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      Analyst Coverage

      (As of July 2019)

      *Companies are listed in alphabetical order

      Company Analyst
      Citigroup Global Markets Japan Inc. Masahiro Shibano
      Daiwa Securities Co., Ltd. Toru Sugiura
      Goldman Sachs Japan Co., Ltd. Satoru Ogawa
      Jefferies Securities Company Masahiro Nakanomyo
      JPMorgan Securities Japan Co., Ltd. Hisashi Moriyama
      Merrill Lynch Japan Securities Co., Ltd. Takashi Iwai
      Morgan Stanley MUFG Securities Co., Ltd. Masahiro Ono
      Nomura Securities Co., Ltd. Global Research Division Tetsuya Wadaki
      Okasan Securities Co., Ltd. Takashi Shimamoto
      SMBC Nikko Securities Inc. Ryosuke Katsura
      Tokai Tokyo Research Center Co., Ltd. Masahiko Ishino

      The above-mentioned securities analysts are those confirmed as writers of reports on Epson. Please note the possibility that some analysts who cover Epson may not be included on the list, and that recent changes may not be reflected in the list.

      The purpose of the information on this list is solely to provide information about analysts who analyze and forecast Epson's financial results. It is not intended as a solicitation to make investments.

      Please note that any opinions or forecasts regarding Epson's financial results, businesses, products and technologies made by analysts are theirs alone. These opinions, including those about historical data, do not necessarily represent the views of Epson. Providing the above list does not indicate that Epson endorses or guarantees the opinions or forecasts of these analysts.

      Any investments should be made according to your own judgment and at your own responsibility.

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