Press release

Toshiba Memory Holdings to Implement 1.2 Trillion Yen Financing Through Preferred Stock and Loans

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Memory Holdings Corporation
, the world leader in memory solutions,
announced today that its board of directors has agreed today with
Sumitomo Mitsui Banking Corporation, MUFG Bank, Ltd., and Mizuho Bank,
Ltd., (hereinafter: main financial banks), to take on 900 billion yen in
new loans and an additional commitment line of 100 billion yen, aiming
to further strengthen the company’s business base and capital structure.
The board of directors also decided today to issue 300 billion yen worth
of non-convertible-bond-type preferred stock as a third-party allotment
to Development Bank of Japan Inc., bringing the total amount of new
financing to 1.2 trillion yen. Both financing initiatives are scheduled
to be implemented by the end of June.

The new financing will be used to refinance loans totaling of 600
billion yen from its main financial banks for the acquisition of Toshiba
Memory Corporation last June by K.K. Pangea, a special-purpose company
formed by a consortium led by Bain Capital Private Equity, LP. The
company will also reorganize its capital structure through moves
including early redemption of existing non-convertible-bond-type
preferred stock.

Toshiba Memory Holdings will continue to enhance its competitiveness by
deploying various financial measures going forward. This will include
implementing cutting-edge R&D targeted at flash memory and responding to
promising market trends with strategic capital investments in its “K1”
manufacturing facility in Kitakami, Iwate Prefecture, Japan.

About Toshiba Memory

Toshiba Memory Group, a world leader in memory solutions, is dedicated
to the development, production and sales of flash memory and SSDs. In
April 2017, Toshiba Memory was spun off from Toshiba Corporation, the
company that invented NAND flash memory in 1987. Toshiba Memory pioneers
cutting-edge memory solutions and services that enrich people’s lives
and expand society’s horizons. The company’s innovative 3D flash memory
technology, BiCS FLASH™, is shaping the future of storage in
high-density applications, including advanced smartphones, PCs, SSDs,
automotive and data centers. For more information on Toshiba Memory,
please visit