FOR IMMEDIATE RELEASE

Hitachi Announces Consolidated Financial Results
For the Third Quarter ended December 31, 2008
Tokyo, February 3, 2009 --- Hitachi, Ltd. (NYSE:HIT / TSE:6501) today announced its
consolidated financial results for the third quarter of fiscal 2008, ended December 31, 2008.
Notes:1. All figures, except for the outlook for the fiscal 2008, were converted at the rate of 91 yen to
the U.S. dollar, the approximate exchange rate on the Tokyo Foreign Exchange Market as ofDecember 30, 2008.
2. Segment information and operating income are presented in accordance with financial reporting
principles and practices generally accepted in Japan.

- more --2-Summary
In millions of yen and U.S. dollars, except Net income (loss) per share (6) and Net income (loss) per
American Depositary Share (7).
Three months ended December 31
Yen
U.S. $(B)/(A)
X100 (millions)(millions)(%)
2007 (A) 2008 (B)2008
1. Revenues

Nine months ended December 31
Yen
U.S. $(D)/(C)
X100 (millions)(millions)(%)
2007 (C) 2008 (D)2008

2,707,104

2,260,573

84

2. Operating income (loss)

77,873(14,524)-(160)

199,541

3. Income (loss) before income
taxes and minority interests

80,129(173,630)-(1,908)

4. Income (loss) before
minority interests

43,480(398,949)-(4,384)

5. Net income (loss)

12,501(371,099)

-

3.76
3.67

(111.65)(111.65)38
37(1,116)(1,116)

6. Net income (loss) per share
Basic
Diluted7. Net income (loss) per ADS(representing 10 shares)
Basic
Diluted

24,841 7,987,589 7,571,120

95

83,199182,558

91

2,006

216,188(35,487)-(390)

79,420(334,670)-(3,678)(4,078)(559) (356,912)-(3,922)-(1.23)(1.23)(0.17)(0.40)(107.38)(107.51)-(1.18)(1.18)-(12.26)(12.26)(2)(4)(1,074)(1,075)-(11.80)(11.81)

Notes: 1. The Company’s consolidated financial statements are prepared based on U.S. GAAPs.
Notes: 2. Segment Information and operating income(loss) are presented in accordance with financial reporting principles and practices generally accepted
Notes: 2. in Japan.
Notes: 3. The figures are for 880 consolidated subsidiaries, including Variable Interest Entities, and 170 equity-method affiliates.

- more --3-

1. Business Results(1) Summary of Fiscal 2008 Third-Quarter (Three Months and Nine Months Ended
December 31, 2008) Consolidated Business Results
Three months ended December 31, 2008

Nine months ended December 31, 2008

Yen
(billions)Year-over-year

U.S. dollars(millions)Yen(billions)Year-over-year% change% change

U.S. dollars(millions)

2,260.5(16%)

24,841

7,571.1(5%)

83,199Operating income (loss)(14.5)

-

(160)

182.5

(9%)

2,006

Loss before income
taxes and minority interests(173.6)-(1,908)(35.4)-(390)

Loss before
minority interests(398.9)-(4,384)(334.6)-(3,678)Net loss(371.0)-(4,078)(356.9)-(3,922)

Revenues

During the third quarter of fiscal 2008, the year ending March 31, 2009, the global economy
saw the subprime loan problem escalate into a worldwide financial crisis, triggered by thecollapse of Lehman Brothers on September 15, 2008. Furthermore, turmoil in financial
markets spread to the real economy and industrialized nations experienced rapid economic
downturns.
The Chinese and emerging economies generally posted strong growth in comparison toindustrialized nations. However, the impact of the economic downturns in industrialized
nations led to slower economic growth in China and emerging economies.
Japan, meanwhile, witnessed a rapid economic downturn due to a large contraction indemand, which was highlighted by much lower exports. Companies also slashed capital
investment amid the turmoil in financial markets and as corporate earnings declined.
In this operating environment, Hitachi's consolidated revenues for the third quarter of fiscal
2008 dropped 16% year over year, to 2,260.5 billion yen. Revenues declined in all segments,
but especially in the Power & Industrial Systems, the Digital Media & Consumer Products,
and the High Functional Materials & Components segments, in tandem with rapidly fallingdemand for automobiles, semiconductors, industrial equipment and other products.
Overseas revenues dropped 20% year over year, to 959.1 billion yen as falling worldwide
demand took its toll.
Hitachi posted a consolidated operating loss of 14.5 billion yen, 92.3 billion yen worse thanthe operating income reported in the corresponding period of fiscal 2007. While theInformation & Telecommunication Systems segment recorded higher earnings, the Power &Industrial Systems and the High Functional Materials & Components segments saw
earnings decline sharply as revenues dropped.

- more --4-

Hitachi posted net other deductions of 159.1 billion yen, 161.3 billion yen worse year overyear. This chiefly reflected net equity in losses of affiliated companies due to worsening
performances at equity-method semiconductor affiliates, exchange losses resulting from the
yen's appreciation, and write-downs of securities due to the share market crash.
As a result, Hitachi posted a loss before income taxes and minority interests of 173.6 billion
yen, 253.7 billion yen worse year over year.
Income taxes increased 188.6 billion yen year over year, to 225.3 billion yen mainly due towrite-downs resulting from a reduction in the period of time available for realizing deferred
tax assets because of a dramatic decline in taxable income at companies subject toconsolidated taxation, including the Company.
As a result, Hitachi posted a loss before minority interests of 398.9 billion yen, 442.4 billion
yen worse year over year. After minority interests of minus 27.8 billion yen, Hitachi
reported a net loss of 371.0 billion yen, 383.6 billion yen worse than the net income
reported in the corresponding period of fiscal 2007.
For the nine-month period ended December 31, 2008, consolidated revenues decreased 5%
year over year, to 7,571.1 billion yen. Hitachi recorded operating income of 182.5 billion
yen, down 9% year over year, but reported a net loss of 356.9 billion yen, which was 356.3
billion yen worse than the same period of fiscal 2007.

- more --5-(2) Revenues and Operating Income (Loss) by Segment
Results by segment were as follows:[Information & Telecommunication Systems]
Three months ended December 31, 2008

Nine months ended December 31, 2008

Yen
(billions)Year-over-year

U.S. dollars(millions)Yen(billions)

Revenues

600.9

(4%)

6,604

Operating income

38.3

169%

422

% change% change

U.S. dollars(millions)

1,882.7

0%20,690

110.5

314%

1,215

Year-over-year

For the third quarter of fiscal 2008, this segment recorded revenues of 600.9 billion yen,down 4% year over year. Revenues in software and services were flat, with firm growth inservices negated by a drop in software revenues. Hardware revenues declined year over year,
as lower storage revenues due to the impact of foreign currency exchange rate fluctuations
negated higher sales of telecommunications networks.
Segment operating income increased 169% year over year, to 38.3 billion yen. Earnings insoftware and services rose year over year due to higher earnings in services, resulting
primarily from stronger project management initiatives. Hardware posted profit growth dueto the fourth straight quarter of earnings in HDD operations dating back to the fourth
quarter of fiscal 2007, reflecting the benefits of cost reductions and new products. Higher
earnings from telecommunications networks also contributed to the increased hardware
earnings.
For the first nine months of fiscal 2008, the segment recorded flat revenues of 1,882.7
billion yen, while operating income climbed 314%, to 110.5 billion yen due to profits from
hardware, on the back of improved HDD business profitability, in addition to higher
earnings from services.
Note: The HDD operations are conducted by Hitachi Global Storage Technologies (Hitachi GST), which has a
December 31 fiscal year-end, different from Hitachi's March 31 year-end. Hitachi's results for the threemonths ended December 31, 2008 include the operating results of Hitachi GST for the three months
ended September 30, 2008.

- more --6-[Electronic Devices]

Revenues
Operating income

Three months ended December 31, 2008

Nine months ended December 31, 2008

Yen
(billions)Year-over-year

U.S. dollars(millions)Yen(billions)Year-over-year% change

U.S. dollars(millions)

258.2

(13%)

2,838

899.4

(4%)

9,884

4.0

(60%)

45

32.6

(9%)

358

% change

For the third quarter of fiscal 2008, Electronic Devices revenues were 258.2 billion yen,
13% down year over year. Although display business revenues were largely unchanged,
overall revenues declined due to lower revenues at Hitachi High-Technologies Corporation
resulting from decreased global demand for semiconductor-related production equipment,
and the sale of a semiconductor manufacturing subsidiary overseas.
Segment operating income dropped 60%, to 4.0 billion yen, due to the marked decline insales at Hitachi High-Technologies.
For the first nine months of fiscal 2008, segment revenues declined 4%, to 899.4 billion yen,and operating income declined 9%, to 32.6 billion yen.

[Power & Industrial Systems]
Three months ended December 31, 2008

Nine months ended December 31, 2008

Yen
(billions)Year-over-year

U.S. dollars(millions)Yen(billions)Year-over-year

Revenues

702.5

(15%)

7,721

2,396.4(1%)

26,335

Operating income (loss)(25.4)

-

(280)

38.0

(61%)

418

% change% change

U.S. dollars(millions)

For the third quarter of fiscal 2008, Power & Industrial Systems revenues declined 15%, to702.5 billion yen, despite firm sales growth in railway vehicles and systems for overseas
markets. The overall decline in segment revenues was the result of sharply lower sales in
the automotive systems business and at Hitachi Construction Machinery Co., Ltd. as
demand softened worldwide for automobiles and construction machinery.
The segment recorded an operating loss of 25.4 billion yen, 58.8 billion yen worse than theoperating income recorded in the same period of fiscal 2007. This result reflected sharply
lower sales in the automotive systems business and at Hitachi Construction Machinery, as
well as the impact of the yen's dramatic appreciation.
For the first nine months of fiscal 2008, segment revenues were nearly flat at 2,396.4 billion
yen. Operating income, however, declined 61%, to 38.0 billion yen due mainly to lower
sales in the automotive systems business and at Hitachi Construction Machinery.

- more --7-[Digital Media & Consumer Products]
Three months ended December 31, 2008

Nine months ended December 31, 2008

Yen
(billions)Year-over-year

U.S. dollars(millions)Yen(billions)Year-over-year% change

U.S. dollars(millions)

Revenues

309.3

(25%)

3,400

1,004.8(12%)

11,043Operating loss

(16.1)-(177)(42.7)-(470)% change

For the third quarter of fiscal 2008, Digital Media & Consumer Products revenues declined
25%, to 309.3 billion yen. The lower overall segment revenues reflected the impact of the
reduction of sales volumes of flat-panel TVs overseas as part of business structural reforms,
as well as lower sales of optical disk drives and other digital media products and room
air-conditioners due to deteriorating economic conditions.
The segment posted an operating loss of 16.1 billion yen, 1.1 billion yen worse than the loss
in the third quarter of fiscal 2007. This was the result of decreased sales and lower sales
prices and came despite a smaller loss in the flat-panel TV business due to the benefits ofbusiness structural reform initiatives.
For the first nine months of fiscal 2008, segment revenues declined 12%, to 1,004.8 billion
yen. The segment recorded an operating loss of 42.7 billion yen, although this was 23.0
billion yen better year over year, due primarily to a smaller loss in the flat-panel TV
business resulting from the benefits of business structural reform initiatives.
Note: The optical disk drive operations are conducted by Hitachi-LG Data Storage, Inc. (HLDS), which has a
December 31 fiscal year-end, different from Hitachi's March 31 year-end. Hitachi's results for the threemonths ended December 31, 2008 include the operating results of HLDS for the three months ended
September 30, 2008.

[High Functional Materials & Components]

Revenues
Operating income (loss)

Three months ended December 31, 2008

Nine months ended December 31, 2008

Yen
(billions)Year-over-year

U.S. dollars(millions)Yen(billions)Year-over-year% change

U.S. dollars(millions)

376.5

(22%)

4,138

1,297.7(8%)

14,261

(0.5)

-

(6)

68.3

(35%)

751

% change

For the third quarter of fiscal 2008, High Functional Materials & Components revenues were376.5 billion yen, down 22% year over year. This decline reflected a large drop in sales of
products for automotive- and semiconductor-related businesses at Hitachi Cable, Ltd., Hitachi
Metals, Ltd., and Hitachi Chemical Co., Ltd. due to softening worldwide demand forautomobiles and semiconductors. The sale of a subsidiary at Hitachi Chemical also had an
impact on overall revenues.
The segment reported an operating loss of 0.5 billion yen, 41.5 billion yen worse than theoperating income reported in the third quarter of fiscal 2007, due to sharply lower revenues and- more --8-inventory write-downs because of falling copper prices at Hitachi Cable.
For the first nine months of fiscal 2008, segment revenues declined 8%, to 1,297.7 billion yen,and operating income dropped 35%, to 68.3 billion yen due to lower revenues.

[Logistics, Services & Others]

Revenues
Operating income

Three months ended December 31, 2008

Nine months ended December 31, 2008

Yen
(billions)Year-over-year

U.S. dollars(millions)Yen(billions)Year-over-year

246.5

(26%)

2,709

821.5

(14%)

9,028

4.6

(20%)

51

16.3

(2%)

180

% change% change

U.S. dollars(millions)

For the third quarter of fiscal 2008, Logistics, Services & Others revenues declined 26%
year over year, to 246.5 billion yen. Although Hitachi Transport System, Ltd. recorded
higher revenues, primarily in the third-party logistics solutions business and from new
projects, overseas sales subsidiaries experienced lower sales.
Segment operating income declined 20%, to 4.6 billion yen because of decreased revenues
and other factors.
For the first nine months of fiscal 2008, segment revenues declined 14%, to 821.5 billion
yen. Operating income declined 2% year over year, to 16.3 billion yen due mainly to lower
revenues at overseas sales subsidiaries, despite higher earnings at Hitachi Transport System
due to improved efficiency.

[Financial Services]
Three months ended December 31, 2008

Nine months ended December 31, 2008

Yen
(billions)Year-over-year

U.S. dollars(millions)Yen(billions)Year-over-year

Revenues

84.3

(21%)

927

274.3

(17%)

3,015

Operating income

2.1

(60%)

24

9.6

(48%)

106

% change% change

U.S. dollars(millions)

For the third quarter of fiscal 2008, financial services revenues were 84.3 billion yen, 21%
lower year over year, primarily due to lower revenues at Hitachi Capital Corporation, which
saw falling demand for leases amid declining capital investment.
Segment operating income dropped 60%, to 2.1 billion yen, mainly due to lower leasetransaction volumes at Hitachi Capital and an increased bad debt expense.
For the first nine months of fiscal 2008, segment revenues declined 17%, to 274.3 billion
yen, while operating income declined 48%, to 9.6 billion yen.

- more --9-(3) Revenues by Market
Three months ended December 31, 2008

Nine months ended December 31, 2008

Yen
(billions)Year-over-year

U.S. dollars(millions)Yen(billions)Year-over-year

1,301.4(14%)

14,302

4,309.6(4%)

47,359Outside Japan

959.1

(20%)

10,5403,261.4(6%)

35,840

Asia

452.6

(17%)

4,974

1,527.9(3%)

16,790

North America

207.3

(18%)

2,279

691.6

(10%)

7,600

Europe

202.0

(30%)

2,220

710.3

(11%)

7,806

Other Areas

97.0

(12%)

1,066

331.5

(3%)

3,643

Japan

% change% change

U.S. dollars(millions)

For the third quarter of fiscal 2008, revenues in Japan were 1,301.4 billion yen, down 14%
year over year.
Overseas revenues declined 20%, to 959.1 billion yen, mainly due to falling demand
worldwide. As a result, the ratio of overseas revenues to consolidated revenues declined 2%,
to 42%.
For the first nine months of fiscal 2008, revenues in Japan were 4,309.6 billion yen, down
4% year over year. Overseas revenues declined 6% year over year, to 3,261.4 billion yen.

(4) Capital Investment, Depreciation and R&D Expenditures
For the third quarter of fiscal 2008, capital investment on a completion basis, excluding
leasing assets, decreased 3% year over year, to 98.9 billion yen. While Hitachi concentrated
investments mainly on manufacturing equipment for small and medium-sized LCDs andautomotive systems, the decrease reflected the stricter selection of investments.
Depreciation, excluding leasing assets, decreased 5%, to 107.6 billion yen, due mainly tothe stricter selection of capital investments.
R&D expenditures declined 2%, to 99.7 billion yen, due to the stricter selection ofdevelopment investment. R&D expenditures corresponded to 4.4% of consolidated
revenues.
For the first nine months of fiscal 2008, capital investment on a completion basis, excluding
leasing assets, decreased 15%, to 319.7 billion yen. Depreciation, excluding leasing assets,
declined 5%, to 301.1 billion yen. R&D expenditures were largely flat at 310.4 billion yen,
and corresponded to 4.1% of consolidated revenues.

- more -- 10 -

2. Financial Position(1) Financial Position
As of December 31, 2008
Yen
(billions)

Change fromMarch 31, 2008

U.S. dollars(millions)

Total assets

9,834.4(696.3)108,071

Total liabilities

7,023.5(194.1)

77,182

Interest-bearing debt

2,779.5

248.0

30,545

Minority interests

1,100.0(42.4)

12,089Stockholders’ equity

1,710.8(459.8)18,800Stockholders’ equity ratio

17.4%

3.2 point deterioration-

0.99 times

0.22 point deterioration-

D/E ratio (including minority interests)

Total assets as of December 31, 2008 were 9,834.4 billion yen, a decrease of 696.3 billion
yen from March 31, 2008. Interest-bearing debt increased 248.0 billion yen, to 2,779.5
billion yen. Stockholders' equity decreased 459.8 billion yen from March 31, 2008 to
1,710.8 billion yen due primarily to a decrease in retained earnings. As a result of the abovechanges, the stockholders' equity ratio decreased 3.2 percentage points from March 31,
2008 to 17.4%. The debt-to-equity ratio (including minority interests) was 0.99, 0.22 of apoint worse than March 31, 2008.

(2) Cash Flows

Cash flows fromoperating activities
Cash flows frominvesting activities

Three months ended December 31, 2008

Nine months ended December 31, 2008

Yen
(billions)

U.S. dollars(millions)Yen(billions)Year-over-year

Year-over-yearchangechangeU.S. dollars(millions)(120.2)(144.6)(1,321)

126.6(276.3)

1,392(134.1)36.1(1,475)(376.9)218.3(4,142)

Free cash flows(254.4)(108.5)(2,796)(250.2)(58.0)(2,750)Cash flows fromfinancing activities

344.4

202.8

3,785

277.5

166.5

3,049

For the third quarter of fiscal 2008, operating activities used net cash of 120.2 billion yen, a
144.6 billion yen change from the net cash provided in the third quarter of fiscal 2007. This
mainly reflected a decline in operating cash inflows accompanying lower revenues.
Investing activities used net cash of 134.1 billion yen, 36.1 billion yen less than in the third
quarter of fiscal 2007, reflecting stricter selection of investments, including property, plantand equipment and share purchases.
- more -- 11 -

Free cash flows, the sum of cash flows from operating and investing activities, were anegative 254.4 billion yen, 108.5 billion yen more than the third quarter of fiscal 2007.
Financing activities provided net cash of 344.4 billion yen, 202.8 billion yen more than thethird quarter of fiscal 2007, because of an increase in short-term debt through the issuanceof commercial paper.
3. Outlook for Fiscal 2008
Year ending March 31, 2009
Yen(billions)Year-over-year% change

10,020.0(11%)

101,212

40.0

(88%)

404

Loss before income taxes and minority interests(380.0)-(3,838)Loss before minority interests(710.0)-(7,172)Net loss(700.0)-(7,071)

Revenues
Operating income

U.S. dollars(millions)

Note: All fiscal 2008 outlook figures were converted using 99 yen to the U.S. dollar.

The overall business environment going forward is filled with increasing uncertainty, withfinancial markets remaining volatile in the wake of the collapse of Lehman Brothers and as
economic conditions worsen in the U.S. and other industrialized nations. The economic
outlook also remains unpredictable against a backdrop of concerns about slowing economic
growth in China and emerging economies, the yen's run-up and falling share prices.
Under these conditions, Hitachi is now forecasting the results shown above for fiscal 2008.
On January 30, 2009, Hitachi revised the fiscal 2008 forecasts announced on October 30,
2008.
Hitachi is assuming exchange rates of 90 yen to the U.S. dollar and 120 yen to the euro for
the fourth quarter of fiscal 2008.

- more -- 12 -

Cautionary Statement
Certain statements found in this document may constitute “forward-looking statements” as defined in the U.S.
Private Securities Litigation Reform Act of 1995. Such “forward-looking statements” reflect management’s
current views with respect to certain future events and financial performance and include any statement that
does not directly relate to any historical or current fact. Words such as “anticipate,” “believe,” “expect,”“estimate,” “forecast,” “intend,” “plan,” “project” and similar expressions which indicate future events andtrends 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 beaccurate. Undue reliance should not be placed on “forward-looking statements,” as such statements speak only
as of the date of this document.
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:•increased commoditization of information technology products and digital media related products and intensifying price competition forsuch products, particularly in the Information & Telecommunication Systems segment, Electronic Devices segment and Digital Media &Consumer Products segment;•

fluctuations in product demand and industry capacity, particularly in the Information & Telecommunication Systems segment, Electronic Devices segment
and Digital Media & Consumer Products segment;•

uncertainty as to Hitachi’s ability to continue to develop and market products that incorporate new technology on a timely and cost-effective
basis and to achieve market acceptance for such products;•

rapid technological innovation, particularly in the Information & Telecommunication Systems segment, Electronic Devices segment andDigital Media & Consumer Products segment;•

exchange rate fluctuation for the yen and other currencies in which Hitachi makes significant sales or in which Hitachi’s assets andliabilities are denominated, particularly against the U.S. dollar and the euro;•

increases in the price of raw materials including, without limitation, petroleum and other materials, such as copper, steel, aluminum andsynthetic resins;•

uncertainty as to Hitachi’s ability to implement measures to reduce the potential negative impact of fluctuations in product demand,exchange rate fluctuation and/or increases in the price of raw materials;•

general socio-economic and political conditions and the regulatory and trade environment of Hitachi’s major markets, particularly Japan,
Asia, the United States and Europe, including, without limitation, a return to stagnation or a deterioration of the Japanese economy,
direct or indirect restrictions by other nations on imports, or differences in commercial and business customs including, without
limitation, contract terms and conditions and labor relations;•

uncertainty as to Hitachi’s access to, or ability to protect, certain intellectual property rights, particularly those related to electronics anddata processing technologies;•

uncertainty as to the outcome of litigation, 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;•

uncertainty as to the success of restructuring efforts to improve management efficiency and to strengthen competitiveness;•

uncertainty as to the success of alliances upon which Hitachi depends, some of which Hitachi may not control, with other corporations in
the design and development of certain key products;•

uncertainty as to Hitachi’s ability to access, or access on favorable terms, liquidity or long-term financing; and•uncertainty as to general market price levels for equity securities in Japan, declines in which may require Hitachi to write down equity
securities it holds.

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.

- more -- 13 -

Consolidated Statements of Operations
Three months ended December 31
Yen
U.S. $(B)/(A)
X100(millions)(millions)(%)
2007 (A)2008 (B)2008

Nine months ended December 31
Yen
U.S. $(D)/(C)
X100(millions)(millions)(%)
2007 (C)2008 (D)2008

Revenues

2,707,104

2,260,573

84

24,841

7,987,589

7,571,120

95

83,199

Cost of sales

2,121,604

1,780,780

84

19,5696,233,667

5,854,274

94

64,333

Selling, general andadministrative expenses

507,627494,31797

5,432

1,554,381

1,534,288

99

16,860Operating income (loss)

77,873(14,524)-(160)

199,541

182,558

91

2,006

Other income

17,222

6,182

36

68

75,96328,90438

318(Interest and dividends)

7,362

6,182

84

68

26,187

23,34189

256(Other)

9,860

0

0

0

49,776

5,563

11

61

Other deductions

14,966

165,288-

1,816

59,316

246,949

416

2,714

(Interest charges)

10,614

9,029

85

99

31,59927,30286

300(Other)

4,352

156,259-

1,717

27,717

219,647

792

2,414

Income (loss) before income taxes
and minority interests

80,129(173,630)-(1,908)216,188(35,487)-(390)

Income taxes

36,649225,319

615

2,476

136,768

299,183

219

3,288

Income (loss) before minority
interests

43,480(398,949)-(4,384)79,420(334,670)-(3,678)

Minority interests

30,979(27,850)-(306)

79,97922,242

28

244

Net income (loss)

12,501(371,099)-(4,078)(559)(356,912)-(3,922)- more -- 14 -

Consolidated Balance Sheets
Yen(millions)
As of March 31, As of December 31,
2008 (A)2008 (B)(B)-(A)

U.S. $(millions)
As of December 31,
2008

Assets

10,530,847

9,834,487(696,360)

108,071

Current assets

5,401,755

5,264,881(136,874)

57,856

Cash and cash equivalents

560,960

547,392(13,568)

6,015

Short-term investments

61,28911,932(49,357)131

2,529,785

2,085,402(444,383)

22,917

136,119

159,078

22,9591,748

1,441,024

1,748,353

307,329

19,213

Other current assets

672,578

712,724

40,146

7,832

Investments and advances

1,042,657

843,585(199,072)

9,270

Property, plant and equipment

2,653,918

2,418,175(235,743)

26,573

Other assets

1,432,517

1,307,846(124,671)

14,372

10,530,847

9,834,487(696,360)

108,071

4,752,899

4,873,835

120,936

53,559of long-term debt

1,109,899

1,606,319

496,420

17,652

Trade payables (Notes and Accounts)

1,667,678

1,378,574(289,104)

15,149Other current liabilities

1,975,322

1,888,942(86,380)

20,758

Noncurrent liabilities

2,464,828

2,149,760(315,068)

23,624Long-term debt

1,421,607

1,173,231(248,376)

12,893

Other liabilities

1,043,221

976,529(66,692)

10,731

Minority interests

1,142,508

1,100,083(42,425)

12,089Stockholders' equity

2,170,612

1,710,809(459,803)

18,800Common stock

282,033

282,0330

3,099

Capital surplus

555,410560,239

4,829

6,156

Legal reserve and retained earnings

1,626,497

1,248,774(377,723)

13,723

Accumulated other comprehensive loss

(267,198)(353,866)(86,668)(3,889)(Foreign currency translation adjustments)(69,222)(154,383)(85,161)(1,697)(Pension liability adjustments)(Net unrealized holding gain on
available-for-sale securities)(Cash flow hedges)(221,007)(199,796)

21,211(2,196)

22,581450

2,298(1,985)(20,283)(2,435)25(22)(26,130)(26,371)

(241)

(290)

Trade receivables (Notes and Accounts)
Investments in leases
Inventories

Liabilities, Minority interests andStockholders' equity
Current liabilities
Short-term debt and current portion

Treasury stock- more -- 15 -

Consolidated Statements of Cash Flows
Three months ended December 31
Yen
U.S. $(millions)(millions)

Nine months ended December 31
Yen
U.S. $(millions)(millions)

2007

2008

2007

12,501(371,099)(4,078)(559)(356,912)(3,922)

Depreciation

145,114

128,060

1,407

410,910364,835

4,009

Increase in receivables and inventories

2008

2008

2008

Cash flows from operating activities
Net income (loss)
Adjustments to reconcile net income(loss) to net cash providedby (used in) operating activities(170,132)(70,255)(772)(40,077)(43,503)(478)

Increase (decrease) in payables

87,772(39,559)(435)

12,707(144,333)(1,586)Other
Net cash provided by (used in)operating activities(50,821)232,614

2,556

20,033

306,589

3,369

24,434(120,239)(1,321)

403,014

126,676

1,392(8,744)

(512)

(6)

5,328

50,217552(197,736)(143,343)(1,575)(605,694)(517,594)(5,688)Cash flows from investing activities(Increase) decrease in short-term investments
Purchase of rental assets andother properties, net
Sales (Purchase) of investments andsubsidiaries' common stock, net(5,840)(6,938)(76)(145,831)

4,503

49

Collection of investments in leases

70,087

46,940516

231,312

176,721

1,942

Other

(28,117)(30,344)(333)(80,391)(90,791)(998)(170,350)(134,197)(1,475)(595,276)(376,944)(4,142)

Increase in interest-bearing debt

164,891

364,966

4,011

116,750

321,525

3,533

Dividends paid to stockholders
Dividends paid to minority stockholdersof subsidiaries(9,996)(9,994)(110)(19,943)(19,937)(219)(10,081)(10,645)(117)(22,820)(23,777)

(261)

Other

(3,306)80

136,971(311)(3)

141,508

344,407

3,785

110,958

277,500

3,049

Effect of exchange rate changes on cash
and cash equivalents(6,468)(39,030)(429)(2,410)(40,800)(448)

Net increase (decrease) in cash and cash
equivalents(10,876)

50,941

560(83,714)(13,568)(149)

545,028
534,152

496,451
547,392

5,456
6,015

617,866
534,152

560,960
547,392

6,164
6,015

Net cash used in investing activities
Cash flows from financing activities

Net cash provided by financing activities

Cash and cash equivalents at beginningof the period
Cash and cash equivalents at end of the period- more -- 16 -

Segment Information(1) Industry Segments

Information & Telecommunication
Systems
Electronic Devices
Power & Industrial Systems
Digital Media & Consumer
Products
High Functional Materials& Components
Logistics, Services & Others
Financial Services
Subtotal
Eliminations & Corporate Items
Revenues Total
Information & Telecommunication
Systems
Electronic Devices
Power & Industrial Systems
Digital Media & Consumer
Products
High Functional Materials& Components
Logistics, Services & Others
Financial Services
Subtotal
Eliminations & Corporate Items
Operating income (loss) Total

Nine months ended December 31
Three months ended December 31(B)/(A)(D)/(C)Yen
Yen
U.S. $
U.S. $
X100
X100(millions)(millions)(millions)(millions)(%)(%)
2007 (A) 2008 (B)20082007 (C) 2008 (D)2008
627,260
600,965
1,881,799 1,882,761
96
6,604
100
20,690
20%
23%
21%
22%
296,257
258,249
939,590
899,447
87
2,838
96
9,884
10%
10%
10%
10%
829,601
702,572
2,427,944 2,396,455
99
26,335
85
7,721
27%
27%
27%
28%
411,520309,392
1,139,558 1,004,893
88
11,043
75
3,400
13%
12%
12%
12%
482,580
376,538
1,416,160 1,297,711
92
14,261
78
4,138
16%
15%
16%
15%
332,183
246,554
950,902821,509
86
9,028
74
2,709
11%
10%
10%
10%
107,187
84,333
329,500
274,325
83
3,015
79
927
3%
3%
4%
3%
3,086,588 2,578,603
9,085,453 8,577,101
94
94,25484
28,336
100%
100%
100%
100%
(379,484)(318,030)-(3,495) (1,097,864) (1,005,981)

2,707,104

2,260,573

84

24,841

14,25415%
10,214
11%
33,39435%(15,026)(16%)
40,970
43%
5,839
6%
5,417
6%
95,062100%

38,382-%
4,084-%(25,491)-%(16,132)
-%
(588)
-%
4,666
-%
2,176
-%
7,097
-%

269

422

40

45

-

(280)

-

(177)

-

(6)

80

51

40

24

7

78

(17,189)(21,621)-77,873(14,524)-

Note: Revenues by industry segment include intersegment transactions.

- more --(11,055)

95

83,199

414

1,215

91

358

39

418

-

(470)

65

751

98

180

52

106

99

2,557

7,987,589

7,571,120

26,70912%
36,02815%
97,035
41%(65,892)(28%)
105,60745%
16,602
7%
18,395
8%
234,484
100%

110,555
48%
32,611
14%
38,027
16%(42,793)(18%)
68,32729%
16,3377%
9,651
4%
232,715
100%

(238)

(34,943)(50,157)

-

(551)

(160)

199,541

182,558

91

2,006

- 17 -

(2) Revenues by Market

Japan
Asia
North America
EuropeOther Areas
Outside Japan
Total

Three months ended December 31(B)/(A)Yen
U.S. $
X100(millions)(millions)(%)
2007 (A) 2008 (B)2008
1,509,701 1,301,457
86
14,30256%
58%
546,521452,672
83
4,974
20%
20%
251,606
207,389
82
2,279
9%
9%
288,742
202,035
70
2,220
11%
9%
110,534
97,020
88
1,066
4%
4%
1,197,403
959,11680
10,54044%42%2,707,104 2,260,573
84
24,841
100%
100%

###

Nine months ended December 31(D)/(C)Yen
U.S. $
X100(millions)(millions)(%)
2007 (C) 2008 (D)2008
4,505,191 4,309,698
96
47,35956%
57%
1,574,767 1,527,923
97
16,79020%
20%771,778
691,632
90
7,600
10%
9%
795,712710,313
89
7,806
10%
9%
340,141
331,554
97
3,643
4%
5%
3,482,398 3,261,422
94
35,84044%43%7,987,589 7,571,120
95
83,199100%
100%

February 3, 2009
Hitachi, Ltd.

Supplementary Information for the Third Quarter ended December 31, 2008
1. Summary(Consolidated basis)
2007
Three months ended
December 31

2008

Nine months ended
December 31

Three months ended
December 31

(A)

(B)

(C)

2,707.1
77.8
2.9

7,987.5
199.5
2.5

2,260.5(14.5)
(0.6)

84%
―
―

7,571.1
182.5
2.4

95%
91%
―

10,020.0
40.0
0.4

89%
12%
―

Income (loss) before income taxes
and minority interests *1

80.1

216.1

(173.6)―(35.4)―(380.0)―

Income (loss) before minority
interests*1

43.4

79.4

(398.9)―(334.6)―(710.0)

―

12.5
113
(3.2)

(0.5)
117
(5.4)

(371.0)
95
(2.8)

―
―
―

(356.9)
102
(3.9)

―
―
―

(700.0)―――――Net income (loss)

Average exchange rate (yen / U.S.$)Net interest and dividends *1*1(D)(D)/(B)X100

Total(Forecast)

Revenues*1
Operating income (loss)*1
Percentage of revenues*1(C)/(A)X100

Nine months ended
December 31

Billions of yen

Assumed exchange rate for 4th quater of fiscal 2008(yen / U.S.$):As of March 31, 2008

As of December 31, 2008

Cash & cash equivalents,
Short-term investments(billions of yen)

622.2

559.3

Interest-bearing debt
(billions of yen)

2,531.5

2,779.5

D/E Ratio (times)
Number of employees
Japan
Overseas

0.76
389,752
251,702138,050

0.99
399,590
256,694
142,896

Number of consolidated
subsidiaries (Including
Variable Interest Entities)

910

880

418
492

388
492

*2

Japan
Overseas*2(E)Including minority interests- more -90(E)/FY2007X100

-2(Billions of yen)

2. Consolidated Revenues by Industry Segment
2007
Three months ended
December 31

Nine months ended
December 31

2008
Three months ended
December 31

Nine months ended
December 31(D)(C)/(A)X100(D)/(B)X100

Total(Forecast)

(A)

(B)

(C)

Information &Telecommunication Systems

(E)

627.2

1,881.7

600.9

96%

1,882.7100%

2,630.095%

Electronic Devices

296.2

939.5

258.2

87%

899.4

96%

1,160.090%(E)/FY2007X100

Power & Industrial Systems

829.6

2,427.9

702.5

85%

2,396.499%

3,230.091%

Digital Media &Consumer ProductsHigh Functional Material s& Components

411.5

1,139.5

309.3

75%

1,004.888%

1,270.0

84%

482.5

1,416.1

376.5

78%

1,297.792%

1,580.0

84%

Logistics, Services & Others

332.1

950.9

246.5

74%

821.5

86%

1,070.0

84%

Financial Services

107.1

329.5

84.3

79%

274.3

83%

400.0

90%

Eliminations & Corporate Items(379.4)(1,097.8)(318.0)―(1,005.9)―(1,320.0)

―

Total

2,707.1

7,987.5

2,260.5

84%

7,571.1

95%

10,020.089%(Billions of yen)

3. Consolidated Operating Income (Loss) by Industry Segment
2007
Three months ended
December 31

Nine months ended
December 31

2008

Three months ended
December 31

Nine months ended
December 31(D)/(B)X100

Total(Forecast)

(A)

(B)

(C)

Information &Telecommunication Systems

14.2

26.7

38.3

269%

110.5

414%

169.0

146%

Electronic Devices

10.2

36.0

4.0

40%

32.6

91%

28.0

52%

(C)/(A)X100

(D)

(E)

(E)/FY2007X100

Power & Industrial Systems

33.3

97.0

(25.4)

―

38.0

39%

7.0

5%

Digital Media &Consumer ProductsHigh Functional Materials& Components(15.0)(65.8)(16.1)―(42.7)―(109.0)

―

40.9

105.6

(0.5)

―

68.3

65%

4.0

3%

Logistics, Services & Others

5.8

16.6

4.6

80%

16.3

98%

16.0

57%

Financial Services

5.4

18.3

2.1

40%

9.6

52%

15.0

59%

Eliminations & Corporate Items(17.1)(34.9)(21.6)―(50.1)―(90.0)

―

Total

77.8

199.5

(14.5)

―

182.5

91%

40.0

12%

(Billions of yen)

4. Consolidated Overseas Revenues by Industry Segment
2007
Three months ended
December 31

Nine months ended
December 31

2008

Three months ended
December 31

Nine months ended
December 31

(A)

(B)

(C)

Information &Telecommunication Systems

262.0

711.1

241.1

92%

716.5

101%

Electronic Devices

113.8

379.5

100.3

88%

358.5

94%

(C)/(A)X100(D)(D)/(B)X100

Power & Industrial Systems

343.2

1,015.3

275.6

80%

986.7

97%

Digital Media &Consumer ProductsHigh Functional Material s& Components

162.3

473.1

135.5

83%

439.3

93%

170.0

499.2

127.4

75%

457.8

92%

Logistics, Services & Others

130.7

357.2

67.0

51%

262.5

73%

Financial Services
Total

15.2

46.6

11.9

79%

39.8

85%

1,197.4

3,482.3

959.1

80%

3,261.4

94%- more --3-

5. Consolidated Capital Investment by Industry Segment (Completion basis, including leasing assets)(Billions of yen)

2007

2008

Three months ended
December 31

Nine months ended
December 31

Three months ended
December 31

Nine months ended
December 31
(D)

(A)

(B)

(C)

Information &Telecommunication Systems

20.2

80.8

14.8

73%

47.4

59%

Electronic Devices

5.1

18.4

6.8

133%

24.7

134%

Power & Industrial Systems

41.7

119.5

43.0

103%

134.8

113%

Digital Media &Consumer ProductsHigh Functional Materials& Components

13.4

72.6

6.1

46%

33.2

46%

22.0

76.2

25.6

117%

77.3

101%

Logistics, Services & Others
Financial Services
Eliminations & Corporate Items(C)/(A)X100(D)/(B)X100

7.1

25.4

10.0

141%

22.6

89%

110.7

346.6

81.3

73%

276.2

80%

(5.1)

(24.8)(4.9)―(20.9)

―

215.4

715.0

183.1

85%

595.6

83%

Internal Use Assets

102.1

377.1

98.9

97%

319.7

85%

Leasing Assets

113.3

337.9

84.1

74%

275.8

82%

Total

(Billions of yen)

6. Consolidated Depreciation by Industry Segment
2007
Three months ended
December 31

Nine months ended
December 31

2008
Three months ended
December 31

Nine months ended
December 31
(D)

(A)

(B)

(C)

Information &Telecommunication Systems

29.7

85.5

23.5

79%

71.6

84%

Electronic Devices

10.5

29.2

7.7

74%

22.1

76%

Power & Industrial Systems

31.7

87.8

37.1

117%

98.8

112%

Digital Media &Consumer ProductsHigh Functional Materials& Components

16.3

45.0

11.6

71%

37.1

82%

25.4

116%

61.5

101%

(C)/(A)X100(D)/(B)X100

21.9

60.6

Logistics, Services & Others

6.6

18.6

6.5

99%

19.4

104%

Financial Services

27.4

81.9

15.4

56%

52.3

64%

0.6

1.9

0.5

92%

1.8

98%

145.1

410.9

128.0

88%

364.8

89%

Internal Use Assets

113.3

317.3

107.6

95%

301.1

95%

Leasing Assets

31.7

93.5

20.4

64%

63.7

68%

Eliminations & Corporate Items

Total(Billions of yen)

7. Consolidated R&D Expenditure by Industry Segment
2007
Three months ended
December 31

Nine months ended
December 31

2008

Three months ended
December 31

(A)

(B)

(C)

Information &Telecommunication Systems

35.4

112.5

36.9

Electronic Devices

11.9

34.9

10.7

89%

32.5

93%

Power & Industrial Systems

26.6

78.9

27.2

103%

84.8

108%

Digital Media &Consumer ProductsHigh Functional Materials& Components

8.8

27.8

7.3

83%

23.7

85%

12.6

38.2

12.7

101%

38.9

102%

Logistics, Services & Others

0.6

2.6

0.6

98%

2.3

90%

Financial Services

0.3

1.0

0.0

15%

0.2

25%

Corporate Items
Total
Percentage of revenues(C)/(A)X100

Nine months ended
December 31

104%

(D)

115.0

(D)/(B)X100

102%

5.1

14.4

4.1

79%

12.7

88%

101.7

310.6

99.7

98%

310.4

100%

3.8

3.9

4.4

―

4.1

―

- more --4*3

8. Information & Telecommunication Systems(1)Revenues and Operating Income*4
2007
Three months ended
December 31

Revenues
Software & Services
SoftwareServices
Hardware
Storage*5
Servers*6
PCs*7
Telecommunication
OthersOperating income
Software & Services
Hardware
*3
*4
*5
*6
*7

Nine months ended
December 31(Billions of yen)

2008
Three months ended
December 31

(A)

(B)

(C)

627.2
275.0
42.4
232.6
352.2
226.5
19.0
8.9
29.6
68.2
14.2

1,881.7
869.8
123.1
746.7
1,011.9
628.9
63.2
33.9
87.9
198.0
26.7

600.9
272.5
39.0
233.5
328.4
205.6
12.3
6.5
35.8
68.2
38.3

Nine months ended
December 31(C)/(A)X100

(D)

96%
99%
92%
100%
93%
91%
65%
73%
121%
100%
269%

(D)/(B)X100

1,882.7
883.2
118.3
764.9
999.4
603.2
50.4
26.1
110.9
208.8
110.5

100%
102%
96%
102%
99%
96%
80%
77%
126%
105%
414%

(E)

(E)/FY2007X100

2,630.0
1,280.095%
98%

1,350.0

93%

169.0
108.0
61.0

146%
100%
726%

The Hard Disk Drive operations are conducted by Hitachi Global Storage Technologies (Hitachi GST), which has a December 31 fiscal
year-end, different from Hitachi's March 31 year-end. Hitachi's results for the nine months ended December 31, 2008 include the operating
results of Hitachi GST for the nine months ended September 30, 2008.
Figures for each product exclude intra-segment transactions.
Figures for Storage include disk array subsystems, hard disk drives, etc.
Figures for Servers include general-purpose computers, UNIX servers, etc.
Figures for PCs include PC servers, client PCs (only commercial use), etc.

(Billions of yen)

(2)Storage Solutions (except Hard Disk Drives)
2007
Three months ended
December 31

Revenues

Nine months ended
December 31

2008
Three months ended
December 31

(A)

(B)

(C)

95.0

269.0

83.0

Nine months ended
December 31(C)/(A)X100

(D)

87%

261.0

(D)/(B)X10097%(3)Hard Disk Drives*8*9
Period recorded forconsolidated accounting
purposes

Revenues

Operatingincome(loss)

Servers*13
Emerging*14

2008
Three months ended
December 31

Nine months ended
December 31

Nine months ended
December 31(A)
Jul. 2007
to Sep. 2007

(B)
Jan. 2007
to Sep. 2007

(C)
Jul. 2008
to Sep. 2008

Billions of
yen

169.4

468.1

158.1

93%

455.7

97%

Millions of
U.S. dollars

1,450

3,929

1,477

102%

4,322

110%

Billions of
yen

(6.8)

(45.7)

9.1

―

21.5

―

Millions of
U.S. dollars

(58)

(381)

85

―

204

―

24,30012,70010,4001,000
18064,10033,00026,9003,300
850

25,80014,800
9,400
1,400
210

106%
116%
91%
139%
118%

68,90036,30027,400
4,400
780

108%
110%
102%
133%
92%

Shipments (thousand units)
Consumer andCommercial

2007
Three months ended
December 31

Shipment Period

*8
*9
*10
*11
*12
*13
*14

Total
(Forecast)*10

2.5-inch*11
3.5-inch*12(C)/(A)X100(D)Jan. 2008
to Sep. 2008

(D)/(B)X100

Figures include intra-segment transactions.
Hitachi GST's operating currency is U.S. dollar. Yen figures include yen / dollar conversion fluctuation.
Shipment less than 100,000 units have been rounded, with the exception of Emerging, where shipment less than 10,000 units have been rounded.
Note-PCs, consumer electronics applications(2.5-inch), etc.
Desktop-PCs, consumer electronics applications (3.5-inch), etc.
Disk array subsystems, servers (3.5-inch), etc.
Automotive (2.5-inch), etc.

- more -Total(Forecast)
(E)

340.0

(E)/FY2007X100

94%

-5-

Period recorded forconsolidated accounting
purposes
Shipment Period

Revenues

Operatingincome(loss)(E)
Oct. 2007
to Dec. 2007

2008
Total

Three months ended
March 31, 2009

Total

(G)(Preliminary) (G)/(E)X100 (H)(Preliminary) (H)/(F)X100(F)
Jan. 2007
Oct. 2008
Jan. 2008
to Dec. 2007 to Dec. 2008
to Dec. 2008

Billions of
yen

185.0

653.1

118.9

64%

573.3

88%

Millions of
U.S. dollars

1,634

5,563

1,252

77%

5,574

100%

Billions of
yen

11.5

(34.1)

0.4

3%

21.4

―

Millions of
U.S. dollars

100

(281)

4

4%

208

―

25,40013,30010,6001,400
15089,50046,30037,5004,700
1,000

22,30011,900
8,700
1,300
360

88%
90%
82%
93%
245%

91,20048,20036,200
5,700
1,140

102%
104%
96%
121%
114%

Shipments (thousand units)*10
Consumer andCommercial

2007
Three months
ended March 31,
2008

2.5-inch*11
3.5-inch*12

Servers*13
Emerging*14

9. Digital Media
Shipments of Main Products＊15(Thousand units)

2007
Three months ended
December 31

Optical Disk Drives
Plasma TVs *17
LCD TVs
*15
*16
*17

*16

2008

Nine months ended
December 31

Three months ended
December 31

(A)

(B)

(C)

25,000280
290

65,000670
600

22,500180280(C)/(A)X100

90%
64%
97%

Nine months ended
December 31(D)

66,000500
610(D)/(B)X100

102%
75%
102%

Shipment less than 10,000 units have been rounded, with the exception of Optical Disk Drives, where shipment less than
100,000 units have been rounded.
The Optical Disk Drive operations are conducted by Hitachi-LG Data Storage, Inc. (HLDS), which has a December 31 fiscal year-end,different from Hitachi's March 31 year-end. Hitachi's results for the nine months ended December 31, 2008 include the operating results of
HLDS for the nine months ended September 30, 2008.
The sum of plasma TV and plasma monitor shipments.

###

Total
(Forecast)(E)

85,000650
800(E)/FY2007X100

96%
76%
105%