 This presentation gives Panasonic’s consolidated financial
results for the first quarter of fiscal 2020 (FY20) ended
June 30, 2019.

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 This shows the consolidated financial results for the firstquarter of FY20.
 Overall sales were 1,891.1 billion yen, decreased by 6% fromthe same period last year due mainly to impacts of lower sales
in China and revised presentation in certain transactions.
 Overall operating profit was 56.4 billion yen, decreased by43.6 billion yen, due to lower sales in China mainly at IndustrialSolutions, increased development expenses at AutomotiveSolutions, sluggish TV sales, in addition to impact of gains fromsale of land in the previous year, despite steady housingrelated business in Japan.
 Overall net profit was 49.8 billion yen, decreased by 7.6 billion
yen, despite improvements in income taxes due to one-off
effect resulting from the reorganization of subsidiaries.

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1 I will explain the major increase and decrease factors for sales
and operating profit by Segment.
 For Industrial Solutions and Connected Solutions, sales andprofit decreased due to lower sales impacted mainly by
weakening market conditions in China.
 For Automotive, sales increased due to growth in AutomotiveBatteries, but profit decreased overall due to increased
development expenses, mainly for the existing issues with
Automotive Solutions in Europe.
 For Appliances, sales and profit decreased due to sluggish TV
sales, mainly in Europe, despite steady air-conditioner sales,and consumer electronics sales in Japan.
 On the other hand, for Life Solutions, both sales and profitincreased with the steady housing-related business in Japan.
 As a result, profit generated from business decreased by
19.2 billion yen.
 Overall operating profit decreased by 43.6 billion yen due tofactors including impact of one-time gains in the previous year
for other income/loss.

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2 Next, let’s look at the results by Segment.
I will explain the details from the next slide.

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3 First, let’s look at Appliances based on consolidated production and sales.
 Sales decreased by 4% from the previous year in real terms, excluding the effectof exchange rates.
 In Heating and Cooling Solutions, sales increased due to steady sales of room airconditioners, taking opportunity of higher demand from good weather in Asia, as
well as expanded sales of large-scale air-conditioners in Japan, China, andEurope.
 On the other hand, in Smart Life Network, sales decreased due to sluggish salesof TVs, such as OLEDs in Europe, where we are shifting to high value-added
products, and in Asia, where we could not manage to cope with price declines ofentry models.
 Overall operating profit decreased. We achieved increased profit for consumer
electronics in Japan thanks to sales increase of air-conditioners and washingmachines, and the recovering profitability of refrigerators. However, overseas
profit decreased due to lower TV sales, mainly in Europe.
 For the TV business, we are carrying out structural reform, including a review ofproduction sites, in addition to improving production cost structure.
We will implement drastic measures toward improving profitability.
 We aim to improve overall profitability through stable sales of consumer
electronics in Japan, mainly white goods, and favorable sales of air-conditioners,
mainly in Asia.

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4 Next, let’s look at Life Solutions.
 Sales increased by 5% from the previous year in real terms,excluding the effect of exchange rates.
 In Energy Systems, sales increased due mainly to favorable sales ofhome-use distribution panel boards and wiring devices.
 In Housing Systems, sales increased due to sales growth of newmodels for water-related products and building materials.
 In Panasonic Homes, sales increased due mainly to sales increase of
new construction orders and remodeling business.
 Operating profit increased due to higher sales as well as streamlining
initiatives.
 We will continue to generate profit mainly through these stablebusinesses.

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5 Next, let’s look at Connected Solutions.
 Sales decreased by 6% from the previous year in real terms, excluding theeffect of exchange rates.
 In Process Automation, sales decreased significantly due to postponed
investments associated with weak Chinese market conditions, andreduced investments by automotive component manufacturers in response tolower sales of new cars in China and Europe.
 In Avionics, sales decreased due mainly to reduced investments by certain
airline companies.
 On the other hand, in PSSJ, sales increased due to stable sales of PCs
resulting from demands related to replacement associated with the end of
support for Windows 7, and movements toward work-style reform,in addition to Olympic-related project orders.
 Operating profit decreased due to the significant impact of lower sales ofProcess Automation and Avionics, despite the increased profit in PC business.
 Going forward, the decreased sales in Process Automation will be offset byother businesses of Connected Solutions, as well as implementing effective
cost management including assessment of upfront investments corresponding
to market conditions.

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6

Next, let’s look at Automotive.

Sales increased by 7% from the previous year in real terms excluding the effect of exchangerates.

For Automotive Solutions, sales decreased despite the expansion of growth-expected products
such as IVI, which could not offset impacts of deteriorating automobile market conditions in
China and decreased sales resulting from the product cycle trend.

For Automotive Batteries, sales increased due to the effect of investments to expand
production, for both prismatic and cylindrical types.

Operating profit for Automotive Solutions decreased due to overall development expenses
peaking in FY20, along with increased development expenses for the existing issues in Europe,
although these are in line with the forecast as of the beginning of FY20.

For fixed costs, including development expenses, a list of reduction measures has been drawn
up and are factored into the forecast. Looking toward improved profitability, areas of focus will
be clarified for region, customers and products.

Profit for Automotive Batteries was the same as last year’s level. This was due to lower salesof cylindrical types from our factory in Japan, despite higher sales of prismatic types, as wellas cylindrical types from the North America factory.

Going forward, with a view to enhancing the competitiveness of prismatic types, investments
will be made, according to plan, to expand production at factories in Dalian, China and Himeji,Japan.

In addition, we aim to improve profitability of cylindrical types, by improving productivity at theNorth America factory.

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7 Finally, Industrial Solutions.
 Sales decreased by 10% from the previous year in real terms
excluding the effect of exchange rates, significantly impacted by thedeteriorated market conditions in China, such as trade friction
between the U.S. and China.
 Sales decreased for Systems due to decreased sales of portable
rechargeable batteries by strategically shifting our applications
to industrial-related areas, leading to reduced ICT-usage sales.
Sales of motors and other products were also sluggish due toweakening demand for capital investment in China.
 Sales decreased for Devices due to decreased sales of capacitors,resistors, and automotive components.
 Operating profit decreased with the significant impact of lowersales, which were partially offset by efforts in fixed-cost reduction
and raw material rationalization.
 As the Chinese market continues to be uncertain, efforts will bemade to expand sales in Europe and emerging markets, as well as
to improve profitability mainly through fixed-cost reduction.
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8 Next, I will explain the progress made in business portfolio
reform, which was announced at the beginning of this fiscalyear.
 First, improving competitiveness through Co-creation withpartners.
 In our automotive prismatic battery business, as explained
before, we are investing in production capacity expansion in
preparation for future business expansion.
 In our town development business, we are steadily working toestablish a joint venture during the fourth quarter of this fiscal
year, with a preparatory committee discussing the new company.
 In further measures to improve profitability, we are making
steady progress particularly in our semiconductor and solar
businesses.
 Going forward, we will accelerate our business portfolio
management, such as structural reform of the TV business,
which is already in progress.

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9 For FY20, we have forecasted decreased profit for the full-year
by factoring in business risks, in addition to costs related tobusiness structural reform.
 For the first quarter, profit decreased due mainly to lower sales
in China, increased development expenses for AutomotiveSolutions, and sluggish TV sales.
 Toward achieving the full-year forecast, we will carefully monitorchanges in the business environment, including China’s marketconditions, and carry out the necessary measures.
 Specifically, we will review investments and control costs,
corresponding to particular business situations and thecompetitive environment, as well as continue generating profits
from our stable businesses.
 Furthermore, we will work to improve profitability, our toppriority issue, through steady progress in our business portfolio
reform, our pillar for FY20.

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