Tokyo - As announced in the press release issued on April 28, 2022 1, Hitachi, Ltd. (TSE: 6501, 'Hitachi') completed a contract concerning the transfer, etc. of shares of common stock of Hitachi Transport System, Ltd. ('Hitachi Transport System') held by Hitachi with HTSK Co., Ltd. (the 'Offeror'), a wholly owned subsidiary of HTSK Holdings Co., Ltd., all equity interests in which are currently owned by HTSK Investment L.P., which is indirectly held and operated by Kohlberg Kravis Roberts & Co. L.P.

The Offeror commenced the tender offer for the common stocks of Hitachi Transport System (the 'Tender Offer') on October 28, 2022, and the Tender Offer was completed on November 29, 2022. Since the total number of shares tendered in the Tender Offer exceeded the minimum number of shares to be purchased, the Tender Offer was successfully completed. For details of the Tender Offer, please refer to 'Announcement of Results of the Tender Offer by HTSK Co., Ltd. for the Shares of Hitachi Transport System, Ltd., and Change in the Parent Company and Largest Shareholder who is a Major Shareholder' announced today by Hitachi Transport System.

Hitachi did not apply the Tender Offer. Instead, it will sell Hitachi Transport System shares held by Hitachi through a share repurchase by Hitachi Transport System which will be implemented after the completion of the Tender Offer. Also, Hitachi will obtain 10.0 billion yen worth of the Offeror Parent's shares with voting rights (equivalent to 10% of the total voting rights).

About Hitachi, Ltd.

Hitachi drives Social Innovation Business, creating a sustainable society with data and technology. We will solve customers' and society's challenges with Lumada solutions leveraging IT, OT (Operational Technology) and products, under the business structure of Digital Systems & Services, Green Energy & Mobility, Connective Industries and Automotive Systems. Driven by green, digital, and innovation, we aim for growth through collaboration with our customers. The company's consolidated revenues for fiscal year 2021 (ended March 31, 2022) totaled 10,264.6 billion yen ($84,136 million USD), with 853 consolidated subsidiaries and approximately 370,000 employees worldwide.

Cautionary Statement

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