Excavator

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Tokyo, May 10, 2012 --- Hitachi, Ltd. (TSE:6501) today announced a progress of its management plan “2012 Mid-term Management Plan” to promote "Growth
Driven by Social Innovation Business" & "Solid Financial Base".
Summary of progress are below.<o:p></o:p></div>
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Key Message of Today’s Announcement<o:p></o:p></div>
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(1) In FY2012, which is the final year of the Mid-term Management Plan, the
company expects to meet goals; such as operating income (ratio), net
earnings attributable to Hitachi, Ltd., the D/E ratio, and the shareholders’
equity ratio.<o:p></o:p></div>
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(Revenues are expected to fall below original targets due in part to the small-to medium-sized display business, etc.)<o:p></o:p></div>
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(2) The company will continue to promote management measures aimed at achieving growth in the global market with a focus on the Social Innovation Business.<o:p></o:p></div>
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(3) Through the continued execution of growth strategies, cost structure reforms,
and business model innovations, Hitachi will strive to become a global major
player that responds to global needs through the Social Innovation Business.<o:p></o:p></div>
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1. Progress Overview<o:p></o:p></div>
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(1) FY2011 Results, FY2012 Forecasts and Targets<o:p></o:p></div>
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FY2011 Results<o:p></o:p></div>
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FY2012 Forecast(*1)<o:p></o:p></div>
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FY2012 Target(*2)<o:p></o:p></div>
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Revenues<o:p></o:p></div>
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 <div class="MsoNormal" style="margin-bottom: 0.0001pt; margin-left: 65pt; margin-right: -1pt; margin-top: 1.95pt;">
9,665.8<o:p></o:p></div>
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billion yen<o:p></o:p></div>
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9,100.0<o:p></o:p></div>
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billion yen<o:p></o:p></div>
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10,000<o:p></o:p></div>
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billion yen<o:p></o:p></div>
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Operating income<o:p></o:p></div>
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(ratio)<o:p></o:p></div>
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 <div class="MsoNormal" style="margin-bottom: 0.0001pt; margin-left: 14.6pt; margin-right: -1pt; margin-top: 2.1pt;">
412.2 billion yen<o:p></o:p></div>
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(4.3%)<o:p></o:p></div>
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(5.3%)<o:p></o:p></div>
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(Over 5%)<o:p></o:p></div>
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Net income attributable<o:p></o:p></div>
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to Hitachi, Ltd.<o:p></o:p></div>
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347.1 billion yen<o:p></o:p></div>
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<div class="MsoNormal" style="margin-bottom: 0.0001pt; margin-left: 21.7pt; margin-right: -1pt; margin-top: 0cm;">
200.0 billion yen<o:p></o:p></div>
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Consistently generate at least<o:p></o:p></div>
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200 billion yen<o:p></o:p></div>
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D/E ratio(*3)<o:p></o:p></div>
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0.86 times (Manufacturing, Services and Others:<o:p></o:p></div>
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0.56 times)<o:p></o:p></div>
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0.80 times (Manufacturing, Services and
  Others:<o:p></o:p></div>
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0.50  times)<o:p></o:p></div>
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0.8 times or
 below<o:p></o:p></div>
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Total Hitachi, Ltd. Stockholders’
 equity ratio<o:p></o:p></div>
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18.8% (Manufacturing, Services and Others:<o:p></o:p></div>
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20.5%)<o:p></o:p></div>
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20.0% (Manufacturing, Services and Others:<o:p></o:p></div>
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22.0%)<o:p></o:p></div>
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20%<o:p></o:p></div>
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*1 As of June 9 , 2011 (includes impact of HDD business transfer).<o:p></o:p></div>
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Exchange ratio: 80 yen to the U.S. dollar and 110 yen to the euro.<o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; margin-left: 20.5pt; margin-right: -1pt; margin-top: 0cm;">
*2 Exchange ratio: 75 yen to the U.S. dollar    and 100 yen to the euro.<o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; margin-left: 31.3pt; margin-right: 94.5pt; margin-top: 0cm; text-indent: -10.8pt;">
*3 Including non-controlling interests, and also including liabilities associated with the consolidation of securitized entities.<o:p></o:p></div>
<div class="MsoNormal" style="line-height: 6.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-line-height-rule: exactly;">
 </div>
<div class="MsoNormal" style="line-height: 10.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-line-height-rule: exactly;">
 </div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; margin-left: 18.9pt; margin-right: -1pt; margin-top: 0cm;">
2. Outlook of the overseas sales ratio<o:p></o:p></div>
<div class="MsoNormal" style="line-height: 18.75pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 18.2pt; margin-right: -1.0pt; margin-top: 0cm; mso-line-height-rule: exactly;">
(1) Overseas sales ratio<span lang="EN-US" style="font-family: "Adobe 黑体 Std R","sans-serif"; font-size: 12.0pt; mso-bidi-font-family: "Adobe 黑体 Std R"; mso-fareast-font-family: "Adobe 黑体 Std R"; mso-font-width: 49%; mso-text-raise: -.5pt; position: relative; top: .5pt;">：<o:p></o:p></div>
<div class="MsoNormal" style="line-height: 17.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 18.2pt; margin-right: 181.3pt; margin-top: 1.05pt; text-indent: 18.25pt;">
FY2010 results: 41%(*4) → FY2012 forecast: 43% (2) Staff composition<o:p></o:p></div>
<div class="MsoNormal" style="line-height: 2.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 0cm; margin-right: 0cm; margin-top: .1pt; mso-line-height-rule: exactly;">
 </div>
<table border="0" cellpadding="0" cellspacing="0" class="MsoNormalTable" style="border-collapse: collapse; margin-left: 19.7pt; mso-padding-alt: 0cm 0cm 0cm 0cm; mso-table-layout-alt: fixed; mso-yfti-tbllook: 480;">
 <tbody>
<tr style="height: 18.6pt; mso-height-rule: exactly; mso-yfti-firstrow: yes; mso-yfti-irow: 0;">
 <td style="border: solid black 1.0pt; height: 18.6pt; mso-border-alt: solid black .5pt; mso-height-rule: exactly; padding: 0cm 0cm 0cm 0cm; width: 191.4pt;" valign="top" width="255">
 <div class="MsoNormal">
 </div>
</td>
 <td style="border-left: none; border: solid black 1.0pt; height: 18.6pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-height-rule: exactly; padding: 0cm 0cm 0cm 0cm; width: 123.95pt;" valign="top" width="165">
 <div class="MsoNormal" style="margin-bottom: 0.0001pt; margin-left: 11.25pt; margin-right: -1pt; margin-top: 0.35pt;">
FY2010 Results(*4)<o:p></o:p></div>
</td>
 <td style="border-left: none; border: solid black 1.0pt; height: 18.6pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-height-rule: exactly; padding: 0cm 0cm 0cm 0cm; width: 124.05pt;" valign="top" width="165">
 <div class="MsoNormal" style="margin-bottom: 0.0001pt; margin-left: 15.1pt; margin-right: -1pt; margin-top: 2.1pt;">
FY2012 Forecast<o:p></o:p></div>
</td>
 </tr>
<tr style="height: 18.5pt; mso-height-rule: exactly; mso-yfti-irow: 1;">
 <td style="border-top: none; border: solid black 1.0pt; height: 18.5pt; mso-border-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; mso-height-rule: exactly; padding: 0cm 0cm 0cm 0cm; width: 191.4pt;" valign="top" width="255">
 <div class="MsoNormal" style="margin-bottom: 0.0001pt; margin-left: 60.45pt; margin-right: -1pt; margin-top: 2pt;">
Head count in 
 Japan<o:p></o:p></div>
</td>
 <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 18.5pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; mso-height-rule: exactly; padding: 0cm 0cm 0cm 0cm; width: 123.95pt;" valign="top" width="165">
 <div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; margin-left: 46.65pt; margin-right: 45.75pt; margin-top: 2pt; text-align: center;">
212k<o:p></o:p></div>
</td>
 <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 18.5pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; mso-height-rule: exactly; padding: 0cm 0cm 0cm 0cm; width: 124.05pt;" valign="top" width="165">
 <div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; margin-left: 46.65pt; margin-right: 45.9pt; margin-top: 2pt; text-align: center;">
212k<o:p></o:p></div>
</td>
 </tr>
<tr style="height: 36.5pt; mso-height-rule: exactly; mso-yfti-irow: 2;">
 <td style="border-top: none; border: solid black 1.0pt; height: 36.5pt; mso-border-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; mso-height-rule: exactly; padding: 0cm 0cm 0cm 0cm; width: 191.4pt;" valign="top" width="255">
 <div class="MsoNormal" style="margin-bottom: 0.0001pt; margin-left: 59.85pt; margin-right: -1pt; margin-top: 2pt;">
Head count overseas<o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; margin-left: 96.3pt; margin-right: -1pt; margin-top: 4.2pt;">
(overseas ratio)<o:p></o:p></div>
</td>
 <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 36.5pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; mso-height-rule: exactly; padding: 0cm 0cm 0cm 0cm; width: 123.95pt;" valign="top" width="165">
 <div class="MsoNormal" style="line-height: 11.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-line-height-rule: exactly;">
 </div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; margin-left: 30.55pt; margin-right: -1pt; margin-top: 0cm;">
100k (32%)<o:p></o:p></div>
</td>
 <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 36.5pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; mso-height-rule: exactly; padding: 0cm 0cm 0cm 0cm; width: 124.05pt;" valign="top" width="165">
 <div class="MsoNormal" style="line-height: 10.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 0cm; margin-right: 0cm; margin-top: .75pt; mso-line-height-rule: exactly;">
 </div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; margin-left: 30.7pt; margin-right: -1pt; margin-top: 0cm;">
125k (37%)<o:p></o:p></div>
</td>
 </tr>
<tr style="height: 18.5pt; mso-height-rule: exactly; mso-yfti-irow: 3; mso-yfti-lastrow: yes;">
 <td style="border-top: none; border: solid black 1.0pt; height: 18.5pt; mso-border-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; mso-height-rule: exactly; padding: 0cm 0cm 0cm 0cm; width: 191.4pt;" valign="top" width="255">
 <div class="MsoNormal" style="margin-bottom: 0.0001pt; margin-left: 82.9pt; margin-right: -1pt; margin-top: 2pt;">
Total Head count<o:p></o:p></div>
</td>
 <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 18.5pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; mso-height-rule: exactly; padding: 0cm 0cm 0cm 0cm; width: 123.95pt;" valign="top" width="165">
 <div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; margin-left: 46.65pt; margin-right: 45.75pt; margin-top: 2pt; text-align: center;">
312k<o:p></o:p></div>
</td>
 <td style="border-bottom: solid black 1.0pt; border-left: none; border-right: solid black 1.0pt; border-top: none; height: 18.5pt; mso-border-alt: solid black .5pt; mso-border-left-alt: solid black .5pt; mso-border-top-alt: solid black .5pt; mso-height-rule: exactly; padding: 0cm 0cm 0cm 0cm; width: 124.05pt;" valign="top" width="165">
 <div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; margin-left: 46.65pt; margin-right: 45.9pt; margin-top: 2pt; text-align: center;">
337k<o:p></o:p></div>
</td>
 </tr>
</tbody></table>
<div class="MsoNormal" style="line-height: 10.8pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 21.65pt; margin-right: -1.0pt; margin-top: 0cm; mso-line-height-rule: exactly;">
*4 Includes impacts of transfer of small- to medium-sized display business and HDD business<o:p></o:p></div>
<div class="MsoNormal" style="line-height: 6.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 0cm; margin-right: 0cm; margin-top: .15pt; mso-line-height-rule: exactly;">
 </div>
<div class="MsoNormal" style="line-height: 10.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-line-height-rule: exactly;">
 </div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; margin-left: 6.1pt; margin-right: -1pt; margin-top: 0cm;">
3. Global Expansion for the Social Innovation Business<o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; margin-left: 18.2pt; margin-right: -1pt; margin-top: 4.05pt;">
(1) Establish 5-Group Structure<o:p></o:p></div>
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; margin-left: 28.55pt; margin-right: 48.4pt; margin-top: 4.2pt; text-align: center;">
1) Reform management structures using market needs as
the
starting point<o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; margin-left: 42.55pt; margin-right: -1pt; margin-top: 4.2pt;">
- Create new businesses and technologies from a customer perspective<o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; margin-left: 42.55pt; margin-right: -1pt; margin-top: 4.2pt;">
- Anticipate changes in the market and the competition<o:p></o:p></div>
</div>
<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: 宋体; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-fareast; mso-hansi-theme-font: minor-latin;">

<div class="MsoNormal" style="line-height: 5.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 0cm; margin-right: 0cm; margin-top: .25pt; mso-line-height-rule: exactly;">
 </div>
<div class="MsoNormal" style="line-height: 10.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-line-height-rule: exactly;">
 </div>
<div class="MsoNormal" style="line-height: 10.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-line-height-rule: exactly;">
 </div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; margin-left: 29.45pt; margin-right: -1pt; margin-top: 1.45pt;">
2) Create new businesses through the fusion of IT and
social infrastructures<o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; margin-left: 41.55pt; margin-right: -1pt; margin-top: 4.2pt;">
- Business proposals for growth regions and industries<o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; margin-left: 41.55pt; margin-right: -1pt; margin-top: 4.2pt;">
- Create new businesses, including new services<o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; margin-left: 17.2pt; margin-right: -1pt; margin-top: 4.2pt;">
(2) Expand the Social Innovation Business<o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; margin-left: 29.45pt; margin-right: -1pt; margin-top: 4.2pt;">
1) Global expansion for the smart city business with
demonstration models<o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; margin-left: 29.45pt; margin-right: -1pt; margin-top: 4.2pt;">
2) Global growth in response to market needs in Infrastructure Systems Field<o:p></o:p></div>
<div class="MsoNormal" style="line-height: 130%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 41.55pt; margin-right: 20.35pt; margin-top: 4.2pt; text-indent: -12.1pt;">
3) Global business expansion through the usage of Big Data technologies
in Information & Telecommunication Systems Field<o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; margin-left: 29.45pt; margin-right: -1pt; margin-top: 0.1pt;">
4) Accelerate global expansion of business in Power Systems Field<o:p></o:p></div>
<div class="MsoNormal" style="line-height: 10.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-line-height-rule: exactly;">
 </div>
<div class="MsoNormal" style="line-height: 12.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 0cm; margin-right: 0cm; margin-top: .3pt; mso-line-height-rule: exactly;">
 </div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; margin-left: 5.1pt; margin-right: -1pt; margin-top: 0cm;">
4. Strengthening the Management Base and Global Growth Strategies<o:p></o:p></div>
<div align="center" class="MsoNormal" style="margin-bottom: 0.0001pt; margin-left: 15.3pt; margin-right: 210.8pt; margin-top: 4.05pt; text-align: center;">
(1) Strengthening the management base<o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; margin-left: 29.45pt; margin-right: -1pt; margin-top: 4.2pt;">
1) Implement cost structure reforms<o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; margin-left: 41.55pt; margin-right: -1pt; margin-top: 4.2pt;">
- Execute “the Hitachi Smart Transformation Project”<o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; margin-left: 29.45pt; margin-right: -1pt; margin-top: 4.2pt;">
2) Strengthen the financial position<o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; margin-left: 41.55pt; margin-right: -1pt; margin-top: 4.2pt;">
- Improve profitability and strengthen the financial position<o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; margin-left: 41.55pt; margin-right: -1pt; margin-top: 4.2pt;">
- Focus management resources<o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; margin-left: 17.2pt; margin-right: -1pt; margin-top: 4.2pt;">
(2) Global Growth Strategies<o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; margin-left: 29.45pt; margin-right: -1pt; margin-top: 4.2pt;">
1) Expand investments targeting key regions<o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; margin-left: 41.9pt; margin-right: -1pt; margin-top: 4.2pt;">
- Globalize corporate functions and implement the<o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; margin-left: 47.9pt; margin-right: -1pt; margin-top: 4.2pt;">
“China Business Strategy 2015”<o:p></o:p></div>
<div class="MsoNormal" style="line-height: 130%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 48.5pt; margin-right: 7.0pt; margin-top: 4.2pt; text-indent: -6.1pt;">
- Expand business in the ASEAN region, which is a
new
key target region for Hitachi, and
start up business in Myanmar<o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; margin-left: 29.45pt; margin-right: -1pt; margin-top: 0.1pt;">
2) Optimum and borderless use for human resources to increase efficiency<o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; margin-left: 41.55pt; margin-right: -1pt; margin-top: 4.2pt;">
- Develop Global Human Resources Strategies<o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; margin-left: 41.55pt; margin-right: -1pt; margin-top: 4.2pt;">
- Start Global Management Development Program, staffing / training /<o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; margin-left: 47.7pt; margin-right: -1pt; margin-top: 4.2pt;">
job rotation in FY2012<o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; margin-left: 29.45pt; margin-right: -1pt; margin-top: 4.2pt;">
3) Strengthening global governance<o:p></o:p></div>
<div class="MsoNormal" style="line-height: 130%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 47.9pt; margin-right: 19.65pt; margin-top: 4.2pt; text-indent: -6.1pt;">
- Responding to globalized management and strengthening supervisory
functions<o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; margin-left: 29.45pt; margin-right: -1pt; margin-top: 0.1pt;">
4) Value Creation and CSR<o:p></o:p></div>
<div class="MsoNormal" style="line-height: 130%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 47.9pt; margin-right: 3.15pt; margin-top: 4.2pt; text-indent: -6.1pt;">
- Promote contributions to the environment and regional social contribution activities<o:p></o:p></div>
<div class="MsoNormal" style="line-height: 130%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 47.7pt; margin-right: 50.15pt; margin-top: .1pt; text-indent: -6.1pt;">
- Emphasize respect for human rights and
promote dialogues with
stakeholders<o:p></o:p></div>
</div>
<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: 宋体; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-fareast; mso-hansi-theme-font: minor-latin;">

<div class="MsoNormal" style="line-height: 5.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 0cm; margin-right: 0cm; margin-top: .4pt; mso-line-height-rule: exactly;">
 </div>
<div class="MsoNormal" style="line-height: 10.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-line-height-rule: exactly;">
 </div>
<div class="MsoNormal" style="line-height: 10.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-line-height-rule: exactly;">
 </div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; margin-left: 5.1pt; margin-right: -1pt; margin-top: 1.45pt;">
5. As a Global Major Player<o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; margin-left: 17.8pt; margin-right: -1pt; margin-top: 4.05pt;">
(1) Execute growth strategies: Focus on key businesses and regions<o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; margin-left: 17.8pt; margin-right: -1pt; margin-top: 4.2pt;">
(2) Cost structure reforms: Execute the Hitachi Smart Transformation Project<o:p></o:p></div>
<div class="MsoNormal" style="line-height: 130%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 202.85pt; margin-right: 82.65pt; margin-top: 4.2pt; text-indent: -185.05pt;">
(3) Business model innovations: Organize structure to compete
in the global arena<o:p></o:p></div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; margin-left: 17.8pt; margin-right: -1pt; margin-top: 0.1pt;">
(4) Human Resources strategies: Optimum and global use for human resources<o:p></o:p></div>
<div class="MsoNormal" style="line-height: 130%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 202.6pt; margin-right: 44.35pt; margin-top: 4.2pt; text-indent: -184.8pt;">
(5) A company that grows with the region: Make social contributions and demonstrate respect for diversity<o:p></o:p></div>
</div>
<span lang="EN-US" style="font-family: "Calibri","sans-serif"; font-size: 11.0pt; line-height: 115%; mso-ansi-language: EN-US; mso-ascii-theme-font: minor-latin; mso-bidi-font-family: "Times New Roman"; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: 宋体; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-fareast; mso-hansi-theme-font: minor-latin;">

<div class="MsoNormal" style="line-height: 6.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 0cm; margin-right: 0cm; margin-top: .05pt; mso-line-height-rule: exactly;">
 </div>
<div class="MsoNormal" style="line-height: 10.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-line-height-rule: exactly;">
 </div>
<div class="MsoNormal" style="line-height: 10.0pt; margin-bottom: .0001pt; margin-bottom: 0cm; mso-line-height-rule: exactly;">
 </div>
<div class="MsoNormal" style="margin-bottom: 0.0001pt; margin-left: 5.1pt; margin-right: 340.65pt; margin-top: 1.7pt; text-align: justify;">
Cautionary Statement<o:p></o:p></div>
<div class="MsoNormal" style="line-height: 90%; margin-bottom: .0001pt; margin-bottom: 0cm; margin-left: 5.1pt; margin-right: 2.8pt; margin-top: 2.6pt; text-align: justify; text-justify: inter-ideograph;">
Certain statements found in this document
may constitute “forward-looking statements” as defined in the U.S.
Private Securities Litigation Reform Act of 1995.
Such “forward-looking statements” reflect management’s current
views with respect
to certain future events and
financial
 performance  and  include
 any  statement  that  does
 not  directly  relate
 to  any
historical or current fact.
Words such as “anticipate,” “believe,” “expect,” “estimate,” “forecast,” “intend,” “plan,” “project” and similar expressions which indicate future events and trends may
identify “forward-looking statements.” Such statements are based on
currently available information and are subject to various risks and uncertainties that could
cause 
 actual   results   to   differ   materially   from   those 
 projected   or   implied   in   the
“forward-looking  statements”  and
 from  historical
 trends.  Certain
 “forward-looking statements” are based upon current assumptions of future events which may not prove to
be accurate. Undue reliance should not
be placed on “forward-looking statements,” as such statements speak only as of the date of this document.<o:p></o:p></div>
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Factors that could cause actual results to differ materially from those projected or implied in
any
“forward-looking statement” and from historical trends include, but are not limited to:<o:p></o:p></div>
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•     economic conditions, including consumer spending and plant and equipment investment in Hitachi’s major markets, particularly Japan, Asia, the United States and
Europe, as well as levels of demand in the major industrial sectors Hitachi serves,
including, without limitation, the information, electronics, automotive, construction and
financial sectors;<o:p></o:p></div>
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•     exchange rate fluctuations of the yen against other currencies in which Hitachi makes
significant sales or in which Hitachi’s assets and liabilities are
denominated, particularly against the U.S. dollar and the euro;<o:p></o:p></div>
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•     uncertainty as to Hitachi’s ability to access, or access on favorable terms, liquidity or
long-term financing;<o:p></o:p></div>
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•     uncertainty as to
general market price levels for equity securities, declines in which may require Hitachi to write down equity securities that it holds;<o:p></o:p></div>
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•    the potential for significant losses on Hitachi’s investments in equity method affiliates;<o:p></o:p></div>
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•     increased commoditization of information technology products and digital media-related products and intensifying price competition for such products, particularly
in the Digital
Media & Consumer Products segments;<o:p></o:p></div>
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•     uncertainty as to Hitachi’s ability to continue to develop and market products that
incorporate new technologies on a timely and cost-effective basis and to achieve market acceptance for such products;<o:p></o:p></div>
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•    rapid technological innovation;<o:p></o:p></div>
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•     the possibility of cost fluctuations during the lifetime of, or cancellation of, long-term
contracts for which Hitachi uses the percentage-of-completion method to recognize revenue from sales;<o:p></o:p></div>
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•     fluctuations in the price of raw materials including, without limitation, petroleum and
other materials, such as copper, steel, aluminum, synthetic resins, rare metals and
rare-earth minerals, or shortages of materials, parts and components;<o:p></o:p></div>
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•    fluctuations in product demand and industry capacity;<o:p></o:p></div>
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•     uncertainty as to Hitachi’s ability to implement measures to reduce the potential
negative impact of fluctuations in product demand, exchange rates and/or price of raw materials or shortages of materials, parts and components;<o:p></o:p></div>
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•     uncertainty as to Hitachi’s ability to achieve the anticipated benefits of its strategy to
strengthen its Social Innovation Business;<o:p></o:p></div>
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•     uncertainty as to the success of restructuring efforts to improve management efficiency by divesting or otherwise exiting underperforming businesses and to strengthen competitiveness and other cost reduction measures;<o:p></o:p></div>
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Hitachi Announces Progress of “2012 Mid-term Management Plan”

T o k y o , M a y 10 , 20 1 2 -- - H i ta c h i , Ltd . ( T S E : 6501 ) to d a y announ c e d a p r o gr e s s o f i t s ...

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