Japan Pharmaceuticals and MedTech: Q1 earnings preview – we focus first on Otsuka, Asahi Intecc, and Santen

Research evidence excerpt

Japan Pharmaceuticals and MedTech: Q1 earnings preview – we focus first on Otsuka, Asahi Intecc, and Santen

dings,Santen

Pharmaceutical,Sumitomo Pharma,Suzuken,Sysmex,Takeda Pharmaceutical,Terumo.

Citigroup Global Markets Inc. or its affiliates currently has, or had within the past 12 months, the following as clients, and the

services provided were non-investment-banking, non-securities-related: Astellas Pharma,Chugai Pharmaceutical,Daiichi

Sankyo,Eisai,Kyowa Kirin,M3 Inc.,Medipal Holdings Corporation,Nippon Shinyaku,Ono Pharmaceutical,Otsuka Holdings,PHC

Holdings,Santen Pharmaceutical,Shionogi,Sumitomo Pharma,Suzuken,Sysmex,Takeda Pharmaceutical,Terumo.

Citigroup Global Markets Inc. or an affiliate received compensation in the past 12 months from Astellas Pharma,Chugai

Pharmaceutical,Daiichi Sankyo,Eisai,Kyowa Kirin,M3 Inc.,Medipal Holdings Corporation,Ono Pharmaceutical,Otsuka

Holdings,Santen Pharmaceutical,Sumitomo Pharma,Suzuken,Sysmex,Takeda Pharmaceutical,Terumo.

Citigroup Global Markets Inc. and/or its affiliates has a significant financial interest in relation to Chugai

Pharmaceutical,Takeda Pharmaceutical. (For an explanation of the determination of significant financial interest, please refer

to the policy for managing conflicts of interest which can be found at www.citiVelocity.com.)

Analysts’ compensation is determined by Citi Research management and Citigroup’s senior management and is based upon

activities and services intended to benefit the investor clients of Citigroup Global Markets Inc. and its affiliates (the “Firm”).

Compensation is not linked to specific transactions or recommendations. Like all Firm employees, analysts receive

compensation that is impacted by overall Firm profitability which includes investment banking, sales and trading, and