 This presentation gives Panasonic’s new Mid-term strategy.

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 First, a review of the previous three-year period.

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For the previous three years, we have aimed at achieving
continuous sales and profit growth, mainly through our automotiverelated business.
However, as indicated in the graph on the right side, although weincreased sales in FY19, profit generated from business ended farbelow our initial forecast.

With High-growth business, sales grew but profit struggled to grow.
R&D expenses significantly increased for Automotive, and welacked the ability to address various risks associated with the rapid
production expansion in automotive cylindrical batteries.

With Stable-growth business, profitability was weak for consumer
electronics outside of the Japan and China markets. For housing,
the sales mix weakened due to less-than-expected growth of new
construction orders for detached houses.

With Low-profitable business, we lacked the sense of speed
needed to carry out structural reforms.

For FY20, we continue to expect decreased profit.
Hence, during the three years of the new Mid-term strategy,
it is important for us to take initiatives to overcome low profitabilityand return to a growth track.

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2 Now I will explain the new Mid-term strategy.

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These are the three major points of the new Mid-term strategy.

First, executing portfolio management.

Based on what we have learned from the previous three-year
period, and considering the megatrends and social issues, we will
set new business classifications. Our aim is to achieve both profit
growth and improved profitability by transcending the boundariesof the Company and organizations.

Second, thoroughly strengthening our management structure.

To achieve an efficient and competitive management structure,
we will take measures, such as reducing fixed costs, toward100.0 yen billion of profit contribution.

In addition, we will thoroughly carry out selection andconcentration of businesses.

Third, aiming toward “Lifestyle Updates.”

We will transform Panasonic into a company that achieves“Lifestyle Updates,” reflecting ongoing social transformation.

Copyright (C) 2019 Panasonic Corporation All Rights Reserved.

4First, I will explain the revision of our portfolio management.

We have been carrying out our growth strategy based on theprinciple of using our own resources, under the categories of“High-growth,” “Stable-growth,” and “Low-profitable” businesses.

However, for High-growth businesses, sales expanded, but wefaced issues of profit not increasing in step with the sales growth.

In addition, for certain Stable-growth businesses,competitiveness weakened, and we are facing difficulties insustainably generating profits.

Based on this situation, for the new Mid-term, we will redefine
the businesses that drive growth, in addition to enhancing
competitiveness through collaboration with others, without
limiting our options to the approach of utilizing only theCompany’s own resources.

Specifically, we will execute portfolio management with theclassifications of “Core growth business,” “Revitalization
business,” and “Co-creation business.”

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For “Core-growth business,” the Company will prioritize
resources to expand solution-type businesses to help thesebusinesses drive profit growth.

Automotive-related businesses, which are seeing low
profitability, will be defined as “Revitalization business.”
We will focus on areas where we have advantages in terms ofcustomers and products and intensively work on improving
profitability.

Consumer electronics and housing businesses, where we canexert our strengths such as brand power, will be classified as“Co-creation business.” We aim to raise profitability byenhancing competitiveness through regional- and businesslevel collaboration.

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6This slide shows how we position the “Core growth business.”

In recent years, various social issues have arisen along withmegatrends and changes in society, such as urbanization andthe declining working-age population.

Our “Core growth business” is an area where we can make direct
or indirect contributions to solving social issues and also where
we can leverage our competitive advantage.

With “Spatial Solutions,” we will offer comfort for spaces related
to people’s everyday lives, such as the office, various facilities,and the town.

With “Gemba Process,” we will offer solutions that innovate theGemba (operational frontlines) of our B2B customers, such as
improving productivity at the workplace.

With “Industrial Solutions,” we will support the technologicalevolution expected to resolve social issues with our competitive
devices at the core.

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Next, the growth strategy of Core growth business.

With “Spatial Solutions,” we will strengthen our capabilities for BIM,which is expected to become the mainstream in the constructionindustry. We will combine BIM with products in which we haveadvantages, such as electrical construction materials and lighting. In
this way, we will expand our solutions business to cover a wide range,from design to maintenance and operations.

With “Gemba Process,” we aim to innovate ways our customers“produce, transport and sell.” We will offer integrated solutions throughcollaboration in areas such as software, in addition to utilizing ourexpertise in manufacturing knowhow and robotics. And we intend tolaunch these recurring-type businesses in a horizontal manner, thus
reusing successful business models for other customers.

With “Industrial Solutions,” we will exploit megatrends such as theexpanding information and communications infrastructure
to increase top-market-share products with competitive devices,
as well as to offer the most suitable solutions to our customers byexpanding systems/module products.

For each of the Core growth businesses, we will also consider othermeans to strengthen our organizational capabilities, like M&A, in areas
such as software.

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8This slide shows EBITDA of Core growth business.

Going forward, we will put emphasis on EBITDA for thesebusinesses, as a cash flow indicator that represents return on
investment and a way to evaluate increases in corporate value.

In FY20, we expect approximately 390.0 billion-yen EBITDA forCore growth business, which accounts for about 70% of theCompany total. For FY22, we aim to add about 100.0 billion yen
in profit growth.

We have seen EBITDA margins transition at around the 10%
level for the past three years, and we aim for the same levelgoing forward.

Since the Core growth businesses are expected to drive theCompany-wide profit growth, we will monitor the growth strategy
progress according to the KPIs shown on this slide.

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Next, automotive-related businesses, classified as“Revitalization.”

For Automotive Solutions and automotive cylindrical battery
businesses, where profit is sluggish, I will take the lead inradically rebuilding the business and improving profit.

For Automotive Solutions, first, to thoroughly control R&D
expenses, we will optimize R&D resources by region and byproduct.

For automotive cylindrical batteries, we will thoroughly improve
productivity to gain return on investment.

On the other hand, for automotive prismatic batteries, as a way
to take up the challenge of gaining a new business model,
we established a joint venture with Toyota Motor Corporation.
In this new organization, we will integrate the two companies’
strengths and achieve a stable supply of competitive batteries tovarious automakers.

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Now, I will explain our “Co-creation business.”

In this business classification, we aim to improve profitability byenhancing competitiveness through co-creation in regions andwith external partners.

For consumer electronics, we will enhance competitiveness,including cost competitiveness. Through the establishment ofChina & Northeast Asia Company, we can combine the strengths
of Japan and China to a further extent.

Looking to the future, the expertise refined from the Japan andChina businesses can be leveraged in other Asian businesses
as well.

Regarding our housing business, we have announced today theestablishment of another joint venture with Toyota Motor
Corporation related to the town development business.
This is one example of our Co-creation initiative with partners
from outside Panasonic.

Through this collaboration based on the establishment of a newcompany, we aim to create new value of living in an entire town
by integrating Toyota’s initiatives toward mobility service andPanasonic’s initiatives toward “Lifestyle updates.”

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11In addition to the portfolio management I have already explained,
we will also work to thoroughly enhance our management
structure.

Specifically, we will work on reducing fixed costs by taking radical
measures with loss-making businesses and improving efficiency
in indirect operations. In three years, we aim for 100.0-billion-yen
profit contribution Company-wide.

For all businesses, we will accelerate selection and concentration.
The profitability forecast and other indicators will be continuously
monitored, and swift action will be taken if a certain businessshould withdraw, or if a certain business is likely to achieve bettergrowth outside the scope of Panasonic.

For the senior management structure, we will clarify
responsibilities for Company-wide management and move towarda flexible business-execution structure.

The timeframe to make this happen is around October 2019.

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Here are the management KPIs going forward.

For FY2022, which is the final year of the new Mid-term, andonwards, Panasonic will aim towards Company-wide managementthat can stably achieve the following targets;
for Core growth business, the goals are an EBITDA growth rate of
5–10% and an EBITDA margin of 10% or more, as well as aCompany-wide ROE target of 10% or more.

In particular, we aim to raise overall corporate value by increasing
the amount of profit mainly from Core growth business.

In terms of capital allocation, the necessary capital to achieve theMid-term strategy will come from cash flow generated frombusiness.

However, we will respond flexibly when investment opportunities
arise before sufficient cash flow can be generated from business.

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13Finally, I will explain our aim toward “Lifestyle Updates.”Panasonic’s “Lifestyle Updates” is to offer contributions throughB2B businesses supporting people’s everyday lives, in addition toB2C businesses.

Here, we want to continue to offer products and services that are“most suitable” for each customer, both individual and corporate.

For the coming three-year period, we will focus on evolving withsolutions-type business models in the Core growth business,
which mainly comprises B2B business areas.

By building on the initiatives I’ve described, we aim to transform
Panasonic into a company that will achieve “Lifestyle Updates”
in the future.

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14 Thank you for your kind attention.

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