(Translation)

Annual Securities Report

(The 149th Business Term)

From April 1, 2017 to March 31, 2018

6-6, Marunouchi 1-chome, Chiyoda-ku, Tokyo

Hitachi, Ltd.

[Cover]

[Document Filed] Annual Securities Report (“Yukashoken Hokokusho”) [Applicable Law] Article 24, Paragraph 1 of the Financial Instruments and Exchange Act of Japan [Filed with] Director, Kanto Local Finance Bureau [Filing Date] June 29, 2018 [Fiscal Year] The 149th Business Term (from April 1, 2017 to March 31, 2018) [Company Name] Kabushiki Kaisha Seisakusho [Company Name in English] Hitachi, Ltd. [Title and Name of Toshiaki Higashihara, President & CEO Representative] [Address of Head Office] 6-6, Marunouchi 1-chome, Chiyoda-ku, Tokyo [Phone No.] 03-3258-1111 [Contact Person] Masachika Sawada, Manager, Legal Division [Contact Address] 6-6, Marunouchi 1-chome, Chiyoda-ku, Tokyo [Phone No.] 03-3258-1111 [Contact Person] Masachika Sawada, Manager, Legal Division [Place Where Available for Tokyo Stock Exchange, Inc. Public Inspection] (2-1, Nihombashi Kabutocho, Chuo-ku, Tokyo) Nagoya Stock Exchange, Inc. (8-20, Sakae 3-chome, Naka-ku, Nagoya)

This is an English translation of the Annual Securities Report filed with the Director of the Kanto Local Finance Bureau via Electronic Disclosure for Investors’ NETwork (“EDINET”) pursuant to the Financial Instruments and Exchange Act of Japan. Certain information in “Part I. Information on the Company - II. Business Overview - 2. Risk Factors - Risks Related to Our American Depositary Shares” is only included in this English translation of the Annual Securities Report for ADSs holders and not included in the original report. Certain information in “Part I. Information on the Company - V. Financial Information” in this document incorporates financial statements prepared in conformity with the International Financial Report Standards (“IFRS”) as issued by the International Accounting Standards Board and independent auditor’s report instead of the English translation of the Annual Securities Report. The translation of the Internal Control Report, the Independent Auditors’ Report and the Confirmation Letter for the original Annual Securities Report are included at the end of this document. This English translation of the Annual Securities Report reflected the amendment that was reported in the Amendment Report of the Annual Securities Report filed with the Director of the Kanto Local Finance Bureau via EDINET on June 19, 2019. In this document, the terms “we,” “us,” “our” and “Hitachi” refer to Hitachi, Ltd. and consolidated subsidiaries or, as the context may require, Hitachi, Ltd. on a non-consolidated basis and the term “the Company” refers to Hitachi, Ltd. on a non- consolidated basis. Unless otherwise stated, in this document, where we present information in millions or hundreds of millions of yen, we have truncated amounts of less than one million or one hundred million, as the case may be. Accordingly, the total of figures presented in columns or otherwise may not equal the total of the individual items. We have rounded all percentages to the nearest percent, one-tenth of one percent or one-hundredth of one percent, as the case may be. References in this document to the “Financial Instruments and Exchange Act” are to the Financial Instruments and Exchange Act of Japan and other laws and regulations amending and/or supplementing the Financial Instruments and Exchange Act of Japan. References in this document to the “Companies Act” are to the Companies Act of Japan and other laws and regulations amending and/or supplementing the Companies Act of Japan.

Contents

Part I Information on the Company …………………………………………………………………………… 1 I. Overview of the Company ……………………………………………………………………………… 1 1. Key Financial Data ………………………………………………………………………………… 1 2. History ……………………………………………………………………………………………… 4 3. Description of Business …………………………………………………………………………… 6 4. Information on Affiliates ………………………………………………………………………… 8 5. Employees ………………………………………………………………………………………… 17 II. Business Overview ……………………………………………………………………………………… 18 1. Management Policy, Economic Environment and Challenges Hitachi Group Faces…………… 18 2. Risk Factors …..…………………………………………………………………………………… 19 3. Management's Discussion and Analysis of Consolidated Financial Condition, Results of Operations and Cash Flows ………………………………………………………………………… 28 4. Material Agreements, etc ………………………………………………………………………… 38 5. Research and Development ……………………………………………………………………… 39 III. Property, Plants and Equipment ……………………………………………………………………… 41 1. Summary of Capital Investment, etc. ……………………………………………………………… 41 2. Major Property, Plants and Equipment …………………………………………………………… 42 3. Plans for Capital Investment, Disposals of Property, Plants and Equipment, etc. ………………… 46 IV. Information on the Company ………………………………………………………………………… 47 1. Information on the Company’s Stock, etc. ………………………………………………………… 47 (1) Total number of shares, etc. …………………………………………………………………… 47 (2) Information on the stock acquisition rights, etc. ………………………………………………… 48 (3) Information on moving strike convertible bonds, etc. …………………………………………… 50 (4) Changes in the total number of issued shares and the amount of common stock and other …… 51 (5) Shareholders composition ……………………………………………………………………… 51 (6) Major shareholders ……………………………………………………………………………… 52 (7) Information on voting rights …………………………………………………………………… 54 2. Information on Acquisition, etc. of Treasury Stock ……………………………………………… 55 3. Dividend Policy …………………………………………………………………………………… 56 4. Changes in Share Prices …………………………………………………………………………… 56 5. Directors and Senior Management ………………………………………………………………… 57 6. Corporate Governance, etc. ………………………………………………………………………… 68 V. Financial Information …………………………………………………………………………………… 81 VI. Stock-Related Administration for the Company ……………………………………………………… 82 VII. Reference Information on the Company ……………………………………………………………… 83 Part II Information on Guarantors, etc. for the Company ……………………………………………………… 83 [Consolidated Financial Statements] …………………………………………………………………………… F-1 Consolidated Financial Statements. ………………………………………………………………