RNS Number:8559R
Toshiba Corporation
10 November 2003

                                                               November 10, 2003
                                                             Toshiba Corporation


    Toshiba Corporation to Sell All Its Own Stocks of its Affiliate Company,
                           Toshiba Tungaloy Co., Ltd.


Tokyo--Nomura Principal Finance Co., Ltd. (NPF) and the management of Toshiba
Tungaloy Co., Ltd. (Tungaloy) today announced a proposed management buy-out of
all outstanding shares in Tungaloy that will be supported by NPF. Toshiba has
decided to accept the offer and sell its holding, subject to certain conditions.



SHORT PARAGRAPH ON WHAT TUNGALOY IS/DOES...

Established in 1934, Tungaloy develops and supplies products such as various
kinds of metal cutting tools, wear resistant tools, electronic parts for
manufacturing tools, civil engineering and building construction tools and
friction materials. The company recorded consolidated sales of 34.7 billion yen
in FY2002 and has 1,875 employees. Toshiba Corporation holds a 29,414,085 shares
in the company, equivalent to 36.99% of Tungaloy's total outstanding stock.



The management of Tungaloy believes that further growth and development would
best be secured by a shift to autonomous management of a self-sustaining
company. This conviction also reflects differences in the strategies and
ultimate business directions of Tungaloy and Toshiba Group. Toshiba accepts this
analysis and decided to accept the buy-out bid.



About Nomura Principal Finance Co., Ltd.

Nomura Principal Finance Co., Ltd. is a 100% subsidiary of Nomura Holdings, Inc.
the company provides alternative solutions to non-performing operations,
management succession problems and restructuring of shareholder ownership,
suggesting options such as spin-offs of non-core business operations, management
buy-outs (MBOs) and so on.



Press Contact: Corporate Communications Office: press@toshiba.co.jp



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