Fiscal 2016 First Quarter
Financial Results
July 29, 2015
Panasonic Corporation
Notes: 1. This is an English translation from the original presentation inJapanese.
2. In this presentation, “fiscal 2016” or “FY2016” refers to the year
ending March 31, 2016.

Summary of FY16 1Q Results

S a l e s : Increased, in particular in automotive- and industrials-use, andsolutions business. Yen depreciation also helped overall sales
improvement.

O

P : Decreased due mainly to slower recovery in the housing market in
Japan. However, profits in industrial-use and solutions business
improved.



Net income* : Increased due mainly to reduction in non-operating expenses.

Six Large scale BDs : As planned with the exception of housing-related businesses.
* Net income attributable to Panasonic Corporation

2Fiscal 2016 First Quarter Financial Results

Copyright (C) 2015 Panasonic Corporation All Rights Reserved.

FY16 1Q Financial Results(yen: billions)(1Q = Apr. to Jun.)

FY16 1Q

1,857.8

Sales
Operating profit
Pre-tax income
Net income *1 US dollar

1,852.3

76.6

82.3

(4.1%)(4.4%)

72.7

55.1(3.9%)(3.0%)±0%(-5%)*+5.5-7%-5.7+32%+17.6+57%

+21.6

59.5

37.9(3.2%)(2.0%)

121 yen

102 yen* Local currency basis excluding the effects of134 yen

140 yen** Net income attributable to Panasonic Corporation

19.56 yen

16.40 yenexchange rate (unreviewed）

Exchange
1 Eurorates
1 Renminbi

3

FY15 1Q

vs. FY15 1Q/
difference

Fiscal 2016 First Quarter Financial Results

FY16 1Q Sales Analysis by Region (vs. FY15 1Q)
yen basis(yen: billions)
1,857.8

1,852.3
ChinaEuropeJapanFY151Q
4Asia

Americas＋ 5.5 (±0%)

Fiscal 2016 First Quarter Financial Results

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FY161Q

FY16 1Q Sales Analysis by Region (vs. FY15 1Q)
local currency basis(yen: billions)Exchangerate effects

1,852.3

1,857.8+104.3
JapanAmericas

EuropeAsia

China

FY151Q
5FY161Q＋ 5.5 (±0%)

Fiscal 2016 First Quarter Financial Results

FY16 1Q Operating Profit Analysis (vs. FY15 1Q)
82.3(yen: billions)

Salesdecrease*(real terms)- 20.0Streamlining/Fixed cost* price declines- 2.2

FY151Q

Restructuringimpact

4.59.0- 5.7* Real impact excluding withdrawn businesses

6Fiscal 2016 First Quarter Financial Results

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3.0

76.6

Exchangerateeffects

FY161Q

FY16 1Q Pre-tax and Net Income Analysis(yen: billions)(1Q = Apr. to Jun.)

FY16 1Q
Operating profit

76.6

-5.7

Non-operating income / loss *-3.9+23.3

Pre-tax income

72.7+17.6

Provision for income taxes

11.3

-3.7

Equity in earnings of associated companies

4.3+2.3

Net income

65.7+23.6

6.2+2.059.5+21.6-4.8+1.4

Less net income attributable tononcontrolling Interests
Net income attributable to Panasonic
Corporation* Detail of non-operating income / loss
Business restructuring expenses
7vs. FY15 1Q

Fiscal 2016 First Quarter Financial Results

FY16 1Q Results by Segment(1Q = Apr. to Jun.)(yen: billions)

FY16 1Q
Sales

vs. FY15 1Q

vs. FY15 1Q

OPAppliances

599.0

-3%

23.8-7.2

Eco Solutions

370.2

-4%

9.2

-7.0

AVC Networks

271.2

+5%

5.1+8.2

Automotive & Industrial
Systems

696.6

+2%

28.5+7.4Other

123.1

-14%

-5.2

-3.2

Eliminations and adjustments-202.3

-15.2

-3.9

Consolidated total

1,857.8

±0%

76.6

-5.7

655.4

-2%

21.4

-11.0

Appliances (production andsales consolidated) *• The figures in "Appliances (production and sales consolidated)" include the sales and profits of sales division forconsumer products, which are included in “Eliminations and adjustments."

8Fiscal 2016 First Quarter Financial Results

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Results by segment

Appliances (production and sales consolidated)＜FY16 1Q＞

(yen: billions)

667.2

Sales

Sales

(-2%)

655.4

 Sales in TV business were down

DOWN  Sales in appliances werefavorable
32.4

OP
(%)

21.4

(4.9%)(3.3%)

Operating profit
 Impacted by sales decreases

DOWN  Suddenly worsened due toFY151Q
9FY161Q

exchange rate fluctuations

Fiscal 2016 First Quarter Financial Results

Appliances, Individual businesses(production and sales consolidated)
Air-conditioner businessTV business(yen: billions)

(+2%)
Sales

157.4

160.8
115.1

OP
(%)

15.0

15.4

(9.5%)(9.6%)

81.7
1.0FY151Q
10FY161Q(-29%)-3.04(0.9%)(-3.7%）FY151QFY161Q

Fiscal 2016 First Quarter Financial Results

Copyright (C) 2015 Panasonic Corporation All Rights Reserved.

Results by segment

Eco Solutions＜FY16 1Q＞

(yen: billions)

Sales
Sales

(-4%)

384.4

370.2

16.2

OP
(%)

DOWN

(2.5%)

 Due to sales decreases, product

DOWN
FY151Q
11housing market in Japan

Operating profit

9.23(4.2%)

 Due mainly to slower recovery in

FY161Q

price declines and negative impactof exchange rate fluctuations

Fiscal 2016 First Quarter Financial Results

Eco Solutions, Individual businesses
Lighting BD

Housing Systems BD(yen: billions)(+2%)

12Sales

69.9

71.5

OP
(%)

-0.90.7(-1.2%)(0.9%)FY151QFY161Q

91.1(-10%)

82.5
2.3

1.3

(2.5%)(1.6%)FY151QFY161Q

Fiscal 2016 First Quarter Financial Results

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Results by segment

AVC Networks＜FY16 1Q＞

(yen: billions)

Sales

(+5%)
Sales

257.7

UP
増収271.2

 Mainly in the Vertical Solution

and Visual and ImagingBusinesses
Operating profitOP(%)

5.1-3.1(-1.2%)

FY151Q
13(1.9%)FY161QUP Due to sales increases* Consisting BDs- Vertical Solution Business : Avionics BD, Infrastructure Systems BD- Visual & Imaging Business : Imaging Network BD, Security Systems BD, Visual Systems BD

Fiscal 2016 First Quarter Financial Results

Results by segment

Automotive & Industrial Systems (AIS)＜FY16 1Q＞

(yen: billions)

(+2%)
Sales

682.7

Sales696.6

 For automotive- and industrial-useUPOP(%)

21.1

28.5

Operating profit(4.1%)

 R&D cost increases mainly in(3.1%)

UP
FY151Q
14FY161Qsuch as automotive electronics,
LCD panels and FA businessautomotive-use were offset by
rationalization in materials and fixedcost reductions

Fiscal 2016 First Quarter Financial Results

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AIS, Individual businesses
Rechargeable Battery BD *Automotive Infotainment Systems BD(yen: billions)

(+3%)
Sales

OP(%)

126.8

6.4(5.0%)

FY151Q

130.9

(-3%)

84.9

3.6

0.6

0.8(0.7%)(1.0 %)FY151QFY161Q

(2.7%)FY161Q

82.4* Rechargeable Battery BD + Tesla BU

15Fiscal 2016 First Quarter Financial Results

Sales and OP in Six Large Scale BDs(yen: billions)

FY16 1Q
SalesAir-Conditioner*１vs. FY15%

OP

vs. FY15

160.8

+2%

15.4

9.6%

+0.4

Lighting

71.5

+2%

0.7

0.9%

+1.5

Housing Systems

82.5

-10%

1.3

1.6%

-1.0

Automotive Infotainment
Systems

130.9

+3%

3.6

2.7%

-2.8

82.4

-3%

0.8

1.0%

+0.2

PanaHome

64.4

-7%

-1.7

-2.6%

-1.8

Total of six BDs

592.5

-1%

20.1

3.4%

-3.5

Rechargeable Battery*２*1: Air-Conditioner Company + its sales division (production & sales consolidated)*2: Rechargeable Battery BD + Tesla BU

16Fiscal 2016 First Quarter Financial Results

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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). To the extent thatstatements in this presentation do not relate to historical or current facts, they constitute forward-looking statements. These forward-looking statements are basedon 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. Such risks, uncertainties and other factors may cause the Panasonic Group's actual results, performance, achievements orfinancial position to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-lookingstatements. Panasonic undertakes no obligation to publicly update any forward-looking statements after the date of this presentation. Investors are advised toconsult any further disclosures by Panasonic 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 ofthe 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.

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(Reference)

Segments and Business Divisions

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

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

AVC Networks
Imaging Network BD
Storage BD
Visual Systems BD
Avionics BD
IT Products BD
Security Systems BD
Communication Products BD
Office Products BD
Infrastructure Systems BD
System Solutions Company (Japan)

Automotive & Industrial Systems
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

OtherPanaHome Corporation

As of July 29, 2015

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