Analyst Coverage

Firm Analyst
Barclays Securities Japan Limited Mitsuko Miyasako
BNP Paribas Securities (Japan) Limited Masashi Mori
Citigroup Global Markets Japan Inc. Nobuyoshi Miura
Credit Suisse Securities (Japan) Limited Satsuki Kawasaki
Daiwa Securities Co. Ltd. Katsuro Hirozumi
Goldman Sachs Japan Co., Ltd. Keiko Yamaguchi
JPMorgan Securities Japan Co., Ltd. Ritsuko Tsunoda
Merrill Lynch Japan Securities Co., Ltd. Masaaki Kitami
Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. Hisae Kawamoto
Mizuho Securities Co., Ltd. Wakako Sato
Morgan Stanley MUFG Securities Co., Ltd. Taizo Demura
SMBC Nikko Securities Inc. Miyako Kanamori

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 October 1, 2013.