As a long term shareholder of Toshiba Corporation (“Toshiba”), we, Argyle Street Management (“ASM”), appreciate the hard work and leadership provided by Toshiba’s current management team in leading the company out of a difficult and trying time. Clear progress has been made on some important corporate aspects and key restructuring initiatives have also been completed, including the sale of the LNG business, NuGen liquidation, reduction of other strategic shareholdings and privatization of listed subsidiaries, among others. We believe that the management team will continue to steer Toshiba in the right direction through these difficult times for global markets and will continue to exercise best judgement for the company and lead Toshiba back on its road to recovery.


Furthermore, we appreciate Toshiba’s management team responding candidly and in good faith to the constructive suggestions put forward by us.  Needless to say, we shareholders and Toshiba are not in a hostile relationship but our interests are aligned in wishing for an improvement in the corporate value of the company, and therefore our relationship is both amicable and constructive. 


We will continue to provide frank opinions to and hold candid discussions with the company to express our thoughts which should contribute towards the improvement of Toshiba’s corporate value.  And we believe that Toshiba will give due consideration to the discussions it holds with shareholders and continue to exercise best judgement for the company.