Analyst Coverage

List of securities analysts who make recommendations and reports concerning Tadano Ltd. business performance.

(Current as of January 1, 2017)

Securities Company	Analyst Name
CLSA Securities Japan Co., Ltd.	Edward Bourlet
JP Morgan Securities Japan Co., Ltd.	Tomohiko Sano
Macquarie Capital Securities(Japan) Limited	Kunio Sakaida
Mizuho Securities Co., Ltd.	Manabu Hoshi
Morgan Stanley MUFG Securities Co., Ltd.	Yoshinao Ibara

Cautionary Statement

The list above presents the names of analysts confirmed to be engaged in publishing reports about Tadano Ltd. (hereinafter Tadano), and it is prepared based on the information available to Tadano at the time of publication. Please note that there may be analysts who are not included in the list, and the entirety of the information may not necessarily be completely up to date.

The above list is provided only for the purpose of informing investors of the names of analysts and related brokerage firms that provide analyses of and forecasts for Tadano's business performance and is not intended as a solicitation for investments.

The analysts listed above, as well as analysts not listed herein, analyze Tadano's performance, businesses, products and technologies and make forecasts on both a regular and an irregular basis. Please note that neither Tadano nor its management is involved in any of the processes related to these analyses. We encourage all investors to use their best judgment when considering investment decisions.