Panasonic Code of Conduct

Ever since the founding of our company, we have consistently maintained a strong commitment to contributing to society through our business activities, based on the firm belief that a "company is a public entity of society." I believe that throughout our history, our products and business activities have made steady progress thanks to the great efforts made by all of our employees who have steadfastly carried out our Management Philosophy. No matter what age we live in, the most important thing for all employees of Panasonic is to constantly develop a better understanding of our Management Philosophy and take the initiative in implementing it.

Currently, we are witnessing radical changes in social demands and expectations for enterprises. In addition to supplying products of excellent quality and performance, while observing laws and regulations of individual countries concerned, enterprises are expected to fulfill their corporate social responsibilities in diverse areas, ranging from global environmental preservation to product safety, labor environment, human rights protection, risk management and corporate citizenship activities. Any enterprise engaged in global businesses must maintain high ethical values and conduct its day-to-day business activities accordingly.

At Panasonic, we must work to respond to such changing social demands and expectations through our daily efforts to carry out our Management Philosophy. To this end, each of us must sharpen our sensitivity to precisely grasp social demands and act according to what we believe is right. In other words, we must develop and apply what is called a "Corporate Conscience" that goes beyond laws and rules.

Today we have changed our company name to Panasonic Corporation. Panasonic has also become our unified brand name for all our products and services. It is my sincere hope that on this special occasion, all employees will renew their resolve and combine their efforts to achieve Global Excellence and realize a truly Global Panasonic by being fully prepared to integrate all the business activities into Panasonic.

This "Panasonic Code of Conduct," which embodies our Management Philosophy, presents practical guidelines for employees' day-to-day activities. I strongly ask each of you to consider the Panasonic Code of Conduct as your guiding principle and to conduct your daily business in compliance with the Panasonic Code of Conduct.

October 1, 2008

Fumio Ohtsubo
President
Panasonic Corporation