Analyst Coverage

Company	Analyst
Aizawa Securities	Yoshitsugu Sasaki
ICHIYOSHI RESEARCH INSTITUTE	Yusuke Naito
Mizuho Securities	Yoshihiro Ujihara

* Listed in alphabetical order. Honorifics omitted.

* List of major analysts from securities covering ESPEC Corp. (As of August 1, 2018)

* The sole purpose of this list of analysts is to introduce securities company analysts who survey and analyze ESPEC and compile analyst reports to investors. ESPEC does not support or recommend any of the opinions, forecasts, evaluations, numerical information, etc. expressed in these analyst reports, etc. Also, this information is not aimed at inducing investment in any securities. Investors are requested to make final decisions on investments at their own discretion.