TOKYO, LONDON, SAN JOSE, Calif., and SINGAPORE – April 1, 2003-Renesas Technology Corp. today announcedit has officially separated from Hitachi, Ltd.(TSE:6501, NYSE:HIT) and Mitsubishi ElectricCorporation(TSE:6503), and commenced operationsas the world’s leading System LSI company. Dr. Koichi Nagasawa has been appointed Chairman & CEO, and Satoru Ito was appointed as President & COO.

In parallel with the company’s establishment, Renesas Technology Corp. also completed integration of operations in North America and the European regions, resulting in the establishment of Renesas Technology America, Inc. and Renesas Technology Europe Limited, the respective regional headquarters. Additionally, 13 Japanese affiliated companies have been incorporated including Renesas Technology Sales Co., Ltd. and Renesas Solutions Corp., the respective sales and applications engineering companies, as well as eight overseas affiliated companies. Renesas’ affiliated companies in Asia are slated for operations by July 2003.

As a world-leading IDM (Integrated Device Manufacturer), Renesas will offer the benefits of advanced R&D development and manufacturing for next-generation process geometries at 90nm and smaller, with control over its own process roadmaps, enhanced chip yields, and controlled cost structures. Additionally, Renesas’ IDM model provides end-to-end solutions for customers, from technology development, through design and applications support, manufacturing, sales, and service.

Renesas Technology offers a full lineup of microcomputers, memories, multi purpose Ics, application specific Ics and discrete semiconductors based on high-level R&D, and technologies covering design, applications, production, and processes. Our world-leading microcomputers come out of a developmental environment packed with user benefits and include intellectual property, software, and middleware suited to each customer’s individual needs. Further, we offer a wide range of system LSI chips including system-in-package (SiP) for reduced large capacity, compact size chips with a fast development span-microcomputer cores, memory, analog and logic one-chip technology. We also boast a wide variety of advanced chipset proposals thanks to our full lineup of product components, The numerous technologies available at Renesas allow us to offer customers a variety of solutions.

As an organization, Renesas Technology is structured into three primary business units: Microcontroller (MCU),system-on-chip (SoC)and SiPproducts; mixed signal, RF, anddiscretedevices; and memorychips, which include flash andSRAM products.

Renesas Technology is aiming to become a intelligent chip solutions provider for ubiqutous society under our slogan of “Everywhere you imagine.”

*The new unified brand, RENESAS is derived from Renaissance Semiconductor for Advanced Solutions.

Profile of Renesas Technology

(1) Name:
Renesas Technology Corp.

(2) Head office:  
Marunouchi Building., 4-1, Marunouchi 2-chome, Chiyoda-ku, Tokyo

(3) Major plants:  
Hitachinaka in Ibaraki Prefecture, Nakakoma in Yamanashi Prefecture, Takasaki in Gunma Prefecture, Itami in Hyogo Prefecture, Saijo in Ehime Prefecture, Kami in Kochi Prefecture.

(4) Capital:   
50 billion yen

(5) Equity ratio:       
Hitachi: 55%, Mitsubishi Electric: 45%. Regarding both Hitachi and Mitsubishi Electric, Renesas Technology Corp. will be an equity method affiliate. While the new company will be independently run, major management decisions will be determined by consensus agreement between Hitachi and Mitsubishi Electric.

(6) Establishment:  
April 1, 2003

(7) Operations:  
Development, design, manufacture, sales and servicing of system LSI products such as microcomputers, logic, analog and discrete devices, flash memory and SRAM.

(8) Top executives:   
Chairman & CEO (representative director):Dr. Koichi Nagasawa
President & COO (representative director): Satoru Ito

(9) Sales (consolidated):
Over 900 billion yen (forecasted for FY 2003)

(10) Capital Expenditure:
Approx 100 million yen (planed for FY2003)

(11) Employees:
27,200 (global, consolidated)