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This presentation explains Panasonic’s transformation for sustainablegrowth.

•Based on the current Mid-term Strategy, and to achieve sustainable growthwith a longer-term vision, the Company has decided to make a majororganizational change.

Copyright (C) 2020 Panasonic Corporation All Rights Reserved.

0•These are the major points of our Mid-term Strategy, announced inMay 2019.

•First, to execute each business strategy toward profit growth andimproved profitability, based on the three business classifications of“Core growth,” “Co-creation,” and “Revitalization.”•Second, to thoroughly enhance our management structure, which
involves reducing fixed costs and reforming businesses that haveloss-making structures.

•Through these initiatives, we aimed to overcome our low-profit structure,
as well as become a company that offers “Lifestyle Updates” andcreates new contributions to society.

Copyright (C) 2020 Panasonic Corporation All Rights Reserved.

1•This slide shows the progress made toward fulfilling the major points given in
the previous slide.

•In terms of executing portfolio management, while our business performance has
been partially impacted by COVID-19, we have steadily made progress informulating and executing business strategies for each business classification.

•Regarding the EBITDA margin of Core growth business, COVID-19 has had
an impact on market conditions. However, by excluding that impact, the EBITDA
margin for the first half has improved compared to the same period of the previous
year, and became close to the 10% target we set for the Mid-term plan.

•We are also seeing progress in specific initiatives: For the spatial solutions
business, we created new value through promoting the integration of ourair-conditioning and indoor air quality businesses, mainly in China.
Consequently, Panasonic is gaining stronger market presence.

•For our “Gemba” business, which adds value to our customers’ various processes
at their operational frontlines, we are targeting supply chain management, or SCM,
as a new growth area; to accelerate this effort, we made a 20% strategic
investment in Blue Yonder.

•In terms of “Thorough enhancement of management structure,” we have steadily
reduced costs, mainly fixed costs. With these reductions, along with our reforms ofbusinesses having loss-making structures, the progress shown in our first-halfresults exceeded our initial target.

•Going forward, we will continue to make our best efforts to enhance themanagement structure toward reaching our 100-billion-yen target for profit
contributions in fiscal year ending March 2022.

Copyright (C) 2020 Panasonic Corporation All Rights Reserved.

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Following this progress in the Mid-term Strategy, Panasonic will
carry out a major transformation of the Group’s basic structure.
Our aims are to achieve sustainable growth through speedy
countermeasures against environmental changes andto further enhance business competitiveness.

•I will explain the details from the next slide.

Copyright (C) 2020 Panasonic Corporation All Rights Reserved.

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In proceeding with this Mid-term Strategy, I am now confident that thebusiness areas constituting our pillars of the future can be found mainlyin the classification of Core growth businesses.

•Our next task is to thoroughly enhance the business competitiveness of
those areas, and draw a picture that allows us to achieve sustainablegrowth.

•To accomplish this, it is necessary to build an organizational structurethat enables individual businesses to operate with a sense of speed,continue to take up challenges aggressively, and enhance their owncompetitiveness.
In addition, it is crucially important to further energize each business’
operational frontlines, by reviewing various internal policies andoperations, such as the development of new systems, and considering
how to increase the efficiency of indirect functions, thus contributing tocompetitiveness.

•Furthermore, from a Group-wide perspective, we aim to achievestronger growth as a Group. This includes defining the next growthareas while improving our flexibility to handle changes in the businessenvironment.
Therefore, we have made the decision to drastically reshape theCompany.

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•To be specific, the Company will reorganize its current “Company System,”comprised of seven Divisional Companies, in October 2021.
And in April 2022, we will transition to a “holding company system.”•By focusing on specific business areas, and leveraging the best-in-classlevel of expertise, we will make further contributions to society and ourcustomers with a sharpened competitive edge that is unmatched by ourcompetitors.
In other words, we will become “specialized and sharpened,” which isessential to enhancing our business competitiveness.

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Through this organizational change, we will accelerate our efforts to become“specialized and sharpened” in each business, by increasing empowerment
in the operating companies so they can execute more wide-ranging
autonomous management.

•Therefore, the holding company will actively support each business as it
strives to “become specialized and sharpened.” Concretely, it will encouragebusinesses to swiftly and effectively implement growth strategy from aGroup-wide perspective, including defining growth areas and making variousinvestments.
By doing this, we will establish a structure that enables us to enhance thecorporate value of the entire Group.

Copyright (C) 2020 Panasonic Corporation All Rights Reserved.

5•This chart shows an outline of our new structure.

•First, in the transition to a holding company system, the corporate name of the current“Panasonic Corporation” will be changed to “Panasonic Holdings Corporation.”•The name “Panasonic Corporation” will be used for the newly established operating company
shown on the left, based on the current Appliances Company and Life Solutions Company.

•Under the new “Panasonic Corporation,” we aim to exert a significant synergy effect andcomprehensive strengths, mainly with the Spatial Solutions business, classified as one of theCore growth businesses under the current Mid-term Strategy. This will involve taking up
challenges in the white goods business, as well as the consumer electronics and residential
space businesses in China.
Moreover, we will pursue value creation that is unique to Panasonic, bringing better health tothe mind and body, by “staying close to people.”•In addition, the Gemba Process business and Industrial Solutions business, which are alsoclassified as Core growth businesses, will be incorporated as operating companies.

•Regarding our automotive battery business, we established a joint venture with Toyota Motor
Corporation for prismatic batteries; as for cylindrical batteries, profitability has improved in ourbusiness with Tesla. The direction of our next challenge is becoming clear.

•Along with the non-automotive battery businesses, the energy business will be incorporated asa new operating company. We will steadily grow this business as a new pillar.

•These four operating companies will play the central role in the development of the Group
going forward.

•For businesses such as automotive and housing, we will refine their solid competitiveness as
individual operating companies. This thrust is important for overcoming the current issues they
face as well as clarifying their individual growth paths. In this way, they will contribute towardraising the corporate value of the Panasonic Group.

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Panasonic Holdings Corporation, as the parent holding company, and thenewly established company in charge of professional services will besupporting each operating company’s efforts to enhance competitiveness inits respective area.

•The holding company will support each operating company’s growthstrategy to become more “specialized and sharpened” and, moreover,enhance competitiveness from a functional viewpoint.
In addition, the holding company will formulate and execute the Group-wide
growth strategy, to attain higher corporate value from a Group-wide
perspective.

•The aim of the Professional Services Corporation is to become a team ofexperts who are highly efficient and capable of providing high added value.
This will be done by visualizing and continuously revising the value
provided by these indirect functions.

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Under the holding company system, the following reforms will be made to
the internal policies:•First, to promote “specializing and sharpening” of each business, we will
increase empowerment in each business for speedier decision-making.

•At the same time, the responsibility for results among those in business
management positions will be clarified, and governance will be enhanced
to improve the quality of decision-making through clearer accountability.

•Furthermore, we will optimize our cost structure by flexibly introducing
various systems, including the personnel system that is most suitable to theparticular environment that each business operates in. In this way, we canenhance the competitiveness needed to address each industry.

•Regarding the multiple layers and overlaps at our indirect functions, in linewith the transition to the new system, we will rationalize these indirectfunctions by establishing a separate corporation for professional services.
By doing this, we aim to achieve further management efficiency andsignificantly contribute to the competitiveness of each business.

Copyright (C) 2020 Panasonic Corporation All Rights Reserved.

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Now, I will explain the direction our growth strategy will drive us under the new structure,with the four major operating companies playing a central role in our Group-wide advances.
This slide shows the three major areas where Panasonic aims to make contributions.
In the future, we expect significant market growth in these three areas.

•The left is the area where we strive to stay closer to “People,” as incorporated in the company’sDNA. Here, we take up the challenge of offering new value, with the new Panasonic Corporation
playing the central role in “Lifestyle Updates.”•Considering the circumstances surrounding COVID-19, as well as the further aging of society,we can expect to find greatly expanded possibilities to offer contributions.

•In this area, we aim to be unique and unmatched, to offer contributions in air-conditioning andindoor air quality by leveraging the synergy between Appliances (from former Matsushita ElectricIndustrial) and Life Solutions (from former Matsushita Electric Works).

•The center of this slide shows the area where we tackle the issues our customers face at the“Gemba,” or operational frontlines, such as manufacturing, logistics and distribution.
Here, we aim to bring greater innovation to the processes at the “Gemba,” by combining digitaltechnology to our strengths in manufacturing expertise.

•This business is about getting involved in the “Gemba” of our corporate customers, who facevarious issues, and offering them solutions. By doing this, we can greatly contribute totransforming their management. I have a strong feeling that our business opportunities areexpanding already, and we can expect long-term growth.

•On the right is the area related to supporting what we consider the foundation underpinning thedevelopment of society, from the “Electric/Electronics” perspective. This work is mainly based on
our device and energy businesses. Without evolution in these technologies, communication
infrastructures such as 5G, batteries for mobility, further digitalization, and a green society cannot
come into being.

•We will capture the ever-increasing business opportunities by thoroughly enhancing ourtechnological and manufacturing capabilities, as well as more widely establishing our presence.

•In the areas of “People” and “Electric/Electronics,” we will further pursue our strengths. Between
them is the area of addressing issues at the “Gemba,” where we will expand new businesses.

•This is our idea of approaching growth and contributions as the Panasonic Group.

Copyright (C) 2020 Panasonic Corporation All Rights Reserved.

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What do we aim to achieve with this transition to a new structure?
First, we will attain sustainable growth in a highly profitable business structure,with the businesses of the four major operating companies developing intoour future pillars. This will be done through “specializing and sharpening,”along with increased competitiveness in all of our businesses.

•Second, we will make “Panasonic” a brand that shares values with society.

•Under the new structure, the Panasonic brand will become an ever more
important asset that connects the entire Group. We want to share values withour customers and society, and continue to generate new value with them.
By doing this, we want to further evolve the brand and the Company itself.

•The raison d’être for Panasonic has always been to contribute to society,and this will never change.

•Thus, we view this reorganization as a necessary process in fulfilling ourraison d’être during an era of radical changes and uncertainties.

•Under autonomous management, we will thoroughly refine specialization ateach business area, as well as stay close to people’s lives and society whileworking to make further contributions to them. In this way, Panasonic willcontinue to develop itself as a group comprising valuable businesses that areindispensable for the development of society.

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I would like to ask for your continued support of Panasonic.

•Thank you very much for your kind attention.

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