Steve Milligan
President & Chief Executive Officer
April 22, 2010

Cautionary Statement
Certain statements found in this document may constitute “forward-looking statements” as defined in the U.S. Private Securities Litigation Reform Act of1995. Such “forward-looking statements” reflect management’s current views with respect to certain future events and financial performance and include anystatement 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 thisdocument.

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 investments in Hitachi’s major markets, particularly
Japan, Asia, the United States and Europe, as well as levels of demand in the major industrial sectors which Hitachi serves, including, without limitation, theinformation, electronics, automotive, construction and financial sectors; exchange rate fluctuations for the yen and 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; 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 in Japan, declines
in which may require Hitachi to write down equity securities that it holds; the potential for significant losses on Hitachi’s investments in equity method
affiliates; legislative and regulatory changes enacted by the new Japanese government; increased commoditization of information technology products anddigital media-related products and intensifying price competition for such products, particularly in the Information & Telecommunication Systems, theElectronic Devices and the Digital Media & Consumer Products segments; uncertainty as to Hitachi’s ability to continue to develop and market products thatincorporate new technology on a timely and cost-effective basis and to achieve market acceptance for such products; rapid technological innovation; thepossibility of cost fluctuations during the lifetime of or cancellation of long-term contracts, for which Hitachi uses the percentage-of-completion method torecognize revenue from sales; fluctuations in the price of raw materials including, without limitation, petroleum and other materials, such as copper, steel,aluminum and synthetic resins; fluctuations in product demand and industry capacity; uncertainty as to Hitachi’s ability to implement measures to reduce thepotential negative impact of fluctuations in product demand, exchange rates and/or price of raw materials; uncertainty as to Hitachi’s ability to achieve theanticipated benefits of its strategy to strengthen its Social Innovation Business; 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; general socioeconomic and political conditions and the regulatory and trade environment of Hitachi’s major markets, particularly Japan, Asia, the United States andEurope, including, without limitation, direct or indirect restrictions by other nations on imports, or differences in commerc ial and business customs including,
without limitation, contract terms and conditions and labor relations; uncertainty as to the success of alliances upon which Hitachi depends, some of whichHitachi may not control, with other corporations in the design and development of certain key products; uncertainty as to Hitachi’s access to, or ability toprotect, certain intellectual property rights, particularly those related to electronics and data processing technologies; uncertainty as to the outcome oflitigation, regulatory investigations and other legal proceedings of which the Company, its subsidiaries or its equity method affiliates have become or may
become parties; the possibility of incurring expenses resulting from any defects in products or services of Hitachi; the poss ibility of disruption of Hitachi’s
operations in Japan by earthquakes or other natural disasters; 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 and that of its customers; uncertainty as to the accuracy of key assumptions Hitachi uses to valuate its
significant employee benefit related costs; and uncertainty as to Hitachi’s ability to attract and retain skilled personnel.
The factors listed above are not all-inclusive and are in addition to other factors contained in Hitachi’s periodic filings with the U.S. Securities and Exchange
Commission and in other materials published by Hitachi.

2

Hitachi GST Global Operations
 2009 Revenue: US$4.8B
 35,000 Employees
 US Headquarters: San Jose, CA One of the industry’s largest
patent portfolios

US Headquarters
 San Jose, CA

Research & Development
 Fujisawa, Japan Odawara, Japan Rochester, Minnesota
 San Jose, California

Sales offices &technical support
located WWManufacturing Laguna, Philippines
 Odawara, Japan Prachinburi, Thailand
 San Jose, CA Sarawak, Malaysia
 Shenzhen, China
 Singapore

3Complete Product Portfolio
PersonalStorage

Endurastar

Solid State
Drives(SSD)

CinemaStar

SimpleDRIVE,
SimpleTOUGH andG-Technology

Mobile2.5-inch

Desktop3.5-inchEnterprise
2.5/3.5-inch

Travelstar series

Deskstar series

Ultrastar series

4

Recent Key Milestones

Recruit leadership team
Focus on profitable execution
Accelerate growth SSD partnership with Intel Branded products acquisition
 Substrate manufacturingacquisition

5Improving Financial Performance

5Gross Margin

Revenue

$B
620%
$5.6

$5.6
$4.8

417.8%

18.3%

2008

2009

15%

3210%
8.9%

105%
2007

$M
300

2008

2009

2007

Operating Income / Margin %

$M
500

3.7%

250

200

100

Free Cash Flow *
$400

$393

2008

2009

2.2%

00(100)
(200)

(250)
(5.1%)($461)

(300)

(500)

2007

2008

2009

2007

* Cash flow from operations net of Capex

Successful Business Transformation During Challenging Economic Period
6Competitive Overview

Segment

Hitachi GST
ShareOverall

15.6%

Mobile20.3%

Desktop10.5%

Enterprise

22.5%
Source: IDC 4Q09 WW HDD Shipments

Competitors

SeagateWesternDigital

PersonalStorage

MobileDesktop

Enterprise

VerticallyIntegrated

Segments

Samsung
Toshiba7

Competitive Financial Trends
Hitachi has the Opportunity to Profitably Expand its
Market Presence While Building Long-Term Value
Revenue
B$1Q Results

Gross
Margin %8

Evolving Storage Markets – Threats & Opportunities

Data Volume

Storage continues to undergo a long-term transformation

Connectivity

Isolated PC &Network Storage

1980

Cloud
Computing

IP Networks & SANs

1990

2000

2010

Change Mobility and netbooks

 Digital photography & HD video
 Social networking Unstructured data growth

GrowthEfficiency

 Personal content

 Virtualization

 Internet content and files
 Regulatory requirements
 Internet search Data de-duplication
 Cloud storage & online services
 Low-cost infrastructure

9

HDD Market Outlook
B$Industry Revenue Growth

M Units
80040(2009-2012 % CAGR)IDC Forecast Update, Feb. 2010

 Enterprise (SSD) Personal Storage

59.3%

700

33.930600

27.7500

 Mobile

10.5

 Consumer Electronics

7.2

 Enterprise (HDD)(1.5)

 Desktop(7.8)

Total

7.4%20400
300

10200
1000020092010

2011

2012

Source: IDC Dec. 2009

Hitachi GST is Targeting Profitable Gains in High Growth Segments

10Strategic Focus Areas: 2010 and Beyond
Optimize long-term performance of thecore HDD business Optimize supply chain
 Improve asset utilization
 Realize profitable growthPursue new storage market opportunities
for long-term revenue and earnings growth Personal Storage
 Solid State Drives (SSD)

Continue disciplined investment intechnology leadership Strategic focus on new technologies and products
 Selective product differentiation

11

Optimizing the Core – Key Elements

Hitachi GST Focus AreasMarket &ProductPlanning Market driven product planning

Technology

 Technology competitiveness Predictable and repeatabledevelopment process Flexible and responsive
manufacturing

ProductDevelopment

Go To
Market Supply Chain Management(SCM) efficiency
 Effective distribution channels

SupplyChain

Manufacturing

12

Focus on Profitable Execution

Improving Gross
Margin and Cost
Efficiencies
 Product mix optimization
 Supply chain efficiency
 Manufacturing footprint

Disciplined Approach
to Managing
Operating Expense Improving operational
execution to drive scale Selective investments forhigher margin opportunities

Capital Investments
for Profitable Growth Targeted investments forcapacity and technology
enhancements
 Productivity improvements
and asset optimization

13Long-Term Financial Models

Financial Metrics

SeagateWesternDigital

Gross Margin

22% - 26%

18% - 23%

Operating Expense% to Sales

10% - 12%

9% - 10%

Operating Margin

10% - 14%

10% - 14%

Capital Expense% to Sales

6% - 8%

7%

Source: Seagate: NASDAQ Investor Conference (12/1/09) WD: F2Q10 Earnings Call Transcript

Hitachi GST is Positioned to Have a Highly
Competitive Long-Term Financial Model

14

Hitachi GST 1Q10 Results

Financial Metrics

1Q10*
Revenue$1.46B+42% YoY

1Q09*$1.03B

$422M

$118M

28.9%

11.5%

Operating Profit$217M($57M)

Operating Margin

14.9%(5.6%)

Gross Margin* Quarterly results are unaudited

Strong Financial Results and Ongoing Profitable Execution

15

Value Creation

Integrated Value Creation Model

Growth Opportunities

Core Optimization
Core Improvements
2009 2010 2011 2012 2013 2014

Build IP andSoftware
Portfolio

Improve Balance
Sheet & Capital
Structure

Attract & Retain
World-class
Talent Complete core HDD optimization

 Reduce debt through cash flow
 Invest in new storage technology

Disciplined
Investment in
Next GenerationTechnologyOptimizedLong-term
Value Creation

Value Creation Levers
 Expand storage portfolio

Expand Beyond
HDD For Revenue
Growth &Increased GMStrengthen
HDD Cost
ModelImprove Core
OperationalExecution

 Leverage partnerships & acquisitions

16

Summary

Hitachi GST has a highly competitive, vertically-integrated
business modelCompany transformation continues with improving trends
in sustained profitability and cash flowFocused on responsible and profitable growthImproving scalability with disciplined cost management

Optimizing core HDD business and building long-term
leadership with differentiated, higher margin offerings

Hitachi GST is Poised for Industry Leading
Growth and Long-Term Value Creation

17