October 26, 2022
Japan Industrial Solutions Co., Ltd.

Announcement on Result of Tender Offer
for Shares of Hitachi Metals, Ltd. (Securities Code: 5486)

Japan Industrial Solutions Co., Ltd. announced that K.K. BCJ-52 (the "Offeror") in which Japan IndustrialSolutions Fund II (“JIS”) indirectly invested had decided on September 26, 2022 to acquire the common shares(the "Target Company Shares") of Hitachi Metals, Ltd. (the "Target Company") listed on the Prime Market("TSE Prime Market"), operated by the Tokyo Stock Exchange, Inc. ("TSE") through a tender offer (the"Tender Offer") under the Financial Instruments and Exchange Act (Act No. 25 of 1948, as amended; the"Act"). The Tender Offer has been implemented since September 27, 2022, and has concluded on October 25,2022.
1.

Outline of the Tender Offer(1)

Name and Address of the Offeror
K.K. BCJ-52
5F Palace Building, 1-1-1 Marunouchi, Chiyoda-ku, Tokyo(2)

Name of the Target Company
Hitachi Metals, Ltd.

(3)Class of Shares, subject to the Tender Offer
Common Shares(4)

Number of Shares, etc. to be Purchased

Class of shares, etc.

Common Shares(Note 1)

Number of shares, etc.
to be purchased

Minimum number ofshares, etc. to bepurchased

Maximum number ofshares, etc. to bepurchased

199,332,669 shares

56,814,701 shares― shares

The Tender Offeror will not purchase all of the Tendered Shares (as defined below) incase the total number of the shares, etc. that are offered for sale in response to theTender Offer (" Tendered Shares") does not meet the minimum number of shares to bepurchased (56,814,701 shares). The Tender Offeror will purchase all of the Tendered
Shares in case the total number of Tendered Shares meets the minimum number ofshares to be purchased (56,814,701 shares). The minimum number of shares to be(Note 2)(Note 3)(Note 4)(5)(6)

purchased in the Tender Offer (56,814,701 shares) was set as the number of sharescalculated by deducting the Target Company Shares held by Hitachi, Ltd. ("Hitachi")(228,221,199 shares) ("Shares To Be Sold by Hitachi") from the number obtained bymultiplying (x) 2,850,359 (rounded up to the nearest whole number), which represents
two thirds of the number of voting rights (4,275,538) relating to the number of shares(427,553,868 shares) calculated by deducting the number of treasury shares(1,350,484 shares) held by the Target Company as of June 30, 2022 from the numberof Target Company’s voting rights (the total number of issued shares as of June 30,
2022 (428,904,352 shares) as stated in the "Results for the First Quarter Ending March2023 (IFRS) (Consolidated)" ("Target Company Quarterly Report") announced on
July 27, 2022 by the Target Company by (y) 100.
Since the maximum number of the shares to be purchased has not been set for theTender Offer, the number of shares etc. to be purchased is the maximum number ofshares, etc. of the Target Company that may be purchased by the Tender Offeror upon
the Tender Offer (199,332,669 shares). Such maximum number (199,332,669 shares)
is calculated by deducting the number of treasury shares held by the Target Company
as of June 30, 2022 (1,350,484 shares) and Shares To Be Sold by Hitachi (228,221,199shares) from the total number of issued shares as of June 30, 2022 (428,904,352shares) as stated in the Target Company Quarterly Report.
Shares of less than one unit are also subject to the Tender Offer. If a shareholder
exercises the statutory put option for shares less than one unit pursuant to theCompanies Act (Act No. 86 of 2005; as amended; the "Companies Act"), the Target
Company may, in accordance with statutory procedures, purchase its own shares
during the period of purchase, etc. of the Tender Offer (the "Tender Offer Period").
The Tender Offeror has no plan to acquire the treasury shares held by the Target
Company through the Tender Offer.

Tender Offer Period(i)Initial period of the Tender Offer at the time of notification
From September 27, 2022 (Tuesday) through October 25, 2022 (Tuesday) (20 business days)(ii)

Possibility of extension based on the request of the Target
Pursuant to Article 27-10, Paragraph 3 of the Act, if the Target Company submits a Position
Statement requesting an extension of the Tender Offer Period, the Tender Offer Period would
be until November 9, 2022 (Wednesday) (30 business days), however, not applicable.
Tender Offer Price
JPY 2,181 per common share

2.

Result of Tender Offer(1)

Outcome of the Tender Offer2In the Tender Offer, it was set out in the terms that if the total number of Tendered Shares wasless than the minimum number of tendered shares to be purchased in the Tender Offer(56,814,701 shares), all of the Tendered Shares will not be purchased. As the total number of theTendered Shares (152,194,289shares) has exceeded the minimum number of tendered shares tobe purchased in the Tender Offer (56,814,701 shares), all of the Tendered Shares shall bepurchased as set forth in the public notice of the Tender Offer and the Tender Offer Registration
Statement (including the matters amended by amendment to the Tender Offer Registration
Statement).
(2)

Date of Public Notice of the Result of the Tender Offer and the Name of the Newspaper Publishingsuch Notice
Pursuant to the provisions of Article 27-13, Paragraph 1 of the Act, the result of the Tender Offer
was announced to the press on October 26, 2022 in accordance with the procedures prescribedin Article 9-4 of the Order for Enforcement of the Financial Instruments and Exchange Act(Cabinet Order No. 321 of 1965, as amended) and Article 30-2 of the Cabinet Office Ordinanceon Disclosure of Tender Offer for Share Certificates, etc. by Persons Other than Issuers (Ministryof Finance Order No. 38 of 1990, as amended).

(3)

Number of Purchased SharesClass of Shares(i) Number of Tender
Converted into Shares

Shares152,194,289 shares

152,194,289 shares― shares― shares― shares― shares― shares― shares― shares― shares152,194,289 shares(― shares)

152,194,289 shares(― shares)

Stock acquisition rights
Corporate bonds with stockacquisition rights
Beneficiary trust of shares()
Depository receipt for shares()
Total(Total of potential shares)(4)(ii) Number of Purchases
Converted into Shares

Percentage of Ownership of Shares after Tender Offer
Number of voting rights represented byshares, etc. owned by the Offeror prior
to the purchase, etc.
Number of voting rights represented byshares, etc. owned by the speciallyrelated parties prior to the purchase, etc.

3―

(Percentage of Ownership of Sharesprior to Tender Offer―%)

2,282,211(Percentage of Ownership of Sharesprior to Tender Offer 53.38%)

Number of voting rights represented byshares, etc. owned by the Offeror
subsequent to the purchase, etc.
Number of voting rights represented byshares, etc. owned by the speciallyrelated parties subsequent to thepurchase, etc.
Number of voting rights of allshareholders, etc. of the TargetCompany(Note 1)

(Note 2)

(Note 3)

(5)

1,521,942(Percentage of Ownership of Shares
after Tender Offer
35.60%)

2,282,211(Percentage of Ownership of Shares
after Tender Offer
53.38%)

4,270,734"Number of voting rights represented by shares, etc. owned by the specially relatedparties prior to the purchase, etc." and "Number of voting rights represented by shares,etc. owned by the specially related parties subsequent to the purchase, etc." indicate
the total number of voting rights represented by shares, etc. owned by each speciallyrelated party.
"Number of voting rights of all shareholders, etc. of the Target Company" is thenumber of voting rights of all shareholders as of June 30, 2022, as stated in the Target
Company’s Quarterly Securities Report for the 1st quarter of the 86th business year
submitted by the Target Company on August 5, 2022 (the number of shares per unit isindicated as 100 shares). Provided, however, that, since the shares less than one unit
(excluding the treasury shares of less than one unit held by the Target Company andthe Target Company Shares of less than one unit held by Hitachi) were also subject to
the Tender Offer, the calculation of "Percentage of Ownership of Shares prior toTender Offer" and "Percentage of Ownership of Shares after Tender Offer" isconducted by using, as the denominator, the number of voting rights (4,275,537)
relating to the number of shares (427,553,769 shares) calculated by deducting thenumber of treasury shares not scheduled to be acquired through the Tender Offer(1,350,484 shares) and the number of the Target Company Shares of less than one unit
held by Hitachi (99 shares) from the total number of issued shares as of June 30, 2022
(428,904,352 shares) as stated in the Target Company Quarterly Report .
Figures in the "Percentage of Ownership of Shares prior to Tender Offer" and the"Percentage of Ownership of Shares after Tender Offer" are rounded to the second
decimal places.

Calculation when Tender Offer is Conducted by the Pro Rata Method
Not applicable.

(6)

Method of Settlement(i)Name and address of the head office of the financial instruments business operator or bank, etc.,
in charge of the settlement of the purchase, etc.
Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.
1-9-2, Otemachi, Chiyoda-ku, Tokyo4

au Kabucom Securities Co., Ltd. (Subagent)
1-3-2, Otemachi, Chiyoda-ku, Tokyo

3.

(ii)

Commencement date of the settlement
November 1, 2022 (Tuesday)(iii)

Method of settlement
A notice of purchase, etc. through the Tender Offer shall be delivered to the addresses orlocations of the Tendering Shareholders (or the addresses of their standing proxies in the caseof Non-Resident Shareholders) without delay after the expiry of the Tender Offer Period.
Delivery by the subagent shall be made by electromagnetic means through a page after login.
Payment for the shares, etc. will be made in cash. The Tender Offer Agent or the subagent
shall, in accordance with the instructions of the Tendering Shareholders (or their standing
proxies in the case of the Non-Resident Shareholders) and without delay on or after thecommencement date of the settlement, remit the proceeds from the purchase of the shares tothe place designated by the Tendering Shareholders (or their standing proxies in the case ofthe Non-Resident Shareholders).

Policies, etc. after Tender Offer / Future Prospects
The policies, etc. after the Tender Offer have not changed from the contents stated in the Tender
Offer Registration Statement pertaining to the Tender Offer (including the matters amended by theAmendments to the Tender Offer Registration Statement filed on October 4, 2022).
The Offeror intends to acquire all of the Target Company Shares (excluding treasury shares held by
the Target Company and the Shares To Be Sold by Hitachi) . Specifically, the Tender Offeror plansto request that the Target Company promptly hold an extraordinary general meeting of shareholders,
at which implementation of a consolidation of the Target Company Shares (the "ShareConsolidation") and an amendment to the Articles of Incorporation abolishing the provisions onshare units, on the condition of the effectuation of the Share Consolidation will be proposed to beresolved.
The Target Company Shares are currently listed on the TSE Prime Market, and once the Share
Consolidation is implemented, the Target Company Shares will be delisted through prescribed
procedures in accordance with the delisting standards of the TSE. After the delisting, none of theTarget Company Shares may be traded on the TSE . Future procedures will be announced by theTarget Company as soon as they are decided.

4.

Places where Copy of the Tender Offer Report is to be Made Available for Public Inspection
K.K. BCJ-52(5F Palace Building, 1-1-1 Marunouchi, Chiyoda-ku, Tokyo)
Tokyo Stock Exchange, Inc.
(2-1 Nihonbashi Kabutocho, Chuo-ku, Tokyo)

5