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Toshiba to Start Joint Studies on Nuclear Fuel with a Russian Enterprise

12 May, 2009

TOKYO -- Toshiba Corporation (TOKYO: 6502) today announced that it has signed a memorandum of understanding (MOU) on discussions toward possible cooperation in the nuclear fuel business with Joint Stock Company Techsnabexport (TENEX), a group company of JSC Atomenergoprom (Joint Stock Company “Atomic Energy Power Corporation”) of Russia, which supervises Russia’s civilian nuclear power generation businesses. TENEX has long-standing experience and expertise in providing uranium enrichment services and products.

On March 20, 2008, Toshiba announced the signing of a general framework agreement with Atomenergoprom to explore collaboration in the civilian nuclear power business field. The companies have subsequently started to conduct feasibility studies on areas of cooperation, including nuclear fuel, design and engineering of commercial nuclear power plants, and the manufacture and maintenance of large equipment.

The MOU particularly focuses on initiating studies of business concepts or commercial plans in connection with enriched uranium products. Both parties believe such a collaboration could contribute to stable and secure supply of services for the front-end civilian nuclear fuel cycle in Japan, the United States and elsewhere.

In signing this MOU, the parties proceed from the fact that development and implementation of safe, clean and efficient production systems for nuclear power is an important global task. Mutually complementary cooperation will have a positive synergetic effect on making the global nuclear renaissance more foreseeable, assured and feasible.

Cooperation between the two parties will be strictly limited to the peaceful use of nuclear power and will be undertaken within the current and future framework of cooperation between the two countries’ governments, as well as the international framework for peaceful use of nuclear power. If any technology exchange should occur in the future, it will be conducted in accordance with the international agreement and national legislation enacted in the relevant countries.

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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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