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HITACHI KOKUSAI ELECTRIC INC. AND SUBSIDIARIES

CONSOLIDATED FINANCIAL STATEMENTS FOR THE THIRD QUARTER ENDED DECEMBER 31, 2008

Consolidated Quarterly Balance Sheets (Unaudited)

As of December 31, 2008 and March 31, 2008

Balance Sheets
  YEN (millions) U.S.Dollars
(millions)
3Q of FY2008 FY2007 3Q of FY2008
Assets
 Current assets
Cash and deposits
Deposits with Hitachi, Ltd.
Notes and accounts receivable-trade
Finished goods
Semi-finished goods
Raw materials
Supplies
Work in process
Deferred tax assets
Other
Allowance for doubtful accounts
 19,178
19,893
26,691
9,417
82
7,380
13
23,016
5,511
2,507
(42)		 25,905
25,613
56,932
10,963
89
7,260
36
21,636
6,769
1,253
(55)		 211
219
293
103
1
81
0
253
61
28
(0)
Total current assets
 113,649 156,404 1,248
 Noncurrent assets
 Property, plant and equipment
Buildings and structures, net
Machinery, equipment and vehicles, net
Land
Construction in progress
Other, net
14,297
2,674
5,507
166
3,337
14,495
3,038
5,551
430
3,775
157
29
60
2
37
Total property, plant and equipment
 25,984 27,291 285
 Intangible assets
 Investments and other assets
Investment securities
Long-term loans receivable
Deferred tax assets
Other
Allowance for doubtful accounts
 1,980

3,678
27
14,802
3,557
(192)		 1,778

5,285
39
10,854
1,602
(199)		 22

40
0
163
39
(2)
Total investments and other assets
 21,873 17,582 240
Total noncurrent assets
 49,837 46,652 547
 Total assets 163,487 203,057 1,796
Summary
  YEN (millions) U.S.Dollars
(millions)
3Q of FY2008 FY2007 3Q of FY2008
Liabilities
Current liabilities
Notes and accounts payable-trade
Short-term loans payable
Current portion of bonds with subscription rights to shares
Income taxes payable
Accrued expenses
Provision for product warranties
Notes payable-facilities
Other
19,044
1,417
-
155
6,250
1,001
14
7,963
35,529
1,417
6,000
1,454
12,420
1,489
19
8,138
209
16
-
2
69
11
0
87
Total current liabilities 35,845 66,468 394
 Noncurrent liabilities
Provision for retirement benefits
Provision for directors' retirement benefits
Deferred tax liabilities
Other
25,641
403
36
313
25,685
440
139
352
282
4
0
3
Total noncurrent liabilities
 26,394 26,617 290
 Total liabilities 62,240 93,086 684
Net assets
 Shareholders' equity
Capital stock
Capital surplus
Retained earnings
Treasury stock
10,058
26,205
68,394
(2,546)
10,058
26,222
75,220
(2,541)
110
288
751
(28)
Total shareholders' equity
 102,111 108,960 1,122
 Valuation and translation adjustments
Valuation difference on available-for-sale securities
Foreign currency translation adjustment
560
(1,535)
978
(55)
6
(17)
Total valuation and translation adjustments
 (975) 923 (11)
 Minority interests 110 87 1
 Total net assets 101,247 109,971 1,112
Total liabilities and net assets 163,487 203,057 1,796