ANA 9202.T 9202 JP EQUITY: ,300 Buy 4 5 Buy QUICK 1, , PBR PER 20 RN Large Cap ,

ANA 9202.T 9202 JP EQUITY: 16.3 1,300 Buy 45 Buy45 7.6 16.3 QUICK 1,221 40 1,284 410 16.3 PBR 1.7 17.3 PER 20 RN Large Cap 16 16.3 46 64 1,284 46 61 64 8.0 1.5 13 6.716.3 12.2 12.3 0.4 4.8 25 20 1 8 15/3 16/3E 17/3E 18/3E () () 1,713.5 1,790.6 1,798.2 1,790.0 1,845.5 1,853.9 1,891.3 1,900.4 Global Markets Research 2015 6 25 400.0 Buy 410.0 2015 6 24 331.8 +23.6% Anchor themes Catalyst - NSC masaharu.hirokane@nomura.com +81 3 6703 1142 () 91.5 120.3 128.4 115.0 136.7 145.7 151.0 160.8 EPS 11.2 15.7 17.0 14.9 18.9 20.4 21.5 23.2 PER [] 29.5 21.2 19.5 N/A 17.6 16.2 15.4 14.3 EV/EBITDA [] 7.4 6.3 6.1 N/A 5.8 5.5 5.5 5.3 PBR [] 1.5 1.4 1.4 N/A 1.3 1.3 1.2 1.2 [%] 1.2 1.5 1.5 N/A 1.8 1.8 1.8 2.1 Appendix A-1

Nomura ANA 2015 6 25 ANA ThomsonReuters, Buy (%) 1M 3M 12M 0.9-2.2 37.1 Russell/Nomura Large Cap -0.8-8.0 4.1 () 331.8 () 1,166.7 52 () 229.6 52 () 344.8 () 3,516.4 ThomsonReuters, () 15/3 16/3E 17/3E 18/3E EPS 11.2 17.0 20.4 23.2 BPS/1 NAV 228.5 241.5 255.9 272.1 DPS 4.0 5.0 6.0 7.0 ROE (%) 5.1 7.2 8.2 8.8 () 15/3 16/3E 17/3E 18/3E 1,713.5 1,798.2 1,853.9 1,900.4 91.5 128.4 145.7 160.8 EBITDA 225.0 267.8 288.1 298.8 1.7 1.8 1.8 1.8 13.7 15.8 15.1 14.5 67.1 102.2 120.4 136.3 78.0 102.2 120.4 136.3 0.8 0.8 0.8 0.8 39.2 59.5 71.4 81.0 () 2.2 2.4 2.6 2.8 () 15/3 16/3E 17/3E 18/3E 693 713 712 713 144 152 156 160 63 67 69 70 1,610 1,612 1,637 1,666 2,302 2,325 2,349 2,379 182 191 197 202 820 788 756 724 1,499 1,476 1,450 1,423 804 849 900 956 798 844 894 951 () 15/3 16/3E 17/3E 18/3E 207 226 242 247 39 60 71 81 131 137 140 136 1-1 -1-1 -211-170 -195-195 -242-260 -215-220 -4 56 47 52-30 -46-53 -56-15 -32-32 -32-10 -14-21 -24-34 10-7 -5 2

Nomura ANA 2015 6 25 1: 15/3 16/3 Co's 15/3 16/3 H1 H2 H1E H2E Q1 Q2 Q3 Q4 Q1E / 102.2 117.4 120.0 120.0 102.0 102.4 115.7 119.1 121.0 % 3.3 15.4 17.4 2.2 3.0 3.6 15.2 15.6 18.6 119.4 79.8 85.0 85.0 121.0 117.5 90.4 69.2 76.0 % -0.2-35.3-28.8 6.5 4.0-4.9-25.6-43.7-37.2 854.8 858.6 386.8 468.0 442.4 416.2 401.0 % 7.2 11.1 8.0 6.5 6.8 16.2 3.7 % 742.2 742.4 335.2 407.0 382.1 360.3 346.5 % 6.6 6.2 7.3 6.0 6.1 6.4 3.4 345.8 337.6 351.0 340.2 148.3 197.5 177.4 160.2 150.5 % 0.4 2.0 1.5 0.8 0.7 0.3 2.0 2.0 1.5 21,676 21,527 21,871 21,549 9,971 11,705 11,205 10,322 9,971 % 1.4 1.1 0.9 0.1 2.9 0.2 0.1 2.2 0.0 / 17.9 17.5 17.8 17.5 16.9 18.8 17.8 17.2 16.9 % -1.3 0.0-0.7-0.0-2.7-0.2 0.9-0.9 0.0 19,294 19,288 19,718 19,443 8,789 10,505 9,971 9,318 8,921 % 1.8 2.0 2.2 0.8 3.5 0.5 1.1 2.9 1.5 30,647 29,566 29,850 29,181 14,839 15,808 14,991 14,575 14,468 % -1.6-1.1-2.6-1.3-0.5-2.6-1.9-0.3-2.5 L/F % (/ 63.0 65.2 66.1 66.6 59.2 66.5 66.5 63.9 61.7 235.7 232.6 245.4 242.4 109.2 126.5 118.4 114.2 117.9 % 19.9 17.0 4.1 4.2 22.0 18.2 17.3 16.6 8.0 3,591 3,617 3,915 3,921 1,690 1,901 1,770 1,847 1,910 % 13.3 14.2 9.0 8.4 17.7 9.6 11.5 16.9 13.0 / 13.1 13.2 12.5 12.2 12.9 13.2 13.4 13.0 12.9 % 0.4 3.1-4.4-7.6 0.3 0.6 3.7 2.5 0.0 18,026 17,614 19,630 19,868 8,472 9,554 8,804 8,810 9,150 % 19.5 13.5 8.9 12.8 21.7 17.6 13.2 13.7 8.0 24,718 24,769 26,276 28,385 12,274 12,444 12,501 12,269 12,519 % 22.5 16.4 6.3 14.6 25.2 20.0 16.5 16.4 2.0 L/F % (/ 72.9 71.1 74.7 70.0 69.0 76.8 70.4 71.8 73.1 80.1 86.9 39.1 41.0 45.9 41.0 37.5 % 17.1 12.6 16.7 17.5 14.8 10.3-4.1 80.6 85.3 38.6 42.0 40.4 44.9 40.5 % -7.6-7.2-8.3-7.0-10.9-3.5 5.0 108.9 114.8 53.6 55.3 61.6 53.2 56.3 % 17.1 18.9 17.3 16.9 25.2 12.4 5.0 89.0 80.0 36.7 52.3 41.6 38.4 36.7 % -1.9-3.3 1.0-3.8-2.6-4.0 0.0 76.9 82.7 37.6 39.3 41.6 41.1 41.3 % 12.9 14.4 12.1 13.6 16.1 12.8 10.0-162 -161-76 -86-84 -77-80 187.2 180.4 89.9 97.3 98.1 82.3 78.2 % 3.8-2.9 12.4 13.3 14.7-1.8-13.0 609.7 644.6 296.6 313.1 313.0 331.7 316.3 % 6.2 14.3 7.0 5.5 6.1 23.2 6.7 57.9 33.6 0.3 57.6 31.4 2.2 6.4 % 33.8 48.2-17.7 21.8 - - % 6.8 3.9 0.1 12.3 7.1 0.5 1.6 : 3

Nomura ANA 2015 6 25 2: 15/3 15/3 H1 H2 Q1 Q2 Q3 Q4 78.0 72.8 36.4 41.7 37.7 35.1 % 27.3 10.3 31.1 24.1 13.3 6.0 / 11.8 11.9 11.7 11.9 12.3 11.5 % 1.0 3.6 1.6 0.6 5.1 0.5 6,615 6,108 3,109 3,506 3,055 3,053 % 26.0 6.4 29.0 23.4 7.6 5.3 8,651 8,719 4,296 4,356 4,400 4,318 % 25.0 11.3 35.2 16.3 11.4 11.1 /% 76.5 70.1 72.4 80.5 69.4 70.7 % 0.8-4.4-4.6 6.1-3.4-5.2 50.7 43.9 22.6 28.1 23.7 20.2 % 23.4 21.9 19.1 27.1 26.3 17.2 / 14.1 13.2 14.0 14.3 13.4 12.9 % 2.3-0.3 5.1-0.3-0.1-1.5 3,587 3,327 1,618 1,969 1,761 1,566 % 20.7 22.2 13.4 27.4 26.5 17.8 5,043 5,003 2,516 2,526 2,550 2,453 % 29.5 38.7 26.4 32.7 40.6 36.7 /% 71.1 66.5 64.3 77.9 69.0 63.8 % -6.8-11.8-10.3-4.0-10.1-13.8 34.9 37.7 16.1 18.8 17.6 20.1 % 8.2 23.1 15.0 3.1 14.5 31.7 / 19.4 21.4 19.5 19.2 21.8 21.1 % -0.3 6.5-3.5 2.0 5.6 9.5 1,803 1,761 822 981 810 951 % 8.6 15.6 19.2 1.1 8.5 22.4 2,793 2,749 1,375 1,418 1,363 1,387 % 4.9 2.4 6.2 3.6-0.8 5.8 /% 64.5 64.1 59.8 69.1 59.4 68.6 % 3.6 12.8 12.2-2.4 9.3 15.7 62.7 69.8 30.2 32.4 34.8 35.0 % 17.3 20.3 20.3 14.7 17.9 22.1 / 12.2 12.5 12.0 12.3 12.7 12.4 % -0.8 1.5-2.8 1.1 2.6 0.4 5,155 5,572 2,525 2,631 2,738 2,834 % 18.2 18.5 23.7 13.4 15.0 22.1 7,242 7,356 3,609 3,634 3,700 3,656 % 26.8 18.9 26.9 26.8 19.3 18.5 /% 71.2 75.7 70.0 72.4 74.0 77.5 % -6.8-0.3-2.5-10.6-3.6 3.1 9.2 8.6 3.8 5.4 4.6 4.0 % 6.3 8.1 4.2 7.9 14.4 1.6 / 10.6 10.2 9.6 11.5 10.5 9.8 % 3.8 7.3 3.8 3.5 9.2 5.0 865 845 398 467 440 405 % 2.4 0.8 0.3 4.2 4.8-3.2 989 991 479 510 488 503 % -0.0 3.3-2.4 2.3-1.2 8.0 /% 87.5 85.3 83.2 91.6 90.3 80.5 % 2.4-2.4 2.7 1.9 6.1-10.4 : 4

Nomura ANA 2015 6 25 3: 16/3E 12/3 13/3 14/3 15/3 16/3E 17/3E 18/3E 19/3E 20/3E 21/3E Co's / 79.0 82.3 100.3 109.8 120.0 120.0 120.0 120.0 120.0 120.0 120.0 % -7.6 4.2 21.8 9.5 9.3 0.0 0.0 0.0 0.0 0.0 9.3 129.3 127.1 121.1 99.6 75.0 75.0 75.0 75.0 75.0 75.0 85.0 % 31.1-1.7-4.7-17.7-24.7 0.0 0.0 0.0 0.0 0.0-14.7 1,411.5 1,483.6 1,570.1 1,713.5 1,798.2 1,853.9 1,900.4 1,943.7 1,988.8 2,035.6 1,790.0 % 4.0 5.1 5.8 9.1 4.9 3.1 2.5 2.3 2.3 2.4 4.5 1,262.6 1,323.5 % 3.6 4.8 1,292.7 1,395.2 1,484.6 1,559.8 1,606.1 1,642.6 1,675.8 1,710.3 1,746.2 1,545.0 % 7.9 6.4 5.1 3.0 2.3 2.0 2.1 2.1 4.1 651.6 666.0 675.2 683.4 693.7 693.7 693.7 693.7 693.7 693.7 693.0 % -0.2 2.2 1.4 1.2 1.5 0.0 0.0 0.0 0.0 0.0 1.4 39,020 41,089 42,668 43,203 43,635 43,635 43,635 43,635 43,635 43,635 43,419 % -3.8 5.3 3.8 1.3 1.0 0.0 0.0 0.0 0.0 0.0 0.5 / 18.8 18.3 17.8 17.7 17.8 17.8 17.8 17.8 17.8 17.8 17.7 % 3.9-2.7-2.7-0.7 0.5 0.0 0.0 0.0 0.0 0.0-0.1 34,590 36,333 37,862 38,582 38,968 38,968 38,968 38,968 38,968 38,968 39,161 % -3.9 5.0 4.2 1.9 1.0 0.0 0.0 0.0 0.0 0.0 1.5 56,756 58,508 61,047 60,213 59,009 59,009 59,009 59,009 59,009 59,009 59,009 % -0.1 3.1 4.3-1.4-2.0 0.0 0.0 0.0 0.0 0.0-2.0 L/F % (/ 60.9 62.1 62.0 64.1 66.0 66.0 66.0 66.0 66.0 66.0 66.4 320.1 348.3 395.3 468.3 523.2 556.3 582.7 605.5 629.4 654.3 488.0 % 14.0 8.8 13.5 18.5 11.7 6.3 4.7 3.9 3.9 4.0 4.2 5,883 6,276 6,336 7,208 8,087 8,491 8,916 9,362 9,830 10,321 7,835 % 13.8 6.7 1.0 13.8 12.2 5.0 5.0 5.0 5.0 5.0 8.7 / 12.6 12.2 12.9 13.1 13.1 13.1 13.1 13.1 13.2 13.2 12.4 % 0.9-3.4 5.8 1.8-0.4 0.3 0.1 0.1 0.1 0.1-6.0 25,352 28,545 30,614 35,639 39,985 42,403 44,381 46,086 47,861 49,709 39,488 % 13.0 12.6 7.2 16.4 12.2 6.0 4.7 3.8 3.9 3.9 10.8 34,406 37,947 41,452 49,487 54,494 57,619 59,831 62,065 64,387 66,802 54,634 % 15.6 10.3 9.2 19.4 10.1 5.7 3.8 3.7 3.7 3.7 10.4 L/F % (/ 73.7 75.2 73.9 72.0 73.4 73.6 74.2 74.3 74.3 74.4 72.3 128.1 126.2 145.6 167.0 165.4 169.7 174.2 178.8 183.5 188.4 179.0 % 2.4-1.5 15.4 14.7-1.0 2.6 2.7 2.6 2.6 2.7 7.2 162.9 183.0 179.1 165.9 177.5 186.4 192.0 197.8 203.7 209.8 185.0 % 1.8 12.4-2.1-7.4 7.0 5.0 3.0 3.0 3.0 3.0 11.5 178.2 189.6 223.8 235.0 246.8 256.7 264.4 272.3 280.5 235.0 % 6.4 18.0 5.0 5.0 4.0 3.0 3.0 3.0 5.0 159.0 161.0 173.5 169.1 172.5 176.0 179.5 183.1 186.8 190.5 175.0 % -0.3 1.3 7.7-2.5 2.0 2.0 2.0 2.0 2.0 2.0 3.5 138.5 148.8 140.4 159.6 175.6 184.4 193.6 203.3 213.5 224.2 170.0 % -0.4 7.5-5.7 13.7 10.0 5.0 5.0 5.0 5.0 5.0 6.5-148.5-149.8-328.6-323.6-344.7-359.4-372.0-382.9-394.1-405.8-335.0 263.1 299.8 366.1 367.6 336.3 335.6 342.0 348.4 355.1 362.0 334.5 % 2.7 13.9 22.1 0.4-8.5-0.2 1.9 1.9 1.9 1.9-9.0 1,051.4 1,080.0 1,138.1 1,254.3 1,333.5 1,372.6 1,397.6 1,422.7 1,448.3 1,474.2 1,340.5 % 1.7 2.7 5.4 10.2 6.3 2.9 1.8 1.8 1.8 1.8 6.9 97.0 103.8 66.0 91.5 128.4 145.7 160.8 172.6 185.4 199.4 115.0 % 43.1 7.0-36.4 38.7 40.3 13.5 10.4 7.3 7.4 7.6 25.6 % 6.9 7.0 4.2 5.3 7.1 7.9 8.5 8.9 9.3 9.8 6.4 68.5 77.0 42.9 67.1 102.2 120.4 136.3 149.0 162.6 177.4 90.0 % 84.9 12.4-44.2 56.4 52.2 17.8 13.2 9.3 9.1 9.1 34.1 28.2 43.1 18.9 39.2 59.5 71.4 81.0 88.6 96.8 105.6 52.0 % 20.9 53.1-56.2 107.8 51.6 20.0 13.4 9.4 9.3 9.1 32.5 EPS 11.2 13.5 5.4 11.2 17.0 20.4 23.2 25.4 27.7 30.2 14.9 BPS 218.2 218.4 213.8 228.5 241.5 255.9 272.1 289.5 309.2 330.4 - DPS 4.0 4.0 3.0 4.0 5.0 6.0 7.0 8.0 8.0 9.0 5.0 EBITDA 216.3 227.7 202.2 222.9 265.7 286.0 296.7 309.5 323.3 338.3 252.0 196.9 162.8 167.9 241.7 260.0 215.0 220.0 220.0 220.0 220.0 262.0 119.3 123.9 136.2 131.3 137.3 140.3 135.9 136.9 137.9 138.9 137.0 EBITDA= : 5

Nomura ANA 2015 6 25 4: 16/3E 12/3 13/3 14/3 15/3 16/3E 17/3E 18/3E 19/3E 20/3E 21/3E Co's 86.4 99.6 127.3 150.8 170.4 178.9 187.9 193.5 199.3 205.3 150.1 % 12.4 15.3 27.8 18.5 13.0 5.0 5.0 3.0 3.0 3.0 17.9 / 11.4 10.9 11.6 11.9 11.9 11.9 11.9 11.9 11.9 11.9 11.6 % 1.8-3.7 5.9 2.3 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7,606 9,106 10,990 12,723 14,377 15,096 15,851 16,326 16,816 17,321 12,859 % 10.4 19.7 20.7 15.8 13.0 5.0 5.0 3.0 3.0 3.0 17.0 10,047 11,574 14,757 17,370 19,281 20,245 20,852 21,478 22,122 22,786 17,327 % 11.8 15.2 27.5 17.7 11.0 5.0 3.0 3.0 3.0 3.0 17.4 /% 75.7 78.7 74.5 73.2 74.6 74.6 76.0 76.0 76.0 76.0 74.2 % -1.2 3.9-5.3-1.6 1.8 0.0 1.9 0.0 0.0 0.0-0.4 62.1 73.5 77.1 94.6 93.7 98.3 101.3 104.3 107.5 110.7 93.4 % 6.4 18.4 4.9 22.7-1.0 5.0 3.0 3.0 3.1 3.0 21.2 / 11.8 12.4 13.5 13.7 13.5 13.5 13.5 13.5 13.5 13.5 13.6 % 2.3 4.6 9.4 1.1-1.0 0.0 0.0 0.0 0.0 0.0 0.6 5,248 5,937 5,694 6,914 6,914 7,260 7,478 7,702 7,933 8,171 6,863 % 4.0 13.1-4.1 21.4 0.0 5.0 3.0 3.0 3.0 3.0 20.5 7,053 7,931 7,503 10,046 10,046 10,548 10,865 11,191 11,526 11,872 10,106 % 7.7 12.4-5.4 33.9 0.0 5.0 3.0 3.0 3.0 3.0 34.7 /% 74.4 74.9 75.9 68.8 68.8 68.8 68.8 68.8 68.8 68.8 67.9 % -3.4 0.6 1.4-9.3 0.0 0.0 0.0 0.0 0.0 0.0-10.5 81.0 58.5 62.9 72.6 90.7 99.8 105.8 111.1 116.6 122.5 70.5 % 5.7-27.7 7.4 15.5 25.0 10.0 6.0 5.0 5.0 5.1 12.2 / 18.3 18.8 19.7 20.4 20.4 20.4 20.4 20.4 20.4 20.4 20.1 % -2.2 3.0 5.0 3.2 0.0 0.0 0.0 0.0 0.0 0.0 1.9 4,437 3,111 3,184 3,564 4,455 4,900 5,194 5,454 5,727 6,013 3,506 % 8.1-29.9 2.3 11.9 25.0 10.0 6.0 5.0 5.0 5.0 10.1 6,537 5,199 5,347 5,543 6,097 6,524 6,850 7,124 7,409 7,705 5,466 % 8.2-20.5 2.9 3.7 10.0 7.0 5.0 4.0 4.0 4.0 2.2 /% 67.9 59.8 59.5 64.3 73.1 75.1 75.8 76.6 77.3 78.0 64.1 % -0.1-11.8-0.5 8.0 13.6 2.8 1.0 1.0 1.0 1.0 7.7 74.6 100.0 111.5 132.5 145.5 155.7 163.4 171.6 180.2 189.2 129.8 % 29.0 34.0 11.5 18.9 9.8 7.0 5.0 5.0 5.0 5.0 16.4 / 11.6 11.6 12.3 12.4 12.1 12.1 12.1 12.1 12.1 12.1 12.3 % 1.1-0.2 6.5 0.4-2.0 0.0 0.0 0.0 0.0 0.0 0.3 6,439 8,649 9,062 10,727 12,015 12,856 13,499 14,173 14,882 15,626 10,516 % 27.6 34.3 4.8 18.4 12.0 7.0 5.0 5.0 5.0 5.0 16.0 8,808 11,232 11,897 14,599 16,497 17,651 18,534 19,461 20,434 21,455 14,645 % 33.9 27.5 5.9 22.7 13.0 7.0 5.0 5.0 5.0 5.0 23.1 /% 73.1 77.0 76.2 73.5 72.8 72.8 72.8 72.8 72.8 72.8 71.8 % -4.7 5.3-1.1-3.5-0.9 0.0 0.0 0.0 0.0 0.0-5.7 15.7 16.7 16.6 17.8 22.9 23.6 24.3 25.0 25.8 26.6 17.7 % 43.3 6.6-0.7 7.2 28.7 3.1 3.0 2.9 3.2 3.1 6.5 / 9.7 9.8 9.9 10.4 10.3 10.3 10.3 10.3 10.3 10.3 10.3 % 18.9 1.0 1.0 5.5-1.0 0.0 0.0 0.0 0.0 0.0 4.6 1,623 1,713 1,684 1,711 2,224 2,291 2,359 2,430 2,503 2,578 1,715 % 20.6 5.6-1.7 1.6 30.0 3.0 3.0 3.0 3.0 3.0 1.9 1,996 2,011 1,948 1,979 2,573 2,651 2,730 2,812 2,896 2,983 1,971 % 24.1 0.8-3.1 1.6 30.0 3.0 3.0 3.0 3.0 3.0 1.2 /% 81.3 85.2 86.4 86.4 86.4 86.4 86.4 86.4 86.4 86.4 87.0 % -2.9 4.7 1.5-0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.7 : 6

Nomura ANA 2015 6 25 5: 16/3E 12/3 13/3 14/3 15/3 16/3E 17/3E 18/3E 19/3E 20/3E 21/3E Co's 548.7 717.7 696.3 692.8 712.8 712.4 712.8 718.0 732.6 753.7 41.9 86.5 29.0 43.9 53.6 46.4 41.2 41.2 50.3 65.8 237.1 333.1 344.2 278.7 278.7 278.7 278.7 278.7 278.7 278.7 124.0 120.5 142.1 144.3 151.5 156.2 160.1 163.7 167.5 171.4 49.9 55.5 63.9 63.4 66.5 68.6 70.3 71.9 73.6 75.3 95.9 122.1 117.1 162.5 162.5 162.5 162.5 162.5 162.5 162.5 1,453.7 1,417.9 1,476.1 1,608.9 1,611.6 1,636.3 1,665.4 1,693.5 1,720.6 1,746.7 1,219.9 1,196.4 1,223.1 1,295.2 1,317.9 1,362.6 1,411.7 1,459.8 1,506.9 1,553.0 71.8 66.8 72.6 85.3 85.3 85.3 85.3 85.3 85.3 85.3 162.0 154.7 180.3 228.4 208.4 188.4 168.4 148.4 128.4 108.4 0.2 1.7 1.3 0.7 0.7 0.7 0.7 0.7 0.7 0.7 2,002.6 2,137.2 2,173.6 2,302.4 2,325.1 2,349.4 2,378.9 2,412.2 2,453.9 2,501.1 2,242.0 461.0 458.4 573.9 666.7 675.8 681.7 686.6 691.2 696.0 701.0 180.8 158.2 179.8 182.2 191.2 197.1 202.0 206.6 211.4 216.4 116.0 130.8 179.2 203.5 203.5 203.5 203.5 203.5 203.5 203.5 11.4 11.8 9.6 6.6 6.6 6.6 6.6 6.6 6.6 6.6 152.8 157.6 205.4 274.5 274.5 274.5 274.5 274.5 274.5 274.5 986.7 905.8 848.4 832.2 800.2 768.2 736.2 704.2 672.2 640.2 716.7 621.8 499.0 514.4 482.4 450.4 418.4 386.4 354.4 322.4 95.0 105.0 125.0 75.0 75.0 75.0 75.0 75.0 75.0 75.0 24.6 27.7 22.0 20.4 20.4 20.4 20.4 20.4 20.4 20.4 150.4 151.2 202.3 222.4 222.4 222.4 222.4 222.4 222.4 222.4 5.8 6.4 5.2 5.3 5.3 5.3 5.3 5.3 5.3 5.3 549.0 766.7 746.1 798.3 843.8 894.2 950.8 1,011.5 1,080.4 1,154.6 838.0 12/3 13/3 14/3 15/3 16/3E 17/3E 18/3E 19/3E 20/3E 21/3E 214.4 173.2 200.1 206.9 226.3 241.6 247.0 255.7 264.8 274.7 224.0 63.4 70.9 36.4 78.0 102.2 120.4 136.3 149.0 162.6 177.4 119.3 123.9 136.2 131.3 137.3 140.3 135.9 136.9 137.9 138.9 4.8 7.1 6.0 6.5 10.0 10.0 10.0 10.0 10.0 10.0-3.1-25.2-6.6 1.6-1.3-0.9-0.7-0.6-0.7-0.6-28.8 3.1-20.2-0.4-7.2-4.7-3.9-3.6-3.8-3.9 5.6-5.6-8.4 0.5-3.1-2.1-1.7-1.6-1.7-1.7 20.0-22.7 22.1 1.5 9.0 5.9 4.9 4.6 4.8 5.0-5.3-6.1-10.8-14.3-41.9-48.2-54.5-59.6-65.0-71.0 35.3 2.6 39.0 3.7 20.0 20.0 20.0 20.0 20.0 20.0-166.3-333.7-64.9-210.7-170.0-195.0-195.0-195.0-195.0-195.0-161.0-196.9-162.8-167.9-241.7-260.0-215.0-220.0-220.0-220.0-220.0-262.0 30.6-171.0 103.0 31.0 90.0 20.0 25.0 25.0 25.0 25.0 101.0 48.1-160.5 135.2-3.9 56.3 46.6 52.0 60.7 69.8 79.7 63.0 16.2 84.5-85.6-30.4-45.9-53.0-56.4-59.9-59.9-63.4-134.0 32.3-70.1-55.0-11.0-31.9-32.0-32.0-32.0-32.0-32.0-5.0-10.1-14.0-10.5-14.0-21.0-24.4-27.9-27.9-31.4 0.9 176.6-4.6 1.3 0.0 0.0 0.0 0.0 0.0 0.0-0.0 0.4 0.6 0.7-0.7-0.8-0.8-0.8-0.8-0.8 64.2-75.6 50.2-33.6 9.7-7.2-5.2 0.0 9.1 15.5 1,476.6 1,624.4 1,549.2 1,591.1 1,604.7 1,623.1 1,647.7 1,676.4 1,713.3 1,755.5 + / 6.7 6.7 4.2 5.8 8.0 9.0 9.8 10.4 10.9 11.5 / 4.9 5.0 3.1 4.1 5.5 6.2 6.8 7.2 7.6 8.0 ROE 5.3 6.6 2.5 5.1 7.2 8.2 8.8 9.0 9.3 9.4 6.4 / 6.9 7.0 4.2 5.3 7.1 7.9 8.5 8.9 9.3 9.8 12.6 13.1 11.8 11.1 10.7 10.5 10.4 10.3 10.3 10.3 17.0 17.3 16.6 16.1 15.5 15.2 15.0 14.9 14.8 14.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 11.0 10.2 9.9 9.7 9.4 9.4 9.5 9.5 9.6 9.7 963.7 897.1 834.8 819.8 787.9 755.9 723.9 691.9 659.9 627.9 726.0 1,119.0 1,052.4 955.8 916.1 934.2 911.2 879.2 847.2 815.2 783.2 D/E 1.8 1.2 1.1 1.0 0.9 0.8 0.8 0.7 0.6 0.5 0.9 Net 684.7 477.5 461.6 497.2 455.6 430.8 404.0 372.0 330.9 283.4 Net( 840.0 614.3 582.6 593.5 601.9 557.1 515.3 442.0 400.9 353.4 NetD/E 1.2 0.6 0.6 0.6 0.5 0.5 0.4 0.4 0.3 0.2 NetD/E( 1.5 0.8 0.8 0.7 0.7 0.6 0.5 0.4 0.4 0.3 27.4 35.9 34.3 34.7 36.3 38.1 40.0 41.9 44.0 46.2 37.4 : 7

Nomura ANA 2015 6 25 Appendix A-1 1 ANA Holdings 9202 JP 331.8 24-6-2015 Buy N/A A1,A3,A4,A5,A6,A7,A11,A13 A1 A3 A4 A5 A6 A7 12 12 12 12 3 12 A11 1 A13 () ANA (9202 JP) 331.8 (24-6-2015) Rating and target price chart (three year history) Buy (Sector rating: N/A) Date Rating Target price Closing price 14-Apr-15 400.0 330.9 02-Feb-15 370.0 320.7 07-Jan-15 350.0 294.2 17-Nov-14 330.0 263.2 29-Sep-14 Buy 252.2 29-Sep-14 300.0 252.2 30-Jul-14 250.0 250.7 21-May-14 230 228 24-Jan-14 220 227 22-Nov-13 210 210 20-May-13 220 218 19-Sep-12 190 180 For explanation of ratings refer to the stock rating keys located after chart(s) 410 16.3 BPS241.5 PBR1.7 17.3 ROE 8.2 8

Nomura ANA 2015 6 25 1% 12 http://www.nomuraholdings.com/jp/report/ www.nomuranow.com/research IQMarkitHub http://go.nomuranow.com/research/globalresearchportal/pages/disclosures/disclosures.aspx (1-877-865-5752) grpsupport@nomura.com FINRA/NYSE NSI FINRA 2711 NYSE 472 NGFPNDPI plc NIplcNGFPNDPI NIplc plc Industry Specialist 48% Buy Buy 43%44% Hold ( Neutral) Hold 53% 8% Sell ( Reduce) Sell 25% (2015 03 31 ) 2013 10 21 ROE (-)// 1 Buy = 12 2 Neutral = 12 3 Reduce = 12 (Suspended) Not rated http://go.nomuranow.com/research/globalresearchportal MSCI ()Russell/Nomura Large Cap (Bullish) = 12 (Neutral) = 12 (Bearish) = 12 Not rated N/A S&P500 STOXX 600MSCI ( ) 2013 10 20 (-)/ 12 1 Buy = 12 15% 2 Neutral = 12 5%15% 3 Reduce = 12 5% (Suspended) NR 9

Nomura ANA 2015 6 25 (Bullish) = (Neutral) = (Bearish) = 1 NSC plc (NIplc) (NSI) (NIHK)( ) (NFIK) ((KOFIA) KOFIA http://dis.kofia.or.kr ) (NSL) ( 197201440E ) (NAL) (ABN 48 003 032 513) ( 246412(ASIC) P.T. (PTNI) Sdn. Bhd. (NSM) NIHK (NITB) () (NFASL) (: Ceejay House, Level 11, Plot F, Shivsagar Estate, Dr. Annie Besant Road, Worli, Mumbai- 400 018, India: +91 22 4037 4037: +91 22 4037 4111; CIN U74140MH2007PTC169116SEBI BSE INB011299030NSE INB231299034 INF231299034 INE 231299034, MCX: INE261299034) NIplc (NIplc, Madrid)CNS (CNS) NSL NSFSPL (i)(ii) (iii) () MSCI MSCI Inc.(MSCI)MSCI MSCI MSCI MSCI MSCI MSCI MSCI Russell/Nomura Russell Investments Russell Investments / 10

Nomura ANA 2015 6 25 1933 1933 NIplc NIplc NIplc NIHK ASIC NAL NSM NSL NSL 289 NSL 1933 S NSI NSI 1934 15a-6 NIplc UAE UAE UAE UAE (i) (ii) 1.40420 2,808 REIT ETF ETN 1.40420 2,808 REIT ETF 1.026 75 7,668 1.40420 2,808 30 30 3.3 1.084,320 4,320 11

Nomura ANA 2015 6 25 1 10 2 0.79685 5 3 2 0.79685 35 17 5.4 2.0 5.4 CDSCDS CDS CDS 10,800 () 142 / http://go.nomuranow.com/research/globalresearchportal/pages/disclosures/disclosures.aspx Copyright 2015 Nomura Securities Co., Ltd. All rights reserved. 12