Dialogue with Shareholders and Investors

Policy on Information Disclosure

In accordance with the Toshiba Group Standards of Conduct, the basic policy of Toshiba Investor Relations activities is to provide proper and timely disclosure of information on corporate information, such as corporate strategy and financial data in order to obtain the understanding of stakeholders, including customers, shareholders, investors and the local community.

• Toshiba Group Standards of Conduct Chapter 1 13. Corporate Communications
• Information Disclosure Policy

Basic Policy on Profit Distribution

Toshiba, while giving full consideration to such factors as the strategic investments necessary to secure medium- to long-term growth, seeks to achieve continuous increases in its actual dividend payments, in line with a payout ratio in the region of 30 percent, on a consolidated basis.

• Basic Policy on Profit Distribution

Information Disclosure Framework

Regulations/Standards and procedures for timely disclosure were established on October 1, 2003, which defined responsibilities for related work.

• Internal system for information disclosure

Information Disclosure Checks and Audits

Toshiba clarifies the delegation of authority, enhances internal control, and ensures the appropriateness of information content by assigning multiple divisions to prepare and verify management policies, financial data, and other corporate information from their individual perspectives. Toshiba does its utmost to ensure reliable, timely disclosure based on double checking by the division concerned and Legal Affairs Division.

Evaluation of the IR Website by External Parties

Toshiba's constant upgrades of its IR website to ensure fair disclosure have earned recognition. Awards won by the website in FY2011 are indicated below, and the site also gained high evaluations from several agencies that survey Socially Responsible Investment (SRI).

Evaluation of the IR Website by External Parties (FY2011)

Organization	Toshiba's Achievement
Ranking Survey of Excellent Websites by Nikko Investor Relations Co., Ltd. (surveyed: 3,603 Japanese companies)	1st place (for four consecutive years)
Internet IR Best Company Award 2011 by Daiwa Investor Relations Co., Ltd. (surveyed: 3,661 Japanese companies)	Grand Prix (Best Company Award for seven consecutive years, Total 10 times)
Gomez IR Site Ranking by Morning Star Japan k. k. (surveyed: 3,535 Japanese companies)	8th place (gold award)

Evaluation by SRI (FY2011)

Organization	Toshiba's Achievement
Corporate Sustainability Assessment by SAM, a Swiss SRI organization	SAM Bronze Class
Member of Dow Jones Sustainability Index (DJSI)	Selected for 12 consecutive years since 2000
Corporate Integrity and Transparency Survey by Integrex (Japan)	3rd place
The 10th JCGI Index Survey by Japan Corporate Governance Research Institute, Inc.	2nd place

Timely, Appropriate and Proactive IR Activities

Toshiba discloses information in a timely and appropriate manner in accordance with pertinent laws and regulations. We also disclose important corporate information that is likely to influence investor decisions, even when such disclosure is not mandatory.

In FY2010, we made efforts to arrange visits to business operations, and selected the semiconductor business and medical systems business as areas where Toshiba directly invited the participation of investors in tours and briefings. We also participated in securities firms' seminars, allowing us to secure timely meetings with investors interested in particular areas of business. We used one such seminar in Japan as a means to introduce our LED lighting business.

We will continue to provide information on businesses that are of interest to investors and seek to enhance investor understanding of Toshiba and its activities.

Communication with Shareholders and Investors

Communication with Individual Shareholders

Enhancement of IR Website

In our corporate investor relations website, to support easier access and understanding for elderly and for individual investors who wish to hear the contents without having to look at the screen, we have added text-to-speech functions on some pages. In line with the company's globalization, we have renewed the design and expanded the contents of the English website.

General Meeting of Shareholders

We held the General Meeting of Shareholders at Tokyo on June 22, 2012. The meeting was attended by 4,665 shareholders. We will continue to enhance our communication with our shareholders through such meetings.

At the site, there were exhibition corners set up to easily explain to the shareholders about various Toshiba products such as electronic devices, social infrastructure systems, digital products, home appliances and medical equipment as well as Toshiba Group’s relief efforts in the Great East Japan Earthquake that hit northern part of Japan on March 11, 2011. Also, copies of Toshiba Group CSR-Report 2012, which features the various CSR efforts for the Group, and Toshiba Group Annual Report 2012 were distributed at the meeting.

Communication with Institutional Investors and Securities Analysts

Shareholder Newsletter

We held meetings to provide investors with explanations of our semiconductor, storage, medical system, and smart community businesses. In addition, in collaboration with a securities firm, President Sasaki briefed overseas investors on management policy for energy-related businesses.

Valuing Investors' Opinions

We endeavored to communicate with individual shareholders via shareholder newsletters and delivered a lecture on medical systems at a particular securities firm’s forum for individual investors. We continued to improve our IR website as exemplified by the addition of text-to-speech functions.