Business Ethics & Corporate Social Responsibility …

   Business Ethics & Corporate Social Responsibility
                        Policy
Key Principles:

Hitachi Capital (UK) PLC (`Hitachi Capital') owns and directs a group of companies providing
financial products and services to a range of customers. In this, we aim at excellence and
harmony in our relationship with our customers, employees, shareholders, business partners
and the community at large.

We believe that in order to be successful, we must work to the highest standards of
professionalism and adopt Group values and beliefs which allow us to attain high levels of
performance whilst maintaining honesty, integrity and professionalism in all of our business
activities.

Our business is driven by shared beliefs and values which ensure the commitment of all those
involved to everything we do. Professionalism, high moral standards, responsibility to our
shareholders, respecting the law, being people driven, encouraging community involvement
and striving for excellence in everything we do are the key principles on which our day-to-day
business practice is based.

Any action by an employee, which deliberately or recklessly breaches this code of ethics, will
be dealt with under the Company's Disciplinary Procedure.

Company Values (`PACE')

People Focussed, Achievement Driven, Clear and Open Approach and Expertise are the
values that describe Hitachi Capital. We, as employees, are responsible for bringing the
values to life, as they are fundamental to the way we do business and achieve our goals.
Together, our values make us the partner to rely on.

People:
People-focussed demonstrates the importance we give to relationships with customers,
colleagues and other stakeholders. It is our people who have the bright ideas, push
boundaries and build teams. That's why we value them so highly and why we give such
importance to recruiting the best and ensuring they stay with us by training, developing and
rewarding them appropriately. We want everybody to feel proud of working for Hitachi
Capital.

Achievement:
Being performance driven enables us to reach our goals by consistently putting our expertise,
people and resources to the most effective use. It also means that we strive for excellence in
every area of our operation. Our objective is to maintain our position as one of the most
reliable and respected players in the industry.

Clarity:
Clarity means being clear and open in the way that we conduct ourselves with our business
partners, customers, colleagues and other stakeholders.           By having an in-depth
understanding of who we are as a business, a clear vision of our goals and how we will
achieve them, and knowing what is important to us and our customers, we can operate in an
informed and reliable way, and communicate with clarity and transparency.

Expertise:
Expertise means to continually build on our in depth knowledge of our chosen markets, our
business partners and our customers. We aim not only to understand, but also to exceed
their needs and expectations. We intend to grow, share and apply our understanding and
experience so that all may benefit from our innovative and intelligent thinking.


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Ethics and CSR in Practice:

The Hitachi Capital (UK) PLC board requires high standards of professional and ethical
conduct from all of its employees, as well as its business partners and any agents working on
behalf of the Group. Each of our business units should operate within the confines of polices
and procedures which are consistent with our underlying values and principles as a business.

We also aim to ensure that our business partners operate with values and standards
equivalent to our own and aim to make this part of our tendering process.

1.      Professionalism:
We are committed to maintain in our Group the highest standards of professionalism in
consistently striving to meet and exceed the requirements of our customers. We are a
learning organisation, open to new ideas and we constantly strive to be solutions led.

2.      Our moral standards:
The highest standards of integrity, openness, fairness, reliability and social responsibility are
essential for our Group. In order to maintain these standards, communication on such
standards is encouraged at all levels within the Group.

Our aim is to treat our business partners (both customers and suppliers) fairly, openly and
honestly. We conduct business in a manner consistent with our company values and
compete vigorously but honestly.

3.      Responsibility to our shareholders:
We only deserve the confidence and support from our shareholders if we keep shareholders'
value in mind and provide a highly satisfying return on their investment in our Group. Our
responsibility to our shareholders is based on the principle of transparency in our business
dealings and everything we do as a group, communicating both successes and concerns in
an open and honest manner.

4.        Respecting the law:
We fully respect and comply with the laws and regulations of all countries where our Group
companies operate (currently UK only). We understand that loyalty to the legislative bodies
requires an interpretation of the rules in line with the intention of the legislator. Fraudulent
activity and the use of bribery are prohibited, codes of conduct exist to prevent such illegal
activities and perpetrators will be dealt with seriously.

5. People driven:
We acknowledge that our most important asset is our people. Our organisation, our
reputation and our ability to serve our customers are only as good as the people we employ.
Management's most important function is to attract, develop, reward and retain the best
people for each position within our Group.

We aim to work in harmony with our employees and seek their active involvement and input
to our businesses across the Group. We strive to create the best possible conditions for self-
development and job satisfaction and within the working environment will not tolerate
discrimination, harassment or victimisation of any kind.

Please see the Group Equal Opportunities Policy and Group Employee Relations Policy
for further details.

6. Community Involvement:
We consider teamwork both on a local and on a community level essential to the overall
strength of our organisation. As a group, we wish to positively contribute to both the social
and economic well being of those communities within which our various businesses operate.
We work in partnership with local groups such as the Wildlife Trust with the intention of giving
something back to the communities in which we operate.

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Hitachi Capital aims to be an employer of choice within its communities and both through
charitable donations and active employee participation in community projects, strives to give
back to and share with the local community, part of the success we have achieved.

Please see the Group Charity Policy for further details.

7. Excellence in everything we do:
We strive to achieve excellence in everything we do, providing a range of products and
services that both meet customer needs and are readily understandable.

Through professionalism, high moral standards, teamwork and optimal internal and external
relationships, we aim at providing flawless and excellent service levels. We believe that
complete customer satisfaction with our products and services and the way in which we
conduct our business, is the key to long term and sustainable relationships and, as a result,
the long-lasting success of our Group.

The Environment:

The board of Hitachi Capital is committed to ensuring compliance with all applicable
environmental legislation and regulations, where practical and economically viable to do so.

Our aim is to incorporate environmental considerations as part of our broader business
objectives. This includes encouraging those employees involved in procurement to purchase
and utilise recyclable and energy efficient material where possible and encouraging those
involved in the disposal of assets to adhere to the principle of recycling, where possible. In
addition, throughout the Group, employees are actively encouraged to ensure conservation of
energy and resources through awareness campaigns and positive action groups.

Hitachi Capital also aims to work with its business partners to encourage them to develop
strategies aimed at environmental awareness and to make environmental considerations a
part of our tendering process.

For further details, please refer to the Group Environmental Policy.




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