Hibiki Path Advisors sent a letter to Nishimoto Co., Ltd.(“Nishimoto”) on February 18, asking Nishimoto to consider two proposals, 1) disclose earnings forecast with the analysis of the factors consisting of the increase/decrease in profits as well as the key points of Nishimoto’s thinking behind the earnings forecast, and 2) improve IR overall to gain more attention from the market. We believe that both proposals will have the effect of leading an appropriate valuation of Nishimoto. Please see the attached letter for more details.

Letter to Nishimoto Co., Ltd.
Investee Introduction (only in Japanese)：Nishimoto（9260）