content_image/66906.jpg content_image/66905.jpg
Corporation’s shares had a par value of ¥50 per share. 

## Retained Earnings 

Retained earnings at March 31, 2003 and 2002 include a legal reserve of ¥12,869 million ($107,242 thousand) and ¥81,815 million, respectively. The Japanese Commercial Code provides that an amount equal to at least 10 per- cent of cash dividends and other distributions from retained earnings paid by Toshiba Corporation and its Japanese subsidiaries be appropriated as a legal reserve. No further appropriations are required when the total amount of the additional paid-in capital and the legal reserve equals 25 percent of their respective stated capital. The Japanese Commercial Code also provides that to the extent that the sum of the additional paid-in capital and the legal reserve exceeds 25 percent of the stated capital, the amount of the excess (if any) is available for appro- priations by the resolution of the shareholders. 

The amount of retained earnings available for dividends is based on Toshiba Corporation’s retained earnings deter- mined in accordance with generally accepted accounting principles in Japan and the Japanese Commercial Code. Retained earnings at March 31, 2003 do not reflect year-end dividends of ¥9,656 million ($80,467 thousand) for the year ended March 31, 2003, which are expected to be formally approved at the general shareholders’ meeting held in June 2003, and will be payable subsequently. 

Retained earnings at March 31, 2003 included the Company’s equity in undistributed earnings of affiliated companies accounted for by the equity method in the amount of ¥45,131 million ($376,092 thousand). 

## Accumulated Other Comprehensive Loss 

An analysis of the changes in accumulated other comprehensive loss, net of tax, for the years ended March 31, 2003 and 2002 is shown below: 

<img src='content_image/66906.jpg'>

Tax effects allocated to each component of other comprehensive income (loss) for the years ended March 31, 2003 and 2002 are shown below: 

<img src='content_image/66905.jpg'>

