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Toshiba Comments on Western Digital's Statement Regarding NAND Flash-Memory Collaboration
[September 14, 2017]

Toshiba Comments on Western Digital's Statement Regarding NAND Flash-Memory Collaboration

Toshiba Corporation (TOKYO: 6502) (Toshiba) understands that Western Digital Corporation (Western Digital (News - Alert)) released a statement on September 13, 2017 regarding Toshiba's announcement of a memorandum of understanding (MOU) with Bain Capital Private Equity LP (Bain) affirming the parties' intent to reach an agreement regarding the sale of Toshiba Memory Corporation (TMC (News - Alert)) to a Bain-led consortium.

Toshiba regrets that Western Digital persistently overstates its limited consent rights in public statements. As Toshiba (News - Alert) has previously stated, the confidential agreements between SanDik and Toshiba provide no reasonable basis for Western Digital's assertions that it is entitled to prevent a sale of TMC. Toshiba is also disappointed by Western Digital's misleading statements regarding the outcome of ongoing litigation between the two companies concerning SanDisk's (News - Alert) purported consent rights: the parties have merely agreed, before a single court, to provide notice when an agreement for the sale of TMC is signed-and prior to a related closing-for a limited period of time, until arbitration between the companies is underway.

Toshiba expects and is fully committed to completing a sale of TMC by March 2018, and looks forward to a favorable resolution of SanDisk and Western Digital's exaggerated claims in arbitration.

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