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January 29, 2009

Notice of Revised Business Forecast

Toshiba Corporation today announced the following revision to its business forecasts for the FY 2008, ending March 31, 2009. These revised forecasts replace the forecasts announced on September 19, 2008.

  1. Consolidated forecast
    FY2008 (April 1, 2008 - March 31, 2009) (billion yen)
      (A)
    Revised Forecast
    (Jan. 29, 2009)
    (B)
    Previous Forecast
    (Sep. 19, 2008)
    (A) - (B) (A)/(B) FY2007
    Net sales 6,700.0 7,700.0 -1,000.0 87.0% 7,668.1
    Operating income (loss) -280.0 150.0 -430.0 - 238.1
    Income (loss) before income taxes and minority interest -330.0 170.0 -500.0 - 255.6
    Net income (loss) -280.0 70.0 -350.0 - 127.4
  2. Non-consolidated forecast
    FY2008 (April 1, 2008 - March 31, 2009) (billion yen)
      (A)
    Revised Forecast
    (Jan. 29, 2009)
    (B)
    Previous Forecast
    (Sep. 19, 2008)
    (A) - (B) (A)/(B) FY2007
    Net sales 3,250.0 3,830.0 -580.0 84.9% 3,685.6
    Recurring profit (loss) -120.0 35.0 -155.0 - 77.4
    Net income (loss) -100.0 55.0 -155.0 - 69.2
  3. Reasons for revision
    The global economy entered into recession, triggered by the financial crisis that resulted from the subprime mortgage crisis in the US. The recession caused rapid price erosion and demand declines in semiconductors and LCDs. In these circumstances, the deficit in Electronic Devices including the Semiconductor business and the LCD business is expected to largely surpass the revised forecasts announced on September 19, 2008. Digital Products is also expected to record worse results that do not match September's revised forecasts, due to the rapid decline in market demand. While Social Infrastructure is expected to remain steady, overall sales and operating income (loss) is projected to fall far short of the revised forecasts announced in September, reflecting the widening loss in Electronic Devices. In light of these circumstances, Toshiba Corporation has revised its business forecasts for FY2008, ending March 31, 2009 as above. These revised forecasts replace the forecasts announced on September 19, 2008.
Disclaimer:
This report of business results contains forward-looking statements concerning future plans, strategies and the performance of Toshiba Group. These statements are based on management's assumptions and beliefs in light of the economic, financial and other data currently available. Furthermore, they are subject to a number of risks and uncertainties. Toshiba therefore wishes to caution readers that actual results might differ materially from our expectations. Major risk factors that may have a material influence on results are indicated below, though this list is not necessarily exhaustive.
. Disputes including lawsuits in Japan and other countries;
. Changes in political and economic conditions in Japan and abroad; unexpected regulatory changes;
. Major disasters, including earthquakes and typhoons;
. Rapid changes in the supply/demand situation in major markets and intensified price competition;
. Significant capital expenditure for production facilities and rapid changes in the market;
. Success or failure of alliances or joint ventures promoted in collaboration with other companies;
. Success or failure of new businesses or R&D investment;
. Changes in financial markets, including fluctuations in interest rates and exchange rates.

This Web site contains projections of business results, statements regarding business plans and other forward-looking statements. This information is based on certain assumptions, such as the economic environment, business policies and other factors, as of the date when each document was posted. Actual results may differ significantly from the estimates listed here.

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