Analyst Coverage

(As of September 2025)

Asymmetric Advisors Limited	Team Coverage
Citigroup Global Markets Japan Inc.	Moriya Koketsu
Daiwa Securities Co., Ltd.	Makoto Ueno
Ichiyoshi Research Institute Inc.	Yasuyoshi Mimura
IwaiCosmo Securities Co., Ltd.	Tomoaki Kawasaki
Jefferies Japan Limited	Hiroko Sato
Macquarie Capital Securities (Japan) Limited	Hiroshi Yamashina
Mizuho Securities Co., Ltd.	Yusuke Hori
Nomura Securities Co., Ltd.	Daisaku Masuno
Okasan Securities	Keisuke Iwafuchi
Pelham Smithers Associates.	Pelham Smithers
QUICK Corporate Valuation Research Center	Daisuke Harada
Storm Research Ltd.	Team Coverage
The Tachibana Securities Co., Ltd.	Tsunenori Ohmaki

(In alphabetical order)

• (*)Please note that there may be other analysts who we are not aware of and who therefore are not included on this list. Also, our information may be incomplete or may not include changes such as analysts who have been transferred, etc. This list is provided for the purpose of disseminating information required to introduce corporate business research companies or research analysts to our investors, and is not intended to be used for the purpose of promoting our stock sales. In addition, IIJ does not support any of these analyst's prospects, opinions, or recommendations and does not guarantee the consistency of any related information. Analysts included or not included on this list have conducted research on our business and have analyzed our business results based on their own judgment. IIJ or IIJ's management directors are not involved in any of these procedures or matters. Final investment decisions should be made at your discretion at the time of the actual investment.