Disclaimer

Certain statements found in this document may constitute “forward-looking statements” as defined in the U.S. Private Securities Litigation Reform Act of 1995. Such “forward-looking statements” reflect management’s current views with respect to certain future events and financial performance and include any statement that does not directly relate to any historical or current fact. Words such as “anticipate,” “believe,” “expect,” “estimate,” “forecast,” “intend,” “plan,” “project” and similar expressions which indicate future events and trends may identify “forward-looking statements.” Such statements are based on currently available information and are subject to various risks and uncertainties that could cause actual results to differ materially from those projected or implied in the “forward-looking statements” and from historical trends. Certain “forward-looking statements” are based upon current assumptions of future events which may not prove to be accurate. Undue reliance should not be placed on “forward-looking statements,” as such statements speak only as of the date of this document.

Factors that could cause actual results to differ materially from those projected or implied in any “forward-looking statement” and from historical trends include, but are not limited to:

• economic conditions, including consumer spending and plant and equipment investment in Hitachi Construction Machinery’s major markets, as well as levels of demand in the major industrial sectors Hitachi Construction Machinery serves, including, without limitation, the information, electronics, automotive, construction and financial sectors;
• exchange rate fluctuations of the yen against other currencies in which Hitachi Construction Machinery makes significant sales or in which Hitachi Construction Machinery’s assets and liabilities are denominated, particularly against the U.S. dollar and the euro;
• uncertainty as to Hitachi Construction Machinery’s ability to access, or access on favorable terms, liquidity or long-term financing;
• uncertainty as to general market price levels for equity securities, declines in which may require Hitachi Construction Machinery to write down equity securities that it holds;
• uncertainty as to Hitachi Construction Machinery’s ability to continue to develop and market products that incorporate new technologies on a timely and cost-effective basis and to achieve market acceptance for such products;
• the possibility of cost fluctuations during the lifetime of, or cancellation of, long-term contracts for which Hitachi Construction Machinery uses the percentage-of-completion method to recognize revenue from sales;
• credit conditions of Hitachi Construction Machinery’s customers and suppliers;
• fluctuations in the price of raw materials including, without limitation, petroleum and other materials, such as copper, steel, aluminum, synthetic resins, rare metals and rare-earth minerals, or shortages of materials, parts and components;
• fluctuations in product demand and industry capacity;
• uncertainty as to Hitachi Construction Machinery’s ability to implement measures to reduce the potential negative impact of fluctuations in product demand, exchange rates and/or price of raw materials or shortages of materials, parts and components;
• increased commoditization of and intensifying price competition for products;
• uncertainty as to Hitachi Construction Machinery’s ability to achieve the anticipated benefits of its strategy to strengthen its business;
• uncertainty as to the success of acquisitions of other companies, joint ventures and strategic alliances and the possibility of incurring related expenses;
• uncertainty as to the success of restructuring efforts to improve management efficiency by divesting or otherwise exiting underperforming businesses and to strengthen competitiveness;
• uncertainty as to the success of cost reduction measures;
• general socioeconomic and political conditions and the regulatory and trade environment of countries where Hitachi Construction Machinery conducts business, including, without limitation, direct or indirect restrictions by other nations on imports and differences in commercial and business customs including, without limitation, contract terms and conditions and labor relations;
• uncertainty as to the success of alliances upon which Hitachi Construction Machinery depends, some of which Hitachi Construction Machinery may not control, with other corporations in the design and development of certain key products;
• uncertainty as to Hitachi Construction Machinery’s access to, or ability to protect, certain intellectual property rights, particularly those related to electronics and data processing technologies;
• uncertainty as to the outcome of litigation, regulatory investigations and other legal proceedings of which the Hitachi Construction Machinery, its parent company, its subsidiaries or its equity-method associates and joint ventures have become or may become parties;
• the possibility of incurring expenses resulting from any defects in products or services of Hitachi Construction Machinery;
• the potential for significant losses on Hitachi Construction Machinery’s investments in equity-method associates and joint ventures;
• the possibility of disruption of Hitachi Construction Machinery’s operations by natural disasters such as earthquakes and tsunamis, the spread of infectious diseases, and geopolitical and social instability such as terrorism and conflict;
• uncertainty as to Hitachi Construction Machinery’s ability to maintain the integrity of its information systems, as well as Hitachi Construction Machinery’s ability to protect its confidential information or that of its customers;
• uncertainty as to the accuracy of key assumptions Hitachi Construction Machinery uses to evaluate its significant employee benefit-related costs; and
• uncertainty as to Hitachi Construction Machinery’s ability to attract and retain skilled personnel.

The factors listed above are not all-inclusive and are in addition to other factors contained in other materials published by Hitachi Construction Machinery.