Analyst Coverage

(In Alphabetical Order)

Company Name Name
BofA Securities Japan Co., Ltd. Futoshi Sasaki
Citigroup Global Markets Japan Inc. Koichi Niwa
JPMorgan Securities Japan Co., Ltd. Wataru Otsuka
Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. Natsumu Tsujino
Morgan Stanley MUFG Securities Co., Ltd. Mia Nagasaka
Nomura Securities Co., Ltd. Naruhiko Sakamaki
SMBC Nikko Securities Inc. Masao Muraki
Tokai Tokyo Research Center Co., Ltd. Tatsuo Majima

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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