16 September 2014 Dear Directors of

16 September 2014


Dear Directors of Hitachi Powdered Metals (Thailand) Co., Ltd.


SUBSCRIPTION OF SHARES


Reference is made to your letter dated 16 September 2014 inviting to subscribe for new ordinary shares in Hitachi Powdered Metals (Thailand) Co., Ltd. (the “Company”) in accordance with the Articles of Association of the Company. We hereby exercise our right as follows:


[ ] not to subscribe for any new ordinary shares

[  ] to subscribe for 14,155,498 new ordinary shares at a par value of Baht 100 per share

[  ] to subscribe for new ordinary shares declined by other shareholders


Please be informed accordingly.


Yours faithfully,


Hitachi Chemical Co., Ltd.




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