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Matsushita and Itochu obtain order for Tunnel(Ventilation and Dust-collection) System in Vietnam

Date: January 22, 2002

Ho Chi Minh City-- Matsushita Electric Industrial Co., Ltd. and Itochu Corporation today announced that they have obtained an order for a dust-collection and ventilation system to be used in the Hai Van Tunnel construction project, implemented by the Vietnamese. On January 18, 2002, representatives of the two Japanese enterprises signed a supplier agreement with the Vietnamese government.
The ordered tunnel system mainly comprises electric dust-collectors, air blowers/exhausters, jet-fans, ventilation controllers and water treatment units, totaling approximately 2.6 billion yen. The system, to be mainly manufactured by Matsushita Seiko Co., Ltd., a Matsushita Electric subsidiary, will be installed at Hai Van Tunnel (6.3 km) running through Hai Van Pass. At the tunnel's completion in 2004, Vietnamese National Highway No.1 will link northern and southern Vietnam, facilitating trans-national traffic and helping to enhance Vietnamese economic development.

Matsushita has delivered this dust-collection system to 45 tunnels since 1979, and holds top market share (55%) in this field in Japan. Following this successful bid overseas for its environment-friendly ventilation system, Matsushita plans to expand its business worldwide.

This success in competitive bidding is attributable to Matsushit's system design, which places priority on environmental preservation measures and safety, coupled with Itochu's long experience in the overseas plant business.

Matsushita group is currently committed to structural reform of its businesses, with particular focus on developing its overseas solution business as a major income source. The tunnel system order is the group's first large order received for overseas projects.

Itochu focuses on Asian markets, including Vietnam, and continues to promote joint projects with competitive manufacturers in various fields.

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 Stock Exchange (6752), Matsushita's shares are listed on the Amsterdam, Dusseldorf, Frankfurt, New York (NYSE: MC), Pacific, and Paris stock exchanges. For more information, visit the Matsushita web site at http://www.panasonic.co.jp/global/top.html

About Itochu Corporation

ITOCHU Corporation (www.itochu.co.jp), one of Japan's leading trading companies, has annual sales exceeding 12.1 trillion yen (approx. US$114 billion). Currently ranked 13th on Fortune Magazine's Global 500 list, ITOCHU Corporation has over 700 subsidiaries and associated companies worldwide and is engaged in a wide variety of businesses, including information technology, finance, textiles, construction, chemicals, real estate, aerospace, machinery, energy and food products.

(Source: National/Panasonic Online)

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