An unusual cool summer ,the appreciation of Japanese yen ,and the SARS outbreak in china and Asian .Due to such factors ,our company’s sale is lower .But we have a new step in our development such like the panisonic world of discovery—explorer kids .We try our best to make environment better.

　　recently we hold a successfull ehibition in china,and we will going to hold another exhibition in Asian to introduce our product.we will set up a new organizational structure to clear the copy of management style.

　　Stock exchanges to which Matsushita will submit applications for delisting.

　　Applications for the delisting of the company's shares will be submitted to the relevant stock exchanges beginning in December 2003. The company expects to complete the delisting process between March and April 2004.

　　our philosophy is contribute to society.Please remember our slogen is achieve the top position in glabal markets.