NIPNF NEC Corporation (PK)

adverse economic conditions in Japan or internationally;

foreign currency exchange and interest rate risks;

changes in the markets in which the NEC Group operates;

the recent outbreak of the novel coronavirus;

potential inability to achieve the goals in the NEC Group’s medium-term management plan;

fluctuations in the NEC Group’s revenue and profitability from period to period;

difficulty achieving the benefits expected from acquisitions, business combinations and reorganizations;

potential deterioration in the NEC Group’s relationships with strategic partners or problems relating to their products or services;

difficulty achieving the NEC Group’s growth strategies outside Japan;

potential inability to keep pace with rapid technological advancements in the NEC Group’s industry and to commercialize new technologies;

intense competition in the markets in which the NEC Group operates;

risks relating to the NEC Group’s concentrated customer base;

difficulties with respect to new businesses;

potential failures in the products and services the NEC Group provides;

potential failure to procure components, equipment or other supplies;

difficulties protecting the NEC Group’s intellectual property rights;

potential inability to obtain certain intellectual property licenses;

the NEC Group’s customers may encounter financial difficulties;

difficulty attracting, hiring and retaining skilled personnel;

difficulty obtaining additional financing to meet the NEC Group’s funding needs;

potential failure of internal controls;

potentially costly and time-consuming legal proceedings;

risks related to regulatory change and uncertainty;

risks related to environmental laws and regulations;

information security and data protection concerns and restrictions;

potential changes in effective tax rates or deferred tax assets, or adverse tax examinations;

risks related to corporate governance and social responsibility requirements;

risks related to natural disasters, public health issues, armed hostilities and terrorism;

risks related to the NEC Group’s pension assets and defined benefit obligations; and

risks related to impairment losses with regard to goodwill.