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List of Analysts

This is the list of analysts of business firms including security companies and research agencies who recommend, or comment on the performance of TOTO.
As of Mar. 2016(Company Name in alphabetical order/Titles omitted)
Citigroup Global Markets Japan Inc. Takashi Hashimoto
Credit Suisse Securities (Japan) limited. Masahiro Mochizuki
Daiwa Securities Capital Markets Co.Ltd. Hideaki Teraoka
Deutsche Securities Inc. Yoji Ootani
Goldman Sachs Japan Co., Ltd Sachiko Okada
Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. Toshiyuki Anegawa
Mizuho Securities Co., Ltd. Naoko Nanasawa
Nomura Securities Co., Ltd. Daisuke Fukushima
QUICK Corp. Hirotaka Hosogai
SMBC Nikko Securities Inc. Hiroki Kawashima

Notes

This list was made according to our standards based on the information TOTO had access to at the time of publication. Therefore, it is possible that analysts not known to us then are not listed, and that the list does not cover all their possible transfers.
Analysts, whether listed here or not, regularly or irregularly analyze or predict our performance, business, service or technology based on their own assessment. TOTO or its management is not involved in the process of any such assessment.
This list is to provide shareholders and investors information on analysts and the organizations they belong to who analyze or predict our performance and others. This is not to solicit investment, or buying or selling of TOTO's stocks.