MS&AD INS GROUP HLDGS ADR

Ticker: MSADY CUSIP: 553491101 Class: ADR

Holders for Q4 2025 Position Changes for Q4 2025

Note: Option positions (PUT/CALL) are excluded.

New Positions (1)

Ancora Advisors LLC

Value ($000) $8 Shares 336

Institution	Shares	Value ($000)
Ancora Advisors LLC	336	$8

Increased Positions (2)

RHUMBLINE ADVISERS

Value ($000) $833 (+47.8%) Shares 35,556 (+42.1%)

PNC Financial Services Group, Inc.

Value ($000) $25 (+44.4%) Shares 1,087 (+38.8%)

Institution	Prev Shares	Curr Shares	Change
RHUMBLINE ADVISERS	25,024	35,556	+10,532 (+42.1%)
PNC Financial Services Group, Inc.	783	1,087	+304 (+38.8%)

Decreased Positions (4)

Ativo Capital Management LLC

Value ($000) $1,222 (-2.4%) Shares 52,154 (-6.2%)

ATLAS CAPITAL ADVISORS LLC

Value ($000) $307 (-24.8%) Shares 13,094 (-28.3%)

Salomon & Ludwin, LLC

Value ($000) $10 (-28.4%) Shares 402 (-34.1%)

GAMMA Investing LLC

Value ($000) $160 (+2.2%) Shares 6,835 (-1.8%)

Institution	Prev Shares	Curr Shares	Change
Ativo Capital Management LLC	55,598	52,154	-3,444 (-6.2%)
ATLAS CAPITAL ADVISORS LLC	18,273	13,094	-5,179 (-28.3%)
Salomon & Ludwin, LLC	610	402	-208 (-34.1%)
GAMMA Investing LLC	6,957	6,835	-122 (-1.8%)