CSR
An Overview of Our Progress and Achievements in Corporate Social Responsibility

Analyst Coverage

Company / Institution Analyst
Citigroup Global Markets Japan Inc. Mitsunobu Tsuruo
CLSA Securities Japan Co., Ltd. Hideo Noda
Daiwa Securities Co., Ltd. Taro Ishihara
Goldman Sachs Japan Co., Ltd. Masaru Sugiyama
Haitong International Japaninvest KK Yushi Kawamoto
JPMorgan Securities Japan Co., Ltd. Haruka Mori
Merrill Lynch Japan Securities Co., Ltd. Yoshiyuki Kinoshita
Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. Hirotoshi Murakami
Mizuho Securities Co., Ltd. Shinsuke Iwasa
Morgan Stanley MUFG Securities Co., Ltd. Tetsuro Tsusaka
NOMURA SECURITIES CO., LTD. Yoshitaka Nagao
Okasan Securities Co., Ltd. Akitomo Kishimoto
SMBC Nikko Securities Inc. Eiji Maeda
Tokai Tokyo Research Institute Co., Ltd. Yukari Housui

Note: Companies and institutions are listed in alphabetical order.

The analysts listed above are equity analysts who follow Dentsu Inc. as of June 10, 2019. There may be other analysts currently publishing research on Dentsu of which the Company is not aware who are not included in the list above.

Please note that any opinions, estimates or forecasts regarding Dentsu's performance made by these analysts are theirs alone and do not represent the opinions, forecasts or predictions of Dentsu or its management.

Dentsu does not by the inclusion of these analysts' names herein imply its endorsement of or concurrence with information, conclusions or recommendations published thereby. Your use or reliance on such information, conclusions or recommendation is at your own risk.

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