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NEWS RELEASE Fax +81-3-5634-0295 7-2-18, Toyo, Koto-ku, Tokyo 135-8372, Japan Tel +81-3-5634-0307 NEWS RELEASE Fax +81-3-5634-0295 http://www.hitachi-hb.co.jp/english/ August 28, 2012 Conclusion of Basic Agreement Concerning Commencement of Discussions on Stock Transfer of Hitachi Cable Logi-Tech, Hitachi Cable’s Consolidated Subsidiary, to Hitachi Transport System As of August 28, 2012, Hitachi Transport System, Ltd. (President and Chief Executive Officer: Takao Suzuki, hereinafter “Hitachi Transport System”) and Hitachi Cable, Ltd. (President and Chief Executive Officer: Hideaki Takahashi, hereinafter “Hitachi Cable”) concluded a basic agreement regarding the commencement of discussions between the two companies on the transfer of all shares in Hitachi Cable Logi-Tech, Ltd. (“Hitachi Cable Logi-Tech”), a logistics subsidiary of Hitachi Cable, to Hitachi Transport System. Specific terms of the stock transfer will be determined based on mutual discussions between the two companies in the future. 1. Background and Objectives of the Stock Transfer With management targets consisting of “consolidated net sales of 750.0 billion yen and consolidated operating income of 45.0 billion yen” for the fiscal year ending March 2016, Hitachi Transport System has set growth strategies that include the “expansion of domestic business with a focus on the industry platform business (*)” and “global businesses expansion through the reinforcement of network collaboration.” In order to achieve these management targets, Hitachi Transport System has actively been pursuing opportunities to acquire shares of logistics subsidiaries, among other measures. At the same time, under the Renewed Plan “BRIDGE” medium-term management plan covering fiscal years 2010 through 2012, Hitachi Cable has been working on the “reinforcement of management foundation and business structure reforms” through the selection and concentration of business operations, measures to reduce fixed expenses and other actions, while concentrating management resources on social infrastructure fields and “implementation of global growth strategies” by strengthening overseas business. Moreover, the Hitachi Group has been promoting the “Hitachi Smart Transformation Project” to enhance its competitive advantage as a group through drastic cost structure reforms with the aim of sustainable growth in the global marketplace. As group companies, both Hitachi Transport System and Hitachi Cable have been actively involved in this project. Under these circumstances, through this stock transfer, Hitachi Transport System will newly acquire Hitachi Cable Logi-Tech as a foundation for a platform business in the industry, while Hitachi Cable will be able to further promote the selection and concentration of its business operations. Through these measures, both companies will aim to further enhance efficiency and expand business in the future. *Business to provide shared storage and shared distribution services towards streamlined operations targeting multiple customers in the same industry 2. Overview of Hitachi Cable Logi-Tech (As of March 31, 2012) (1) Company name Hitachi Cable Logi-Tech, Ltd. (2) Address 5-3-3, Hitaka-cho, Hitachi, Ibaraki, Japan Representative (title (3) President: Masaaki Ishikawa and name) (4) Business activities Logistics-related businesses for the Hitachi Cable Group (5) Amount of capital 320 million yen (6) Net assets 2,957 million yen (7) Total assets 6,366 million yen (8) Net sales 14,170 million yen (FY2011) 3. Stock Transfer Date March 1, 2013 (scheduled) 4. Future Business Performance Outlook of Respective Companies Regarding the impact of the stock transfer on business performance of the respective companies for the consolidated fiscal year ending March 2013 and after, we will carefully examine such impact during the course of discussions between the two companies to determine specific terms toward the conclusion of the stock transfer agreement. .
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