Analyst Coverage

Firm Analyst
Barclays Capital Japan Limited Mitsuko Miyasako
Citigroup Global Markets Japan Inc. Nobuyoshi Miura
Credit Agricole Securities Asia B.V. Jeanie Chen
Daiwa Securities Co. Ltd. Katsuro Hirozumi
Deutsche Securities Inc. Masashi Mori
Financial & Economic Research Center
- Nomura Securities Co., Ltd.
Keiko Yamaguchi
JPMorgan Securities Japan Co., Ltd. Ritsuko Tsunoda
Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. Hisae Kawamoto
Mizuho Investors Securities Co., Ltd. Hiroyuki Suzuki
Mizuho Securities Co., Ltd. Wakako Sato
Morgan Stanley MUFG Securities Co., Ltd. Taizo Demura
Okasan Securities Co., Ltd. Rika Matsumura

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 May 21, 2012.