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.

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 FY2010 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 (FY2010)
Organization	Toshiba's Achievement
Gomez Consulting Co., Ltd.	Ranked 4th in the IR Site Total Ranking (among 3,614 companies in Japan)
Daiwa Investor Relations Co., Ltd.	Received the Internet IR Best Company Award for the 6th consecutive year and the 9th time (among 1,169 companies in Japan)
Nikko Investor Relations Co., Ltd.	Received the Excellent Corporate Website Award, 1st Place (for 3 consecutive years) (among 3,682 companies in Japan)

Evaluation by SRI (FY2010)
Organization	Toshiba's Achievement
Corporate Sustainability Assessment by SAM, a Swiss SRI organization	SAM Silver Class
Member of Dow Jones Sustainability Index (DJSI)	Selected for 11 consecutive years since 2000
Corporate Social Performance Survey by Public Resource Center (Japan)	A (Highest rank)
Included in Morningstar SRI Stock Index	150 companies selected in total
Corporate Integrity & Transparency Survey by Integrex (Japan)	2nd
Included in JCGI Index by Japan Corporate Governance Research Institute, Inc.	6th 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

On our Japanese IR website, we have uploaded a video regarding ‘Toshiba Group’s Management Policy’ as presented at the General Meetings of Shareholders.
Last fiscal year, we created a section dedicated to serving individual investors, allowing them to easily understand Toshiba's advanced businesses and latest accomplishments in research and development. We have posted an article that includes an introduction to our glasses-free 3D TV. Other ways we have sought to promote faster dissemination of IR news include a site that can be accessed from mobile phones (in Japanese only).
Toshiba publishes its Shareholder Newsletter, featuring quarterly financial results and topics, and reports on progress of measures taken in accordance with its management policies. In FY2010, Toshiba announced an interim dividend of two yen per share and a year-end dividend of three yen per share. We dispatched letters to our shareholders to inform them of these decisions as matters of utmost interest to them. We also maintain a corporate investor relations website that includes an online version of our Shareholder Newsletter. These actions have enabled us to establish closer communication with shareholders by providing them with appropriate information in printed form as well as via our website.

General Meeting of Shareholders

In FY 2010, we held the General Meeting of Shareholders at Tokyo. The meeting was attended by around 4,000 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, Also, copies of Toshiba Group CSR-Report 2011, which features the various CSR efforts for the Group, were distributed at the meeting.

Communication with Institutional Investors and Securities Analysts

IR activities for institutional investors and analysts include periodic visits by the President and other executive offers to meet shareholders and investors around the world, not just quarterly analyst meetings and individual briefings. In FY2010 we increased opportunities to engage with investors worldwide, by raising the number of briefings and telephone meetings and by taking full advantage of seminars organized by securities companies. We also provided investors with tours of our semiconductor and medical systems manufacturing operations.
Valuing Investors’ Opinions