Headquarters News

FOR IMMEDIATE RELEASE

Media Contacts:                Investor Relations Contacts:

Akira Kadota (Japan)           Kazuo Sasaki (Japan)
International PR               Investor Relations 
(Tel: +81-3-3578-1237)         (Tel: +81-6-6908-1121)

Panasonic News Bureau (Japan)  Yoichi Nagata (U.S.)
(Tel: +81-3-3542-6205)         Panasonic Finance (America), Inc.
                               (Tel: +1-212-698-1362)
Jim Reilly (U.S.)
(Tel: +1-201-392-6067)         Hiroko Carvell (Europe)
                               Panasonic Finance (Europe) plc
Anne Guennewig (Europe)        (Tel: +44-20-7562-4400)
(Tel: +49-611-235-457)

Panasonic Issues Straight Bonds

Osaka, Japan, December 19, 2008 - Panasonic Corporation (Panasonic [NYSE symbol: PC]) announced that its Board of Directors today resolved to issue straight bonds. Panasonic will offer the bonds in order to secure financial requirement for expanding its business.

An outline of the issuance of bonds is as follows:

1. Type of Securities: Unsecured Straight Bonds
2. Amount: Up to 400,000,000,000 yen (The issuance may be made more than once.)
3. Period of Issuance: After January 2009
4. Offering Method: Public Offering in Japan (planned)
5. Purpose of Funding: Capital expenditures, purchases of investment securities including M&A and working capital

Details of the issuance of bonds, including the total amount of bonds, offering price, interest rate, maturity and date of issue, will be determined in the later stage.