Panasonic Sets Terms and Conditions for Its Domestic Unsecured Straight Bond Issues

Panasonic Corporation (NYSE:PC)(TOKYO:6752)("Panasonic") announced that the company today determined terms and conditions for the issues of unsecured straight bonds in Japan in the aggregate principal amount of 500 billion yen. The basic terms for these domestic unsecured straight bond issues had been approved at Panasonic's board meeting of February 2, 2011.

Panasonic decided to issue the bonds in three series, with maturities of two (2), five (5) and seven (7) years, respectively.

The terms and conditions for each series – namely Panasonic's Ninth, Tenth and Eleventh Series of Unsecured Straight Bonds – are set as follows:

(Notes)

• Panasonic intends to use the proceeds from the bond issues to repay short-term interest-bearing debt.
• Panasonic set up a shelf registration for the issue of bonds with the maximum possible amount of 500 billion yen on February 2, 2011.

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(This press release does not constitute an offer of securities in the United States. The securities referred to above have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.)