecules can rotate while remaining parallel to the substrate when a voltage is applied, yielding perfect orientation of the crystals. The advanced super (AS)-IPS mode system for use in televisions, large-screen monitors and other applications achieves an approximate 30% improvement in the aperture ratio over conventional IPS technology. Furthermore, AS-IPS realizes a higher level of brightness and reproduces colors more realistically thanks to high-purity color filters and other proprietary technologies.

Outline of IPS Alpha

1. Company name: IPS Alpha Technology, Ltd.
2. President: Fumiaki Yonai
3. Commencement of operations: January 1, 2005
4. Projected capital: 60-70 billion yen
5. Ownership: Hitachi Displays 30-35 billion yen (50%);
Toshiba 15 billion yen (21-25%);
Matsushita 15 billion yen (21-25%);
other companies 0-5 billion yen (0-8% projected)
6. Location: Mobara, Chiba Prefecture, Japan
7. Business: Manufacture, design, sales and related maintenance and services of amorphous TFT LCD panels
8. Capital investment: Approx. 110 billion yen
9. Products: Amorphous TFT LCD panels for TVs 23-inches and above
10. Production capacity: Equivalent of 2.5 million 32-inch units per year (Maximum output scheduled to be realized in second half of fiscal 2008)

(Paragraphs marked *1 and *2 and Items 4. and below in the above outline are based on the prior news release issued on August 31, 2004, titled "Hitachi, Toshiba and Matsushita Agree to Establish a TV LCD Panel Joint Venture.")

About Hitachi, Ltd.
Hitachi, Ltd. (TSE:6501/NYSE:HIT), headquartered in Tokyo, Japan, is a leading global electronics company, with approximately 326,000 employees worldwide. Fiscal 2003 (ended March 31, 2004), consolidated sales totaled 8,632.4 billion yen (U.S. $81.4 billion). The company offers a wide range of systems, products and services in market sectors, including information systems, electronic devices, power and industrial systems, consumer products, materials and financial services. For more information on Hitachi, please visit the company's Web site at http://www.hitachi.com.

About Toshiba Corporation
Toshiba Corporation channels wide-ranging capabilities in information and communications systems, electronic components, consumer products and power systems into development and innovation in advanced components, products and systems, including LCDs and LCD TVs. Toshiba has 161,000 employees worldwide and annual sales of over U.S. $50 billion. Visit Toshiba's web site at www.toshiba.co.jp/index.htm.

About Matsushita Electric Industrial Co., Ltd. (Panasonic)
Matsushita Electric Industrial Co., Ltd., best known for its Panasonic brand name, is a worldwide leader in the development and manufacture of electronic products for a wide range of consumer, business, and industrial needs. Based in Osaka, Japan, Matsushita recorded consolidated net sales of U.S. $71.92 billion for the year ended March 31, 2004. Matsushita's shares are listed on the Tokyo, Osaka, Nagoya, New York (NYSE:MC), Euronext Amsterdam and Frankfurt stock exchanges. For more information on Matsushita and its Panasonic brand, visit the Matsushita's website at http://www.panasonic.co.jp/global/top.html.

Press Contacts

Hitachi, Ltd.
Kantaro Tanii
Public Relations
Corporate Communications Division
Tel: +81-3-5208-9323
Fax: +81-3-4564-2149
E-mail: kantaro.tanii.gx@ hitachi.com

Toshiba Corporation
Midori Suzuki
International Media Relations Group
Corporate Communications Office
Tel: +81-3-3457-2105
Fax: +81-3-5444-9202

Matsushita Electric Industrial Co., Ltd.
Mike Kitadeya / Karl Takahashi
International PR
Tel: +81-6-6949-2293 Fax: +81-6-6949-2255
Panasonic News Bureau
Tel: +81-3-3542-6205 Fax: +81-3-3542-9018
E-mail: panasonic-pr@gci-sunpub.co.jp

Other Contacts

Hitachi America, Ltd.
Matt Takahashi
Tel:+1-650-244-7902 (U.S.)
E-mail:masahiro.takahashi@hal.hitachi.com

Hitachi Europe Ltd.
Masanao Sato
Tel: +44-1628-585379 (U.K.)
E-mail:masanao.sato @hitachi-eu.com

Hitachi (China) Investment, Ltd.
Yuji Hoshino
Tel: +86-10-6590-8141 (China)
E-mail: y_hoshino@hitachi.com.cn


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.

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