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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 September 2020 (Company Name in alphabetical order/Titles omitted)
Daiwa Securities Co.Ltd. Hideaki Teraoka
Goldman Sachs Japan Co., Ltd Sachiko Okada
Jefferies (Japan) Limited Sho Fukuhara
Macquarie Capital Securities (Japan) Limited Masahiro Mochizuki
Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. Ryou Yagi
Mizuho Securities Co., Ltd. Yoshihiro Nakagawa
Morgan Stanley MUFG Securities Co., Ltd. Arisa Katsuyama
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.