Updates on Open Offer

• Security Code: 517380
• Company: IGARASHI

This Announcement and corrigendum to DPS (“Pre-Offer Announcement and Corrigendum to DPS”) is being issued by Religare Capital Markets Limited (“Manager to the Offer”), on behalf of Igarashi Electric Works Limited, a company incorporated in Japan
(“IEWL”/“Acquirer”), together with MAPE Securities Private Limited (“MSPL”/“PAC 1"), Alpha FDI Holdings PTE. LTD (“Alpha”/“PAC 2"), Tata Capital Growth Fund I (“TCGF”/“PAC 3"), Igarashi Electric Works (H.K.) Limited (“IEWLHK”/“PAC 4") and Agile Electric Sub Assembly Private Limited (“Agile”/“PAC 5") (PAC 1, PAC 2, PAC 3, PAC 4 and PAC 5 collectively referred to as the “PACs”), in their capacity as persons acting in concert with the Acquirer, in respect of the open offer to acquire equity shares of Igarashi Motors India Limited (“Target Company”) in terms of Regulations 3, 4 and 5(1) of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011, and subsequent amendments thereto (the “SEBI SAST Regulations” and reference to a particular “Regulation” shall mean the particular regulation framed pursuant to the SEBI SAST Regulations) (“Open Offer”). This Pre-Offer Advertisement and Corrigendum to DPS should be read in continuation of and in conjunction with the public
announcement dated January 29, 2015 (“PA”), Detailed Public Statement published on August 06, 2015 (“DPS”) and the letter of offer dated December 16, 2015 (“LOF”). The terms used but not defined in this Pre-Offer Advertisement and Corrigendum to DPS shall have the same meaning assigned to them in the PA, DPS and LOF.