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Analyst Coverage

Analysts at securities firms and research agencies who make recommendations, comments, etc. on HRR’s operating results and others are listed below.

As of April 8, 2019

(Titles omitted)

Organization to which the analyst belongs Name
Nomura Securities Co.,Ltd. Tomohiro Araki
SMBC Nikko Securities Inc. Hiroshi Torii
Tokai Tokyo Research Institute Co., Ltd. Takumi Kasai

Precautions

The above list, which shows information on analysts who are in charge of Hoshino Resorts REIT, Inc., was prepared by Hoshino Resorts REIT, Inc. (hereinafter “HRR”) and Hoshino Resort Asset Management Co., Ltd. (hereinafter the “Asset Management Company”) based on information available as of the time of posting.
For all data, indices and other information disclosed by the analysts, neither HRR nor the Asset Management Company guarantees the accuracy and reliability of the contents. In addition, their analyses are also based on the analysts’ individual judgment, and HRR or the Asset Management Company will not be responsible for any of the analyses.
The above list is solely for the purpose of providing information on analysts who are in charge of Hoshino Resorts REIT, Inc. to unitholders and does not constitute a solicitation for investment in HRR.
We caution readers to make final investment decisions at their own discretion and responsibility.