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ー The Kao Way and Our Promise ー
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Analyst Coverage

Firm	Analyst
Citigroup Global Markets Japan Inc.	Nobuyoshi Miura
CLSA Securities Japan Co., Ltd.	Jun Kato
Daiwa Securities Co. Ltd.	Katsuro Hirozumi
Goldman Sachs Japan Co., Ltd.	Keiko Yamaguchi
Jefferies (Japan) Ltd.	Mitsuko Miyasako
JPMorgan Securities Japan Co., Ltd.	Akiko Kuwahara
Macquarie Capital Securities (Japan) Limited	Shentao Tang
Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.	Wakako Sato
Mizuho Securities Co., Ltd.	Hiroshi Saji
Morgan Stanley MUFG Securities Co., Ltd.	Haruka Miyake
Morningstar Inc.	Jeanie Chen
Nomura Securities Co., Ltd.	Kosuke Narikiyo
Okasan Securities Co., Ltd.	Yuji Ohana
SMBC Nikko Securities Inc.	Yu Sato
UBS Securities Japan Co., Ltd.	Hisae Kawamoto

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 Jan. 17, 2022.