Bradken : HCM Offer - Compulsory acquisition commenced

To From	ASX Market Announcements, Melbourne Alberto Colla	Telephone	[phone]
Bart Oude-Vrielink	Telephone Our Ref	[phone] AXC 1140705

Date 31 March 2017 Number of pages (including this one): 6 Subject Takeover bid for Bradken Limited - HCM commences compulsory acquisition process

Dear Sir/Madam,

We act for Hitachi Construction Machinery Co., Ltd. (HCM).

We enclose an announcement from HCM confirming that it has commenced the compulsory acquisition process of Bradken ordinary shares.

Yours faithfully

Alberto Colla Partner Bart Oude-Vrielink Partner

Level 23 Rialto Towers 525 Collins Street Melbourne VIC 3000 Australia DX 204 Melbourne

If you do not receive all pages please telephone [phone] IMPORTANT - The contents of this facsimile may be privileged and confidential. Any unauthorised use of the contents is expressly prohibited. If you have received the document in error, please advise us by telephone (reverse charges) immediately and then shred the document. Thank you.

ME_137329719_1

PRESS RELEASE

For immediate release

ASX ANNOUNCEMENT

HITACHI CONSTRUCTION MACHINERY CO., LTD. COMMENCES COMPULSORY ACQUISITION OF BRADKEN ORDINARY SHARES

(Friday, 31 March 2017) -Hitachi Construction Machinery Co., Ltd. (HCM) today announces that it is now proceeding with compulsory acquisition of all of the outstanding Bradken Shares in accordance with Part 6A.1 of the Corporations Act 2001 (Cth) (Act).

Attached is a copy of ASIC form 6021 (Compulsory Acquisition Notice) and the accompanying letter (Letter) to be sent to remaining holders of ordinary shares in Bradken in accordance with section 661(B)(1)(d) of the Act.

The Compulsory Acquisition Notice was lodged with the Australian Securities and Investments Commission today in accordance with section 661B(1)(b) of the Act.

HCM also confirms that today it has sent copies of the Compulsory Acquisition Notice and Letter to the remaining Bradken Shareholders.

Although the compulsory acquisition process has commenced, there is still time for Bradken Shareholders to accept the HCM Offer before the final closing date at 7.00pm (AEST) 7 April 2017.

Bradken Shareholders who have not yet accepted the HCM Offer are urged to do so without delay. Bradken Shareholders who do nothing will have their Bradken Shares compulsorily acquired. They will then have to wait potentially up to six weeks from today to receive the Offer consideration under the compulsory acquisition process. In contrast, Bradken Shareholders who accept the HCM Offer before the final closing date will be paid on or before the earlier of:

• one month after the receipt of their acceptance documentation; and
• 21 days after the final closing date.

How to ACCEPT the recommended HCM Offer

Acceptance Forms can be sent by post. HCM will also process signed Acceptance Forms sent by email or fax. However, where an Acceptance Form is sent by email or fax, the original Acceptance Form (including any documents required in order to validly process acceptances, such as certified copies of powers of attorney) must still be posted in accordance with the instructions on the Acceptance Form, and HCM will not be obliged to pay the consideration until it receives those documents.

Issuer Sponsored Holders (Securityholder Reference Number beginning with "I"):

To accept the HCM Offer, a validly completed Acceptance Form must be received at the postal address indicated on the form before the end of the Offer Period. Alternatively, Acceptance Forms sent by facsimile to [phone]or by email to [e-mail] will also be processed by HCM (subject to receipt before the end of the Offer Period of the emailed or faxed Acceptance Form and any original supporting documents required in order to validly process any such Acceptance Forms).

CHESS Holders (Holder Identification Number beginning with "X"):

If your Bradken shares are held in a broker sponsored holding, to accept the HCM Offer please contact your broker directly before the end of the Offer Period. Alternatively you can return your validly completed Acceptance Form to the postal address indicated on the form.

Acceptance Forms sent by facsimile to [phone]or by email to [e-mail] will also be processed by HCM (subject to receipt of original documents).

Validly completed Acceptance Forms need to be received at the relevant address, or processed by sponsoring brokers, by no later than 7.00pm AEST on 7 April 2017. Acceptance forms sent to any other address, facsimile or email address may not be accepted.

Information Line

Bradken shareholders who have any other questions about the recommended HCM Offer or want to request a new Acceptance Form may call the HCM Offer Information Line on 1300 648 150 (toll free within Australia) or [phone] (not toll free from outside Australia).

31 March 2017

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Dear Sir/Madam

Notice of compulsory acquisition of Bradken ordinary shares

As you would be aware, Hitachi Construction Machinery Co., Ltd. (HCM), made a takeover bid for all fully paid ordinary shares (Offer) in Bradken Limited (Bradken).

HCM has already acquired a relevant interest in more than 90% of Bradken ordinary

hares. Accordingly,

HCM is exercising its right to acquire the remaining Bradken ordinary shares under the compulsory acquisition provisions of the Corporations Act 2001 (Cth) (Act) on the same terms as under the Offer.

Accompanying this letter is an ASIC Form 6021 (Notice of compulsory acquisition following takeover bid). Under the compulsory acquisition process, you will receive $3.25 cash for every Bradken ordinary share you hold.

HCM will seek to compulsorily acquire your Bradken ordinary shares in accordance with the Act, in which case HCM will give to Bradken the consideration for your ordinary shares on completion of the compulsory

acquisition process.

Once Bradken has received the consideration from HCM, Bradken will send a letter to you

which will set out how you may claim the consideration from Bradken. is likely to take approximately six weeks.

Subject to the provisions of the Act, this

Although the compulsory acquisition process has commenced, there is still time for Bradken Shareholders to accept the HCM Offer before the final closing date at 7.00pm (AEST) 7 April 2017.

Bradken Shareholders who have not yet accepted the Offer are urged to do so without delay. Bradken Shareholders who do nothing will have their Bradken ordinary shares compulsorily acquired. They will then have to wait potentially up to six weeks from the commencement of the compulsory acquisition process to receive the Offer consideration under the compulsory acquisition process.

In contrast, Bradken Shareholders who accept the Offer before the final closing date will be paid on or before the earlier of:

• one month after the receipt of their accep ance documentation; and

• 21 days after the final closing date.

For further information on how you can accept the recommended Offer please refer to the ASX announcement made by HCM on 31 March 2017. Bradken shareholders who have any other questions about the recommended Offer or want to request a new Acceptance Form may cal the HCM Offer Information Line on 1300 648 150 (toll free within Australia) or [phone] (not toll free from outside Australia).

Yours faithfully

Signed for and on behalf of HCM by

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