Yoshiko Motoyama

Capital International Research, Inc. (Japan) (CIRI-JP) is part of the research arm and a wholly-owned subsidiary of The Capital Group Cos., Inc., a privately-owned holding company based in California. CIRI-JP was established in 1982 and is located in Tokyo. The firm carries out fundamental research focusing on close relationships with senior company management and local market coverage. They are private equity specialists. Research information is shared worldwide among the parent group's affiliates through centralized databases.

Morgan Stanley MUFG Securities Co., Ltd. is the Japanese broker-dealer subsidiary of Morgan Stanley (NYSE: MS) in the US. Headquartered in Tokyo, the firm was founded in 1984 and provides investment banking, sales & trading, real estate and investment management products and services. It offers securities services including global sales and trading in fixed income and equities, debt and equities financing and investment research. The firm is a provider of products and services in fixed income, equities, global capital markets and investment research to corporations and institutional clients in Japan.