Analysts at securities and research companies who review and make recommendations based on their analyses of Japan Communications Inc’s operating performance. Please contact each security and research companies for their reports.

SMBC Nikko Securities Inc.	Yu Sato
Credit Suisse Securities (Japan) Ltd.	Hitoshi Hayakawa
Rakuten Securities, Inc.	Yasuo Imanaka

(Updated on April 2015, Companies are listed in alphabetical order)

(Note)

• Japan Communication Inc (JCI) is currently analyzed by the brokerage firms listed above. This list may not be complete and is subject to change as firms on this list are added or deleted from coverage of JCI.
• Please note that any opinions, estimates or forecasts made by the analysts at these firms regarding JCI's historical or predicted performance are theirs alone and do not represent opinions, forecasts or predictions of JCI or its management.
• Analysts are independent of JCI. JCI does not review analysts' reports for factual accuracy.
• JCI provides this list as a service to its stockholders, and by listing these firms does not imply its endorsement of or concurrence with such information, conclusions or recommendations.
• These information, conclusions and recommendations are not of JCI or JCI’s management team. Interested persons should obtain copies of analysts' reports by their own means as; JCI does not distribute these reports. Use of, or reliance on, these reports is at the risk of the individual.
• Some of these firms may be market makers in JCI's stock and/or hold other long or short positions in the stock.