CHUGAI PHARMACEUTICAL CO., LTD.

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Analyst Coverage

(Firm/Analyst in alphabetical order)

Barclays Capital Japan Limited Atsushi Seki
Citigroup Global Markets Japan Inc. Hidemaru Yamaguchi
Cosmo Securities Co., Ltd. Kazuyoshi Saito
Credit Suisse Securities (Japan) Limited Fumiyoshi Sakai
Daiwa Securities Capital Markets Co. Ltd. Akitada Iwasa
Deutsche Securities Inc. Kenji Masuzoe
Goldman Sachs Japan Co., Ltd. Steve Chesney
JPMorgan Securities Japan Co., Ltd. Masayuki Onozuka
Merrill Lynch Japan Securities Co., Ltd. Ritsuo Watanabe
Mito Securities Co., Ltd. Jun Ikeyama
Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. Toshiyuki Hibino
Mizuho Investors Securities Co., Ltd. Hiroki Tada
Mizuho Securities Co., Ltd. Hiroshi Tanaka
Morgan Stanley MUFG Securities Co., Ltd. Mayo Mita, Shinichiro Muraoka
Nomura Securities Co., Ltd. Ryoichi Urushihara
SMBC Nikko Securities Inc. Yasuhiro Nakazawa

As of Dec.1, 2011

Notes

Chugai Pharmaceutical is followed by the analysts listed above. Please note that any opinions, estimates or forecasts expressed by the above regarding Chugai's performance are each analyst's alone and do not represent the opinions, estimates or forecasts of Chugai or its management.

The list is made available for the convenience of investors and includes those analysts currently known by Chugai to follow the company. However, the list may not be complete and may change as firms add or delete coverage. Chugai undertakes no obligation to update this list. Nor does Chugai purport to endorse the conclusions of the above listed analysts.

Before arriving at an investment decision, investors should exercise their own personal judgment in considering a wide range of information sources. Investors are reminded that they alone ultimately bear full responsibility for their investment decisions.