 This presentation contains consolidated financial results for thesecond quarter of fiscal 2017.

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 Let me start with a summary of today’s presentation.

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 The sales of the second quarter stayed at the same level as last year inreal terms excluding the effect of exchange rates. This was because of
the new consolidation of Hussmann as a subsidiary and the favorable
automotive business including batteries, despite the negative impact of
the Kumamoto Earthquake and sales decreases mainly due toworsening solar market conditions. However, overall sales were down
due to the significant effect of exchange rates.
 The operating profit decreased due to factors such as an increase in
fixed costs mainly resulting from the implementation of upfront
investments and the impact from the special demand in the solutions
business last year, in addition to the effect of exchange rates.
 Full-year forecast including sales, operating profit and net income
attributable to owners of the parent company is revised down taking into
account the current exchange rates, business environment andaccelerated investment for future growth.
 Taking into consideration the Company's policy for returning profit toshareholders, Panasonic has declared an annual dividend of 20 yen or
more per share, while FY17 full-year forecast is revised down.
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 Next, the financial results for the second quarter (July to
September) in fiscal 2017.

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 The US GAAP applies to quarterly financial results until the third quarterof fiscal 2017. Meantime, the Company will be adopting IFRS from theyear-end financial results of fiscal 2017 and has already adopted IFRS
as internal management control system. Therefore, the subsequent
presentation will be made on an IFRS basis, while such figures are
unreviewed.
 Sales decreased from last year by 8%. However, in real terms excluding
the effect of exchange rates, sales remained at the same level as lastyear mainly due to sales increases in the automotive business, inaddition to the benefits from the new consolidation.
 The adjusted operating profit, which closely corresponds to theoperating profit on US GAAP basis, decreased by 42.6 billion yen to87.2 billion yen largely due to the effect of exchange rates and theimpact from the special demand in the solutions business last year.

 An income of 19.1 billion yen was posted as other income/loss, anincrease of 41.7 billion yen. The operating profit decreased by 0.9 billion
yen to 106.3 billion yen, and the net income attributable to owners of theparent company increased by 49.7 billion yen to 104.3 billion yen.
 The free cash flow was minus 64.0 billion yen.
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 First, I'll explain sales analysis by business.
From the second quarter of fiscal 2017 onward, the sales analysis will beshown based on the businesses whose sales are disclosed, recording alarge sales increase/decrease from last year. Please refer to the “list of
businesses whose sales are disclosed” in the last page of thispresentation.
 Let's look at sales in real terms excluding the effect of exchange rates.
With regard to the Commercial Refrigeration & Food Equipment Business,sales increased due to benefits from the newly-consolidated Hussmann.
Sales also increased in the Air-Conditioner Business, driven by sales
expansion in China, Europe, and Asia.
Both the Energy Business and the Automotive Business achieved
increased sales due to favorable performance of the automotive businessincluding rechargeable batteries.
 However, sales in the Visual and Imaging Business decreased due to thenegative impact of the Kumamoto Earthquake.
Sales also decreased in the Energy Systems Business due to weakersolar sales affected by worsening market conditions.
The AV Business sales decreased due to struggles in the European TV
market.
 As a result, sales in real terms remained at last year's level. However,overall sales were down because of the significant effect of exchange
rates.
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 Next, I'll explain year-on-year changes in the adjusted operating
profit.
 The adjusted operating profit decreased by 9.0 billion yen mainly
due to the impact of a decrease in sales in the solar businessdespite an increase in profit by 2.3 billion yen due to the newconsolidation.
 Although efforts were made aiming to offset such impact bystreamlining of material related processes, the profit was improvedby only 5.0 billion yen.
 In addition, the overall adjusted operating profit decreased by 42.6
billion yen to 87.2 billion yen due to an increase in fixed cost
including upfront investments, and the effect of exchange rates.

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 This shows year-on-year changes in the adjusted operating profit
by the businesses whose sales are disclosed.
 The following three businesses increased profits through theirrespective factors; the Commercial Refrigeration & Food
Equipment Business due to the new consolidation of Hussmann,
the Air-Conditioner Business due to the contribution of premium
consumer products, and the AV Business due to the efforts on
improving profitability by shifting to high value-added products
such as 4K TVs.
 The Solutions Business significantly decreased profits in this term
due to the impact from the special demand last year, while theEnergy Systems Business decreased profits due to a significant
decrease in sales of solar-related products.
 In addition, the Energy and Automotive Businesses’ profits
decreased due to an increase in upfront investments made to lay
a foundation for future growth.
 Furthermore, the effect of exchange rates was significant,resulting in the overall figure of 87.2 billion yen.
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 This shows the operating profit and net income.
 Gains from the business transfer as well as reversal of allowance
for legal cost contributed to an increase in profit of 41.7 billion
yen from last year, resulting in the other income/loss of 19.1
billion yen. Operating profit was 106.3 billion yen, staying at thesame level as last year.
 Pre-tax income was increased by 4.6 billion yen to 106.5 billion
yen. As a result, net income attributable to owners of the parent
company was increased by 49.7 billion yen to 104.3 billion yen.
 These are mainly due to 18.2 billion yen benefit from therecording deferred tax asset as a result of the board resolution toa liquidation of Panasonic Plasma Display Co., Ltd..

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 Next, I'll explain the results by segment.

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 Let's start with the results of Appliances based on production and sales
consolidated.
 The business environment in the second quarter was as follows. In Japan, theaggregate demand in the industry was minus 3% compared to the last year's
figure due to the irregular weather. However, the Company was able toincrease its market share by approximately 1% in the first half, as a result of
harvesting actual demand of 4% y-y, more than the rest of the industry. With
regard to overseas, the market in China continues to be tough, whereas Asia
maintains favorable conditions.
 Sales increased by 6% from last year in real terms excluding the effect of
exchange rates.

 Let's look at the results by main business. In the Air-Conditioner Business,sales increased due to an improvement in sales in China in addition to sales
expansion in Japan, Asia, and Europe.
 In the Major Appliance Business, sales increased due to continued favorable
sales such as washing machines and refrigerators in Japan and Asia.
 On the other hand, the AV Business decreased sales due to struggles in theEuropean market although the Company harvested demand for 4K TVs inJapan associated with the Rio 2016 Olympics.
 The segment profit increased due to improved profitability achieved through theshift to high value-added products such as 4K TVs and the contribution ofpremium consumer products focused on air-conditioners, as well as benefits
from the new consolidation of Hussmann.
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 Next, let's examine Eco Solutions.
 As the business environment in the second quarter, new housing
starts in Japan have exceeded last year's level, showing signs ofrecovery. However, the residential solar market in Japan remains in
a tough conditions due to price declines and intensified competition.
 Sales decreased from last year by 2% in real terms excluding theeffect of exchange rate.
 This is mainly due to a sales decrease owing to the shrinking
residential solar market in Japan.
 The segment profit also decreased mainly due to the impact of thesales decrease of solar-related products.

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 Next, let's look at AVC Networks. The negative impact of the
Kumamoto Earthquake is still affecting component procurement for the
Visual and Imaging Business.
 Sales were down by 9% year-on-year in real terms excluding theeffect of exchange rates.
 Looking at the figures by business, the Mobility Business decreased
sales compared to last year when there were the big projects, such as
the payment terminals in Japan.
 The Visual and Imaging Business decreased sales due to the negative
impact of the Kumamoto Earthquake, which could not be offset bystable sales of high value-added products.
 The Communication Business decreased sales particularly in the U.S.
and Asia due to the impact of the shrinking markets for fixed-line
phones and other products.
 The Solutions Business decreased sales compared to last year when
there was special demand in the avionics business, while the solutions
business in Japan and overseas is growing steadily.
 The segment profit decreased mainly due to the impact from special
demand in the solutions business last year in addition to the effect of
exchange rates and the Kumamoto Earthquake.

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 Finally, I'll explain Automotive & Industrial Systems.
 As the business environment in the second quarter, vehicle sales weregenerally favorable on a global basis. With regard to ICT-related products, thenotebook PC market continued to shrink, and the smartphone market showed
only a moderate growth.
 Under these circumstances, sales increased by 4% from last year in real terms
excluding the effect of exchange rates.
All businesses other than the Industrial Business increased sales.
 The Automotive Business achieved increased sales due to the favorable
performance such as display audio, car-mounted cameras, and switches.
 In the Energy Business, overall sales increased due to the demand growth oflithium-ion batteries for automotive use despite the slump for ICT applications.
 The Industrial Business decreased sales due to the impact of the downsizingof the LCD panel business for TVs and withdrawal from optical disc drive
business, despite the stable performance by automotive and industrial devices.
 The Factory Solutions Business increased sales due to the sales expansion ofelectronic component mounting equipment for industrial infrastructure andintegrated floor management systems.
 The adjusted operating profit decreased due to the effect of exchange rates,
which is the main factor, and an increase in fixed costs resulting from an
upfront investment in the automotive business.
 The segment profit increased due to the gain from the business transfer andthe reversal of allowance for legal cost.

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 Here are the results of the six large-scale and TV Business
Divisions.

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 Next, I’ll go through FY17 full-year forecast.

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 Sales forecast is revised down by 400.0 billion yen from theoriginal forecast to 7.2 trillion yen. This mainly comes from theeffect of exchange rates which is expected to amount to 360.0
billion yen.
 Adjusted operating profit is revised down by 65.0 billion yen to
320.0 billion yen due mainly to sluggish sales in solar-related
products and ICT-related devices, in addition to 41.0 billion yen
from the effect of exchange rates.

 Pre-tax income is revised down by 60.0 billion yen to 240.0
billion yen.
Net income attributable to the owners of the parent company isrevised down by 25.0 billion yen to 120.0 billion yen.
 Free cash flow excluding the strategic investment remains
unchanged to achieve 150.0 billion yen or more.

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 This shows FY17 full-year adjusted operating profit forecast
analysis.
 As shown on the slide, adjusted operating profit is revised downby 65.0 billion yen due mainly to the most significant effect of
41.0 billion yen from exchange rates as well as the sales
decrease in real terms which excludes the effect of exchange
rates.

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 These charts are for your reference, showing FY17 full-year adjusted operating
profit forecast revision analysis by three categories of business, high-growthbusiness, stable growth business and low profitability business which wereexplained in business policy on March 31, 2016. Please refer to page 28 aboutmajor business areas in each business category.

 In the left side chart of comparison with the original forecast, adjusted OP forecast
for the high-growth business excluding the effect of exchange rates, is revised
down due mainly to an upfront investment for rechargeable battery business.
 The forecast for the stable growth business is revised down due to sales decreasein solar business, while Air-conditioner Business is expected to improve.
 The forecast for low profitability business is also revised down, taking into accountsevere business environment in the device solutions where ICT related business isstruggling, and office products where the market is shrinking faster than expected.
 In the right side chart of comparison with last year’s figures, adjusted OP for thehigh-growth business is expected to decrease due to the upfront investment for
future growth in automotive business. Adjusted OP for the stable growth businessis expected to increase due to the contribution from white goods business mainly in
air-conditioners, despite sales decrease in solar business. Adjusted OP for low
profitability business is also expected to increase due to its profit improvement in
Mobility Business where its sales structure has been strengthening andCommunication Business.
 In comparison with the last year’s result, our growth strategy in each category ofbusiness is steadily implemented, despite the effect of exchange rates.
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 This shows FY17 full-year forecast revision by segment.
 In Appliances, sales forecast is revised down due to the effect of exchange rates.
Adjusted OP forecast is revised up due to the positive impact such as the effect of
exchange rates where products are imported from overseas factories to Japan, andfavorable sales of premium products in white goods.
 In Eco Solutions, forecasts of both sales and adjusted OP are revised down mainly
due to the severe business environment in solar business in addition to the effect of
exchange rates.
 In AVC Networks, sales forecast is revised down, taking into account the severebusiness environment in Visual and Imaging Business where the Kumamoto
Earthquake affected and Communication Business where the market is shrinking,in addition to the effect of exchange rates. Adjusted OP forecast is also revised
down due to the effect from exchange rates and the earthquake.
 In Automotive & Industrial Systems, sales forecast is revised down due to the effectof exchange rates. Adjusted OP forecast is also revised down, taking into accountthe struggling ICT related devices and expenses for the ramp-up production in
Gigafactory, in addition to the effect of exchange rates.
 In solar business, while the severe market environment is expected to continue inJapan, the Company aims to increase the market share where new products arelaunched and also expand its sales in overseas market such as Turkey, India, andNorth America.

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 Here is FY17 full-year forecast revision in TV and six large-scale
BDs.

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 While FY17 full-year forecast is revised down as explained, themanagement structure has been improving steadily. The
Company will continue to make the strategic investment of total
1 trillion yen for future growth in FY18 and onwards.
 At this point, approximately 70% of 1 trillion yen strategic
investments have been completed or the projects are finalized.

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 Here is FY17 dividend payout forecast.
 Taking into consideration the Company's policy for returning
profit to shareholders, Panasonic has declared an annual
dividend of 20 yen per share or more, setting the lower limit ofyear-end dividend as 10 yen, while FY17 full-year forecast isrevised down.

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 Considering this severe business environment, Panasonic willfurther take company-wide proactive measures and accelerate
its initiatives towards sustainable future growth.
 Thank you for your continuous support and understanding.

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