Second Quarter Financial Results Fiscal Year 2017 (Ending March 2018)

Disclaimer regarding forward-looking statements The foregoing statements regarding future results reflect the Companyʼs expectations based on information available at the time of announcement. The information contains certain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. Such risks and uncertainties include, but are not limited to, the competitive environment, market trends, general economic conditions, technological changes, exchange rate fluctuations and our ability to continue to timely introduce new products and services. Note regarding business profit Business profit is calculated by deducting cost of sales and SGA expenses from revenue. Although not defined in the statement of consolidated comprehensive income, this indicator is very similar to the concept of operating income under J-GAAP. Epson will present this information as a reference, as the Company believes users of financial statements will find it useful when evaluating Epson's financial performance. Numerical values presented herein Numbers are rounded down to the unit indicated. Percentages are rounded off to one decimal place. 1

1. Overview 2. Details 2

Financial Highlights (Second Quarter) FY2016 FY2017 Change Q2 % Q2 % Amount % Revenue 248.4-272.5 - +24.0 +9.7% Business profit 19.2 7.8% 11.3 4.2% -7.8-40.9% Profit from operating activities 20.7 8.4% 9.0 3.3% -11.7-56.7% Profit before taxes 20.7 8.3% 8.5 3.1% -12.1-58.7% Profit for the period 14.4 5.8% 4.8 1.8% -9.5-66.3% EPS* 40.66 13.58 Exchange difference Revenue Business profit Exchange rate USD 102.44 111.00 EUR 114.28 130.36 USD +6.6-2.0 EUR +4.9 +3.0 Other +6.8 +3.4 Total +18.4 +4.4 * Basic earnings per share for the period 3

FY2017 Q2 Financial Results By business segment 30 25 20 15 10 5 Revenue 248.4 272.5 0.3 40.5 46.0 161.3 0.2 43.2 52.8 176.1 0.1 2016/Q2 2017/Q2 25.0 15.0 5.0 Business profit 19.2 11.3 2.3 5.0 2.4 7.4 21.0 13.8 - -0.1-9.0-12.2 2016/Q2 2017/Q2 Consolidated total Revenue +24.0 Business profit -7.8 Wearable & Industrial Products Revenue +2.7 Business profit ± Visual Communications Revenue +6.7 Business profit +2.4 Printing Solutions Revenue +14.7 Business profit -7.2 Other Y/Y Corporate, Adjustment Revenue - Business profit -3.1 4

Financial Highlights (First Half) FY2016 FY2017 1H % 1H % Change (amount, %) Revenue 487.5-527.3 - +39.7 +8.2% Business profit 25.7 5.3% 28.1 5.3% +2.4 +9.4% Profit from operating activities 27.7 5.7% 23.6 4.5% -4.0-14.7% Profit before taxes 27.0 5.6% 23.0 4.4% -4.0-15.0% Profit for the period 18.6 3.8% 15.1 2.9% -3.4-18.5% EPS* 52.09 42.55 Exchange rate USD 105.29 111.04 EUR 118.15 126.24 Exchange difference Revenue Business profit USD +8.7-2.4 EUR +4.9 +3.0 Other +7.8 +4.3 Total +21.5 +5.0 * Basic earnings per share for the period 5

FY2017 1H Financial Results By business segment 60 50 40 30 20 10 Revenue 487.5 527.3 0.6 81.0 87.7 0.4 86.3 99.1 318.6 342.0 6 5 4 3 2 1 Business profit 3.9 7.1 4.7 12.7 33.9 35.9-0.2-0.2-0.4-0.7-19.0-25.0 FY2016/1H FY2017/1H 25.7 28.1 FY2016/1H FY2017/1H Consolidated total Revenue +39.7 Business profit +2.4 Wearable & Industrial Products Revenue +5.3 Business profit +0.8 Visual Communications Revenue +11.4 Business profit +5.5 Printing Solutions Revenue +23.4 Business profit +2.0 Other Y/Y Corporate, Adjustment Revenue -0.2 Business profit -5.9 6

FY2017 Financial Outlook Business profit Profit from operating activities Profit before taxes Profit for the year FY2016 % 7/27 Outlook % 65.8 6.4% 79.0 7.4% 67.8 6.6% 67.4 6.6% 48.4 4.7% 76.0 FY2017 10/26 Outlook Revenue 1,024.8-1,07-1,07-76.0 7.1% 76.0 7.1% 7.1% 58.0 5.4% 79.0 76.0 7.1% 58.0 5.4% % Y/Y 7.4% Change (amount, %) Vs. 7/27 outlook +45.1 + +4.4% +% +13.1 + +2% +% +8.1 + +11.9% +% +8.5 + +12.6% +% +9.5 + +19.8% +% EPS *1 136.82 164.67 164.67 Exchange rate assumptions from Q3 onward USD 108 Exchange rate USD EUR 108.38 118.79 109.00 123.00 *1: Basic earnings per share for the year *2: Annual impact of a 1-yen increase in the value of the yen versus the USD & EUR (in billions Annual impact of a 1% increase in the value of the yen versus other currencies (in billions 110 125.00 Exchange sensitivity *2 EUR 123 Revenue Business profit USD -3.0 +0.4 EUR -1.5-1.0 Other -2.8-1.1 7

Key Factors Shaping the FY2017 Financial Outlook Steady progress in advancing the core strategies of the mid-range business plan High-capacity ink tank printer shipments to further expand Signage and textile printers, label presses, projectors, and robots to steadily expand Factored in business situation changes Changes in the competitive environment for some products and in the product mix for some contracts Large-format photo and graphics printers, POS printers, watches, crystal devices Prices for raw materials to soar Full-year profit expected to grow steadily in line with the mid-range business plan 8

FY2017 Financial Outlook By business segment Revenue Consolidated total Business profit Consolidated total 1,20 1,024.8 1,07 1,07 Y/Y +45.1 Vs. previous ± 16 65.8 79.0 79.0 Y/Y +13.1 Vs. previous ± 1,00 80 60 40 20 1.5 158.5 179.6 1.0 1.0 168.0 163.0 189.0 191.0 686.6 719.0 722.0 Other Wearable & Industrial Products Y/Y +4.4 Vs. previous -5.0 Visual Communications Y/Y +11.3 Vs. previous +2.0 Printing Solutions Y/Y +35.3 Vs. previous +3.0 14 12 10 8 6 4 2 7.8 16.1 84.1 13.0 1 2 21.0 99.0 101.0-0.4-1.0-1.0 Wearable & Industrial Products Y/Y +2.1 Vs. previous -3.0 Visual Communications Y/Y +4.8 Vs. previous +1.0 Printing Solutions Y/Y +16.8 Vs. previous +2.0 Other -1.5-7.0-7.0 Corporate, adjustment -41.7-52.0-52.0 Corporate, adjustment FY2016 FY2017 FY2017 Previous Outlook Outlook Y/Y -5.4 Vs. previous ± FY2016 FY2017 FY2017 Previous Outlook Outlook Y/Y -10.2 Vs. previous ± 9

Mid-Range Business Plan Progress Inkjet innovation Capturing office print demand Expanded sales of high-capacity ink tank printers Released high-speed linehead inkjet MFPs Building strength in new commercial and industrial printing segments Continued expansion in signage, textile, and label printing Visual innovation Strengthening of high added value products Grew sales of high-brightness projectors Reinforced the product lineup 10

Mid-Range Business Plan Progress Wearables innovation Leveraging existing assets to expand the customer base New Trume watch brand Robotics innovation Developing the business to meet expanded demand Increased space usage efficiency with compact robots Used sensing technology to expand applications 11

Mid-Range Business Plan Progress Strengthening business infrastructure Strengthening the R&D and design organizations Building up our global operations (in Italy, Canada, and Indonesia) Building up production capacity in preparation for increased sales Operations started at a new factory in the Philippines Will expand facilities at the Hirooka Office (Japan) Strengthening the office products sales organization New staff hires/ realigned organization New factory in the Philippines Inkjet printhead production & development functions to be strengthened in Hirooka (under construction) Commercial and industrial printer functions to be strengthened in Hirooka (construction planned) 12

1. Overview 2. Details 13

Quarterly Revenue Trend By business segment 30 25 20 15 10 5 239.0 248.4 278.2 259.0 254.8 272.5 0.4 0.2 0.4 0.3 0.2 0.3 39.8 43.2 37.7 40.5 43.0 40.4 45.9 46.0 52.8 41.6 46.0 46.3 192.3 157.3 161.3 175.6 165.9 176.1-0.6 0.1-0.3-0.7-0.8 2016/Q1 2016/Q2 2016/Q3 2016/Q4 2017/Q1 2017/Q2 Consolidated total Y/Y +24.0 Other Wearable & Industrial Products Y/Y +2.7 Visual Communications Y/Y +6.7 Printing Solutions Y/Y +14.7 Corporate, Adjustment Y/Y - 15

Quarterly Revenue Comparison Printing Solutions Segment 20 15 10 5 161.3 176.1 4.5 4.3 48.2 45.1 123.6 111.9-0.2-0.3 2016/Q2 2017/Q2 PC, Other Y/Y +0.1 Professional Printing Y/Y +3.1 Printers Y/Y +11.6 % sales 2016/Q2 2017/Q2 IJP 81% 83% SIDM 10% 8% Others 9% 9% Eliminations IJP: Inkjet Printers SIDM: Serial Impact Dot Matrix Printers Large-format printers: Continued to expand sales in signage, textile, & label printer segments IJP: Home printer unit shipments declined, but shipments of high-capacity ink tank printers expanded SIDM: Decreased from a year ago, when there was extra demand in China 16

Quarterly Revenue Comparison Visual Communications Segment 46.0 52.8 6 5 4 Visual Communications Y/Y +6.7 Projectors: Model mix improved by expanding sales of highbrightness models and other factors 3 2 46.0 52.8 1 2016/Q2 2017/Q2 17

Quarterly Revenue Comparison Wearable Products & Industrial Products Segment 40.5 43.2 5 4 3 2 1 24.4 25.3 3.2 6.4 14.2 13.0-1.3-1.6 Microdevices, Other Y/Y +0.9 Robotics Solutions Y/Y +3.1 Wearable Products Y/Y -1.1 Crystal devices: Sales to manufacturers of consumer products declined Semiconductors: Internal sales, external sales and foundry orders were firm Robots: Continued expansion in Europe and the U.S., in addition to Greater China IC handlers: Firm demand Watches: Watch finished product sales decreased 2016/Q2 2017/Q2 Eliminations 18

Quarterly Selling, General and Administrative Expenses 100 90 80 70 60 50 40 30 20 10 0 70.1 71.9 76.6 81.4 74.5 81.1 (% revenue) 29.4% 28.9% 27.6% 31.4% 29.2% 29.8% 27.5 29.7 26.0 23.6 23.7 25.8 6.6 4.0 4.8 5.4 3.9 5.3 8.5 6.2 6.7 7.7 6.6 8.3 12.5 13.7 13.4 12.9 12.3 12.0 23.6 22.7 23.9 25.5 25.6 25.6 2016/Q1 2016/Q2 2016/Q3 2016/Q4 2017/Q1 2017/Q2 Consolidated total Y/Y +9.2 Other Y/Y +5.9 Advertising Y/Y +0.5 Sales Promotions Y/Y +1.6 Research & Development Y/Y -1.6 Salaries & Wages Y/Y +2.8 19

Quarterly Business Profit Trend By business segment 6.4 19.2 28.3 11.7 16.7 11.3 5 Consolidated total Y/Y -7.8 4 3 2 1 1.6 2.1 12.8 2.3 5.0 21.0 2.5 4.7 31.7 1.2 4.2 18.4 2.3 5.2 22.1 2.4 7.4 13.8 Wearable & Industrial Products Y/Y + Visual Communications Y/Y +2.4 Printing Solutions -0.2 - -0.1 - -0.1-0.1-9.9-9.0-10.5-12.1-12.8-12.2 Y/Y -7.2 Other Corporate, Adjustment 2016/Q1 2016/Q2 2016/Q3 2016/Q4 2017/Q1 2017/Q2 Y/Y -3.1 20

Q2 Business Profit Change Cause Analysis +4.8 Cost changes, other* 19.2 +2.4 Sales volume changes Price changes -14.2 SGA increase +4.4 11.3-5.2 Impact of exchange rates 0 Business profit 2016/Q2 7.8 billion decrease Business profit 2017/Q2 * Cost changes, other: Combined total of cost changes and other items 21

1H Business Profit Change Cause Analysis +13.1 Cost changes, other* 25.7 +6.4 Price changes -13.0 SGA increase +5.0 28.1 Sales volume changes -9.0 Impact of exchange rates 0 Business profit 2016/1H 2.4 billion increase Business profit 2017/1H * Cost changes, other: Combined total of cost changes and other items 22

Statements of Financial Position Total assets 1,00 50 1,006.2 941.3 899.8 974.3 1,039.5 End of March 2015 End of March 2016 End of Sep. 2016 End of March 2017 End of Sep. 2017 Inventories 20 10 220.4 201.6 196.6 208.5 233.9 End of March 2015 End of March 2016 End of Sep. 2016 End of March 2017 End of Sep. 2017 23

Statements of Financial Position Interest-bearing liabilities and ratio of interest-bearing liabilities 40 20 18.5% 15.1% 16.2% 15.0% 17.4% 185.9 141.7 145.3 146.5 180.7 End of March 2015 End of March 2016 End of Sep. 2016 End of March 2017 End of Sep. 2017 Equity and equity ratio attributable to owners of the parent company 60 40 20 49.1% 49.7% 47.9% 50.5% 48.9% 494.3 467.8 430.9 492.1 508.6 End of March 2015 End of March 2016 End of Sep. 2016 End of March 2017 End of Sep. 2017 24

Revenue Comparison by Business Printing Solutions 80 60 40 686.6 719.0 722.0 18.0 18.0 18.4 188.0 186.0 188.6 PC, Other Y/Y -0.4 Vs. Previous ± Professional Printing Y/Y -2.6 Vs. Previous -2.0 Printers 20 481.2 514.0 519.0 Y/Y +37.7 Vs. Previous +5.0 % sales FY2016 FY2017 1.6 1.0 1.0 IJP 81% 83% SIDM 9% 8% Others 10% 9% Eliminations FY2016 FY2017 FY2017 Previous Outlook Outlook 26

Revenue Comparison by Business 25 20 Visual Communications 18 16 14 Wearable & Industrial Products 179.6 189.0 191.0 158.5 168.0 163.0 20 Microdevices, Other Y/Y +1.4 Vs. Previous -2.0 15 10 5 179.6 189.0 191.0 Visual Communications Y/Y +11.3 Vs. Previous +2.0 12 10 8 6 4 2 96.5 10 98.0 16.9 22.0 22.0 50.7 51.0 48.0 Robotics Solutions Y/Y +5.0 Vs. Previous ± Wearable Products Y/Y -2.7 Vs. Previous -3.0 FY2016 FY2017 FY2017 Previous Outlook Outlook -5.6-5.0-5.0 FY2016 FY2017 FY2017 Previous Outlook Outlook Eliminations 27

R&D Costs, Capital Expenditure and Depreciation and Amortization Expenses Research & Development 5 48.8 47.8 53.1 52.7 54.0 FY2013 FY2014 FY2015 FY2016 FY2017 Outlook Capital expenditures Depreciation and amortization Capex breakdown by segment FY2016 69.4 FY2017 Outlook Printing Solutions 43.9 43.0 Visual Communications 10.2 13.0 Wearable & Industrial Products 9.1 1 Other, Corporate 11.9 1 75.3 76.0 5 37.8 40.7 45.4 44.4 45.3 43.2 45.0 FY2013 FY2014 FY2015 FY2016 FY2017 Outlook 28

Free Cash Flows Cash flows from operating activities Cash flows from investing activities Free cash flows 10 114.8 73.6 108.8 113.0 76.0 61.4 96.8 106.0 21.1 3-41.2-32.7-51.5-10 -75.7-76.0 FY2013 FY2014 FY2015 FY2016 FY2017 Outlook 29

Main Management Indicators (%) 4 3 27.7 26.3 ROA: ROS: ROE: Business profit/ total assets (avg. balance) Business profit/ revenue Profit for the period attributable to owners of the parent company/ Equity attributable to owners of the parent company (avg. balance) 2 1 10.4 10.6 8.9 9.3 8.7 9.5 10.1 6.9 7.8 6.4 11.3 7.4 7.9 FY2013 FY2014 FY2015 FY2016 FY2017 Outlook 30

Reference 31

Major Business Indicators FY2016 FY2017 Outlook FY2018 Target Exchange rate USD 108.38 110 115.00 Printing Solutions Visual Communications EUR 118.79 125.00 125.00 Revenue 686.6 722.0 805.0 Business profit 84.1 101.0 - Revenue 179.6 191.0 20 Business profit 16.1 21.0 - Category FY2016 FY2017 Outlook 3-year cumulative (FY2016-18 business plan) USD 108.38 110 115.00 EUR 118.79 125.00 125.00 Operating CF 96.8 106.0 FCF 21.1 3 Approx. 33 Approx. 12 Wearable & Industrial Products Revenue 158.5 163.0 195.0 Business profit 7.8 1 - Other Revenue 1.5 1.0 Business profit -0.4-1.0 - Capital expenditure 75.3 76.0 R&D costs 52.7 54.0 Approx. 21 Invest aggressively Corporate, Adjustment Consolidated total Revenue -1.5-7.0 Business profit -41.7-52.0 - Revenue 1,024.8 1,07 1,20 Business profit 65.8 79.0 96.0 ROS 6.4% 7.4% 8% ROE 10.1% 11.3% Sustain at at least 10% 32

Main Product Sales Trends Results & outlook vs. previous fiscal year Product FY2016 Full year () ASP (average selling prices) and sales amounts after conversion to yen FY2017/Q1 () FY2017/Q2 () FY2017 Full year (Outlook) Exchange rate USD / EUR 108.38 / 118.79 111.08 / 122.12 111.00 / 130.36 110 / 125.00 Volume +5% +7% +4% +10% IJP Office/ highcapacity ink tank as % of total unit sales Approx. 20%/ Approx. 40% - - Less than 20%/ More than 45% ASP - high single-digit % + low teen % + mid-teen % + low teen % Revenue - low single-digit % + high teen % Around +20% + low 20% Volume (packs) -4% -2% -3% - IJP ink ASP - low single-digit % + mid-single-digit % + high single-digit % - Revenue - mid-single-digit % + low single-digit % + mid-single-digit % Flat YoY SIDM printers Volume +4% -25% -15% -10% ASP - high teen % + low single-digit % + high single-digit % Flat YoY Revenue - mid-teen % - low 20% - high single-digit % Around -10% Volume +6% -2% +1% +3% Projectors ASP - high single-digit % + mid-teen % + mid-teen % + low single-digit % Revenue - low single-digit % + low teen % + mid-teen % + mid-single-digit % The indicators in this document are based on values tracked internally by Epson. 33