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## 6. INVENTORIES 

## 7. INVESTMENTS IN AND ADVANCES TO AFFILIATES 

Inventories comprise the following: 

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The Company’s significant investments in affiliated companies accounted for by the equity method together with the percentage of the Company’s ownership of voting shares at March 31, 2003 are: TM T&D Corporation (“TM T&D”) (50.0%); MT Picture Display Co., Ltd. (“MTPD”) (35.5%); Topcon Corporation (41.9%); Toshiba Ceramics Co., Ltd. (41.4%); Toshiba Machine Co., Ltd. (47.7%); and Toshiba Tungaloy Co., Ltd. (38.3%). Of the affiliates which are accounted for by the equity method, the investment in common stock of the listed companies (five companies) is carried at ¥59,974 million ($499,783 thousand) and ¥60,174 million at March 31, 2003 and 2002, respectively. The Company’s investments in these companies had a market value of ¥49,022 million ($408,517 thousand) and ¥58,330 million at March 31, 2003 and 2002, respectively, based on quoted market prices at those dates. Summarized financial information of the affiliates accounted for by the equity method is shown below: 

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