Fiscal 2016 Third Quarter andNine Month Financial Results
February 3, 2016
Panasonic Corporation
Notes: 1. This is an English translation from the original presentation in Japanese.
2. In this presentation, “fiscal 2016” or “FY2016” refers to the year ending March 31, 2016.
In addition, “fiscal 2016 nine months” or “FY16 9M” refer to the period from April to December 2015.

3Q (Oct.-Dec.) Consolidated Financial Resultsand Full-year Forecasts
 3Q results: Decreased in sales and increased in OP
Sales: Decreased due to struggling solar panel business in Japan andICT related business, although appliances and B2B solution
businesses were in steady growth.
OP: Improved due to strong profit structure and sales expansion in growingbusinesses.

 Full-year forecasts: Revised down in sales and OP

2Fiscal 2016 Third Quarter and Nine Month Financial Results

Copyright (C) 2016 Panasonic Corporation All Rights Reserved.

FY16 3Q (Oct.-Dec.) Results
FY16 3Q(yen: billions)Sales

1,910.9

1,996.4

119.8

113.3

(6.3%)(5.7%)

90.4

86.2(4.7%)(4.3%)

Operating profit
Pre-tax income

48.9

59.5

(2.6%)(3.0%)

1 USD

122 yen

115 yen

1 EUR

133 yen

143 yen

18.92 yen

18.62 yen

Net income **Exchangerate

vs. FY15 3Q% amount-4%-85.5(-4%)*(-78.5)*

+6%

+6.5

+5%

+4.2

-18%

-10.6

* Real terms excluding effect of exchange rate (unreviewed）

1 Renminbi

3

FY15 3Q** Net income attributable to Panasonic Corporation

Fiscal 2016 Third Quarter and Nine Month Financial Results

FY16 Nine Month (Apr.-Dec.) Results
FY16 9M(yen: billions)Sales

5,671.3

5,719.3

320.3

290.3

(5.6%)(5.1%)

254.5

208.1

(4.5%)(3.6%)

160.2

140.4

(2.8%)(2.5%)

122 yen107 yenOperating profit
Pre-tax income
Net income **1 USD
Exchangerate

134 yen

140 yen

19.26 yen

17.29 yen

1 EUR
1 Renminbi

FY15 9M

vs. FY15 9M% amount

-1%

-48.0

(-4%)*(-227.6)*

+10%

+30.0

+22%+46.4

+14%

+19.8

* Real terms excluding effect of exchange rate (unreviewed）** Net income attributable to Panasonic Corporation4Fiscal 2016 Third Quarter and Nine Month Financial Results

Copyright (C) 2016 Panasonic Corporation All Rights Reserved.

FY16 3Q Sales Analysis by Region (vs. FY15 3Q)(yen: billions)

1,996.4
JapanAmericas

Europe-7.0

Asia
China

FY153Q5

1,910.9

Exchange rate
effect

FY163Q- 85.5 (-4%）

Fiscal 2016 Third Quarter and Nine Month Financial Results

FY16 3Q Operating Profit Analysis (vs. FY15 3Q)(yen: billions)Fixed cost
reduction

113.3

Streamlining/
price decline/
business structurechangeExchange rate
effect-9.3

Sales
decrease(real terms)-16.0

Business
withdrawal/
scale-down

119.8+9.8+19.0+3.0
FY153Q
6+6.5

Fiscal 2016 Third Quarter and Nine Month Financial Results

Copyright (C) 2016 Panasonic Corporation All Rights Reserved.

FY163Q

FY16 3Q Sales & OP Analysis (vs. FY15 3Q)
Sales(yen: billions)-85.5 (-4%）

1,996.4

1,910.9

Businesswithdrawal/
scale-down

OPTVbusiness6 BDs*

Other businesses Exchange rate
effect

119.8

113.3

FY153QFY163Q+6.5* BD stands for Business Division

7Fiscal 2016 Third Quarter and Nine Month Financial Results

FY16 3Q Pre-Tax and Net Income Analysis(yen: billions)

FY16 3Q

vs. FY15 3Q

119.8-29.4
90.4+6.5-2.3+4.2Net income

39.3
3.3
54.4

+15.8
+0.4-11.2

Less net income attributable tononcontrolling interests

5.5-0.6

Net income attributable to Panasonic Corp.

48.9

-10.6

-3.3

+7.2

Operating profit
Non-operating income/loss*Pre-tax income
Provision for income taxes
Equity in earnings of associated companies* Detail of non-operating income/loss

Business restructuring expenses

8Fiscal 2016 Third Quarter and Nine Month Financial Results

Copyright (C) 2016 Panasonic Corporation All Rights Reserved.

FY16 3Q Results by Segment
FY16 3Q(yen: billions)

Sales

vs. FY15 3QOPvs. FY15 3QAppliances

605.3

-5%

26.8+8.4

Eco Solutions

409.9

-6%

25.2

-8.7

AVC Networks

283.3

-4%

18.7+1.0

Automotive & Industrial Systems

676.6

-4%

23.4

-7.5

134.9
-199.1
1,910.9

-10%
-4%

3.1
22.6
119.8

+3.5
+9.8
+6.5

690.2

-3%

26.8+8.2

Other
Eliminations and adjustments
Consolidated totalAppliances(production and sales consolidated)** ‘Appliances (production and sales consolidated)’ includes sales and profits of sales division forconsumer products, which are included in ‘Eliminations and adjustments.’

9Fiscal 2016 Third Quarter and Nine Month Financial Results

Sales & OP in Six Large Scale BDs
FY16 3Q(yen: billions)

Sales

vs. FY153Q

OP

OPM

vs. FY153Q

Air-conditioner*1

94.6

+4%

1.4

1.5%

+0.9

Lighting

89.4

+1%

8.1

9.1%+0.8

Housing Systems

94.0

-4%

4.7

5.0%

-0.4

Automotive Infotainment Systems

136.5

+1%

2.2

1.6%

-1.9

Rechargeable Battery*2

87.2

-8%

-1.5

-1.8%

-4.0

PanaHome

80.2

+7%

2.5

3.2%

+1.1To

Total

581.9

+/-017.43.0%-3.5*1 Air-Conditioner Company + its sales division (production & sales consolidated)*2 Rechargeable Battery BD + Tesla BU

10Fiscal 2016 Third Quarter and Nine Month Financial Results

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Appliances (AP)(production and sales consolidated)

Results by segment

SalesDown

 Decreased due to sales decline in TV business, while
appliance business was stable.

Up Increased due to TV business improvement and sales
expansion in appliance business, offsetting negative
effect from exchange rate movement.

(yen: billions)(-3%)

712.2

Sales

OP690.2

FY16 3Q

26.8

18.6

OP(%)

(3.9%)(2.6%)FY153QFY163Q

Sales

vs. FY15%

vs. FY15amountAir-conditioner business*
TV business*

94.6
114.6

+4%-23%+3.6-34.0

Refrigerator BD

32.7+5%+1.6

Laundry Systems & Vacuum Cleaner BD

57.9+2%+1.3

Cold Chain BD

21.8-3%-0.8

Total*

690.2

-3%

-22.0

* production and sales consolidated

11Fiscal 2016 Third Quarter and Nine Month Financial Results

Appliances: Individual Businesses(production and sales consolidated)
Air-conditioner business(yen: billions)

Sales

OP(%)

TV business

(+4%)

91.0

148.6

94.6(-23%)

114.6

0.4

1.4-5.4

0.7(0.4%)(1.5%)(-3.6%)(0.6%）FY153QFY163QFY153QFY163Q

Sales

Increased due to growth in Asia, offsetting
sluggish demand in China.

Sales

Decreased due to scale-down in US and China
from restructuring, while sales expanded inJapan and Asia.

OP

Increased due to streamlining and fixed cost
reduction.

OP

Increased due to streamlining and strategy shiftfocus to high-end products

12Fiscal 2016 Third Quarter and Nine Month Financial Results

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Results by segment

Eco Solutions (ES)Sales/OP(yen: billions)

(-6%)

433.9

SalesDown ■ Decreased due to struggling sales in solar panel,

409.9

commoditized housing systems and air-purifier business.

33.9

OP(%)

FY16 3Q

25.26(7.8%)

Sales

vs. FY15%

vs. FY15amountLighting BD

89.4+1%+0.5

Energy Systems BD

91.3

-13%

-13.8

Housing Systems BD

94.0

-4%

-4.3

Panasonic Ecology Systems Co., Ltd.

40.7

-6%

-2.6

409.9-6%-24.0(6.2%)

FY153Q
13FY163Q

Total

Fiscal 2016 Third Quarter and Nine Month Financial Results

Eco Solutions: Individual businesses
Lighting BD(yen: billions)

Housing Systems BD(+1%)

Sales

88.8

OP
(%)

7.4

98.3

89.4

94.0

8.1

5.1

(8.3%)(9.1%)(5.2%)(5.0%)FY153QFY163QFY153QFY163Q

Sales

Increased due to favorable non-housing related
LED business.

Sales

OP

Increased due to sales expansion andstreamlining.

OP14(-4%)

4.7

Decreased due to struggling commoditized
product business.
Decreased due to material cost hike fromexchange rate movement, wiping out
streamlining benefit.

Fiscal 2016 Third Quarter and Nine Month Financial Results

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Results by segment

AVC Networks
Sales
Down  Decreased due to struggling Mobility Business in North Americaand Communication Business.

(yen: billions)

296.2

Sales

OP

(-4%)
Up

283.3

 Increased due to expanding Vertical Solution Business andrestructuring benefit.
FY16 3Q
SalesOP(%)

17.6

18.7

(6.0%)(6.6%)FY153Q
15

FY163Qvs. FY15%

vs. FY15
amount-11%-6.2

Mobility Business

49.8

Visual and Imaging Business

70.4+1%+1.0

Communication Business

32.2

-17%

-6.4

Vertical Solution Business

86.7+6%+4.6

Total

283.3

-4%

-12.9

Mobility Business: IT Products BD, Storage BD
Visual and Imaging Business : Imaging Network BD, Security Systems BD, Visual Systems BD
Communication Business: Office Products BD, Communication Products BD
Vertical Solution Business: Avionics BD, Infrastructure Systems BD

Fiscal 2016 Third Quarter and Nine Month Financial Results

Results by segment

Automotive & Industrial Systems (AIS)
Sales(yen: billions)

Sales

704.3

Down(-4%)

676.6■ Decreased in Energy and Industrial Businesses due toweak ICT related business, while Automotive andFactory Solutions Businesses expanded.
OPDown■ Decreased due to auto related R&D cost increase
and sales decline in Energy and Industrial businesses.
FY16 3Q

OP(%)

30.9(4.4%)

FY153Q
16Salesvs. FY15%

vs. FY15amount

23.4

Automotive Business

177.1+2%+2.8(3.5%)

Energy Business

141.4

-4%

-6.0

Industrial Business

198.2

-8%

-16.8

Factory Solutions Business

71.3

+3%

+2.2

Total

676.6

-4%

-27.7

FY163QAutomotive Business : Automotive Infotainment Systems BD, Automotive Electronics Systems BD
Energy Business: Rechargeable Battery BD, Energy Device BD, Panasonic Storage Battery Co., Ltd.
Industrial Business : Electromechanical Control BD, Panasonic Semiconductor Solutions Co., Ltd.
Device Solutions BD, Electronic Materials BD, Panasonic Liquid Crystal Display Co., Ltd.

Fiscal 2016 Third Quarter and Nine Month Financial Results

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AIS: Individual businesses
Automotive Infotainment Systems BD(yen: billions)

Rechargeable Battery BD*(+1%)

(-8%)

Sales

134.7

OP(%)

4.1

2.2(3.1%)(1.6%)(2.5%)(-1.8%)FY153QFY163QFY153QFY163Q

136.5

95.0

87.2

2.4

-1.5

Sales

Increased due to favorable domestic auto exports
and business expansion in North America.

Sales

Decreased due to lagging ICT related sales.

OP

Decreased due to R&D cost increase for future
growth.

OP

Decreased due to price decline and lagging sales
in ICT-related business.
* Rechargeable Battery BD + Tesla BU

17Fiscal 2016 Third Quarter and Nine Month Financial Results

FY16 Full-year Forecast Revision(yen: billions)

SalesOperating profit

Pre-tax income

Net income*FY16(e)(as of Feb. 3, 2016)

7,550.0

Original forecast(as of Apr. 28, 2015)

vsOriginalforecast

FY15

8,000.0 -450.0

410.0

430.0

(5.4%)(5.4%)

280.0

300.0

(3.7%)(3.8%)

180.0

180.0

(2.4%)(2.3%)

-20.0
-20.0
-

7,715.0
381.9(5.0%)

182.5(2.4%)

179.5(2.3%)* Net income attributable to Panasonic Corporation

18Fiscal 2016 Third Quarter and Nine Month Financial Results

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FY16 Full-year Forecast Revision by Segment
FY16 (as of Feb. 3, 2016)(yen: billions)

Sales

vs. FY15

OP

vs Original forecast
vs. FY15

Sales

OPAppliances

2,260.0

-3%

71.0

+21.2

-60.0

-Eco Solutions

1,610.0

-3%

82.0

-13.3

-116.0-22.5

AVC Networks

1,170.0

+1%

72.0

+20.2

-66.0

+4.5

Automotive & Industrial Systems

2,730.0

-2%

110.0

-6.4

-105.0

-32.5

Other

640.0

-16%

16.0

+1.4

-30.0

+4.0

Eliminations and adjustments-860.0

-59.0

+5.0

-73.0

+26.5

Consolidate total

7,550.0

-2%

410.0

+28.1

-450.0-20.0

Appliances(production and sales consolidated)*

2,520.0

-1%

73.6

+22.8

-70.0

-

* ‘Appliances (production and sales consolidated)’ includes sales and profits of sales division forconsumer products, which are included in ‘Eliminations and adjustments.’

19Fiscal 2016 Third Quarter and Nine Month Financial Results

FY16 Full-year Forecast Revision in Six Large Scale BDs
FY16 (e) (Feb. 3, 2016)(yen: billions)

Sales

vs. FY15

OP

vs Original forecast
vs. FY15

Sales

OP

Air-Conditioner*1483.0+5%19.8+3.9-30.3-Lighting

327.0

+3%

21.0+6.1-15.3-

Housing Systems

354.0

-3%

14.5+3.3

-20.6

-4.1

Automotive Infotainment Systems

540.0+2%

13.3-7.2--12.0Rechargeable Battery*2

360.0

-5%

0.5-6.9

-46.0

-22.2

PanaHome

345.0

+6%

17.1+4.3--

2,409.0

+1%

86.2

+3.5

-112.2

-38.3

350.0

-22%

0.3+15.2-10.9-

Total(Reference) TV*1

*1 production and sales consolidated*2 Rechargeable Battery BD + Tesla BU

20Fiscal 2016 Third Quarter and Nine Month Financial Results

Copyright (C) 2016 Panasonic Corporation All Rights Reserved.Disclaimer Regarding Forward-Looking Statements
This presentation includes forward-looking statements (that include those within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, andSection 21E of the U.S. Securities Exchange Act of 1934), as amended about Panasonic and its Group companies (the Panasonic Group). To the extent thatstatements in this presentation do not relate to historical or current facts, they constitute forward-looking statements. These forward-looking statements are basedon the current assumptions and beliefs of the Panasonic Group in light of the information currently available to it, and involve known and unknown risks,uncertainties and other factors. Such risks, uncertainties and other factors may cause the Panasonic Group's actual results, performance, achievements orfinancial position to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-lookingstatements. Panasonic undertakes no obligation to publicly update any forward-looking statements after the date of this presentation. Investors are advised toconsult any further disclosures by Panasonic in its subsequent filings under the Financial Instrument and Exchange Act of Japan (the FIEA) and other publicly
disclosed documents.
The risks, uncertainties and other factors referred to above include, but are not limited to, economic conditions, particularly consumer spending and corporate
capital expenditures in the Americas, Europe, Japan, China and other Asian countries; volatility in demand for electronic equipment and components frombusiness and industrial customers, as well as consumers in many product and geographical markets; the possibility that excessive currency rate fluctuations ofthe U.S. dollar, the euro, the Chinese yuan and other currencies against the yen may adversely affect costs and prices of Panasonic’s products and services andcertain other transactions that are denominated in these foreign currencies; the possibility of the Panasonic Group incurring additional costs of raising funds,
because of changes in the fund raising environment; the possibility of the Panasonic Group not being able to respond to rapid technological changes andchanging consumer preferences with timely and cost-effective introductions of new products in markets that are highly competitive in terms of both price andtechnology; the possibility of not achieving expected results or incurring unexpected losses in connection with the alliances or mergers and acquisitions; thepossibility of not being able to achieve its business objectives through joint ventures and other collaborative agreements with other companies, including due tothe pressure of price reduction exceeding that which can be achieved by its effort and decrease in demand for products from business partners which Panasonichighly depends on in BtoB business areas; the possibility of the Panasonic Group not being able to maintain competitive strength in many product andgeographical areas; the possibility of incurring expenses resulting from any defects in products or services of the Panasonic Group; the possibility that thePanasonic Group may face intellectual property infringement claims by third parties; current and potential, direct and indirect restrictions imposed by othercountries over trade, manufacturing, labor and operations; fluctuations in market prices of securities and other assets in which the Panasonic Group has holdings
or changes in valuation of long-lived assets, including property, plant and equipment and goodwill, deferred tax assets and uncertain tax positions; futurechanges or revisions to accounting policies or accounting rules; the possibility of incurring expenses resulting from a leakage of customers’ or confidential
information from Panasonic’s systems due to unauthorized access or a detection of vulnerability of network-connected products of the Panasonic Group; as wellas natural disasters including earthquakes, prevalence of infectious diseases throughout the world, disruption of supply chain and other events that may
negatively impact business activities of the Panasonic Group. The factors listed above are not all-inclusive and further information is contained in the most recentEnglish translated version of Panasonic’s securities reports under the FIEA and any other documents which are disclosed on its website.
In order to be consistent with generally accepted financial reporting practices in Japan, operating profit (loss) is presented in accordance with generally
accepted accounting principles in Japan. The company believes that this is useful to investors in comparing the company's financial results with those of otherJapanese companies. Under United States generally accepted accounting principles, expenses associated with the implementation of early retirement programs
at certain domestic and overseas companies, and impairment losses on long-lived assets are usually included as part of operating profit (loss) in the statement ofincome.

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(Reference)

Segments and Business Divisions

Appliances
Air-Conditioner Company
Refrigeration and Air-Conditioning Devices BD
Refrigerator BD
Cold Chain BD
Laundry Systems and Vacuum Cleaner BD
Kitchen Appliances BD
Beauty and Living BD
Home Entertainment BD
TV BD
Panasonic Cycle Technology Co., Ltd.
Smart Energy System BD

Eco Solutions
Lighting BD
Energy Systems BD
Housing Systems BD
Panasonic Ecology Systems Co., Ltd.

AVC Networks

Automotive & Industrial Systems

Imaging Network BD
Storage BD
Visual Systems BD
Avionics BD
IT Products BD
Security Systems BD
Communication Products BD
Office Products BD
Infrastructure Systems BD
System Solutions Company (Japan)

Automotive Infotainment Systems BD
Automotive Electronics Systems BD
Rechargeable Battery BD
Energy Device BD
Panasonic Storage Battery Co., Ltd.
Electromechanical Control BD
Panasonic Semiconductor Solutions Co., Ltd.
Device Solutions BD
Electronic Materials BD
Panasonic Liquid Crystal Display Co., Ltd.
Smart Factory Solutions BD

Other
PanaHome Corporation

As of February 3, 2016

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