Eastlake Press Release: August 30, 02

Construction underway on Hitachi Home Electronics (America)s new North American headquarters at EastLake Business Center

CHULA VISTA Construction is underway on the new headquarters for Hitachi Home Electronics (America), Inc., a subsidiary of Hitachi America, Ltd., which will open in the EastLake Business Center in eastern Chula Vista in June 2003.

Hitachi is the third major high-tech electronics company to locate in Chula Vista joining Leviton, one of the oldest names in electronics, and DNP, a subsidiary of Dai Nippon, Ltd., the worlds largest full-service high-tech printing company making Chula Vista a hot spot of regional and corporate headquarters.

Hitachi is a leader in the world of consumer electronics, and at EastLake in Chula Vista we will have a first-class facility to successfully operate our business. The City of Chula Vista, has provided Hitachi a full menu of resources and amenities to support our business, said Hitachi Home Electronics (America) President Michiro Funatsu. This community is an ideal location for us and we are proud to be part of the community in support of its citizens and future business development.

Hitachi Home Electronics Americas North American Headquarters in EastLake is planned to have 90 percent office and lab space, and a large showroom for national and international vendors to view and test products. The 85,902-square-foot facility, located on a 4.84-acre site, will employ about 170-200 people, with plans to hire additional employees as needed. The facility is slated for completion in late May with a move-in date of early June.

Now that three major electronics firms have chosen to move here, EastLake Business Center with its campus-style environment is emerging as an ideal location for high-tech, biotech and other commercial and industrial companies, said Bill Ostrem, CEO and president of The EastLake Company.

Hitachi Home Electronics (America), a subsidiary of Hitachi America, Ltd., operates a maquiladora manufacturing/assembly plant in Tijuana and has operated a warehouse facility in Otay Mesa for the past 15 years. In 1998 Hitachi Home Electronics (America) moved its Atlanta-based headquarters to the Otay Mesa location in order to bring its engineering, sales/marketing, and administrative branches closer to its product. The company will base its headquarters operations in Chula Vista once the new EastLake facility is completed.

The Hitachi America, Ltd., Home Electronics Division markets a variety of consumer electronics including rear projection high definition television monitors, plasma televisions, analog rear projection televisions, direct view televisions, DVD players, DVD camcorders and VCRs, as well as security and observation system products. The companys premium products are sold under the Hitachi UltraVision and UltraVision Digital brand names. Hitachi America, Ltd. markets and manufactures a broad range of electronics, computer systems and products, consumer electronics and semiconductors, and provides industrial equipment and services throughout North America. For more information on Hitachi America, visit www.hitachi.com.

Hitachi, Ltd., headquartered in Tokyo, Japan, is a leading global electronics company, with approximately 320,000 employees worldwide. Fiscal 2001 (ended March 31, 2002) consolidated sales totaled 7,994 billion yen ($60.1 billion). The company offers a wide range of systems, products and services in numerous market sectors, including information systems, electronic devices, power and industrial systems, consumer products, materials and financial services. For more information on Hitachi, please visit the company's Web site at http://global.hitachi.com. The new facility is being built by The McMahon Development Group, LLC, a San Diego developer with more than 20 years of experience in commercial real estate development and management. R.G. Petty Construction has been awarded the construction contract, and Randy Bennett of CB Richard Ellis is the construction manager representing Hitachi Home Electronics (America). Turpit and Potter Architects Inc. of San Diego designed the facility, and project consultants include Partners Planning and Engineering, civil engineers; Burkett & Wong, structural engineers; McParlane & Associates for mechanical and plumbing; Ila+Zammit Engineering for electrical design; and Teshima Design Group for landscaping.

The EastLake Business Center industrial/office park is home to Leviton, DNP, United Parcel Service, North Island Federal Credit Union, the United States Postal Service, and RSI among others. Amenities at EastLake Business Center include Scobee Park, a 7-acre park for use by employees in the area, an employee recreation and fitness center with softball, soccer, basketball and volleyball area, tennis courts, restroom and locker facilities, a picnic area and fitness course.

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