 This presentation gives Panasonic’s consolidated financial results forthe second quarter of fiscal 2021 (FY21) ended September 30, 2020.

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 First, the summary of the consolidated financial results for the second
quarter of FY21.
 Overall 2Q sales decreased from the same period last year, similar to 1Q,
although there was noticeable recovery from 1Q due to improvement
mainly in Automotive and Appliances.
 Profits in 2Q significantly improved from 1Q by maintaining the level offixed costs while sales recovered; moreover, turned to an increase from thesame period last year.

 FCF significantly improved to a solid positive in 2Q from the negative in 1Q,
which was affected by COVID-19 impact.
 The full-year forecasts remain unchanged for both Company-wide andsegment.
 The Company will accelerate enhancement of management structure, andpromote capturing certain business opportunities arising from changes insociety brought about by COVID-19.

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1 This shows the consolidated financial results for the second quarterof FY21.
 Overall sales decreased to 1,667.3 billion yen,
due to the deconsolidation impact as well as COVID-19 impact.
 Adjusted operating profit increased due to steady progress in
reducing fixed costs, despite the impact of decreased sales.
 Operating profit and net profit increased due to increased adjusted
operating profit as well as improvement in other income/loss.

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2 This slide shows our sales analysis.
 Overall sales decreased by 286.0 billion yen (-15%).
Excluding the effect of exchange rates and the deconsolidation
impact, sales decreased by 153.8 billion yen (-8%).

 Of which, the COVID-19 impact was a decrease factor of150.0 billion yen. Approximately half of this impact came fromConnected Solutions, which includes Avionics.

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3 Next, I will explain the sales trends after the spread of COVID-19.
 The graph on the left shows the trend for Company-wide sales vs. FY20.
 Company-wide COVID-19 impact expanded from April, 2020.
However, sales recovered to above 90% in June and also, in 2Q.
 The graph on the right shows the trend for sales by segment.
COVID-19 impact was seen mainly in Automotive, Appliances andConnected Solutions.
 In Automotive, sales halved during April and May.
However, sales sharply recovered due to increased production by our
automobile manufacturer customers.
 Also, in Appliances, sales was heavily impacted until May due mainly torestrictions of movement and impact of lockdown. After lifted restrictions,the recovery trend is continuing.
 On the other hand, in Connected Solutions, Avionics has been impacted bysharply reduced flight operations and significantly decreased aircraft
production. Therefore, overall sales in Connected Solutions continues toface a severe situation, at below 80% of the same period last year.

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 This slide shows our operating profit analysis.

 Adjusted operating profit increased by 0.9 billion yen. This is due mainly to efforts inmanagement structure enhancement which offset the COVID-19 impact.
 Mid-term strategy initiatives of profitability improvement are showing steadyprogress following 1Q.
 For example, management structure enhancement was an increase factor of
15.0 billion yen, and taking measures to businesses with loss-making structures
was another increase factor of 4.0 billion yen.
 As for the initiatives to improve profitability of automotive business,
we achieved 20.0 billion yen.
 On the other hand, the COVID-19 impact was a decrease factor of 25.0 billion yen.
Connected Solutions accounted for a large portion of the impact.
 Regarding fixed-cost reduction, we achieved approximately 70.0 billion yen
Company-wide in 2Q.
The Company has been enhancing fixed-cost reduction efforts as countermeasures
to the impact of decreased sales caused by COVID-19.
The breakdown of reduced fixed costs is shown on this chart in the blue box.
 Overall operating profit increased by 8.9 billion yen from last year,
due to the increased adjusted operating profit, as well as
another increase factor of improvement in other income/loss.
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5 This slide shows the results by segment.
I will explain the details from the next slide.

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6
This slide shows major increase/decrease factors by segment.
Sales decreased at all segments.
For adjusted operating profit,
Life Solutions and Connected Solutions decreased,Appliances and Automotive turned to an increase this 2Q, andIndustrial Solutions continued to increase following 1Q.
In Appliances, sales decreased due to COVID-19 impact, despite recovery trends seen in regions
such as Japan.
Profit increased due to increased sales of refrigerators, air-conditioners in Europe, along withefforts to control costs such as reduction of sales promotion expenses, offsetting the impact ofdecreased sales caused by COVID-19.
In Life Solutions, sales decreased due to the decline in new housing starts, despite stable airquality related businesses.
Profit decreased due to decreased sales, despite thorough efforts to reduce fixed costs.
In Connected Solutions, sales decreased. Favorable mounting machine sales in China was unable
to offset decreased sales in Avionics.
Profit decreased largely despite efforts to improve costs such as thorough fixed-cost reduction.
In Automotive, sales decreased slightly overall. Sales increased in Automotive Batteries.
However, sales decreased in Automotive Solutions due to decreased sales of display audio, etc.,
while steadily progressing in product portfolio replacement such as sales growth of IVI, where wefocus our resources.
Profit increased due mainly to fixed-cost reduction efforts in Automotive Solutions, along withrationalization efforts at automotive battery factory in North America. Automotive segment
achieved profitability overall, as well as for the automotive cylindrical battery business.
We will further promote technological development of higher-capacity batteries, leveraging ourmaximum strengths, to enhance competitiveness of this business.
In Industrial Solutions, sales decreased due to decreased sales for automotive-use products,
despite sales for information- and communication-infrastructure continued to be favorable.
Profit increased due mainly to efforts to reduce fixed costs, despite decreased sales.
As a result, Company-wide sales, in real terms excluding the effect of exchange rates anddeconsolidation impact, decreased largely by 153.8 billion yen. However, adjusted operating profit
increased by 0.9 billion yen and operating profit increased by 8.9 billion yen.

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7 Next, I will explain the situation of FCF.
 In 1Q, FCF was negative 54.2 billion yen.
However, in 2Q, FCF turned positive, and improved to a solid positive of158.1 billion yen.
 This is mainly contributed by operating cash flow turning significantly
positive, with net profit turning positive, along with solving issues
such as temporarily increased inventories caused by COVID-19 impact.
 For the first half of FY21, FCF was 103.9 billion yen,exceeding net profit of 48.9 billion yen.
In the second half of FY21, the Company continues to aim for
FCF above the level of net profit.

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8 From the next slide, I will explain the situation of COVID-19 impact
in FY21 and the progress in key initiatives in response to COVID-19.

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9 First, the situation of COVID-19 impact in FY21, mainly the changes
from the initial assumption as of the 1Q results announcement.
 As for the impact to sales, Company-wide results for 2Q were broadly
in line with the initial assumption of 1Q, while there were somefluctuations depending on businesses.
For 2H, the assumption remains unchanged from the initial assumptionof 1Q for Company-wide, while some fluctuations are expected
depending on businesses.
 By segment, in Appliances and Automotive, earlier-than-expected
recoveries were seen in 2Q compared to our initial assumption of 1Q.
On the other hand, in Connected Solutions, the situation became severein 2Q, and is expected to continue in 2H, due to worse-than-expected
deterioration of air-passenger demand.
 As for the impact to profit, Company-wide results for 2Q were better than
the initial assumption of 1Q. For 2H, the impact is expected to slightlyworsen. Therefore, our assumption for the full-year remains unchanged
from the initial assumption of 1Q.

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10 This slide shows the progress in key initiatives for FY21 explained at1Q results announcement.
 First, we made steady progress in management structure enhancement andimprovement in profitability of automotive business, which was included inMid-term strategy.
We will accelerate our initiatives in 2H, aiming to achieve results abovefull-year target.
 With regard to business portfolio reform, the Company continues toexecute specific measures for: investment for growth, enhancecompetitiveness through co-creation, and improve profitability,
as shown in this slide.
 With regard to initiatives in response to COVID-19, we are undertaking
thorough fixed-cost reduction initiatives Company-wide as countermeasures
to the negative impact. The Company reduced approximately 70.0 billion yen
from last year in both 1Q and 2Q.
 In addition, the Company executed structural reform, particularly in thebusinesses heavily affected by COVID-19.
 At the same time, the Company promotes capturing business opportunities,
which will be explained in the next slide.
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11 This slide shows examples of our initiatives to capture businessopportunities arising from changes in society brought about by COVID-19.
 Under COVID-19 circumstances, we expect:increasing demand related to public hygiene, air-conditioning and indoor
air quality;
expanding demand for investment in information- and communicationinfrastructure;
expanding EV demand, supported by such policies as green recovery
plans in Europe; andincreasing demand for manufacturing equipment for servers, etc.
 Panasonic intends to steadily promote expanding and strengthening
products with rising demand and will take measures to expand production
capacity, such as the following:
For public hygiene, air-conditioning and indoor air quality, we will expand
line-up and promote products with “nanoe-X,” as well as expanding
production capacity of “Ziaino.”
For information- and communication-infrastructure, we will increase thesupply of conductive polymer electrolytic capacitors and power storage
systems.
Regarding EV, we will further enhance the technological development of
automotive cylindrical batteries, aiming for higher-capacity.
For manufacturing equipment, we will respond to demand with full
utilization at our mounting machine factories.
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12 Thank you very much for your kind attention.

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