This English prospectus is an English translation of the Chinese version and is for shareholders' reference only. Except for an English translation

Transcription

1 This English prospectus is an English translation of the Chinese version and is for shareholders' reference only. Except for an English translation of the fairness opinion, please refer to the Chinese version of the prospectus for the relevant attachments.

2 [English Translation, for reference only] Tender Offer Prospectus I. Offeror: Hitachi Elevator Taiwan Co., Ltd. Responsible Person: (Signature or chop) Yoshitake Kanehara II. III. Target Company: Yung Tay Engineering Co., Ltd. (the "Target Company") Type of Securities to be Acquired: Common shares of the Target Company. The shares to be tendered shall be free and clear of any pledges or provisional proceedings such as provisional attachment, injunction or compulsory execution, or any other restrictions on transfer. If any provisional proceedings such as provisional attachment or injunction or compulsory execution procedures or any restriction on transfer are subsequently imposed on the tendered shares, such shares will be deemed as they had not been tendered and therefore do not count toward the number of tendered shares, even if those shares have already been deposited into the dedicated account of the Tender Agent (defined below) for the Tender Offer. The shares purchased with margin loan will not be accepted until the full repayment thereto is made; otherwise, the tendering of such shares will be rejected. The Offeror only accepts shares that have been deposited with the Taiwan Depository & Clearing Corporation (the "TDCC") while shares in physical form will be rejected. Any shareholder of the Target Company who holds shares in physical form and wishes to tender his/her/its shares shall take the share certificates and her/her/its specimen chop to the Target Company's stock affairs department and deposit those share certificates into his/her/its central securities depository book-entry account in order to tender his/her/its shares. IV. Number of Shares to be Acquired: 360,964,461 shares in total ("Expected Volume to be Acquired"; i.e., the total number of issued and outstanding shares of the Target Company (i.e., 410,820,000 shares) as latest amended on and shown on the website of the Ministry of Economic Affairs as of October 17, 2018 (or 408,690,200 shares with treasury stock being excluded) deducting 47,725,739 common shares of the Target Company held by the sole shareholder of Offeror, Hitachi, Ltd. ("Hitachi") and its affiliate, Hitachi Building Systems Co., Ltd. ("HBS"), as of the announcement date, which equals to 360,964,461 shares). In the event that the final number of shares validly tendered is below the Expected Volume to be Acquired but has reached 88,504,328 shares (approximately 21.66% of the issued and outstanding shares (excluding treasury stock) of the Target Company) (the "Minimum Number of Shares to be Acquired"), the conditions of the Tender Offer in respect of number of shares to be acquired shall be deemed to have been met. After all conditions to the consummation of the Tender Offer are satisfied (i.e., the final number of shares validly tendered reaches the Minimum Number of Shares to be Acquired, the acquisition of the approval of the Investment Commission under the Taiwan Ministry of Economic Affairs ("IC"), and the merger clearance from the Taiwan Fair Trade Commission ("TFTC"), the Offeror shall acquire all of the tendered shares, provided that this Tender Offer has not been suspended pursuant to the law. V. The Purchase Price for the Offer: NT$60 per share in cash. Any Offeree shall on his/her/its own bear the securities transaction tax, income tax (if any), service fees to the TDCC and securities brokers, expenses for bank remittance or postage for delivery of check by a registered mail and other necessary and reasonable expenses for paying the Purchase Price. Service fees to TDCC and securities brokers shall be calculated based on number of deposits

3 made by the Offerees. If there is such additional expense, the Offeror will report and publicly announce the same pursuant to laws. Except for income tax, the taxes referred to above will be deducted from the Purchase Price to be paid by the Offeror to the Offeree, and the amount of the Purchase Price shall be rounded to the nearest whole number in "New Taiwan Dollars". In the event that the Purchase Price is insufficient to cover the aforementioned securities transaction tax, service fees to the TDCC and securities brokers, expenses for bank remittance or postage for delivery of check by a registered mail and other necessary expenses for paying the Purchase Price (other than income tax), the Offeree will not be able to receive the Purchase Price. VI. Tender Offer Period: From January 17, 2019 ("Tender Offer Commencement Date") to March 7, 2019 ("Tender Offer Expiration Date"). The period of time to accept the tendering of the shares shall start from 9:00 a.m. to 3:30 p.m. (Taiwan Time) on each business day during the Tender Offer period. However, the Offeror may apply to the Financial Supervisory Commission ("FSC") for extension of the Tender Offer period and publicly announce the same in accordance with applicable laws and regulations. VII. In the event this prospectus contains any false information or there is any omissions in this prospectus, the Offeror and any other person who signed or affixed his/her seal on this prospectus should be liable and take responsibility in accordance with law. VIII. The Offerees should carefully review the contents of this prospectus and should pay attention to the risk factors associated with tendering of the shares. (Please see page 14) IX. This Prospectus may be found on: (i.e. the Tender Agent's, KGI Securities', website) or the Market Observation Post System: at the "Public Tender Offer Information" page under the "Investment" section. Printed on January 16, 2019

4 Notes for Shareholders to Tender Shares 1. Tender Offer Period: From January 17, 2019 ("Tender Offer Commencement Date") to March 7, 2019 ("Tender Offer Expiration Date"). The period of time to accept the tendering of the shares shall start from 9:00 a.m. to 3:30 p.m. (Taiwan Time) on each business day during the Tender Offer period. However, the Offeror may apply to the FSC for extension of the Tender Offer period and publicly announce the same in accordance with applicable laws and regulations. 2. The Purchase Price for the Offer: NT$60 per share in cash. Any Offeree shall on his/her/its own bear the securities transaction tax, income tax (if any), service fees to the TDCC and securities brokers, expenses for bank remittance or postage for delivery of check by a registered mail and other necessary and reasonable expenses for paying the Purchase Price. Service fees to TDCC and securities brokers shall be calculated based on number of deposits made by the Offerees. Service fees to the securities brokers are not applicable for shares deposited at the depository bank. If there is such additional expense, the Offeror will report and publicly announce the same pursuant to laws. Except for income tax, the taxes referred to above will be deducted from the Purchase Price to be paid by the Offeror to the Offeree, and the amount of the Purchase Price shall be rounded to the nearest whole number in "New Taiwan Dollars". In the event that the Purchase Price is insufficient to cover the aforementioned securities transaction tax, service fees to the TDCC and securities brokers, expenses for bank remittance or postage for delivery of check by a registered mail and other necessary expenses for paying the Purchase Price (other than income tax), the Offeree will not be able to receive the Purchase Price. 3. The Tender Agent of this Tender Offer: KGI Securities Co., Ltd. 4. Acquiring Units and Acquiring Limitations: The Expected Volume to be Acquired is 360,964,461 common shares of the Target Company. The shares to be tendered shall be free and clear of any pledges or provisional proceedings such as provisional attachment, injunction or compulsory execution, or any other restrictions on transfer. If any provisional proceedings such as provisional attachment or injunction or compulsory execution procedures or any restriction on transfer are subsequently imposed on the tendered shares, such shares will be deemed as they had not been tendered and therefore do not count toward the number of tendered shares, even if those shares have already been deposited into the dedicated account of the Tender Agent for the Tender Offer. The shares purchased with margin loan will not be accepted until the full repayment thereto is made; otherwise, the tendering of such shares will be rejected. The Offeror only accepts shares that have been deposited with the TDCC while shares in physical form will be rejected. Any shareholder of the Target Company who holds shares in physical form and wishes to tender his/her/its shares shall take the share certificates and her/her/its specimen chop to the Target Company's stock affairs department and deposit those share certificates into his/her/its central securities depository book-entry account in order to tender his/her/its shares. 5. For this Tender Offer, one Offeree may only tender shares via one book-entry account. That is, if one Offeree has the shares of the Target Company in more than one book-entry account, he/she/it may only tender the shares under one book-entry account; otherwise, the tendered shares will not be accepted. In the event that an Offeree holds the shares of the Target Company via accounts with more than one securities brokers or custodian banks, if the Offeree, who has already tendered shares via one account, wishes to tender shares via another

5 account, the Offeree shall transfer the shares to be tendered into the account that has already been used to tender shares; the Offeree could also cancel the tendering of the shares that have already been delivered to the Tender Agent before tendering the shares via another account. However, the foregoing does not apply to Taiwanese corporate investors and those who are allowed to open more than one account with the same securities broker's same branch office under Items 1 to 3 and 5 of Paragraph 1 of Article 75-6 of the Operating Rules of the Taiwan Stock Exchange (i.e. discretionary investment account, trading account opened by an offshore foreign institutional investor, trading account opened by a Mainland institutional investor, segregated trust accounts). 6. Location for Shareholders to Tender Shares: (1) If the shares of the Target Company to be tendered have been deposited with the TDCC, the Offeree shall present the securities passbook and the specimen chop to his/her/its securities firm to handle the tendering of shares. (2) The Offeree who holds shares of the Target Company in physical form shall bring the share certificates and the specimen chop to the Target Company's stock affairs department (11F, No. 99, Fuxing N. Rd., Taipei City) and deposit those share certificates into his/her/its central securities depository book-entry account in order to tender his/her/its shares. 7. The Offerees shall read and fully understand the content of this Prospectus and the risk factors associated with tendering of the shares before deciding whether to tender his/her/its shares. By tendering the shares, the Offerees shall be deemed as having agreed to allow the TDCC and the Offeror to provide the Offerees' names, addresses, ID numbers, Unified Business Numbers or other shareholder information to KGI Securities for the purpose of notice or other matters in relation to this Tender Offer. 8. Counseling Contact: (02) ; or directly contact KGI Securities Co., Ltd., the Tender Agent of the Tender Offer.

6 Contents I. Basic Information in connection with the Tender Offer... 1 A. Basic Information of the Offeror... 1 B. Name, address, telephone numbers, and the services of the entrusted institution:... 1 C. Name, address, telephone numbers, and the services of the attorney(s):... 2 D. Name, address, telephone numbers, and the services of the accountant(s):... 2 E. Name, address, telephone numbers, and the services of the financial consultant(s):... 2 F. Name, address, telephone numbers, and the services of the financial institution(s):... 3 G. Name, address, telephone numbers, and the services of other expert(s): Nil... 3 II. Terms and Conditions of the Tender Offer... 4 III. Type and Source of the Purchase Price for the Tender Offer... 9 IV. Risks for Participation in the Tender Offer V. The Method of Handling the Settlement or Return of Shares after Expiration of Tender Offer Period: A. The Offeror's Methods of Delivering the Payment of Purchase Price: B. The Method for the Offerees to Deliver the Tendered Shares: C. The Method for Returning the Unpurchased Tendered Shares: D. If the Tender Offer is issuance of shares or corporate bonds, the handling procedure in the event that such shares or corporate bonds cannot be issued on time: Not applicable as all considerations for this Tender Offer will be delivered in cash VI. Status of the Offeror's Shareholding in the Target Company A. The status of the shareholding of the Offeror (including its related parties) and its director(s), supervisor(s) in the Target Company at the time the Tender Offer is filed and the relevant share transaction records within six months prior to the date of the Tender Offer filing: B. If the Offeror or its shareholders is/are the Target Company's director(s), supervisor(s), or the major shareholder(s) who hold(s) 10% of the total number of issued shares of the Target Company, the name and shareholding thereof: VII. Other Must-Recorded Items in relation to the Status of the Offeror's Purchase of the Target Company's Shares: A. If the Offeror and its related parties purchased the shares of the Target Company from the following persons of the Target Company within two years before the filing of the Tender Offer, the date, target, price and amount of the shares purchased: Nil B. Content of any important agreement or contract, within two years before filing the Tender Offer, in connection with the Tender Offer between the Offeror, its related parties and the persons of the Target Company: C. Any agreement, within two years before filing the Tender Offer, in connection with the Tender Offer between the Offeror, its related parties and particular shareholder of the Target Company, and the content of which includes whether such shareholder may be involved in the Offeror and its related parties' investment: The Offeror and its affiliates and the particular shareholder of the Target Company did not enter into any other - 1 -

7 agreement or contract with regard to the Tender Offer VIII. The Offeror's Business Plan in respect of the Target Company A. Purpose and plan for obtaining the securities of the Target Company by the Offeror B. Plans that will cause the following situations in the Target Company after completion of the Tender Offer C. After the completion of the Tender Offer, the plans of change in the following positions: D. In addition to the Tender Offer, is there any other plan for merger, acquisition or disposal of the securities or material assets of the Target Company within one year after the expiration date of the Tender Offer period E. In the case where the offeror proposes to have the Target Company delisted from Taiwan Stock Exchange/GTSM after being acquired, the following items shall be disclosed: IX. Corporate Resolution and Fairness Opinion X. Matters of special note XI. Other Material Information and Relevant Explanations: Attachment 1: The Offeror's Directors' Consent to the Tender Offer... 1 Attachment 2: The Fairness Opinion to the Tender Offer Purchase Price... 2 Attachment 3: Legal Opinion Attachment 4: Evidence of the Compliance with Paragraph 3 of Article 9 of Regulations Governing Public Tender Offers for Securities of Public Companies Attachment 5: Undertaking Letter issued by the Offeror for the Payment Obligation of Purchase Price Attachment 6: Loan Agreement between the Offeror and Hitachi, Ltd Attachment 7: Share Purchase Agreement with Mr. Chou-Li Hsu

8 I. Basic Information in connection with the Tender Offer A. Basic Information of the Offeror 1. If the Offeror is a natural person, the name and occupation of the Offeror, his/her spouse and minor children: Not Applicable 2. If the Offeror is a company, the basic information thereof: Representative: Yoshitake Company Name: Hitachi Elevator Taiwan Co., Ltd. Kanehara Website: (The website of Hitachi group) Major Business Scope: The Offeror is a special purpose vehicle established for the proposed Tender Offer, and thus its major business item is "investment." Established in 1920, Hitachi, the sole shareholder of the Offeror, is one of the largest industrial companies in Japan and Hitachi and its affiliates operate businesses across America, Asia, Europe, Middle East, Africa and Oceania. Hitachi and its affiliates operate across a wide range of business segments: Information & Telecommunication Systems, Social Infrastructure & Industrial Systems, Electronic Systems & Equipment, Construction Machinery, High Functional Materials & Components, Automotive Systems, Smart Life & Ecofriendly Systems, and Other Segments. Hitachi has been developing and manufacturing elevators and escalators for about 90 years. HBS, an affiliate of the Offeror, established in 1956 in Tokyo, operates as a 100% subsidiary of Hitachi and engages in integrated elevator business including production, sales and services of elevators and escalators. In addition to its core business, HBS sells, installs, maintains, renovates and designs facilities required for buildings, such as air conditioning equipment, security systems, energy-saving systems and power facilities, while monitoring and controlling building facilities. Shareholding of the Directors, Supervisor, and Major Shareholders Shareholding Percentage Identity Name (Note) (%) Sole Shareholder Hitachi, Ltd % Note: Hitachi filed an application with the IC for increasing the Offeror's paid-in capital from NT$1 million to NT$5.5 billion. Upon the capital increase record date, Hitachi will own 5,500 shares (with the par value of NT$1 million per share) in the Offeror. B. Name, address, telephone numbers, and the services of the entrusted institution: Name KGI Securities Co., Ltd. Address No.700, Mingshui Road, Zhongshan Dist., Taipei City Telephone

9 Including, without limitation, the following: Services 1. Take the offerees' deposit and returns of the securities in the Tender Offer. 2. Deliver the prospectus. 3. Receive and make payments in the Tender Offer as per the Offeror's instruction. 4. Issue the bill of payment of securities transaction tax and pay the aforesaid tax in respect of the Tender Offer on behalf of the Offerees. 5. Conduct the settlement of the Tender Offer as per the Offeror's instruction. 6. Provide the services in connection with the above and as required by laws. C. Name, address, telephone numbers, and the services of the attorney(s): Name Lee and Li, Attorneys-at-Law, Benjamin Y. Li Address 9F, No. 201, Dun. Hwa N. Rd., Taipei City Telephone Services Issue the legal opinions in accordance with Paragraph 2 of Article 9 of the Regulations Governing the Public Tender Offers for Securities of Public Companies. D. Name, address, telephone numbers, and the services of the accountant(s): Name Dennis Yu, CPA, L&L, Leaven & Co., CPAs Address 9F, , Tun Hua N. Road, Taipei City Telephone Service Issue an independent expert opinion report regarding the reasonableness of the Purchase Price of the Tender Offer in accordance with Article 13 of the Regulations Governing the Information to be Published in the Public Tender Offer Prospectuses. E. Name, address, telephone numbers, and the services of the financial consultant(s): (1) Credit Suisse Securities (Japan) Limited Name (2) KGI Securities Co., Ltd. (1) Izumi Garden Tower Roppongi, Minato-ku, Tokyo, , Address Japan (2) No.700, Mingshui Road, Zhongshan Dist., Taipei City (1) Telephone (2)

10 Service 1. supporting on analyzing and evaluating the business, operations and financial position of the Target Company; 2. supporting on scheduling and due diligence with regards to the transaction including coordination with other external advisors; 3. supporting on structuring of the transaction; 4. supporting on coordinating and negotiating with Target Company F. Name, address, telephone numbers, and the services of the financial institution(s): (1) Mizuho Bank Ltd., Taipei Branch. Name (2) MUFG Bank, Ltd., Taipei branch. 8F, No.68, Sec. 5, Zhongxiao E. Rd., Xinyi Dist., Taipei City 11065, Taiwan Address 8th & 9th Floor, Union Enterprise Plaza, 109 Min Sheng East Road Sec.3, Taipei 10544, Taiwan (1) Telephone (2) Pursuant to Paragraph 3 of Article 9 of the Regulations Governing the Public Tender Offers for Securities of Public Companies, issuing a performance Service guarantee in favor of the designated institution as the beneficiary, and authorizing the designated institution to request the Bank to make payment of the Purchase Price and to instruct the Bank to make payment. G. Name, address, telephone numbers, and the services of other expert(s): Nil. 3

11 II. Terms and Conditions of the Tender Offer A. Tender Offer Period: From January 17, 2019 ("Tender Offer Commencement Date") to March 7, 2019 ("Tender Offer Expiration Date"). The period of time to accept the tendering of the shares shall start from 9:00 a.m. to 3:30 p.m. (Taiwan Time) on each business day during the Tender Offer period. However, the Offeror may apply to the FSC for extension of the Tender Offer period and publicly announce the same in accordance with applicable laws and regulations. B. The Expected Volume and the Minimum Number to be Acquired: 360,964,461 shares in total ("Expected Volume to be Acquired"; i.e., the total number of issued and outstanding shares of the Target Company (i.e., 410,820,000 shares) as latest amended on and shown on the website of the Ministry of Economic Affairs as of October 17, 2018 (or 408,690,200 shares with treasury stock being excluded) deducting 47,725,739 common shares of the Target Company held by the sole shareholder of Offeror, Hitachi, Ltd. ("Hitachi") and its affiliate, Hitachi Building Systems Co., Ltd. ("HBS"), as of the announcement date, which equals to 360,964,461 shares). In the event that the final number of shares validly tendered is below the Expected Volume to be Acquired but has reached 88,504,328shares (approximately 21.66% of the issued and outstanding shares (excluding treasury stock) of the Target Company) (the "Minimum Number of Shares to be Acquired"), the conditions of the Tender Offer in respect of number of shares to be acquired shall be deemed to have been met. After all conditions to the consummation of the Tender Offer are satisfied (i.e., the final number of shares validly tendered reaches the Minimum Number of Shares to be Acquired, the acquisition of the approval of the Investment Commission under the Taiwan Ministry of Economic Affairs ("IC"), and the merger clearance from the Taiwan Fair Trade Commission ("TFTC")), the Offeror shall acquire all of the tendered shares, provided that this Tender Offer has not been suspended pursuant to the law. C. The Purchase Price for the Offer: NT$60 per share in cash. Any Offeree shall on his/her/its own bear the securities transaction tax, income tax (if any), service fees to the TDCC and securities brokers, expenses for bank remittance or postage for delivery of check by a registered mail and other necessary and reasonable expenses for paying the Purchase Price. Service fees to TDCC and securities brokers shall be calculated based on number of deposits made by the Offerees. Service fees to the securities brokers are not applicable for shares deposited at the depository bank. If there is such additional expense, the Offeror will report and publicly announce the same pursuant to laws. Except for income tax, the taxes referred to above will be deducted from the Purchase Price to be paid by the Offeror to the Offeree, and the amount of the Purchase Price shall be rounded to the nearest whole number in "New Taiwan Dollars". In the event that the Purchase Price is insufficient to cover the aforementioned securities transaction tax, service fees to the TDCC and securities brokers, expenses for bank remittance or postage for delivery of check by a registered mail and other necessary expenses for paying the Purchase Price (other than income tax), the Offeree will not be able to receive the Purchase Price. The example for calculation of the Purchase Price and transaction cost is set forth below: 4

12 1. Assuming a shareholder tender 1,000 of his/her/its shares through a broker, the purchase price shall be NT$60,000 (calculated at NT$60 per share). For a shareholder whose shares are deposited at the TDCC and who tenders his/her/its share(s) once Transaction cost: Securities Transaction Tax of NT$180 (calculated as 60,000 x 0.3% and round down to the nearest whole number), service fees to the TDCC of NT$20, service fees to the securities broker of NT$20, expenses for bank remittance of NT$10, totaling NT$230. The net purchase price payable to the Offeree: NT$60,000 NT$230 = NT$59,770. For a shareholder whose shares are deposited at the TDCC and who tenders his/her/its share(s) twice Transaction cost: Securities Transaction Tax of NT$180 (calculated as 60,000 x 0.3% and round down to the nearest whole number), service fees to the TDCC of NT$40 (NT$20*2), service fees to the securities broker of NT$40 (NT$20*2), expenses for bank remittance of NT$10, totaling NT$270. The net purchase price payable to the Offeree: NT$60,000 NT$270 = NT$59, Assuming a shareholder tender 1,000 of his/her/its shares through a depository bank, the purchase price shall be NT$60,000 (calculated at NT$60 per share). For a shareholder whose shares are deposited at the TDCC and who tender his/her/its shares once Transaction cost: Securities Transaction Tax of NT$180 (calculated as 60,000 x 0.3% and round down to the nearest whole number), service fees to the TDCC of NT$20, expenses for bank remittance of NT$10, totaling NT$210. The net purchase price payable to the Offeree: NT$60,000 NT$210 = NT$59,790. For a shareholder whose shares are deposited at the TDCC and who tender his/her/its share twice Transaction cost: Securities Transaction Tax of NT$180 (calculated as 60,000 x 0.3% and round down to the nearest whole number), service fees to the TDCC of NT$40 (NT$20*2) and expenses for bank remittance of NT$10, totaling NT$230. The net purchase price payable to the Offeree: NT$60,000 NT$230 = NT$59,770. D. Whether or not any approval from, or filing with, the FSC and other competent authorities with respect to the Tender Offer is required, and whether such approval or filing has been obtained or became effective: 1. The Tender Offer shall not be launched before making a filing with the FSC and publicly announcing the same in accordance with Paragraph 2 of Article 43-1 of the Securities and Exchange Act ("SEA") and Paragraph 1 of Article 7 and Paragraph 1 of Article 11 of the Regulations Governing Public Tender Offers for Securities of Public Companies. The Offeror made a public announcement on January 16, 2019 pursuant to the aforementioned laws and regulations and made a filing with the FSC on January 16, According to Article 4 and Paragraph 1 of Article 8 of the Statute for Investment by Foreign Nationals ("SIFN"), foreign investor who makes an investment in 5

13 accordance with the SIFN is required to submit an investment application, together with its investment plans and relevant documents, to the Investment Commission under the Ministry of Economic Affairs for approval. For the Tender Offer, the Offeror has submitted application documents to the competent authority of foreign investment for approval on January 16, One of the conditions to the completion of the Tender Offer is the approval of the Offeror's investment application from the Investment Commission. If the Offeror is unable to obtain such approval from the Investment Commission prior to the expiration of the Tender Offer period, the Offerees shall undertake the risks for the failure of the Tender Offer, delay in receiving the Purchase Price and price fluctuation of the shares. 3. The Tender Offer shall be filed with the TFTC according to the regulations of the Taiwan Fair Trade Act. The Offeror filed the relevant application documents on December 10, 2018 with the TFTC for proposed combination. As of the date of this Prospectus (January 16, 2019), the TFTC has not yet approve the Tender Offer. One of the conditions to the completion of the Tender Offer is the clearance by the TFTC of the proposed combination. If the Offeror is unable to obtain such clearance from the TFTC prior to the expiration of the Tender Offer period, or the proposed combination is prohibited by the TFTC, the Offerees shall undertake the risks for the failure of the Tender Offer, delay in receiving the Purchase Price and price fluctuation of the shares. 4. The Offeror filed the relevant application documents on November 1, 2018 with the State Administration for Market Regulation of People s Republic of China for its approval of the Tender Offer and obtained the approval on December 18, E. Once the conditions to the Tender Offer are met and the Offeror publicly announces the same, unless there are circumstances as described in Paragraph 6, Article 19 of the Regulations Governing Public Tender Offers for Securities of Public Companies, the Offerees shall not withdraw their offers to sell. Other Notes: 1. If the shares of the Target Company to be tendered by the Offerees have been deposited with the TDCC, the Offerees shall present the securities passbook and the specimen chop to his/her/its securities firm to proceed with the tender procedure. By tendering the shares, the Offerees shall be deemed as having agreed to allow the TDCC and the Offeror to provide the Offerees' names, addresses, ID numbers, Unified Business Numbers or other shareholder information to the Tender Agent for the purpose of notice or other matters in relation to this Tender Offer. 2. The shares to be tendered by the Offerees shall be free and clear of any pledges or provisional proceedings such as provisional attachment, injunction or compulsory execution, or any other restrictions on transfer. If any provisional proceedings such as provisional attachment or injunction or compulsory execution procedures or any restriction on transfer are subsequently imposed on the tendered shares, such shares will be deemed as they had not been tendered and therefore do not count toward the number of tendered shares, even if those shares have already been deposited into the Tender Agent's dedicated account for Public Tender Offers. 3. The Offeror only accepts shares that have been deposited with the TDCC while shares in physical form will be rejected. Any shareholder of the Target Company who holds shares in physical form and wishes to tender his/her/its shares shall take the share certificates and her/her/its specimen chop to the Target Company's stock affairs department and deposit those share certificates into his/her/its central securities depository book-entry account in order to tender his/her/its shares. 6

14 4. For this Tender Offer, one Offeree may only tender shares via one book-entry account. That is, if one Offeree has the shares of the Target Company in more than one book-entry account, he/she/it may only tender the shares under one book-entry account; otherwise, the tendered shares will not be accepted. In the event that an Offeree holds the shares of the Target Company via accounts with more than one securities brokers or custodian banks, if the Offeree, who has already tendered shares via one account, wishes to tender shares via another account, the Offeree shall transfer the shares to be tendered into the account that has already been used to tender shares; the Offeree could also cancel the tendering of the shares that have already been delivered to the Tender Agent before tendering the shares via another account. However, the foregoing does not apply to Taiwanese corporate investors and those who are allowed to open more than one account with the same securities broker's same branch office under Items 1 to 3 and 5 of Paragraph 1 of Article 75-6 of the Operating Rules of the Taiwan Stock Exchange (i.e. discretionary investment account, trading account opened by an offshore foreign institutional investor, trading account opened by a Mainland institutional investor, segregated trust accounts). 5. If there is any material change in the Target Company's financial or business condition (including but not limited to any false information or omissions found in any financial statements or other business documents filed or made public by the Target Company), or the Offeror becomes bankrupt or is ordered by the court to undergo reorganization, or there is any other circumstances specified by the competent authority to suspend the Tender Offer, the Offeror may suspend the Tender Offer after obtaining the approval from the competent authority. 6. The Offerees understand that the success of the Tender Offer is contingent upon various factors and whether the conditions of the Tender Offer are met, including but not limited to the number of shares validly tendered, whether there are any material changes to the Target Company's financial and business conditions, or whether the consent, approval, order, authorization or permit from competent authorities or required filings are obtained or completed in time, and other causes not attributable to the Offeror. If the relevant conditions of the Tender Offer are unable to be met prior to expiration of the Tender Offer period, or the Tender Offer is not approved, is terminated or cancelled by the FSC or other competent authorities in accordance with the law, the Offerees shall be solely responsible for assuming the risks pertaining to the failed Tender Offer and the fluctuation of the share prices. 7. If all conditions of the Tender Offer have been satisfied and the Offeror or the financial institution that issued the performance guarantee has performed its payment obligations in time, the Tender Agent will issue the payment of the consideration of this Tender Offer within 7 business days (including the 7th business day) following the expiration of the Tender Offer period via a bank transfer to the Offerees' bank accounts, as provided by the TDCC; if the transfer cannot be completed due to incorrect bank account information or other reasons, such payment will be provided in a cheque (non-negotiable crossed cheque) via registered mail to the address provided by the TDCC or the Offerees on the next business day after confirming that the payment cannot be delivered via a bank transfer. The amount of payment via transfer/cheque shall be the consideration of the Tender Offer after deducting the applicable securities transaction tax, remittance fee, postage, service fees of TDCC/securities broker and other relevant fees; such amount shall be rounded to the nearest whole number in "NT$". In the event that the Purchase Price is insufficient to cover the aforementioned securities transaction tax, service fees to the TDCC and securities brokers, expenses for bank remittance or postage for 7

15 delivery of check by a registered mail and other necessary expenses for paying the Purchase Price (other than income tax), the Offeree will not be able to receive the Purchase Price. 8. If necessary, the Offeror may extend the Tender Offer period by filing with the FSC and making a public announcement regarding such extension in accordance with laws and regulations before the expiration of the Tender Offer period. 9. Please refer to the Prospectus for other material terms and conditions of the Tender Offer. 8

16 III. Type and Source of the Purchase Price for the Tender Offer The Purchase Price is NT$60 per share. A. Purchase Price in Cash: 1. Offeror Description of the Breakdown of Self-Owned Fund: The total amount of the funds required for the cash payment of the Purchase Price is NT$21,657,867,660. NT$5,500,000,000 of the required funds will be paid through the self-owned fund of the Offeror, while the rest will be paid through a shareholder s loan extended by Hitachi, Ltd. to the Offeror. Whether the Tender Offer is an offer with a multi-level structure: No Yes. Contents of the Plan: (A) Investment Structure Hitachi, Ltd. 100% Hitachi Elevator Taiwan Co., Ltd. Up to 100% (Note) Breakdown of the Self-owned Fund Target Company Note: Inclusive of the shares held by Hitachi, Ltd. and Hitachi Building Systems Co., Ltd. (B) Background of the Investor of each Investment Level (including information on shareholders and directors, paid-in capital, and ultimate beneficiaries) 1. Offeror: Hitachi Elevator Taiwan Co., Ltd. (1) UGI: (2) Total Capital: NT$100,000,000 (3) Paid-in Capital: NT$1,000,000 (4) Shareholder: Hitachi, Ltd. as the sole shareholder Note: Hitachi filed an application with the IC for increasing the Offeror's paid-in capital from NT$1 million to NT$5.5 billion. (5) Source of fund: self-owned fund and shareholder's loan extended by Hitachi, Ltd. to the Offeror. 2. Hitachi, Ltd. (1) Number of shares authorized to be issued: 2 billion shares (2) Paid-in Capital: 458,790 million yen 9

17 (3) Listed at Tokyo Stock Exchange (TYO: 6501) (4) Director Information (as of November 22, 2018) ( Name Note a 1 Katsumi Ihara Outside Director s 2 Cynthia Carroll Outside Director 3 Joe Harlan Outside Director o 4 George Buckley Outside Director f 5 Louise Pentland Outside Director 6 Harufumi Mochizuki Outside Director N 7 Takatoshi Yamamoto Outside Director o 8 Hiroaki Yoshihara Outside Director v 9 Hiroaki Nakanishi Director e 10 Toyoaki Nakamura Director m 11 Toshiaki Higashihara Director b (5) Top ten shareholders (as of March 31, 2018) Name Shares 1 The Master Trust Bank of Japan, Ltd. 315,175,000 2 Japan Trustee Services Bank, Ltd. 289,061,315 3 Hitachi Employees Shareholding Association 99,765,384 4 Nippon Life Insurance Company 93,264,995 5 Japan Trustee Services Bank, Ltd. 92,858,000 6 STATE STREET BANK WEST CLIENT 92,679,162 7 Japan Trustee Services Bank, Ltd. 91,756,000 8 The Dai-ichi Life Insurance Company, Limited 71,361,222 9 Japan Trustee Services Bank, Ltd. 70,797, Japan Trustee Services Bank, Ltd. 68,201,000 (6) Source of fund: self-owned fund. (C) Details and Source of the Funds: In order to pay for the Tender Offer, the Offeror will increase its capital by cash subscription. After the aforementioned capital increase, the Offeror's paid-in capital will increase from NT$1 million to NT$5.5 billion, which will be subscribed for in full by Hitachi, Ltd., the sole shareholder of the Offeror. NT$5,500,000,000 of the Purchase Price will be paid through the self-owned fund of the Offeror after the capital increase, while the rest of NT$16,157,867,660 will be paid through a shareholder s loan extended by Hitachi, Ltd. to the Offeror. The Offeror also issued a undertaking letter for the payment obligation of the Purchase Price (please refer to Attachment 5 hereof), and will perform its payment obligation after all the conditions to the Tender Offer are fulfilled. (D) Plan of the relevant Funds Arrangement: 10

18 In order to pay for the Tender Offer, the Offeror will increase its capital by cash subscription. The total amount of the funds required for the cash payment of the Purchase Price is NT$21,657,867,660. NT$5,500,000,000 of the required funds will be paid through the self-owned fund of the Offeror after the capital increase, while the rest NT$16,157,867,660 will be paid through a shareholder s loan extended by Hitachi, Ltd. to the Offeror. The Offeror also issued a undertaking letter for the payment obligation of Purchase Price (please refer to Attachment 5 hereof), and will perform its payment obligation after all the conditions to the Tender Offer are fulfilled. If the Offeror is a company and pays the Purchase Price by its self-owned funds, the analysis of the financial reports of the two preceding years prior to the announcement of this Tender Offer. The Offeror is the wholly owned subsidiary of Hitachi established in The analysis of the solvency, cash flow, and profitability of the Offeror are as follows: The analysis of the solvency, cash flow, and profitability of the Offeror's sole shareholder, Hitachi, in accordance with Hitachi's financial reports of the two preceding years, which are certified by CPA, are hereby provided as follows: The analysis of the solvency, cash flow, and profitability of the Offeror's sole shareholder, Hitachi, in accordance with Hitachi's financial reports of the two preceding years, which are certified by CPA, are hereby provided as follows. The analysis of the solvency, cash flow, and profitability of the Offeror's sole shareholder, Hitachi, in accordance with Hitachi's financial reports of the two preceding years, which are certified by CPA, are hereby provided as follows: A. Solvency: In order to pay for the Tender Offer, the Offeror will increase its capital by cash subscription. After the aforementioned capital increase, the Offeror's paid-in capital will increase from NT$1 million to NT$5.5 billion, which will be subscribed for in full by Hitachi, Ltd., the sole shareholder of the Offeror. NT$5,500,000,000 of the Purchase Price will be paid through the self-owned fund of the Offeror after the capital increase, while the rest NT$16,157,867,660 will be paid through a shareholder s loan extended by Hitachi, Ltd. to the Offeror. As of the date of announcement, the bank account balance of the Offeror is NT$1,000,000. The Offeror has no bank borrowings and has no liabilities to repay other debt. B. Profitability: Since the major business operation of the Offeror is general investment, the profitability of the Offeror depends on the profitability of its invested company. C. Cash Flow: In order to pay for the Tender Offer, the Offeror will increase its capital by cash subscription. After the aforementioned capital increase, the Offeror's paid-in capital will increase from NT$1 million 11

19 to NT$5.5 billion, which will be subscribed for in full by Hitachi, Ltd., the sole shareholder of the Offeror. NT$5,500,000,000 of the required funds will be paid through the self-owned fund of the Offeror after the capital increase, while the rest NT$16,157,867,660 will be paid through a shareholder s loan extended by Hitachi, Ltd. to the Offeror. The Offeror also issued a undertaking letter for the payment obligation of Purchase Price (please refer to Attachment 5 hereof), and will perform its payment obligation after all the conditions to the Tender Offer are fulfilled. Hence, the Offeror does not lack cash flow in terms of this Tender Offer. In light of the above, the variability of the indicators in relation to the solvency, cash flow, and profitability of the Offeror, within the recent and the latest two accounting years is reasonable, and no major abnormality is found in this regard. Offeror issues an undertaking regarding the performance of the obligation to pay the Purchase Price: Please refer to the Attachment 5 of this Tender Offer Prospectus. Announce all the agreements in relation to the fund arrangement or other documents in relation to the agreement thereof: Please refer to the Attachment 6 of this Tender Offer Prospectus for a scanned copy of the Loan Agreement between the Offeror and Hitachi, Ltd. Content of the Financing Plan Source of Fund: The total amount of the funds required for the cash payment of the Purchase Price is NT$21,657,867,660. Other than NT$5,500,000,000 of the required funds that will be paid through the self-owned fund of the Offeror after the capital increase, the rest NT$16,157,867,660 will be paid through a shareholder s loan extended by Hitachi, Ltd. to the Offeror. Borrower: Hitachi Elevator Taiwan Co., Ltd. Lender: Hitachi, Ltd. Collateral: None. Whether the Offeror's financing plan is secured by assets or shares of the Target Company: Yes. The conditions and impact assessment on the financial soundness of the Target Company or the surviving company after the consummation of the merger are as below: No, the Offeror's financing plan is not secured by the assets of the Target Company. Not applicable. B. Using securities as the Purchase Price as set forth in Item 1 of Article 8 of the Regulations Governing the Public Tender Offers for Securities of Public Companies: Not applicable. C. Using securities as the Purchase Price as set forth in Item 2 of Article 8 of the Regulations Governing the Public Tender Offers for Securities of Public Companies: Not applicable. 12

20 13

21 IV. Risks for Participation in the Tender Offer A. Risks for Participation in the Tender Offer 1. The Target Company undergoes material changes in its financial and business conditions; the Offeror becomes bankrupt or is required by a court ruling to undergo reorganization; other situations specified by the competent authority: After the Tender Offer is launched, should there be any situation as described in Items 1 to 3 of Paragraph 1 of Article 43-5 of the SEA, including: the Target Company undergoes material changes in its financial and business conditions (including without limitation the financial reports or other business documents filed or announced by the Target Company has material misrepresentation or concealment); the Offeror becomes bankrupt or is required by a court ruling to undergo reorganization; other situations specified by the competent authority, upon the approval of the competent authority, the Offeror is entitled to suspend the Tender Offer, in which case the Offerees will undertake the risk for the failure of the Tender Offer and price fluctuation of the shares. 2. The approval by or reporting to the FSC or other competent authorities: (1) The Tender Offer requires a prior report to the FSC and the announcement according to Paragraph 2 of Article 43-1 of the SEA and Paragraph 1 of Article 7 of the Regulations Governing Public Tender Offers for Securities of Public Companies. The Offeror made the announcement on January 16, 2019 and filed the report of the Tender Offer to the FSC on January 16, 2019 in accordance with the aforementioned laws and regulations. (2) According to Article 4 and Paragraph 1 of Article 8 of the Statute for Investment by Foreign Nationals ("SIFN"), foreign investor who makes an investment in accordance with the SIFN is required to submit an investment application, together with its investment plans and relevant documents, to the Investment Commission under the Ministry of Economic Affairs for approval. For the Tender Offer, the Offeror has submitted application documents to the competent authority of foreign investment for approval on January 16, One of the conditions to the completion of the Tender Offer is the approval of the Offeror's investment application from the Investment Commission. If the Offeror is unable to obtain such approval from the Investment Commission prior to the expiration of the Tender Offer period, the Offerees shall undertake the risks for the failure of the Tender Offer, delay in receiving the Purchase Price and price fluctuation of the shares. (3) The Tender Offer shall be filed with the TFTC according to the regulations of the Taiwan Fair Trade Act. The Offeror filed the relevant application documents on December 10, 2018 with the TFTC for proposed combination. As of the date of this Prospectus (January 16, 2019), the TFTC has not yet approved the Tender Offer. One of the conditions to the completion of the Tender Offer is the clearance by the TFTC of the proposed combination. If the Offeror is unable to obtain such clearance from the TFTC prior to the expiration of the Tender Offer period, or the proposed combination 14

22 is prohibited by the TFTC, the Offerees shall undertake the risks for the failure of the Tender Offer, delay in receiving the Purchase Price and price fluctuation of the shares. (4) The Offeror filed the relevant application documents on November 1, 2018 with the State Administration for Market Regulation of People s Republic of China for its approval of the Tender Offer and obtained the approval on December 18, Re-reporting and re-announcement: If the contents that are reported and announced by the Offeror fall into the situations as described under Paragraph 2 of Article 43-5 of the SEA and Paragraph 8 of Article 9 of the Regulations Governing Public Tender Offers for Securities of Public Companies, there will be the risks that the FSC may request the Offeror to re-report and re-announce the particulars of the Tender Offer. 4. Natural Disasters or Emergency Events: According to Paragraph 2 of Article 7-1 of the Regulations Governing Public Tender Offers for Securities of Public Companies, the Offeror may not change the time, manner, or place for payment of tender offer consideration as specified in the prospectus, provided that this restriction does not apply in the event of a natural disaster or emergency event. The occurrence and cessation of an above-mentioned event shall be determined and announced by the relevant competent authorities pursuant to relevant laws and regulations. The Offerees shall undertake this risk themselves. 5. Using securities as the Purchase Price: Not applicable. Since the Purchase Price in the Tender Offer is cash only, and therefore, there is no risk that the Tender Offer would not be completed or would be delayed because any security cannot be duly issued. 6. The Offeror' extending the Tender Offer period, causing the risk of the delay for the Offerees in receiving the Purchase Price: According to Paragraph 2 of Article 18 of the Regulations Governing Public Tender Offers for Securities of Public Companies, if any of the situations as specified under Paragraph 2 of Article 7 of the Regulations Governing Public Tender Offers for Securities of Public Companies occurs or for another legitimate reason, the Offeror may file with the FSC and make a public announcement of an extension of the Tender Offer period; however, the extension period shall not exceed 50 days. In case the Tender Offer period is extended, the Offerees would face the risks of receiving the Purchase Price in a delayed manner. 7. The conditions of the Tender Offer are fulfilled, which is announced by the Offeror: Once the conditions of the Tender Offer are fulfilled and are announced by the Offeror, except if any of the situations as described in Paragraph 6 of Article 19 of the Regulations Governing Public Tender Offers for Securities of Public Companies occurs, the Offerees may not revoke its offer to sell even if the market price of the shares is higher than the tender price, which is the risk that the Offerees must undertake. 15

23 8. The number of tendered shares does not reach the Minimum Number of Shares to be Acquired: There is a risk for not completing the Tender Offer if the number of the validly tendered shares does not reach the Minimum Number of Shares to be Acquired at the expiration of the Tender Offer period. In addition, if the tendered shares subsequently become subject to provisional proceedings such as provisional attachment or injunction or compulsory execution procedures or any restriction on transfer, the aforesaid tendered shares will be deemed as they have not been tendered and therefore shall not be counted toward the number of tendered shares, even if those shares have been deposited into the designated account for the Tender Offer under the name of the designated securities firm, which may lead to the risk for not completing the Tender Offer because the number of tendered shares fails to reach the Minimum Number of Shares to be Acquired. 9. The number of tendered shares exceeds the Expected Volume to be Acquired: The Expected Volume to be Acquired is 360,964,461 shares in total (i.e., the total number of issued and outstanding shares of the Target Company (i.e., 410,820,000 shares) as latest amended on and shown on the website of the Ministry of Economic Affairs as of October 17, 2018 (or 408,690,200 shares with treasury stock being excluded) deducting 47,725,739 common shares of the Target Company held by the sole shareholder of Offeror, Hitachi and its affiliate, HBS, as of the announcement date, which equals to 360,964,461 shares). As such, the event that the number of tendered shares exceeds the Expected Volume of Shares to be Acquired that the Offerees may not tender all of the tendered shares will not occur. 10. The Offerees understand that the success of the Tender Offer is contingent upon various factors and whether the conditions of the Tender Offer are met, including but not limited to whether the number of shares validly tendered meet the Minimum Number of Shares to be Acquired, whether there are any material changes to the Target Company's financial and business conditions, and other causes not attributable to the Offeror. If the relevant conditions of the Tender Offer are unable to be met prior to expiration of the Tender Offer period, or the Tender Offer is not approved, is terminated or cancelled by the FSC or other competent authorities in accordance with the law, the Offerees shall be solely responsible for assuming the risks pertaining to the failed Tender Offer and the fluctuation of the share prices. 11. The shares to be tendered by the Offerees shall be free and clear of any pledges or provisional proceedings such as provisional attachment, injunction or compulsory execution, or any other restrictions on transfer; otherwise, there is a risk that the tendered shares cannot be offered to sell or the tendered shares shall be deemed to not having been offered to sell. The shares purchased with margin loan will not be accepted to be sold until the full repayment thereto is made; otherwise tendering of these shares will be rejected. 12. Other material risks which the Offeror is fully aware of and will affect the 16

24 tender offer process: None. The Offerees shall nevertheless carefully review the contents of this prospectus before tendering the shares. B. Risks for Not Participating in the Tender Offer 1. In the event that the Offeror does not acquire 100% of the outstanding shares of the Target Company, the Offeror does not exclude the possibility to procure the 100% share swap between the Target Company and the Offeror and having the Target Company a 100% fully consolidated subsidiary, pursuant to the approach described in "VIII. The Offeror's Business Plan in respect of the Target Company" "4. In addition to the Tender Offer, is there any other plan for merger, acquisition or disposal of the securities or material assets of the Target Company within one year after the expiration date of the Tender Offer period", with cash considerations at NT$60 per share, the Purchase Price of the Tender Offer. Nevertheless, in the event that the Target Company distributes dividends in share or cash prior to the record date of the proposed share swap, the purchase price per share shall be adjusted accordingly. The purchase price per share will be adjusted in accordance with the relevant laws and regulations, including, without limitation, Article 27 of the Regulations Governing the Acquisition and Disposal of Assets by Public Companies. Upon the completion of the share swap, the Target Company will become a 100% owned subsidiary of the Offeror and be delisted after receiving the approval of the TWSE. In the event that the Tender Offer is completed, there is a risk that the liquidity of the shares of the Target Company may decrease due to the subsequent share swap plan. 2. Upon the completion of the share swap, the Target Company will become a 100% fully consolidated subsidiary. The shares held by non-tendering shareholders will be held by the Offeror from the record date of the share swap. The consideration of the share swap will be paid by the Offeror to the shareholders of the Target Company for the number of shares he/she/it holds on the record date of the share swap pursuant to the share swap agreement in accordance with the registration of the shareholders' roster. Hence, in the event that the Tender Offer and share swap are completed, the non-tendering shareholders will receive the consideration after the tendering shareholders. C. As for the tax burden, below please find the explanation on the tax exposure of the shareholders who choose to participate in the Tender Offer: The tax exposure of the shareholders who elect to participate in the Tender Offer should be the same as that of the shareholders who elect not to participate in the Tender Offer but participate in the subsequent share swap after the completion of the Tender Offer. Shareholders shall pay the securities transaction tax in an amount of 0.3% of the actual purchase price. In addition, as for the shareholder that is a domestic profit-seeking enterprise or foreign profit-seeking enterprise having a fixed place of business or business agent in Taiwan, gains derived from securities transactions shall be counted toward the basic income of a profit-seeking enterprise in calculating its income basic tax (NT$500,000 as deduction and the tax rate is 12%; if the shares are held for three years or above, only the gains derived from the securities transaction of half of them shall be counted toward the basic income in calculating the income basic tax according to Paragraph 3, Article 7 of the Income 17

25 Basic Tax Act). Please note that the tax explanation stated above is for the reference purpose only and shall not be taken as tax advice or an opinion. Each shareholder shall evaluate the potential tax liability for participating in the Tender Offer with professional tax advisors based on his/her/its respective investment. D. Each shareholder may face other risks. Each shareholder shall consult with professional consultants to obtain relevant recommendations on each applicable situation. 18

26 V. The Method of Handling the Settlement or Return of Shares after Expiration of Tender Offer Period: A. The Offeror's Methods of Delivering the Payment of Purchase Price: Time Method Location Tender Offer to Foreign 7 business days (including the 7th business day) following the expiration of the Tender Offer period (if the Tender Offer period is extended, then the expiration date of the extended period), if all conditions of the Tender Offer have been satisfied and the Offeror or the financial institution that issued the performance guarantee has performed its payment obligations in time. (Note) If all conditions of the Tender Offer have been satisfied and the Offeror or the financial institution that issued the performance guarantee has performed its payment obligations in time, the Offeror will deposit the sufficient aggregate amount of the Purchase Price of this Tender Offer before 3:30 pm of the 4th business days (inclusive) following the expiration of the Tender Offer period (if the Tender Offer period is extended, then the expiration date of the extended period) in the designated bank account of the Tender Agent. If all conditions of the Tender Offer have been satisfied and the Offeror or the financial institution that issued the performance guarantee has performed its payment obligations in time, KGI Securities will first issue the payment of the consideration of this Tender Offer within 7 business days (including the 7th business day) following the expiration of the Tender Offer period (if the Tender Offer period is extended, then the expiration date of the extended period) via a bank transfer to the Offerees' bank accounts, as provided by the TDCC. If the transfer cannot be completed due to incorrect bank account information or other reasons, such payment will be provided in a cheque (non-negotiable crossed cheque) via registered mail to the address provided by the TDCC or the Offerees on the next business day after confirming that the payment cannot be delivered via a bank transfer. The amount of payment via transfer/cheque shall be the consideration of the Tender Offer after deducting the applicable securities transaction tax, remittance fee, postage, service fees of TDCC/securities broker and other relevant fees; such amount shall be rounded to the nearest whole number in "NT$". In the event that the Purchase Price is insufficient to cover the aforementioned securities transaction tax, service fees to the TDCC and securities brokers, expenses for bank remittance or postage for delivery of check by a registered mail and other necessary expenses for paying the Purchase Price (other than income tax), the Offeree will not be able to receive the Purchase Price. The cash consideration for this Tender Offer will be deposited into the Offerees' TDCC accounts or be sent to the Offerees' addresses as provided by the TDCC by the Tender Agent to be engaged by the Offeror. The delivery method for such securities is not applicable to this Tender Offer. 19

27 Securities The tendering method for such securities is not applicable to this Tender Offer. Note: In the event of force majeure, including act of God or abnormality of the bank wiring system, KGI Securities may hold off the execution until such force majeure event ceases to exist. B. The Method for the Offerees to Deliver the Tendered Shares: Time Method Location Within 7 business days (including the 7th business day) after the expiration of the Tender Offer period (if the Tender Offer period is extended, then the expiration date of the extended period) by the Tender Agent to be engaged by the Offeror if all conditions of the Tender Offer have been satisfied and the Offeror or the financial institution that issued the performance guarantee has performed its payment obligations in time. If the tendered shares have already been deposited into KGI Securities' designated account, such shares will be distributed to the Offeror's TDCC book-entry accounts via the "Dedicated Account for Public Tender Offers" (Account No. (9203) ) of KGI Securities. KGI Securities Co., Ltd. No.700, Mingshui Road, Zhongshan Dist., Taipei City Note: In the event of force majeure, including act of God or abnormality of the bank wiring system, KGI Securities may hold off the execution until such force majeure event ceases to exist. 20

28 C. The Method for Returning the Unpurchased Tendered Shares: If the number of tendered shares does not reach the Minimum Number of Shares to be Acquired, the handling method: Time The first business day after the expiration of the Tender Offer period (if the Tender Offer period is extended, then the expiration date of the extended period) Method If the number of tendered shares does not reach the Minimum Number of Shares to be Acquired, the offers to the Offerees shall be revoked, and the Tender Agent will return shares in its "Dedicated Account for Public Tender Offers" (Account No. (9203) ) back to the Offerees' TDCC book-entry accounts. Location KGI Securities Co., Ltd. No.700, Mingshui Road, Zhongshan Dist., Taipei City If the number of tendered shares exceeds the Expected Volume of Shares to be Acquired, the method for handling return of the tendered shares: Time Not Applicable. The Expected Volume to be Acquired is 360,964,461 shares in total (i.e., the total number of issued and outstanding shares of the Target Company (i.e., 410,820,000 shares) as latest amended on and shown on the website of the Ministry of Economic Affairs as of October 17, 2018 (or 408,690,200 shares with treasury stock being excluded) deducting 47,725,739 common shares of the Target Company held by the sole shareholder of Offeror, Hitachi, and its affiliate, HBS, as of the announcement date, which equals to 360,964,461 shares). As such, the event that the number of tendered shares exceeds the Expected Volume of Shares to be Acquired that the Offerees may not tender all of the tendered shares will not occur. Method Not Applicable. The Expected Volume to be Acquired is 360,964,461 shares in total (i.e., the total number of issued and outstanding shares of the Target Company (i.e., 410,820,000 shares) as latest amended on and shown on the website of the Ministry of Economic Affairs as of October 17, 2018 (or 408,690,200 shares with treasury stock being excluded) deducting 47,725,739 common shares of the Target Company held by the sole shareholder of Offeror, Hitachi, and its affiliate, HBS, as of the announcement date, which equals to 360,964,461 shares). As such, the event that the number of tendered shares exceeds the Expected Volume of Shares to be Acquired that the Offerees may not tender all of the tendered shares will not occur. Location 21

29 Not Applicable. The Expected Volume to be Acquired is 360,964,461 shares in total (i.e., the total number of issued and outstanding shares of the Target Company (i.e., 410,820,000 shares) as latest amended on and shown on the website of the Ministry of Economic Affairs as of October 17, 2018 (or 408,690,200 shares with treasury stock being excluded) deducting 47,725,739 common shares of the Target Company held by the sole shareholder of Offeror, Hitachi and its affiliate, HBS, as of the announcement date, which equals to 360,964,461 shares). As such, the event that the number of tendered shares exceeds the Expected Volume of Shares to be Acquired that the Offerees may not tender all of the tendered shares will not occur. D. If the Tender Offer is issuance of shares or corporate bonds, the handling procedure in the event that such shares or corporate bonds cannot be issued on time: Not applicable as all considerations for this Tender Offer will be delivered in cash. 22

30 VI. Status of the Offeror's Shareholding in the Target Company A. The status of the shareholding of the Offeror (including its related parties) and its director(s), supervisor(s) in the Target Company at the time the Tender Offer is filed and the relevant share transaction records within six months prior to the date of the Tender Offer filing: Offeror (including its related parties) Status of shareholding in the Target Company: (As of January 16, 2019) Identity Name Type of Securities Offeror Hitachi Elevator Taiwan Co., Ltd. Number of the shares Unit: share Acquisition Cost Unit: NT$1, Affiliates Hitachi, Ltd. common stock 31,817, , Affiliates Hitachi Building Systems common Co., Ltd. stock 15,908,571 75, Total 47,725, , Share transaction records within six months prior to the date of the Tender Offer filing (July 16, 2018 January 16, 2019) Identity Name Date of Transaction Offeror Affiliates Method of Transaction Number Cost of Acquisition Not Applicable. The Offeror and its Affiliates did not transact any shares of the Target Company within six months prior to the date of the Tender Offer filing. Total Directors and Supervisors of Offeror Status of shareholding in the Target Company: (As of January 16, 2019) Identity Name Type of Securities Director designated by Hitachi Hitachi, Ltd. common stock Number of the shares Unit: share Acquisition Cost Unit: NT$1,000 31,817, , Total 31,817, , Share transaction records within six months prior to the date of the Tender Offer filing (July 16, 2018 January 16, 2019) Identity Name Date of Transaction Method of Transaction Number Cost of Acquisition Corporate Director Not Applicable. The director of the Offeror did not transact any shares of the Target Company within six months prior to the date of the Tender Offer filing Total

31 B. If the Offeror or its shareholders is/are the Target Company's director(s), supervisor(s), or the major shareholder(s) who hold(s) 10% of the total number of issued shares of the Target Company, the name and shareholding thereof: Name Offeror: Hitachi Elevator Taiwan Co., Ltd. (As of January 16, 2019) The Target Company's Director, Supervisor, or Major Shareholder Shareholding in the Target Company Amount (share) Shareholding percentage (%) Hitachi, Ltd. The Target Company's corporate director 31,817, % 24

32 VII. Other Must-Recorded Items in relation to the Status of the Offeror's Purchase of the Target Company's Shares: A. If the Offeror and its related parties purchased the shares of the Target Company from the following persons of the Target Company within two years before the filing of the Tender Offer, the date, target, price and amount of the shares purchased: Nil. B. Content of any important agreement or contract, within two years before filing the Tender Offer, in connection with the Tender Offer between the Offeror, its related parties and the persons of the Target Company: Identity Name Content of important agreement or contract: Chairman Chou-Li Hsu 1. Hitachi has signed a Share Purchase Agreement with Mr. Chou-Li Hsu who agreed to tender 17,460,000 common shares (representing 4.27% of the issued and outstanding shares (excluding treasury stock)) in the Target Company, respectively, once the Offeror launches the Tender Offer. Please refer to Attachment 7 hereto for the Share Purchase Agreement. (Note) 2. Other than the aforementioned Share Purchase Agreement, the Offeror and the directors, supervisors, officers, shareholders holding 10% or more in the Target Company, affiliates or particular shareholder of the Target Company did not enter into any agreement or contract with regard to the Tender Offer. Note: The ID number, contact address and phone number will not be disclosed in order to protect the personal data of the singing parties. C. Any agreement, within two years before filing the Tender Offer, in connection with the Tender Offer between the Offeror, its related parties and particular shareholder of the Target Company, and the content of which includes whether such shareholder may be involved in the Offeror and its related parties' investment: The Offeror and its affiliates and the particular shareholder of the Target Company did not enter into any other agreement or contract with regard to the Tender Offer. 25

33 VIII. The Offeror's Business Plan in respect of the Target Company A. Purpose and plan for obtaining the securities of the Target Company by the Offeror The contents and the plan to keep operating the business of the Target Company: The contents and the plan to keep operating the business of the Target Company: The Offeror has decided to acquire the Target Company via the Tender Offer to expand its new installation business with improved cost competitiveness in China and Asia, and improve its profitability through increasing the number of maintenance units. The Offeror will accelerate the global expansion of its business through realizing improved competitiveness of its products and advanced maintenance service by combining the Target Company s cost competitiveness with the Offeror s advanced technology such as Internet of Things (IoT). The plan of transfer of the securities of the Target Company to others after one year from receiving the securities of the Target Company and the contents of such plan: Not Applicable. The Offeror currently has no specific plan to transfer to others the common shares in Target Company one year after the Tender Offer. 26

34 B. Plans that will cause the following situations in the Target Company after completion of the Tender Offer Dissolution No Yes the contents of the plan The Offeror currently has no specific plan to procure the dissolution of the Target Company to be resolved by its shareholders' meeting after completion of the Tender Offer. De-Listing No Yes the contents of the plan In the event that the Tender Offer is successful and the Offeror does not obtain 100% of issued share in the Target Company, the Offeror does not exclude the possibility to implement a share swap with cash as considerations at the same per share price as the Tender Offer, being NT$60 per share (provided that in the event that the Target Company distributes dividends in share or cash prior to the record date of the proposed share swap, the purchase price per share shall be adjusted accordingly. The purchase price per share will be adjusted in accordance with the relevant laws and regulations, including, without limitation, Article 27 of the Regulations Governing the Acquisition and Disposal of Assets by Public Companies). Upon the completion of the share swap, the Target Company will become a 100% owned subsidiary of the Offeror. The Offeror will then delist the Target Company in accordance with the relevant laws and regulations. The detailed timetable and approach is subject to the resolutions of the board and/or shareholders' meeting of the relevant companies, and the approvals of the TWSE and the FSC. Change in No Yes the contents of the plan Organization After completion of the Tender Offer, the Offeror will take into consideration the operating demands and the overall interests of the Target Company and make some adjustments to the Target Company in respect of its operation, business, finance, internal structure and human resources, but no concrete plans have been formulated at the moment. 27

35 Change in Capital No Yes the contents of the plan The Offeror has no specific plan to change the Target Company's capital after completion of the Tender Offer. The Offeror will take into consideration the operating demands and the overall interests of the Target Company and make some adjustments to the Target Company in respect of its structures of finance, cash flow and capital to raise the operating efficiency of the Target Company, but no concrete plans have been formulated at the moment. Change in Business plan No The Offeror has no specific plan to change the Target Company's business plan after completion of the Tender Offer. The Offeror and the Target Company will remain two independent companies and operate independently. However, the Offeror will take into consideration the operating demands and the overall interests of the Target Company and make some adjustments to the Target Company in respect of its business plan, but no concrete plans have been formulated at the moment. Yes the contents of the plan Change in Financial status No Yes the contents of the plan The Offeror has no specific plan to change the Target Company's financial status after completion of the Tender Offer. However, the Offeror will take into consideration the operating demands and the overall interests of the Target Company and make some adjustments to the Target Company in respect of its finance plan based on its business and capital plans, but no concrete plans have been formulated at the moment. 28

36 Change in Production No Yes the contents of the plan The Offeror has no specific plan to change the Target Company's production after completion of the Tender Offer. However, the Offeror will take into consideration the operating demands and the overall interests of the Target Company and make some adjustments to the Target Company in respect of its production based on its business and capital plans, but no concrete plans have been formulated at the moment. Material Matters Likely to Affect Shareholders' Rights of the Target Company No Yes the contents of the plan Unless otherwise disclosed in this Tender Offer Prospectus, to the Offeror's knowledge and expectation, there is no material matter which may affect the shareholders' right of the Target Company. 29

37 C. After the completion of the Tender Offer, the plans of change in the following positions: Director Change of position Yes No the contents of the plan The current directors, who tender 1/2 or more of their shares in the Target Company held upon their election as directors, will be automatically discharged in accordance with Paragraph 1, Article 197 of the Company Act. Whether an election will be subsequently held will depend on the number of shares tendered by such director. The Target Company shall hold a shareholders' meeting to elect new directors; the Offeror may nominate its own candidate or lend support to other candidates of the directorship. Supervisor Change of position Yes No the contents of the plan Not applicable. The Target Company does not have supervisors. Manager Retirement, Laid Off Change of position Other: After completion of the Tender Offer, the Offeror may probably make adjustment to the internal organization structure of the Target Company and the personnel to the extent permitted under the law and pursuant to the actual demand of the Target Company. However, the Offeror currently has no plan to lay off the managers and employees of the Target Company. Employee Retirement, Laid Off Change of position Other: After completion of the Tender Offer, the Offeror may probably make adjustment to the internal organization structure of the Target Company and the personnel to the extent permitted under the law and pursuant to the actual demand of the Target Company. However, the Offeror currently has no plan to lay off the managers and employees of the Target Company. 30

38 D. In addition to the Tender Offer, is there any other plan for merger, acquisition or disposal of the securities or material assets of the Target Company within one year after the expiration date of the Tender Offer period. No Yes The content of the plan In the event that the Tender Offer is successful and the Offeror does not obtain 100% of issued share in the Target Company, subject to the consents by the resolutions of the board of directors and shareholders' meeting (if applicable), the Offeror does not preclude the possibility to conduct a share swap to make the Target Company a 100% fully consolidated subsidiary with cash considerations at NT$60 per share and then delist the Target Company in accordance with the relevant laws and regulations. Nevertheless, in the event that the Target Company distributes dividends in share or cash prior to the record date of share swap, the purchase price per share shall be adjusted accordingly. The purchase price per share will be adjusted in accordance with the relevant laws and regulations, including without limitation, Article 27 of the Regulations Governing the Acquisition and Disposal of Assets by Public Companies. E. In the case where the offeror proposes to have the Target Company delisted from Taiwan Stock Exchange/GTSM after being acquired, the following items shall be disclosed: To the understanding of the Offeror, the future prospects in the industry, and the company value, of the Target Company, and its reasons for conducting the Tender Offer. Whether the Tender Offer conditions are fair to the shareholders of the Target Company, and the relevant factors being taken into consideration. Whether the Offeror The major business operations of the Target Company include (1) design, manufacture, sale, installation, repair and maintenance of elevators, food delivery machines, escalators, electric walkways, and elevator motors, (2) sales agency and maintenance & repair for machines constructed overseas or domestically, and (3) real estate rental business. Hitachi has been a business partner to the Target Company since its incorporation about 50 years ago. Via the Tender Offer, Hitachi expects to expand its new elevator installation business with improved cost competitiveness in China and Asia, and improve its profitability through increasing the number of maintenance units. Hitachi will accelerate the global expansion of its business through realizing improved competitiveness of its products and advanced maintenance service by combining the Target Company's cost competitiveness with the Hitachi's advanced technology such as Internet of Things (IoT). The fairness opinion to the Tender Offer purchase price issued by an independent expert is attached as Attachment 2. The Tender Offer purchase price should be reasonable after taking into account the circumstances of the Target Company. Furthermore, the purchase price for all shares of the shareholders tendering their shares in the Tender Offer is the same; therefore, the Tender Offer conditions are fair to the shareholders of the Target Company. Not applicable. Neither the Offeror nor any of its related 31

39 or any of its related parties have in the most recent two years obtained from any outside party any appraisal report regarding the Tender Offer conditions. If yes, the content of the appraisal report, the identity of the outside party, the party s professional qualifications and the compensation that the party received. For the period from after the completion of the Tender Offer up to the delisting of the Target Company from the TWSE, whether there is any merger or acquisition plan for the Target Company, and the method for handling the shares of the non-tendering shareholders, and their taxes payable. After the delisting from the TWSE, and any merger or acquisition, of the Target Company, any plan for reapplying for listing on an exchange or OTC market in any domestic or foreign securities exchange market for any related company. parties has in the most recent two years obtained from any outside party any appraisal report regarding the Tender Offer conditions. After the completion of the Tender Offer and prior to the delisting of the Target Company, the Offeror does not preclude the possibility to conduct a share swap to have the Target Company a 100% fully consolidated subsidiary in accordance with relevant laws and regulations. In the event that the Offeror elects to conduct a share swap, the shares held by non-tendering shareholders will be held by the Offeror from the record date of the share swap. The consideration of the share swap will be paid by the Offeror to the shareholders of the Target Company for the number of shares he/she/it holds on the record date of the share swap pursuant to the share swap agreement in accordance with the registration of the shareholders' roster. For the explanation of the taxes payable by the non-tendering shareholders, please refer to the Tax Impact Analysis of shareholders (available at page 17 of the Prospectus). The Offeror has no plan to reapply for listing of the Target Company or any of its related parties on an exchange or OTC market in any domestic or foreign securities exchange market after the Target Company delisting from the TWSE. 32

40 IX. Corporate Resolution and Fairness Opinion A. The Offeror's directors' consent to the Tender Offer (please see Attachment 1). B. The fairness opinion to the Tender Offer issued by an independent expert (please see Attachment 2). Calculation of Purchase Price in cash Evaluation on share-swap ratio Evaluation on other property Based on market value analysis, the P/B ratio analysis and the EV/EBITDA multiple analysis within the comparable company analysis, as well as the premium rates of public tender offers, the fair value of the Target Company's price per share should fall within the range between NT$40.27 and NT$ As such, the NT$60 per share cash consideration proposed by the Tender Offeror for the acquisition of Target Company's common shares should be fair. The pricing method, principle or calculation of the purchase price of the Tender Offer and the comparison among international market price method, cost method and discounted cash flow method: Not applicable 33 Not applicable The following three valuation approaches are commonly used by valuation analysts in corporate valuation: (1) Market Approach: For example: (i) market value analysis may be used for public listed companies, of which their fair value may be inferred from prices of their shares on the stock exchange markets; or (ii) comparable company analysis may be used to analyze a company's valuation by comparing the market multiples, such as the price to book (P/B) ratio, Enterprise value to EBITDA (EV/EBITDA) multiple or other financial ratios of the target company and its industry peers (i.e., comparable companies) based on the financial statements thereof. (2) Income Approach: For example, cash flow analysis may be used to convert the target company's future cash flow into corporate value, through the capitalization or discounting process, based on the cash flow generated by the target company's future operation. (3) Asset Approach: The total value of the individual assets and liabilities of the target company is evaluated to reflect the overall value of its enterprise or equity. Asset approach estimates the consideration required to reorganize or acquire the target company under the premise that the target company will continue its business operation. However, if the valuation is not based on the continuation of operation or use, the overall

41 liquidation value of the enterprise or equity should be evaluated. Based on the background and the purpose of this valuation, this opinion adopts the market approach (including market value analysis, P/B ratio analysis, and EV/EBITDA multiple analysis) as the main evaluation approach. The income approach uses the target company's estimates of future cash flows, which involves more hypothetical assumptions and uncertainties, and is not as objective as other approaches. The income approach is therefore not adopted herein. The asset approach is mainly applicable to target companies without market transactions. Considering Yungtay's operating model and asset structure, the asset approach is not an appropriate valuation method, and is therefore not adopted. The comparison As Target Company is active in the manufacture and sale of various among listed types of elevators, escalators and the components thereof, the companies (in following companies are selected among Target Company's industry TWSE or TPEX) peers that are listed on the Taiwan Stock Exchange and the Taipei of the same Exchange as comparable companies: Golden Friends (GFC, Ltd.) industry regarding Corporation (OTC Ticker: 4506; hereinafter, "GFC") and Hong Wei the financial Electrical Industry Co., Ltd (Emerging Board Ticker: 4565; conditions, profits hereinafter, "Hong Wei"). These two comparable companies' latest and Price-Earnings financial information is listed below. Ratio In 1,000 New Taiwan Dollars (NT$1,000) Company Name GFC Hong Wei Balance sheet items as of September 30, 2018 June 30, 2018 Cash and cash equivalent 782, ,819 Total Assets 6,924,590 2,221,741 Interest-bearing debt ,583 Total Liabilities 3,043,423 1,352,221 Ending Capital 1,770, ,000 Total Equity Attributable to Owner of the Parent 3,881, ,520 Non-controlling interest (43) 0 Total Equity 3,881, ,520 Net debt (781,896) (74,236) 34

42 Explain the content and conclusion of the appraisal report if the purchase price of the Tender Offer refers to an appraisal agency: BPS Income period October 1, 2017 ~ September 30, 2018 July 1, 2017 ~ June 30, 2018 Operating Revenue 4,033,596 1,144,472 Operating Gross Profit 1,238, ,495 Net Operating Income 716, ,325 Pre-tax Net Income 722, ,541 Net Income 610, ,863 Comprehensive Income (Loss) Net Income Attributable to Owners of the Parent 625, , , ,863 Basic EPS (NT$) Return On Equity 15.88% 20.60% Depreciation Expense 42,025 16,577 Amortization Expense 4,849 2,713 EBITDA 763, ,615 P/E ratio Source of Data: Taipei Exchange; GFC's 2018Q3 CPA-Reviewed Consolidated Financial Statements and 2017 CPA-Audited Consolidated Financial Statements; Hong Wei's 2018Q2 CPA-Reviewed Consolidated Financial Statements and 2017 CPA-Audited Consolidated Financial Statements. Note: Net debt is calculated as interest-bearing debt minus cash and cash equivalents. EBITDA is calculated as the sum of Net Operating Income and Depreciation and Amortization. P/E ratio is calculated as the closing price/average price as of September 28, 2018 and June 29, 2018 divided by each period's basic EPS. Not applicable 35

43 Explain the assessment of soundness of the Target Company or existing company after merger if the financing reimbursement Not applicable plan of the Offeror is guaranteed by the assets or shareholdings of the Target Company or existing company after merger: X. Matters of special note A. Legal Opinion (please see Attachment 3) B. Evidence of the compliance with Paragraph 3 of Article 9 of Regulations Governing Public Tender Offers for Securities of Public Companies (please see Attachment 4) C. Evaluation report or opinion issued by other experts: The fairness opinion to the Tender Offer purchase price issued by an independent expert (please see Attachment 2). Relevant experts issuing above opinion, evidence or evaluation report shall sign or chop for the sections in this Tender Offer Prospectus they are responsible for according to Article 13-1 of Regulations Governing Information to be Published in Public Tender Offer Prospectuses (as presented in Attachments 2, 3 and 4). XI. Other Material Information and Relevant Explanations: The explanation regarding whether the Tender Offer in common shares in the Target Company is for the purpose of merger and therefore should be reported pursuant to Paragraph 14, Article 27 of the Business Mergers and Acquisitions Act ("BMA"), is set forth below: A. Pursuant to Paragraph 14, Article 27 of the BMA, "For the purpose of the merger/consolidation and acquisition to acquire the shares of the company whose shares have been publicly issued, in case more than ten percent of the total shares that the company had issued are acquired, the acquirers shall report to the competent securities authority the purpose of the merger/consolidation and acquisition and other particulars required for reporting by the competent securities 36

44 authority within ten days of the acquisition of the shares; if the particulars required for reporting changed, the reporting shall be updated immediately." B. The Offeror and its affiliates hold 47,725,739 common shares of the Target Company in aggregate as of January 16, The Offeror intends to acquire 360,964,461 shares in total (all of the issued and outstanding shares of the Target Company, which does not include 47,725,739 common shares of the Target Company held by the Offeror and its affiliates, and 2,129,800 shares of treasury shares) in the Tender Offer. After the closing of the Tender Offer, the Offeror intends to report with the FSC the purpose of the merger/consolidation and acquisition and other particulars required for reporting pursuant to Paragraph 14, Article 27 of the BMA and Letter No. Jin-Guan-Zhen-Jiao-Zi issued by the FSC (November 10, 2015). In the event that the particulars required for reporting changed, the reporting shall be updated immediately. 37

45 Attachment 1: The Offeror's Directors' Consent to the Tender Offer

46 Attachment 2: The Fairness Opinion to the Tender Offer Purchase Price

47 (English translation is for internal reference only) Fairness Opinion on the Purchase Price of the Public Tender Offer by the Hitachi Group for the Acquisition of Yungtay Engineering Co., Ltd. Valuation Date: January 11, 2019 Issuance Date: January 15, 2019 Independent Expert: Dennis Yu, CPA Address: 9F, No , Tun Hua N. Road, Taipei City Tel: