Highlights of the Year Hitachi, Ltd. and Subsidiaries Years ended March 31, 2001 and 2002

FINANCIAL HIGHLIGHTS 22 Year ended March 31, 22

Contents Highlights of the Year............................................................. 2 Main Products and Services....................................................... 3 Eleven-Year Summary............................................................. 4 Consolidated Balance Sheets...................................................... 6 Consolidated Statements of Income................................................. 1 Consolidated Statements of Cash Flows............................................. 12 Segment Information.............................................................. 14 Analysis of Operating Results...................................................... 18 Stock Information................................................................ 22 Corporate Data.................................................................. 24 Notes 1. Financial statements and related financial data are presented in accordance with financial reporting principles and practices generally accepted in Japan. 2. Hitachi s fiscal year ends March 31. 3. Not all data have been audited. 4. Effective April 1, 19, Hitachi, Ltd. adopted Statement of Financial Accounting Standards (SFAS) No. 19, Accounting for Income Taxes, and has reported the cumulative effect of the change in the method of accounting for income taxes in the consolidated statement of income for the fiscal year ended March 31, 14. The cumulative effect of this change in accounting for income taxes of 2, million is determined as of April 1, 19. 5. In accordance with SFAS No. 19, the Company recognized the effect on deferred tax assets and liabilities of a change in income tax rates in Japan, which resulted in a decrease in net income (loss) by 54,363 million and 27,53 million for the years ended March 31, 19 and 19. 6. The Company changed the method of carrying the investment in its certain affiliated company from cost to equity in 2. Figures for the fiscal years ended March 31, 19 to 19 have also been restated using the same method. 7. On April 1, 2, the Company adopted SFAS No. 115, Accounting for Certain Investments in Debt and Equity Securities. Accordingly, figures for the fiscal years ended March 31, 19 to 2 have been restated. 8. The merger of Hitachi Leasing, Ltd. (an affiliated company whose investment had been carried on the equity method) with Hitachi Credit Corporation, a Hitachi subsidiary, effective on October 1, 2, is assumed to have taken place on April 1, 2. As a result, Hitachi Leasing, Ltd. and its subsidiaries are consolidated as subsidiaries for the fiscal year ended March 31, 21. 9. On April 1,2, the Company adopted SFAS No.87, Employers Accounting for Pensions. 1. In order to be consistent with financial reporting principles and practices generally accepted in Japan, operating income (loss) is presented as net sales less cost of sales and selling, general and administrative expenses. Under accounting principles generally accepted in the United States of America, restructuring charges, impairment losses and special termination benefits are included as part of operating income (loss). 1

Highlights of the Year Hitachi, Ltd. and Subsidiaries Years ended March 31, 21 and 22 Millions of yen 21 22 For the year: Net sales............................................................................... 8,416,2 7,9,784 Operating income(loss)................................................................... 342,312 (117,415) Net income(loss)......................................................................... 14,38 (483,837) Cash dividends declared.................................................................. 36,716 1,13 At year-end: Total assets............................................................................. 11,246,68 9,915,654 Stockholders equity...................................................................... 2,861,52 2,34,224 Per share data: Net income: Basic................................................................................ 31.27 (144.) Diluted............................................................................... 3.32 (144.) Net income per ADS (representing 1 shares): Basic................................................................................ 313 (1,45) Diluted............................................................................... 33 (1,45) Cash dividends declared.................................................................. 11. 3. Cash dividends declared per ADS (representing 1 shares)..................................... 11 3 Stockholders equity...................................................................... 857.27 69.28 See notes on inside cover. Yen 2

Main Products and Services Information & Telecommunication Systems Systems Integration Software RAID Storage Systems Servers Mainframes PCs Computer Peripherals Switches Fiber Optic Components Electronic Devices System LSIs Memories Multi-Purpose Semiconductors LCDs Semiconductor Manufacturing Equipment Testing and Measurement Equipment Medical Electronics Equipment Power & Industrial Systems Nuclear Power Plants Thermal Power Plants Hydroelectric Power Plants Industrial Machinery and Plant Construction Air-Conditioning Equipment Construction Machinery Rolling Stock Elevators Escalators Automotive Equipment Environmental Control Systems Digital Media & Consumer Products Optical Storage Drives TVs VCRs Mobile Phones LCD Projectors Room Air Conditioners Refrigerators Washing Machines Fluorescent Lamps Kitchen Appliances Batteries Videotapes Information Storage Media High Functional Materials & Components Wires Cables Copper Products Malleable Cast-Iron Products Specialty Steels Magnetic Materials Chemical Products Electrical Insulating Materials Synthetic Resins Carbon Products Printed Circuit Boards Fine Ceramics Logistics, Services & Others General Trading Transportation Property Management Financial Services Loan Guarantees Leasing Insurance Services 3

Eleven-Year Summary Years ended March 31 12 19 14 For the year: Net sales................................................................... 7,765,545 7,536,166 7,4,25 Japan.................................................................... 5,1,552 5,736,54 5,6,533 Other areas............................................................... 1,843,9 1,7,626 1,7,672 Cost of sales................................................................ 5,488,738 5,438,158 5,311,2 Selling, general and administrative expenses...................................... 1,4,78 1,875,847 1,874,824 Operating income (loss)....................................................... 352,27 222,161 213,389 Income (loss) before income taxes, minority interests and cumulative effect of accounting change..................................... 374,882 234,744 228,363 Net income (loss)............................................................ 127,611 77,289 65,279 Capital investment (Property, plant and equipment)................................ 757,389 615,345 662,248 Depreciation (Property, plant and equipment)..................................... 53, 479,3 4,132 R&D expenditure............................................................. 519,525 51,191 484,237 Per share data: Net income (loss) Basic...................................................... 38. 23.59 19. Diluted..................................................... 36.91 22.68 19.27 Cash dividends declared...................................................... 11. 11. 11. Stockholders equity.......................................................... 89.64 8.42 91.71 See notes on inside cover. 4

Millions of yen 19 19 19 19 19 2 21 22 7,5,266 8,123,81 8,523,1 8,416,834 7,7,374 8,1,23 8,416,2 7,9,784 5,768,3 6,2,2 6,7,552 5,85,111 5,533,554 5,657,571 5,791,3 5,444,662 1,823,33 2,12,888 2,452,548 2,611,723 2,443,82 2,343,632 2,625,682 2,549,122 5,3,757 5,828,887 6,25,8 6,23,44 6,52,345 5,8,756 6,155,23 6,184,3 1,8,919 1,2,341 1,5,39 1,7,783 1,9,13 1,8,83 1,919,647 1,6,83 34,59 332,582 2,166 29,7 (34,74) 174,364 342,312 (117,415) 283,643 349,2 264,7 173,458 (221,174) 79,235 323,655 (586,72) 113,912 143,135 89,82 12,163 (327,611) 16,2 14,38 (483,837) 655,41 723,477 74,135 712,672 585,718 574,642 1, 856,279 521,435 556,671 543,56 55,3 547,22 541,253 55,57 529,418 491,481 4,788 53,58 51,878 4,728 432,342 435,579 415,448 Yen 34.66 43. 26. 3.64 (.15) 5.7 31.27 (144.) 33.2 4.48 25. 3.58 (.15) 4. 3.32 (144.) 11. 11. 11. 11. 5.5 6. 11. 3. 2.73 1,68. 1,54.26 1,12.77 9.57 8.8 857.27 69.28 5

Consolidated Balance Sheets As of March 31 12 19 14 Assets: Current assets: Cash and cash equivalents.................................................. 1,4,7 1,368,27 1,331,65 Short-term investments...................................................... 487,33 639,18 86,6 Total................................................................. 1,3, 2,7,378 2,138,34 Trade receivables: Notes.................................................................... 4,33 418,489 43,311 Accounts................................................................. 1,327,165 1,347,7 1,3,149 Investment in leases.......................................................... Inventories.................................................................. 1,75,263 1,65,178 1,523,5 Prepaid expenses and other current assets....................................... 2,727 2,658 335, Total current assets.................................................... 5,849,555 5,674,67 5,7,45 Noncurrent receivables and restricted funds...................................... 172,427 185,13 169,17 Investments and advances, including affiliated companies.......................... 436,4 436,614 438,488 Property, plant and equipment: Land..................................................................... 28,241 2,54 2,889 Buildings................................................................. 1,149,8 1,237,429 1,3,564 Machinery and equipment................................................... 3,65,784 3,844,842 4,64,912 Construction in progress.................................................... 16,136 78,733 42,575 5,187,55 5,458,58 5,7, Less accumulated depreciation 3,17,8 3,254,674 3,55,71 Net property, plant and equipment.............................................. 2,169,17 2,23,834 2,2,869 Other assets................................................................ 23,323 247,523 234,114 8,857,91 8,747,771 8,1,91 See notes on inside cover. 6

Millions of yen 19 19 19 19 19 2 21 22 1,62,6 1,627,716 1,39,9 1,1,54 1,237,527 1,357,432 1,381,63 1,29,374 582,785 711,857 847,854 771,147 65,679 632,434 433,65 178,3 2,23,721 2,339,573 2,157,83 1,,687 1,843,26 1,9,866 1,815,253 1,28,37 42,24 462,685 411,459 369,838 37,354 2,526 37,635 24,855 1,44,6 1,662,631 1,876,678 1,8,41 1,878,272 1,,6 2,191,6 1,8,15 623,789 527,432 1,572,259 1,77,159 1,576,751 1,626,684 1,47,847 1,416,878 1,514,163 1,214,3 357,2 377,839 3,1 418,742 48,577 354,581 391,3 457,3 5,5,2 6,549,887 6,419,622 6,283,361 5,,256 5,5,543 6,844,51 5,57,535 18,464 161,7 188,473 1,546 176,43 16,583 163,3 436,63 1,146,58 2,15 861,126 823,136 817,436 885,669 834, 317,64 334,488 345,322 363,771 369,71 38,76 386,785 383,781 1,434,417 1,514,113 1,635,7 1,73,78 1,73,333 1,731,561 1,81,731 1,748,59 4,246,645 4,538,128 4,817,314 5,74,6 5,116,62 4,887,88 5,622,41 5,51,651 51,5 9,481 117,29,755 54,453 71,184,663,79 6,5,265 6,477,21 6,915,863 7,241,2 7,27,549 7,69, 7,,589 7,74,731 3,739,284 4,55,425 4,356,366 4,5,8 4,662,2 4,515,16 5,231,632 5,226,37 2,31,1 2,421,785 2,559,4 2,646,132 2,67,67 2,554,749 2,674,7 2,514,424 237,638 19,815 241,615 35,727 332,34 485,5 678,478 1,58,788 9,141,618 1,47,79 1,341,222 1,291,8 9,847,742 9,3,361 11,246,68 9,915,654 7

12 19 14 Liabilities and Stockholders Equity: Current liabilities: Short-term debt............................................................,2 825,6 7,25 Current installments of long-term debt......................................... 113, 13,13 17,316 Trade payables: Notes.................................................................. 318,625 273,52 245,175 Accounts............................................................... 636,634 614,237 64,3 Accrued expenses......................................................... 627,64 628,361 664,65 Income taxes..............................................................,214 7,567 84,671 Advances received......................................................... 572,81 573,583 544,449 Other current liabilities...................................................... 47,4 466,384 4,5 Total current liabilities................................................... 3,741,643 3,554,815 3,575,814 Long-term debt.............................................................. 5,65,113 1,25,35 Retirement and severance benefits.............................................. 564,2 61,243 629,242 Other liabilities............................................................... 81,625 Total liabilities......................................................... 5,282,18 5,146,171 5,311,6 Minority interests............................................................. 657,779 661,442 659, Stockholders equity: Common stock............................................................ 27,917 27,918 273,266 Capital surplus............................................................ 436,753 436,819 44,517 Legal reserve.............................................................. 72,163 78,161 84,147 Retained earnings.......................................................... 2,173,9 2,29,261 2,231,914 Accumulated other comprehensive income (loss)................................ (35,877) (55,1) (7,679) Treasury stock............................................................. Total stockholders equity............................................... 2,917,1 2,,158 2,9,165 8,857,91 8,747,771 8,1,91 See notes on inside cover. 8

Millions of yen 19 19 19 19 19 2 21 22 823,42 882,65 4,469 1,13,217 1,45,543 1,46,571 1,1,29 833,838 83,848 15,746 187,22 214,64 114,268 259, 412,646 366,83 212,7 212,789 14,67 132,159,863,58 138,161,7 71,3 823,28 5,45 4,112,641 4,721 1,16,789 1,37 674,653 734,36 732,7 728,741 6,3 76,647 786,813 882,148 16,7 13,4 118,685 89,715 63,241 76,9 16,727 6,518 578,137 5,889 411,752 3,674 418,36 382,85 385,741 334,172 5,637 581,829 439,489 452,7 436,653 3,686 432,571 324,67 3,689,874 4,17,148 3,9,4 4,59,689 3,777,8 3,9,836 4,622,657 3,885,265 1,11,9 1,23,353 1,244,612 1,287,532 1,478,168 1,482,81 1,881,27 1,7,33 648,4 659,51 671,7 682,871 723,28 6,385 2,332 1,49,54 82,651 31,581 168,71,5 86,11 81,718 73,689 8,64 5,433,14 6,181,5 6,53,481 6,123,142 6,65,265 6,23,749 7,559,8 6,812,686 675,227 733,663 768,836 788,239 776,462 791,5 825,158 7,744 276,41 278,178 281,684 281,735 281,735 281,738 281,754 282,32 445,26 48,718 486,6 4,272 4,782 4,81 51,243 527,1 89,5,377 11,146 14,37 15, 16,885 19,815 11,751 2,33,612 2,439,15 2,483,489 2,451,37 2,1,3 2,82,541 2,157,136 1,643,248 (81,491) 262,247 165,891 51, 23,21 17,442 (188,446) (258,484) (333) 3,33,377 3,555,535 3,518, 3,38,511 3,6,15 2,7,687 2,861,52 2,34,224 9,141,618 1,47,79 1,341,222 1,291,8 9,847,742 9,3,361 11,246,68 9,915,654 9

Consolidated Statements of Income Years ended March 31 12 19 14 Net sales................................................................... 7,765,545 7,536,166 7,4,25 Cost of sales................................................................ 5,488,738 5,438,158 5,311,2 Gross Profit............................................................... 2,276,87 2,,8 2,88,213 Selling, general and administrative expenses...................................... 1,4,78 1,875,847 1,874,824 Operating income (loss)..................................................... 352,27 222,161 213,389 Other income: Interest................................................................... 168,1 126,176,434 Dividends................................................................. 8,351 9,167 6,863 Other.................................................................... 1,456 3,563 3,675 187,7 138, 14,2 Other deductions: Interest charges............................................................ 14,282 113,839 78,113 Other.................................................................... 24,661 12,484 11,885 164,3 126,323 89,9 Income (loss) before income taxes, minority interests and cumulative effect of accounting change..................................... 374,882 234,744 228,363 Income taxes................................................................ 219,336 138,916 146,3 Income (loss) before minority interests and cumulative effect of accounting change..................................... 155,546,828 81,41 Minority interests............................................................. 27,5 18,539 13,161 Income (loss) before cumulative effect of accounting change...................... 127,611 77,289 68,249 Cumulative effect of accounting change......................................... 2, Net income (loss).......................................................... 127,611 77,289 65,279 See notes on inside cover. 1

Millions of yen 19 19 19 19 19 2 21 22 7,5,266 8,123,81 8,523,1 8,416,834 7,7,374 8,1,23 8,416,2 7,9,784 5,3,757 5,828,887 6,25,8 6,23,44 6,52,345 5,8,756 6,155,23 6,184,3 2,1,59 2,2,3 2,272,25 2,186,79 1,5,29 2,12,447 2,261,9 1,89,388 1,8,919 1,2,341 1,5,39 1,7,783 1,9,13 1,8,83 1,919,647 1,6,83 34,59 332,582 2,166 29,7 (34,74) 174,364 342,312 (117,415) 74,55 51,126 37,632 41,84 4,178 35,38 32,428 22,481 8,3 7,482 8,113 8,881 7,6 6,662 9,641 6,134 13,319 53,72 43,557 112,255 1,144 3,59 27,544 7,424,872 112,328 89,32 162,22 48,382 72,11 69,613 36,39 74,9 63,375 6,669 59,635 59,28 52,15 58,759 45,83 41,821 31,543 61,4 138,134 176,454 115,215 29,511 458,866 116,819,918 121,673 1,769 235,482 167,23 88,27 54,6 283,643 349,2 264,7 173,458 (221,174) 79,235 323,655 (586,72) 153,443 165,764 138,4 134,49,66 47,52 164,861 (71,114) 13,2 184,228 126,3 39,49 (318,834) 31,733 158,7 (514,8) 16,288 41, 36,4 26,886 8,777 14,811 54,414 (31,121) 113,912 143,135 89,82 12,163 (327,611) 16,2 14,38 (483,837) 113,912 143,135 89,82 12,163 (327,611) 16,2 14,38 (483,837) 11

Consolidated Statements of Cash Flows Years ended March 31 12 19 14 Cash flows from operating activities: Net income (loss).......................................................... 127,611 77,289 65,279 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation............................................................ 53, 479,3 4,132 Impairment loss for long-lived assets........................................ Cumulative effect of accounting change..................................... 2, Deferred income taxes.................................................... (7,358) (21,7) (8,721) Gain (loss) on sale of investments and subsidiaries common stock.............. (16,12) (2,7) (3,229) Loss on disposal of rental assets and other property........................... Income (loss) applicable to minority interests................................. 27,5 18,539 13,161 (Increase) decrease in receivables.......................................... 11,428 48,713 (77,6) (Increase) decrease in inventories........................................... (16,465) 12,4 57,9 (Increase) decrease in prepaid expenses and other current assets............... (9,2) (8,37) (7) Increase (decrease) in payables............................................ (122,775) (,37) 7,589 Increase (decrease) in accrued expenses and retirement and severance benefits... 84,764 45,45 71,74 Increase (decrease) in accrued income taxes................................. (59,267) (24,1) 14,913 Increase (decrease) in other liabilities........................................ 13,22 19,737 18,29 Equity in earnings of affiliated companies.................................... Impairment of investment in securities....................................... Other.................................................................. 27,764 25,867 31,56 Net cash provided by operating activities.................................. 51,545 684, 688,23 Cash flows from investing activities: (Increase) decrease in short-term investments.................................. (19,527) (137,859) (163,313) Capital expenditures........................................................ (781,748) (639,323) (5,462) Purchase of assets to be leased (Note 1)...................................... Collection of investment in leases (Note 1)..................................... Proceeds from disposal of rental assets and other property....................... 58,126 58,283 32,1 Proceeds from sale of investments and subsidiaries common stock................ 24,178 4,38 7,673 Purchase of investments and subsidiaries common stock........................ (17,823) (9,29) (18,8) Purchase of software....................................................... Other.................................................................... (36,9) (21,77) 3,322 Net cash used in investing activities....................................... (863,723) (744,886) (732,574) Cash flows from financing activities: Increase (decrease) in short-term debt......................................... 5,743 (51,69) (8,8) Proceeds from long-term debt................................................ 211,66 159,6 149,188 Payments on long-term debt................................................. (54,414) (119,468) (76,1) Proceeds from sale of common stock by subsidiaries............................ 42,821 27 357 Dividends paid to stockholders............................................... (35,5) (35,) (35,7) Dividends paid to minority stockholders of subsidiaries........................... (9,756) (9,482) (9,63) Purchase and retirement of common shares by subsidiaries....................... Acquisition of common stock for treasury...................................... Net cash provided by (used in) financing activities........................... 24,535 (56,53) 18,254 Effect of exchange rate changes on cash and cash equivalents...................... (4,23) (11,115) (1,575) Net increase (decrease) in cash and cash equivalents............................. (152,666) (127,524) (36,665) Cash and cash equivalents at beginning of year................................... 1,648,46 1,4,7 1,368,27 Cash and cash equivalents at end of year........................................ 1,4,7 1,368,27 1,331,65 Notes: 1. According to the importance of lease assets, the Company divided the amount of Capital expenditures into two categories; Capital expenditures and Purchase of assets to be leased. Figures for 19 and 2 have also been restated using the same method. 2. See notes on inside cover. 12

Millions of yen 19 19 19 19 19 2 21 22 113,912 143,135 89,82 12,163 (327,611) 16,2 14,38 (483,837) 521,435 556,671 543,56 55,3 547,22 541,253 55,57 529,418 44,289 35,54 2,74 9,31 46,115 (16,488) (3,154) (61,) (14,667) (22,6) (67,179) 12,55 (182,72) (5,879) (4,746) (24,262) (117,9) (3,8) (36,215) (17,437) (4,35) 24,2 12,78 69,9 19,1 19,165 59,687 16,288 41, 36,4 26,886 8,777 14,811 54,414 (31,121) (5,64) (2,) (1,337) 13,175 (2,549) (17,685) (72,35) 45, (67,) (12,6) 162,473 (53,73) 127,82 (26,273) (128,477) 261,229 (12,29) (15,145) 4,335 (12,847) (1,133) (9,1) (38,234) (9) 41,581 14,4 4 (7,254) (45,274) 78,728,855 (271,6) 37,272 57,73 (3,428) 5,132 19,4 3,846 8,171 7,813 23,37 21,141 (14,461) (28,88) (25,135) 15,884 26,337 (48,174) (1,618) 25,62 (,271) 6,8 25,338 (41,385) (62,858) (69,671) 6,426 (2,559) 35,756 4,784 6,876 76,867 2,668 7,828 (2,569) (6,133) 16,42 28,233 23,823 43,684 62,753 473,433 486,724 42,741 388,879 451,45 535,433 482,866 225,843 (8,216) (169,644) 49,462 153,382 (15,155) 1,61 253,236 (651,577) (717,85) (75,66) (69,419) (46,685) (365,744) (463,585) (429,835) (212,657) (211,185) (532,142) (444,1) 421,527 469,18,23 61,5 49,75 32,334 26,427 133,86 7,442 59,574 12,81 33,665 34,76 144,127 16,542 67,1 5,473 55,354 (15,518) (38,914) (43,751) (165,8) (13,837) (4,463) (125,473) (129,527) (38,) (36,45) (112,56) (52) (4,21) 9,123 (7,2) (13,721) 33,275 45,836 6,656 (335,723) (672,826) (87,53) (638,326) (45,549) (435,591) (37,717) (272,871) 52,132 17,4 6,49,57 (1,845) 43,155 (5,153) (48,514) 13,49 332,559 21,5 279,866 375,344 315,48 518,872 573,373 (126,321) (118,716) (168,5) (223,517) (23,273) (1,38) (642,5) (743,385) 1,138 3,46 5,35 7,423 71 9,46 13,342 42,466 (36,5) (36,337) (36,52) (36,6) (18,412) (27,762) (28,235) (28,318) (9,746) (9,85) (1,5) (11,838) (11,722) (12,33) (15,739) (13,41) (7,6) (333) 11,688 189,125 52,64 112,391 113,7 125,83 (159,57) (578,112) (7,387) 17,48 13,8 (5,215) (14,136) (21,784) 18,2 15,888 289,331 6,78 (317,767) (11,49) 37,7 119, 24,171 (352,229) 1,331,65 1,62,6 1,627,716 1,39,9 1,1,54 1,237,527 1,357,432 1,381,63 1,62,6 1,627,716 1,39,9 1,1,54 1,237,527 1,357,432 1,381,63 1,29,374 13

Segment Information Years ended March 31, 22, 21 and 2 Industry Segments Millions of yen 2 21 22 Sales Information & Telecommunication Systems..................... 1,777,731 1,7,84 1,829,661 Electronic Devices......................................... 1,756,75 2,11,717 1,487,2 Power & Industrial Systems.................................. 2,158,5 2,321,14 2,266,8 Digital Media & Consumer Products........................... 1,22,285 1,53,1 1,17,744 High Functional Materials & Components...................... 1,351,335 1,467,345 1,25,248 Logistics, Services & Others................................. 1,354,816 1,5,369 1,43,825 Financial Services.......................................... 529,867 5,774 567,138 Subtotal.................................................. 9,1,335 1,841,5 1,2,711 Eliminations & Corporate items............................... (1,,132) (2,424,61) (2,8,7) Total..................................................... 8,1,23 8,416,2 7,9,784 Operating Information & Telecommunication Systems..................... 37,82 48,1 35,757 income (loss) Electronic Devices......................................... 4,119 118,128 (163,633) Power & Industrial Systems.................................. 34,329 77,269 55,4 Digital Media & Consumer Products........................... 4,727 1,541 (14,675) High Functional Materials & Components...................... 5,53 83,415 (22,24) Logistics, Services & Others................................. 23, 8,437 3,257 Financial Services.......................................... 26,9 44,146 37,43 Subtotal.................................................. 217,518 381,857 (68,911) Eliminations & Corporate items............................... (43,154) (39,545) (48,54) Total..................................................... 174,364 342,312 (117,415) 14

Geographic Segments Millions of yen 2 21 22 Sales Japan Outside customer sales...................................... 6,41,4 6,557,736 6,134,554 Intersegment transactions.................................... 1,918 1,148,587 8,562 Total..................................................... 7,362,852 7,76,323 7,27,116 Asia Outside customer sales...................................... 462,652 55,33 67,41 Intersegment transactions.................................... 33,156 415,6 349,337 Total..................................................... 765,88 6,249 6,378 North America Outside customer sales...................................... 723,86 863,349 83,9 Intersegment transactions.................................... 31,512 48,141 45,382 Total..................................................... 754,5 911,49 876,341 Europe Outside customer sales...................................... 364,618 3,89 364,84 Intersegment transactions.................................... 44,737 27,513 32,268 Total..................................................... 49,355 423,322 3,18 Other Areas Outside customer sales...................................... 39,913 49,785 56,39 Intersegment transactions.................................... 1,16 4,254 2,359 Total..................................................... 49,9 54,39 58,749 Subtotal................................................... 9,342,542 1,61,423 9,315,6 Eliminations & Corporate items................................ (1,341,339) (1,644,441) (1,321,) Total..................................................... 8,1,23 8,416,2 7,9,784 Operating income (loss) Japan...................................................................... 183,4 33,359 (7,42) Asia....................................................................... 21,32 45,32 (5,9) North America............................................................. 15,513 7,37 (21,53) Europe.................................................................... 3,871 13,19 4,7 Other Areas............................................................... (1,47) 1,246 1,842 Subtotal.................................................. 223,233 369,783 (9,714) Eliminations & Corporate items............................... (48,869) (27,471) (26,71) Sales by Market Total.................................................... 174,364 342,312 (117,415) Millions of yen 2 21 22 Japan Sales..................................................... 5,657,571 5,791,3 5,444,662 Percentage of Net Sales (%).................................. 71 69 68 Outside Japan Asia...................................................... 8,664 6,87 8,5 Percentage of Net Sales (%).................................. 11 11 11 North America.......................................... 767,241,8,629 Percentage of Net Sales (%).................................. 1 11 12 Europe................................................... 484,744 55,8 513,31 Percentage of Net Sales (%).................................. 6 7 6 Other Areas............................................... 1,3 24,44 29,133 Percentage of Net Sales (%).................................. 2 2 3 Subtotal.................................................. 2,343,632 2,625,682 2,549,122 Percentage of Net Sales (%).................................. 29 31 32 Total..................................................... 8,1,23 8,416,2 7,9,784 15

Others Millions of yen 21 22 Capital Information & Telecommunication Systems..................................... 89,7 89,769 investment Electronic Devices......................................................... 224,21 114,62 (Property, Power & Industrial Systems.................................................. 75,73 74,549 plant and Digital Media & Consumer Products........................................... 45,486 38,677 equipment) High Functional Materials & Components...................................... 18,813 8,232 Logistics, Services & Others................................................. 3,1 4,125 Financial Services.......................................................... 465,213 472,129 Subtotal.................................................................. 1,38,2 91,83 Eliminations & Corporate items............................................... (67,827) (53,84) Total..................................................................... 1, 856,279 Depreciation Information & Telecommunication Systems..................................... 63,46 69,219 (Property, Electronic Devices......................................................... 149,566 162,146 plant and Power & Industrial Systems.................................................. 63, 62,4 equipment) Digital Media & Consumer Products........................................... 44,57 44,25 High Functional Materials & Components...................................... 83,23 81,827 Logistics, Services & Others................................................. 35,27 36,351 Financial Services.......................................................... 62,278 69,349 Subtotal.................................................................. 51,47 525,861 Eliminations & Corporate items............................................... 4,1 3,557 Total..................................................................... 55,57 529,418 R&D Information & Telecommunication Systems..................................... 153,744 136,714 expenditures Electronic Devices......................................................... 128,414 116,76 Power & Industrial Systems.................................................. 66,6 63,733 Digital Media & Consumer Products........................................... 37,2 37,5 High Functional Materials & Components...................................... 43,8 47,51 Logistics, Services & Others................................................. 5,339 11,3 Financial Services.......................................................... 829 1,218 Total..................................................................... 435,579 415,448 16

21 22 Number of Information & Telecommunication Systems........................................ 67,15 69,6 employees Electronic Devices............................................................ 51,38 42,75 Power & Industrial Systems..................................................... 81,172 76,523 Digital Media & Consumer Products.............................................. 4,155 35,612 High Functional Materials & Components......................................... 59,562 54,881 Logistics, Services & Others.................................................... 28,448 28,483 Financial Services............................................................. 4,277 4,5 Others...................................................................... 5,255 5,71 Corporate.................................................................... 3,747 3,776 Total........................................................................ 34,9 321,517 Notes: 1. This information is disclosed in accordance with a ministerial ordinance under the Securities and Exchange Law of Japan. 2. In order to be consistent with financial reporting principles and practices generally accepted in Japan, operating income (loss) is presented as net sales less cost of sales and selling, general and administrative expenses. Under accounting principles generally accepted in the United States of America, restructuring charges, impairment losses and special termination benefits are included as part of operating income (loss). 3. The Company has changed the industry segment classification starting from the year ended March 31, 22. Figures for the years ended March 31, 2 and 21 have been restated to reflect the reclassifications. 17

Analysis of Operating Results Years ended March 31 Net sales and Net income (loss) (Billions of yen) 1 8 6 4 2-2 (Billions of yen) 5 4 3 2 1-4 Cost of sales and SG&A expenses (Billions of yen) 8 6 4 2-4 1 2-5 1 2 Net sales (left scale) Net income (loss) (right scale) Cost of sales SG&A expenses (%) 24 Return on assets and Return on equity (Billions of yen) 1 Capital investment (Property, plant and equipment) 12 8 6 4-12 2-24 1 2 1 2 Return on assets Return on equity 18 12 19 14 Net sales................................................................... 7,766 7,536 7,4 Operating income (loss)....................................................... 352 222 213 Net income (loss)............................................................ 128 77 65 Cost of sales................................................................ 5,489 5,438 5,312 Ratio to net sales (%)....................................................... 7.7% 72.2% 71.8% Selling, general and administrative expenses...................................... 1,5 1,876 1,875 Ratio to net sales (%)....................................................... 24.8% 24.9% 25.3% Operating income (loss) to net sales (%)......................................... 4.5% 2.9% 2.9% Return on sales (%).......................................................... 1.6% 1.%.9% Return on equity (%).......................................................... 4.5% 2.6% 2.2% Return on assets (%)......................................................... 1.4%.9%.7% Capital investment (Property, plant and equipment)................................ 757 615 662 Depreciation (Property, plant and equipment)..................................... 54 48 4 Free cash flows.............................................................. (353) (6) (44) R&D expenditure............................................................. 52 51 484 Ratio to net sales (%)....................................................... 6.7% 6.7% 6.5% Notes: 1. Figures may not agree due to rounding. 2. Return on sales = Net income (loss) / Net sales. 3. Return on equity = Net income (loss) / Average stockholders equity. 4. Return on assets = Net income (loss) / Total assets as of March 31. 5. Free cash flows = Cash flows from operating activities + Cash flows from investing activities. 6. See notes on inside cover.

(%) 8 Operating income (loss) to net sales (%) 8 Return on sales 6 4 2 4-4 -2 1 2-8 1 2 Free cash flows and Depreciation (Property, plant and equipment) (Billions of yen) 6 R&D expenditure and R&D expenditure to net sales (Billions of yen) (%) 6 12 4 2-2 5 4 3 2 1 1 8 6 4 2-4 1 2 1 2 Free cash flows Depreciation R&D expenditure (left scale) R&D expenditure to net sales (right scale) Billions of yen 19 19 19 19 19 2 21 22 7,5 8,124 8,523 8,417 7,7 8,1 8,417 7,4 35 333 2 29 (34) 174 342 (117) 114 143 9 12 (328) 17 14 (484) 5,3 5,829 6,251 6,23 6,52 5,8 6,155 6,184 71.% 71.8% 73.3% 74.% 75.9% 73.7% 73.1% 77.4% 1,8 1,2 1,5 1,8 1,9 1,8 1, 1,7 25.% 24.2% 23.2% 23.5% 24.6% 24.1% 22.8% 24.1% 4.% 4.1% 3.5% 2.5% (.4)% 2.2% 4.1% (1.5)% 1.5% 1.8% 1.%.% (4.1)%.2% 1.2% (6.1)% 3.8% 4.3% 2.5%.4% (1.3)%.6% 3.6% (18.7)% 1.2% 1.4%.9%.1% (3.3)%.2%.9% (4.9)% 655 723 74 713 586 575 1 856 521 557 544 55 547 541 56 529 285 (1) (384) (218) (62) 16 165 21 491 4 54 511 4 432 436 415 6.5% 6.1% 5.9% 6.1% 6.2% 5.4% 5.2% 5.2% 19

Interest expense and Interest coverage Current ratio (Billions of yen) 15 1 5-5 -1-15 (Times) 9 6 3-3 -6-9 (%) 17 16 15 14-2 Interest expense (left scale) Interest coverage (right scale) 1 2-12 1 2 (Times) 1. Asset turnover Fixed assets turnover (Times) 5.9 4.8 3 1 2 1 2 12 19 14 Interest expense............................................................. 14 114 78 Interest coverage (Times)...................................................... 3.67 3.6 3. Current assets............................................................... 5,85 5,675 5,7 Current liabilities............................................................. 3,742 3,555 3,576 Current ratio (%)............................................................. 156.34% 159.63% 162.1% Short-term debt.............................................................. 1,2 8 Long-term debt.............................................................. 6 1,25 Total debt................................................................... 1,9 1,918 1,7 Stockholders equity.......................................................... 2,918 2, 2,9 Total assets................................................................. 8,858 8,748 8,1 Debt / equity ratio (Times)......................................................68.65.65 Stockholders equity ratio (%).................................................. 32.% 33.61% 33.13% Asset turnover (Times).........................................................88.86.83 Fixed assets................................................................. 2,169 2,24 2,2 Fixed assets turnover (Times).................................................. 3.58 3.42 3.23 Notes: 1. Interest coverage = Income (loss) before income taxes and minority interests + Interest expense Interest expense 2. Fixed assets represents the net carrying amounts of property, plant and equipment. 3. Current ratio = Current assets / Current liabilities as of March 31. 4. Stockholders equity ratio = Stockholders equity / Total assets as of March 31. 5. Asset turnover = Net sales / Total assets as of March 31. 6. Fixed assets turnover = Net sales / Fixed assets as of March 31. 7. See notes on inside cover. 2

Debt / equity ratio Stockholders equity ratio (Times) (%) 1.4 35 1.2 1. 3.8 25.6 1 2 1 2 Billions of yen 19 19 19 19 19 2 21 22 75 63 61 6 59 52 59 46 4.78 6.52 5.36 3.91 (2.75) 2.52 6.51 (11.79) 5,6 6,55 6,42 6,283 5, 5,6 6,845 5,58 3,69 4,17 3,9 4,6 3,778 3, 4,623 3,885 161.% 163.5% 161.74% 154.77% 156.39% 151.42% 148.6% 141.75% 1,33 1,181 1,317 1,16 1,36 1,612 1,2 1,12 1,23 1,245 1,288 1,478 1,483 1,881 1,7 1,919 2,237 2,426 2,65 2,638 2,788 3,4 2,9 3,33 3,556 3,519 3,381 3,6 2,8 2,862 2,34 9,142 1,471 1,341 1,2 9,848 9,3 11,247 9,916.63.63.69.77.88. 1.22 1.3 33.18% 33.% 34.3% 32.85% 3.52% 29.% 25.44% 23.24%.83.78.82.82.81.8.75.81 2,311 2,422 2,559 2,646 2,68 2,555 2,675 2,514 3.29 3.35 3.33 3.18 3.6 3.13 3.15 3.18 21

Stock Information Common Stock Price Movement (Tokyo Stock Exchange) (Yen) (Yen) 3, 3, 2,5 25, 2, 2, 1,5 15, 1, 1, 5 1 2 5, Hitachi s Common Stock Price at the end of March (left scale) Nikkei Stock Average (225) (right scale) Price range Price Range of Hitachi Common Stock 12 19 14 19 19 19 19 19 2 21 22 Price range High.......... 1,27 873 9 1,12 1,14 1,18 1,39 1,15 1,79 1,549 1,38 Low.......... 75 67 729 7 781 1 877 532 814 8 745 Price at the end of March...... 785 848 9 1,4 1,1 877 1,219 1,73 8 Nikkei Stock Average (225)...... 19,345 18,591 19,111 16,139 21,46 18,3 16,527 15,836 2,337 12,9 11,24 Note: Common stock prices are those of Hitachi, Ltd. Price/Earnings Ratio, Price/Cash Flow Ratio and Price/Book Value Ratio Years ended March 31 Net income (loss) per share 12 19 14 19 19 19 19 19 2 21 22 (Diluted) ( )................ 36.91 22.68 19.27 33.2 4.48 25. 3.58 (.15) 4. 3.32 (144.) Price/earnings ratio (Times)... 21.3 37.4 48.3 27.3 25.7 42.4 27.9 244.3 35.4 Free cash flows per share ( )... (.) (16.) (12.55) 8.65 (55.88) (18.18) (61.36) (17.4) 4.47 46.47 59.72 Price/free cash flow ratio (Times)... 11.16 272.71 23.9 15.54 Stockholders equity per share ( )... 89.64 8.42 91.71 2.73 1,68. 1,54.26 1,12.77 9.57 8.8 857.27 69.28 Price/book value ratio (Times)....88. 1.3.. 1.4.. 1.36 1.25 1.34 Cash dividends declared per share ( )............... 11. 11. 11. 11. 11. 11. 11. 5.5 6. 11. 3. Notes: 1. Net income (loss) per share is based on common stock and common stock equivalents of Hitachi, Ltd. 2. Stockholders equity per share is based on common stock of Hitachi, Ltd. 3. Free cash flows per share is based on common stock and common stock equivalents of Hitachi, Ltd. 4. See notes on inside cover. Equity-Linked Financings Issue date Type Amount Coupon (%) Conversion Price Redemption Date 8/ 2 /18 CB #6 12, million 1.3 1,875.2 9/3/23 5/16/19 CB #7 25, million 1.4 1,6.3 9/3/24 22

Major Stockholders As of March 31, 22 Numbers of Shares held Percentage of Shares Held Japan Trustee Services Bank, Ltd. 175,867, 5.33% The Chase Manhattan Bank, N.A. London 15,267, 4.55% State Street Bank and Trust Company 134,5,549 4.9% NATS CUMCO 127,422,8 3.86% Nippon Life Insurance Company 115,325,472 3.5% The Mitsubishi Trust and Banking Corporation 113,389,222 3.44% Mitsui Asset Trust and Banking Co.,Ltd.,79, 2.88% The Dai Ichi Mutual Life Insurance Company,111, 2.82% UFJ Trust Bank Limited 87,874,565 2.66% Hitachi Employees Shareholding Association 82,217,2 2.49% Note: NATS CUMCO is the nominee name for the aggregate of the Company s American Depositary Receipts (ADRs) holders. Composition of Shareholders As of March 31, 22 Financial Institutions and Securities Firms 38.66% Foreign Investors 31.82% Individuals 26.27% Others 3.25% Governments.% Transfer Agent for the Shares: TOKYO SECURITIES TRANSFER AGENT CO., LTD. 5-1, Marunouchi, 1-chome, Chiyoda-ku, Tokyo, 1-5, Japan Tel. +81-3-3212-461 Depositary for American Depositary Receipts: Citibank, N.A. 111 Wall Street, 2th Floor New York, New York 15, USA Tel. +1-877-CITI-ADR (248-4237) Overseas Stock Exchange Listings Luxembourg, Frankfurt, Amsterdam, Paris and New York stock exchanges Japanese Stock Exchange Listings Tokyo, Osaka, Nagoya, Fukuoka, and Sapporo stock exchanges 23

Corporate Data As of March 31, 22 Corporate Name Principal Office Hitachi, Ltd. (Kabushiki Kaisha Hitachi Seisakusho) 6, Kanda-Surugadai 4-chome, Chiyoda-ku, Tokyo 11-81, Japan Founded 191 (Incorporated in 1) Number of Consolidated Japan 712 Subsidiaries Overseas 354 Number of Employees 321,517 Common Stock Issued 3,338,481,41 shares Number of Shareholders 376,26 Internet Address http://global.hitachi.com For further information, please contact: Investor Relations JAPAN Hitachi, Ltd. 6, Kanda-Surugadai 4-chome, Chiyoda-ku, Tokyo 11-81 TEL: 3-3258-1111 E-mail:IR@hdq.hitachi.co.jp U.S.A Hitachi America, Ltd. Hitachi Plaza, 2 Sierra Point Parkway, Brisbane, California 5-1835 TEL: 1-65-244-7 E-mail:investor.info@hal.hitachi.com EUROPE ASIA Hitachi Europe Ltd. Hitachi Asia Ltd. Whitebrook Park, 16 Collyer Quay, #2- Hitachi Tower, Lower Cookham Road, Singapore 418 Maidenhead Berkshire TEL: 65-6231-2522 SL6 8YA U.K. E-mail:investor.info@has.hitachi.com.sg TEL: 44-()1628-585379 E-mail:investor.info@hitachi-eu.com 24

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