Analyst Coverage

Firm Analyst
Citigroup Global Markets Japan Inc. Nobuyoshi Miura
CLSA Securities Japan Co., Ltd. Oliver Matthew
Credit Suisse Securities (Japan) Limited Masashi Mori
Daiwa Securities Co. Ltd. Katsuro Hirozumi
Goldman Sachs Japan Co., Ltd. Keiko Yamaguchi
JPMorgan Securities Japan Co., Ltd. Ritsuko Tsunoda
Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. Hisae Kawamoto
Mizuho Securities Co., Ltd. Wakako Sato
Morgan Stanley MUFG Securities Co., Ltd. Taizo Demura
Nomura Securities Co., Ltd. Satoshi Fujiwara
SMBC Nikko Securities Inc. Yoshiyasu Okihira

In alphabetical order
The analysts listed above have authored reports on Kao Corporation ("Kao") during the past one year period and appear on the analyst reports reference system in use by Kao and that covers Kao as of April 1, 2016.