Daiwa Securities Group Inc. / Analyst Coverage

(In Alphabetical Order)

Company Name	Name
Citigroup Global Markets Japan Inc.	Makoto Kasai
Credit Suisse Securities (Japan) Limited	Takehito Yamanaka
Goldman Sachs Japan Co., Ltd.	Katsunori Tanaka
Jefferies Japan Limited	Makarim Salman, Yuki Ogawa
JP Morgan Securities Japan Co., Ltd.	Natsumu Tsujino
Merrill Lynch Japan Securities Co., Ltd.	Mitsumasa Okamoto
Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.	Nozomu Kunishige
Morgan Stanley MUFG Securities Co., Ltd.	Hideyasu Ban
Nomura Securities Co., Ltd.	Yohei Ohama
SMBC Nikko Securities Inc.	Koichi Niwa

The Daiwa Securities Group is followed by the analysts listed above. Please note that any opinions, estimates or forecasts made by these analysts regarding The Daiwa Securities Group's performance are theirs alone and do not represent opinions, forecasts or predictions of The Daiwa Securities Group or its management. The Daiwa Securities Group does not by its reference above or distribution imply its endorsement of or concurrence with such information, conclusions or recommendations.

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