• This presentation contains consolidated financial results for thesecond quarter and the first six months ended September 30,
2015 of fiscal 2016.

Copyright (C) 2015 Panasonic Corporation All Rights Reserved.

1•This slide shows two main points regarding the second quarter of fiscal
2016.

•Firstly, sales. Sales increased including in BtoB solution business andwhite goods which showed stable growth in Japan and Southeast Asia.
Furthermore, sales increased in housing-related business including
PanaHome. With additional benefit from the positive impact of exchange
rate movements, overall sales increase was achieved.

•Secondly, operating profit. Profitability structure was strengthened as aresult of group-wide business restructuring so far. In addition, sales
increases in growing businesses contribute more to improvement inprofitability. As a result, a significant operating profit increase wasachieved despite lower sales in real terms (excluding the effects ofexchange rates). Ongoing group-wide streamlining initiatives also support
profit increase.

•Due to profit increase in the second quarter, operating profit improvement
was achieved even in the first six months.

Copyright (C) 2015 Panasonic Corporation All Rights Reserved.

2•This slide shows financial results for the second quarter (July toSeptember) in fiscal 2016.

•Consolidated group sales increased by 2% from last year while
consolidated group sales in real terms decreased by 3%.

•

Operating profit, pre-tax income and net income attributable to Panasonic
Corporation increased from last year.

Copyright (C) 2015 Panasonic Corporation All Rights Reserved.

3•

Next, financial results for the first six months in fiscal 2016.

•Consolidated group sales increased by 1% from last year whileconsolidated group sales in real terms decreased by 4%.

•As with the second quarter results, all operating profit, pre-tax income
and net income attributable to Panasonic Corporation increased from lastyear.

Copyright (C) 2015 Panasonic Corporation All Rights Reserved.

4•

Next, sales analysis by region.

•In Japan, although sales in home electronics were favorable, overall sales
decreased due mainly to weaker sales in solar business.

•In the Americas, overall sales were slightly down. However, sales in realterms (excluding flat-panel TVs which the Company is intentionally scalingdown) increased from last year.

•In Europe, sales were up due to favorable sales in home-use air-conditioners,
flat-panel TVs and industrial-use products.

•In Asia, although sales in white goods were favorable, overall sales weredown. This was due mainly to sales decline in flat-panel TVs and devices
compared to the previous year.

•In China, sales declined in home-use air-conditioners, flat-panel TVs andindustrial-use equipment.

Copyright (C) 2015 Panasonic Corporation All Rights Reserved.

5•

Next, operating profit analysis compared with last year.

•The impact on operating profit from decline in sales in real terms waslimited. Withdrawal from and scaling down of unprofitable businesses
also contribute to improvement in profitability.

•Next, with regard to streamlining efforts of material-related process(which exceeds price declines) and changes in business structure, its
contribution to improving profitability increased. This has always included
the impact of improvements in the business structure through businessrestructuring and a shift to high value-added products. However, as these
impacts have become more significant, they are now explicitly identified
under this heading.

•In addition, fixed-cost reductions (which include business restructuringbenefits) contributed to profitability increase. As a result, overall operating
profit increased by 29.2 billion yen from last year.

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6

•This chart analyses sales and operating profit by business.

•As a result of business restructuring over the past two years, the Company’sbusiness structure has changed. While the ratio of low profit businesses has
decreased, the ratio of growing businesses with profitability has increased.

•With regard to businesses withdrawal/scale down and TV business which theCompany is intentionally reducing sales, they are now impacting positively
on operating profit.

•Large-scale six business divisions (BDs) contributed to profit increase tosome extent. However, they are not yet strong enough to lead overall profit
increase.

•In other businesses, although overall sales did not increase, there aregrowing businesses with profitability (mainly in BtoB solutions) which
contribute to operating profit increase significantly.

Copyright (C) 2015 Panasonic Corporation All Rights Reserved.

7•

Next, pre-tax and net income analysis.

•Non-operating loss was 32.5 billion yen, worsened by 4.6 billion yen fromlast year. This was due to exchange rate depreciation in emerging
countries.

•Pre-tax income was 91.4 billion yen and net income attributable toPanasonic Corporation was 51.8 billion yen.

Copyright (C) 2015 Panasonic Corporation All Rights Reserved.

8•

Next, results by segment.

•In Appliances, sales were down and operating profit was up. However, inAppliances on a production and sales consolidated basis, both sales andoperating profit increased.

•In Eco Solutions, both sales and operating profit were down. However,sales increased in overall housing-related business which includes
PanaHome (categorized in ‘Other’).

•In AVC Networks, both sales and operating profit were up.

•In Automotive & Industrial Systems, both sales and operating profit weredown.

Copyright (C) 2015 Panasonic Corporation All Rights Reserved.

9•First, Appliances based on consolidated production and sales.

•Overall sales were up by 1% from the previous year. This was
because of sales decrease in TV business (which the Company isintentionally scaling down in order to improve profitability) andworsening overall business condition in Chinese market.

•However, overall sales increased as sales in white goods such as
refrigerators and washing machines continued to be favorable inJapan and Southeast Asia. Sales increases in rice cookers andbeauty-related products due to inbound demand also helped sales
growth.

•Profitability increased in beauty-related products, washing machines
and refrigerators, although operating profit was negatively impacted byexchange rate movements. In addition, profitability increased in its
sales division in Japan, resulted in significantly improved overall
operating profit.

Copyright (C) 2015 Panasonic Corporation All Rights Reserved.

10•

Next, individual businesses.

•First, with regard to air-conditioner business, sales increased by 2% from lastyear. Sales in China were sluggish due to distribution inventory increase in
the whole market, resulting in price declines. On the other hand, sales inJapan and Southeast Asia increased due to highly evaluated premium
products and good weather. Furthermore, sales in large-scale air-conditionersachieved double-digit growth in Asia, in particular in Malaysia where aprofessional sales company was established. Sales in the Japanese market
were also favorable.

•A positive operating profit was recorded. Negative impact of exchange rate
movements was offset by continuous rationalization initiatives aiming at
halving the cost in the manufacturing process.

•Next, in TV business, overall sales were down due mainly to scaling down
sales in America and China. However, sales increased in Europe and Japan
which are priority markets for the Company. In particular, in Japan, sales inhigh-value added products such as 4K were favorable.

•Operating profit returned to the black. Streamlining efforts of material related
process, fixed-cost reductions through business restructuring and otherfactors offset negative impacts such as exchange rate movements.
Profitability is steadily improving towards the black for the full year.

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11•

Next, Eco Solutions.

•Sales were almost same level as last year, decreased by 1%.

•With regard to Solar business in Energy Systems BD, sales were down asconsumer sentiment weakened. Demand for large scale power generation forhouse-use (for which the Company has competitive edge) was also down.
Although the Company has been undertaking measures to stimulate demand,sales declined significantly due to delay in market recovery in Japan. On theother hand, within the same BD, sales of wiring devices and circuit breakerincreased due to stable overseas sales mainly in Asia.

•In Panasonic Ecology Systems Co., Ltd., overall sales increased due to stablesales mainly in overseas ventilation systems.

•As well as the negative impact from overall exchange rate movements, sales
decline in Solar business largely contributed to overall operating profit decline.
However, the Company secured a good profitability in Solar business despite abig fall in sales.

•Excluding Solar business, sales and operating profit in Eco Solutions continue togrow steadily.

Copyright (C) 2015 Panasonic Corporation All Rights Reserved.

12•

Next, individual businesses.

•First, Lighting BD. Sales declines in conventional type of lighting due toshrinking market was offset by sales increases in non-housing LED
lighting equipment such as for facilities, stores and outdoors. As a result,overall sale in this BD increased.

•Operating profit increased as negative impacts such as price decline andexchange rate movements were offset by sales increase andrationalization.

•Next, Housing Systems BD. Due to intensifying competition, businesssuffered in high-volume segments including modular kitchen systems
mainly for the new construction market. As a whole, sales were almost
unchanged from last year due mainly to housing market recovery, and theimpact of newly launched products for mid-to-high end segments includingremodelling demand.

•Operating profit increased. This was because steady improvement inprofitability through rationalization such as productivity improvements andshifts to mid- and high-end of products. Operating profit for the first half
also increased.

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13

•

Next, AVC Networks.

•Sales were up by 9% compared with the previous year.

•In Mobility Business, overall sales increased due mainly to favorable sales
in settlement systems in Japan.

•In Visual and Imaging Business, overall sales increased due to favorable
sales in high-intensity projectors and security systems in Japan.

•In Vertical Solution Business, sales continues to be favorable following thefirst quarter, leading to overall sales growth.

•Operating profit increased significantly due to sales growth especially in
Vertical Solution Business.

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14•

Next, Automotive & Industrial Systems.

•

Sales were down by 2% compared with the previous year.

•In Automotive Business, sales increased in automotive electronics systems
such as car-mounted cameras.

•

Sales in Industrial Business declined due mainly to the termination of somebusinesses such as circuit board and SAW filter. On the other hand, sales in
LCD panel business increased as demand for non-TV panels continues to bestrong.

•Sales in Factory Solutions Business were also down compared to the previous
year when demand in mounting machines was temporarily strong. Sales forautomotive, industrial and other uses continue to grow steadily.

•Operating profit declined due to increased R&D costs related to future businessexpansion in Automotive Business. Although high profitability continued, sales
decline in Factory Solutions Business also contributed negatively to overall
operating profit. The Company continues to make efforts to streamline material
related process and to reduce fixed-costs.

Copyright (C) 2015 Panasonic Corporation All Rights Reserved.

15

•

Next, individual businesses.

•Firstly, Automotive Infotainment Systems BD. Sales were up by 4%compared with the previous year.

•Sales were impacted by weak car sales in Japan and China. However,continued favorable sales in North America and positive impact of
exchange rate movements contributed to overall sales increase.

•On the other hand, operating profit declined. Although the Company tried
to reduce R&D cost by taking measures such as offshore development,
R&D cost increase associated with orders increase was the main reasonfor the lower profitability.

•Next, Rechargeable Battery BD. Favorable sales for automotive- andindustrial-use offset significant sales declines for ICT-use such as notePCs. As a result, overall sales were at the same level as last year withpositive impact of exchange rate movements.

•Operating profit declined due to sales decline for ICT-use and pricedeclines in some products.

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16

•

Lastly, six large scale BDs.

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17•With regard to the second half, the Company strives to offset negative
impacts such as business withdrawals in the last fiscal year with overallsales increase. However, the Company forecasts that this will bechallenging due mainly to worsening market conditions.

•However, as aforementioned, the profitability structure has improved
steadily as a result of group-wide business restructuring so far. Therefore,the Company strives to achieve annual target of operating profit amid
weaker sales.

•Thank you for your continuous support.

Copyright (C) 2015 Panasonic Corporation All Rights Reserved.

18

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Copyright (C) 2015 Panasonic Corporation All Rights Reserved.