Toshiba Group Management Policy (Shareholder Return Policy)

Toshiba intends to maintain an average consolidated dividend payout ratio of at least 30%*, and shareholders’ equity in excess of the appropriate level will be used to provide shareholder returns, including share repurchases. The appropriate level of capital shall be reviewed by the board of directors on a regular basis.
While maximizing shareholders’ value, Toshiba will immediately monetize its shares in Kioxia Holdings Corporation to the extent that is practically possible, and will return the net proceeds in full to shareholders, within the limits stipulated by applicable laws and regulations.
Furthermore, Toshiba will continue to review the evaluation of the appropriate level of capital based on the change in business strategy and circumstance, and will also use appropriate leverage to continually improve capital allocations, in order to further enhance shareholder returns and the long term value of Toshiba.

* For the time being, equity method profit and loss for Kioxia Holdings Corporation is excluded from Toshiba’s policy on shareholder returns.