This list is intended to provide information about analysts who have conducted analysis and forecasts on the business performance of Nabtesco, and information about the institutions to which these analysts belong. Hence, this list is not intended to solicit investors or recommend them to buy the stock of the company. The list does not indicate that our company supports forecasts, views and recommendations made by the listed analysts, or guarantees the consistency of such information.

Both analysts listed above and non-listed analysts analyze the business performance, operations, products and technologies of Nabtesco, or forecast its business results on a regular or irregular basis based on their own judgment. Neither our company, nor the company’s top management, has been involved in any way in the process of making such analyses or forecasts.

We request shareholders and investors to make final trading decisions on their own responsibility when they invest in our company.