| Toshiba Establishes South Korean Subsidiary--A First for any Japanese Semiconductor Supplier 31 March, 1999 Tokyo--Toshiba Corporation today announced that it has become the first Japanese semiconductor manufacturer to establish a dedicated sales company in South Korea that receives all products shipped directly from manufacturing facilities in Japan and other overseas countries. Toshiba Electronics Korea Corporation (TEKR) will start operation on April 1. Toshiba's customers in South Korea can now look forward to enhanced service and support, including faster, direct delivery as South-Korean based warehouse operations replace time-consuming delivery from Hong Kong. The kernel of TEKR is the former Seoul-based sales promotion office operated by Toshiba's Hong Kong subsidiary, Toshiba Electronics Asia, Ltd. While operating independently, the new company will be 100% owned by Toshiba Electronics Asia (Singapore) Pte. Ltd., the regional headquarters for Toshiba's electronic components business in Asia outside Japan, and will oversee marketing strategy for South Korea and support the operations of the current distributor network. In addition to semiconductors, the company will supply thermal printer heads and saw filters. South Korea is emerging from a tough fiscal 1998 with improved foreign exchange reserves and the worst of its economic problems apparently behind it. With the establishment of TEKR, Toshiba will strengthen its South Korean sales force and offer customers improved and differentiated services. Locally-based stock operations are expected to provide a significant boost to performance by increasing overall efficiency and dramatically shortening lead times, and to advance TEKR's efforts to increase its share of the recovering market. TEKR targets sales of 20 billion yen in fiscal year 1999, rising to 30 billion yen in 2002.
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