 This presentation contains consolidated financial result for fiscal
2016 ended March 31, 2016 and current financial forecast forfiscal 2017 ending March 31, 2017.

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1 1) FY16 financial result:
Sales decreased due to downsizing businesses such as TV andslow demand in solar panel and ICT related businesses. Profit
increased due to improving profit structure, particularly inappliance and Vertical Solution business.
 2) FY17 financial forecast:As we announced our business policy on March 31, 2016, we willlay foundation for future growth and proactively invest in highgrowth businesses such as automotive and housing with projected
fixed cost increase.

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 FY16 financial result.

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3 Consolidated group sales decreased by 2% and consolidated
group sales in real terms excluding exchange rate effectdecreased by 4% y-y.
 OP increased by 33.8 bil. yen y-y to 415.7 bil. yen, net income
attributable to Panasonic Corporation increased by 13.8 bil. yeny-y to 193.3 bil. yen, where both figures exceeded their forecasts.
 ROE improved by 0.4% y-y to 11.0%.

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 FY16 sales analysis by region excluding exchange rate effect.
 Exchange rate movement positively impacted with 119.2 bil. yen,offsetting the negative impact of the emerging countries’ currency
depreciation and yen appreciation starting in Q3.
 Japan: sales decreased due to sluggish business in solar panelsand devices for ICT applications, while appliance business wasfavorable.
 Americas: sales decreased due to downsizing of TV business andsluggish sales in notebook PCs, although automotive and Vertical
Solutions businesses were favorable.
 Europe: sales increased due to steady air-conditioner business,while TV business was slow.
 Asia: sales decreased due to sluggish device business offsetting
favorable appliance business.
 China: sales hugely declined due to slow air-conditioner business
and weak device business.

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5 FY16 operating profit analysis.
 Operating profit increased by 33.8 bil. yen due to fixed cost
reduction including restructuring benefit, streamlining of materialrelated process and benefit from business structure change,offsetting the negative impact from exchange rate movement
mainly in the second half of FY16 as well as sales decrease.

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 FY16 pre-tax and net income analysis.
 Non-operating loss was 198.7 bil. yen with 65.8 bil. yen ofbusiness restructuring expenses and 69.1 bil. yen of legal cost
related to rechargeable battery and CRT TV businesses.
Accordingly, pre-tax income amounted to 217.0 bil. yen.
 DTA (deferred tax asset) which was written off in the past on aconsolidated basis was recorded, since profit structure has been
improved by the introduction of the consolidated tax system inaddition to the improvement of profitability. This DTA recording
includes 132.8 bil. yen to Panasonic Corporation and someamounts to its consolidated subsidiaries.
 Net income attributable to Panasonic Corporation was 193.3 bil.
yen.

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7 FY16 FCF and net cash.
 FCF was 124.4 bil. yen due to company-wide project to create
cash flow, and 222.9 bil. yen excluding strategic investment
which exceeded our original target of 200.0 bil. yen.
 Cash conversion cycle was 30 days, improving 6 days y-y.
 Net cash as of March 31, 2016 decreased to 293.8 bil. yen y-y
due to yen appreciation.
 Based on our dividend policy, we will pay a year-end dividend, 1
yen over the amount we announced on February 25, 2016.

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8 FY16 result by segment.
 Sales increased only in AVC Networks. OP increased inAppliances and AVC Networks and decreased in Eco Solutions
and Automotive & Industrial Systems.

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9 FY16 sales and OP analysis by segment.
 Appliances: sales decreased, since favorable appliancebusiness was unable to offset negative impact from downsizingof TV business. OP increased due to improvement in profitabilityof high-end appliance business, and TV business which returnedto black.
 Eco Solutions: both sales and OP decreased due mainly tosluggish solar panel business.
 AVC Networks: both sales and OP increased due to strong
Vertical Solution business, offsetting sluggish sales in Mobility
and Communication businesses.
 Automotive & Industrial Systems: sales decreased due todownsizing and withdrawal of businesses and weak ICT related
business such as batteries and devices, although automotive
and industrial related businesses were favorable. OP decreased
due to weak rechargeable battery and industrial businesses.

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10 Sales and OP in six large-scale and TV BDs.
 Automotive Infotainment Systems: profit decreased due to R&D
investment increase for future growth.
 Rechargeable Battery: profit decreased due to significant sales
decrease in ICT related business such as notebook PCs.
 TV: profit returned to black for the first time in the past eight years
due to streamlining, fixed cost reduction and sales expansion withhigh-end products such as 4KTVs.

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 FY17 financial forecast.

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12 IFRS voluntary adoption.
 We will voluntarily adopt IFRS from FY17 year end as weannounced on April 28, 2015.
 US GAAP will be continued to be adopted until Q3 for financial
announcements. Meantime, since we start to adopt IFRS for ourinternal management from Q1, we will release segment and BD
financial figures in IFRS starting from Q1.
 FY17 financial forecast is based on IFRS.

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 FY17 financial forecast.
 The figures in US GAAP are also disclosed as reference. The major changes
from US GAAP to IFRS are: scope of consolidated subsidiaries, definition of
non-operating income/loss, and capitalization of part of R&D expenses.
 Consolidated group sales in FY17 which remain the same level as theprevious FY16 are expected to be 7.6 trillion yen, and consolidated groupsales in real terms excluding exchange rate effect increase 3% y-y.
 Adjusted operating profit which is mostly the same as operating profit in US
GAAP is expected to be 385.0 bil. yen, a decrease from the previous year
due to fixed cost increase for future growth.
 Other income/loss which is mostly the same as non-operating income/loss inUS GAAP is expected to significantly improve.
 As a result, operating profit is expected to increase by 79.7 bil. yen to 310.0
bil. yen and net income attributable to owners of the parent company is
expected to decrease by 14.6 bil. yen to 145.0 bil. yen.
 We will target FCF with more than 150.0 bil. yen excluding strategic
investment and positive net cash position which will change time to timealong with strategic investment. We will stay well balanced between
implementation of strategic investment and strengthening financial structure.
 Yen appreciation has further progressed from our forecasted exchange ratein this presentation, however we will try to offset the negative impact fromcurrency fluctuation to maintain the level of our forecast profit.

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 FY17 operating profit analysis both on adjusted OP and otherincome/loss in comparison with the previous fiscal year.
 As it is shown on right hand, adjusted OP is expected to decreaseby 28.2 bil. yen y-y due to significant fixed cost increase of upfront
investment in high-growth business such as automotive, housing
and solutions businesses for future growth.
 Other income/loss defined as non-operating income/loss in US
GAAP excluding interest income/loss and exchange rateincome/loss, is expected to hugely improve due to declining inbusiness restructuring expenses and legal cost which wererecorded in the previous fiscal year. Business restructuring
expenses for FY17 are expected to be 17.5 bil. yen.

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15 FY17 segment forecast.
 Adjusted OP, Other income/loss and OP are disclosed in eachsegment.
 Fixed cost increase included not only upfront investment in eachsegment but also some other investment not attributable to any
segment in elimination and adjustments in addition to investment in
PanaHome in Other category.

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16 Appliances (production and sales consolidated.) Business categories in the right-hand chart will be disclosed fromFY17. The last page shows all business categories.
 Under the business environment in the major regions, sales in realterms excluding exchange rate effect are expected to grow by 7%
y-y with sales increase in Commercial Refrigeration & Food
Equipment business by newly-consolidated Hussmann, AirConditioner business and Major Appliance business including
refrigerators and washing machines.
 Adjusted OP is expected to increase due mainly to air-conditioner
with sales increase and improving profit structure, favorable sales
in high-end consumer products in Japan, Asia and China andconsolidation of Hussmann Corp.

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17 Forecast by BD.

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18 Eco Solutions.
 Sales are expected to increase by 4% y-y in real terms excluding
exchange rate effect, led by Lighting BD and Panasonic Ecology
Systems Co., Ltd. under the business environment mentioned.
 Adjusted OP is expected to increase due mainly to sales expansion
and streamlining, offsetting negative impact from fixed cost
increase from upfront investment for business expansion including
personnel cost in remodeling and elderly-care businesses. Lighting
BD is expected to contribute to adjusted OP increase.

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19 Forecast by BD.

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 AVC Networks.
 Sales are expected to increase in all four categories, by 4% y-y inreal terms excluding exchange rate effect under the businessenvironment mentioned.
 Adjusted OP is expected to decline due mainly to Solutions businesswhere we had one-time demand increase in FY16 and upfront
investment to strengthen global business structure, while adjusted
OP is expected to increase in Mobility, Visual and Imaging andCommunication businesses with their sales expansion.

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21 Forecast by BD.

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22 Automotive & Industrial Systems.
 Sales in real terms excluding exchange rate effect are expected toincrease by 2% y-y due to favorable Energy and Factory Solutions
businesses under the business environment mentioned.
 Adjusted OP is expected to decrease due to fixed cost increase withaggressive investment on growth fields such as automotive andindustrial businesses.
 OP is expected to increase, since one-off expenses mainly for legal
and product quality issues were recorded in FY16.

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23 Forecast by BD.
 In Energy, we will continue to invest on automotive battery businesswhere the market is expected to expand to meet our customers’
demand.

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24 Forecast in six large-scale and TV BDs. We will continue todisclose figures in these BDs in FY17.
 Profitability in Housing Systems and TV is still in progress toimprove and we will continue to accelerate profit structureenhancement.
 In Rechargeable Battery, we will accelerate investment inautomotive and industrial areas where we expect growth, tomake up for negative impact from ICT market shrinkage.

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25

We would like to follow up our business policy announced on March 31, 2016.

Starting from FY17, we will divide our BDs into three business categories defined bybusiness characteristic point of view and competitiveness in order to make our best
business decision. We will explain more in detail about low profitability business out of threebusiness categories.

Low profitability businesses are defined as the ones which OPs are below 5% in FY16 andthe market is hard to expect significant growth in future.

TV, LCD panel and semi-conductor businesses are included here which we have alreadyfigured out how to improve their profitability. We have started to see the steady progress inTV business by withdrawal of unprofitable products or distribution channels and fixed cost
reduction, and will further accelerate enhancement.

Meantime, we need to improve profitability in IT and communication product businesses
which started to worsen in FY16.

In IT product business, we will re-establish our marketing strategy and strengthen productlineup in North America. In communication product business, we will work on dominatingland-line phone market and expand home network business.

In addition, in AVC Networks related business, we will figure out if we need additionalcountermeasures corresponding to further business environment changes.

Adjusted OP in FY17 is expected to improve in total of low profitability business.

Meantime, adjusted OP in high-growth business including automotive, housing and solution
businesses is expected to decrease in FY17 due to aggressive upfront investment.

We aims to achieve steady growth in sales and profit in FY19 by laying foundation for futuregrowth.

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 FY19 group financial target are restated in IFRS with OP of 450
bil. yen and net income attributable to owners of the parent
company of 250 bil. yen or more .

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27 Thank you for your cooperation.

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