MANAGEMENT’S DISCUSSION AND ANALYSIS TOSHIBA CORPORATION 33 Principal Subsidiaries and Affiliated Companies As of March 31, 2003 Affiliated Companies: Consolidated Subsidiaries: Japan Harison Toshiba Lighting Corporation 70 Toshiba Battery Co., Ltd. 100 Toshiba Building Co., Ltd. 100 Toshiba Elevator and Building Systems Corporation 80 Toshiba Information Systems (Japan) Corporation 88 Toshiba Logistics Corporation 100 Toshiba Matsushita Display Technology Co., Ltd. 60 Toshiba Plant Kensetsu Co., Ltd. 56 Toshiba TEC Corporation 51 U.S.A. Toshiba America Consumer Products, Inc. 100 Toshiba America Electronic Components, Inc. 100 Toshiba America Information Systems, Inc. 100 Toshiba America, Inc. 100 Brazil Toshiba do Brasil, S.A. 100 Philippines Toshiba Information Equipment (Philippines), Inc. 100 Malaysia Toshiba Electronics Malaysia Sdn. Bhd. 100 Singapore AFPD Pte., Ltd. 100 TEC Singapore Electronics Pte., Ltd. 100 Toshiba Electronics Asia (Singapore) Pte., Ltd. 100 Japan Flash Vision 50 MT Picture Display Co., Ltd. 36 TM T&D Corporation 50 Toshiba Ceramics Co., Ltd. 41 Toshiba Machine Co., Ltd. 48 Toshiba Tungaloy Co., Ltd. 38 Percentage held by Group