Notification of Repurchase of Shares of Common Stock

Tokyo, April 28, 2022 --- Hitachi, Ltd. (TSE:6501) today announced that the Board of Directors decided to repurchase shares of its own common stock pursuant to Article 459, Paragraph 1 of the Companies Act of Japan and Article 31 of Hitachi's Articles of Incorporation, as follows.

1. Reason for Repurchase

Hitachi views the return of profits to shareholders through enhancing corporate value from mid- and long-term perspective and paying dividends continuously as an important managerial issue. Hitachi has decided to repurchase its own shares this time, taking into consideration its financial condition and the price of its common stock as well as the progress of the review of the business portfolio.

2. Outline of the Repurchase

Class of shares to be repurchased

Common stock of Hitachi

Aggregate number of shares to be repurchased

Up to 50 million shares

(5.17% of the number of outstanding shares

(excluding treasury stocks))

Aggregate amount of repurchase

Up to 200 billion yen

Period of repurchase

From May 2, 2022 to March 31, 2023

Method of repurchase

Expected open market purchase

through the Tokyo Stock Exchange

(Reference)

Total number of shares issued and outstanding (excluding treasury stock)

967,236,156 shares

Number of treasury stock

998,721 shares

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 and trends may identify forward-looking statements. Such statements are based on currently available information and are subject to various risks and uncertainties that could cause actual results to differ materially from those projected or implied in the forward-looking statements and from historical trends. Certain forward-looking statements are based upon current assumptions of future events which may not prove to be accurate. Undue reliance should not be placed on forward-looking statements, as such statements speak only as of the date of this 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:

exacerbation of social and economic impacts of the spread of COVID-19;

economic conditions, including consumer spending and plant and equipment investment in Hitachi's major markets, as well as 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;

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;

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;

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 demand of products, etc., exchange rates and/or price of raw materials or shortages of materials, parts and components;

credit conditions of Hitachi's customers and suppliers;

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;

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;

the potential for significant losses on Hitachi's investments in equity-method associates and joint ventures;

uncertainty as to the success of cost structure overhaul;

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;

uncertainty as to the outco

LINK:	https://www.hitachi.eu/en/press/notification-repurchase-shares-common-...
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