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22nd July, 2004

Hitachi Capital Corporation

Hitachi Capital Repurchases Treasury Stock

(Under Article 211-3, Section 1-2 of the Japanese Commercial Code)

Hitachi Capital Corporation wishes to serve notice that at a meeting held today, the Board of Directors resolved to repurchase treasury stock pursuant to Article 211-3, Section 1-2 of the Japanese Commercial Code, as detailed below.

1.Rationale for treasury stock repurchase

(1) To adjust the number of shares issued and outstanding to a level commensurate with the scale of Hitachi Capital’s businesses.

(2) To help improve shareholder value.

2.Details of treasury stock repurchase

(1) Types of shares to be repurchased Hitachi Capital common stock
(2) Total number of shares to be repurchased Up to 10 million shares (representing 7.5% of total number of shares issued and outstanding)
(3) Total value of shares to be repurchased Up to¥21.0 billion
(4) Repurchase period 23rd July, 2004 to 31st March, 2005

Reference:
Cumulative balance of treasury stock repurchased as of 22nd July, 2004

Number of shares issued and outstanding 134,193,444 shares
Number of treasury shares 15,305,224 shares
Number of shares issued and outstanding (excluding treasury stock) 118,888,220 shares