FY2016 Business Policy
March 26, 2015
Panasonic Corporation

Notes: 1. This is an English translation from the original presentation in Japanese.
2. In this presentation, “fiscal 2016” or “FY2016” refers to the year ending March 31, 2016.

FY2015

1Panasonic Group FY2016 Business Policy

Copyright (C) 2015 Panasonic Corporation All Rights Reserved.

FY2015 Forecast
Expect to accomplish target in CV2015 one year ahead of schedule.
Plan to achieve OPM target in FY2016.
FY15 (e)(Yen: billions)(as of Oct. 31, 2014)

vs FY14CV2015

Sales

7,750+/-0%-Operating profit

350+15%(%)

4.5%+0.6%○≧5.0% △Net income*

175+45%-Cumulative
FCF

2 year cumulative-

≧800-

≧350

3 year cumulative

≧600-

○

*Net income attributable to Panasonic Corporation

2Panasonic Group FY2016 Business Policy

Completed Business Restructuring
Completed major part of restructuring in unprofitable businesses

3TV set/panel

Semiconductor

Shaped direction of strategy:
Divested PDP business, accelerate shifting
to other applications in LCD business

Shaped direction of strategy:
Integrated system LSI business withFujitsu

Circuit board

Mobile phone

Optical device

Divested business

Suspend B2C smartphone businessfor Japan and returned to black

Accelerate shifting to otherapplications

Air conditioner

Digital camera

Returned to black

Returned to black

Panasonic Group FY2016 Business Policy

Copyright (C) 2015 Panasonic Corporation All Rights Reserved.

FY2016 Business Strategy

4Panasonic Group FY2016 Business Policy

Towards FY2019
FY14-15

Improve ＯＰＭ

FY16

FY17

F19

OPM：
≧5％

Generate profit
by sales expansion
5FY18

Panasonic Group FY2016 Business Policy

Copyright (C) 2015 Panasonic Corporation All Rights Reserved.

Sales：
10 tri. yen

A New Panasonic

Advance to phase of sustainable growth

FY2016 Financial TargetFY15(e)FY16(e)(Yen: billions)

6vs FY15

Sales

7,750

8,000+250

Operatingprofit(%)

350(4.5%)430(5.4%)+80

Panasonic Group FY2016 Business Policy

Expand Sales and Improve Profitability in Large Scale Businesses
FY15: 6 large scale BDs* with below 5% OPM
Air-Conditioner

Lighting
Rechargeable Battery

Sales:+150 bil. yen (vs FY15)

Operating Profit:+39 bil. yen (vs FY15)*BD stands for business division.

7PanaHome

Panasonic Group FY2016 Business Policy

Copyright (C) 2015 Panasonic Corporation All Rights Reserved.

Improve Operating Profit
Sales growth, a driver of profit improvement(Yen: billions)

430(5.4%)
350(4.5%)

Sales
ＸＸＸ
growthRestructuring
benefit+80

FY15 (e)8Rationalization
etc.

FY16 (e)Panasonic Group FY2016 Business Policy

Towards FY2019
Make constant and steady progress<Sales>(Yen: trillions)

9

9.1

8.4

10.0
1.1

Devices

7.75

8.0

1.3

1.3

2.5

B2B
Solutions

1.9

2.0

2.1

Automotive

1.2

1.3

1.3

1.4

2.0

Housing

2.0

2.0

2.3

ConsumerElectronics

FY15(e)FY16(e)FY17(e)FY18(e)Panasonic Group FY2016 Business Policy

Copyright (C) 2015 Panasonic Corporation All Rights Reserved.

FY19(e)Housing BusinessHousing

Business expansion in ‘Age-free’ (elderly care), remodeling, overseas<Business strategy><Sales>(Yen: trillions)

2.0

Housing equipment, services
Accelerate increase of number of operation sites for‘Age-free’ (elderly care) business

1.4

1.3

Housing
Strive to gain No.1 market share inremodeling business

Overseas
Accelerate business in Taiwan and ASEAN countries

FY15(e)10

FY16(e)FY19(e)Panasonic Group FY2016 Business Policy

HousingFY2016 Business Strategy‘Age-free’ (elderly care)

Remodeling

Expand elderly care service with temporary stay at facility(+30 operating sites in Japan, vs FY15)

Strengthen marketing by increasing number of showrooms,
integrate prime contractor capability‘Refine’, wholly owned retailer
by ES*Integrationin April 2015

Panasonic ‘Age-Free’ service facility
in Noborito, Kanagawa pref., Japan

PanaHome Reform Co., Ltd.

- Service at showrooms for remodeling- 65 sites (+4 sites vs FY15)

Sales in FY19: 100 bil. yen (3 times vs FY15)*ES stands for Eco Solutions

11

Panasonic Group FY2016 Business Policy

Copyright (C) 2015 Panasonic Corporation All Rights Reserved.

Sales in FY19: 580 bil. yen (1.7 times vs FY15)

Automotive

FY2016 Business Strategy

Make steady progress towards 2.1 tri. yen sales in FY19
<Business strategy><Sales>(Yen: trillions)

2.1
Expect toreceive orders

1.2

ComfortDevelop new products, expand sales channels

1.3
Received orders(70% of total sales)

SafetyInvest on ADAS business

Environment
Expand competitive battery business

FY15(e)12

FY16(e)FY19(e)Panasonic Group FY2016 Business Policy

Expand Business in Strategic Regions
Locally integrate R&D, production and sales to accelerate business growth<Business strategy><Sales>(Yen: trillions)

2.7
2.2

2.0
0.6

0.6

ConsumerElectronics

0.9

AP* Asia (from April 2015)- Establish prestigious brand, ‘Japan Premium’- Expand business in target market

AP* China (from April 2015)- Capture demand in wealthy class withpremium products

FY15(e)FY16(e)FY19(e)*AP stands for Appliances.

13

Panasonic Group FY2016 Business Policy

Copyright (C) 2015 Panasonic Corporation All Rights Reserved.

10 Trillion yen Sales Target in FY2019<Sales>(Yen: trillions,% vs FY15)

ConsumerElectronics
HousingAutomotive
B 2BS olut io nsDevices

14Americas/EUJapan

Total

1.0

0.4

0.9

2.3

(+3%)

(-8%)

(+60%)(+16%)

1.6

0.1

0.3

2.0(+38%)(+329%)(+125%)(+51%)

0.7

1.1

0.3

2.1

(+37%)(+107%)(+59%)(+69%)

1.2

0.8

0.5

2.5

(+24%)(+32%)(+63%)(+33%)

0.2

0.2

0.7

1.1

(-33%)(+/-0%)(-7%)(-12%)

Panasonic Group FY2016 Business Policy

B2B Solutions BusinessYasuji Enokido, newly appointed President of AVC Networks Company,
will work based in the U.S. from April 2015

Be moreglobalized

15

Panasonic Group FY2016 Business PolicyCopyright (C) 2015 Panasonic Corporation All Rights Reserved.

Face customers in largest market
in the world to create more businessInvestment Strategy
Strategically spend 1 trillion yen towards FY2019(Yen: billions)

Strategic investment
Approx. 200

Regular Capex255
FY15(e)16

Panasonic Group FY2016 Business Policy

Copyright (C) 2015 Panasonic Corporation All Rights Reserved.

Approx.

280

FY16(e)Disclaimer Regarding Forward-Looking Statements
This presentation includes forward-looking statements (that include those within the meaning of Section 21E of the U.S. Securities Exchange Act of 1934) about
Panasonic and its Group companies (the Panasonic Group). 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 theinformation currently available to it, and involve known and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors may cause thePanasonic Group's actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements orfinancial position expressed or implied by these forward-looking statements. Panasonic undertakes no obligation to publicly update any forward-looking statements
after the date of this presentation. Investors are advised to consult any further disclosures by Panasonic in its subsequent filings under the Financial Instrument andExchange 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 from businessand 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 and certain othertransactions 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 and changing consumer
preferences with timely and cost-effective introductions of new products in markets that are highly competitive in terms of both price and technology; the possibility ofnot achieving expected results on the alliances or mergers and acquisitions; the possibility of not being able to achieve its business objectives through joint venturesand other collaborative agreements with other companies, including due to the pressure of price reduction exceeding that which can be achieved by its effort anddecrease in demand for products from business partners which Panasonic highly depends on in BtoB business areas; the possibility of the Panasonic Group not
being able to maintain competitive strength in many product and geographical areas; the possibility of incurring expenses resulting from any defects in products orservices of the Panasonic Group; the possibility that the Panasonic Group may face intellectual property infringement claims by third parties; current and potential,
direct and indirect restrictions imposed by other countries 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; future changes or revisions to accounting policies or accounting rules; as well as natural disasters including earthquakes, prevalence ofinfectious diseases throughout the world, disruption of supply chain and other events that may negatively impact business activities of the Panasonic Group. Thefactors listed above are not all-inclusive and further information is contained in the most recent English translated version of Panasonic’s securities reports under theFIEA 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 other Japanesecompanies. 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 of income.

(Reference)

Segments and Business Divisions

Appliances

AVC Networks

Automotive & Industrial Systems

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 BD
Home Entertainment BD
TV BD
Panasonic Cycle Technology Co., Ltd.
Smart Energy System BD

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 Infotainment Systems BD
Automotive Electronics Systems BD
Rechargeable Battery BD
Panasonic Storage Battery Co., Ltd.
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

Eco Solutions

Other

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

PanaHome Corporation

Copyright (C) 2015 Panasonic Corporation All Rights Reserved.

As of April 1, 2015