EPS Holdings, Inc.

Financial Results
Overview
for the Fiscal Year
Ended September 30,
2018 (FY2018)

November 22, 2018
EPS Holdings, Inc.
Chairman & CEO
Yan HaoContents

1

Overview for FY2018 Financial Results

2

FY2019 Annual Budget

3

EPS Group Management Structure

４

Initiatives in the Current Fiscal Year５

Progress on the Mid-Term Business Plan

6

Stock Information

Copyright © 2018 EPS All rights reserved.

2

1

Overview for FY2018 Financial Results

Copyright © 2018 EPS All rights reserved.

3

FY2018: EPS Group Business Areas*as of September 30, 2018

Domestic BusinessCRO

EPS, EPS Associate, EPMate, e-Trial

SMO

EXAM
EP-SOGO, *Mergedwith EP-SOGO on July 1, 2018

CSO

EP-PharmaLine

CPO

EP-CRSU, EPI Yamanashi, Sogo Rinsho Médéfi

Overseas
Business

GlobalResearchEPS International Holdings etc.

EKISHIN(China)EPS EKISHIN, EPS (China) etc.

OthersEPBiz (Shared Services)

Copyright © 2018 EPS All rights reserved.

4

FY2018 Consolidated Financial Results
FY2018Results

FY2018InitialForecast（￥million）

FY2018Results

Net Sales

60,482 66,000 65,769

Operating
Income

7,591

6,850

7, 193（Ratio）(12.6%)(10.4%)(10.9%)

Recurring
Profit

7,809

7,000

7,436

（Ratio）(12.9%)(10.6%)(11.3%)

ProfitAttributabletoOwners of
Parent

4,663

4,200

4,388

（Ratio）(7.7%)(6.4%)(6.7%)•

Copyright © 2018 EPS All rights reserved.

Percent Percent
ChangeChange Change
vs Planvs Plan
YoY

-231

-0.4％

8.7%

343

5.0％

-5.2%

436

6.2％

-4.8%

188

4.5％

-5.9%

Profit attributable to non-controlling interests

FY2017 ¥313 million
FY2018 ¥202 million

5

FY2018 Financial Results by Business Segment（￥million）

FY2018 Initial
Forecast

CRO

Domestic

SMO
CSO
CPO

OverseasGR

FY2018Results

Net Sales

28,700Operating
Income(%)

5,775

Net Sales

15,25014,297

Operating
Income(%)

1,580 (10.4%)

1,269

Net Sales

8,400

7,813

Operating
Income(%)

550

Net Sales

2,600

Operating
Income(%)

180

Net Sales

4,100

Operating
Income(%)- 200

Net Sales

10,700

Income(%)- 15

EKISHIN(China) Operating

28,817(20.1%)(6.5%)

6,338 (22.0%)384(8.9%)(4.9%)

2,675(6.9%)

303 (11.3%)
4,942

－

13

(0.3%)

11,093－121(1.1%)

Change Percent Percent
vs Initial Change Change
Forecast vs Plan
YoY
117

0.4％

2.8%

563

9.7％

0.2%

-953

-6.2％

2.0%

-311

-19.7％-25.3%

-587

-7.0％

-5.9%

-166

-30.2％-21.0%

75

2.9％

12.0%

123

68.3％

-4.1%

842

20.5％

2.6%

213

－

－

393

3.7％

78.9%

136

－

-51.8%* 1. The CRO segment in the earnings report (kessan tanshin) includes the CPO segment.
2. Figures exclude management advisory fees.
3. Figures include amortization of goodwill and outsourcing fees for shared services.
Copyright © 2018 EPS All rights reserved.
6

FY2018 Overview of Financial Results
Overview of Financial Results
Net sales
・ Net sales exceeded the previous year’s results, as sales growth inCRO, CPO, GR and EKISHIN (China) Business made up for lowerthan-planned sales in SMO and CSO.
・ Sales increased year on year across all segments except for CSO.
Operating income
・ Despite weaker-than-planned operating income in SMO and CSO,
operating income surpassed the plan. This was mainly due topositive contributions from other segments.
・ Operating income decreased year on year on a consolidated basis.
Segment operating income increased year on year in CRO and GR,
but decreased in other segments.

Copyright © 2018 EPS All rights reserved.

7

FY2018 Summary of Segment Operating Results

CRO

Net sales and operating income surpassed plans

・ Clinical study services saw projects perform strongly due to measures tostrengthen management and integrate internal management systems.
・ In PMS services, profits were pressured by man-hour requirements for thelaunch of new projects, despite increased sales.
・ High utilization of dispatched CRAs, and a positive EDC-related contribution.

SMO

Net sales and operating income were below plans

・ Net sales surpassed the previous year’s level, as integration progressed andefforts were made to strengthen the project management system.
・ Impact of misconduct, as well as the effect of the cancellation of clinical trials onorder intake and net sales.
・ EXAM saw a recovery in operating results in the second half, despite a sluggish
performance in the first half.

CSO

Net sales and operating income were below plans

・ In CMR services, sales decreased due to the impact of reductions in MR staff
at pharmaceutical companies.
・ Sales were lower than planned as the Group was unable to win major projects
for dispatching personnel in PMS services due to the impact of reductions in
MR staff at pharmaceutical companies.
・ Call center services posted steady growth in operating results.

Copyright © 2018 EPS All rights reserved.

8

FY2018 Summary of Segment Operating Results

CPO

Net sales and operating income both surpassed plans

・ Both sales and profits achieved plans due to favorable progress on large
projects won in the first half, despite facing an uphill battle due to theenforcement of the Clinical Research Act in the second half.
・ A high utilization rate was maintained by proactively winning orders forinvestigator-initiated clinical trials.

GR

Net sales and operating income achieved plans

・ Sales increased sharply due to favorable order intake, in addition to firm
progress with clinical projects currently under way.
・ Cost effectiveness improved due to the unification of Asia-Pacific management
operations in Japan.
EKISHIN
Net sales and operating income achieved plans(China)・ Increased sales were supported by measures to strengthen the businessbase through continuous development of existing markets and cultivation of
new regional markets in the products business.
・ Rebuilt operations through the alliance strategy, in response to adverse
conditions faced by CRO services in China.
Copyright © 2018 EPS All rights reserved.

9

FY2018 Business Performance Topics
Business CRO

Support for creating the Rare Disease Data Registry ofJapan by the Japan Agency for Medical Research andDevelopment (AMED)

Strive to enhance the level of medical care received by all people with rarediseases by promoting the elucidation of the cause and pathology of diseases, andthe development of innovative diagnosis and treatment methods for rarediseases.
Rare diseases
Operational
Rare Disease Data Registry
Rare disease A
Registry researchsupport forregistry
research

Rare disease A
Registry research
Rare disease A
Registry research

Supply templates for the standard documents
needed for each type of research, including
standard research implementation plans andstandard informed consent forms.

Build a standardized patient data collection
system and support data collection in various
research projects.

Launch support services for development of
Business CRO regenerative
medical products
Realize high-quality and speedy development of regenerative medical productsby leveraging the Group’s extensive experience and track record in supporting
clinical trials and studies for pharmaceuticals and medical devices. In theprocess, the Group will contribute to much-anticipated advances inregenerative medicine.
Copyright © 2018 EPS All rights reserved.

10

FY2018 Business Performance Topics
Established ES-Link Co., Ltd. as a joint venture with

Alliances CSO Suzuken Co., Ltd. (Established on October 1, 2018)

Advantages for pharmaceutical companies: (1) Optimal efficiency through a onestop solution; (2) Volume discounts; (3) Effective budget control; and (4)Promote distribution management in response to new needs for orphan drugs
and medical devices.

Production Dept.
Sales Dept.
Marketing Dept.
Distribution
Dept.
Quality
Assurance Dept.

Pharmaceutical companies

R&D Dept.

EPS Group

Harness the strengths ofboth companies

・CRO (clinical development
support)・CSO and BPO
・SMO (site management
support)Sales
activities
ReceiveordersES-Link

Subcontracting

Suzuken Group
Generate
management fees
as revenues

Increase the number ofcustomers, and expand
purchase amounts per orderand purchase frequency

Copyright © 2018 EPS All rights reserved.

・MS (marketing
specialist)
・Marketing
・Distribution

11

FY2018 Business Performance Topics
M＆A

GR

Acquired U.S.-based CRO Medelis, Inc.

This acquisition seeks to strengthen service solutions in the oncology field, which
offers prospects for further advances in clinical drug development including cancer
immunotherapy.
Acquiring a site in the U.S. will enable the Group to more actively implement
global clinical trials together with Medelis, Inc., thereby paving the way forincreasing order intake.

M＆A

Integration of SMO Medisys and EXAM Co., Ltd.,SMO increasing market share to approx. 40%

With the integration of EXAM, the Group will bolster its presence in thedermatology field, which is EXAM’s area of expertise.

M＆A

Acquired All Right Technology Inc. (completed on

CPO November 1, 2018)

This acquisition will integrate specialized clinical research services and medical
IT services as a platform to support next-generation pharmaceuticaldevelopment.

Copyright © 2018 EPS All rights reserved.

12

2

FY2019 Annual Budget

Copyright © 2018 EPS All rights reserved.

13

FY2019: EPS Group Business Areas*as of Octorber 2018

Domestic BusinessCRO

EPS, EPS Associate, EPMate

SMO

EP-SOGOCSO

EP-PharmaLine, ES-Link

NRO

EP-CRSU, EPI Yamanashi, Sogo Rinsho Médéfi

e-Trial, All Right Technology *from November 1, 2018
Three Chinese data services companies

Overseas
Business

GlobalResearchEPS International Holdings etc.

EKISHIN(China)EPS EKISHIN, EPS (China) etc.

OthersEPBiz (Shared Services)

Two Chinese CRO companies

Copyright © 2018 EPS All rights reserved.

14

Main Points of Business Reorganization
CSO
ES-Link Co., Ltd. was established as a joint venture to integrate the MS functions
and related aspects of Suzuken Co., Ltd. and the BPO functions and medical
contact center capabilities of the CSO Business, with the aim of enhancing
proposal-based solutions for pharmaceutical companies.

NRO

Next-stage（New） Research Organization

The Group has reorganized the CPO segment by reclassifying three former CPO
companies, as well as two IT services companies and three data services
companies in China, under the NRO business. In this business, the Group aims to
supply more efficient data science services that harness nearshore and offshore
capabilities, along with working to integrate specialized services and IT services.
These services will be supplied as a platform for supporting next-generation
pharmaceutical development.

GR
Clarify responsibility by establishing a three-region structure comprising Japan,
China and the Asia-Pacific.
Enhance collaboration in the CRO Business in China by transferring two Chinese
CRO companies under the EKISHIN (China) segment to the Global ResearchBusiness.
Copyright © 2018 EPS All rights reserved.

15

FY2019 Consolidated Annual Budget（￥million）

FY2018Results

FY2019Forecast

ChangeYoY

Percent
Change YoY

Net Sales

65,76972,000

6,231

9.5%

Operating
Income7, 193

7,200

0.1％

（Ratio）(10.9%)(10.0%)

7

Recurring
Profit

7,436

7,350

-1.2％

（Ratio）(11.3%)(10.2%)-86

ProfitAttributable to
Owners of
Parent

4,388

4,700

312

7.1％

（Ratio）(6.7%)(6.5%)

Copyright © 2018 EPS All rights reserved.

16

FY2019 Annual Budget by Segment（￥million）

FY2018Results

CRO
Domestic

SMO
CSO
NRO

OverseasGR
EKISHIN(China)Net Sales

28,817

Operating
Income(%)

6,338

Net Sales

14,297

Operating
Income(%)

1,269

Net Sales

7,813

Operating
Income(%)

384

Net Sales

2,675

Operating
Income(%)

303

Net Sales

4,942

Operating
Income(%)

13

Net Sales

11,093Operating
Income(%)

121

FY2019 Forecast

31,650(22.0%)(4.9%)

9.8%

-38

-0.6%

3

0.0%

1,450 (10.1%)

181

14.3%

8,500

687

8.8%

22

5.7%

3,325

124.3%

52

17.2%

-442

-8.9%

-3

-23.0％

187

1.7%

9

7.4％

6,300 (19.9%)406(4.8%)

6,000(11.3%)

355(5.9%)

4,500(0.3%)

10(0.2%)

11,280(1.1%)

Percent
Change YoY

2,833

14,300(8.9%)

ChangeYoY

130(1.2%)* 1. The CRO segment in the earnings report (kessan tanshin) includes the CPO segment.
2. Figures exclude management advisory fees.
3. Figures include amortization of goodwill and outsourcing fees for shared services.
17
Copyright © 2018 EPS All rights reserved.

FY2019 Outline of Annual Budget
1. Outline of Annual Budget

Net sales:
Create new added value and pursue further M&As, while strengthening themanagement structure and existing businesses
Net sales are projected to increase by 9.5% year on year, led by CRO and CSO
Operating income:Introduce efficient business methodologies and rigorously control costs, while
making upfront investments to expand business
Operating income is projected to increase year on year on a consolidated basis,
despite slightly lower operating income in CRO and GR

2. Outline by Segment
new services that will drive sustained growth, with existing
CRO Acceleratebusinesses as key pillars
further core growth, leveraging the largest business scale in
SMO Realize
the industry
CSO Advance multi-channel detailing services by integrating unique services
next-generation pharmaceutical development by integrating
NRO Target
specialized services and pharmaceutical IT services
GR Build a solid platform spanning Japan, Asia and China
EKISHIN Upgrade and expand the business platform for the products business(China) and the specialized services business
Copyright © 2018 EPS All rights reserved.

18

3

EPS Group Management Structure

Copyright © 2018 EPS All rights reserved.

19

FY2019 Business Management Structure(Vertical Dimension)

EPS Holdings
Representative Director: Yan

TashiroTanakaBusiness Segment

DomesticCRO

Domestic

Domestic

Nagaoka

Nishizuka

SMO

NRO

GlobalResearch

EKISHIN(China)YamadaTanakaYan

CSO(Segment CEO)Ando

EP BizCopyright © 2018 EPS All rights reserved.

Minami (Shared service)20

FY2019 Business Management Structure(Horizontal Dimension)

Board of Directors
Risk Management
Committee
Shinro Tashiro,
Committee
Chairperson (CRO)
Secretary
OfficeHD Operation
OfficeBoard of Audit

Chief Executive Officer (CEO)Yan Hao, Chairman

OrihashiDirector in charge

Internal
Audit OfficeBusiness
Strategy
Division

Human
Resources
Strategy
Department

Marketing
Strategy
Department

Corporate
Communication
Strategy
Department

QualityStrategy
OfficeTanaka
(CBO)

Yan
(CHO)

Tashiro(CMO)

Sekitani(CCO)

Nagaoka(CQO)

Copyright © 2018 EPS All rights reserved.

Administration
Department

Accounting& Finance
Department

OrihashiDirectorin charge
Tamai
(CAO)

OrihashiDirectorin charge
Koyama(CFO)

Management
Promotion
Department

Jike
(CPO)

21

Main Changes to the Management Structure
1. Establish a stronger management structure to realize VISION 30 in
the run-up to the Group’s 30th founding anniversary in 2021.
2. Systematically strengthen the management structure from theperspective of “One EPS,” while promoting the independence andautonomy of each segment.
3. Ambitiously develop new business models to achieve sustained
growth.

EPS HDCｘO
LeadershipManagement

SupportTension and relief between
group management andbusiness management

Businesssegments
Copyright © 2018 EPS All rights reserved.

22

4

Initiatives in the Current Fiscal Year

Copyright © 2018 EPS All rights reserved.

23

Key Initiatives for Group Management
1. Evolution of independent and autonomous
management in mature businesses
2. Strategic initiatives in developing businesses
3. Promote the development of new products• Improve products at the frontlines and build a framework for
promoting product development activities• Develop strategic new products

4. Promote the development of new businesses• Realignment of existing businesses (business models)• Push ahead with M&A activity• Promote investment and related management system

5. Build a group management structure

Copyright © 2018 EPS All rights reserved.

24

Key Initiatives in the CRO Business
1. Strengthen the management structure and brush up
the organization••

Reshuffle executive officers, increase their number and delegate
authority to them, in order to speed up decision making
Strengthen the organization to build and utilize real world evidence(PMS services, etc.)

2. Promote new services that will spur sustained growth,with existing businesses as key pillars••

Fortify project management (PM) capabilities to meticulously address
the increasing number of full outsourcing projects
Enhance full services after manufacturing and marketing in order tosupport customer needs

3. Create new added value and pursue new businesses••

Step up the use of medical databases and further advance theregenerative medicine business
Inter-segment reorganization, and collaboration and M&As with othercompanies

Copyright © 2018 EPS All rights reserved.

25

Key Initiatives in the SMO Business
1. Strengthen the management structure and brush up
the organization••

Integrate six branches into four branches to speed up decisionmaking and improve resource liquidity
Promote regional strategies to supply resources to prime facilities
in major metropolitan areas

2. Realize further core growth, leveraging the largest
business scale in the industry••

Expand facilities further by leveraging the Group’s industry-leading
strengths in the oncology and dermatology fields
Expand psychological assessment services for central nervous
system clinical trials with the industry’s largest number ofpsychologists

3. Create new added value and pursue new businesses••

Full-scale entry into screening support services in the regenerative
medicine and clinical research fields
Cultivate new fields such as mental healthcare and the training of
psychologists, by leveraging strengths in the psychology business

Copyright © 2018 EPS All rights reserved.

26

Key Initiatives in the CSO Business
1. Strengthen the management structure and brush up
the organization•

Clarify responsibilities and authority by separating sales andoperations, in order to strengthen business capabilities

2. Advance multi-channel detailing activities byintegrating unique services•

Promote differentiation from other companies by integrating thechannels of contract medical representatives (MR), Suzuken
marketing specialists (MS), call centers, and e-detailing

3. Create new added value and pursue new businesses•••

In medical devices services, the Group will expand new businesses
in areas involving field engineers and materials bases
ES-Link will push ahead with promotion services and distribution
management in response to new needs for orphan drugs andmedical devices
Promote M&As and collaboration with other companies

Copyright © 2018 EPS All rights reserved.

27

Key Initiatives in the NRO Business
1. Strengthen the management structure and brush up
the organization

Integrate specialized clinical research services and medical IT services*
as a platform to support next-generation pharmaceutical development
Build a nearshore and offshore** structure with the aim of providing
efficient data science services••* Two IT services companies (e-Trial, All Right Technology)** Three Chinese data services companies (EPT Suzhou, EPT Nantong, EPT Jiaxing)

2. Target next-generation pharmaceutical developmentby integrating specialized services and pharmaceutical
IT services••

Develop optimal IT/ICT solutions and operations products for nextgeneration data science
Implement big data-type cloud EDC products for healthcare andmedical clinical research

3. Create new added value and pursue new businesses••

Expand the medical big data business in China
Build data science centers in the global and Chinese CRO business

Copyright © 2018 EPS All rights reserved.

28

Key Initiatives in the GR Business
1. Strengthen the management structure and brush up
the organization••

Establish a regional management structure (Japan, Asia and China)
to implement global clinical trials
Strengthen the management structure in Japan, where the Group is
headquartered, in order to conduct management in Asia and China

2. Aim to be a leading CRO company in the Asia-Pacificregion••Supply the high-quality products (services) required by global
clinical trials
Strive to win contracts in Asia by strengthening sales activities

3. Create new added value and pursue new businesses••

Create businesses by strategically approaching the Chinese pipeline
Create new services in collaboration with the CRO segment, NRO
segment and U.S.-based CRO Medelis, Inc. and through businessalliances with other companies

Copyright © 2018 EPS All rights reserved.

29

EKISHIN (China) business Business composition
ESP Holdings, Inc.

SUZUKEN Co., Ltd.

65%

35%
EKISHIN Group

Business
Management

EPS EKISHIN (Tokyo)
EKISHIN (China)(Suzhou)

Corporate
Management

Products business(Pharmaceuticals andmedical devices)

Specialized
services

International
tradingbusiness

SupportSupportSupportSupport business
Management of companyowned buildings, etc.

Copyright © 2018 EPS All rights reserved.

EKISHIN Vocational Training
SchoolTshinghua Health Fund

30

Key Initiatives in the EKISHIN (China) Business
1. Strengthen the management structure and brush up
the organization•••

Advance the Matrix Management Structure (vertical and horizontal
dimensions)
Create a corporate culture through a fusion of Japanese and Chinese
cultures
Identify and nurture the next generation of human resources

2. Bolster and expand existing business platforms

・ Strengthen the existing products business and introduce new••

products
Improve and conduct stable management of core businesses(products, specialized services, international trade)
Strengthen sales activities for clinical research-related services incollaboration with the Global Research Business3. Create new added value and pursue new businesses•••

Develop business primarily through the introduction of new products,
harnessing resources within the Group and partner companies
Incubate new businesses through investment and business support
M＆A

Copyright © 2018 EPS All rights reserved.

31

5Progress on the Mid-Term Business Plan

Copyright © 2018 EPS All rights reserved.

32

Mid-Term Business Plan—Progress（¥ ｍillion）

First year

Second year

Third year

Fifth year

FY2017FY2018FY2019FY2021Results

BudgetResults

Forecast for
2019/9Initial forecast

Net sale

60,48266,00065,76972,000100,000

Operatingincome

7,591

6,850

7,193

7,200

12,500OperatingMargin

12.6%

10.4%

10.9%

10.0%

12.5%

Copyright © 2018 EPS All rights reserved.

33

Trend in Net Sales (from FY2007 to FY2021)
100.0(¥ billion)

100.0

90.0
80.0

72.0

70.0

60.4

60.0

52.7

50.0
40.0
30.0
20.0

65.7

17.9

21.1 23.5

29.4

32.0

35.2 37.5

41.8

45.2

10.0
0.0
2007/9 2008/9 2009/9 2010/9 2011/9 2012/9 2013/9 2014/9 2015/9 2016/9 2017/9 2018/9 2019/9 2020/9 2021/9

Copyright © 2018 EPS All rights reserved.

34

Trend in Operating Income and Operating Margin(from FY2007 to FY2021)

Operating
営業利益
income(¥ billion)
14.0
140

Operating
営業利益率
margin

12.5

20%

12.0
120
15%

10.0
100
80.0
80
60.0
60
40.0
40

2.9

3.4

4.0

4.4

4.8 5.1
3.4

4.4

5.4

6.2

7.5

7.1 7.2
10%

5%

20.0
20
0
0.0

2007/9 2008/9 2009/9 2010/9 2011/9 2012/9 2013/9 2014/9 2015/9 2016/9 2017/9 2018/9 2019/9 2020/9 2021/9

Copyright © 2018 EPS All rights reserved.

0%35

Objectives of Vision30
1. Establish a position as a Solutions Provider in the
Healthcare Industry (Solutions provided as infrastructure)
2. Build up business scale to compete effectively with the
major global players and strengthen global businessexpansion
3. Extend independent and autonomous business
management and promote Group management
4. Make the EPS Way transparent and instill it in theorganization (build a corporate culture)
5. Nurture the next generation of management leaders

Copyright © 2018 EPS All rights reserved.

36

6

Stock Information

Copyright © 2018 EPS All rights reserved.

37

Dividend Per ShareTerm End Dividend

Mid-term Dividend

Payout Ratio

¥50

¥40

40%

31.0%

29.7%

27.0%

10.0
8.0

¥0

2015/9

記念
配当
2円

15.0
10.0

20.0

SpecialDividend ¥4

¥10

18.0

SpecialCommemorative
Dividend ¥5 Dividend ¥2

¥20

25.0

SpecialDividend ¥8

¥30

30.0

30.3%
29.0

30%

27.3%

28.0 (Plan)

20%

17.0

15.0
10%

10.0

12.0

13.0
0%

2016/9Copyright © 2018 EPS All rights reserved.

2017/92018/92019/938

Trend in Market Capitalization(¥ billion)
Market120

時価総額
capitalization

100

Shifted to a holding
company structure
80

Fully entered
the China business

60

40

Listed on TSE
Second Section

Listed on TSEFirst Section

Listed on
JASDAQ

20

0

Copyright © 2018 EPS All rights reserved.

39

Thank you for your attention.
Please direct inquiries
to Investor Relations, Corporate Communication Strategy Department,
EPS Holdings, Inc.
Phone: +81-3-5684-7873 ／ Email:ir@eps.co.jp

EPS Holdings, Inc.

Copyright © 2018 EPS All rights reserved.

40

Disclaimer
The earnings forecasts and future predictions described in the document are made by ourcompany based on the available information at the time of the creation of the document,
and contain potential risks and uncertainties. Therefore, due to various factors such aschanges in the business environment, it is possible that actual earnings results may differ
greatly from the future outlook mentioned or described herein.
We have approached the creation of this document with caution, to ensure correctness.
However, it is not a guarantee of completeness. Our company cannot be held liable forany problems or damages arising as a result of the information in this document. We
appreciate your understanding.
■For inquiries about this document
Investor Relations, Corporate Communication
Strategy Department, EPS Holdings, Inc.
Phone: +81-3-5684-7873
e-mail: ir@eps.co.jp

Copyright © 2018 EPS All rights reserved.

41

EPS Holdings, Inc.