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        Analyst Coverage

        (As of June 2020)

        *Companies are listed in alphabetical order

        Company Analyst
        Citigroup Global Markets Japan Inc. Masahiro Shibano
        Daiwa Securities Co., Ltd. Toru Sugiura
        Jefferies Securities Company Masahiro Nakanomyo
        JPMorgan Securities Japan Co., Ltd. Junya Ayada
        Merrill Lynch Japan Securities Co., Ltd. Takashi Iwai
        Morgan Stanley MUFG Securities Co., Ltd. Masahiro Ono
        Nomura Securities Co., Ltd. Global Research Division Yu Okazaki
        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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