Stock/Bond InformationAnalyst Coverage

(As of April 2019)

Firm (in alphabetical order)Analyst
Daiwa Securities Co., Ltd. Mr. Noritsugu Hirakawa
Merrill Lynch Japan Securities Co., Ltd. Ms. Akiko Kuwahara
Mizuho Securities Co., Ltd. Mr. Rebun Yokoyama
NOMURA SECURITIES CO., LTD. Mr. Takaomi Kono
SMBC Nikko Securities Inc. Ms. Yu Sato
TOKAI TOKYO RESEARCH INSTITUTE CO., LTD.

Mr. Ryousuke Kiyota

Please note that this list may not contain the names of all analysts covering Nippon Paper Industries Co., Ltd. Any opinions, estimates or forecasts regarding Nippon Paper Industries Co., Ltd.'s performance made by these analysts or analyst organizations are theirs alone and do not represent opinions, forecasts or predictions of Nippon Paper Industries Co., Ltd. or its management. Nippon Paper Industries Co., Ltd. does not by its reference above or distribution imply its endorsement of or concurrence with their information, conclusions or recommendations.