(In alphabetical order of firm)

Company name	Analyst
Ace Research Institute Co., Ltd.	Hideki Yasuda
BNP Paribas Securities (Japan) Limited	Hiroshi Yamashina
Citigroup Global Markets Japan Inc.	Soichiro Fukuda
Cosmo Securities Co., Ltd.	Tomoaki Kawasaki
Crédit Agricole Securities Asia B.V.	Nanako Imazu
Credit Suisse Securities (Japan) Limited	Shunsuke Tsuchiya
Daiwa Securities Co.Ltd.	Satoshi Tanaka
Ichiyoshi Research Institute Inc.	Masanori Minami
Macquarie Capital Securities (Japan) Limited	David J. Gibson
Marusan Securities Co., Ltd.	Yasuki Fukuoka
Mito Securities Co., Ltd.	Yoichiro Watanabe
Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.	Hirotoshi Murakami
Mizuho Investors Securities Co., Ltd.	Etsuko Tamura
Mizuho Securities Co., Ltd.	Takeshi Koyama
Morgan Stanley MUFG Securities Co., Ltd.	Mia Nagasaka
Nomura Securities Co., Ltd.	Yoshitaka Nagao
Okasan Securities Co., Ltd.	Masashi Morita
QBR Corp. QUICK Business Research Institute	Wako Nagata
SMBC Friend Research Center Ltd.	Shun Tanaka
SMBC Nikko Securities Inc.	Eiji Maeda
Tokai Tokyo Research Center Co., Ltd.	Yusuke Tsunoda
UBS Securities Japan Co., Ltd.	Sumito Takeda

(as of March 2013)

Note

This list is subject to change as coverage is either added or dropped by firms. Please note that this is purely a list compiled by SQUARE ENIX HOLDINGS, that there are, in fact, other analysts reporting on SQUARE ENIX HOLDINGS, and that the table does not always show the most updated list of the analysts covering SQUARE ENIX HOLDINGS.

Analysts, irrespective of whether they are listed or not in this table, analyze information about SQUARE ENIX HOLDINGS including performance, businesses, services, technologies and strategies and make regular (and ad-hoc) forecasts. However, analysts make their forecasts based on their own analysis and SQUARE ENIX HOLDINGS, including management are not involved in this processs.

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