Japan Electrical Equipment and Semiconductors: Feedback from our Asia investor tour

Research evidence excerpt

Japan Electrical Equipment and Semiconductors: Feedback from our Asia investor tour

,Mitsubishi Electric,Panasonic Holdings,Renesas

Electronics,Sharp in the past 12 months.

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: Hitachi,Kioxia Holdings,Mitsubishi Electric,Panasonic

Holdings,Renesas Electronics,Sharp.

services provided were non-investment-banking, non-securities-related: Casio Computer,Fuji Electric,Hitachi,Kioxia

Holdings,Mitsubishi Electric,Panasonic Holdings,Renesas Electronics,Sharp.

Citigroup Global Markets Inc. and/or its affiliates has a significant financial interest in relation to Hitachi,Kioxia Holdings. (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

participate when the analyst has a positive view of the company.