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FAQs

Q & A on the change in the Share Unit and the consolidation of shares

Q. What exactly is the change in the Share Unit?

The change in the Share Unit means a change in the number of shares constituting one unit of shares for voting at a shareholders meeting and trading on stock exchanges. The Company will be changing the Share Unit from 1,000 shares to 100 shares.

Q. What exactly is the consolidation of shares?

The consolidation of shares means combining a multiple number of shares into a smaller number of shares. The Company will be consolidating 10 shares into 1 share.

Q. What is the purpose of the change in the Share Unit and the consolidation of shares?

Japanese stock exchanges nationwide have announced the "Action Plan for Consolidating Trading Units," and aim to consolidate the trading units of common stock for all exchange-listed companies in Japan to 100 shares by October 1, 2018. As a company listed on the Tokyo Stock Exchange and Nagoya Stock Exchange, Toshiba respects the intention of this action, and will change the number of shares in one trading unit from 1,000 to 100. At the same time, the Company will consolidate its shares at a 1 for 10 rate, for the purpose of maintaining the price per Share Unit in the range desirable for the stock exchanges nationwide (between 50,000 and 500,000 yen) even after the change in the Share Unit.

Q. What will happen to the number of shares I own and my voting rights?

After the consolidation of shares, shareholders will have one-tenth the number of their shares which are recorded in the final shareholder register on September 30, 2018 (fractions less than one share shall be rounded down).
The number of voting rights shall be one for every 100 shares owned after the consolidation.
Below are examples for the number of shares and voting rights that shareholders will own before and after the day when the change in Share Unit and the consolidation of shares take effect.

	Before taking effect		After taking effect
	Number of shares owned	Number of voting rights	Number of shares owned	Number of voting rights	Fractions of shares
Ex. (1)	2,345	2	234	2	0.5
Ex. (2)	1,000	1	100	1	0
Ex. (3)	987	0	98	0	0.7
Ex. (4)	9	0	0	0	0.9

When the consolidation of shares generates fractions less than one share (in a case like examples (1), (3), and (4) above), the Company will dispose of all the fractions and pay the shareholder receiving fractions an amount proportional to the fractions. These payments are scheduled to be made around early December of 2018.
Shareholders can avoid disposal of fractions by using the system to sell back shares less than one Share Unit or purchase additional shares before the effective date of the consolidation. For more information on the procedures, please contact your securities company or the Company’s shareholder register administrator.
Please note that if you have less than 10 shares before the effective date (in a case like example (4) above), the consolidation of shares will reduce all of these into a fraction and you will lose your status as a shareholder. Your kind understanding will be highly appreciated.

Q. The consolidation of shares will reduce the number of shares, but will it have any effect on the asset value?

This consolidation of shares will reduce the number of shares that shareholders own to one-tenth of the previous number, but the Company’s assets and capital will remain unchanged after the consolidation, so the asset value per share will become 10 times larger than before the consolidation. This means that aside from fluctuations in the stock market or any other such factors, the consolidation of shares will not have any effect on the asset value of the shares which shareholders own. The share price after the consolidation will theoretically become 10 times higher than before the consolidation.

Q. What can I do to avoid having fractions of shares less than one share as a result of the consolidation?

You can avoid disposal of fractions by using the system to sell back shares less than one Share Unit or purchase additional shares before the consolidation takes effect. For more information on the procedures, please contact your securities company or the Company’s shareholder register administrator as indicated at the end of this Q&A.

Q. Will it still be possible to sell back shares less than one Share Unit or purchase additional shares after the consolidation?

Shareholders who own shares less than one Share Unit, which cannot be bought or sold on the market (in a case like example (4) above), can still use the system to sell back shares less than one Share Unit or to purchase additional shares after the consolidation in the same way as before the consolidation. For more information on the procedures, please contact your securities company or the Company’s shareholder register administrator indicated at the end of this Q&A.

Q. Are there any procedures that I have to take as a shareholder?

There are no specific procedures that you have to take.
As described in A4 above, any shares less than 10 shares will be reduced to fractions of a share by the consolidation, and the Company will dispose of all the fractions and pay the shareholders receiving the fractions the amounts proportional to the fractions. Shareholders who own less than 10 shares before the consolidation will lose their status as shareholders, but they can avoid disposal of fractions by using the system to sell back shares less than one Share Unit or to purchase additional shares before the consolidation takes effect. For more information on the procedures, please contact your securities company or the Company’s shareholder register administrator indicated at the end of this Q&A.

Q. What is the schedule going forward?

The schedule is planned as follows.

June 27, 2018:	Ordinary General Meeting of Shareholders for the 179th Fiscal Year
September 25, 2018 (planned):	Last day for trading at the Share Unit of 1,000 shares
September 26, 2018 (planned):	First day for trading at the Share Unit of 100 shares
October 1, 2018 (planned):	Effective date of the change in the Share Unit, the consolidation of shares, and the change in the total number of shares authorized to be issued
Late October, 2018 (planned):	The day to send a notice of allotment of consolidated shares to shareholders
Early December, 2018 (planned):	The day to start paying for disposed fractions

If you have an inquiry to the Investor Relations Group, please use the “Contact us” to contact the group.
If you have an inquiry about Toshiba products or services, please visit “Product Inquiries” instead.