Analyst Coverage

The following is a list of the analysts covering Tokuyama Corporation.

as of January 2018
Company Name
Jefferies Japan Limited Mr. Yoshihiro Azuma
Macquarie Capital Securities (Japan) Limited Mr. Yasuhiro Nakada
Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. Mr. Hiroaki Kawai
SBI SECURITIES Co.,Ltd Mr. Masami Sawato
Tokai Tokyo Research Institute Co., Ltd. Mr. Shuuichi Nakahara

Notes:
Analysts are listed in corporate alphabetical order.
The list above is prepared based on the information available to the Company at the time of publication. Please note that there may be analysts who are not included in the list, and the entirety of the information may not necessarily be the latest one.
The list is prepared for the sole purpose of providing the Company's information, such as introduction of companies which analyze or forecast the Company's performance, or analysts at research institutes, to the Company's investors, and is not intended for soliciting orders or trading for the Company's shares. Also, the Company neither supports any forecasts, opinions or recommendations by these analysts, nor guarantees any consistency of the information. Irrespective of whether included in the list or not, analysts may regularly or irregularly analyze the Company's performance, business, technologies or services, or forecast the Company's performance based on their independent judgment. Please note that the Company is never involved in any process concerning the preparation of these forecasts. Investors are hereby requested to make their final investment decision based on their own judgment and responsibilities.

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