Analyst Coverage

List of Securities and Research Company Analysts who regularly visit TOA Corporation to make recommendations and report on its performance, etc.
(As of June 30, 2019, in alphabetical order with titles omitted)

Company Name Analyst Name
Ichiyoshi Research Institute, Inc. Yusuke Naito
Iwai Cosmo Securities Co, Ltd. Norikazu Shimizu
Nomura Securities Co., Ltd. Yu Okazaki
Okasan Securities Co., Ltd. Takanobu Murakami
Tokai Tokyo Research Center Co., Ltd. Masahiko Ishino

This list of analysts is based on information available to TOA Corporation as of the date of publication, and is provided in accordance with TOA Corporation standards. Therefore, it is possible that the table does not always reflect the most up-to-date information, including subsequent changes to the list of analysts, or additional analysts.

This list is prepared solely for shareholders and investors to provide information on the analysts and research companies who examine and forecast the business performance of TOA Corporation. It should not be construed as an offer to sell or solicitation to buy shares of TOA Corporation.

In addition, analysts scrutinize and forecast performance, operation, products, technologies and other aspects of TOA Corporation based on their own independent judgment. TOA Corporation is not involved in this process in any way.

Investors are requested to make final investment decisions at their own discretion.

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