Hitachi and Hitachi Maxell Announce Making Hitachi Maxell a Wholly Owned Subsidiary of Hitachi via a Share Exchange

Tokyo, February 24, 2010 — Hitachi, Ltd. (NYSE: HIT/TSE: 6501, “Hitachi”) and Hitachi Maxell, Ltd. (TSE: 6810, “Hitachi Maxell”) announced on January 14, 2010, that Hitachi would make Hitachi Maxell its wholly owned subsidiary via a share exchange with Hitachi as the wholly owning parent company and Hitachi Maxell as the wholly owned subsidiary (the “Share Exchange”). Agreements have subsequently been reached on the exchange ratio, effective date and other details of the Share Exchange, and the two companies hereby announce that they have concluded a share exchange agreement following today's decision by Hitachi's President and Chief Executive Officer and a resolution at Hitachi Maxell's Board of Directors' meeting held today (the “Share Exchange Agreement”).