Fiscal 2017 First Quarter
Financial Results
July 29, 2016
Panasonic Corporation
Notes: 1. This is an English translation from the original presentation in Japanese.
2. In this presentation, “fiscal 2017” or “FY17” refers to the year ending March 31, 2017.

Summary

US GAAPSales
 Turned around to an increase in real terms (excluding the effects of
exchange rates) mainly due to the favorable performance of home
appliances and new consolidation of Hussmann.

Operating profit Decreased due to an increase in fixed cost for future growth The impact of rapid yen’s appreciation was mostly offset by efforts
including streamlining.

1

Fiscal 2017 First Quarter Financial Results

Copyright (C) 2016 Panasonic Corporation All Rights Reserved.

FY17 1Q Financial Results(yen: billions)
US GAAPFY17 1Q

FY16 1Q<Reference> IFRS (unreviewed)
vs. FY16 1Q

FY17 1Q

FY16 1Q

vs. FY16 1Q

1,748.5

1,857.8-6%(+1%) *

-109.3

1,774.8

1,885.6-6%(+1%) *

-110.8Adjusted operating profit **

–

–

–

–

76.8

81.7

-6%

-4.9

Other income/loss

–

–

–

–

-5.0

-4.3

–

-0.7

Operating profit

66.9

76.6

-13%

-9.7

71.8

77.4

-7%

-5.6

Non-operating income/loss

-8.1

-3.9

–

-4.2

2.8

3.0

-7%

-0.2

Pre-tax income

58.8
21.7

72.7
59.5

-19%

-13.9

-5.8

-37.8

80.4
63.0

-7%

-63%

74.6
29.2

-54%

-33.8

-166.1

13.9

108 yen
122 yen16.5 yen

121 yen
134 yen
19.6 yen

Sales

Net income

***

FCF

1 US dollar
Exchangerates

1 Euro1 Renminbi

2*

Real terms excluding the effects of exchange rates (unreviewed)**

IFRS: Adjusted operating profit = sales-cost of sales-SG&A***

Net income attributable to Panasonic Corporation （US GAAP）/
Net income attributable to the owners of the parent （IFRS）

Fiscal 2017 First Quarter Financial Results

FY17 1Q Sales Analysis by Region

US GAAP(yen: billions)

FY16 1Q

1,857.8

Japan

-20.5

Americas+34.8Europe

+11.8

Asia

+9.8

China

-17.6

1,876.1
Exchange rate effects

FY17 1Q

3-127.6

1,748.5

Fiscal 2017 First Quarter Financial Results

Copyright (C) 2016 Panasonic Corporation All Rights Reserved.

Real terms excluding
the effects of
exchange rates+1%

US GAAP

FY17 1Q Operating Profit Analysis(yen: billions)

FY16 1Q

76.6

New consolidation+2.4

Sales increase/decrease-6.0

Exchange rate effects

-9.7

-7.0

Streamlining/price declines/
business structure change+11.0

Fixed cost

-10.1

FY17 1Q4

66.9

Fiscal 2017 First Quarter Financial Results

FY17 1Q Pre-tax and Net Income Analysis US GAAP
(yen: billions)

FY17 1Q

vs. FY16 1Q

Operating profit

66.9

-9.7

Non-operating income / loss*

-8.1

-4.2

Pre-tax income

58.8

-13.9

Provision for income taxes

36.8

+25.5

Equity in earnings of associated companies

3.1

-1.2

Net income

25.1

-40.6

Less net income attributable to noncontrollinginterests

3.4

-2.8

Net income attributable to Panasonic Corporation

21.7

-37.8

-1.0

+3.8

*Detail of non-operating income / loss
Business restructuring expenses

5

Fiscal 2017 First Quarter Financial Results

Copyright (C) 2016 Panasonic Corporation All Rights Reserved.

FY17 1Q Results by Segment(yen: billions)

FY17 1Q
Sales

vs. FY16 1Q

Adjusted
operatingprofitvs. FY16 1Q

Other
income /loss

vs. FY16 1Q

Segment
profitvs. FY16 1Q

45.5

+19.2

-1.1

-0.6

44.4

+18.6

Appliances

616.3

+9.8

Eco Solutions

350.2

-15.8

2.5

-9.6

2.5

+4.9

5.0

-4.7

AVC Networks

249.9

-25.7

11.9

+2.5

1.0

+4.5

12.9

+7.0

Automotive &Industrial Systems

617.4

-79.2

11.9

-24.0

6.3

+8.0

18.2

-16.0

117.0

-2.5

-2.9

+2.3

-0.6

-4.5

-3.5

-2.2

Subtotal

1,950.8-113.4

68.9

-9.6

8.1

+12.3

77.0

+2.7

Eliminations and adjustments-202.3

+4.1

-

-

-

-

-10.1

-12.4

Consolidated total (US GAAP)

1,748.5-109.3

-

-

-

-

66.9

-9.7

Appliances (production andsales consolidated)

672.0

+11.4

43.5

+19.6

-1.2

-0.7

42.3

+18.9

Reference: Consolidated total(IFRS)

1,774.8-110.8

76.8

-4.9

-5.0

-0.7

71.8

-5.6

Other

* Business segment results are indicated on an IFRS basis. "Segment profit" refers to IFRS operating profit.
* Total of “Segment profit (loss)“ corresponds to operating profit (US GAAP) of consolidated financial statements. Differences are adjusted in the "Eliminations and adjustments" field.
* The figures in "Eliminations and adjustments of Segment profit (loss)" include earnings and expenses which are not attributable to any reportable segments, for the purpose of evaluating
operating results of each segment, and consolidation adjustments (including a part of amortization of intangible assets and differences of accounting principles)

6

Fiscal 2017 First Quarter Financial Results

FY17 1Q Results by Segment(yen: billions)<Sales><Segment profit>

FY16 1Q

1,857.8+11.4

Appliances(production*
and sales consolidated)＊

+18.9

-15.8

Eco Solutions-4.7

AVC Networks

+7.0

-25.7
-79.2
+0

FY17 1Q

76.6

Automotive &Industrial Systems
Other/Eliminations
and adjustments ＊1,748.5

-16.0
-14.9

66.9
* The difference between "Appliances (production and sales consolidated)" and segment
information is adjusted in the "Other / Eliminations and adjustments" field.

7

Fiscal 2017 First Quarter Financial Results

Copyright (C) 2016 Panasonic Corporation All Rights Reserved.

Segment information

Appliances (production and sales consolidated)<Overview>(yen: billions)

Sales
FY17 1Q

672.0

vs. FY16 1Q*(+7%)

Adjusted
operatingprofit+2%

Segment
profit

43.5
6.5%

42.3
6.3%

+19.6
+2.9%

+18.9
+2.8.%* Real terms excluding the effects of exchange rates<Changes in sales by business>
FY16 1Q<Sales>Commercial Refrigeration &Food Equipment* Real terms excluding the effects of exchange rates

Air• Sales expansion in Japan and Asia offset theConditioner impact of sluggish market demand in China.
Commercial
Refrigeration& FoodEquipment• Consolidated Hussmann as a subsidiary.

Small &
Built-inAppliance• Contribution from sales expansion in Japan andoverseas mainly in beauty products.

Major
Appliance• Led by strong sales in washing machines inJapan. Sales also expanded in Asia against the
backdrop of favorable market conditions.

AV• Increased mainly due to favorable performanceof 4K TVs in Japan.

660.6

Air-Conditioner

IFRS

Small & Built-in Appliance<Segment profit>

Major ApplianceAV
Devices and others
Exchange rate effects

Increased due to sales increases in Japan and Asia,
strengthening of premium consumer products such as home
appliances and TVs, as well as consolidation of Hussmann.

FY17 1Q

8

672.0

Fiscal 2017 First Quarter Financial Results

Eco Solutions

Segment information<Overview>(yen: billions)

Sales

Adjusted
operatingprofit

2.5
0.7%

5.0
1.4%

-9.6
-2.6%

-4.7
-1.3%

350.2

FY17 1Q-4%

vs. FY16 1Q*(-1%)

Segment
profit* Real terms excluding the effects of exchange rates<Changes in sales by business>

366.0

FY16 1Q
Lighting
Energy Systems<Sales>

IFRS* Real terms excluding the effects of exchange rates

Lighting• Impacted by sales decreases in the lighting
source business, and the devices business in
Europe.

EnergySystems• Significantly impacted by sales decreases due tothe shrinking solar market.
• Businesses other than the solar business suchas wiring devices performed at the same level aslast year.

Housing
Systems• Impacted by sales decreases owing to the supply
problems of building materials supplier.

Panasonic
Ecology
Systems• Led by sales increases in air purifiers and heatexchange units in China and dehumidifiers andpumps in Asia.

Others• Led by the Age Free（elderly care） and overseas
engineering businesses

Housing Systems<Segment profit>

Panasonic Ecology Systems

OthersExchange rate effects

FY17 1Q

9

350.2

Down due to sales decreases mainly in the solar
business and an increase in fixed cost resulting fromupfront investment for growing business.

Fiscal 2017 First Quarter Financial Results

Copyright (C) 2016 Panasonic Corporation All Rights Reserved.

IFRS

AVC Networks

Segment information<Overview>(yen: billions)

Adjusted
operatingprofitSales

Segment
profit

FY17 1Q

249.9

11.9
4.8%

12.9
5.1%

vs. FY16 1Q-9%*(-3%)

+2.5
+1.4%

+7.0
+3.0%

* Real terms excluding the effects of exchange rates<Changes in sales by business>
FY16 1Q

275.6

Mobility<Sales>* Real terms excluding the effects of exchange rates

Mobility

Visual andImaging• Increased as a result of expanding efforts to
win projects and accelerating harvesting
efforts via the reestablishment of sales force inthe U.S.
• Sales in high brightness projectors and 4K
camera products were robust despite thenegative impact of the Kumamoto Earthquakeon some products.

Communication• The fixed-line phone and conventional analog
PBX markets continued to shrink, leading to asignificant decline in overseas sales.

Solutions• Favorable performance in the Avionics andoverseas solutions businesses.

Visual and imaging
Communication<Segment profit>

Solutions

Increased as the improvement of product mix including a shift
to high value-added products and the reduction of fixed cost,
offset the negative impact of the Kumamoto Earthquake andsales decreases in the Communication business.

OthersExchange rate effects

FY17 1Q10

249.9

Fiscal 2017 First Quarter Financial Results

Automotive & Industrial Systems

Segment information<Overview>(yen: billions)

Sales
FY17 1Q

617.4

vs. FY16 1Q*(-3%)

Adjusted
operatingprofit-11%

Segment
profit

11.9
1.9%

18.2
3.0%

-24.0
-3.3%

-16.0
-1.9%

<Sales>* Real terms excluding the effects of exchange rates

Industrial<Changes in sales by business>
FY16 1Q

696.6
Factory
Solutions

Automotive
EnergyIndustrial
OthersExchange rate effects

11• Increased due to the strong performance ofoverseas vehicle sales despite the negative
impact of the Kumamoto Earthquake on
vehicle production in Japan.
• Increased as the demand for lithium-ion
batteries slumped for ICT application but
grew for automotive use, and the demand fordry batteries also expanded.
• Favorable performance by automotive andindustrial devices.
• Decreased due to the sluggish ICT market
and impact of business withdrawal as well as
the downsizing of the LCD panel business.
• Decreased due to the backlash of special
demand for smartphones in China during thesame period last year and sluggish sales in
PC-related products.

<Segment profit>

Factory Solutions

FY17 1Q* Real terms excluding the effects of exchange rates

Automotive

Energy

IFRS

617.4

Decreased as efforts including the streamlining of materialrelated processes could not offset the impact of sales
decreases in the Industrial and Factory Solutions
businesses.

Fiscal 2017 First Quarter Financial Results

Copyright (C) 2016 Panasonic Corporation All Rights Reserved.

IFRS

TV and Six Large-Scale BDs(yen: billions)
FY17 1Q
Sales

Adjusted ***operatingvs. FY16 1Q
vs. FY16 1Q
profitOther ***
income /vs. FY16 1Q
loss

BD profit***vs. FY16 1Q

TV

*

76.6

-5.1

3.4

+6.2

-0.4

-0.5

3.0

+5.7

Air-Conditioner

*

155.1

-6.7

18.0

+2.2

-0.4

+0.2

17.6

+2.3

Lighting

67.0

-4.5

0.5

-0.7

1.9

+4.5

2.4

+3.8

Housing Systems

82.4

-3.2

1.2

-0.4

0.3

+0.0

1.5

-0.3

Automotive Infotainment
Systems

124.4

-6.5

6.0

-0.7

0.0

-0.3

6.0

-1.1

76.8

-5.6

-5.0

-6.5

5.8

+10.7

0.7

+4.2

69.3

+4.9

-2.5

-0.8

-0.3

-0.1

-2.7

-0.9

Rechargeable Battery**

PanaHome* : Including sales division (production & sales consolidated)** : Rechargeable Battery + Tesla BU*** : BD results are indicated on an IFRS basis. "BD profit" refers to IFRS operating profit.

12

Fiscal 2017 First Quarter Financial Results

FY2017 towards Future
FY17

FY18

Lay foundation
for growth

Both sales
and profit
increase

Invest on growing
business area

FY19

Constantly
expand bothsales and profit

Upfront investment / strategic investment: 1 tri. yen

13

Fiscal 2017 First Quarter Financial Results

Copyright (C) 2016 Panasonic Corporation All Rights Reserved.

from

FY21 onward

FuturePanasonic

Disclaimer Regarding Forward-Looking Statements
This presentation includes forward-looking statements (that include those within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, andSection 21E of the U.S. Securities Exchange Act of 1934), as amended about Panasonic and its Group companies (the Panasonic Group). Panasonic discloses
its consolidated financial forecasts for fiscal 2017 based on International Financial Reporting Standards (IFRS). To the extent that statements in this presentation
do not relate to historical or current facts, they constitute forward-looking statements. These forward-looking statements are based on the current assumptions
and beliefs of the Panasonic Group in light of the information currently available to it, and involve known and unknown risks, uncertainties and other factors. Suchrisks, uncertainties and other factors may cause the Panasonic Group's actual results, performance, achievements or financial position to be materially different
from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements. Panasonic undertakes noobligation to publicly update any forward-looking statements after the date of this presentation. Investors are advised to consult any further disclosures byPanasonic in its subsequent filings under the Financial Instrument and Exchange Act of Japan (the FIEA) and other publicly disclosed documents.
The risks, uncertainties and other factors referred to above include, but are not limited to, economic conditions, particularly consumer spending and corporate
capital expenditures in the Americas, Europe, Japan, China and other Asian countries; volatility in demand for electronic equipment and components frombusiness and industrial customers, as well as consumers in many product and geographical markets; the possibility that excessive currency rate fluctuations of
the U.S. dollar, the euro, the Chinese yuan and other currencies against the yen may adversely affect costs and prices of Panasonic’s products and services andcertain other transactions that are denominated in these foreign currencies; the possibility of the Panasonic Group incurring additional costs of raising funds,
because of changes in the fund raising environment; the possibility of the Panasonic Group not being able to respond to rapid technological changes andchanging consumer preferences with timely and cost-effective introductions of new products in markets that are highly competitive in terms of both price andtechnology; the possibility of not achieving expected results or incurring unexpected losses in connection with the alliances or mergers and acquisitions; thepossibility of not being able to achieve its business objectives through joint ventures and other collaborative agreements with other companies, including due tothe pressure of price reduction exceeding that which can be achieved by its effort and decrease in demand for products from business partners which Panasonichighly depends on in BtoB business areas; the possibility of the Panasonic Group not being able to maintain competitive strength in many product andgeographical areas; the possibility of incurring expenses resulting from any defects in products or services of the Panasonic Group; the possibility that thePanasonic Group may face intellectual property infringement claims by third parties; current and potential, direct and indirect restrictions imposed by othercountries over trade, manufacturing, labor and operations; fluctuations in market prices of securities and other assets in which the Panasonic Group has holdings
or changes in valuation of long-lived assets, including property, plant and equipment and goodwill, deferred tax assets and uncertain tax positions; futurechanges or revisions to accounting policies or accounting rules; the possibility of incurring expenses resulting from a leakage of customers’ or confidential
information from Panasonic’s systems due to unauthorized access or a detection of vulnerability of network-connected products of the Panasonic Group; as wellas natural disasters including earthquakes, prevalence of infectious diseases throughout the world, disruption of supply chain and other events that may
negatively impact business activities of the Panasonic Group. The factors listed above are not all-inclusive and further information is contained in the most recent
English translated version of Panasonic’s securities reports under the FIEA and any other documents which are disclosed on its website.
In order to be consistent with generally accepted financial reporting practices in Japan, operating profit (loss) is presented in accordance with generally
accepted accounting principles in Japan. The company believes that this is useful to investors in comparing the company's financial results with those of otherJapanese companies. Under United States generally accepted accounting principles, expenses associated with the implementation of early retirement programs
at certain domestic and overseas companies, and impairment losses on long-lived assets are usually included as part of operating profit (loss) in the statement ofincome.

Copyright (C) 2016 Panasonic Corporation All Rights Reserved.

Main Changes in Accounting Standards （P/L）(Reference)(yen: billions)

FY17 1Q（IFRS） *Sales

Difference ofconsolidation scope etc.

1,774.8

Adjusted operating profit

76.8

Other income/loss-5.0

Operating profit

71.8

Non-operating income/loss

2.8

Pre-tax income

74.6

Provision for income taxes

40.4

Equity in earnings of associatedcompanies
Less net income attributable tononcontrolling interests
Net income attributable to owners ofparent company

1,748.5－
Capitalizationof R&D
expenses etc.

－
66.9
-8.1

Non-operating
income/loss
excludingfinancial income/loss
and exchange
gains/losses

58.8
36.8

－

3.1

5.0

3.4
**

29.2

21.7

** Net income attributable to* Unreviewed(Reference)

FY17 1Q（US GAAP）

Panasonic Corporation

ＩＦＲＳ

FY17 1Q Results by Segment(yen: billions)
FY17 1Q
Sales

vs. FY16 1Q

Adjusted
operatingprofitvs. FY16 1Q

Other
Income/loss

vs. FY16 1Q

Segment
profitvs. FY16 1Q

Appliances

616.3

+9.8

45.5

+19.2

-1.1

-0.6

44.4

+18.6

Eco Solutions

350.2

-15.8

2.5

-9.6

2.5

+4.9

5.0

-4.7

AVC Networks

249.9

-25.7

11.9

+2.5

1.0

+4.5

12.9

+7.0

Automotive &Industrial Systems

617.4

-79.2

11.9

-24.0

6.3

+8.0

18.2

-16.0

117.0

-2.5

-2.9

+2.3

-0.6

-4.5

-3.5

-2.2

Subtotal

1,950.8-113.4

68.9

-9.6

8.1

+12.3

77.0

+2.7

Eliminations and adjustments-176.0

+2.6

7.9

+4.7

-13.1

-13.0

-5.2

-8.3

Consolidated total (IFRS)

1,774.8-110.8

76.8

-4.9

-5.0

-0.7

71.8

-5.6

Appliances (production andsales consolidated)

672.0

+11.4

43.5

+19.6

-1.2

-0.7

42.3

+18.9

Other

＊ Unreviewed

Copyright (C) 2016 Panasonic Corporation All Rights Reserved.

Segments and Business Divisions(Reference)

Appliances

AVC Networks

Air-Conditioner Company
TV BD
Home Entertainment BD
Refrigerator BD
Laundry Systems and Vacuum Cleaner BD
Kitchen Appliances BD
Beauty and Living BD
Panasonic Cycle Technology Co., Ltd.
Refrigeration and Air-Conditioning Devices BD
Smart Energy System BD
Cold Chain BD
Hussmann Corporation

Eco Solutions

Automotive Infotainment Systems BD
Automotive Electronics Systems BD
Rechargeable Battery BD
Energy Device BD
Panasonic Storage Battery Co., Ltd.
Electromechanical Control BD
Panasonic Semiconductor Solutions Co., Ltd.
Device Solutions BD
Electronic Materials BD
Panasonic Liquid Crystal Display Co., Ltd.
Smart Factory Solutions BD

Other

Lighting BD
Energy Systems BD
Housing Systems BD
Panasonic Ecology Systems Co., Ltd.

(Reference)

Imaging Network BD
Storage BD
Visual Systems BD
Panasonic Avionics Corporation
IT Products BD
Security Systems BD
Communication Products BD
Office Products BD
System Solutions Company (Japan)

Automotive & Industrial Systems

PanaHome Corporation

As of July 29, 2016

Sales disclosure businesses in FY17

Appliances
・Air-Conditioner Business： Air-Conditioner Company
・Commercial Refrigeration &Food Equipment Business： Cold Chain BD, Hussmann Corporation
・Small & Built-in Appliance Business： Kitchen Appliances BD, Beauty and Living BD・Major Appliance Business： Refrigerator BD, Laundry Systems and Vacuum Cleaner BD
・AV Business： TV BD, Home Entertainment BD

AVC Networks
・Mobility Business・Visual and Imaging Business・Communication Business・Solutions Business： IT Products BD, Storage BD： Imaging Network BD, Visual Systems BD, Security Systems BD： Communication Products BD, Office Products BD： Panasonic Avionics Corporation, Domestic/Overseas Solutions

Automotive & Industrial Systems
・Automotive Business・Energy Business・Industrial Business・Factory Solutions Business： Automotive Infotainment Systems BD, Automotive Electronics Systems BD： Rechargeable Battery BD, Energy Device BD： Electromechanical Control BD, Panasonic Semiconductor Solutions Co., Ltd.,
Device Solutions BD, Electronic Materials BD, Panasonic Liquid Crystal Display Co., Ltd.
： Smart Factory Solutions BD

Copyright (C) 2016 Panasonic Corporation All Rights Reserved.