|Daiwa Securities Co. Ltd.||Jiro Kojima|
|Ichiyoshi Research Institute Inc.||Masanori Minami|
|Nomura Securities Co., Ltd.
Financial & Economic Research Center
|Tokai Tokyo Research Center Co., Ltd.||Tatsuo Majima|
JAFCO Co., Ltd. is followed by the analysts listed above. Please note that any opinions, estimates or forecasts regarding JAFCO Co., Ltd.’s performance made by these analysts are theirs alone and do not represent opinions, forecasts or predictions of JAFCO Co., Ltd. or its management. JAFCO Co., Ltd. does not necessarily endorse or concur with such information, conclusions or recommendations.