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Notice on Sale of Affiliated Company's Interests

14 December, 2006


Toshiba Corporation has decided to sell its entire interests in Toshiba-EMI Limited, an affiliated company of Toshiba Corporation. The overview of the transaction follows.

1. Outline of transaction
 
(1)

 Shares sold

  All Toshiba-EMI Limited shares currently held by Toshiba Corporation
(2) Entities to which the shares will be sold
  EMI Group Plc and/or its group companies
(3) Transfer price and profit from sale (estimate)
 
Transfer price:   About 21 billion yen

Profit from sale (pre-tax)

   
Non-consolidated :
  About 20billion yen
Consolidated:
  About 13 billion yen
(4) Timeline, etc.
 

Completion of the transaction is expected within the first half of fiscal year 2007.

   
2.

Reasons for transaction

  Toshiba has been involved in the music content business through a partnership with EMI Group in Toshiba-EMI Limited. However, the music content business today is less relevant to other businesses within the Toshiba Group. Toshiba Corporation recently received an offer for its entire interests in Toshiba-EMI Limited from EMI Group Plc. After due consideration, and in light of the circumstances described above, Toshiba decided to accept this offer.
   
3. Outlook for the current fiscal year
 

The transaction is expected to be completed in first half of FY2007 and therefore is expected to have no impact on Toshiba’s business forecast for the current fiscal year FY2006, ended March 31, 2007.

 


Information in the press releases, including product prices and specifications, content of services and contact information, is current on the date of the press announcement,but is subject to change without prior notice.

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