INVESTMENT PORTFLIO

An investment portfolio is a basket of assets that can hold stocks, bonds, cash and
more. Investors aim for a return by mixing these securities in a way that reflects their risk tolerance
and financial goals.
Nikon selected cooperating partners from the observing, measuring and transmitting
fields that have a high affinity with existing businesses. As one of the methods of solving social
issues, Nikon initiated a dynamic action plan to achieve open innovation by utilizing external
resources.
For example, M&A and alliances such as collaboration with affiliates, establishing
private funds to invest in new ventures, recruiting and co-operating with innovators and
entrepreneurs in order to create a brighter future together, as well as collaborating with venture
capital partners have been implemented. Through these various actions, Nikon is sowing the seeds
of future businesses, accelerating the speed of product development and nurturing the
establishment of new businesses.
 PRIVATE FUND:
Nikon and SBI Investment Co., Ltd. have jointly established a private fund to invest
in venture companies as a part of CVC (Corporate Venture Capital) programs. This fund's
objective is to increase investments in new business areas, as well as Nikon's current business
fields. Nikon uses SBI
Investment's valuable expertise
and experience in investment in
growing sectors.
Nikon deploys
this new fund to pursue fresh
business opportunities by
investing in venture companies
that can possibly play a future
role, with the focus on Japan and
North America as well as in
European and Asian countries. Following this investment, we will make additional investments
according to business synergy assessment and intentions.
The maximum size of the Nikon-SBI Innovation Fund is expected to be 10 billion yen, and it is
expected to operate over a period of eight years.
  Nikon SBI Innovation Fund:
 Business areas:
Future imaging services business, industrial equipment business, healthcare business, etc.
 Fields:
 VR/AR/MR services and systems
 AI
 Robotics
 Communication technology/cloud computing/broadcasting services
 Healthcare
 Optics
 Imaging
 Sensing technology/applications and solutions
 Total share (from July 2016 to March 2019):
 Investment to startups in Japan and the U.S.A. (new investment: 11 companies,
additional investment: 6 companies, under consideration: several other companies)
 Investment in 500 Startups Japan, an organization which searches widely for
ventures that are eager to succeed internationally and nurtures them.
 The receiving division takes on an initiative role, examining next-round additional
investments and business development while considering and assessing investment
companies and business synergy.
 Portfolio:

 ALLIANCES:
Nikon is conducting business/capital tie-ups outside of the company including
universities, other companies and affiliates, cooperative research, and M&A. Through these
various alliances, Nikon is leveraging its strengths to expand the scale and scope of its businesses,
including extending its interests to peripheral fields in order to create new business opportunities.
  Collaboration with universities, companies and external organizations:
Nikon is proactively seeking to collaborate with others. For example, in a joint
development program with the IPS cell
laboratory at Kyoto University in the
field of regenerative medicine, a business
and capital alliance with HEALIOS
K.K., Nikon is participating in the "Smart
Cell Processing Project", along with
several other companies.
Also, Nikon has established the Nikon
Chair of Imaging Science in the
University of Tokyo, providing optical
education that is directly connected to the
industry. This contributes to nurturing engineers who will be able to lead the next-generation
optical industry.
 Nikon has been working together with Accuthera Inc. to develop a high-energy x-ray
source suitable for nondestructive inspection/testing systems:
Nikon has jointly developed a high-energy x-ray source for non-destructive
inspection/testing systems with Accuthera Inc., and introduced it at the international conference
iCT2019 held in Italy.
This x-ray source reduces the focal spot size, enabling visualization of engine
interiors and conditions of jet engine turbine blades at high resolution. We will continue to
conduct experiments at the National Institute of Advanced Industrial Science and Technology
(AIST) with the intention of expanding the use of this equipment.
 Subsidiary acquisition of Mark Roberts Motion Control Limited:
There is a growing demand within the imaging industry for automated solutions that
provide unique perspectives and
increased production efficiency.
Nikon has acquired Mark Roberts
Motion Control Limited
(hereinafter "MRMC"), a
manufacturer of robotic motion
control solutions that has
established a strong reputation for
engineering excellence within the
motion control industry. Nikon
will continue to strengthen
MRMC's leading market position
within the film and broadcast
sectors. Nikon and MRMC aim to develop products and services for this new market by utilizing
MRMC's robotic motion control solutions together with Nikon's imaging-related technologies and
broad sales channels.

 COOPERATION WITH VENTURE CAPITAL PARTNERS:

To expand new business operations, Nikon has already started to invest globally in
venture companies through multiple VC (Venture Capital) firms including SBI Investment,
Geodesic Capital, Beyond Next Venture and 500 Startups Japan. Each VC Company provides
Nikon with valuable transaction data and trend information as well as exchanging diverse
information at regular meetings. Nikon benefits from its venture business partners' research,
comparisons, target company information and future value estimations.

 ACCELERATOR PROGRAM:
Nikon recruits venture companies who have high technical strength, promising
business plans and who aim to innovate on a global scale, and calls for intrapreneurs (employees
who are taking the initiative to create something new and innovative within their companies of
their own volition) who are attempting to commercialize by themselves, while transforming their
creative ideas into business reality, and adding value to the world. Providing various programs to
commercialize their business ideas and support them, Nikon generates new business opportunities.
 CAP 2016:
Nikon started its Corporate Accelerator Program (referred to as CAP) from
October 3, 2016. Nikon recruits entrepreneurs and venture companies who intend to innovate on
a global scale, and supports their ideas. Nikon and 01Booster collaborated for CAP2016. Nikon
provided versatile mentoring (advice and various other support) to venture companies selected
from many entries, using Nikon's internal and external experts.

 Nikon Intrapreneur Program 2017:

The Nikon Intrapreneur Program is Nikon's first support program for those who
would like to generate new business with their ideas. We welcome any ideas from applicants who
have a strong will to create business opportunities and succeed with them while also revitalizing
our internal offices as well as developing new businesses. Selected people will be given their
chance to bring their creative ideas into business reality, thereby adding value to the world as an
entrepreneur.
A Demo Day was held in September, 2018, and then new business creation
commenced. While defining the purposes and goals of programs more clearly, Nikon also assesses
whether to launch a business faster by collaborating with external venture companies, supporting
them intensely with internal/external mentors and catalysts, and nurturing innovators by providing
workshops and training. In this way we are increasing opportunities of discovering themes/talent
by triggering a range of activities for willing employees to accelerate the development of
innovations.