Japan Chemicals: Feedback from our recent meetings with investors in Asia

Research evidence excerpt

Japan Chemicals: Feedback from our recent meetings with investors in Asia

in the past 12 months.

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

banking client(s): Nippon Paint Holdings.

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, securities-related: JX Advanced Metals,Kansai Paint,Mitsubishi Gas

Chemical,Nippon Paint Holdings,Shin-Etsu Chemical.

services provided were non-investment-banking, non-securities-related: JX Advanced Metals,Kansai Paint,Mitsubishi Gas

Chemical,Nippon Paint Holdings,Nitto Denko,Shin-Etsu Chemical,Sumco.

Citigroup Global Markets Inc. and/or its affiliates has a significant financial interest in relation to Shin-Etsu Chemical. (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

principal trading revenues. One factor in equity research analyst compensation is arranging corporate access events between

institutional clients and the management teams of covered companies. Typically, company management is more likely to