Judgment regarding NTN Group

Release Time：14 Nov,2023

<p style="text-align: center;"><img src="/ueditor/php/upload/image/20231114/1699927282346319.png" title="1699927282346319.png" alt="3.png"/></p><p style="text-align: justify;"><span style="font-family: arial, helvetica, sans-serif; font-size: 12px;">Please be advised that on November 10, 2023(CET), the French Tribunal de Commerce de Lyon (hereafter, “Lyon Tribunal”) has issued a judgment against NTN Corporation and its two consolidated subsidiaries in Europe (hereafter, “NTN Group”) in a lawsuit filed by Renault S.A. and its group companies, which are 15 in total (hereafter, “Renault”). The details are as follows:</span></p><p style="text-align: justify;"><span style="font-family: arial, helvetica, sans-serif; font-size: 12px;">1. Background</span></p><p style="text-align: justify;"><span style="font-family: arial, helvetica, sans-serif; font-size: 12px;">This lawsuit was filed by Renault alleging that they suffered damages as a customer of NTN Group in connection with the infringement of the European competition laws, which was subject of the decision adopted by the European Commission dated March 19, 2014. The lawsuit was filed against NTN Group by Renault on March 15, 2019, seeking compensation of 66.7 million euros (provisional amount) for damages. In December 2020, Renault changed the amount claimed for damages to 32.5 million euros (provisional amount). In April 2022, Renault changed the amount claimed for damages to 58.3 million euros.</span></p><p style="text-align: justify;"><span style="font-family: arial, helvetica, sans-serif; font-size: 12px;">2. Outcome of the judgment</span></p><p style="text-align: justify;"><span style="font-family: arial, helvetica, sans-serif; font-size: 12px;">On November 10, 2023(CET), the Lyon Tribunal&#39;s judgment rejected Renault&#39;s claim that it had suffered damages in its commercial relationships with NTN Group in connection with the infringement of the European competition laws by NTN Group and dismissed the lawsuit.</span></p><p style="text-align: justify;"><span style="font-family: arial, helvetica, sans-serif; font-size: 12px;">NTN Corporation and its subsidiaries will continue promoting business activities through fair and faithful competition by globally strengthening a system for thorough compliance with laws and regulations, social norms, ethics, and in-house rules, etc.</span></p><p><br/></p>