(In alphabetical order of firm)

Company name	Analyst
Ace Research Institute Co., Ltd.	Hideki Yasuda
Barclays Capital Japan Limited	Haruka Mori
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 Capital Markets Co.Ltd.	Koki Shiraishi
Deutsche Securities Inc.	Satoru Kikuchi
Ichiyoshi Research Institute Inc.	Sho Okawara
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. Financial & Economic Research Center	Yuta Sakurai
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

(as of Mar 15,2012)

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.

SQUARE ENIX HOLDINGS provides this information solely for the purpose of introducing the analysts/researchers to the readers of this website. SQUARE ENIX HOLDINGS does not imply its endorsement of or concurrence with any information, estimates, opinions, recommendations and information by these analysts/researchers.