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Analyst Coverage

Last updated:October 24, 2017

(in alphabetical order of the company)

Citigroup Global Markets Japan Inc. Takashi Hashimoto
Goldman Sachs Japan Co., Ltd. Sachiko Okada
Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. Toshiyuki Anegawa
Mizuho Securities Co., Ltd. Yoshihiro Hashimoto
Nomura Securities Co., Ltd. Daisuke Fukushima
Okasan Securities Co., Ltd. Tomotaka Oshio
SMBC Nikko Securities INC. Junichi Tazawa
UBS Securities Japan Ltd. Toshihiko Okino

The above list is provided only for the purposes of informing investors of the names of analysts and related brokerage firms which provide analyses and forecasts of the company's business performance. This list is not intended to induce or recommend the purchase or sale of the company's shares.
The company does not endorse or support the opinions, forecasts or predictions of the analysts listed here, nor does the company guarantee the accuracy.

This list may not be complete and is subject to change as firms add or delete coverage of NTT Urban Development.
Furthermore, it is possible that not all of the information provided by these analysts is current and there may be inconsistencies.

Analysts are independent of NTT Urban Development. Analysts exercise their own judgment in their analysis of the company's finances, performance results, business activities and technologies, the operating environment and economic trends, and independently forecast the company's results. Neither the company nor its management is involved in these processes in any way.
NTT Urban Development does not distribute copies of analysts' reports and any reliance by investors on these reports is at their own risk.