As a shareholder of Toshiba Corporation (“Toshiba”), we, Argyle Street Management (“ASM”), appreciate how Toshiba’s management team took leadership and dealt with numerous issues such as arriving at a decision to dispose of the memory chip business, reaching settlement with Western Digital Corp. (“WD”), conducting a fundraising in the scale of JPY600 trillion and disposing assets related to Westinghouse Electric Company (“WEC”) under tough circumstances. We believe that the current management team 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.