Toshiba to Participate in Uranium Mines Project in Republic of Kazakhstan

Toshiba Corporation today announced that the company would
participate in the Kharassan uranium mines project, a new development
project in southern Kazakhstan promoted by Kazatomprom (herein after,
KAP), a Republic of Kazakhstan state-owned enterprise. Toshiba's
participation is in line with its policy of enhancing its nuclear
energy business.

The Kharassan project is being promoted by two KAP-related
companies, Kyzylkum LLP and Baiken-U LLP. Test excavation of uranium
ore is due to start within the year, and output is expected to reach
approximately 5,000MTU (metric tons of uranium) a year by 2014.
Japanese companies have acquired indirect ownership interests in
Kyzylkum and Baiken-U and will have the right to obtain up to an
aggregate annual quantity of 2,000MTU.

Toshiba will acquire an indirect ownership interest in Kyzylkum
and Baiken-U by taking a 22.5% stake in a holding company that has
part ownership and control of Kyzylkum and Baiken-U. This move will
give Toshiba the right to a maximum of 600MTU from the Kharassan each
year. The holding company is currently jointly owned by Marubeni
Corporation, The Tokyo Electric Power Company, Chubu Electric Power
Co., Inc. and Tohoku Electric Power Co., Inc. Toshiba will be the
first power systems manufacturer to participate in the project, which
will allow the company to contribute to the stable supply of uranium
concentrate for nuclear power plants in Japan.

Japan and Kazakhstan signed a memorandum of cooperation in nuclear
power in August 2006. In April this year, a Japanese
government-private sector mission, led by Mr. Akira Amari, Minister of
the Ministry of Economy, Trade and Industry, visited Kazakhstan and
confirmed to deepen the cooperative relations between the two
countries, including securing uranium resources for Japan and
technical cooperation. Toshiba participated in the delegation, and
signed a memorandum on mutual cooperation with KAP at that time.

By cultivating cooperative relationships with other key players,
Toshiba aims to complete its transition to become a world leader in
the nuclear power industry.