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1 2018/2019 Research Staff Directory

2 Greetings from Daiwa Securities October 2018 I would like to convey our sincere gratitude for your support of Daiwa research has seen the stock market caught in a protracted tug of war largely stemming from the murky outlook over trade tensions between the US and China. However, even amid this uncertainty, I believe Japanese shares are becoming an attractive investment option in view of their compelling valuations and strong expectations for corporate earnings overshoots. Assuming that this autumn witnesses stabilizing political events in Japan and the US, along with progress toward resolving US-China trade frictions, the outlook for the stock market should brighten heading towards the end of the year. In the ensuing bull run, I believe Japanese shares will set the pace for the global stock market. Daiwa Securities has developed a reputation over the years for data-intensive analysis that reflects a firm commitment to in-depth research. With the implementation of MiFID II, equity research professionals will be called upon to leverage their abilities to provide high-quality services that offer fresh perspectives. As such, we will continue working to deliver valuable insights that enhance active returns in our clients portfolios by adding our own unique and compelling viewpoints. I sincerely hope you will continue to take advantage of our research going forward. Executive Managing Director Global Head of Equity & Research Daiwa Securities 1

3 2

4 1. Auto Parts/ 1. Auto Parts/ 3

5 2. Autos/ 3. Banks/ 4

6 3. Banks/ 3. Banks/ 5

7 4. Beverages, Food & Tobacco/ 5. Biotechnology & Pharmaceuticals/ 6

8 6. Broadcasting/ 7. Chemicals/ 7

9 8. Construction/ 9.Cosmetics & Personal Care/ 8

10 10. Electronics/Components/ 10. Electronics/Components/ 9

11 11. Electronics/Consumer/ 12. Electronics/Industrial/ 10

12 13. Electronics/Precision Instruments/ 14. Energy & Utilities/ 11

13 15. Gaming & Internet/ 15. Gaming & Internet/ 12

14 15. Gaming & Internet/ 16. Housing & Real Estate/ 13

15 16. Housing & Real Estate/ 16. Housing & Real Estate/ 14

16 17. Insurance & Other Nonbank Financials/ 17. Insurance & Other Nonbank Financials/ 15

17 18. Machinery/ 18. Machinery/ 16

18 19.Medical Technologies & Services/ 19.Medical Technologies & Services/ 17

19 20. Metals/ 20. Metals/ 18

20 21. OTC & Small Companies/ 21. OTC & Small Companies/ 19

21 21. OTC & Small Companies/ 21. OTC & Small Companies/ 20

22 22. Plant Engineering & Shipbuilding/ 23. REITs/ 21

23 24. Retailing/ 24. Retailing/ 22

24 24. Retailing/ 25. Software/ 23

25 26. Technical Materials/ 27. Telecommunications/ 24

26 28. Trading Companies/ 29. Transportation/ 25

27 29. Transportation/ 30. Economics/ 26

28 30. Economics/ 31. Equity Strategy/ 27

29 31. Equity Strategy/ 31. Equity Strategy/ 28

30 31. Equity Strategy/ 31. Equity Strategy/ 29

31 31. Equity Strategy/ 31. Equity Strategy/ 30

32 32. Quantitative Research/ 32. Quantitative Research/ 31

33 32. Quantitative Research/ 32. Quantitative Research/ 32

34 33

35 No shiro.sakamaki@daiwa.co.jp junji.okawa@daiwa.co.jp eiji.hakomori@daiwa.co.jp akira.takai@daiwa.co.jp masayoshi.yonezawa@daiwa.co.jp kosuke.sano@daiwa.co.jp makoto.morita2@daiwa.co.jp kazuaki.hashiguchi@daiwa.co.jp taro.ishihara@daiwa.co.jp hidemitsu.umebayashi@daiwa.co.jp hideaki.teraoka@daiwa.co.jp katsuro.hirozumi@daiwa.co.jp takumi.sado@daiwa.co.jp kenichi.yagihara@daiwa.co.jp satoshi.sakae@daiwa.co.jp kazuya.nishimura@daiwa.co.jp toru.sugiura@daiwa.co.jp syusaku.nishikawa@daiwa.co.jp takao.suzuki@daiwa.co.jp taro.ishihara@daiwa.co.jp satoru.sekine@daiwa.co.jp mamoru.masumiya@daiwa.co.jp hideaki.teraoka@daiwa.co.jp jiro.kojima@daiwa.co.jp kazuki.watanabe@daiwa.co.jp kosuke.sano@daiwa.co.jp hirosuke.tai@daiwa.co.jp ayaka.inomata@daiwa.co.jp tomoko.yoshihara@daiwa.co.jp satoru.sekine@daiwa.co.jp shinichiro.ozaki@daiwa.co.jp emiri.shigeoka@daiwa.co.jp jiro.kojima@daiwa.co.jp yusuke.miura@daiwa.co.jp chiyo.takatori@daiwa.co.jp satoru.sekine@daiwa.co.jp hirosuke.tai@daiwa.co.jp koh.omura@daiwa.co.jp kazunori.tsuda@daiwa.co.jp jun.kawahara@daiwa.co.jp chiyo.takatori@daiwa.co.jp makoto.ueno@daiwa.co.jp noritsugu.hirakawa@daiwa.co.jp yoshio.ando@daiwa.co.jp sa.abe@daiwa.co.jp hajime.hitotsuyanagi@daiwa.co.jp mitsuhiro.shibata@daiwa.co.jp shunsuke.kobayashi@dir.co.jp tomochika.kitaoka@daiwa.co.jp tomochika.kitaoka@daiwa.co.jp eiji.kinouchi@daiwa.co.jp naoki.ieiri@daiwa.co.jp kazu.takahashi@daiwa.co.jp shuichi.osawa@daiwa.co.jp hideyuki.ishiguro@daiwa.co.jp tsuyoshi.nomaguchi@daiwa.co.jp masahiro.suzuki@daiwa.co.jp junichi.hashimoto@daiwa.co.jp hiroyuki.meno@daiwa.co.jp eiji.kinouchi@daiwa.co.jp

36 Contact Information No Coverage Sector Name TEL Page Auto Parts Autos Banks Beverages, Food & Tobacco Biotechnology & Pharmaceuticals Broadcasting Chemicals Construction Cosmetics & Personal Care Electronics/Components Electronics/Consumer Electronics/Industrial Electronics/Precision Instruments Energy & Utilities Gaming & Internet Housing & Real Estate Insurance & Other Nonbank Financials Machinery Medical Technologies & Services Metals OTC & Small Companies Plant Engineering & Shipbuilding REITs Retailing Software Technical Materials Telecommunications Trading Companies Transportation Economics Equity Strategy Quantitative Research SAKAMAKI, Shiro OKAWA, Junji HAKOMORI, Eiji TAKAI, Akira YONEZAWA, Masayoshi SANO, Kosuke MORITA, Makoto HASHIGUCHI, Kazuaki ISHIHARA, Taro UMEBAYASHI, Hidemitsu TERAOKA, Hideaki HIROZUMI, Katsuro SADO, Takumi YAGIHARA, Kenichi SAKAE, Satoshi NISHIMURA, Kazuya SUGIURA, Toru NISHIKAWA, Syusaku SUZUKI, Takao ISHIHARA, Taro SEKINE, Satoru MASUMIYA, Mamoru TERAOKA, Hideaki KOJIMA, Jiro WATANABE, Kazuki SANO, Kosuke TAI, Hirosuke INOMATA, Ayaka YOSHIHARA, Tomoko SEKINE, Satoru OZAKI, Shinichiro SHIGEOKA, Emiri KOJIMA, Jiro MIURA, Yusuke TAKATORI, Chiyo SEKINE, Satoru TAI, Hirosuke OMURA, Kohei TSUDA, Kazunori KAWAHARA, Jun TAKATORI, Chiyo UENO, Makoto HIRAKAWA, Noritsugu ANDO, Yoshio ABE, Satoshi HITOTSUYANAGI, Hajime SHIBATA, Mitsuhiro KOBAYASHI, Shunsuke KITAOKA, Tomochika KITAOKA, Tomochika KINOUCHI, Eiji IEIRI, Naoki TAKAHASHI, Kazuhiro OSAWA, Shuichi ISHIGURO, Hideyuki NOMAGUCHI, Tsuyoshi SUZUKI, Masahiro HASHIMOTO, Junichi MENO, Hiroyuki KINOUCHI, Eiji shiro.sakamaki@daiwa.co.jp junji.okawa@daiwa.co.jp eiji.hakomori@daiwa.co.jp akira.takai@daiwa.co.jp masayoshi.yonezawa@daiwa.co.jp kosuke.sano@daiwa.co.jp makoto.morita2@daiwa.co.jp kazuaki.hashiguchi@daiwa.co.jp taro.ishihara@daiwa.co.jp hidemitsu.umebayashi@daiwa.co.jp hideaki.teraoka@daiwa.co.jp katsuro.hirozumi@daiwa.co.jp takumi.sado@daiwa.co.jp kenichi.yagihara@daiwa.co.jp satoshi.sakae@daiwa.co.jp kazuya.nishimura@daiwa.co.jp toru.sugiura@daiwa.co.jp syusaku.nishikawa@daiwa.co.jp takao.suzuki@daiwa.co.jp taro.ishihara@daiwa.co.jp satoru.sekine@daiwa.co.jp mamoru.masumiya@daiwa.co.jp hideaki.teraoka@daiwa.co.jp jiro.kojima@daiwa.co.jp kazuki.watanabe@daiwa.co.jp kosuke.sano@daiwa.co.jp hirosuke.tai@daiwa.co.jp ayaka.inomata@daiwa.co.jp tomoko.yoshihara@daiwa.co.jp satoru.sekine@daiwa.co.jp shinichiro.ozaki@daiwa.co.jp emiri.shigeoka@daiwa.co.jp jiro.kojima@daiwa.co.jp yusuke.miura@daiwa.co.jp chiyo.takatori@daiwa.co.jp satoru.sekine@daiwa.co.jp hirosuke.tai@daiwa.co.jp koh.omura@daiwa.co.jp kazunori.tsuda@daiwa.co.jp jun.kawahara@daiwa.co.jp chiyo.takatori@daiwa.co.jp makoto.ueno@daiwa.co.jp noritsugu.hirakawa@daiwa.co.jp yoshio.ando@daiwa.co.jp sa.abe@daiwa.co.jp hajime.hitotsuyanagi@daiwa.co.jp mitsuhiro.shibata@daiwa.co.jp shunsuke.kobayashi@dir.co.jp tomochika.kitaoka@daiwa.co.jp tomochika.kitaoka@daiwa.co.jp eiji.kinouchi@daiwa.co.jp naoki.ieiri@daiwa.co.jp kazu.takahashi@daiwa.co.jp shuichi.osawa@daiwa.co.jp hideyuki.ishiguro@daiwa.co.jp tsuyoshi.nomaguchi@daiwa.co.jp masahiro.suzuki@daiwa.co.jp junichi.hashimoto@daiwa.co.jp hiroyuki.meno@daiwa.co.jp eiji.kinouchi@daiwa.co.jp Oct.2018 Oct.2018

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