Common use of Obligations of the Depositary Clause in Contracts

Obligations of the Depositary. Hitachi, the Custodian and the Depositary's Agent. Neither the Depositary, nor Hitachi nor the Custodian nor any Depositary's Agent assumes any obligation or shall be subject to any liability under this Deposit Agreement to holders of Receipts other than that each of them agrees to use its best judgment and good faith in the performance of such duties as are specifically set forth in this Deposit Agreement. Neither the Depositary nor Hitachi nor the Custodian nor any Depositary's Agent shall be under any obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of any Deposited Securities or in respect of the Receipts which in its opinion may involve it in expense or liability unless indemnity satisfactory to it against all expense and liability be furnished as often as may be required. Neither the Depositary nor Hitachi nor the Custodian nor any Depositary's Agent shall be liable for any action or non-action by it in reliance upon the advice of or information from legal counsel, accountants, any person presenting Stock for deposit, any holder of a Receipt, or any other person believed by it in good faith to be competent to give such advice or information, or for any translation of any notice, report or other document made by a translator believed by it to be competent. The Depositary or Hitachi or the Custodian or any Depositary's Agent may rely and shall be protected in acting upon any written notice, request, direction or other document believed by it to be genuine and to have been signed or presented by the proper party or parties. The Depositary, any Depositary's Agent, any Registrar and the Custodian may own and deal in any class of securities of Hitachi and its affiliates and in Receipts. No disclaimer of liability under the Securities Act of 1933 is intended by any provision of this Deposit Agreement.

Obligations of the Depositary. Hitachi, the Custodian and the Depositary's AgentAgents, the Registrar and the Company. Neither the Depositary, nor Hitachi nor the Custodian Depositary nor any Depositary's Agent nor any Registrar nor the Company assumes any obligation or shall be subject to any liability under this Deposit Agreement to holders of Receipts other than that each of them agrees to use for its best judgment and good faith in the performance of such duties as are specifically set forth in this Deposit Agreementnegligence or willful misconduct. Neither the Depositary nor Hitachi nor the Custodian nor any Depositary's Agent nor any Registrar nor the Company shall be under any obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of any Deposited Securities the Stock, the Depositary Shares or in respect of the Receipts which in its opinion may involve it in expense or liability unless indemnity satisfactory to it against all expense and liability be furnished as often as may be required. Neither the Depositary nor Hitachi nor the Custodian nor any Depositary's Agent nor any Registrar nor the Company shall be liable for any action or non-action any failure to act by it in reliance upon the written advice of legal counsel or accountants, or information from legal counsel, accountants, any person presenting Stock for deposit, any holder of a Receipt, Receipt or any other person believed by it in good faith to be competent to give such advice or information, or for any translation of any notice, report or other document made by a translator believed by it to be competent. The Depositary or Hitachi or the Custodian or Depositary, any Depositary's Agent Agent, any Registrar and the Company may each rely and shall each be protected in acting upon any written notice, request, direction or other document believed by it to be genuine and to have been signed or presented by the proper party or parties. The DepositaryDepositary shall not be responsible for any failure to carry out any instruction to vote any of the shares of Stock or for the manner or effect of any such vote made, as long as any Depositary's Agentsuch action or non-action is in good faith. The Depositary undertakes, and any Registrar shall be required to undertake, to perform such duties and the Custodian may own and deal in any class of securities of Hitachi and its affiliates and in Receipts. No disclaimer of liability under the Securities Act of 1933 is intended by any provision of this Deposit Agreement.only such

Obligations of the Depositary. Hitachi, the Custodian and the Depositary's AgentAgents, any Registrar and the Company. Neither the Depositary, nor Hitachi nor the Custodian Depositary nor any Depositary's Agent nor any Registrar nor the Company assumes any obligation or shall be subject to any liability under this Deposit Agreement to holders of Receipts Depositary Shares other than that each of them agrees to use its best judgment and good faith in the performance of for such duties as are specifically set forth in this Deposit Agreementperson's own gross negligence or willful misconduct. Neither the Depositary nor Hitachi nor the Custodian nor any Depositary's Agent nor any Registrar nor the Company shall be under any obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of any Deposited Securities the Stock, the Depositary Shares or in respect of the Receipts which that in its opinion may involve it in expense or liability unless indemnity satisfactory to it against all expense and liability be furnished as often as may be required. Neither the Depositary nor Hitachi nor the Custodian nor any Depositary's Agent nor any Registrar nor the Company shall be liable for any action or non-action failure to act by it in reliance upon the written advice of legal counsel or accountants, or information from legal counsel, accountants, any person presenting Stock for deposit, any holder of a Receipt, Depositary Share or any other person believed by it in good faith to be competent to give such advice or information, or for any translation of any notice, report or other document made by a translator believed by it to be competent. The Depositary or Hitachi or the Custodian or Depositary, any Depositary's Agent Agent, any Registrar and the Company may each rely and shall each be protected in acting upon any written notice, request, direction or other document believed by it to be genuine and to have been signed or presented by the proper party or parties. The DepositaryDepositary undertakes, any Depositary's Agent, and any Registrar shall be required to undertake, to perform such duties and the Custodian may own and deal only such duties as are specifically set forth in any class of securities of Hitachi and its affiliates and in Receipts. No disclaimer of liability under the Securities Act of 1933 is intended by any provision of this Deposit Agreement, and no Anything herein to the contrary notwithstanding, in no event shall the Depositary be liable for special, indirect or consequential loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Depositary has been advised of the likelihood of such loss or damage and regardless of the form of action.

Obligations of the Depositary. Hitachi, the Custodian and the Depositary's AgentAgents, the Registrar and the Company. Neither the Depositary, Depositary nor Hitachi nor the Custodian its affiliates nor any Depositary's Agent nor any Registrar nor any Transfer Agent nor the Company assumes any obligation or shall be subject to any liability under this Deposit Agreement to holders of Receipts other than that each for its negligence or willful misconduct. Under no circumstances shall the Depositary or its affiliates or agents be liable for any special, punitive, indirect, incidental, punitive or consequential loss or damage of them agrees to use its best judgment and good faith in any kind whatsoever (including, but not limited to, lost profits), even if they have been advised of the performance possibility of such duties as are specifically set forth in this Deposit Agreementloss or damage. Neither the Depositary nor Hitachi nor the Custodian its affiliates nor any Depositary's Agent nor any Registrar nor any Transfer Agent nor the Company shall be under any obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of any Deposited Securities the Stock, the Depositary Shares or in respect of the Receipts which in its opinion may involve it in expense or liability unless indemnity satisfactory to it against all expense and liability be furnished as often as may be required. Neither the Depositary nor Hitachi nor the Custodian its affiliates nor any Depositary's Agent nor any Registrar nor any Transfer Agent nor the Company shall be liable for any action or non-action any failure to act by it in reliance upon the written advice of legal counsel or accountants, or information from legal counsel, accountants, any person presenting Stock for deposit, any holder of a Receipt, Receipt or any other person believed by it in good faith to be competent to give such advice or information, or for any translation of any notice, report or other document made by a translator believed by it to be competent. The Depositary or Hitachi or the Custodian or any Depositary's Agent may rely and shall be protected in acting upon any written notice, request, direction or other document believed by it to be genuine and to have been signed or presented by the proper party or parties. The Depositary, any Depositary's Agent, any Registrar and the Custodian may own and deal in any class of securities of Hitachi and its affiliates and in Receipts. No disclaimer of liability under the Securities Act of 1933 is intended by any provision of this Deposit Agreement.such

Obligations of the Depositary. Hitachithe Depositary’s Agents, the Custodian Registrar and the Depositary's AgentCompany. Neither the Depositary, nor Hitachi nor the Custodian Depositary nor any Depositary's ’s Agent nor the Registrar nor the Company assumes any obligation or shall be subject to any liability under this the Deposit Agreement or this Depositary Receipt to holders of Receipts the holder hereof, other than that each of them agrees to use for its best judgment and good gross negligence, willful misconduct or bad faith in the performance of such duties as are specifically set forth in this the Deposit Agreement. Neither the Depositary nor Hitachi any Depositary’s Agent nor the Custodian Registrar nor any Depositary's Agent the Company shall be under any obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of any Deposited Securities the Stock, Depositary Shares or in respect of the Depositary Receipts which in its reasonable opinion may involve it in expense or liability liability, unless indemnity reasonably satisfactory to it against all expense and liability be furnished as often as may be reasonably required. Neither the Depositary nor Hitachi any Depositary’s Agent nor the Custodian Registrar nor any Depositary's Agent the Company shall be liable for any action or non-action any failure to act by it in reliance upon the written advice of legal counsel or accountants, or information from legal counsel, accountants, any person presenting Stock for deposit, any holder of a Receipt, Depositary Shares or any other person believed by it in good faith to be competent to give such advice or information, or for any translation of any notice, report or other document made by a translator believed by it to be competent. The Depositary or Hitachi or the Custodian or Depositary, any Depositary's Agent ’s Agent, the Registrar and the Company may each rely and shall be protected in acting upon any written notice, request, direction or other document reasonably believed by it to be genuine and to have been signed or presented by the proper party or parties. The Depositary, any Depositary's Agent, any Registrar and the Custodian may own and deal in any class of securities of Hitachi and its affiliates and in Receipts. No disclaimer of liability under the Securities Act of 1933 is intended by any provision of this Deposit Agreement.

Obligations of the Depositary. Hitachi, the Custodian and the Depositary's AgentIssuer. Neither the Depositary, ------------------------------------------------------------ The Issuer assumes no obligation nor Hitachi nor the Custodian nor any Depositary's Agent assumes any obligation or shall it be subject to any liability under this Deposit Agreement to Owners or holders of Receipts other than Receipts, except that each of them it agrees to use perform its best judgment and good faith in the performance of such duties as are obligations specifically set forth in this Deposit AgreementAgreement without negligence or bad faith. The Depositary assumes no obligation nor shall it be subject to any liability under this Deposit Agreement to any Owner or holder of any Receipt (including, without limitation, liability with respect to the validity or worth of the Deposited Securities), except that it agrees to perform its obligations specifically set forth in this Deposit Agreement without negligence or bad faith. Neither the Depositary nor Hitachi nor the Custodian nor any Depositary's Agent Issuer shall be under any obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of any Deposited Securities or in respect of the Receipts Receipts, which in its reasonable opinion may involve it in expense or liability liability, unless indemnity satisfactory to it against all expense and liability shall be furnished as often as may be required, and the Custodian shall not be under any obligation whatsoever with respect to such proceedings, the responsibility of the Custodian being solely to the Depositary. Neither the Depositary nor Hitachi nor the Custodian nor any Depositary's Agent Issuer shall be liable for any action or non-action nonaction by it in reliance upon the advice of or information from legal counsel, accountants, any person presenting Stock for deposit, any holder of a Receipt, or any other person believed by it in good faith to be competent to give such advice or information, or for any translation of any notice, report or other document made by a translator believed by it to be competent. The Depositary or Hitachi or the Custodian or any Depositary's Agent may rely and shall be protected in acting upon any written notice, request, direction or other document believed by it to be genuine and to have been signed or presented by the proper party or parties. The Depositary, any Depositary's Agent, any Registrar and the Custodian may own and deal in any class of securities of Hitachi and its affiliates and in Receipts. No disclaimer of liability under the Securities Act of 1933 is intended by any provision of this Deposit Agreement.,

Obligations of the Depositary. HitachiTHE DEPOSITARY'S AGENTS, the Custodian and the Depositary's AgentANY REGISTRAR AND THE COMPANY. Neither the Depositary, nor Hitachi nor the Custodian Depositary nor any Depositary's Agent nor any Registrar nor the Company assumes any obligation or shall be subject to any liability under this Deposit Agreement to holders of Receipts Depositary Shares other than that each of them agrees for such person's own [negligence, as to use its best judgment and good faith in the performance of such duties as are specifically set forth in this Deposit AgreementDepositary], gross negligence or willful misconduct. [Neither the Depositary nor Hitachi nor the Custodian nor any Depositary's Agent nor any Registrar nor the Company shall be under any obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of any Deposited Securities the Stock, the Depositary Shares or in respect of the Receipts which that in its opinion may involve it in expense or liability unless indemnity satisfactory to it against all expense and liability be furnished as often as may be required. .] Neither the Depositary nor Hitachi nor the Custodian nor any Depositary's Agent nor any Registrar nor the Company shall be liable for any action or non-action any failure to act by it in reliance upon the written advice of legal counsel or accountants, or information from legal counsel, accountants, any person presenting Stock for deposit, any holder of a Receipt, Depositary Share or any other person reasonably believed by it in good faith to be competent to give such advice or information, or for any translation of any notice, report or other document made by a translator believed by it to be competent. The Depositary or Hitachi or the Custodian or Depositary, any Depositary's Agent Agent, any Registrar and the Company may each rely and shall each be protected in acting upon any written notice, request, direction or other document believed by it to be genuine and to have been signed or presented by the proper party or parties. The Depositary, any Depositary's Agent, any Registrar and the Custodian may own and deal in any class of securities of Hitachi and its affiliates and in Receipts. No disclaimer of liability under the Securities Act of 1933 is intended by any provision of this Deposit Agreement.