[Translation]

Quarterly Report(The First Quarter of 155th Business Term)
From April 1, 2023 to June 30, 2023

6-6, Marunouchi 1-chome, Chiyoda-ku, Tokyo

Hitachi, Ltd.

[Cover][Document Filed]

Quarterly Report (“Shihanki Hokokusho”)[Applicable Law]

Article 24-4-7, Paragraph 1 of the Financial Instruments and Exchange Act of Japan[Filed with]

Director, Kanto Local Finance Bureau[Filing Date]

August 8, 2023

[Fiscal Year]

The First Quarter of 155th Business Term (from April 1, 2023 to June 30, 2023)[Company Name]

Kabushiki Kaisha Hitachi Seisakusho[Company Name in English]

Hitachi, Ltd.

[Title and Name of Representative]

Keiji Kojima, President & CEO[Address of Head Office]6-6, Marunouchi 1-chome, Chiyoda-ku, Tokyo[Phone No.]

03-3258-1111[Contact Person]

Yuki Fukutani, Manager, Legal Division[Contact Address]

6-6, Marunouchi 1-chome, Chiyoda-ku, Tokyo[Phone No.]

03-3258-1111[Contact Person]

Yuki Fukutani, Manager, Legal Division[Place Where Available for Public
Inspection]

Tokyo Stock Exchange, Inc.
(2-1, Nihombashi Kabutocho, Chuo-ku, Tokyo)
Nagoya Stock Exchange, Inc.
(8-20, Sakae 3-chome, Naka-ku, Nagoya)

This is an English translation of the Quarterly Report filed with the Director of the Kanto Local Finance Bureau via Electronic
Disclosure for Investors’ NETwork (“EDINET”) pursuant to the Financial Instruments and Exchange Act of Japan.
The translation of the Confirmation Letter for the original Quarterly Report is included at the end of this document.
Unless the context indicates otherwise, the term “Company” refers to Hitachi, Ltd. and the term “Hitachi” refers to theCompany and its consolidated subsidiaries.
Unless otherwise stated, in this document, where we present information in millions or hundreds of millions of yen, we havetruncated amounts of less than one million or one hundred million, as the case may be. Accordingly, the total of figures presented incolumns or otherwise may not equal the total of the individual items. We have rounded all percentages to the nearest percent, onetenth of one percent or one-hundredth of one percent, as the case may be.
References in this document to the “Financial Instruments and Exchange Act” are to the Financial Instruments and Exchange Act
of Japan and other laws and regulations amending and/or supplementing the Financial Instruments and Exchange Act of Japan.

Contents
Part I Information on the Company ………………………………………………………………………………………………
1
I. Overview of the Company ……………………………………………………………………………………………………
1
1. Key Financial Data ………………………………………………………………………………………………………
1
2. Description of Business ……………………………………………………………………………………………………
2
II. Business Overview …………………………………………………………………………………………………………
4
1. Risk Factors ………………………………………………………………………………………………………………
4
2. Management’s Discussion and Analysis of Consolidated Financial Condition, Results of Operations and Cash Flows …
4
3. Material Agreements, etc. …………………………………………………………………………………………………
9
III. Information on the Company ……………………………………………………………………………………………… 10
1. Information on the Company’s Stock, etc. ……………………………………………………………………………… 10(1) Total number of shares, etc. …………………………………………………………………………………………… 10(2) Information on the stock acquisition rights, etc. ……………………………………………………………………… 10(3) Information on moving strike convertible bonds, etc. ………………………………………………………………… 10(4) Changes in the total number of issued shares and the amount of common stock and other ………………………… 10(5) Major shareholders …………………………………………………………………………………………………… 10(6) Information on voting rights ………………………………………………………………………………………… 11
2. Changes in Senior Management ………………………………………………………………………………………… 11
IV. Financial Information ……………………………………………………………………………………………………… 12
Part II Information on Guarantors, etc. for the Company ………………………………………………………………………… 12[Condensed Quarterly Consolidated Financial Statements] ……………………………………………………………………… F1[Confirmation Letter] ……………………………………………………………………………………………………………… A1

Part I Information on the Company
I. Overview of the Company
1. Key Financial Data
Consolidated financial data, etc.
(Millions of yen, unless otherwise stated)
Three months ended June Three months ended June30, 2022
30, 2023
Revenues

Year ended
March 31, 2023

2,569,816

2,322,488

10,881,150

76,606

115,485

819,971

37,15870,021

649,124

412,163402,514905,819

Total Hitachi, Ltd. stockholders’ equity

4,618,198

5,245,116

4,942,854

Total equity

5,649,120

5,638,556

5,335,567

Total assets

14,602,075

13,155,368

12,501,414

38.53

74.79

684.55

Earnings per share attributable to Hitachi, Ltd.
stockholders, diluted (yen)

38.49

74.70

683.89Total Hitachi, Ltd. stockholders’ equity ratio (%)

31.6

39.9

39.5

Net cash provided by (used in) operating
activities

106,153

118,161

827,045

Net cash provided by (used in) investing
activities(72,019)(39,863)

151,063

Net cash provided by (used in) financing
activities

16,005(27,666)(1,142,966)

Cash and cash equivalents at end of period

1,079,285

925,445833,283

Income before income taxes
Net income attributable to Hitachi, Ltd.
stockholders
Comprehensive income attributable to Hitachi,Ltd. stockholders

Earnings per share attributable to Hitachi, Ltd.
stockholders, basic (yen)(Note)

Hitachi's consolidated financial statements have been prepared in conformity with the International Financial ReportingStandards (“IFRS”) as issued by the International Accounting Standards Board.

12. Description of Business
There were no material changes in principal businesses of Hitachi during the three months ended June 30, 2023. The HitachiGroup is comprised of the Company, 688 consolidated subsidiaries, and 269 equity-method associates and joint-ventures.
Effective from April 1, 2023, the Company abolished Hitachi Construction Machinery segment and Hitachi Metals segment
and disclose its business in five segments: three sectors as “Digital Systems & Services,” “Green Energy & Mobility” and“Connective Industries,” Automotive Systems, and Others.
Major business and the positioning of principal affiliated companies for each segment and changes in Business Unit (BU) of theCompany and principal affiliated companies during the three months ended June 30, 2023 were as follows.
(As of June 30, 2023)
Segments
Main products and services
BU and principal affiliated companies
Digital Systems &・Digital Solutions (System Integration,[BU]
Services
Consulting, Cloud Services)
Financial Institutions BU
・IT Products (Storage, Servers)
Social Infrastructure Systems BU
・Software
Cloud Services Platforms BU (Note 2)
・ATMs
Digital Engineering BU (Note 2)

Green Energy &Mobility

Connective Industries

Automotive Systems

・Energy Solutions (Power Grids, Renewable
Energy, Nuclear)
・Railway Systems

・Building Systems (Elevators, Escalators)
・Smart Life & Ecofriendly Systems (HomeAppliances, Air Conditioners)
・Measurement and Analytical Systems(Semiconductor Manufacturing Equipment,
Clinical Analyzers)
・Industry & Distribution Solutions
・Water & Environment Solutions
・Industrial Machinery[Consolidated subsidiaries]
Hitachi Information & Telecommunication
Engineering, Ltd.
Hitachi Channel Solutions Corp.
Hitachi Solutions, Ltd.
Hitachi Systems, Ltd.
GlobalLogic Worldwide Holding, Inc.
Hitachi Computer Products (America), Inc.
Hitachi Digital LLC
Hitachi Payment Services Private Limited
Hitachi Vantara LLC[BU] (Note 3)
Power Grids BU
Nuclear Energy BU
Railway Systems BU[Consolidated subsidiaries]
Hitachi-GE Nuclear Energy, Ltd.
Hitachi Plant Construction, Ltd.
Hitachi Power Semiconductor Device, Ltd.
Hitachi Power Solutions Co., Ltd.
Hitachi Energy Ltd
Hitachi Rail Ltd.
[BU]
Building Systems BU
Industrial Digital BU
Water & Environment BU[Consolidated subsidiaries]
Hitachi Building Systems Co., Ltd.
Hitachi Global Life Solutions, Inc.
Hitachi High-Tech Corporation
Hitachi Industrial Equipment Systems Co., Ltd.
Hitachi Industrial Products, Ltd.
Hitachi Industry & Control Solutions, Ltd.
Hitachi Plant Services Co., Ltd.
Hitachi Elevator (China) Co., Ltd.
Hitachi Global Air Power US, LLC (Note 4)
Hitachi Industrial Holdings Americas, Inc.
JR Technology Group, LLC[Equity-method associates]
Hitachi Kokusai Electric Inc.
Arcelik Hitachi Home Appliances B.V.
Johnson Controls-Hitachi Air Conditioning
Holding (UK) Ltd[Consolidated subsidiaries]
Hitachi Astemo, Ltd.
Hitachi Astemo Americas, Inc.

・Powertrain
・Chassis
・Advanced Driver Assistance・Motorcycle Systems

2

(As of June 30, 2023)
Segments
Main products and services
BU and principal affiliated companies
Others・Property Management[Consolidated subsidiaries]
・Others
Hitachi-LG Data Storage, Inc.
Hitachi Real Estate Partners, Ltd.
Hitachi America, Ltd.
Hitachi Asia Ltd.
Hitachi (China), Ltd.
Hitachi Europe Ltd.
Hitachi India Pvt. Ltd.
(Notes) 1. Hitachi America, Ltd., Hitachi Asia Ltd., Hitachi (China), Ltd., Hitachi Europe Ltd. and Hitachi India Pvt. Ltd. are the
Hitachi Group’s regional supervising company for Americas, Asia, China, Europe and India, and they sell the HitachiGroup’s products.
2. Services & Platforms BU belonging to Digital Systems & Services segment was reorganized as Cloud Services Platforms
BU on April 1, 2023. Digital Engineering BU was established in Digital Systems & Services segment on April 1, 2023.
3. Energy BU belonging to Green Energy & Mobility segment was abolished on April 1, 2023.
4. Sullair, LLC changed its name to Hitachi Global Air Power US, LLC on April 12, 2023.
5. In addition to the table above, the major equity-method associate is Hitachi Construction Machinery Co., Ltd.

3

II. Business Overview
1. Risk Factors
There were no new risk factors recognized during the three months ended June 30, 2023.
There were no material changes in the risk factors stated in the Annual Securities Report for the 154th business term pursuant
to the Financial Instruments and Exchange Act of Japan.
2. Management’s Discussion and Analysis of Consolidated Financial Condition, Results of Operations and Cash Flows(1) Analysis of Results of Operations
Results of Operations
The results of operations in the three months ended June 30, 2023 were as follows.
Revenues decreased 10% to 2,322.4 billion yen, as compared with the three months ended June 30, 2022, due mainly todecreased revenues owing to selling a part of shares of Hitachi Construction Machinery Co., Ltd. and selling shares of Hitachi
Metals, Ltd. (Currently Proterial, Ltd.). The decrease was partially offset by increased revenues in Green Energy & Mobility
segment including Hitachi Energy Ltd which performed well on strong demand and Automotive Systems segment due to theabsence of the impact of municipal lockdown in China posted in three months ended June 30, 2022, as well as the impact offoreign exchange.
Cost of sales decreased 11% to 1,748.0 billion yen and the ratio of cost of sales to revenues decreased 1% to 75%, ascompared with the three months ended June 30, 2022, respectively. Gross profit decreased 7% to 574.4 billion yen, as comparedwith the three months ended June 30, 2022.
Selling, general and administrative expenses (“SG&A”) decreased 10% to 443.9 billion yen, as compared with the threemonths ended June 30, 2022. The ratio of SG&A to revenues was 19%, which was the same level as for the three months ended
June 30, 2022.
Share of profits of investments accounted for using the equity method increased 6.9 billion yen to 19.8 billion yen, as
compared with the three months ended June 30, 2022 mainly because Hitachi Construction Machinery Co., Ltd. ceased to be theCompany’s consolidated subsidiary and became its equity-method associate.
Adjusted EBITA (defined as Adjusted Earnings before Interest, Taxes and Amortization, and representing the revenues lesscost of sales as well as SG&A, adding back the amortization of intangible assets, etc. recognized upon business combinations, andadding or deducting share of profits (losses) of investments accounted for using the equity method) increased 16.1 billion yen to170.9 billion yen due mainly to improved profitability in Automotive Systems segment and Green Energy & Mobility segmentdespite decreased revenues.
Other income decreased 3.0 billion yen to 1.1 billion yen, as compared with the three months ended June 30, 2022. Other
expenses decreased 45.7 billion yen to 17.3 billion yen, as compared with the three months ended June 30, 2022 due mainly to theexpenses posted by shifting to risk-sharing corporate pension in the three months ended June 30, 2022.
Financial income (excluding interest income) decreased 5.0 billion yen to 3.0 billion yen and financial expenses (excludinginterest charges) increased 12.3 billion yen to 15.2 billion yen, as compared with the three months ended June 30, 2022,
respectively.
EBIT (Earnings before interest and taxes) increased 41.2 billion yen to 121.8 billion yen, as compared with the three months
ended June 30, 2022.
Interest income increased 5.9 billion yen to 11.2 billion yen and interest charges increased 8.3 billion yen to 17.6 billion yen,
as compared with the three months ended June 30, 2022, respectively.
Income before income taxes increased 38.8 billion yen to 115.4 billion yen, as compared with the three months ended June30, 2022.
Income taxes increased 4.2 billion yen to 33.8 billion yen, as compared with the three months ended June 30, 2022.
Net income increased 34.6 billion to 81.6 billion yen, as compared with the three months ended June 30, 2022.
Net income attributable to non-controlling interests increased 1.7 billion yen to 11.6 billion yen, as compared with the threemonths ended June 30, 2022.
As a result of the foregoing, net income attributable to Hitachi, Ltd. stockholders increased 32.8 billion yen to 70.0 billion
yen, as compared with the three months ended June 30, 2022.
Operations by Segment
The following is an overview of results of operations by segment. Revenues for each segment include intersegment
transactions. Effective from April 1, 2023, the Company reclassified its reportable segments in five segments: Digital Systems &Services, Green Energy & Mobility, Connective Industries, Automotive Systems and Others.
Revenues and Adjusted EBITA for Business Management Reinforcement Division, which were previously included in Green
Energy & Mobility segment, are included in Others segment from April 1, 2023. Accordingly, the amounts previously reported
for the three months ended June 30, 2022 have been restated in conformity with this change.
(Digital Systems & Services)
Revenues increased 8% to 545.9 billion yen, as compared with the three months ended June 30, 2022, due mainly to thestrong results of Lumada business by harvesting the demand for DX.
Adjusted EBITA increased 3.1 billion yen to 52.4 billion yen, as compared with the three months ended June 30, 2022, due
mainly to increased revenues, despite sales decrease in overseas storage business and increased investment for growth to expand

4business in Services & Platforms business.
(Green Energy & Mobility)
Revenues increased 23% to 627.9 billion yen, as compared with the three months ended June 30, 2022, due mainly to strong
results in Hitachi Energy and Railway Systems business.
Adjusted EBITA increased 19.0 billion yen to 43.1 billion yen, as compared with the three months ended June 30, 2022, due
mainly to increased revenues, as well as increased profits in Hitachi Energy and improved profitability in Railway Systems
business resulting from the progress in major projects and better project mix.
(Connective Industries)
Revenues increased 4% to 695.3 billion yen as compared with the three months ended June 30, 2022, due mainly toincreased revenues in Industrial Products business and the absence of the impact of municipal lockdown in China in Smart Life &Ecofriendly Systems business posted in three months ended June 30, 2022, as well as the impact of foreign exchange. The
increase was partially offset by decreased revenues in Building Systems business and Measurement & Analytical Systems
business.
Adjusted EBITA increased 6.7 billion yen to 67.8 billion yen, as compared with the three months ended June 30, 2022, due
mainly to increased revenues and cost reduction. The increase was partially offset by decreased revenues and decreased profit
resulting from increased investment in growth in Measurement & Analytical Systems business.
(Automotive Systems)
Revenues increased 27% to 494.1 billion yen, as compared with the three months ended June 30, 2022, due mainly to theabsence of the impact of municipal lockdown in China posted in three months ended June 30, 2022 and resolving semiconductor
shortage, as well as the impact of foreign exchange.
Adjusted EBITA improved 18.7 billion yen to profit of 14.0 billion yen, as compared with the three months ended June 30,
2022, due mainly to improved operating rate owing to the increase in production volume.
(Others)
Revenues decreased 3% to 108.0 billion yen, as compared with the three months ended June 30, 2022.
Adjusted EBITA increased 4.6 billion to 0.6 billion yen, as compared with the three months ended June 30, 2022.
Revenues by Market
Revenues in Japan decreased 8% to 804.3 billion yen, as compared with the three months ended June 30, 2022, due mainly todecreased revenues owing to selling a part of shares of Hitachi Construction Machinery Co., Ltd. and selling shares of Hitachi
Metals, Ltd. The decrease was partially offset by increased revenues in each segment due mainly to the absence of the impact ofmunicipal lockdown in China posted in three months ended June 30, 2022 and resolving semiconductor shortage, as well as
increased revenues resulting from steady growth in Front Business and IT Services of Digital Systems & Services.
Overseas revenues decreased 11% to 1,518.1 billion yen, as compared with the three months ended June 30, 2022, due
mainly to decreased revenues owing to selling a part of shares of Hitachi Construction Machinery Co., Ltd. and selling shares ofHitachi Metals, Ltd. The decrease was partially offset by increased revenues mainly in North America in Green Energy &Mobility including Hitachi Energy and increased revenues due to recovery of North American market conditions and the absenceof the impact of municipal lockdown in China in Automotive Systems, as well as the impact of foreign exchange.
As a result, the ratio of overseas revenues to total revenues decreased 1% to 65%, as compared with the three months ended
June 30, 2022.

5

(2) Analysis of Financial Condition and Cash Flows
Liquidity and Capital Resources
During the three months ended June 30, 2023, there were no major changes in the Company’s policies of maintaining
liquidity and ensuring funds, efforts for improvement in fund management efficiency, and ideas regarding funding sources andfundraising.
Cash Flows(Cash Flows from Operating Activities)
Net cash inflow from a change in trade receivables and contract assets in the three months ended June 30, 2023 decreased by
1.4 billion yen and income tax payment increased by 60.8 billion yen, as compared with the three months ended June 30, 2022,
respectively. However, net cash outflow from a change in inventories decreased by 69.3 billion yen as well as net cash outflow
from a change in trade payables decreased by 18.7 billion yen, as compared with the three months ended June 30, 2022,
respectively.
As a result of the foregoing, net cash provided by operating activities was 118.1 billion yen in the three months ended June30, 2023, an increase of 12.0 billion yen compared with the three months ended June 30, 2022.
(Cash Flows from Investing Activities)
Net amount of investments related to property, plant and equipment* was 84.5 billion yen in the three months ended June 30,2023 and this net sum increased by 8.9 billion yen, as compared with the three months ended June 30, 2022. However, purchaseof investments in securities and other financial assets (including investments in subsidiaries and investments accounted for using
the equity method) in the three months ended June 30, 2023 decreased by 8.2 billion yen, as compared with the three months
ended June 30, 2022. Furthermore, proceeds from sale of investments in securities and other financial assets (including
investments in subsidiaries and investments accounted for using the equity method) in the three months ended June 30, 2023
increased by 33.4 billion yen, as compared with the three months ended June 30, 2022.
As a result of the foregoing, net cash used in investing activities was 39.8 billion yen in the three months ended June 30,
2023, a decrease of 32.1 billion yen compared with the three months ended June 30, 2022.
* The sum of the purchase of property, plant and equipment and the purchase of intangible assets, less the proceeds from sale ofproperty, plant and equipment, and intangible assets.
(Cash Flows from Financing Activities)
Net cash outflow related to long-term debt** in the three months ended June 30, 2023 decreased by 73.9 billion yen, as
compared with the three months ended June 30, 2022. Furthermore, net cash outflow from acquisition of common stock fortreasury in the three months ended June 30, 2023 decreased by 12.5 billion yen, as compared with the three months ended June30, 2022. However, net cash inflow from a change in short-term debt in the three months ended June 30, 2023 decreased by 173.5
billion yen, as compared with the three months ended June 30, 2022.
As a result of the foregoing, net cash used in financing activities was 27.6 billion yen in the three months ended June 30,
2023, as compared with 16.0 billion yen of net cash inflow in the three months ended June 30, 2022.
** The proceeds from long-term debt, less the payments on long-term debt.
As a result of the foregoing, cash and cash equivalents as of June 30, 2023 were 925.4 billion yen, an increase of 92.1 billion
yen from March 31, 2023. Free cash flows, the sum of cash flows from operating and investing activities, were an inflow of 78.2
billion yen in the three months ended June 30, 2023, an increase of 44.1 billion yen compared with the three months ended June30, 2022.
Assets, Liabilities and Equity
The following is an overview of Hitachi’s assets, liabilities and equity as of June 30, 2023.
Total assets were 13,155.3 billion yen, an increase of 653.9 billion yen from March 31, 2023, due mainly to the impact offoreign exchange despite decreases in trade receivables and contract assets.
Total interest-bearing debt, the sum of short-term debt and long-term debt including current portion of long-term debt, was2,419.1 billion yen, an increase of 205.7 billion yen from March 31, 2023, due mainly to the impact of foreign exchange.
Total Hitachi, Ltd. stockholders’ equity increased by 302.2 billion yen from March 31, 2023, to 5,245.1 billion yen. The ratioof total Hitachi, Ltd. stockholders’ equity to total assets was 39.9%, as compared with 39.5% as of March 31, 2023.
Non-controlling interests were 393.4 billion yen, an increase of 0.7 billion yen from March 31, 2023.
Total equity was 5,638.5 billion yen, an increase of 302.9 billion yen from March 31, 2023. The ratio of interest-bearing debt
to total equity was 0.43, as compared with 0.41 as of March 31, 2023.

6

(3) Management Policy
There were no material changes in Hitachi’s management policy during the three months ended June 30, 2023.
(4) Challenges Hitachi Group Faces
1) Business and Financial Challenges Hitachi Group Faces
There were no material changes in Hitachi’s business and financial challenges during the three months ended June 30,2023.
2) Fundamental Policy on the Conduct of Persons Influencing Decision on the Company’s Financial and Business Policies
There were no material changes in Hitachi’s fundamental policy during the three months ended June 30, 2023.
(5) Research and Development
There were no material changes in the research and development of the Hitachi Group (the Company and consolidated
subsidiaries) stated in the Annual Securities Report for the 154th business term pursuant to the Financial Instruments andExchange Act of Japan. The Hitachi Group’s R&D expenditures in the three months ended June 30, 2023 were 73.1 billion yen,
3.1% of revenues. A breakdown of R&D expenditures by segment is shown below.
(Billions of yen)Segment

Three months ended
June 30, 2023

Digital Systems & Services

12.3

Green Energy & Mobility

13.5

Connective Industries

20.3

Automotive Systems

19.6

Others0.3

Corporate items & Eliminations

6.8

Total

73.1

7

(6) Forward-Looking Statements
Certain statements found in “2. Management’s Discussion and Analysis of Consolidated Financial Conditions, Operating
Results and Cash Flows” and other descriptions in this report 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 withrespect to certain future events and financial performance and include any statement that does not directly relate to any historicalor 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 materiallyfrom 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 report.
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:• economic conditions, including consumer spending and plant and equipment investment in Hitachi’s major markets, as wellas levels of demand in the major industrial sectors Hitachi serves;• 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;• uncertainty as to Hitachi’s ability to access, or access on favorable terms, liquidity or long-term financing;• uncertainty as to general market price levels for equity securities, declines in which may require Hitachi to write down
equity securities that it holds;• 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;• credit conditions of Hitachi’s customers and suppliers;• general socioeconomic and political conditions and the regulatory and trade environment of countries where Hitachi
conducts business, particularly Japan, Asia, the United States and Europe, including, without limitation, direct or indirect
restrictions by other nations on imports and differences in commercial and business customs including, without limitation,
contract terms and conditions and labor relations;• uncertainty as to Hitachi’s ability to response to tightening of regulations to prevent climate change;• uncertainty as to Hitachi’s ability to maintain the integrity of its information systems, as well as Hitachi’s ability to protect
its confidential information or that of its customers;• uncertainty as to Hitachi’s ability to attract and retain skilled personnel;• 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;• exacerbation of social and economic impacts of the spread of COVID-19;• the possibility of disruption of Hitachi’s operations by natural disasters such as earthquakes and tsunamis, the spread of
infectious diseases, and geopolitical and social instability such as terrorism and conflict;• estimates, fluctuations in cost and cancellation of long-term projects for which Hitachi uses the percentage-of-completion
method to recognize revenue from sales;• increased commoditization of and intensifying price competition for products;• fluctuations in demand of products, etc. and industry capacity;• uncertainty as to Hitachi’s ability to implement measures to reduce the potential negative impact of fluctuations in demandof products, etc., exchange rates and/or price of raw materials or shortages of materials, parts and components;• uncertainty as to the success of cost structure overhaul;• uncertainty as to Hitachi’s ability to achieve the anticipated benefits of its strategy to strengthen its Social Innovation
Business;• uncertainty as to the success of acquisitions of other companies, joint ventures and strategic alliances and the possibility of
incurring related expenses;• uncertainty as to the success of restructuring efforts to improve management efficiency by divesting or otherwise exiting
underperforming businesses and to strengthen competitiveness;• the potential for significant losses on Hitachi’s investments in equity-method associates and joint ventures;• uncertainty as to the outcome of litigation, regulatory investigations and other legal proceedings of which the Company, its
subsidiaries or its equity-method associates and joint ventures have become or may become parties;• the possibility of incurring expenses resulting from any defects in products or services of Hitachi;• uncertainty as to Hitachi’s access to, or ability to protect, certain intellectual property; and• uncertainty as to the accuracy of key assumptions Hitachi uses to evaluate its employee benefit-related costs.

The factors listed above are not all-inclusive and are in addition to other factors contained elsewhere in this report and inother materials published by Hitachi.

83. Material Agreements, etc.
The material contract renewed during the three months ended June 30, 2023 is as follows.
Cross License Agreement
Party

Party

Country

Item undercontract

Hitachi-GE Nuclear
Energy, Ltd.
(Consolidated subsidiary)

GE-Hitachi
Nuclear Energy
Americas LLC

U.S.A.

Nuclear reactor
systems

9

Contract
description
Cross license ofpatents andtechnology

Contract period
From October 30, 1991
to September 30, 2023

III. Information on the Company
1. Information on the Company’s Stock, etc.
(1) Total number of shares, etc.
1) Total number of shares
Class

Total number of shares authorized to
be issued (shares)

Common stock

2,000,000,000

Total

2,000,000,0002) Issued shares
Number of sharesissued as of the end of
fiscal year (shares)(June 30, 2023)

Number of sharesissued as of thefiling date (shares)(Note)(August 8, 2023)

Commonstock

938,241,277

938,241,277

Tokyo, Nagoya

Total

938,241,277

938,241,277

-

Class

Stock exchange on which
the Company is listed

Description

The number of shares per
one unit of shares is 100
shares.
-(Note) The "Number of shares issued as of the filing date" does not include shares issued upon exercise of stock acquisition rights from
August 1, 2023 to the filing date.
(2) Information on the stock acquisition rights, etc.
1) Details of stock option plans
Not applicable.
2) Details of other stock acquisition rights, etc.
Not applicable.
(3) Information on moving strike convertible bonds, etc.
Not applicable.
(4) Changes in the total number of issued shares and the amount of common stock and other

Date

May 31, 2023

Change in
the total
number ofissued shares(shares)
158,200

Balance of thetotal number ofissued shares(shares)

Change incommonstock(Millionsof yen)Balance ofcommonstock(Millionsof yen)Change incapitalreserve(Millionsof yen)Balance ofcapitalreserve(Millionsof yen)938,241,277

600

463,417600

181,383(Note) This increase is due to the issuance of new shares as restricted stock compensation plan and restricted stock units compensation
plan.
Issue price: 7,586 yen per share
Amount by which stated capital is to be increased: 3,793 yen per share
Allottees: 37 Executive Officers of the Company, 38 Corporate Officers of the Company and 5 Directors of its subsidiaries(5) Major shareholders
Not applicable.

10(6) Information on voting rights
Information on voting rights as of March 31, 2023 is stated in this item because the Company does not identify the number ofvoting rights as of June 30, 2023 due to the lack of information on the number of the Company’s shares held by the entity which
the Company holds one quarter or more of total number of voting rights of such entity as of June 30, 2023.
1) Issued shares(As of March 31, 2023)
Classification

Number of voting
rightsNumber of shares (shares)

Shares without voting right
Shares with restricted voting right (treasury
stock, etc.)
Shares with restricted voting right (others)

Description

－

－

－

－

－

－

－

－

－

－

－

Shares with full voting right (treasury stock, etc.)

Common stock

541,900

Shares with full voting right (others)

Common stock

935,289,100

Shares less than one unit

Common stock

2,252,077－－

938,083,077－－

Number of issued shares
Total number of voting rights

9,352,891

9,352,891－－－(Note) The “Shares with full voting right (others)” column includes 5,300 shares registered in the name of Japan Securities Depository
Center, Incorporated (account for managing stocks whose shareholders have not transferred titles) and 53 voting rights for
those shares.

2) Treasury stock, etc.
(As of March 31, 2023)

Name ofshareholder

Hitachi, Ltd.

Address

6-6, Marunouchi 1-chome,
Chiyoda-ku, Tokyo

SAITA KOUGYOU

5-3, Takinogawa 5-chome, Kita-

CO., LTD.

ku, Tokyo

Nitto Jidosha
Kiki K.K.

3268, Nagaoka, Ibarakimachi,
Higashiibaraki-gun, Ibaraki

Mizuho Co., Inc.
Total

Number ofshares held
under own name(shares)

28-8, Honkomagome 2-chome,
Bunkyo-ku, Tokyo－

Number ofshares held
under thenames ofothers(shares)

Total shares
held (shares)

Ownership
percentage tothe total
number ofissued shares(%)

510,800－

510,800

0.05

17,600－17,6000.00

10,500－10,500

0.00

3,000

－

3,000

0.00

541,900－

541,900

0.06

2. Changes in Senior Management
There were no changes in senior managements after the filing date of the Annual Securities Report for the 154th businessterm pursuant to the Financial Instruments and Exchange Act of Japan to June 30, 2023.

11

IV. Financial Information
Refer to the condensed quarterly consolidated financial statements incorporated in this Quarterly Report.

Part II Information on Guarantors, etc. for the Company
Not applicable.

12

Condensed Quarterly Consolidated Financial Statements
Condensed Quarterly Consolidated Statement of Financial Position
Millions of yen
Note
AssetsCurrent assets
Cash and cash equivalents
Trade receivables and contract assets
Inventories
Investments in securities and other financial assets
Other current assets
Total current assets

6
7

Non-current assets
Investments accounted for using the equity method
Investments in securities and other financial assets
Property, plant and equipment
Goodwill
Other intangible assets
Other non-current assets
Total non-current assets
Total assets

7

8

Liabilities
Current liabilities
Short-term debt
Current portion of long-term debt
Other financial liabilities
Trade payables
Accrued expenses
Contract liabilities
Other current liabilities
Total current liabilities

7
7

Non-current liabilities
Long-term debt
Retirement and severance benefits
Other non-current liabilities
Total non-current liabilities
Total liabilities

78

EquityHitachi, Ltd. stockholders’ equity
Common stock
Capital surplus
Retained earnings
Accumulated other comprehensive income
Treasury stock, at cost
Total Hitachi, Ltd. stockholders’ equity

9

Non-controlling interests

June 30, 2023

March 31, 2023

925,445
2,741,047
1,829,297
402,259
353,361

833,2832,874,987
1,646,188
346,916
227,1616,251,409

5,928,535

504,539
532,978
1,757,500
2,342,408
1,316,313
450,221478,620496,8971,700,471
2,165,350
1,244,688
486,853

6,903,959

6,572,879

13,155,368

12,501,414

945,067
141,394378,158
1,569,593
586,693
1,388,866
456,476

777,650
141,861
263,748
1,548,497
720,961
1,241,366
472,095

5,466,247

5,166,178

1,332,685
327,293
390,587

1,293,837
323,264
382,568

2,050,565

1,999,669

7,516,812

7,165,847

463,417
3,642,475
1,172,772(33,548)462,817
3,637,184
846,392(3,539)5,245,116

4,942,854

393,440

392,713

Total equity

5,638,556

5,335,567

Total liabilities and equity

13,155,368

12,501,414

See accompanying notes to condensed quarterly consolidated financial statements.

F-1

Condensed Quarterly Consolidated Statement of Profit or Loss
Three months ended June 30, 2023 and 2022

Millions of yen

Revenues
Cost of sales
Gross profit
Selling, general and administrative expenses
Other income
Other expenses
Financial income
Financial expenses
Share of profits (losses) of investments accounted for using the equity
methodEBIT (Earnings before interest and taxes)
Interest income
Interest charges
Income before income taxes
Income taxes
Net income
Net income attributable to:
Hitachi, Ltd. stockholders
Non-controlling interests
Earnings per share attributable to Hitachi, Ltd. stockholders
Basic
Diluted

Note
10

11
8,11
12
12

2023
2,322,488(1,748,034)
574,454(443,908)
1,134(17,387)
3,011(15,253)2022
2,569,816(1,954,342)
615,474(493,921)
4,167(63,150)
8,071(2,912)

19,845

12,900121,896
11,211(17,622)
115,485(33,813)
81,67280,6295,250(9,273)76,606(29,557)
47,04970,021
11,651

37,158
9,891

74.79
74.70

Yen
38.53
38.49

13

Condensed Quarterly Consolidated Statement of Comprehensive Income
Three months ended June 30, 2023 and 2022

Millions of yen

Net income

Note

2023
81,6722022
47,049Other comprehensive income (OCI)
Items not to be reclassified into net income
Net changes in financial assets measured at fair value through OCI
Remeasurements of defined benefit plans
Share of OCI of investments accounted for using the equity method
Total items not to be reclassified into net income

45,09291
314
45,497(6,388)17,232
12
10,856

Items that can be reclassified into net income
Foreign currency translation adjustments
Net changes in cash flow hedges
Share of OCI of investments accounted for using the equity method
Total items that can be reclassified into net income

278,718
9,710
15,423303,851

412,678(1,130)16,997428,545

349,348
431,020

439,401
486,450

402,51428,506412,163
74,287

Other comprehensive income (OCI)
Comprehensive income
Comprehensive income attributable to:
Hitachi, Ltd. stockholders
Non-controlling interests

See accompanying notes to condensed quarterly consolidated financial statements.

F-2

Condensed Quarterly Consolidated Statement of Changes in Equity
Three months ended June 30, 2023

Millions of yen
2023

Commonstock
Balance at beginning of period

CapitalsurplusRetainedearnings(note 9)

Accumulated
othercomprehensive
income3,637,184

846,392(3,539)Treasurystock,
at cost

Total
Hitachi, Ltd.
stockholders’equityNoncontrollinginterests

Total equity

4,942,854

392,713

5,335,567

462,817-

Reclassified into retained earnings

-

-

5,710

(5,710)

-

-

-

-

Net income--

70,021--70,021

11,651

81,672Other comprehensive income

-

-

-

332,493-

332,493

16,855349,348

Dividends to Hitachi, Ltd. stockholders--(70,317)--(70,317)-(70,317)

Dividends to non-controlling interests

-

-

-

-

-

-

(27,809)(27,809)

Acquisition of treasury stock

-

-

-

-

(30,215)(30,215)-(30,215)

Sales of treasury stock

-

(152)

-

-

206

54

-

54

Issuance of new shares

600

600

-

-

-

1,200

-

1,200

Transfer to capital surplus fromretained earnings

-

123

(123)

-

-

-

-

-

Changes in non-controlling interests

-

(571)

-

(403)

-

(974)

30

(944)

Total changes in equity

600

-

5,291

326,380(30,009)302,262727

302,989

Balance at end of period

463,417-

3,642,475

1,172,772(33,548)

5,245,116

393,440

5,638,556

Changes in equity

Three months ended June 30, 2022

Millions of yen
2022

Commonstock
Balance at beginning of period

CapitalsurplusRetainedearnings(note 9)

Accumulated
othercomprehensive
incomeTreasurystock,
at cost

Total
Hitachi, Ltd.
stockholders’equityNoncontrollinginterests

Total equity

4,341,836

1,013,441

5,355,277

461,731

46,1193,197,725

639,263(3,002)

Reclassified into retained earnings--

44,992(44,992)

-

-

-

-

Net income--

37,158--37,1589,891

47,049Other comprehensive income

-

-

-

375,005-

375,005

64,396439,401

Dividends to Hitachi, Ltd. stockholders--(62,870)--(62,870)-(62,870)

Dividends to non-controlling interests

-

-

-

-

-

-

(22,326)(22,326)

Acquisition of treasury stock

-

-

-

-

(42,746)(42,746)-(42,746)

Sales of treasury stock

-

(94)

-

-

247

153

-

153

Issuance of new shares

1,086

1,086

-

-

-

2,172

-

2,172

Transfer to capital surplus fromretained earnings

-

2,666

(2,666)

-

-

-

-

-

Changes in non-controlling interests-(49,777)-

17,267-(32,510)(34,480)(66,990)

Total changes in equity

1,086(46,119)

16,614347,280(42,499)

276,362

17,481

293,843

Balance at end of period

462,817-3,214,339

986,543(45,501)

4,618,198

1,030,922

5,649,120

Changes in equity

See accompanying notes to condensed quarterly consolidated financial statements.

F-3

Condensed Quarterly Consolidated Statement of Cash Flows
Three months ended June 30, 2023 and 2022

Millions of yen
Note

Cash flows from operating activities:
Net income
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization
Impairment losses
Income taxes
Share of (profits) losses of investments accounted for using the equity method
Financial income and expenses
Net (gain) loss on business reorganization and others(Gain) loss on sale of property, plant and equipment
Change in trade receivables and contract assets
Change in inventories
Change in trade payables
Change in accrued expenses
Change in retirement and severance benefits
Other
SubtotalInterest received
Dividends received
Interest paid
Income taxes paid
Net cash provided by (used in) operating activities

2023

2022

81,67247,049121,357
2,331
33,813(19,845)
3,403
1,238
11
329,459(125,435)(57,861)(158,813)
2,020
40,579253,929
9,551
2,691(16,436)(131,574)
118,161

141,779
896
29,557(12,900)(2,155)(1,203)(2,775)
330,914(194,747)(76,592)(144,744)
49,135
10,019174,233
4,463
7,139(9,006)(70,676)
106,153(53,785)(35,306)
4,547(68,296)(32,459)
25,134(1,553)(9,840)Cash flows from investing activities:
Purchase of property, plant and equipment
Purchase of intangible assets
Proceeds from sale of property, plant and equipment, and intangible assets
Purchase of investments in securities and other financial assets(including investments in subsidiaries and investments accounted for using the equity method)
Proceeds from sale of investments in securities and other financial assets(including investments in subsidiaries and investments accounted for using the equity method)Other
Net cash provided by (used in) investing activities

51,621

18,149(5,387)(39,863)(4,707)(72,019)

Cash flows from financing activities:
Change in short-term debt, net
Proceeds from long-term debt
Payments on long-term debt
Proceeds from payments from non-controlling interests
Dividends paid to Hitachi, Ltd. stockholders
Dividends paid to non-controlling interests
Acquisition of common stock for treasury
Proceeds from sales of treasury stock
Purchase of shares of consolidated subsidiaries from non-controlling interests
Other
Net cash provided by (used in) financing activities

115,669(31,752)(70,363)(11,059)(30,215)54(27,666)

289,220
5,670(111,386)
310(62,972)(29,105)(42,747)
153(32,705)(433)
16,005

Effect of exchange rate changes on cash and cash equivalents
Change in cash and cash equivalents

41,53092,16260,319110,458

Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

833,283
925,445968,827
1,079,285

See accompanying notes to condensed quarterly consolidated financial statements.

F-4

Notes to Condensed Quarterly Consolidated Financial Statements
June 30, 2023
(1) Nature of Operations
Hitachi, Ltd. (the Company) is a corporation domiciled in Japan, whose shares are listed on the Tokyo Stock Exchange. The
condensed quarterly consolidated financial statements of the Company as of and for the three months ended June 30, 2023 comprise
the Company, its subsidiaries and the Company’s interests in associates and joint ventures. The Company’s and its subsidiaries’
businesses are global and diverse, and include manufacturing and services in five segments consisting of Digital Systems &Services, Green Energy & Mobility, Connective Industries, Automotive Systems, and Others.
(2) Basis of Presentation
As the Company meets the requirements of a “Specified Company applying Designated International Financial ReportingStandards” pursuant to Article 1-2 of the Ordinance on Terminology, Forms and Preparation Methods of Quarterly Consolidated
Financial Statements (Cabinet Office Ordinance No.64 of 2007), the condensed quarterly consolidated financial statements of theCompany have been prepared in accordance with International Accounting Standards (IAS) 34 “Interim Financial Reporting,” aspermitted by the provision of Article 93 of the Ordinance. They do not include all the information and disclosures required for acomplete set of financial statements prepared in accordance with International Financial Reporting Standards (IFRS), and should beread in conjunction with the financial statements and notes included in the Company’s annual consolidated financial statements forthe year ended March 31, 2023.
Management of the Company has made a number of judgments, estimates and assumptions relating to the application of accounting
policies, reporting of revenues and expenses and assets and liabilities in the preparation of these condensed quarterly consolidated
financial statements. Actual results could differ from those estimates.
Estimates and assumptions are continually evaluated. The effect of a change in accounting estimates, if any, is recognized in thereporting period in which the change was made and in future periods.
Judgments, estimates and assumptions that could have a material effect on these condensed quarterly consolidated financial
statements are basically the same as those disclosed in the Company’s annual consolidated financial statements for the year ended
March 31, 2023.
(3) Material Accounting Policies
Material accounting policies adopted in preparation of the condensed quarterly consolidated financial statements are consistent withthose used in the preparation of the Company’s annual consolidated financial statements for the year ended March 31, 2023.
Income taxes for the three months ended June 30, 2023 are computed using the estimated annual effective tax rate.

F-5

Notes to Condensed Quarterly Consolidated Financial Statements
June 30, 2023
(4) Segment Information
The operating segments of the Company are the components for which separate financial information is available and which isevaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance.
The Company discloses its business in five reportable segments, corresponding to categories of activities classified primarily by thesimilarities for the nature of markets, products and services, and economic characteristics. Several operating segments areaggregated into Green Energy & Mobility and Connective Industries for financial reporting purposes so that users of the financial
statements better understand the Company’s financial position and business performance. The Company aggregates operating
segments based on the similarities of economic characteristics mainly using the segment profit (loss) margin ratio of operating
segments. The primary products and services included in each segment are as follows:
Digital Systems & Services:
Digital solutions (System integration, Consulting, Cloud services), IT products (Storage, Servers), Software, and ATMs
Green Energy & Mobility:
Energy solutions (Power grids, Renewable energy, Nuclear), and Railway systems
Connective Industries:
Building systems (Elevators, Escalators), Smart life & ecofriendly systems (Home appliances, Air conditioners), Measurement andanalytical systems (Semiconductor manufacturing equipment, Clinical analyzers), Industry & distribution solutions, Water &environment solutions, and Industrial machinery
Automotive Systems:
Powertrain, Chassis, Advanced driver assistance, and Motorcycle systems
Others:Property management and others
Effective from April 1, 2023, a portion of the business previously included in the Green Energy & Mobility segment has beentransferred to Business Management Reinforcement Division, and included in Others. Figures for the three months ended June 30,
2022 have been restated on the basis of the reclassification.
In August 2022, the Company sold a certain number of shares of Hitachi Construction Machinery Co., Ltd. (Hitachi Construction
Machinery). As a result, Hitachi Construction Machinery and its subsidiaries, which were included in the Hitachi Construction
Machinery segment, became equity-method associates of the Company. In January 2023, the Company sold all shares of Hitachi
Metals, Ltd. (currently Proterial, Ltd.). As a result, Hitachi Metals, Ltd. was deconsolidated. Accordingly, the Hitachi Construction
Machinery segment and the Hitachi Metals segment ceased to be business segments, but the segment figures for the three months
ended June 30, 2023 and 2022 are disclosed individually to enhance fair disclosure. From the second quarter of the fiscal year
ended March 31, 2023, the Company includes its share of profits (losses) of investments accounted for using the equity method of
Hitachi Construction Machinery and its subsidiaries after the transfer of shares in Corporate items and Eliminations.

F-6

Notes to Condensed Quarterly Consolidated Financial Statements
June 30, 2023
The following tables show business segment information for the three months ended June 30, 2023 and 2022.
Millions of yen
2023
Segment
Green Energy
Connective& Mobility
Industries

Digital Systems& Services
Revenues
Revenues from External Customers
Revenues from Intersegment Transactions
Total Revenues
Segment Profit (Loss)

508,731
37,250545,981
52,463

615,421
12,521
627,942
43,150Automotive
Systems

653,41241,936695,348
67,837

491,4162,756
494,172
14,084
Millions of yen

2023
Segment
HitachiConstruction
Machinery
Revenues
Revenues from External Customers
Revenues from Intersegment Transactions
Total Revenues
Segment Profit (Loss)

Hitachi
Metals-OthersSubtotal

Corporate
items andEliminations

48,24059,765108,005698

2,317,220
154,228
2,471,448
178,232

5,268(154,228)(148,960)(7,244)-

Total

2,322,488
2,322,488
170,988
Millions of yen

2022
Segment
Green Energy
Connective& Mobility
Industries

Digital Systems& Services
Revenues
Revenues from External Customers
Revenues from Intersegment Transactions
Total Revenues
Segment Profit (Loss)

465,20340,180505,383
49,355496,968
11,756
508,724
24,099Automotive
Systems

625,305
45,499670,804
61,083387,068
1,161
388,229(4,679)Millions of yen

2022
Segment
HitachiConstruction
Machinery
Revenues
Revenues from External Customers
Revenues from Intersegment Transactions
Total Revenues
Segment Profit (Loss)

266,982557
267,539
21,447

Hitachi
MetalsOthersSubtotal

Corporate
items andEliminations

270,319
6,492
276,811
13,16555,831
55,193111,024(3,937)2,567,676
160,838
2,728,514
160,533

2,140(160,838)(158,698)(5,657)

Total

2,569,816
2,569,816
154,876

Segment profit (loss) is measured by Adjusted EBITA. Adjusted EBITA is defined as Adjusted Earnings before Interest, Taxes andAmortization. Adjusted EBITA represents profit (loss) calculated by deducting selling, general and administrative expenses fromgross profit, adding back amortization of intangible assets, etc. recognized upon business combinations, and adding or deducting
share of profits (losses) of investments accounted for using the equity method.
Intersegment transactions are generally recorded at the same prices used in arm’s length transactions. Corporate items include
corporate expenses not allocated to individual business segments, such as expenditures for advanced R&D, a part of net gain (loss)
on share of profits (losses) of investments accounted for using the equity method, and others.

F-7

Notes to Condensed Quarterly Consolidated Financial Statements
June 30, 2023
Adjustments to income before income taxes from segment profit are as follows.
Millions of yen
2023
Segment Profit (Loss)
Amortization of Intangible assets, etc.
recognized upon business combinations
Other income
Other expenses
Financial income
Financial expenses
EBIT (Earnings before interest and taxes)
Interest income
Interest charges
Income before income taxes

F-8

2022
170,988

154,876(20,597)(20,423)

1,134(17,387)
3,011(15,253)
121,896
11,211(17,622)
115,485

4,167(63,150)
8,071(2,912)80,6295,250(9,273)76,606

Notes to Condensed Quarterly Consolidated Financial Statements
June 30, 2023
(5) Business Acquisitions and Divestitures
The following are the material Business Acquisitions and Divestitures.
(a) Sale of shares of Hitachi Astemo, Ltd. (hereinafter “Hitachi Astemo”)
On March 30, 2023, the Company entered into the following two agreements regarding the transfer of a part of the shares ofHitachi Astemo, a consolidated subsidiary of the Company in the Automotive Systems segment, to Hitachi Astemo and Honda
Motor Co., Ltd. (hereinafter “Honda”) and for inviting JIC Capital, Ltd. (hereinafter “JICC”) as a new joint partner.
(i) Share Subscription Agreement with JICC-01 Limited Partnership (hereinafter “JICC-01”) managed by JICC-01 G.K., which
is a wholly owned subsidiary of JICC including that Hitachi Astemo issues Class shares to JICC-01, and Hitachi Astemo
purchases a part of shares of its common stocks held by the Company, using a portion of the funds raised through theissuance of Class shares(ii) Agreement for investment in kind and share transfer with Honda including that Hitachi Astemo issues common stocks to
Honda in exchange for Honda to invest the shares of Hitachi Astemo Electric Motor Systems, Ltd. in kind and the Company
transfers a part of shares of Hitachi Astemo’s common stocks to Honda
The consideration is expected to be approximately 158.0 billion yen.
Assuming the series of transactions based on the agreements is settled, it is expected that the Company’s ownership ratio ofshares of Hitachi Astemo will decrease from 66.6% to 40%, and Hitachi Astemo will turn into an equity-method associate of theCompany.
An expected gain on the sale of Hitachi Astemo shares in the amount of approximately 111.0 billion yen will be recognized in
Other income in the consolidated statement of profit or loss for the fiscal year ending March 31, 2024. Furthermore, noncontrolling interests in Hitachi Astemo will decrease approximately 267.0 billion yen in the consolidated statement of changes
in equity for the fiscal year ending March 31, 2024.
(b) Acquisition of Thales’ ground transportation systems business
On August 3, 2021, Hitachi Rail Ltd. (hereinafter “Hitachi Rail”), a consolidated subsidiary of the Company in the Green
Energy & Mobility segment, signed an agreement with Thales S.A. (hereinafter “Thales”) to acquire the ground transportation
systems business in order to expand the rail signaling systems business globally. Based on the agreement, Hitachi Rail will
acquire Thales’ ground transportation systems business which will be carved out from Thales. The transaction is subject to theusual conditions including regulatory and antitrust clearances and is expected to be completed by the fiscal year ending March
31, 2024. Hitachi Rail agreed on an enterprise value of 1,660 million euro (approximately 261.6 billion yen) and the final
purchase price will be determined after certain adjustments. The effects of this transaction on the Company’s consolidated
financial statements are currently being evaluated.

F-9

Notes to Condensed Quarterly Consolidated Financial Statements
June 30, 2023
(6) Trade Receivables and Contract Assets
The components of trade receivables and contract assets are as follows:
Millions of yen
June 30, 2023
Accounts receivable

March 31, 2023

1,752,791

1,972,168

Contract assets

876,901

804,500

Others111,355

98,319Total

2,741,047

2,874,987

Trade receivables and contract assets are stated as net of the allowance for doubtful receivables.
Others include electronically recorded monetary claims and notes receivable.
(7) Fair Value of Financial Instruments(a) Fair Value Measurements
The following methods and assumptions are used to measure the fair value of financial assets and liabilities.
Cash and cash equivalents, Trade receivables, Short-term loans receivable, Other accounts receivable, Short-term debt,
Other accounts payable and Trade payables
The carrying amount approximates the fair value because of the short maturity of these instruments.
Investments in securities and other financial assets
The fair value of lease receivables is based on the present value of lease payments receivable calculated for each group of years
to maturity using discount rates that reflect the time to maturity and credit risk.
Investment securities with quoted market prices are estimated using the quoted share prices. In the absence of an active market
for investment securities, quoted prices for similar investment securities, quoted prices associated with transactions that are notdistressed for identical or similar investment securities or other relevant information including market interest rate curves,referenced credit spreads or default rates, are used to determine fair value. If significant inputs of fair value measurement areunobservable, the Company uses price information provided by financial institutions to evaluate such investments. The
information provided is corroborated by the income approach using its own valuation model, or the market approach using
comparisons with prices of similar securities.
The fair value of long-term loans receivable is estimated based on the present value of future cash flows using the interest rateapplicable to an additional loan of the same type.
Derivative assets are measured at fair value based on quoted prices associated with transactions that are not distressed, prices ininactive markets, or based on models using interest rate curves and forward and spot prices for currencies and commodities. If
significant inputs are unobservable, the Company mainly uses the income approach or the market approach to corroborate
relevant information provided by financial institutions and other available information.
Long-term debt
The fair value of long-term debt is estimated based on quoted market prices or the present value of future cash flows using themarket interest rates applicable to the same contractual terms.
Other financial liabilities
Derivative liabilities are measured at fair value based on quoted prices associated with transactions that are not distressed, prices
in inactive markets, or based on models using interest rate curves and forward and spot prices for currencies and commodities. If
significant inputs are unobservable, the Company uses mainly the income approach or the market approach to corroborate
relevant information provided by financial institutions and other available information.

F-10

Notes to Condensed Quarterly Consolidated Financial Statements
June 30, 2023
(b) Financial Instruments Measured at Amortized Cost
The carrying amounts and estimated fair values of the financial instruments measured at amortized cost as of June 30 and March
31, 2023 are as follows.
The fair value estimated for financial assets and liabilities measured at amortized cost is classified in Level 2 of the fair value
hierarchy.
Millions of yen
June 30, 2023
Carrying amounts

March 31, 2023

Estimated
fair values

Carrying amounts

Estimated
fair values

AssetsInvestments in securities and otherfinancial assets
Lease receivables

25,21725,21722,85822,858Debt securities

46,88346,60846,72946,729Long-term loans receivable

1,466

1,466

385

385

Liabilities
Long-term debt [1]BondsLong-term borrowings

160,000

159,137

160,000

159,250

1,053,003

1,053,303

1,022,994

1,022,130[1] Long-term debt is included in Current portion of long-term debt and Long-term debt in the condensed quarterly consolidated
statement of financial position.
(c) Financial Instruments Measured at Fair Value
Financial instruments measured at fair value on a recurring basis after the initial recognition are classified into three levels of thefair value hierarchy based on the measurement inputs’ observability as follows:
Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets
Level 2: Valuations measured by direct or indirect observable inputs other than Level 1
Level 3: Valuations measured by significant unobservable inputs
When several inputs are used for a fair value measurement, the level is determined based on the input that is significant with thelowest level in the fair value measurement as a whole.
Transfers between levels are deemed at the beginning of each quarter period.

F-11

Notes to Condensed Quarterly Consolidated Financial Statements
June 30, 2023
The following tables present the assets and liabilities that are measured at fair value on a recurring basis as of June 30 andMarch 31, 2023.
June 30, 2023
Class of financial instruments

Millions of yen
Level 1

Level 2

Level 3

Total

Financial assets measured at fair value
through profit or loss:
Investments in securities and otherfinancial assets
Equity securities

508-

29,807

Debt securities

9,661

4,758

2,944

17,363-

119,806-

119,806

246,474-

109,012355,486

256,643

124,564

141,763

522,970-

90,968-90,968-90,968-90,968Derivatives

30,315

Financial assets measured at fair value
through other comprehensive income:Investments in securities and otherfinancial assets
Equity securities
Total financial assets at fair value
Financial liabilities measured at fair value
through profit or loss:
Other financial liabilities
Derivatives
Total financial liabilities at fair value
March 31, 2023
Class of financial instruments

Millions of yen
Level 1

Level 2

Level 3

Total

Financial assets measured at fair value
through profit or loss:
Investments in securities and otherfinancial assets
Equity securities

335

Debt securities
Derivatives-

28,352

28,687

8,684

4,145

4,959

17,788-78,327-78,327234,175-

104,445

338,620

243,194

82,472

137,756

463,422-

49,385-49,385-49,385-49,385

Financial assets measured at fair value
through other comprehensive income:Investments in securities and otherfinancial assets
Equity securities
Total financial assets at fair value
Financial liabilities measured at fair value
through profit or loss:
Other financial liabilities
Derivatives
Total financial liabilities at fair value

F-12

Notes to Condensed Quarterly Consolidated Financial Statements
June 30, 2023
The following tables present the changes in Level 3 instruments measured on a recurring basis for the three months ended June30, 2023 and 2022.
June 30, 2023
Level 3 financial assets
Balance at beginning of period
Gain (loss) in profit or loss [1]Gain in OCI [2]Purchases
Sales and redemption
Other
Balance at end of period
Unrealized gain relating tofinancial assets held at end of period [3]Millions of yen
Equitysecurities

Debt
securities

Total

132,797
281
2,889
1,616
(314)
1,550
138,819

4,959
(24)
8
(718)
(1,281)
2,944

137,756
257
2,889
1,624
(1,032)
269
141,763

249

-

249

June 30, 2022
Level 3 financial assets
Balance at beginning of period
Gain in profit or loss [1]Gain in OCI [2]Purchases
Sales and redemption
Other
Balance at end of period
Unrealized gain relating tofinancial assets held at end of period [3]Millions of yen
Equitysecurities

Debt
securities

Total

123,632
847
155
7,255
(14)
2,442
134,317

5,686
138
509
(494)
13
5,852

129,318
985
155
7,764
(508)
2,455
140,169

843

138

981

[1] Gain (loss) in profit or loss related to Financial assets measured at fair value through profit or loss is included in Financial
income and Financial expenses in the condensed quarterly consolidated statement of profit or loss.
[2] Gain in OCI related to Financial assets measured at fair value through other comprehensive income is included in Net
changes in financial assets measured at fair value through OCI in the condensed quarterly consolidated statement ofcomprehensive income.
[3] Unrealized gain relating to Financial assets measured at fair value through profit or loss held at the end of period is includedin Financial income in the condensed quarterly consolidated statement of profit or loss.
Fair values are measured by the finance departments in accordance with the Company’s policies and procedures. Valuation
models are determined so that they reflect each financial instrument’s nature, characteristics and risks most appropriately. The
finance departments continually examine changes in important inputs that could affect the fair value. In case the fair value of afinancial instrument was significantly impaired, administrators review and approve the impairment loss.

F-13

Notes to Condensed Quarterly Consolidated Financial Statements
June 30, 2023
(8) Employee Benefits(Revision of defined benefit pension plan)
The following is the main revision of defined benefit pension plan for the three months ended June 30, 2022.
Since the Company and a consolidated subsidiary of the Company introduced a risk-sharing corporate pension plan on April 1,
2019, for current employees participating in the defined benefit pension plan managed by the Hitachi Pension Fund, the same has
been promoted to the other subsidiaries that participate in pension plan managed by the Hitachi Pension Fund. On April 1, 2022,
newly 43 subsidiaries have changed their pension plans for current employees from defined benefit pension plan to risk-sharing
corporate pension plan, and now the revision of Hitachi group pension plan managed by the Hitachi Pension Fund has been almost
completed.
Under this plan, a risk reserve contribution is determined in advance in accordance with the rules governing the plan, and thepension benefits are adjusted annually based on the financial position of the plan to maintain balanced finance.
In terms of the corresponding accounting treatment for retirement benefits, risk-sharing corporate pension plans, for which an entity
accepts contribution obligations to the extent stipulated in the rules but has no further obligations to make any additional
contributions, are classified as defined contribution plans. Since the risk-sharing corporate pension plans, which subsidiaries
introduced on April 1, 2022, impose no additional contribution obligations, at the time of the shift to the revised plan, the difference
between the defined benefit obligations related to the portion transferred to the revised plan and the amount of assets transferred to
the revised plan corresponding to the decrease in defined benefit obligations, 51,185 million yen, was recognized as a settlement
loss in Other expenses in the condensed quarterly consolidated statement of profit or loss for the three months ended June 30, 2022.
And in the condensed quarterly consolidated statement of financial position for the three months ended June 30, 2022, Other noncurrent assets decreased by 49,334 million yen, and Retirement and severance benefits increased by 1,851 million yen, respectively.
Excluding the settlement loss in above, the impacts of changing pension plans on profit or loss for the fiscal year ended March 31,
2023 were not material.
(9) Dividends
Dividends paid on the Company’s common stock for the three months ended June 30, 2023 are as follows:

Decision
The Board of Directors
on May 12, 2023

Cash dividends

Appropriation

Cash dividends(millions of yen)fromper share (yen)70,317Retained earnings

75.0

Record date

Effective date

March 31, 2023

June 2, 2023

Dividends paid on the Company’s common stock for the three months ended June 30, 2022 are as follows:

Decision
The Board of Directors
on May 13, 2022

Cash dividends(millions of yen)
62,870Appropriation
from
Retained earnings

F-14

Cash dividends
per share (yen)65.0

Record date

Effective date

March 31, 2022

June 2, 2022

Notes to Condensed Quarterly Consolidated Financial Statements
June 30, 2023
(10) Revenues(a) Disaggregation of revenue
The Company derives revenues primarily from contracts with customers.
The disaggregation of revenue attributable to each reportable segment and geographic area for the three months ended June 30,2023 and 2022 are as follows.
Effective from April 1, 2023, the Company reclassified its reportable segments. Accordingly, figures for the three months
ended June 30, 2022 have been restated on the basis of the reclassification. Details of the reclassification are described in note4.
Millions of yen
2023
Overseas
Revenues
Subtotal

Total
Revenues

13,819197,682545,981

221,11088,307557,022627,942

64,75050,466

7,778

381,022695,348

163,760

134,171

44,77338,353381,057

494,172

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Others

94,779

8,225

1,480

2,821

700

13,226108,005

Subtotal

941,439590,689

418,343

372,020

148,957

1,530,009

2,471,448

Corporate items and Eliminations(137,091)(7,069)(797)(2,097)(1,906)(11,869)(148,960)

Total

804,348583,620

417,546

369,923

147,051

1,518,140

2,322,488

North
America

Other
Areas

Japan

Asia

Digital Systems & Services

348,299

52,29278,721

52,850

Green Energy & Mobility

70,920108,384

139,221

Connective Industries

314,326

258,028

Automotive Systems

113,115

Hitachi Construction Machinery
Hitachi Metals

EuropeMillions of yen
2022
Overseas
Revenues
Subtotal

Total
Revenues

12,659184,560

505,383

179,249

71,490439,246

508,724

62,54241,8099,192

374,367

670,804

139,585

93,08333,581

26,194292,443

388,229

42,966

46,46153,89050,86173,361

224,573

267,539

Hitachi Metals

103,337

58,985

95,23913,3195,931

173,474

276,811

Others

92,48813,583

1,943

1,931

1,079

18,536

111,024

Subtotal

1,021,315

663,917472,775

370,601

199,906

1,707,199

2,728,514

Corporate items and Eliminations(147,818)(8,716)(494)(1,507)(163)(10,880)(158,698)

Total

873,497655,201

472,281

369,094

199,743

1,696,319

2,569,816

North
America

Japan

Asia

Digital Systems & Services

320,823

50,96371,08749,851

Green Energy & Mobility

69,47893,516

94,991Connective Industries

296,437

260,824

Automotive Systems

95,786

Hitachi Construction Machinery

Europe

Other
Areas

The Digital Systems & Services segment consists of Front Business, IT Services, and Services & Platforms, for which revenue
amounted to 213,538 million yen, 208,077 million yen and 225,906 million yen for the three months ended June 30, 2023 and200,365 million yen, 189,463 million yen and 213,018 million yen for the three months ended June 30, 2022, respectively(including intersegment transactions). Front Business and IT Services are operated mainly in Japan, and Services & Platforms

F-15

Notes to Condensed Quarterly Consolidated Financial Statements
June 30, 2023
is operated mainly in Japan, North America and Europe.
The Company’s revenues include revenue recognized based on the pattern of the cost accrual arising from long-term projects.
Of the revenue recognized during the three months ended June 30, 2023 and 2022, the amount of revenue recognized based on
the pattern of the cost accrual arising from long-term projects was 455,403 million yen and 368,676 million yen, respectively.
(b) Information about satisfaction of performance obligations
The following is information about satisfaction of performance obligations related to major goods and services of eachreportable segment.
(Digital Systems & Services)
Front Business and IT Services primarily provide goods and services such as system integration, consulting and cloudservice. Services & Platforms primarily provides IT products and software.
These long-term projects in system integration, consulting and cloud service businesses provide goods and services
according to customers’ specifications over a specified period of time, and revenue is recognized mainly based on thepattern of the cost accrual (the progress of the project mostly based on the cost incurred relative to the estimated total cost)or the passage of time as performance obligations are satisfied over time. Many of the contracts require payments based on
milestones, and in some cases, payments are made before performance obligations are satisfied.
In IT products and software businesses, revenue is recognized when control over the goods is transferred to customers as
performance obligations are satisfied at the point in time upon the completion or upon delivery of the goods. Mostly,
payment terms stipulate that the consideration is received within one year after the performance obligation is satisfied, andthere are no significant transactions in which payment terms include deferred payments, etc.
(Green Energy & Mobility and Connective Industries)
The Green Energy & Mobility segment includes revenue from businesses such as energy solutions and railway systems.
The energy solutions business is operated mainly in Asia, North America, and Europe. The railway systems business is
operated mainly in Europe. The Connective Industries segment includes revenue from businesses such as building systems,
smart life & ecofriendly systems, measurement and analytical systems, and industry & distribution solutions. The building
systems business is operated mainly in China, the smart life & ecofriendly systems business is operated mainly in Japan,
the measurement and analytical systems business is operated mainly in Japan, Asia, North America, and Europe, and theindustry & distribution solutions business is operated mainly in Japan.
Long-term projects related to contracts such as construction in these segments involve manufacturing and providing goods
based on customers’ specifications over a specified period of time. As performance obligations are satisfied over time,revenue is recognized mainly based on the pattern of the cost accrual (the progress of the project mostly based on the cost
incurred relative to the estimated total cost). In addition, these segments provide certain services promised in the contracts
such as maintenance throughout the duration of the contract, and recognize revenue over time based on the passage of time.
Many of the contracts require payments based on milestones, and, in some cases, payments are made before performanceobligations are satisfied.
Further, in the sale of elevators, home appliances, measurement and analytical systems, industrial equipment, etc. includedin the Connective Industries segment, revenue is recognized when control over the goods is transferred to customers as
performance obligations are satisfied at the point in time upon the completion or upon delivery of the goods. Mostly,
payment terms stipulate that the consideration is received within one year after the performance obligation is satisfied, andthere are no significant transactions in which payment terms include deferred payments, etc.
(Automotive Systems)
In the Automotive Systems segment, performance obligations are generally satisfied at a point in time upon completion or
upon delivery of the goods, and revenue is recognized when control over goods is transferred to customers. Mostly,
payment terms stipulate that the consideration is received within one year after the performance obligation is satisfied, andthere are no significant transactions in which payment terms include deferred payments, etc.

F-16

Notes to Condensed Quarterly Consolidated Financial Statements
June 30, 2023
(11) Other Income and Expenses
The main components of other income and expenses for the three months ended June 30, 2023 and 2022 are as follows:
Millions of yen
2023
Net gain (loss) on sales and disposals of fixed assets

2022
(702)

2,629

Impairment losses(2,331)(896)

Net gain (loss) on business reorganization and others(1,238)

1,203

Special termination benefits(1,158)(1,806)

Impairment losses are mainly recognized on property, plant and equipment and other intangible assets. Net gain (loss) on businessreorganization and others includes gains and losses related to obtaining and losing control of investees and gains and losses
related to obtaining and losing significant influence over investees.
Restructuring charges (structural reform expenses) included in Other expenses for the three months ended June 30, 2023 and 2022
were 3,489 million yen and 2,702 million yen, respectively. Restructuring charges (structural reform expenses) include
impairment losses and special termination benefits. In addition, the settlement loss of 51,185 million yen recognized for the threemonths ended June 30, 2022 due to the change to the risk-sharing corporate pension plan introduced by subsidiaries on April 1,
2022, is included in Other expenses for the three months ended June 30, 2022. Details of this transaction are described in note 8.
(12) Financial Income and Expenses
The main components of financial income and expenses for the three months ended June 30, 2023 and 2022 are as follows:
Millions of yen
2023

2022

Dividends received

2,867

4,736

Exchange gain (loss)(10,861)(2,850)

Dividends received for the three months ended June 30, 2023 and 2022 are from financial assets measured at fair value throughother comprehensive income.

F-17

Notes to Condensed Quarterly Consolidated Financial Statements
June 30, 2023
(13) Earnings Per Share (EPS) Information
The calculations of basic and diluted EPS attributable to Hitachi, Ltd. stockholders for the three months ended June 30, 2023 and2022 are as follows:
Number of shares
2023
Weighted average number of shares on which basic EPS is calculated

2022

936,262,241

964,356,537

Stock options

387,620

417,340

Restricted stock

637,873

531,391

Restricted stock units

33,06930,788937,320,803

965,336,056

Effect of dilutive securities

Number of shares on which diluted EPS is calculated

Millions of yen
2023

2022

Net income attributable to Hitachi, Ltd. stockholders
Basic
Effect of dilutive securities
Diluted70,021

37,158--70,021

37,158
Yen

2023

2022

EPS attributable to Hitachi, Ltd. stockholders
Basic

74.79

38.53

Diluted

74.70

38.49

F-18

Notes to Condensed Quarterly Consolidated Financial Statements
June 30, 2023
(14) Contingencies
Litigation
In November 2017, a subsidiary in Japan received a complaint that was filed against three companies, namely a construction
company of a condominium complex, the subsidiary and a secondary subcontractor, by a contractee in Japan seeking
approximately 45.9 billion yen in compensation for expenses allegedly incurred arising from concerns over partial deficienciesof piling work during the construction phases of the condominium complex, which the subsidiary contracted as the primary
subcontractor.The compensation claim against these three companies was amended to approximately 51.0 billion yen in July
2018 and to approximately 50.5 billion yen in September 2022 by the contractee.
In relation to the aforementioned lawsuit, in April 2018, the subsidiary in Japan received a complaint that was filed against thesubsidiary and the secondary subcontractor, by the construction company of the condominium complex seeking approximately
49.6 billion yen in compensation for expenses allegedly incurred arising from the aforementioned lawsuit. In July 2018, thecompensation claim against these two companies was amended to approximately 54.8 billion yen by the construction companyof the condominium complex. Although the subsidiary in Japan will address these claims and explain its position, there can be
no assurance that it will not be held liable for any amounts claimed.
In December 2017, a subsidiary in Europe received a complaint filed by a customer in Europe seeking compensation forconsequential losses of 263 million euro (41,456 million yen) and interest allegedly incurred by performance defects of apower plant. As of June 30, 2023, the amount of compensation claimed by the customer was changed to 270 million euro
(42,557 million yen). Although the subsidiary in Europe will vigorously defend itself against this lawsuit, there can be noassurance that it will not be held liable for any amounts claimed.
The Company and its subsidiaries execute a number of business reorganizations, including mergers, acquisitions anddivestitures. Contracts for these reorganizations include clauses for transaction price adjustments subsequent to thereorganizations. There is a possibility products or services provided by the Company and its subsidiaries contain defects. As
the result of price adjustments, or in compensation for defects in products or services etc. there is a possibility that theCompany pays for any amounts.
Depending upon the outcome of the above legal proceedings, there may be an adverse effect on the consolidated financial
position or results of operations. Currently, the Company is unable to estimate the adverse effect, if any, of many of theseproceedings. The actual amount of fines, surcharge payments or any other payments resulting from these legal proceedings
may be different from the accrued amounts.
In addition to the above, the Company and its subsidiaries are subject to legal proceedings and claims which have arisen in theordinary course of business and have not been finally adjudicated. These actions when ultimately concluded and determined
will not, in the opinion of management, have a material adverse effect on the condensed quarterly consolidated financial
statements of the Company and subsidiaries.
(15) Approval of Condensed Quarterly Consolidated Financial Statements
The condensed quarterly consolidated financial statements were approved on August 8, 2023 by Keiji Kojima, President and CEOof the Company.

F-19

[Cover][Document Filed][Applicable Law]
[Filed with][Filing Date][Company Name][Company Name in English][Title and Name of Representative][Title and Name of CFO]
[Address of Head Office][Place Where Available for Public Inspection]

Confirmation Letter
Article 24-4-8, Paragraph 1 of the Financial Instruments and Exchange Act of Japan
Director, Kanto Local Finance Bureau
August 8, 2023
Kabushiki Kaisha Hitachi Seisakusho
Hitachi, Ltd.
Keiji Kojima, President & CEO
Yoshihiko Kawamura, Executive Vice President and Executive Officer
6-6, Marunouchi 1-chome, Chiyoda-ku, Tokyo
Tokyo Stock Exchange, Inc.
(2-1, Nihombashi Kabutocho, Chuo-ku, Tokyo)
Nagoya Stock Exchange, Inc.
(8-20, Sakae 3-chome, Naka-ku, Nagoya)A-1

1. Matters Related to Adequacy of Statements Contained in the Quarterly Report
Mr. Keiji Kojima, President & CEO, and Mr. Yoshihiko Kawamura, Executive Vice President and Executive Officer,
confirmed that statements contained in the Quarterly Report for the first quarter of the 155th fiscal year (from April 1, 2023 to June30, 2023) were adequate under the Financial Instruments and Exchange Act.
2. Special Notes
None.

A-2