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Analyst Coverage

(Firm/Analyst in alphabetical order)

Citigroup Global Markets Japan Inc. Hidemaru Yamaguchi
Credit Suisse Securities (Japan) Limited Fumiyoshi Sakai
Daiwa Securities Co. Ltd. Kazuaki Hashiguchi
Deutsche Bank Joseph Cairnes
Goldman Sachs Japan Co., Ltd. Akinori Ueda
JPMorgan Securities Japan Co., Ltd. Naomi Kumagai
Merrill Lynch Japan Securities Co., Ltd. Ritsuo Watanabe
Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. Seiji Wakao
Mizuho Securities Co., Ltd. Hiroshi Tanaka
Morgan Stanley MUFG Securities Co., Ltd. Shinichiro Muraoka
Morningstar Karen Andersen
Nomura Securities Co., Ltd. Motoya Kohtani
SMBC Nikko Securities Inc. Yasuhiro Nakazawa
UBS Securities Japan Co., Ltd. Atsushi Seki

As of August 1, 2017

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.