Toshiba : Notice of Nominees for Directors, Committee Members and Executive Officers, and of the Retirement of a Representative Executive Officer

FOR IMMEDIATE RELEASE

May 12, 2023

Toshiba Corporation

Notice of Nominees for Directors, Committee Members and Executive Officers,

and of the Retirement of a Representative Executive Officer

TOKYO-Toshiba Corporation (TOKYO: 6502) ("Toshiba") today announced that its Nomination Committee has nominated candidates for election to the Board of Directors at Toshiba's Ordinary General Meeting of Shareholders for the 184th Fiscal Period, to be held on June 29, 2023 (the "OGM") as attached. The candidates for election to the Board of Directors have agreed to resign from the directors of Toshiba upon completion of the Transaction (as defined below). The Company also announced the nominations of candidates for Executive Officers (Representative Executive Officers and Executive Officers with special responsibilities), which will be decided at the first meeting of the new Board of Directors, immediately after the OGM. In addition, Mr. Masayoshi Hirata will retire from his position as Representative Executive Officer and Corporate Executive Vice President and CFO, effective June 29, 2023.

The Company established a Special Committee on April 7, 2022 to engage with potential investors and sponsors and to consider strategic alternatives. As stated in the "Notice Regarding Commencement of Discussion with Potential Investors and Sponsors" dated April 21, 2022, the Company has been soliciting proposals on strategic alternatives (including privatization) from potential investors and sponsors in order to enhance the Company's corporate value and, on March 3, 2023, the Company received a final proposal from Japan Industrial Partners, Inc. ("JIP"). After subsequent negotiations, as described in the "Announcement of Opinion of Scheduled Commencement of the Tender Offer to be Conducted by TBJH Inc. for the Company Shares" dated March 23, 2023 (including subsequent amendments thereto), with respect to a tender offer by TBJH Inc. a wholly-owned subsidiary of JIP (as of the said date) (the "Tender Offeror") for the common shares of the Company (the "Company Shares") (the "Tender Offer") and the consequent series of transactions, including the Tender Offer, conducted by the Tender Offeror to allow the Tender Offeror to become the sole shareholder of the Company, to have the Company delisted from the Tokyo Stock Exchange and the Nagoya Stock Exchange, and to be privatized shall be hereinafter referred to as the "Transaction", the Company resolved, at the Board of Directors' meeting held as of March 23, 2023, to express an opinion supporting the Tender Offer, if the Tender Offer is commenced, because the Transaction will contribute to the enhancement of the corporate value of the Company. The Board of Directors of the Company will reconsider and decide on whether or not to recommend that shareholders tender their shares in the Tender Offer.

After the announcement of the Transaction, the management team of the Company received positive responses from various stakeholders, including many customers, business partners and employees regarding the Transaction, and the management team concluded there was an

1

expectation that the Transaction would help the Company build a stable management base, and that the Transaction would lead to the enhancement of the corporate value of the Company, and is therefore working with JIP to quickly complete the Transaction.

At the present time, the main responsibility of the Board of Directors is to continue overseeing the management team's effort towards the realization of the Transaction and, if the Tender Offer is commenced, to express the Board of Director's opinion to the shareholders again, including whether or not to recommend that shareholders tender their shares in the Tender Offer. Accordingly, the Company has decided it would not be appropriate to propose changes to the composition of the Board of Directors and the Special Committee so they may continue to work cohesively and accordingly, and has decided that the composition of the Board of Directors shall be as attached.

# # #

2

Attachment

1. Nominees for Directors Directors

Akihiro Watanabe Taro Shimada Paul J. Brough Ayako Hirota Weissman Jerry Black

George Raymond Zage III Katsunori Hashimoto Mikio Mochizuki Ayumi Uzawa

Eijiro Imai Nabeel Bhanji

Note: Ten people have been nominated as outside directors: Akihiro Watanabe, Paul J. Brough, Ayako Hirota Weissman, Jerry Black, George Raymond Zage III, Katsunori Hashimoto, Mikio Mochizuki, Ayumi Uzawa, Eijiro Imai and Nabeel Bhanji

1. Nominee for Chairperson of the Board of Directors Chairperson of the Board of Directors
   Akihiro Watanabe
2. Nominees to Committees Nomination Committee Chairperson
   George Raymond Zage III Vice Chairperson Akihiro Watanabe Members
   Paul J. Brough Jerry Black Katsunori Hashimoto
   Audit Committee Chairperson
   Katsunori Hashimoto Members

3

Mikio Mochizuki

Ayumi Uzawa

Compensation Committee

Chairperson

Ayako Hirota Weissman

Members

Mikio Mochizuki

Ayumi Uzawa

Eijiro Imai

Special Committee

Chairperson

Jerry Black

Vice Chairpersons

Paul J. Brough

Akihiro Watanabe

Members

Ayako Hirota Weissman

George Raymond Zage III

Eijiro Imai

Nabeel Bhanji

4. Nominees for Executive Officers (the names and titles of newly nominated candidates and promoted candidates are underlined.)

Representative Executive Officer,	Taro Shimada
President and CEO
Representative Executive Officer,	Takayuki Konno
Corporate Executive Vice President	Hiroyuki Sato
Representative Executive Officer,
Corporate Executive Vice President
Executive Officer,	Keiichi Yumita
Corporate Senior Vice President
Executive Officer,	Tsutomu Kamijo
Corporate Senior Vice President
Executive Officer,	Shunsuke Okada
Corporate Senior Vice President
Executive Officer,	Takamasa Mihara
Corporate Senior Vice President
Executive Officer,	Tadasu Yotsuyanagi
Corporate Senior Vice President
	4

Executive Officer,	Yutaka Sata
Corporate Senior Vice President	(Executive Officer, Corporate Vice President*)
Executive Officer,	Masaki Haruyama
Corporate Senior Vice President	(Executive Officer, Corporate Vice President*)
Executive Officer,	Ayumi Wada
Corporate Vice President
Executive Officer,	Yuko Hirai
Corporate Vice President
Executive Officer,	Yasuhiro Matsunaga
Corporate Vice President and CFO
Executive Officer,	Toru Masuyama
Corporate Vice President
Executive Officer,	Tomoaki Kumagai
Corporate Vice President
* Current title

Note: The term of office for Directors and Executive Officers is one year.

4. Retiring Director and Executive Officer

Director	Goro Yanase
Representative Executive Officer,	Masayoshi Hirata
Corporate Executive Vice President and CFO

# # #

5