Shareholder Votes at Toshiba EGM Represent Clear Mandate for Greater Transparency and Accountability

Farallon Calls Upon Toshiba to Embrace Shareholder Views Ahead of the AGM

Believes Toshiba Has Great Potential and Can Achieve Improved Valuation by Rebuilding Shareholder Trust

SAN FRANCISCO--(BUSINESS WIRE)--Farallon Capital Management, L.L.C. ("Farallon") today commented on the significant support for change expressed by shareholders at the extraordinary general meeting of shareholders ("EGM") of Toshiba Corporation ("Toshiba" or the "Company") (6502.T).

We would like to thank the significant number of Toshiba shareholders who supported our proposal calling upon the Company to honor its capital allocation commitments under the Toshiba Next Plan (“TNP”). We believe our proposal would have received even more support had the Company accepted our original non-binding resolution instead of forcing a vote on a binding resolution. The shareholder voting at the EGM sends a clear message to the Toshiba Board and executive team: shareholders expect increased transparency and accountability.

As the second-largest shareholder of Toshiba, we want nothing more than for the Company to reach its potential. Toshiba owns and operates some of the highest quality infrastructure service franchises in Japan. We strongly believe that the optimal path for Toshiba’s share price to reflect the value of these assets is for the Company to improve corporate governance and embrace true engagement with its shareholders.

We are confident that if the Company adopts a healthy new approach to its relationship with shareholders, Toshiba and its Board and executive team will be able to rebuild trust and achieve a full and fair valuation in the market.

We intend to have a constructive dialogue with Toshiba with an aim to improve its mid- to long-term enterprise value.

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About Farallon
Farallon Capital Management, L.L.C., is a global investment firm founded in 1986 and registered as an investment advisor with the United States Securities and Exchange Commission since 1990.  Farallon seeks investments across asset classes and around the world through a process of bottom-up fundamental research and analysis emphasizing capital preservation.  More information on Farallon is available at www.faralloncapital.com.

Disclaimer
This press release is for general information purposes only and is not complete.  Under no circumstances is this intended to be, nor should it be construed as an offer, invitation, marketing of services or products, advertisement, inducement or representation of any kind, nor as investment advice or a recommendation to buy or sell any investment products or make any type of investment in securities. This press release should not be construed as legal, tax, investment, financial or other advice. Additionally, this press release should not be construed as an offer to buy any investment in any fund or account managed by Farallon Capital Management L.L.C. or any of its affiliates or representatives (collectively, "Farallon").

This press release should not be construed as soliciting any other Toshiba shareholder to authorize Farallon or any third party to exercise voting rights on such shareholder's behalf with respect to any matter proposed to be presented to shareholders as indicated in the Convocation Notice of the Extraordinary General Meeting of Shareholders. This press release, and the presentation referenced herein, is not intended and should not be considered to solicit, encourage, induce or seek for Toshiba shareholders to authorize Farallon or any other third party as their proxy in exercising their voting rights on their behalf. Farallon is not soliciting or requesting other shareholders of Toshiba to jointly exercise their shareholders' rights with Farallon (including, but not limited to, voting rights). Farallon declares that it does not intend to be treated or deemed a "joint holder" (kyo-do hoyu-sha) under the Japanese Financial Instruments and Exchange Act or a "related person" (kankei-sha) under the Foreign Exchange and Foreign Trade Act with other Toshiba shareholders.

This press release is made available exclusively by Farallon and not by or on behalf of Toshiba or its affiliates or subsidiaries or any other person. Farallon is not an affiliate of Toshiba and neither Farallon nor its principals or representatives are authorized to disseminate any information for or on behalf of Toshiba, and nor does Farallon purport to do so.