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Battery Division

Battery Division

IR Day 2019 Battery Division

Masayasu Toyohara Corporate Executive Vice President Toshiba Corporation

November 14th, 2019

© 2019 Toshiba Corporation Forward-looking Statements

 This presentation contains forward-looking statements concerning future plans, strategies, and the performance of Toshiba Group.  These statements are not historical facts; rather, they are based on assumptions and judgments formed by the management of Toshiba Group in light of currently available information. They include items that have not been finally decided at this point and future plans that are yet to be confirmed or that require further consideration.  Since Toshiba Group promotes business in various market environments in many countries and regions, its activities are subject to a number of risks and uncertainties that are, without limitation, related to economic conditions, worldwide mega-competition in the electronics business, customer demand, foreign currency exchange rates, tax rules, regulations, geopolitical risk, natural disasters and other factors. Toshiba therefore wishes to caution readers that actual results might differ from expectations. Please refer to the annual securities report (Yuukashoken houkokusho) for FY2018 and the quarterly securities report (shihanki houkokusho) for the second quarter of FY2019 (both issued in Japanese only) for detailed information on Toshiba Group’s business risk.  Toshiba’s fiscal year (FY) runs from April 1 to March 31. All figures are consolidated totals for 12 months, unless otherwise stated.  Results in segments have been reclassified to reflect the current organizational structure, unless otherwise stated.

© 20XX Toshiba XXX Corporation 2 Contents

01 SCiB™ Characteristics and Target Areas

02 Progress of Business

03 Promoting New Businesses Initiatives

3 © 2019 Toshiba Corporation 01 SCiB™ Characteristics and Target Areas

© 2019 Toshiba Corporation 4 2019 in Chemistry for Development of Lithium-ion Batteries

Congratulation to John Goodenough, Stanley Whittingham and Akira Yoshino

Koichi Mizushima, an executive fellow at Toshiba, while a researcher at SCiB™ Characteristics Oxford University in England working with Professor John Goodenough, discovered lithium cobalt oxide (LCO), which is used for the cathode. This discovery played a central role in the development of lithium-ion battery electrodes. K. Mizushima & et al., Mat. Res. Bull., Vol.15, pp.783-789(1980)

Toshiba has developed an original battery, the SCiB™, that has a lithium titanium oxide (LTO) negative electrode. Its superior characteristics include safe operation, long life, high input and output, rapid charging, and low-temperature operation.

5 © 2019 Toshiba Corporation Differences Between SCiB™ and Other Lithium Batteries Using LTO as the anode electrode allows SCiB™ to overcome the disadvantages of conventional lithium-ion batteries.

Conventional lithium-ion batteries Conventional Lithium titanium oxide Material and Technology Carbon materials lithium-ion batteries LTO Voltage 〇 3.5-3.7V × 2.3-2.4V Energy density 〇 -500Wh/L × 100-200Wh/L Cycle life × 3,000 〇 >20,000 Rapid charging × 30 min- 〇 6 min Cathode Separator Anode Continuous operating o o - temperature × 0 C- 〇 -30 C Safety ( internal short circuit Instant discharge / ignition Gradual discharge when fully charged ) × 〇

6 Electrolyte Lithium-ion © 2019 Toshiba Corporation SCiB™ Target Market Segment Focus on heavy-duty areas where SCiB™ can be useful, rather than simple energy storage applications

SCiB™ Characteristics Target Markets

Charging time Lead-acid LiB SCiB™ focus areas

1min S-HEV Mild-HEV SCiBTM AGV (12V/48V) Industrial Drones Shared mobility Commercial Buses vehicles 30min Replacement Construction mobility battery LiB EV machinery PC PHEV Smart phone 10h Railway/Defense Lead-acid Pb ISS Base station Automotive Battery Forklift ESS with renewable energy Number of 3,150 3, 500 15,000 cycles

7 © 2019 Toshiba Corporation Secondary Battery Market Trend and SCiB™ Target Market Size

By taking advantage of SCiB™ strengths we are looking at the top-end niche markets to reach about 1.3 trillion yen

Lithium-Ion Battery Market Trend Trillion yen 兆円 18 Fuji Keizai predicts the emergence of a $100 Target market 16 billion market between 2025 and 2030. 14 The automobile market grow to 12.4 Stationary approximately trillion yen, the stationary and industrial industrial 12 market to 3.3 trillion yen. markets 1.3 trillion yen 10 FCV Target area ■ 8 PHEV MICRO HEV 0.2 Automotive 6 HEV 0.4 market EV 4 HEV ・BUS 0.03 EV TRUCK・BUS 0.4 2 Auxiliary Total 1.0 0 machinery 20192019年 20202020年 20252025年 20302030年

Source: Fuji Keizai ”Future Outlook of Energy, Large Scale Secondary Battery, and Materials 2018” - Energy Devices Edition, Next Generation Environmental Automotive Field Edition -(2018: Forecast, 2019 and beyond: Forecast) 8 © 2019 Toshiba Corporation 02 Progress of Business

9 © 2019 Toshiba Corporation Major Applications

By takingTaking advantage advantage of of SCiB SCiB™™strengthsstrengths to to expand expand the application application

Adoption in hybrid vehicles, including light vehicles, Adoption of domestic and international public transportation passenger and heavy About 40% of Japanese k-cars carry an SCiB™ European EV Bus, HV Trolley Bus “ ” ■ 12V mild hybrid system Solaris Bus & Coach S.A. ■ Motor Corporation and Van Hool, etc. ● Wagon R , HUSTLER, SWIFT, etc. Central Railway Co. ■ Motor Co., Ltd Adopted as the battery automatic driving system ● in the next-generation N700S Shinkansen Dayz, Dayz Highway STAR Motors Corporation ● eK Wagon, eK X Metro Co., Ltd. ■ 24V mild hybrid system Adopted in driver system combined with SCiB™ ■ Motor Corporation ● MAZDA3 SEDAN, FASTBACK Adoption of large-scale battery energy storage system Strong hybrid system Tohoku Electric Power Co., Inc. ■ ■ , Ltd. Nishisendai Substation, Minami-Soma Substation ● Hino Profia Hybrid 10 © 2019 Toshiba Corporation Increasing Production Capabilities

Increase production capacity in Japan and overseas to support growth. Strengthen production and supply system for LTO battery, based on Suzuki Motors’ strategy in India

Expanding Kashiwazaki Operations Suzuki : announced that they are targeting a 50% share ■ Indian automobile market : 10 million vehicles by 2030 Increasing production for future business expansion Unit: 10,000 Indian

New factory in Yokohama 1,200 ■ Medium and large commercial vehicles 1,053 New factory under Small commercial vehicles 1,000 construction Small Vans Utility vehicles 800 732 Passenger vehicles

600 Rendering of new factory As of 2019/11 502

New factory in India 400 ■ Joint venture with and Suzuki Motors in Gujarat, India to 200 manufacture automotive LTO battery. Factory building was completed in Oct. 2019. 0 Ramping up production 年 年 年 年 年 年 年 年 年 年 年 年 年 年 年 年 年 年 年 年 年 年 年 年 年 年 年 年 年 facilities to start mass 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Result実績 Forecast予測 production in 2020 Source: FOURIN Forecast of Indian automotive Industry 2030 and Electrification Trend : 11 © 2019 Toshiba Corporation Strategic Alliances

Promoting strategic alliances with battery and material manufacturers

Collaboration with to manufacture a small LTO battery ■ Samsung adopted a small LTO battery which made using SCiB™ technology for the Galaxy Note10 and Note10+ stylus pen. Joint venture with Titan Kogyo ■ TBM Ltd. was established in October 2019 with Titan Kogyo, Ltd. Aim is to ensure a stable supply of lithium titanium oxide for SCiB™. Collaboration with Clarios Co. ■Started collaboration in January 2019. Mass production of LTO battery to start in 2020

Joint development with CBMM* ■Joint development of next-generation niobium titanium oxide battery with CBMM* & CBMM: Companhia Brasileira de Metalurgia e Mineração () * 12 © 2019 Toshiba Corporation Develop Next-Generation SCiB™ Battery

By bringing the unique properties of niobium, a metallic element, to the electrode, increase energy density more than 1.5 times

Lithium titanium Niobium titanium oxide oxide Taking advantage of SCiB™ Cathode LTO NTO strengths to increase capacity Crystal structure spinel monoclinic Materials and Technology

Voltage × 2.3-2.4V Energy density × 100-200Wh/L improve Cycle life 〇 >20,000 Rapid charging 〇 Weight 6min capacity* 170 387 Continuous operating 49Ah cell sample (mAh/g) 〇 temperature -30℃- Volume from Toshiba Research Institute Safety capacity* 580 168 Volumetric energy density: 350Wh/L (mAh/cm3) (internal short circuit Gradual discharge ・ 0 when fully charged ) 〇 (111mm 194mm 14.5mm) Potential × × (V vs. Li) 1.55 1.6 Source: Toshiba Review : * Theoretical capacity 13 © 2019 Toshiba Corporation Collaboration with System Division

Promote sales growth by developing and leveraging new system applications

Railway Systems Industrial Systems

Adopted in automatic driving system for N700S series Shinkansen

Kinden Corporation adopted Mazda manufacturing plant Adopted in propulsion system for SCiB™ for self-propelled Tokyo Metro Marunouchi Line that adopted SCiB™ for AGV system snow removal robot combines PMSM *1 and SiC with SCiB™ VPP/Stationary battery

Adopted in the propulsion systems of European hybrid locomotive that combine SCiB™ and PMSM *1

Developed SCiB™ module for Adopted in smart Tokyo Electric Power Adopted for rolling stock that meets the resilience and Company is demonstrating regenerative power *2 RAMS standard safe level SIL4 VPP construction SCiB™ for direct current storage device for power supply Okinawa monorail ※1 PMSM(Permanent Magnet Synchronous Motor) 14 ※2 RAMS(Reliability, Availability, Maintainability, Safety) International railway standards © 2019 Toshiba Corporation 03

Promoting New Businesses Initiatives

15 © 2019 Toshiba Corporation Battery for MaaS

Toward realization of a highly mobile society (MaaS), create value that expands the battery business

Value Change Performance required for batteries Mobility as a Service New value axis Mobility as a Service: MaaS Conventional Energy unit cost value axis Increased vehicle ownership by High availability ● service providers BEV's longer Energy unit cost and durability driving range

Energy density Energy density

Ride Sharing High availability combined with ultra-fast charging Public transport (Buses,Trains, etc.) long-term stable usage based high durability

16 © 2019 Toshiba Corporation Promote New Business Through Services

Promote leasing business for battery packs and systems

Switch from sell out to service business Customer data/Service fee Toshiba

Battery Information Service Customer Battery residual values company diagnostic technology Service Battery information Selling System Battery

Toshiba+ Partner

Provide Service Subscription contract Taking advantage of SCiB™ strengths

Aiming to create new value through open innovation 17 © 2019 Toshiba Corporation SCiB™ is suitable for reuse

Long life characteristic contributes to lower environmental impacts

Increased battery use and environmental considerations  Battery production will reach 1000GWh equivalent in 2030  In a few years later, 5 million tons of battery waste is electrification discharged every year

Reuse model to conserve resources and reduce waste

100 Key point: (%) Residual values of battery ● 90 Battery residual value diagnostic 80 Second use First use 70 ? technology Retenition 60 50 Capacity 40 Mileage Years

18 © 2019 Toshiba Corporation Battery Division Next Plan

By taking advantage of SCiB™ strengths in growth markets, aiming for a business scale of 400 billion yen in 2030

Market environment and main focus fields 400 billion yen Rechargeable battery market※ 15.7 Growth market Grow 3x

4.7 Win share in markets that value the SCiB’s 2017 2030 strengths

100 billion yen

2030 19 ※Source: Fuji Keizai “Future Outlook of Energy, Large Scale Secondary Battery, and Materials 2018” - Energy Devices Edition, Next Generation Environmental Automotive Field Edition - © 2019 Toshiba Corporation