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Analyst Coverage

Firm Analyst
Citigroup Global Markets Japan Inc. Nobuyoshi Miura
CLSA Securities Japan Co., Ltd. Oliver Matthew
Daiwa Securities Co. Ltd. Katsuro Hirozumi
Goldman Sachs Japan Co., Ltd. Keiko Yamaguchi
Jefferies (Japan) Ltd. Mitsuko Miyasako
JPMorgan Securities Japan Co., Ltd. Ritsuko Tsunoda
Merrill Lynch Japan Securities Co., Ltd. Akiko Kuwahara
Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. Bolor Enkhbaatar
Mizuho Securities Co., Ltd. Wakako Sato
Morgan Stanley MUFG Securities Co., Ltd. Haruka Miyake
Morningstar Inc. Shanshan Wei
Nomura Securities Co., Ltd. Takaomi Kono
Okasan Securities Co., Ltd. Yuji Ohana
SMBC Nikko Securities Inc. Yu Sato
Tokai Tokyo Research Institute Co.,Ltd. Shuichi Nakahara

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 Aug. 9, 2018.

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