(As of June 2022)

Company Name	Analyst name
Goldman Sachs Japan Co., Ltd.	Akinori Ueda George Zhou
Ichiyoshi Research Institute Inc.	Seiichi Yamazaki
Mizuho Securities Co., Ltd.	Shinya Tsuzuki
ACE Research Institute Co., Ltd.	Tomohiko Ikeno
Astris Advisory	Adrian Gornall

＊ The list on this page was created based on our standards and in accordance with information available to us at the time we posted this list. Consequently, the list may be missing some analyst names and there is a possibility that all of the information may not be up to date. We apologize for any inconvenience that may arise from this.

＊ The purpose of this list is solely to provide information on the analysts and their respective brokerage firms which provide analysis and forecasts of our company’s business performance.

＊ The analysis, opinions, and forecasts of these analysts are theirs alone. The company and the management of Modalis have absolutely no involvement.

＊ This list is not intended as a solicitation to buy, sell, or otherwise invest in the Company’s shares, and investors are advised to make their own investment decisions based on their own judgment and responsibility.