October 1, 2003

Toshiba Mitsubishi-Electric

Industrial Systems Corporation

Toshiba Mitsubishi-Electric Industrial Systems Corporation (TMEIC; head office Minato Ward, Tokyo) today was officially established as an industrial system development and sales company primarily targeting manufacturing industry plants. The new company was formed through the integration of the manufacturing plant use electric machinery and equipment business divisions of Toshiba Corporation (Tadashi Okamura, president) and Mitsubishi Electric Corporation (Tamotsu Nomakuchi, president).

TMEIC will handle sales, engineering, installation and servicing of industrial electric and automation systems (industrial supervisory control systems, drive systems, power distribution systems,etc.) used in steel, pulp and paper, petrochemical, automobile, food and other manufacturing plants.

TMEIC was inaugurated through the integration of key business divisions in both Toshiba and Mitsubishi, an equal-equity large capacity motor manufacturing joint venture originally formed by these two partners, and a certain Toshiba affiliate.

The combined operations of TMEIC are expected to promote overall competitiveness and a global presence, and to support an operating structure that will position the new entity as a leading system integrator in industrial electric and automation systems.

*1: TMA Electric Corporation.

*2: Toshiba GE Automation Systems Corporation.