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Notice of Revised Business Forecast

19 September, 2008


Toshiba Corporation today announced the following revision to its business forecasts for the first half of FY 2008, ending Sept. 30, 2008, and FY2008, ending March 31, 2009. These revised forecasts replace the forecasts announced on April 25, 2008.

1. Consolidated forecast
1st Half FY2008 (April 1, 2008 – September 30, 2008) (billion yen)
  (A)
Revised Forecast
(Sep. 19, 2008)
(B)
Previous Forecast
(Apr. 25, 2008)
(A) – (B) (A)/(B) FY2007/1H
Net sales 3,550.0 3,800.0 -250.0 -6.6% 3,689.9
Operating income (loss) -30.0 70.0 -100.0 - 82.5
Income (loss) before income taxes and minority interest -70.0 50.0 -120.0 - 76.8
Net income (loss) -50.0 15.0 -65.0 - 45.7

FY2008 (April 1, 2008 - March 31, 2009) (billion yen)
  (A)
Revised Forecast
(Sep. 19, 2008)
(B)
Previous Forecast
(Apr. 25, 2008)
(A) – (B) (A)/(B) FY2007
Net sales 7,700.0 8,000.0 -300.0 -3.8% 7,668.1
Operating income (loss) 150.0 290.0 -140.0 -48.3% 238.1
Income (loss) before income taxes and minority interest 170.0 260.0 -90.0 -34.6% 255.6
Net income (loss) 70.0 130.0 -60.0 -46.2% 127.4

2. Non-consolidated forecast
1st Half FY2008 (April 1, 2008 - September 30, 2008) (billion yen)
  (A)
Revised Forecast
(Sep. 19, 2008)
(B)
Previous Forecast
(Apr. 25, 2008)
(A) – (B) (A)/(B) FY2007/1H
Net sales 1,710.0 1,800.0 -90.0 -5.0% 1,757.5
Recurring profit (loss) -45.0 60.0 -105.0 - 61.9
Net income (loss) -40.0 55.0 -95.0 - 86.9

FY2008 (April 1, 2008 - March 31, 2009) (billion yen)
  (A)
Revised Forecast
(Sep. 19, 2008)
(B)
Previous Forecast
(Apr. 25, 2008)
(A) – (B) (A)/(B) FY2007
Net sales 3,830.0 4,000.0 -170.0 -4.3% 3,685.6
Recurring profit (loss) 35.0 150.0 -115.0 -76.7% 77.4
Net income (loss) 55.0 120.0 -65.0 -54.2% 69.2

3. Reasons for revision
The Semiconductor business is expected to record a significant deficit in the first half of FY2008, the result of price erosion in NAND flash memory exceeding estimates and a slump in the System LSI business reflecting weak demand for semiconductors for digital consumer products. The impact of these factors is expected to continue into the second half of FY2008.
Social Infrastructure is seeing buoyant business, and Digital Products is also expected to reach the initial forecast. However the influence of the Semiconductor business is expected to cause overall sales and income to fall short of the initial forecast.

Disclaimer:
This report 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 may 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
  • 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 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;
  • Changes in financial markets, including fluctuations in interest rates and exchange rates.
Information in the news 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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