Kemet (KEM) 8-K Completion of Acquisition or Disposition of Assets

Exhibit 99.20

Exhibit D
List of Subsidiaries

EXHIBIT “D”

LIST OF THE SUBSIDIARIES

Name of this Subsidiary	Subscribed and paid up corporate capital	Percentages of corporate capital held by the Company		Corporate capital held by Arcotronics	Any other third person holding percentages of corporate capital
Arcotronics Holding UK Ltd (UK)	GBP 4,480,000	100	%	GBP 4,480,000	None
Arcotronics Ltd (UK)	GBP 3,029,000	100	%	GBP 3,029,000	None
Arcotronics France s.a.r.l. (France)	710,000 Euro	100	%	710,000 Euro	None
Arcotronics Industries S.p.A. (Italy)	1,980,000 Euro	100	%	1,980,000 Euro	None
Arcotronics Bauelemente GmbH (Germany)	Euro 997,019	100	%	Euro 997,019	None
Shanghai Arcotronics C&M Ltd. (China)	US $ 4,000,000.00 (US $1,920,000 in cash + US$ 2,080,000 in equipment)	90	%	90%	·   Dura Tech LLC (Delaware USA) with a 5% quota ·   Hsu Yee Man Yvonne (Hong Kong) with a 5% quota
Arcotronics Fuel Cells S.r.l. (Italy)	495,000 Euro	80	%	396,000 Euro	·   D’Anzi with a quota of Euro 48,000 (9,7%) ·   Zamboni with a quota of Euro 36,000 (7,2%) ·   Caramelli with a quota of Euro 5,000 (1,01%) ·   Marti with a quota of Euro 5,000 (1,01%) ·   Salviato with a quota of Euro 5,000 (1,01%)

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Arcotronics America Inc. (USA)	US$ 670,000	100	%	US$ 670,000	None
Arcotronics Inc. (USA)	US$ 100,000	100	%	US$ 100,000	None
Arcotronics Technologies S.r.l. (Italy)	600,000 Euro	100	%	600,000 Euro	None
Arcotronics Hightech S.r.l. (Italy)	500,000 Euro	100	%	500,000 Euro	None
Arcotronics Bulgaria AD (Bulgaria)	1,612,000 Lev	100	%	1,612,000 Lev	None

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