Neutral 3,569 3,461

2014 1 29 3,070

+12.7% Anchor themes IJP

Catalyst

- NSC tetsuya.wadaki@nomura.com +81 3 6703 1184

7751.T 7751 JP ADR:CAJ US EQUITY:

1 29 13.1213.12 7.2 3 7,314 4.1 3,373 3 7,500 7.8 3,600( 11.2)Neutral

13 76580014 76014.12

3,500DPS 1301 29 14.12 4.2

13/12 14/12E 15/12E 16/12E

()

() 3,731.4 3,841.0 3,872.0 3,850.0 3,897.0 3,915.0 N/A 3,936.0

() 337.3 403.0 356.4 360.0 432.0 372.0 N/A 376.0

EPS 200.8 233.3 199.8 211.1 249.8 204.7 N/A 200.4

PER [] 15.3 13.2 15.4 N/A 12.3 15.0 N/A 15.3

EV/EBITDA [] 4.7 4.9 4.7 N/A 4.5 4.5 N/A 4.5

PBR [] 1.2 1.4 1.2 N/A 1.3 1.2 N/A 1.2

[%] 4.2 4.2 4.2 N/A 4.2 4.2 N/A 4.2

Global Markets Research 2014 1 29

Appendix A-1

Nomura | 2014 1 29

2

Neutral

ThomsonReuters, (%) 1M 3M 12M -7.0 -1.6 -6.7 Russell/Nomura Large Cap -3.9 -7.0 -42.9

() 3,070 () 4,094.752 () 2,91352 () 4,115 () 1,333.8 ThomsonReuters,

() 13/12 14/12E 15/12E 16/12E EPS 200.8 199.8 204.7 200.4BPS/1 NAV 2,559.6 2,519.2 2,594.0 2,664.4DPS 130.0 130.0 130.0 130.0ROE (%) 8.4 7.9 8.0 7.6 () 13/12 14/12E 15/12E 16/12E 3,731.4 3,872.0 3,915.0 3,936.0 337.3 356.4 372.0 376.0EBITDA 612.5 626.4 630.0 626.0 6.6 5.0 5.0 5.0 0.6 1.0 1.0 1.0 - - - - 347.6 356.4 376.0 380.0 9.0 9.0 9.0 9.0 230.5 229.4 235.0 230.0() -0.7 -1.0 -1.0 -1.0 () 13/12 14/12E 15/12E 16/12E 2,286 2,322 2,434 2,497 609 632 639 642 554 575 581 584 1,957 1,926 1,919 1,952 4,243 4,249 4,353 4,448 307 319 322 324 3 3 3 3 1,176 1,192 1,203 1,209 3,067 3,056 3,150 3,240 2,910 2,892 2,978 3,059 () 13/12 14/12E 15/12E 16/12E 508 436 452 440 230 229 235 230 275 270 258 250 -56 -32 -10 -5 -250 -210 -220 -250 -189 -210 -220 -250 257 226 232 190 -222 -248 -149 -149 -1 0 0 0 -156 -148 -149 -149 122 -22 83 41

Nomura | 2014 1 29

3

13.12 1 29 13.1213.12 7.2 3 7,314 4.13,373 3 7,500 7.8 3,600 11.2

13765 80014 760 13 1,320 140014 1,05014

14.12 2 14.12 3 8,500 3.2 3,600 6.7%14.121 1001 13514.121 64 34 900 1,382 400

14.12

IJP LBP IJPLBPMIF14.12+13

Nomura | 2014 1 29

4

1:

:

7751 (

2013 37,314 3,373 2,091 2,752 1,888 556 2,3992014 38,720 3,564 2,210 2,700 2,100 322 2,487 1.07 2,3302015 39,150 3,720 2,306 2,580 2,200 99 2,587 1.14 2,2712016 39,360 3,760 2,331 2,500 2,500 48 2,283 1.22 1,8772017 39,570 3,770 2,337 2,500 2,700 48 2,089 1.30 1,6092018 39,790 3,820 2,368 2,540 2,800 51 2,057 1.39 1,4842019 40,090 3,840 2,381 2,590 3,000 69 1,902 1.48 1,285

40,090 3,840 2,381 2,700 3,000 69 29,813 1.48 20,149

31,005 8,341 0 0 39,346( 3,461

Nomura | 2014 1 29

5

2: (1)

:

12/12 13/12 14/12 15/12 16/12 14/12

E E E Co's Eas of 14/1

3,479,788 3,731,380 3,872,000 3,915,000 3,936,000 3,850,000 -2.2 7.2 3.8 1.1 0.5 3.2 720,286 715,863 721,000 705,000 692,000 767,500 3.7 -0.6 0.7 -2.2 -1.8 7.2 2,759,502 3,015,517 3,124,000 3,178,000 3,214,000 3,082,500 -3.6 9.3 3.6 1.7 1.1 2.2 79.3 80.8 80.7 81.2 81.7 80.1

1,757,575 2,000,073 2,106,000 2,146,000 2,178,000 2,114,900 -8.4 13.8 5.3 1.9 1.5 5.7 368,939 368,308 370,000 372,000 374,000 - 1.8 -0.2 0.5 0.5 0.5 - 1,383,021 1,625,590 1,736,000 1,774,000 1,804,000 - -10.7 17.5 6.8 2.2 1.7 -

1,405,971 1,448,938 1,403,000 1,401,000 1,392,000 1,388,100 7.2 3.1 -3.2 -0.1 -0.6 -4.2 213,465 215,970 205,000 190,000 174,000 - 13.9 1.2 -5.1 -7.3 -8.4 - 1,190,929 1,232,216 1,198,000 1,211,000 1,218,000 - 6.0 3.5 -2.8 1.1 0.6 -

407,840 374,870 443,000 448,000 446,000 444,500 -3.1 -8.1 18.2 1.1 -0.4 18.6 61,176 63,728 107,000 112,000 110,000 106,680 346,664 311,142 336,000 336,000 336,000 337,820 137,882 131,585 146,000 143,000 144,000 - -4.6 -4.6 11.0 -2.1% 0.7% - 185,552 157,711 190,000 193,000 192,000 - -2.2 -15.0 20.5 1.6 -0.5 -

Nomura | 2014 1 29

6

3: (2)

:

12/12 13/12 14/12 15/12 16/12 14/12

E E E Co's Eas of 14/1

3,479,788 3,731,380 3,872,000 3,915,000 3,936,000 3,850,000 -2.2 7.2 3.8 1.1 0.5 3.2

1,829,822 1,932,959 2,026,600 2,046,000 2,059,000 1,973,000 1,649,966 1,798,421 1,845,400 1,869,000 1,877,000 1,877,000 -5.0 9.0 2.6 1.3 0.4 4.4 47.4 48.2 47.7 47.7 47.7 48.8

1,326,110 1,461,144 1,489,000 1,497,000 1,501,000 1,517,000 323,856 337,277 356,400 372,000 376,000 360,000 -14.3 4.1 5.7 4.4 1.1 6.7

- 203,578 266,908 283,000 298,000 304,000 286,100 11.6 13.3 13.4 13.9 14.0 13.5 210,318 203,794 196,000 199,000 198,000 196,000 15.0 14.1 14.0 14.2 14.2 14.1 5,910 -25,331 -18,000 -18,000 -18,000 -17,500 1.4 -6.8 -4.1 -4.0 -4.0 -3.9 -95,950 -108,094 -104,600 -107,000 -108,000 -104,600 -17.8 12.7 -3.2 2.3 0.9 -3.2

18,701 10,327 0 4,000 4,000 0 5,770 6,029 4,000 4,000 4,000 4,000

342,557 347,604 356,400 376,000 380,000 360,000 -8.5 1.5 2.5 5.5 1.1 3.6 9.8 9.3 9.2 9.6 9.7 9.4 110,112 108,088 118,000 132,000 141,000 - 32.1 31.1 33.1 35.1 37.1 - 7,881 9,033 9,000 9,000 9,000 -

224,564 230,483 229,400 235,000 230,000 240,000 -9.7 2.6 -0.5 2.4 -2.1 4.1 6.5 6.2 5.9 6.0 5.8 6.2

80.0 97.8 103.0 103.0 103.0 100.0 102.8 130.0 140.0 140.0 140.0 135.0

270,457 188,826 210,000 220,000 250,000 210,000 258,133 275,173 270,000 258,000 250,000 270,000R&D 296,464 306,324 310,000 330,000 350,000 310,000BPS, 2,253.7 2,559.6 2,519.2 2,594.0 2,664.4EPS, 191.3 200.8 199.8 204.7 200.4 211.1CFPS(, 411.3 440.5 435.0 429.5 418.1DPS( 130.0 130.0 130.0 130.0 130.0 -

Nomura | 2014 1 29

7

4: (3)

:

12/12 13/12 14/12 15/12 16/12 14/12

E E E Co's Eas of 14/1

1,757,575 2,000,073 2,106,000 2,146,000 2,178,000 2,114,900 -8.4 13.8 5.3 1.9 1.5 5.7

/ 16 16 17 16 12 16 19 19 20 21 24 20 44 42 40 39 39 41LBP 100 21 23 23 24 25 23

/ 4 -6 2 2 1 9 8 8 4 4 3 19LBP -15 14 1 1 1 1 -6 16 4 3 3 12 -17 13 -2 -2 -2 -1

> 622,660 712,460 764,000 774,420 780,720 768,700 -0.9 14.4 7.2 1.4 0.8 7.9 265,380 303,590 336,980 336,980 336,980 343,178 0.0 14.0 11.0 0.0 0.0 13.0 357,280 408,870 427,020 437,440 443,740 421,300 -2.0 14.0 4.0 2.0 1.0 3.0

LBP 748,140 820,340 839,950 846,830 848,030 840,800 -11.5 9.7 2.4 0.8 0.1 2.5 222,460 256,810 270,780 271,970 273,170 269,651 -13.0 15.0 5.0 0.0 0.0 5.0 525,680 563,530 569,170 574,860 574,860 569,165 -11.0 7.0 1.0 1.0 0.0 1.0

386,775 467,273 502,050 524,750 549,250 505,400 203,578 266,908 283,000 298,000 304,000 286,100 11.6 13.3 13.4 13.9 14.0 13.5

> 56,246 90,820 101,000 111,000 117,000 103,000 9.0 12.7 13.2 14.3 15.0 13.4

LBP 144,768 173,000 178,000 183,000 183,000 178,000 19.4 21.1 21.2 21.6 21.6 21.2

2,565 3,088 3,514 3,673 3,845 5,100

Nomura | 2014 1 29

8

5: (4)

:

(1) 12/12 13/12 14/12 15/12 16/12 14/12

E E E Co's Eas of 14/1

1,405,971 1,448,938 1,403,000 1,401,000 1,392,000 1,388,100 7.2 3.1 -3.2 -0.1 -0.6 -4.2

210,318 203,794 196,000 199,000 198,000 196,000 15.0 14.1 14.0 14.2 14.2 14.1

/ 70 67 64 22 25 28 8 8 8

984,180 970,788 910,933 904,292 890,757 888,384 5.6 -1.4 -6.2 -0.7 -1.5 -8.5

236,203 184,450 143,290 126,382 117,661 151,025 24.0 19.0 15.7 20.0 19.2 17.0

747,977 786,339 767,926 777,985 772,600 737,359 76.0 81.0 84.3 86.0 86.7 83.0 218,436 243,575 267,933 273,292 278,757 22.2 25.1 29.4 30.2 31.3 529,541 542,763 499,993 504,693 493,843 53.8 55.9 54.9 80.0 80.8

203,269 186,462 168,953 171,154 170,590 166,128() 20.7 19.2 18.5 18.9 19.2 18.7 4,724 1,844 1,433 1,264 1,177

() 2.0 1.0 1.0 1.0 1.0 198,545 184,617 167,520 169,890 169,413() 26.5 23.5 21.8 21.8 21.9 68,807 70,637 75,021 76,522 78,052() 31.5 29.0 28.0 28.0 28.0 129,738 113,980 92,499 93,368 91,361() 24.5 21.0 18.5 18.5 18.5

2,654 2,085 1,779 1,699 1,703 1,810

2.1 -21.4 -14.7 -4.5 0.3 -13.2 1,833 1,320 1,030 927 908 1,050

-2.0 -28.0 -22.0 -10.0 -2.0 -20.5 821 765 750 772 795 760 12.5 -6.8 -2.0 3.0 3.0 -0.7

12.9 13.9 13.9 13.6 13.0 14.2

-10.8 8.0 0.0 -2.0 -5.0 2.0 64.5 70.9 66.7 65.4 62.1 68.1 1.0 10.0 -6.0 -2.0 -5.0 -4.0

Nomura | 2014 1 29

9

6: (5)

:

(2) 12/12 13/12 14/12 15/12 16/12 14/12

E E E Co's Eas of 14/1

IJP 313,820 366,090 373,830 376,500 379,190 388,668

-0.4 16.7 2.1 0.7 0.7 6.2 91,910 102,020 107,120 107,120 107,120 113,242

5.0 11.0 5.0 0.0 0.0 11.0 221,910 264,070 266,710 269,380 272,070 301,040 -4.0 19.0 1.0 1.0 1.0 14.0

5,200 14,166 23,479 23,693 23,908 25,872(%) 1.7 3.9 6.3 6.3 6.3 6.7

112,478 115,915 118,000 120,000 122,000 111,048

71.5 3.1 1.8 1.7 1.7 -4.2 37,399 29,919 17,951 14,361 13,643

-32.4 -20.0 -40.0 -20.0 -5.0 1,849 3,166 4,000 4,000 4,000 4,000

(%) 1.6 2.7 3.4 3.3 3.3 3.6 374 598 898 718 546(%) 1.0 2.0 5.0 5.0 4.0

Nomura | 2014 1 29

10

7: (6)

:

12/12 13/12 14/12 15/12 16/12 14/12

E E E Co's Eas of 14/1

407,840 374,870 443,000 448,000 446,000 444,500/ 15 17 24 85 83 76 61,176 63,728 107,000 112,000 110,000 106,680

-23.5 4.2 67.9 4.7 -1.8 67.4() 62 59 72 74 77 84 46 43 45 47 50 57

ArF 0 0 0 0 0 0 3,500 3,500 3,500 3,500 3,500 3,500ArF 0 0 0 0 0 0 2,000 2,000 2,000 2,000 2,000 1,350KrF 3 6 15 16 14 15 1,000 1,000 1,000 1,000 1,000 1,000i 43 37 42 46 38 42 400 400 400 400 400 400

16 16 27 27 27 27 1,200 1,700 1,900 2,000 2,100 1,900

5,910 -25,331 -18,000 -18,000 -18,000 -17,500(%) 1.4 -6.8 -4.1 -4.0 -4.0 -3.9

Nomura | 2014 1 29

11

8: (7)

:

12/12 13/12 14/12 15/12 16/12

E E E

2,082,256 2,285,942 2,322,300 2,433,800 2,496,900 666,678 788,909 767,200 850,300 891,100 28,322 47,914 47,900 47,900 47,900 573,375 608,741 631,700 638,700 642,100 551,623 553,773 574,600 581,000 584,100 262,258 286,605 300,900 315,900 331,700

1,873,247 1,956,768 1,926,200 1,919,100 1,951,500 19,702 19,276 19,300 19,300 19,300 56,617 70,358 70,400 70,400 70,400 1,260,364 1,278,730 1,218,700 1,180,700 1,180,700 536,564 588,404 617,800 648,700 681,100

3,955,503 4,242,710 4,248,500 4,352,900 4,448,400 844,435 848,307 864,700 875,100 881,200 1,866 1,299 1,300 1,300 1,300 325,235 307,157 318,700 322,200 323,900 60,057 53,196 58,100 65,000 69,400 291,348 315,536 315,500 315,500 315,500 165,929 171,119 171,100 171,100 171,100

356,766 327,626 327,600 327,600 327,600 2,117 1,448 1,400 1,400 1,400 272,131 229,664 229,700 229,700 229,700 82,518 96,514 96,500 96,500 96,500

1,201,201 1,175,933 1,192,300 1,202,700 1,208,800 156,276 156,515 164,300 172,500 181,100 2,598,026 2,910,262 2,891,900 2,977,700 3,058,500 3,955,503 4,242,710 4,248,500 4,352,900 4,448,400

Nomura | 2014 1 29

12

9: (8)

:

12/12 13/12 14/12 15/12 16/12

E E E

384,077 507,642 436,148 452,331 440,031 224,564 230,483 229,400 235,000 230,000 258,133 275,173 270,000 258,000 250,000 5,030 45,040 -22,959 -7,000 -3,400 -24,805 85,577 -20,827 -6,400 -3,100 -102,293 -108,622 11,543 3,500 1,700 23,448 -20,009 -31,009 -30,769 -35,169

-212,740 -250,212 -210,000 -220,000 -250,000 -316,211 -233,175 -210,000 -220,000 -250,000 4,861 1,763 0 0 0 -73 -1,243 0 0 0 103,137 -12,483 0 0 0 -704 -4,914 0 0 0 -796 -296 0 0 0 -2,954 136 0 0 0

-319,739 -222,181 -247,857 -149,231 -149,231 614 1,483 0 0 0 -3,732 -2,334 -48 0 0 -5,055 -547 1 0 0 -142,362 -155,627 -147,810 -149,231 -149,231- -149,968 -50,007 -100,000 0 0- -19,236 -15,149 0 0 0

41,853 86,982 -106,549 122,231 -21,709 83,100 40,800 773,227 666,678 788,909 767,200 850,300 666,678 788,909 767,200 850,300 891,100

Nomura | 2014 1 29

13

10: (1)

:

12/12 13/12

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

829,240 899,205 799,949 951,394 816,653 966,880 913,149 1,034,698 -1.2 7.5 -12.8 -1.4 -1.5 7.5 14.2 8.8 176,875 178,849 165,759 198,803 159,718 175,654 167,968 212,523 11.9 8.0 -2.2 -1.3 -9.7 -1.8 1.3 6.9 652,365 720,356 634,190 752,591 656,935 791,226 745,181 822,175 -4.2 7.4 -15.1 -1.4 0.7 9.8 17.5 9.2 78.7 80.1 79.3 79.1 80.4 81.8 81.6 79.5

438,039 453,862 409,351 456,323 464,206 520,032 493,865 521,970 -8.9 -2.6 -13.4 -8.4 6.0 14.6 20.6 14.4 92,531 95,062 87,294 94,052 90,534 95,105 85,181 97,488 1.6 7.5 1.6 -3.2 -2.2 0.0 -2.4 3.7 344,395 357,620 320,367 360,639 371,596 422,350 407,849 423,795 -11.2 -4.9 -16.9 -9.9 7.9 18.1 27.3 17.5

303,476 369,734 322,086 410,675 298,107 386,013 348,637 416,181 4.8 22.3 -7.3 10.2 -1.8 4.4 8.2 1.3 42,348 50,036 46,678 74,403 40,094 47,590 52,183 76,103 9.6 21.6 1.4 20.8 -5.3 -4.9 11.8 2.3 260,669 319,261 275,110 335,889 257,833 338,243 296,240 339,900 4.0 22.4 -8.6 8.0 -1.1 5.9 7.7 1.2

109,782 98,348 92,942 106,768 75,067 85,948 95,074 118,781 19.4 7.8 -24.9 -6.3 -31.6 -12.6 2.3 11.3 18,663 21,637 13,012 7,865 6,756 11,173 8,557 37,242 91,119 76,711 79,930 98,903 68,311 74,775 86,517 81,539 41,996 33,751 31,787 30,348 29,090 32,959 30,604 38,932 48.1 -6.3 -15.5 -28.7 -30.7 -2.3 -3.7 28.3 47,301 43,475 38,713 56,063 27,506 30,633 41,092 58,480 11.5 26.9 -36.4 7.3 -41.8 -29.5 6.1 4.3

Nomura | 2014 1 29

14

11: (2)

:

12/12 13/12

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

829,240 899,205 799,949 951,394 816,653 966,880 913,149 1,034,698 -1.2 7.5 -12.8 -1.4 -1.5 7.5 14.2 8.8

438,342 459,284 413,194 519,002 430,740 489,522 466,017 546,680 390,898 439,921 386,755 432,392 385,913 477,358 447,132 488,018 -3.8 5.1 -14.5 -5.9 -1.3 8.5 15.6 12.9 47.1 48.9 48.3 45.4 47.3 49.4 49.0 47.2

308,219 347,325 315,878 354,688 331,140 379,004 356,522 394,478 82,679 92,596 70,877 77,704 54,773 98,354 90,610 93,540 0.2 18.1 -42.2 -17.9 -33.8 6.2 27.8 20.4

52,846 58,312 41,148 51,272 60,071 76,192 67,094 63,551 12.1 12.8 10.1 11.2 12.9 14.7 13.6 12.2 46,734 56,013 52,608 54,963 28,481 56,278 56,939 62,096 15.4 15.1 16.3 13.4 9.6 14.6 16.3 14.9 3,993 6,332 5,035 -9,450 -7,536 -5,830 -8,138 -3,827 3.6 6.4 5.4 -8.9 -10.0 -6.8 -8.6 -3.2 -20,894 -28,061 -27,914 -19,081 -26,243 -28,286 -25,285 -28,280

10,045 -7,051 4,303 11,404 5,482 514 -2,554 6,885 1,453 1,746 1,377 1,194 931 1,559 1,392 2,147

92,724 85,545 75,180 89,108 60,255 98,868 88,056 100,425 13.0 4.8 -36.4 -3.8 -35.0 15.6 17.1 12.7 11.2 9.5 9.4 9.4 7.4 10.2 9.6 9.7 29,114 32,389 24,021 24,588 18,528 30,242 27,215 32,103 31.4 37.9 32.0 27.6 30.7 30.6 30.9 32.0 2,072 1,442 1,020 4,466 814 2,130 2,019 4,070

61,538 51,714 50,139 61,173 40,913 66,496 58,822 64,252 11.0 -4.0 -35.6 -0.4 -33.5 28.6 17.3 5.0 7.4 5.8 6.3 6.4 5.0 6.9 6.4 6.2

79.7 80.1 78.6 77.4 92.8 98.8 98.9 100.5 104.6 102.3 98.5 104.2 122.4 129.0 131.1 136.7

73,664 70,945 57,339 18,052 50,793 45,015 47,076 45,942 59,873 61,033 64,322 72,772 64,340 67,313 69,399 74,121R&D 72,031 77,322 72,475 108,172 73,516 77,645 77,398 77,765

Nomura | 2014 1 29

15

12: (3)

:

12/12 13/12

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

438,039 453,862 409,351 456,323 464,206 520,032 493,865 521,970 -8.9 -2.6 -13.4 -8.4 6.0 14.6 20.6 14.4

/ 16 16 16 16 16 15 16 16 19 19 19 20 19 20 18 20 45 44 44 43 43 43 44 39LBP 100 100 100 100 100 100 100 100 20 21 21 20 22 22 22 25

/ -5 36 -3 -6 -8 -11 -7 1 13 43 -4 -6 -1 12 9 10LBP -13 3 -26 -22 0 9 24 22 5 41 -17 -32 -14 17 31 37 -15 -1 -27 -21 3 8 22 20

> 153,314 163,491 144,329 161,526 162,472 190,624 168,041 191,323 -0.4 4.7 -3.8 -4.1 6.0 16.6 16.4 18.4 63,775 66,080 61,925 73,600 68,494 76,653 72,453 85,990 0.0 21.0 -6.0 -9.0 7.0 16.0 17.0 15.0 70,058 97,411 82,404 107,407 75,243 113,971 95,588 124,068 -4.0 -4.0 -2.0 4.0 7.0 17.0 16.0 17.0

LBP 197,118 171,839 161,860 217,323 199,609 191,662 195,117 233,952 -11.0 -4.8 -18.8 -10.8 1.3 11.5 20.5 7.7 35,767 43,971 41,732 100,991 36,654 51,006 52,164 116,986 -11.0 -1.0 -21.0 -15.0 2.0 16.0 25.0 20.0 136,231 127,869 120,128 141,452 140,971 140,656 142,953 138,950 -12.0 -6.0 -18.0 -9.0 3.0 10.0 19.0 -3.0

87,608 118,531 103,162 77,474 102,125 137,746 130,707 96,694 52,846 58,312 41,148 51,272 60,071 76,192 67,094 63,551 12.1 12.8 10.1 11.2 12.9 14.7 13.6 12.2

> 16,292 20,675 9,034 10,245 22,220 34,604 28,746 5,250 10.6 12.6 6.3 6.3 13.7 18.2 17.1 2.7

LBP 36,204 37,163 31,701 39,700 37,442 41,037 37,825 56,696 18.4 21.6 19.6 18.3 18.8 21.4 19.4 24.2

350 474 413 1,327 409 551 523 1,605

Nomura | 2014 1 29

16

13: (4)

:

(1) 12/12 13/12

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

303,476 369,734 322,086 410,675 298,107 386,013 348,637 416,181 4.8 22.3 -7.3 10.2 -1.8 4.4 8.2 1.3

46,734 56,013 52,608 54,963 28,481 56,278 56,939 62,096 15.4 15.1 16.3 13.4 9.6 14.6 16.3 14.9

/ 70.0 73.0 71.0 68.0 65.0 73.0 68.0 65.0 21.0 20.0 22.0 25.0 26.0 20.0 24.0 27.0 9.0 7.0 7.0 7.0 9.0 7.0 8.0 8.0

212,433 269,906 228,681 273,160 193,770 281,789 237,073 258,156 6.3 29.4 -11.1 2.7 -8.8 4.4 3.7 -5.5

57,357 67,476 48,023 63,347 36,816 56,358 40,302 50,973 27.0 25.0 21.0 23.2 19.0 20.0 17.0 19.7

155,076 202,429 180,658 209,813 156,953 225,432 196,771 207,183 73.0 75.0 79.0 76.8 81.0 80.0 83.0 80.3 38,109 49,932 54,530 75,864 42,822 67,597 67,147 66,009 17.9 18.5 23.8 27.8 22.1 24.0 28.3 25.6 116,967 152,497 126,128 133,949 114,132 157,835 129,623 141,174 55.1 56.5 55.2 49.0 58.9 56.0 54.7 54.7

47,214 56,964 51,118 47,974 25,155 50,889 51,791 58,626() 22.2 21.1 22.4 17.6 13.0 18.1 21.8 22.7 2,294 1,350 960 120 184 282 202 1,177() 4.0 2.0 2.0 0.2 0.5 0.5 0.5 2.3

44,919 55,614 50,158 47,854 24,971 50,607 51,590 57,449() 29.0 27.5 27.8 22.8 15.9 22.4 26.2 27.7 13,338 16,727 17,995 20,747 8,993 18,251 20,480 22,913() 35.0 33.5 33.0 27.3 21.0 27.0 30.5 34.7 31,581 38,887 32,163 27,107 15,978 32,356 31,110 34,536() 27.0 25.5 25.5 20.2 14.0 20.5 24.0 24.5

585 708 599 762 405 571 469 640 3.9 35.1 -17.3 -3.4 -30.8 -19.4 -21.7 -16.0

420 492 402 519 265 364 278 413 -3.4 30.5 -21.5 -4.9 -36.9 -26.0 -30.8 -20.4

165 216 197 243 140 207 191 227 28.9 46.9 -7.1 0.0 -15.2 -4.2 -3.0 -6.6

13.8 13.7 11.9 12.2 13.7 14.9 14.8 12.7 -6.0 -17.4 -15.0 -7.0 -1.0 9.0 24.0 4.0

70.9 70.6 64.0 66.6 81.5 76.2 67.9 74.6 -12.0 -5.5 8.0 8.0 15.0 8.0 6.0 12.0

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17

14: (5)

:

(2) 12/12 13/12

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

IJP 69,587 73,791 70,413 100,030 84,896 86,557 83,932 110,705

-4.6 -5.7 -3.9 10.6 22.0 17.3 19.2 10.7 16,436 21,283 24,215 29,976 22,353 22,986 27,121 29,560 -24.0 0.0 1.0 40.0 36.0 8.0 12.0 0.0

48,552 54,170 45,716 73,472 57,039 66,088 56,231 84,713 -7.0 -6.0 -6.0 3.0 17.0 22.0 23.0 15.0

-1,208 -1,897 559 7,746 2,721 4,729 4,728 1,988(%) -1.7 -2.6 0.8 10.5 3.2 5.5 5.6 2.3

21,456 26,037 22,992 41,992 19,442 17,667 27,632 51,175

27.4 68.7 34.7 158.8 -9.4 -32.1 20.2 21.9 8,624 10,318 7,004 11,453 6,037 7,016 4,833 12,033 -35.0 -35.0 -30.0 -29.3 -30.0 -32.0 -31.0 5.1

729 947 931 -757 605 660 420 1,482(%) 3.4 3.6 4.0 -1.8 3.1 3.7 1.5 2.9

129 155 100 -10 91 105 72 330(%) 1.5 1.5 4.0 -0.1 1.5 1.5 1.5 2.7

Nomura | 2014 1 29

18

15: (6)

:

12/12 13/12

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

109,782 98,348 92,942 106,768 75,067 85,948 95,074 118,781/ 17 22 14 25 9 13 9 30 83 78 86 75 91 87 91 70 18,663 21,637 13,012 7,865 6,756 11,173 8,557 37,242 12.8 58.1 -38.2 -72.6 -63.8 -48.4 -34.2 373.5

18 26 11 7 5 12 10 32 13 19 8 6 5 12 10 16

ArF 0 0 0 0 0 0 0 0ArF 0 0 0 0 0 0 0 0KrF 2 1 0 0 0 2 0 4 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000i 11 18 8 6 5 10 10 12 400 400 400 400 400 400 400 400

5 7 3 1 0 0 0 16 1,200 1,200 1,200 1,200 2,100 2,100 2,100 2,100

3,993 6,332 5,035 -9,450 -7,536 -5,830 -8,138 -3,827(%) 3.6 6.4 5.4 -8.9 -10.0 -6.8 -8.6 -3.2

1,200 500 0 -1,700

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Appendix A-1 12(3) NSI NIP

1

Canon 7751 JP 3,070 29-1-2014 Neutral N/A A6,A11

A6 3

A11 1

(7751 JP) 3,070 (29-1-2014) Rating and target price chart (three year history)

Neutral (Sector rating: N/A)

Date Rating Target price Closing price 24-Oct-13 3,569 3,130 24-Jul-13 3,617 3,430 24-Apr-13 Neutral 3,840 30-Jan-13 4,204 3,385 18-Jan-13 3,977 3,350 25-Oct-12 3,331 2,645 03-Oct-12 3,398 2,555 25-Jul-12 3,779 2,678 17-Jul-12 4,121 2,878 25-Apr-12 4,753 3,800 30-Jan-12 4,539 3,435 25-Oct-11 4,934 3,490 14-Sep-11 4,965 3,295 11-Aug-11 5,078 3,400 03-Aug-11 5,024 3,690 25-Jul-11 4,976 3,785 19-May-11 4,803 3,650 28-Apr-11 4,738 3,800 26-Apr-11 4,783 3,495 25-Apr-11 5,114 3,525 27-Jan-11 5,392 4,195

For explanation of ratings refer to the stock rating keys located after chart(s)

7.2 0 19.12 DCF 3,461 1% 12http://www.nomuraholdings.com/jp/report/

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www.nomuranow.com/researchIQMarkitHubhttp://go.nomuranow.com/research/globalresearchportal/pages/disclosures/disclosures.aspx(1-877-865-5752) grpsupport@nomura.com FINRA/NYSENSIFINRA 2711 NYSE 472 NGFPNDPI plcNIplcNGFPNDPI NIplc plcIndustry SpecialistMarketing Analyst plc 42% Buy Buy43%47% Hold Hold 55%11% Sell( Reduce) Sell 26%(201312 31 ) 2013 10 21 ROE(-)// 1 Buy = 12 2 Neutral = 12 3 Reduce = 12 (Suspended) Not rated http://go.nomuranow.com/research/globalresearchportal MSCI()Russell/Nomura Large Cap (Bullish) = 12 (Neutral) = 12 (Bearish) = 12 Not rated N/A S&P500 STOXX600MSCI() 2013 10 20 (-)/ 12 1 Buy = 12 15% 2 Neutral = 12 5%15% 3 Reduce = 12 5% (Suspended) NR (Bullish) = (Neutral) =

Nomura | 2014 1 29

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(Bearish) = 1NSC plc (NIplc) (NSI) (NIHK)() (NFIK) ((KOFIA) KOFIA http://dis.kofia.or.kr ) (NSL) ( 197201440E ) (NAL) (ABN 48 003 032 513) ( 246412(ASIC) P.T. (PTNI) Sdn. Bhd. (NSM) NIHK (NITB) () (NFASL) (: Ceejay House, Level 11, Plot F, Shivsagar Estate, Dr. Annie Besant Road, Worli, Mumbai- 400 018, India: +91 22 4037 4037: +91 22 4037 4111; SEBI BSE INB011299030NSE INB231299034 INF231299034 INE 231299034, MCX: INE261299034) NIplc (NIplc, Madrid)CNS (CNS)NSLCNS (i)(ii)(iii) () MSCIMSCI Inc.(MSCI)MSCIMSCIMSCIMSCIMSCIMSCIMSCI /http://go.nomuranow.com/equities/tradingideas/retina/Retina

Nomura | 2014 1 29

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19331933 NIplcNIplcNIplcNIHK ASIC NAL NSM NSLNSL 289 NSL 1933 S NSINSI 1934 15a-6 NIplcUAEUAEUAEUAE (i)(ii) 1.365%*1 1.3%202,730*2 2,600 *1*2 2014 4 1 8%*1 1.404%*2 2,808 REIT ETF ETN 1.365*1 1.3%20 2,730*2 2,600 REIT ETF 0.9975%*3 0.95% 75 7,455*4 7,100 1.365*1 1.3%20 2,730*2 2,600 30 30 3.3 1.05*5 1%4,200*6 4,200*6 4,000 1 10 20.79685 5 3 20.79685

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5.25*7 5% 2.0 5.25*7 5% CDSCDSCDS CDS 10,500*8 10,000 *1*2*3*4*5*6*7*8 2014 4 1 8%*1 1.404%*2 2,808*3 1.026%*47,668*5 1.08%*6 4,320*7 5.4%*8 10,800 () 142 / http://go.nomuranow.com/research/globalresearchportal/pages/disclosures/disclosures.aspx Copyright 2014 Nomura Securities Co., Ltd.. All rights reserved.