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Panasas Reports Record Growth Across Europe, Year-to-Date

Unprecedented Revenue Garnered in Financial, Manufacturing, Energy, and Academic Research Sectors; Growth in Emerging Markets Helped Drive Success

London, England. November 7, 2011 – Panasas, Inc., the leader in high performance parallel storage for technical computing applications and big data workloads, today announced it has realized dramatic revenue increases across the Europe, Middle East, and Africa (EMEA) region. The company saw 52 percent revenue growth in EMEA during the first three quarters of 2011, compared to the same period last year. Third quarter revenue registered a 168 percent increase compared to 2010.

”In 2011, we focused on expanding our product portfolio and building our regional infrastructure to strengthen our worldwide footprint,” said Faye Pairman, president and chief executive officer of Panasas. “As we turn our sights to delivering high performance scale-out NAS products to the broader commercial market, we anticipate continued success in all of our key verticals and global regions.”

High demand for the Panasas ActiveStor 12 high performance parallel storage appliance drove growth across all vertical segments in EMEA. The company saw 56 percent year-over-year growth in the energy sector while manufacturing grew by 60 percent. The region’s financial sector fueled the most notable growth at nearly 340 percent. Panasas attributes its success in this sector to the proven advantages its parallel storage systems offer over traditional scale-out NAS for the extreme performance requirements of major financial institutions, many of which have European headquarters.

Revenue from advanced research institutes recorded close to 200 percent year-over-year growth despite the tough economic climate that is forcing many research facilities to cut IT budgets aggressively. Panasas storage provides the extreme performance, scalability, and ease of management these institutions require to consolidate their storage and to deliver results quickly and economically, as demonstrated by the recently announced ALICE supercomputing project at the University of Leicester.

“We’ve worked hard this year to build the team that is championing this expansion into new geographies. The resulting growth across a broad range of industries in the region is evidence that our work is paying off,” said Anthony Yeates, vice president of sales for EMEA. ”Our PanFS parallel file system and ActiveStor 12 high-performance storage appliance have helped drive big wins in the largest, most established European markets as well as the emerging Eastern European and Middle East markets. This broad acceptance of our products will assure our long-term growth and health in this important region.”

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About Panasas

Panasas, Inc., the leader in high-performance parallel storage for technical computing applications and big data workloads, enables customers to rapidly solve complex computing problems, speed innovation and accelerate new product introduction. All Panasas storage products leverage the patented PanFS™ storage operating system to deliver superior performance, data protection, scalability and manageability. Panasas systems are optimized for demanding storage environments in the bioscience, energy, finance, government, manufacturing, and university markets. For more information, visit www.panasas.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, among others, statements concerning our future financial performance, our ability to maintain and control costs, the effectiveness of our business strategies, market share opportunities, and reception of our value proposition, as well as demand for and adoption of our technologies in our customer markets. These statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to be materially different from any future results expressed or implied by the forward-looking statements. Forward-looking statements are based on management's current, preliminary expectations and are subject to various risks and uncertainties, including: the potential for slower than expected growth of the storage market or in customer adoption of our storage solutions, particularly in light of substantial uncertainty about macroeconomic trends in the United States and globally, and their potential impact on information technology spending; the impact of competitive conditions.

Media Contact:

Zoe Mitchell – Account Manager, Napier Partnership Ltd.

zoe@napier.co.uk

+44 (0) 1243 531123

 Panasas, the Panasas logo, ActiveStor, and PanFS are trademarks or registered trademarks of Panasas, Inc. All other trademarks are the property of their respective owners