(In alphabetical order of firm)

Company name Person in charge

Citigroup Global Markets Japan Inc.

Yuko Sakamaki

Mizuho Securities Co., Ltd. Naoya Miura
Morgan Stanley MUFG Securitise Co., Ltd. Shinichiro Muraoka
Nomura Securities Co., Ltd. Kyoichiro Shigemura
Tokai Tokyo Reserch Center Co., Ltd. Takashi Akahane
TIW, Inc. Seihei Morita

The information in this table is solely for informational purposes, and is not intended as a solicitation to make investments. Please note that any opinions, estimates or forecasts regarding Nichi-Iko’s historical or predicted performance made by the analysts at these firms are theirs alone and do not represent opinions, forecasts or predictions of Nichi-Iko or its management. Nichi-Iko does not by listing these firms imply its endorsement of or concurrence with such forecasts, opinions or recommendations.

Analysts examine Nichi-Iko's performance, businesses, products and technologies, and make forecasts based on their independent judgments. Please be aware that neither Nichi-Iko nor its management is in any way involved in this process.
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