Fiscal 2016 Second Quarter andSix Months Financial Results
October 29, 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.
In addition, “fiscal 2016 six months” or “FY16 6M” refer to the period from April to September 2015.

2Q (July to Sept.) Consolidated Financial Results
 Sales : Increased in solution businesses andwhite goods
Positive impact of exchange rate movements
contributed to sales increase O P : Improved significantly led by sales increases ingrowing businesses and strengthening
profitability structure
Achieved OP increase even in the 1H (Apr. toSept.)
2Fiscal 2016 Second Quarter and Six Months Financial Results

Copyright (C) 2015 Panasonic Corporation All Rights Reserved.

FY16 2Q Results (July to Sept.)(yen: billions)

FY16 2Q

1,902.6

Sales
Operating profit

123.9

94.7

(6.5%)(5.1%)+2%+32.0(-3%)*(-50.3)*

+31%

+29.2

+37%

+24.6

+20%

+8.8

91.4

66.8
(3.6%)

51.8

43.0(2.7%)(2.3%)

1 US dollar

122 yen104 yen * Real terms excluding the effects of exchange rates (unreviewed）

1 Euro136 yen138 yen19.31 yen

16.85 yen

Net income **1 Renminbi

3

1,870.6(4.8%)

Pre-tax income

Exchangerates

vs. FY15 2Q/difference

FY15 2Q** Net income attributable to Panasonic Corporation

Fiscal 2016 Second Quarter and Six Months Financial Results

FY16 Six Months Results (Apr. to Sept.)(yen: billions)

FY16 6M

3,760.4

Sales
Operating profit
Pre-tax income

200.5

177.0

(5.3%)(4.8%)

164.1

121.9

(4.4%)(3.3%)+1%+37.5(-4%)*(-149.1)*+13%+23.5+35%

+42.2

+38%

+30.4

111.3

80.9(2.2%)

1 US dollar

122 yen103 yen* Real terms excluding the effects of exchange rates (unreviewed）

1 Euro135 yen139 yen** Net income attributable to Panasonic Corporation

19.44 yen

16.63 yen

1 Renminbi

43,722.9(3.0%)Net income **Exchangerates

vs. FY15 6M/
difference

FY15 6M

Fiscal 2016 Second Quarter and Six Months Financial Results

Copyright (C) 2015 Panasonic Corporation All Rights Reserved.

FY16 2Q Sales Analysis by Region (vs. FY15 2Q)(yen: billions)Exchangerate effects

1,870.6

JapanAmericas

Europe1,902.6

Asia
China+82.3

FY152Q
5＋ 32.0 (+2%)

FY162Q

Fiscal 2016 Second Quarter and Six Months Financial Results

FY16 2Q Operating Profit Analysis (vs. FY15 2Q)(yen: billions)Streamlining/
Fix cost *price declines/
reductionchanges inbusiness structure
1.7

94.7

Sales *decrease(real terms)

Businesswithdrawal/
scale down

20.0

123.9
4.0
Exchange rateeffects

4.5

- 1.0

FY152Q
6＋29.2* Real impact excluding business withdrawal / scale down

Fiscal 2016 Second Quarter and Six Months Financial Results

Copyright (C) 2015 Panasonic Corporation All Rights Reserved.

FY162Q

FY16 2Q Sales and OP Analysis by Business (vs. FY15 2Q)(yen: billions)

Sales＋ 32.0 (+2%)

1,902.6

1,870.6

Business withdrawal/ scale downTVbusiness

6 BDs

Other businesses

Exchangerate effects

123.9

Operating profit

94.7＋ 29.2

FY152Q7

FY162Q

Fiscal 2016 Second Quarter and Six Months Financial Results

FY16 2Q Pre-tax and Net Income Analysis(yen: billions)

FY16 2Q
Operating profit

123.9+29.2

Non-operating income / loss *-32.5-4.6

Pre-tax income

91.4+24.6

Provision for income taxes

37.1+15.2

Equity in earnings of associated companies

3.9+0.8

Net income

58.2+10.2

6.4+1.4

51.8

+8.8

-7.2-1.7

Less net income attributable tononcontrolling Interests
Net income attributable to Panasonic
Corporation* Detail of non-operating income / loss
Business restructuring expenses
8vs. FY15 2Q

Fiscal 2016 Second Quarter and Six Months Financial Results

Copyright (C) 2015 Panasonic Corporation All Rights Reserved.

FY16 2Q Results by Segment(yen: billions)

FY16 2QSales

vs. FY15 2Q

vs. FY15 2QOPAppliances

572.9

-1%

19.7+10.8

Eco Solutions

402.1

-1%

21.2

-4.4

AVC Networks

299.6

+9%

26.8

+19.8

Automotive & Industrial
Systems

690.0

-2%

32.6

-4.3

Other

157.1

+2%

6.2

+2.3

Eliminations and adjustments-219.1

-17.4

+5.0

Consolidated total

1,902.6

+2%

123.9

+29.2

618.2

+1%

18.2

+10.5

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."

9Fiscal 2016 Second Quarter and Six Months Financial Results

Results by segment

Appliances (production and sales consolidated)
Sales
UP(yen: billions) Sales decrease in TV business were offset by favorable
sale in refrigerators and washing machines etc.

Operating profit

(+1%)
Sales

611.5

618.2

UP

 Negative impact of exchange rate movements was offset
by sales increases

SalesOP(%)

7.7(1.3%)

FY152Q

18.2(2.9%)

FY162Qvs. FY15

Air-conditioner business *108.3+2%+2.4

TV business *87.2-15%-15.9

Refrigerator BD+3.3

38.1

+10%

Laundry Systems & Vacuum Cleaner BD

54.1+12%+5.7

Cold Chain BD

26.0+1%+0.1

Segment total *618.2+1%+6.6* production and sales consolidated

10

FY16 2Q
16/15

Fiscal 2016 Second Quarter and Six Months Financial Results

Copyright (C) 2015 Panasonic Corporation All Rights Reserved.

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

TV business

(+2%)

108.3

105.8

103.1(-15%)

87.2
SalesOP(%)

110.6

0.7-2.2

0.5(0.5%)(0.6%)(-2.1%)(0.6%)FY152QFY162QFY152QFY162Q

Fiscal 2016 Second Quarter and Six Months Financial Results

Results by segment

Eco Solutions
Sales / Operating profit(yen: billions)

(-1%)
Sales

406.0

OP
(%)

25.6

402.1

DOWN  Both sales and OP were down due mainly to sales
decline in Solar business

FY16 2Q(6.3%)FY152Q
12Sales

16/15

vs. FY15

Lighting BD

77.8

+3%

+2.1

Energy Systems BD

94.7

-9%

-9.2

Housing Systems BD

89.6

-1%

-1.0

Panasonic Ecology Systems Co., Ltd.

37.0+3%+1.1

Segment total

402.1-1%-3.9

21.26(5.3%)

FY162Q

Fiscal 2016 Second Quarter and Six Months Financial Results

Copyright (C) 2015 Panasonic Corporation All Rights Reserved.

Eco Solutions, Individual businesses
Lighting BD

Housing Systems BD(-1%)(yen: billions)
Sales

OP(%)

2.9

4.1

(3.8%)(5.2%)FY152QFY162Q

4.0

2.2(2.5%)(4.4%)FY152QFY162Q

Fiscal 2016 Second Quarter and Six Months Financial Results

Results by segment

AVC NetworksUPSales
 Vertical Solution Business led to overall sales
increase
Operating profit

UP Increased significantly due to sales growth(yen: billions)

(+9%)
Sales

89.6

77.8

75.7

1390.6(+3%)

273.9

299.6

FY16 2Q
SalesOP(%)

7.0

vs. FY15

50.6+10%+4.6

26.8

Visual and Imaging Business

75.3+11%+7.4(9.0%)

Communication Business

36.8-6%-2.2

Vertical Solution Business

91.2+33%+22.5

Segment total

299.6+9%+25.7(2.6%)

FY152Q
1416/15

Mobility Business

FY162Q・Mobility Business: IT Products BD, Storage BD
・Visual and Imaging Business : Imaging Network BD, Security Systems BD, Visual Systems BD
・Communication Business: Office Products BD, Communication Products BD
・Vertical Solution Business: Avionics BD, Infrastructure Systems BD

Fiscal 2016 Second Quarter and Six Months Financial Results

Copyright (C) 2015 Panasonic Corporation All Rights Reserved.

Results by segment

Automotive & Industrial Systems (AIS)
Sales(yen: billions)

703.5

Sales

DOWN

(-2%)

690.0

Operating profit
DOWN

32.6

(5.2%)(4.7%)FY152Q
15■ Due to sales decrease in FA business and R&D cost increases
mainly in automotive business

Sales36.9OP(%)■ Due to termination of some businesses andsales decline in FA business■ Sales increased in automotive electronics and LCD panels

FY162Q

FY16 2Q
16/15

vs. FY15

Automotive Business

173.0+5%+8.9

Energy Business

137.3+3%+3.7

Industrial Business

214.0

-4%

-8.6

Factory Solutions Business

77.0

-10%

-8.5

Segment total

690.0

-2%

-13.5

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

Fiscal 2016 Second Quarter and Six Months Financial Results

AIS, Individual businesses
Automotive Infotainment Systems BD(yen: billions)
Sales

128.4

OP(%)

(4.7%)

6.0

FY152Q

Rechargeable Battery BD *(+4%)

133.4

(±0%)

89.1

3.1
(2.4%)

FY162Q

2.0(2.2%)

FY152Q89.40.3(0.3%)

FY162Q* Rechargeable Battery BD + Tesla BU

16Fiscal 2016 Second Quarter and Six Months Financial Results

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Sales and OP in Six Large Scale BDs(yen: billions)
FY16 2Q
Sales
Air-Conditioner

vs. FY15

OP%

vs. FY15

108.3

+2%

0.7

0.6%

+0.1

Lighting

77.8

+3%

4.1

5.2%

+1.2

Housing Systems

89.6

-1%

4.0

4.4%

+1.8

Automotive Infotainment
Systems

133.4

+4%

3.1

2.4%

-2.8

Rechargeable Battery *２

89.4

±0%

0.3

0.3%

-1.8

PanaHome

98.6

+19%

6.4

6.5%

+2.2

Total of six BDs

597.1

+4%

18.6

3.1%

+0.7

*１

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

17Fiscal 2016 Second Quarter and Six Months Financial Results

Copyright (C) 2015 Panasonic Corporation All Rights Reserved.

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 generallyaccepted 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.

(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 BD
Home 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 October 29, 2015

Copyright (C) 2015 Panasonic Corporation All Rights Reserved.