Value Report
2022
Always there to careWho We Are
Our mission, incorporated in our company name
Origin of the company name Qol
The company name, Qol, means quality of life. It expresses the Qol Group’s desire to improve the quality of life of patients
through medical care.

 ur desire to improve the quality of life of patients throughO
medical care
Qol Group VisionCorporate Philosophy❶ Provide new medical care

We think outside the box to create added value and cater to people’s
needs in the local communities we serve.

❷ Become the pharmacy of choice

We seek to provide ideal pharmacies that meet the demands ofpatients and contribute to convenient, healthy and affluent lives incommunities.

We support quality of life for everyone.

❸ Progress through organic growth

There for you. Anywhere, anytime.

We aim to achieve both business growth and personal well being forour employees.

SloganAlways there to careComprehensive Healthcare Company
Pharmacy Business

Medical-Related Business

Provide convenient medical careas an essential infrastructure,
Qol Pharmacy Group

With the CSO Business as the core, strengthen the
Medical Professional Referral Dispatch Business andaccelerate the Pharmaceutical Manufacturing Business

Basic strategies

Basic strategies

1. Expansion of scale through strategic store opening
2. Creating value of pharmacy
Qol Pharmacy

Qol Group pharmacies

Priority measures

Home and Facility
Dispensing Business1

Qol Holdings Value Report＋

Digitization(digital transformation)

1. Deepening specialty
2. Maximizing group synergy
CSO Business and CRO Business
Medical Professional Referral
Dispatch Business
Publishing-Related BusinessPharmaceutical
Manufacturing Business

CSO Business: contract MR dispatch business
CRO Business: clinical trial support

Qol in Data (as of September 30, 2022)
Net Sales

Number of Stores

Number of Employees

841

7,713

Number of Prescriptions
per Year

Number of Qol Card Members

4,000

14,170,000

4,100,000

Health Support
Pharmacy

Community Medical
Coordination Pharmacy

Pharmacy in Cooperation with Specialized
Medical Institutions

157

148

9

Medical-Related Business: ¥13.0 billion
Other:¥10.7 billion

8%
Fiscal year ended
March 31, 2022

Consolidated net sales:¥166.1 billion
Operating profit:¥9.8 billion

92%

Pharmacy Business:¥153.1 billion

Dispensing fees:¥142.3 billion

Number of Pharmacists

Overpharmacies

pharmacies

pharmacies

Stores with Online Certification
Confirmation

Generic Drug Switch Rate

Ratio of Female Directors

99.9

84.7

33.3

%

%

%

Qol Holdings Value Report2Contents

Sustainability at the Qol Group

Vision of the Qol Group
Message from the President

4

Corporate Governance

19

Message from an Outside Director

9

Quality and Safety

23

Social25

Environment

28

Qol Group’s Value Creation Story

Performance Data

Value Creation Story

11

Business Model

13

Financial and
Non-Financial Highlights

31

Growth Strategy

15

Materiality (Important Issues)

17

Company Profile andStock Information

33

Scope Covered and Reporting Period

Editorial Policy

Disclaimers

Scope covered: Qol Holdings Co., Ltd. andGroup companies

This Value Report, published for the firsttime, was created as a tool to comprehensively communicate our vision, growthstrategy, and ESG information to stakeholders in order to convey the value creation
story of the Qol Group, which embodies theseamless medical care and aims to realize ahealthy, prosperous, and sustainable
society.

The contents of this Value Report include
plans and forecasts based on currently available information. These forward-looking
statements may differ materially due to numerous factors, including social and economic conditions, market conditions, laws
and regulations, interest rates, and otherrisks and uncertainties.

Reporting period: April 2021 to March 2022
*Some information outside the reporting period is
also included.

Publication date: January 2023

Information Disclosure
SystemFinancial information

Qol Holdings Value Report2022

Non-financial information

Annual securities report
Summary of financial results● Briefing materials● Supplementary materials● Convocation notices

 orporate governanceC
reports●●●

Reports●●

IR information

Shareholder newsletters●

Sustainability

Web
sites
https://www.qolhd.co.jp/eng/ir/

3

Qol Holdings Value Reporthttps://www.qolhd.co.jp/eng/sustainability/

Vision of the Qol Group

Message from the President

Aiming to be acomprehensive
healthcare company
that connects medicalcare that addresses
the quality of lifeof all people
Takashi Nakamura
President and Representative Director

Contributing to society through medicalcare by providing appropriate medical care
to all those involved and developing
human resources to support the process
Since its establishment, the Qol Group has been committed
to the quality of life of all people and to contributing to therealization of better medical care. In all of our business activities, including the Pharmacy Business, the referral and dispatch of MRs (medical representatives), pharmacists, andother medical care professionals, and the manufacturing andsale of pharmaceuticals to provide medicines that contributeto local medical care, we have been taking on the challengeof meeting the various problems of society to achieve comprehensive healthcare services that can benefit each individual patient and local communities.
There have been repeated peaks and lulls in the spread of
COVID-19, but there is still no prospect of a complete end to
the pandemic. In addition, there is a global security crisis
caused by Russia’s invasion of Ukraine, resulting in delays tothe procurement of pharmaceutical ingredients, as well as

revisions to dispensing fees and drug prices. As such, the environment surrounding medical care has become more severe. What we were doing under such circumstances was not
to stop providing medical care. As a company involved in
medical care, we secured excellent human resources and enhanced our training system to constantly ensure the seamless medical care. Securing and training excellent humanresources is essential to continuously create corporate value
and increase the number of stores, so we are actively developing human resources who can strongly perform in theworld of medical care. As part of this effort, the Group holds
an annual Qol Academic Conference to improve the skills of
medical care professionals, including pharmacists. In 2022,
the 30th anniversary of the conference held at Tokyo Big
Sight as a commemorative event, with more than 1,000 employees participating in a hybrid online and offline conference. Furthermore, in order to develop human resources tolead the next generation of management, several employees
a year participate in the Keio Marunouchi City Campus to refine their strategic planning and decision-making skills.
Qol is also focusing on home medical care. The reason why
Qol focuses on home medical care is because we recognizethat there is still a lack of opportunities for pharmacists to

Qol Holdings Value Report4Qol Group 30th Anniversary Celebration andCommemorative Academic Conference

Qol Group 30th Anniversary Celebration and Commemorative Academic Conference

pariticipate actively in medical care collaboration and thathome medical care is where they can play an active role. We
will continue to promote home medical care and provide themedical field with human resources who can provide higher
quality medical services. We are fortunate to have excellent
human resources joining Qol every year, and to further enhance their abilities, we will continue to focus on investing inhuman capital by creating a personnel development environment and training programs, such as our proprietary Qol
certified pharmacist system, and strengthening the development of human resources who will be responsible for future
medical collaboration.

Accelerating growth through the twin
axis of the Pharmacy Business andMedical-Related Business
Against the backdrop of Japan’s aging population, declining
working population, and dramatic technological advances,
the needs for medical care and health are growing year by
year, and the medical industry is required to undergo a majortransformation. Even in such an environment, we have continued to grow through the twin axis of the Pharmacy
Business and the Medical-Related Business, taking changes
in the environment and values as an opportunity to fulfill our
corporate mission of providing medical services that5

Qol Holdings Value Report

Keio Marunouchi City Campus

contribute to the healthy and affluent lives of local communities. In the Pharmacy Business, aggressive pharmacy openings in the Tokyo, Nagoya, and Osaka areas, taking into
account demographics, as well as our own pharmacy development in collaboration with other industries, are contributing to our business performance and driving growth. We arealso taking actions aimed at improving access to medicalcare for all, such as medicine delivery lockers and dronebased medicine delivery, which we are pioneering in the industry. In the Medical Professional Referral Dispatch Businessincluding the CSO Business, we are mainly engaged in securing MRs, pharmacists, and registered sellers, developing
them into outstanding human resources through our education and training system, and dispatching or introducing
them to pharmaceutical companies, pharmacies, and business partners. In the Pharmaceutical Manufacturing Business,
we are taking on aggressive challenges, including the launchof Tegaruna® stick SARS-CoV-2 Ag, a rapid antigen test kit
from 2022 after assessing the status of COVID-19.

Strengthening group governance andpromoting sustainability management
As of April 2022, we became listed on the Prime Market on
the Tokyo Stock Exchange, and this will require a higher levelof corporate governance than ever before. To strengthen

Vision of the Qol Group

corporate governance, we have established a Sustainability
Committee and expressed our determination to further implement sustainability management. Qol has identified six
material issues and 25 important themes. Going forward, we
will work toward further sustainability management by implementing the PDCA cycle, including setting KPIs for eachmaterial issue and monitoring these KPIs annually.
We believe that diversification of human resources is important to implement sustainability management. As the future becomes increasingly uncertain and difficult to predict,human resources with various ideas, experiences, and knowledge, not limited to women, need to play an active role. We
will make Group-wide efforts to develop human resources sothat we can make further contributions to the local community, leveraging the fact that many of our employees are
women due to the nature of the industry.
Furthermore, as a public institution of society, we established a special subsidiary company, Qol Assist Co., Ltd. in2009 as a place where various people can participate in society. Currently, more than 50 employees are working remotely
throughout Japan. Many of these employees have severe
disabilities, but through careful interviews, we are able to realize the optimal work style for each individual.

Providing appropriate medical carethat flexibly responds to changes inthe business environment

in order to contribute to the acquisition of herd immunity.
Moreover, the pharmacy industry is also undergoing changes amid calls for drastic reforms in medical care by the government. The Pharmacy Vision for Patients formulated by the
Ministry of Health, Labour and Welfare in 2015 called for therole of pharmacies and pharmacists to provide more accessible and effective medical care to patients by promoting family
pharmacy/pharmacist system and shifting from product-focused services to people-focused services. Based on this policy, the Group has been enhancing the system for providing
home medical care on a regional basis and developing theinfrastructure for home medical care by promoting the development of home specialty pharmacies. We will continue
to develop human resources for team medical care and promote measures to enhance home medical care.

Contributing to medical careby advancing medical DX
Medical DX, including the pharmacy industry, has advanced
significantly along with the spread of COVID-19. Online medical care and online medication instruction were recognized aseasy-to-use services, and refill prescriptions were introduced
as a more efficient way to receive medical care. The introduction of digital prescriptions will begin in 2023. In order to provide secure and convenient medical care to as many people aspossible, we are developing prescription appointment andelectronic prescription record services using LINE, which has avery large number of active users. We will also provide attentive support through digitization, including online follow-up
services so that pharmacists can respond to any changes inphysical condition or discomfort after a patient has taken a
medication. We will continue to strive to provide innovative
medical services in our capacity as a medical care provision
facility.

As the business environment is changing drastically, including the pandemic and climate change, we believe that our
responsibility is to continue to provide appropriate medicalcare and to build a new medical care system that is flexible
and responsive to change. COVID-19 had a major impact onsociety and required major changes in the field of medicalcare. The Group was one of the first to introduce the ozone
sterilization deodorizer Air Buster to all our pharmacies to ensure that our customers can use our pharmacies with peaceof mind. In addition, we have provided social value by having
our pharmacists provide support for large-scale vaccinations

Qol Holdings Value Report6Protecting people’s health andsupporting affluence as an indispensable
pharmacy for local communities
The Group’s Pharmacy Business leverages its three strengths
to provide value to local residents.
The first strength is the one-on-one pharmacy that has
been in place since our foundation. One-on-one pharmacies
are pharmacies where each pharmacy works closely with local medical institutions to support safe, secure, and effective
treatment for each patient. We have built trust as a family
pharmacy in the community by communicating doctors’ prescription intentions to patients in an easy-to-understandmanner and smoothly providing pharmaceutical products.
Our second strength is opening new types of pharmacies
through collaboration with different industries, such as opening stores in collaboration with the Lawson convenience
store, Bic Camera electronics retail store, and MUJI lifestyle
goods retailer. By opening new types of pharmacies in various business categories, we have been contributing to protecting local communities and supporting their affluence.
Based on this approach, and in collaboration with like-minded medical institutions and companies, we are contributing
to medical care and health and developing community-based pharmacies throughout Japan.

Qol Pharmacy Naoetsu Store

The third strength is Group synergy. In the value chain of
the idea of a comprehensive healthcare company that the
Qol Group is aiming for, the Pharmacy Business is in directcontact with medical institutions and patients. Against thisbackdrop, the Group is increasing profitability through theprovision of pharmaceuticals and antigen test kits producedby the Pharmaceutical Manufacturing Business, and expanding its Group-wide commitment to patients in collaboration
with services such as professional referral dispatching and
CSO.
In addition, Qol focuses on training pharmacists with advanced and wide-ranging expertise, and strives to improve
convenience for patients through the development of pharmacies that are closely linked to their daily lives and services

7

Qol Holdings Value Reportthat utilize ICT. Furthermore, with an eye on the future of anaging society, we are strengthening home medical care(home-visit services) and refining our expertise and convenience to improve the quality of medical care.
For pharmacist training, we operate an educational program and in-house certification system centered on the Qol
Academy and the Education and Training Headquarters. In
particular, with regard to home medical care, we are working
with the Home Medical Care Promotion Headquarters to improve the skills required.
In the field of ICT, we have been pursuing conveniencethrough efforts such as issuing the Qol Card that allows a patient to inquire about his/her prescription information, introducing remote-controlled robots, and implementing online
medication instruction. In 2020, the DX & AI Promotion Office
was established to address new trends in medical care, such as
refill prescriptions and digital prescriptions.

Growth strategy for Pharmacy Businessaimed at becoming a comprehensive
healthcare company
The Group is currently pursuing its medium- to long-term
growth strategy, which is to make progress toward becoming a comprehensive healthcare company. This strategy aimsfor Group net sales of ¥300.0 billion and operating profit of¥25.0 billion, of which the Pharmacy Business will be responsible for net sales of ¥250.0 billion and operating profit of¥15.0 billion. To achieve these goals, the Pharmacy Business isworking to create value for pharmacies while increasing thenumber of pharmacies.
In order to increase the number of pharmacies, we willcontinue to open our mainstay one-on-one pharmacies inparallel with pharmacies linked to other industries, and weare pursuing strategic pharmacy openings to increase thecurrent 855 pharmacies (as of December 15, 2022) to 1,000by opening organic new pharmacies and through M&As. The
key to achieving this goal is to build strong relationships thatconnect patients with medical institutions and physicians,
and to continue to exist as an indispensable pharmacy for
local communities. With the strengthening of home medicalcare as a pillar of our growth strategy, we aim to achieve net
sales of ¥10.0 billion in the Home and Facility Dispensing
Business in the fiscal year ending March 31, 2024 through efficient operations that leverage our dominant position in themarket. The quality of our home and facility dispensing services has been steadily improving and is highly regarded byfee-based nursing home operators and doctors involved inhome medical care.
In terms of creating value for pharmacies, we are working
to obtain the various certifications required by the government so that we can provide the high-quality services demanded of us as family pharmacies for local communities. We

Vision of the Qol Groupare focusing on acquiring certification as Health Support
Pharmacy promoted by the Ministry of Health, Labour andWelfare, which began in 2018, and are working to add value
to our pharmacies and expand our market share. In addition,
we are focusing on acquiring certification as Community
Medical Coordination Pharmacy and Pharmacy in
Cooperation with Specialized Medical Institutions under thepharmacy certification system, which was launched in 2021
to certify pharmacies with specific functions by prefectural
governors. As of November 11, 2022, Qol Pharmacy has 157
health support pharmacies, 148 community medical coordination pharmacies, and 9 pharmacies in cooperation withspecialized medical institutions, and we intend to obtain oneof these certifications for all pharmacies in the future.
Further productivity improvement in the Pharmacy Businessis necessary to achieve ¥15.0 billion in operating profit. In thefiscal year ended March 31, 2022, the profit margin improved
due to higher unit prices of technical fees and successful cost
structure reforms. Going forward, we will continue efforts toimprove efficiency and streamline operations through theuse of DX and AI in order to further enhance profitability.

In local communities, we conduct educational activities
through events such as dementia cafes, parenting colleges,
and health fairs to deepen communication with local residents. At the same time, employee participation in such activities helps to foster and spread within the company anawareness that each and every one of us is connected to society and sees the resolution of social issues as a personal
concern.

Contributing to the realization ofa sustainable and prosperous society
as a company involved in medical care

Health fair

The Pharmacy Business, which supports local medical careand protects people’s health, is an activity that itself is of highpublic interest, and we are proud that this business contributes significantly to the realization of a sustainable and prosperous society. Based on this belief, we are focusing on
community contribution activities to eliminate disparities inmedical care and on efforts to solve environmental and social issues in order to contribute to the achievement of theSDGs through our business.
In terms of the environment, we are reducing our environmental footprint by installing LED lighting and solar panels,
cleaning up and beautifying local communities, and rollingout the Green Smile Project (store greening campaign)
throughout the entire Qol Group.

In addition, the L.A.D.Y.S. Conference is held regularly within the company to discuss and implement workplace reforms
to promote diversity and allow women to actively participate.
The purpose of the conference is to ensure that female employees continue to work and improve their job performance,
and to promote female managers. Currently, five of the nine
chiefs of headquarters are women, and the ratio of female
managers is maintained at a level of 22%. I see job satisfaction and fostering a corporate culture as one of the key conditions for the advancement of women, and I will carry out
this as the responsibility of the President.
As I mentioned previously the development of pharmacists, it is essential for the Group to enhance its human capitalin order to achieve sustainable growth and provide value tothe community. In order to develop the next generation ofmanagement, who will lead the future, we will further focus
on training by job level to promote the growth of our employees and create a company that can make an even greater
contribution to society.

Qol Holdings Value Report8Message from an Outside Director

Providing support to create value
from an external perspective.
Career summary
April 1987

Toshiko Kuboki
Director

Over the past eight years, the Board of
Directors has been revitalized andthe effectiveness of governance has
improved
Looking back on the eight years I have served as an Outside
Director, the management of the Group has undergone significant changes in its structure and nature, and governancehas been steadily strengthened.
When I assumed office, the Board of Directors functioned
in a way that contributed to corporate value, with each
Director fulfilling his or her own role under the leadership ofChairman Masaru Nakamura. Since then, the perspective andrational thinking of President Takashi Nakamura have been
also utilized, and opinions have been exchanged more actively. Advance briefings and provision of information havealso been enhanced, and I feel that the Board of Directors is
answering the questions of Outside Directors in a detailed
manner and proactive in providing explanations.
Meanwhile, I myself am often asked to provide opinions
and advice from an outside perspective at meetings of theBoard of Directors and the Management Committee, and I
respond by drawing on my expertise as a lawyer and my experience as a public committee member.
In 2018, we transferred to a holding company structurewith the objectives of strengthening the Group’s management strategy implementation function, accelerating
decision-making by clarifying authority and responsibility,
strengthening corporate governance with an emphasis oncompliance management systems, and maximizing theGroup synergies. In 2021, we adopted a Company with an
Audit & Supervisory Committee system to further strengthen

9

Qol Holdings Value Report

Registered as Lawyer
Joined Yamasaki & Partners
April 1993
Established Ono and Kuboki Law OfficeFebruary 2002 Examiner, Tokyo Family Court (to present)
August 2003	Established Kuboki Law Office and assumed the post of Head(to present)
April 2009	Commissioner, Retirement Allowance Committee, Board ofAudit of Japan (to present)
April 2012	Assumed the post of Visiting Professor, Graduate School ofLaw, Chuo University (to present)
June 2015	Assumed the post of Outside Director of the Company(to present)
June 2016A ssumed the post of Outside Statutory Auditor, Citizen
Holdings Co., Ltd. (current Citizen Watch Co., Ltd.)
June 2019	
Assumed the post of Outside Director, Citizen Watch Co., Ltd.
(to present)

the supervisory function and enhance our corporate governance structure. The members currently serving on the Audit& Supervisory Committee all have a wealth of experience incorporate management and as executives, and we believethat having such people with voting rights on resolutions by
the Board of Directors is very meaningful in enhancing theeffectiveness of governance.

Corporate culture, corporate climate, andorganizational structure of the Qol Group
from an external perspective
The Group’s mainstay Pharmacy Business has many young
pharmacists, and seriousness and sincerity are at the core of
the corporate culture, while at the same time forming acheerful, positive, and flexible corporate climate. These elements are undoubtedly the soil that has supported thegrowth of our business up until now.
As an Independent Director, I have the opportunity to inspect on-site operations and observe advanced initiatives
within the Group, such as the introduction of the Drug
Station automated medication picking equipment, while atthe same time being in direct contact with employees.
I myself have been involved in the field of trademarks,
brands, and intellectual property through my work as a lawyer, so I express my opinions based on what I feel and noticewhile confirming efforts in the field from such a perspective.
While I am impressed by the corporate culture and climate I
have just described, I also wish to see a more bottom-up culture spread throughout the Group, and more active movesby employees to actively advocate their ideas to upper
management.

Vision of the Qol GroupThe Group has achieved stable growth and built brandpower over the past 30 years under the ownership of its
founder, and as a result, it has a relatively rigid pyramid-shaped
organizational structure. Meanwhile, Chairman Masaru
Nakamura and President Takashi Nakamura have a strong desire to make the company a better one, and is very positive
about providing growth opportunities for each and every
employee. Going forward, a shift to a flatter organizational
structure, led by younger employees who will lead the next
generation, will lead to a further leap forward.

Highly appreciate steady progress inmedium- to long-term growth strategy
Recognition of challenges to sustainablegrowthThe Group is pursuing a medium- to long-term growth strategy aimed at achieving ¥300.0 billion in net sales and ¥25.0
billion in operating profit, and in recent years has accelerated
its efforts, led by the Group Strategy Management Committee,
which was established in November 2020.
In the fiscal year ended March 31, 2022, the Pharmacy
Business, which had been affected by the COVID-19 pandemic, recovered, resulting in an increase in sales and a significant increase in profits. As a result of implementing cost
structure reforms in parallel with the expansion of pharmacy
openings, earning power has been greatly enhanced, and I
highly commend the Group for making steady progress toward achieving its medium- to long-term goals. At the sametime, I would like to support the strengthening of the CSO
Business, Medical Professional Referral Dispatch Business, thePharmaceutical Manufacturing Business, and other non-pharmaceutical fields as part of efforts to build a business portfolio with an eye to the future. In particular, in the Pharmaceutical
Manufacturing Business, it is expected that the COVID-19
antigen test kit, for which a pharmaceutical company within
the Group (Fujinaga Pharm Co., Ltd.) has obtained manufacturing and sales approval and is manufacturing and selling
the product, will make a significant contribution to businessperformance from this fiscal year onward, as demand is high.
As challenges for the future, in pursuing the growth strategy, including M&As, it is necessary to share a common
awareness of the need for thorough compliance and themaintenance and improvement of work quality, and increase
motivation for work at each business site. In addition, tomake effective use of human capital throughout the Group, I
believe that we should encourage the mobility of human resources, while presenting career plans to employees andsupporting the realization of these plans.
The Group’s business activities, which are directly related topeople’s lives and health, and which are backed by thenational dispensing pharmacy system in Japan, require rigor.
At the same time, I believe that emphasizing connections
with society and the environment, as in the Green Smile
Project (store greening campaign), and expanding the soft
elements that are characteristic of Qol, are prerequisite forsustainable growth.

Expectations for the future of the Qol Groupand my role as an Outside Director
As indicated by our corporate philosophy of supporting thequality of life for everyone, the Group aims to work broadly tocreate an affluent society and provide value that contributes
to good health, and I recognize that the Company is fully
equipped with the scale and qualitative potential to growthis value. Considering the nature of business from this perspective, it will be important for each of pharmacy to go beyond simply fulfilling the role of handing out and delivering
medicines to customers, and to take initiatives to enhance
the customer experience. As society ages, it will be necessary
as family pharmacies for local communities to share thiscommitment to health with all customers and deliver services that are rooted in communication with each and every
customer.
Our commitment of being “Always there to care” to thecustomer calls for an inspiring customer experience, which inturn generates social trust in Qol. A good example of this was
the dispatch of pharmacists to a large-scale vaccination siteat the Tokyo Dome to help prevent the spread of COVID-19.
Through these efforts, we expect employees to grow andmore actively participate while developing the Group’s business and achieving increased corporate value.
As a lawyer, I have worked in a relatively broad range offields and have gained experience in working as an intermediary between individual/corporate clients and the government and authorities to resolve a variety of issues in acooperative manner. At the Group, I will contribute to increasing corporate value not only by providing knowledge
and expertise on laws and regulations, but also by proactively
offering advice and opinions based on the sense of balance I
have developed through such experience.
Although Outside Directors are constantly in a position toserve as a check on management from an external perspective in order to contribute to the interests of stakeholders, asa member of the Qol Group, I would like to continue working
together with all employees to create a healthy and abundant future together.

Qol Holdings Value Report10Value Creation Story
Taking on the three challenges for new medical care, pharmacies that continue
to be chosen and organic growth, we will work to realize a healthy, prosperous
and sustainable society through development of seamless medical care.
The company name, Qol, means quality of life. It expresses the Qol Group’s desire to improve the quality of life of patients throughmedical care. This desire is expressed in our Corporate Philosophy, which describes the mission we must fulfill.

Our Raison d’Etre
Corporate
Philosophy

What We Are Aiming For

We support quality of life foreveryone. There for you.
Anywhere, anytime.

VisionProvide new medical care
Become the pharmacy of choice
Progress through organic growthBusiness Model

Strategies
R&D

Pharmacy
Business

Manufacture

Sales

MedicalRelated
BusinessStrengths“Expertise” × “Convenience”

Idea of a comprehensive healthcare company
Strengthening new businesses and maximizing group synergies

Intangible assets that
support our strengths● Pharmacists with advanced

and broad expertise●C ommunity-based store
development● Services using ICT

11

Qol Holdings Value Report

Materiality (ESG)● limate changeCmeasuresI mprovement of quality of life inlocal areas● Improvement of quality of life of
employees● Contribution to the quality of life
through sustainable medical care●

Qol Group’s Value Creation Story

Qol’s Vision shows the way for ward for the Qol Group, which is guided by these values. With our mainstay
Pharmacy and Medical-Related Businesses as the core, we will embody the vision beyond the three challenges through the realization of the idea of a comprehensive healthcare company.
Through this form of management, the value we can provide is a peace of mind through the seamlessmedical care symbolized by our slogan, where medicines are always delivered to people as a matter ofcourse. Being centered around this value creation, we will appropriately respond to the demands of changing society and strive to realize a healthy, prosperous, and sustainable society.

Value We Create
SloganAlways there to care

QSV (Qol Sustainable Value)(Value created through the seamless medical care)
Medical institutions
Dispensing pharmacies

Patients

Economic value

Qol Group pharmacies

Expansion of corporate value throughthe practice of sound business activities

Social value
Value created by solvingsocial issues

to achieve consolidated net sales of ¥300.0 billion●●

 reation of new medical value
CStrengthening of corporate
governance

Health/longevity

Recyclingoriented
societyZeroemission

Society
without
disparities

Qol Holdings Value Report12Business Model comprehensive healthcare company providing seamlessA
medical services in the healthcare field

R&D

Qol’s value chain

Manufacture

Pharmacy Business
Under the slogan of “Always there to care,”
we are developing pharmacies, training human resources,and deploying ICT to contribute to local medical care.

Pharmacy strategy● Nationwide expansion of one-on-one pharmacies● Improve convenience through cooperation with other industries● Opening pharmacies based on the establishment of strong

relationships with medical institutions● Strengthening people-focused services through the introductionof automated equipment● Contribution to local medical care outside pharmacies, including

home medical care

Human resources strategy● Recruitment of human resources who share Qol’s vision● Acquisition of the latest pharmaceutical knowledge● Educational system that enables continuous learning that goesbeyond pharmaceutical knowledge● Educational programs to develop highly hospitable human resources

ICT strategy● Group-wide rollout of Qol Card that contributes to greater conveniencefor patients● Improved accessibility and visibility of pharmacy information● Improved convenience through multiple touch points, especially smartphones● Early support for the latest technologies such as online certification confirmationand digital prescriptions

13

Qol Holdings Value ReportQol Group’s Value Creation Story

Sales

Medical institutions
Dispensing pharmacies

Patients

Medical-Related BusinessWe strive to develop the medical industry through the referral dispatchof medical professionals, with a focus on MR dispatch,as well as pharmaceutical manufacturing and sales.

MR dispatch● The industry’s top instructors and educational capabilities● Education system covering general and specialized knowledge● Sales system that can respond quickly to customer needs● Active recruitment of experienced human resources fromvarious industries● Extensive information network that leverages the strength of
the Group

Medical professional referral dispatch● Nationwide network of 10 business locations● Abundant human resource information to meet various

customer needs● Unique sales system● Improved closing rate through careful follow-up with job seekers

Pharmaceutical manufacturing and sales● Long-established company established in 1924
● Product development focused on long-selling products● New product research and development based on patient feedback

Qol Holdings Value Report14

Growth Strategy
Contribution to the improvement of quality of life in local areas
Based on the Corporate Philosophy of “We support quality of life for everyone. There for you. Anywhere, anytime,” and withthe slogan of “Always there to care,” the Qol Group is striving to improve the quality of life in local communities.

Net sales
Net andsalesnumber
and numberof storesof stores 1992–2005
1992–2005

2006–2006–

Establish
Establish

GrowthGrowth(Billion yen)(Billion yen)200
200

Net salesNet sales
180

180

160

160

140

140

120

120

100

100

80

80

60

Number of
Numberstores of stores

100 100

Kabutocho Pharmacy
Kabutocho(Tokyo)
Pharmacy (Tokyo)

storesstoresHead office
Head officerelocated relocatedHead office
Head officerelocated relocated
Qol logo Qol logo
establishedestablished

Head office
Head office
EstablishedEstablishedrelocated relocated
60

40

40

20

20

0

First
First
pharmacypharmacy
opened opened

Listed on Listed on
Hercules Hercules
Market Market

0
FY1992

FY1993
FY1992

FY1994
FY1993

FY1995
FY1994

FY1996
FY1995

FY1997
FY1996

FY1998FY1997

FY1999FY1998FY2000
FY1999FY2001
FY2000FY2002
FY2001

FY2003
FY2002

FY2004
FY2003

FY2005
FY2004

FY2005
FY2006

Pharmacy Business
Basic Expansion
strategies of scale

New pharmacy opening
M&A

Dominant pharmacy
opening
Cooperation withmedical institutions

Key
strategies

Cooperation withother industries

ICT

Home medical care

Medical-Related Business

Basic Stable sales
strategies High profit

15

Qol Holdings Value Report

1995 Establishment of Medical Qol Co., Ltd.
Entry into publishing business1994 Monthly Medical Qol published2003 Establishment of PhaseOn Co., Ltd.
Entry into pharmaceutical clinical
trial business

FY2006

Qol Group’s Value Creation Story

2010 20102011–2015
2011–2015

2016–2022
2016–2022

MovingMovingwith with
speed
speed

TakingTakingon challenges
on challenges

500 500
stores800 800

TransitionTransition
to a
to a
holding company
holding company
storesstructure structure

storesstores(Stores)(Billion yen)(Billion1,000
yen)(Stores)
1,000

180 (forecast)
180 (forecast)

Logo renewal/listed
Logo renewal/listedononTokyo StockTokyo
Exchange
Stock ExchangeFirst Section
First Section

800

800

600

600

400

400

200

200

0

0

Listed on Tokyo
Listed on Tokyo
Stock Exchange
Stock Exchange
Second Section
Second Section
Head officeHeadrelocated
office relocatedFY2007

FY2007
FY2008FY2008FY2009FY2009FY2010FY2010FY2011FY2011FY2012FY2012FY2013

FY2013
FY2014FY2014FY20152010 O pening of pharmacy 2013 Opening of pharmacy
in cooperation within cooperation withconvenience stores
railroad company

FY2015FY2016FY2016FY2017FY2017FY2018FY2018FY2019FY2019FY2020

FY2020
FY2021

FY2021
FY2022(forecast)

FY2022(forecast)2017 Opening of pharmacy in2021 Opening of pharmacy incooperation with supermarket
cooperation with lifestyle
goods retailer

2011 Opening of pharmacy in cooperation with electronics retailer
2010 Introduction of
Qol Card2013 Release of prescription
dispensing application

2020 Introduction of prescription drug delivery lockers
2020 Start of online medication instruction at all stores
2021 Optimization of ordering based on AI demand forecasting2018 Introduction ofsmart speakers
2022 S tart of accepting prescriptions using LINE
2021 Strengthening Home and Facility Dispensing Business2008 Establishment of Qol Medis, Co., Ltd.
Entry into personnel dispatching business2019 Fujinaga Pharm Co., Ltd. joined the Group
Entry into pharmaceutical manufacturing business2009 Establishment of special subsidiary company Qol Assist Co., Ltd.
2012 APO PLUS STATION Co., Ltd. joined the Group
Entry into MR dispatching business

Qol Holdings Value Report

16

Materiality (Important Issues)
Key challenges for realizing a healthy, prosperous, and sustainable society

Sustainability basic policy
Taking on the three challenges for new medical care, pharmacies that continue to be chosen and organic growth, we will work on
development of seamless medical care to realize a healthy, prosperous and sustainable society.

Sustainability management
The Sustainability Committee is chaired by the President andRepresentative Director and consists mainly of Directors andmanagers of each division. The committee formulates the Qol
Group’s sustainability policy, determines activity targets, andmanages progress. The committee also reports regularly to
the Board of Directors on the activities and progress of thecommittee.

Sustainability implementation structure
General Meeting of
Shareholders
Board of Directors

Consultation/
Recommendation

Sustainability Committee
Management Committee

Process to identify materiality
Step

01

Recognizing ESG issues
After deﬁning material issues as “ESG issues that should be given the most importance in corporate management,” welisted more than 500 ESG issues from various perspectives. Then, based on three perspectives of “importance to the
Qol Group,”“importance to stakeholders” and “importance in light of the characteristics of the industry,” material issues
are further identiﬁed for each area.

“Internal interviews”
Committee members and Group employees identify material issues related to our businesses. Then, theysorted out both positive and negative aspects on the value chain and organized the issues to beconsidered.
“Stakeholder interviews”
For each major stakeholder group (customers, employees, investors, etc.), we identiﬁed and organized important items, priority issues and expectations for the company.
“Survey on industrial characteristics”
Combined with industry-speciﬁc materiality analyses and global sector issues such as the Sustainability
Accounting Standards Board (SASB) and the Task Force on Climate-related Financial Disclosures (TCFD), we
identiﬁed industry-speciﬁc issues.

Step

02

17

Screening identiﬁed ESG issues

Qol Holdings Value Report

The 53 items identiﬁed from the three perspectives of “internal interviews,” “stakeholder interviews” and “surveys on
industrial characteristics” were further screened and 31 items were listed.

Qol Group’s Value Creation Story*E is green, S is orange, and G is blue

03

Mapping ESG issues
The 31 items listed in Step 2 were
mapped with two perspectivesof materiality (axes): “the size of
expectations/needs from society
and stakeholders” and “the magnitude of the business impact.”

Climate change measures
Resource recycling Waste management
Supply chain management

Size of expectations/needsfrom society and stakeholders

Step

Contribution to local communities
Diversity promotion
Product quality and safety
Strengthening of personnel training
Transparent management and information disclosure
Complete compliance

Biodiversity Water management
Human rights measures Pursuit of customer interests
Establishment of an employee evaluation system
Promotion of childcare leave for male employees
Stakeholder communication
Supporting the education of the next generation
Effective corporate philosophy
Strengthening the diversity of the Board of Directors
Transparency of officers’ remuneration Long-term strategies
Restructuring of sustainable business models

Labor practices
Job creation
Work-style reform
Strengthening of corporate governance
Information security
Corporate ethics Establishment of BCP
Development of new products

Magnitude of the business impact(characteristics of the industry/importance in the company)
Step

04

Identifying material issues
We visualized and reorganized the issues using the Materiality Map and identiﬁed six material issues. We will review
each of the issues based on the PDCA cycle and revise and update them periodically. We are planning to set KPIs in
the future.

<Materiality (Important Issues)>
Materiality

Themes• Reducing environmental impacts• Active use of natural energies• Reduction of waste of pharmaceuticalproducts• Reduction of CO2 emissions

Improvement of qualityof life in local areas• Job creation• Support for medical personnel• Educational support for the next generation• Response to an aging society• Contribution to local communities• Lectures to the public

Improvement of qualityof life of employees• Promotion of diversity• Promotion of human resource development• Promotion of work-life balance• Diversification of welfare and working
environments• Effective use of human resources throughDX promotion

Contribution to thequality of life throughsustainable medical care

• Strengthening of supply chain management• Strengthening of organizational capabilities to realize seamless medical care
• Strengthening of comprehensive healthcare support

Creation of new medicalvalue• Development of partnership business• Creation of new solutions in the medical and healthcare fields

Strengthening ofcorporate governance• Strengthening of the effectiveness of
the Board of Directors• Strengthening of compliance• Ensuring appropriate information disclosureand transparency

Climate change
measures• Strengthening of information security• Establishment of BCP

Qol Holdings Value Report

18

Corporate Governance
List of directors (as of September 30, 2022)
Skill matrix
Name and
position

Masaru Nakamura
Chairman and Director

GenderCorporate
Finance &management Accounting

Sales

Businessstrategy andMarketing

PMD Act

Legal affairs
andCompliance

Male

●

●

●

Male

●

●

●

●

Male

●

●

●

Male

●

HR andLabor

Personnel
development Qualifications
and Training●

Takashi Nakamura
President and Representative
Director(Chair of the Nomination andCompensation Committee)

Kiyonobu Fukumitsu
Representative and Executive
Director

Takayoshi Ishii
Representative and Executive
Director

Yukari Onchi
Director

Shinobu Karasawa
Director

Yutaka Togashi
Director●●●Female●●●Female

Male

●

●

●

●

●

●

Pharmacist

Pharmacist●●

Toshiko Kuboki
Outside Director(Member of the Nomination andCompensation Committee)●

FemaleLawyerYukiharu Yamamoto
Outside Director(Member of the Nomination andCompensation Committee)

Male

●

Male

●

Certified Tax
Accountant

Mitsuru Bushimata
Outside Director(Audit & Supervisory Committee
Member)●●Chie Hashimoto
Director(Audit & Supervisory Committee
Member)●FemaleMotoyuki Miyazaki
Outside Director(Audit & Supervisory Committee
Member)19

Qol Holdings Value Report

Male

●

Pharmacist

CertifiedPublicAccountant

Sustainability at the Qol Group

Basic views
requirements of independent directors. In addition, theGroup actively engages in dialogue with shareholders and investors, as a dialogue policy with shareholders, and as well as
disclosing the information on its business situation including
the progress of its management plans, quantitative financial
information, non-financial information such as corporate governance and sustainability initiatives in a timely and appropriate manner. The Group strives to respond to expectations
from its stakeholders including shareholders and investors bymaking efforts to develop an appropriate environment for
the exercise of shareholders’ rights.

The Qol Group recognizes that the Group must continuallyenhance its corporate value through its corporate activities
based on its Corporate Philosophy, Slogan, Qol Group Vision,and Qol Group Charter of Corporate Behavior to respond to
the expectations of all stakeholders including its shareholders,patients, and employees. In order to realize this, the Group regards the continuing strengthening of its corporate governance as an important management issue as a foundation for
ensuring the soundness, transparency, and efficiency of its
management, and the Group strengthens its management
functions by appointing outside directors that meet the<Corporate governance structure diagram>
General Meeting of Shareholders
Appointment/Dismissal

Appointment/Dismissal

Appointment/
Dismissal

Board of Directors
Nomination andCompensation Committee

Consultation

Directors
Recommendation Appointment/
Dismissal

Risk Management Committee

Reporting

Representative Director
Discussion

Instruction/
Reporting

Proposal/Reporting

Auditing/
Supervision
Instruction/
Reporting

Audit & Supervisory
Committee
Auditing

Cooperation

Instruction/Reporting

Accounting Auditor
Auditing

Cooperation

Internal Audit Department

ReportingGroup Strategy Management Committee
Instruction/Reporting
Internal audit

Business execution divisions/Group companies

Overview of governance structure
Board of Directors

Audit & Supervisory Committee

The Board of Directors consists of nine Directors (six men andthree women) excluding those who are Audit & Supervisory
Committee Members and three Directors (two men and one
woman) who are Audit & Supervisory Committee Members.
The Board holds meetings in principle once per month to
make decisions on important management matters as well as
to manage and supervise the status of business execution.

The Audit & Supervisory Committee consists of three members, two of whom are Outside Directors and one of whom is
a Director. The Committee audits the legality and validity ofthe execution of duties by Directors (excluding those who are
Audit & Supervisory Committee Members) in accordancewith the Audit & Supervisory Committee Rules and Audit &Supervisory Committee Directors Auditing Standards.

Nomination and Compensation Committee

Internal Audit Department

The Nomination and Compensation Committee, which functions as both a Nomination Committee and a Compensation
Committee, deliberates and reports on the nomination andremuneration of Directors in response to consultations fromthe Board of Directors to enhance the fairness, transparency
and objectivity of nomination and compensation procedures.
The Nomination and Compensation Committee comprises
three or more members who are Directors, the majority ofwhom are Independent Outside Directors.

The Internal Audit Department under the direct control of the
President conducts audits to ensure legal, appropriate and efficient operations, and makes proposals for improvement torelevant departments as necessary.

Qol Holdings Value Report

20Corporate GovernanceRisk Management Committee

Group Strategy Management Committee

The Risk Management Committee examines, consults and approves the policies and directions of overall management initiatives for risks (external risks, business process risks andinternal risks) stipulated in the Company-wide Risk
Management Regulations and management crises stipulated
in the Crisis Management (Risk Management) Regulations.

The Group Strategy Management Committee consists ofCompany and Group company Directors designated by theCompany’s Representative Directors that, in principle, meet
twice each month to confirm the progress toward targets on
both a Group-wide and Group company basis, review measures on challenges, deliberate important matters and determine policies in an attempt to hasten decision-making.

Sustainability Committee
In order to address sustainability issues such as social and environmental issues toward the realization of a sustainable society, the Company has established the Sustainability
Committee chaired by the President and Representative
Director under the Board of Directors of the Company, as anadvisory body to the Board of Directors. Under the Corporate
Philosophy of “We support quality of life for everyone. Therefor you. Anywhere, anytime,” the Committee takes the mission
to deliver safe medical care to all over the country and aims
to realize a healthy, prosperous, and sustainable society.

Directors’ remuneration
Matters related to policies concerning the determination of the amount of remuneration, etc.
for directors or the calculation method thereof1) Method of determining the policy for determining the elements of individual remuneration, etc. for Directors
In order to establish a remuneration system that functions
sufficiently as an incentive to continuously improve corporate
value, the Company consults the Nomination andCompensation Committee on the draft of the policy for

determining the content of remuneration, etc. for each
Director (hereinafter referred to as the “Decision Policy”) and
resolves the Decision Policy at the Board of Directors basedon the contents of the report.

2) Summary of the contents of the Policy
1. Basic policy

2. Ideas and procedures for remuneration of Directors

The remuneration of Directors shall be made up in the remuneration
system that functions sufficiently as an incentive to continuously improve corporate value, be monetary and within the range of the remuneration limit resolved at the General Meeting of Shareholders,and consist only of monthly basic remuneration.

From the perspective of ensuring the appropriateness of the level of
remuneration and the transparency of performance evaluations, theNomination and Compensation Committee, which is made up with amajority of Outside Directors, formulates a draft of the amounts of remuneration for Directors based on comprehensive consideration of
their positions, responsibilities, years of office, the remuneration levelsof other companies, the Company’s business performance, and theemployee salary levels, and reports it to the Board of Directors.

Internal control system
The Company aims to steadily carry out its Corporate
Philosophy, and it is promoting corporate activities based onhigh ethical standards that comply with the “Qol Group
Charter of Corporate Behavior,” “Executive Officer and
Employee Code of Ethics,” and “Compliance Management
Regulations” in accordance with laws, regulations, the Articles

of Incorporation, and internal regulations. In addition, theCompany established and operates an internal control system in order to ensure the effectiveness and efficiency of operations, the reliability of financial reporting, compliance withrelated laws and regulations, and the preservation of assets.

Compliance
Qol Group Charter of Corporate Behavior
In order to realize our Corporate Philosophy as a medical professional, we have established the Qol Group Charter of Corporate
Behavior as a code of conduct that all Group employees should comply with.
More information on the Qol Group Charter of Corporate Behavior is available on the site below.
https://www.qolhd.co.jp/eng/company/behavior.html

21

Qol Holdings Value Report

Sustainability at the Qol Group

Basic concepts of compliance
For Qol Group, compliance means to comply with laws, regulations, and rules based on its Corporate Philosophy, “We support quality of life for everyone. There for you. Anywhere,anytime,” and Qol Group Charter of Corporate Behavior, andto conduct corporate activities while maintaining a highsense of ethics as medical professionals and as businesspersons.

Strengthening of compliance
The Qol Group strives to ensure complete compliance as acorporate mission to provide medical care and health maintenance and as a foundation for practicing management forsociety. We distribute Qol Group Essential Information andCompliance Book to all Qol executives and employees toraise their awareness in ethics and compliance. In addition,compliance training is conducted with external instructors at
the Management Policy Meeting (held once a year), manager
training (held once a year), and group training for new
employees.

Reporting system
The purpose of the reporting system is to establish a mechanism for the proper handling of consultations and reportingfrom employees, etc. regarding organizational or personal violations of laws, to early detect misconducts and correct
them, and thereby to contribute to the strengthening ofcompliance management. The General Affairs and Legal
Affairs Department serves as the point of contact, and thesame department also provides consultation on whether or
not it falls under a violation of laws and regulations.

Information security
Protection of personal information
To put the Charter of Corporate Behavior into practice, the
Qol Group deeply recognizes that personal informationmust be handled with care based on the philosophy of respect for personal character. At the same time, we comply

with the Personal Information Protection Management
System, and work to handle personal information accurately and properly and to carry out highly transparent corporate activities.

Risk management
Basic policy on Group risk management
1. Through practicing risk management, the Qol Group will ensure
continuity and stable development of the business.
2. We will strive to eliminate and reduce the factors that hinder theinterests of customers, business partners, shareholders and investors, local communities, and other stakeholders, as well as executives and employees, with the highest priority to ensuring thequality and safety of our operations and services in each business.
3. We are aware of our responsibilities as an entity engaged in medical-related business and act based on our social mission to safely
and securely supply operations and various services in eachbusiness.
4. All executives and employees of the Qol Group comply with various laws and regulations, and rules, etc. in accordance with thespirit of compliance, decide for themselves what is an ethically correct action, and act according to this value judgment.

<Basic policy on Group risk management (system diagram)>
Chief Risk Management Officer and Officer in Charge of Internal Control(President and Representative Director)
Secretariat: Division in charge of administration

Risk Management Committee

Internal Control Committee

Secretariat: Division in charge of administration

Secretariat: Division in charge of financeCorporate risk andcrisis management

Consultation andreporting desk (hotline)

Internal control
under theCompanies Act

Personnel in charge ofcrisis management
Media relations, etc.

Internal control
under the Financial
Instruments andExchange Act

Risk management
divisions of affiliatedcompanies

Qol Holdings Value Report22

Sustainability
Quality and Safety
Establishment of a value chain that will keep medical care alive
Materiality: Contribution to the quality of life through sustainable medical care

Procurement ofpharmaceuticals

23

Quality control

Stable supply of pharmaceuticals based onstrong collaborative relationships withbusiness partners

Providing safe and reliable pharmaceuticals
through thorough quality control

The various services offered by the Group are subject to avariety of regulations specific to the pharmaceutical industry,
such as the Act on Securing Quality, Efficacy and Safety of
Products Including Pharmaceuticals and Medical Devices(PMD Act). The Group has established a fair and impartial
trade system while complying with these laws and regulations. In the procurement of pharmaceuticals and bulk pharmaceuticals, while clarifying our procurement policy, we
have achieved a stable supply of pharmaceuticals based onstrong collaborative relationships with raw material manufacturers and pharmaceutical wholesalers.
With regard to generic drugs whose supply has continued to be short since summer of 2021, in the fiscal year ended March 31, 2022, the percentage of generic drugs handled(on a volume basis) was 85.9%, achieving the 80% genericdrug ratio targeted by the Ministry of Health, Labour andWelfare. In the Pharmaceutical Manufacturing Business, weare promoting the introduction of generic drugs developed
in-house at pharmacies within the Group, as well as developing new generic drugs and manufacturing and selling
COVID-19 antigen test kits in Japan.

With the Corporate Philosophy of “We support quality of life
for everyone. There for you. Anywhere, anytime,” quality control takes precedence over everything else for the Group.
In order to provide patients with safety and security, theGroup implements initiatives to maintain and improve quality in all areas. It is fundamental that all employees, regardlessof job category, including pharmacists, R&D staff, andback-office employees, ensure quality. Based on this concept, we maintain and improve quality by strictly enforcing
delivery conditions, clearly stating processes and operations,conducting training and periodic reviews, managing inventory and expiration dates using bar codes, and thoroughly
controlling temperature and humidity. We will continue to
evolve our quality control system in the Pharmaceutical
Manufacturing Business by visualizing the manufacturing
process and updating the production system to provide
support to workers to make the system even more robust.

Qol Holdings Value Report

Sustainability at the Qol Group

Sustainable pharmacy
operations

Contribution to local
communities

Contributing to the seamless medical care in
local communities through disaster response
and thorough infection control

Deeply involved in building a community where
people can live with peace of mind while
cooperating with a diverse range of people

The Group is taking a variety of measures to operate sustainable pharmacies.
Each pharmacy is equipped with disaster reserves andemergency supplies so that it can contribute to community
support in the event of a disaster. Furthermore, some pharmacies are equipped with filtration systems to convert rainwater into drinking water and a supply of approximately twomonths’ worth of medicines to enable the supply of pharmaceuticals to local insurance dispensing pharmacies. The
Head Office and offices have introduced a safety confirmation system that enables us to quickly confirm the safety of
all employees nationwide, and are equipped with disaster
reserves as at pharmacies to secure safety of employees.
To combat COVID-19, we have installed ozone sterilization
deodorizer Air Buster and rooms designated for infectious
disease patients in each pharmacy, and we are working toshorten the time spent in pharmacies by utilizing a mini appfor dispensing prescriptions via LINE. In addition, we have introduced delivery lockers, touchless payment systems, andtelephone-based medication instruction and delivery services. The Head Office has set up a COVID-19 Response
Headquarters to collect information and disseminate accurate information within the Group. We are also working tocombat infectious diseases through measures such as remote work , staggered work hours, and work placevaccination.

We are engaged in various social contribution activities thatare needed by local communities, making the most of theknowledge and skills as medical professionals. We are actively engaged in the dissemination of community-based healthinformation through health fairs, and on-site seminars for elementary and junior high school students. These activities
are planned and carried out spontaneously by employees,
and are a unique culture and characteristic of Qol.
Activities such as attending regular meetings with local
medical institutions and collaborating with local care managers are also important from the perspective of contributing to the local community and solving social issues throughour business. We believe that collaboration with local medical institutions and local medical care professionals leads to
the realization of an environment in which patients arecared for by medical care professionals and pharmacists
who are bound by a relationship of trust, and to the prevention of adverse events caused by medications. In addition tothese activities, we are deeply involved in the creation ofcommunities where people can live with peace of mind incooperation with local communities and various people involved in fields such as medical care, nursing care, and welfare by opening dementia prevention cafes and training
dementia supporters.

Qol Holdings Value Report24

Sustainability

SocialContribution to medical care in local communities
Materiality: Improvement of quality of life in local areas
Providing seminars/events and sharing information on health and medical care
The Group utilizes its knowledge and skills as medical professionals to promote various social contribution activities that are needed by local communities and communication activities that integrate into the local society. Employees voluntarily plan and carryout these activities, which are a unique culture and characteristic of Qol.

Conducting and participating in health fairs and community events
Health support pharmacies regularly hold health fairs as opportunities for casual consultations, and lectures for the public on topics such as health and dietary management, led
by specialists such as pharmacists and registered dietitians. With the aim of promoting
closer communication with local communities, each pharmacy also independently plans
and holds various events, such as work experience (drug dispensing) for elementary
school students.

Health fair

Health lecture held
in a pharmacy
Local event

Publication of Health News to share useful information for health maintenance
Since the COVID-19 pandemic may limit safe and secure outings and outdoor activities, there are concerns that this prevents the elderly from day care and rehabilitation services, resulting in their muscle
weakness and increased risk of falls and other problems. Interference with basic activities essential for
living, such as eating, changing clothes, moving, toileting, dressing and bathing, can also lead to a decline in quality of life. Qol Pharmacy distributes Health News prepared by pharmacists at pharmacies nationwide and during home visits to support the health maintenance of patients who have difficulty
going out and their family members.

Vaccination Project
In February 2021, Qol launched the COVID-19 Vaccine Project, which includes activities suchas management of employee vaccination progress, surveys on pharmacist cooperation at vaccination sites, and advance training of pharmacists who cooperate in vaccination. As part ofthe project’s activities from August to November 2021 and March to May 2022, our pharmacists provided support for large-scale COVID-19 vaccinations at the Tokyo Dome. Since June
2021, we have also been implementing a project for workplace vaccination in collaboration
with a medical corporation MNYS, which operates Caps Clinics that are open 365 days a year,
mainly in the Tokyo metropolitan area.

Promotion of employment of people with disabilities
The Qol Group believes that not only economic value, but also social value is an indispensable element for the development of asustainable society. Since 2008, we have been actively employing people with severe physical disabilities, mainly for work-fromhome positions, and in 2009, we established Qol Assist Co., Ltd. In the same year, Qol Assist became the first company in the pharmacy industry to be certified as a special subsidiary company by law. While Qol Assist started out with input work including theGroup’s work management, meetings were held using a web conferencing system from the beginning to facilitate communication among employees, and the company has now established a work environment that does not require commuting.

25

Qol Holdings Value Report

Sustainability at the Qol Group uman resource strategy to produce professional personnelH
engaged in medical care
Materiality: Improvement of quality of life of employees
Human resource strategy of the Qol Group
Based on the desire to contribute to improving the quality of life of patients through medical care, the Qol Group has establishedan environment and system that allows a diverse range of human resources who share this philosophy to actively participate, invests in human resource development, and assigns the right people to the right positions.

Human resource development
Employee training and career model
We place great importance on developing human resources who excel in all of the following as medical professionals and members of society: ethics (the ability to interact with patients with high ethical values as a medical professional), knowledge (familiarity with medical care and dispensing fees covered by health insurance and the ability to accurately propose and support
medication treatment and preventive medical care), and skills (a high level of acquisition of the necessary skills for the job).
In order to create such human resources, we are focusing on pharmacist education and training that only Qol can provide, including practical training programs in close collaboration with hospitals, active participation in external academic conferences,and our own pharmacist certification system. Moreover, for pharmacists who have built up enough experience in pharmacies tobe independent, we have adopted a career model that allows them to freely select or change their career path from the threecourses of pharmacy management, expert, and head office divisions so that they can utilize their knowledge in the field and playa more active role in various fields.
Example of pharmacist training
4+2 year personnel training program
We offer a long training period of six years after entry into thecompany. Employees can learn the various knowledge and skills
required to perform important work involving human life.
Qol certified pharmacist system
Qol has established its own in-house certification system. There
are two courses: a standard course for pharmacists with broad
knowledge, and an expert course for specialists with advanced
expertise.
Stratified training
To support the desires of pharmacists to continue to growthroughout their careers, we provide knowledge and skill development according to their careers.

Training at hospitals
In cooperation with hospitals, we provide training in various
themes through practical training and observation. As part ofteam medicine, participants learn prescription proposals and arrangement at the time of hospital discharge so that they can
support patients continuously after their discharge from thehospital.
E-learning (Q.O.L.S.)
The e-learning system allows participants to easily learn in ashort span of time (30 minutes per lecture) and can be taken via
smartphone.

Diversity promotion
L.A.D.Y.S. Conference, a study group for women’s empowerment and advancement in the workplace
Unique to the Group, which has a large number of women, we have established L.A.D.Y.S.* Conference, a study group for women’s
empowerment and advancement in the workplace from the perspective of women. The conference is working on government-supported reforms for women’s empowerment and development of better working environment at companies, as well as
promoting activities by pharmacists and other staff as family pharmacies.
* L.A.D.Y.S.: Luminous, Activity, Diversity, Yell, Staff

Leave and shortened working hours for nursing care and childcare
Nursing care leave Maternity leave before and after childbirth Childcare leave Shortened working hours for childcare

Creating attractive workplaces
Work style reform through DX
Improving operational efficiency using dispensing equipment and IT
We are the first in the industry to introduce Drug Station dispensing equipment that automatically picks pharmaceuticals.

Qol Holdings Value Report26

Sustainability

Taking on the challenges of the continuous medical care
Materiality: Contribution to the quality of life through sustainable medical care
Responding to infectious diseases
Initiatives at pharmacies
The Group has installed ozone sterilization deodorizer Air
Buster, set up rooms designated for infectious disease patients, and utilized a prescription dispensing application toshorten the time spent in the pharmacy. In addition, we haveinstalled delivery lockers and introduced various touchless
payment systems, and are implementing telephone-based
medication instruction and delivery services.

Initiatives at the Head Office
A COVID-19 Response Headquarters over the Group was established in the early stages of the outbreak to collect information on COVID-19 and disseminate this information within
the Group. We are also working to ensure the safety of ouremployees by implementing measures including remote
work, satellite office work, and staggered working hours, aswell as vaccinations for those who wish to receive vaccines attheir workplace.

Disaster response
Initiatives at pharmacies
The Qol Group has equipped each of its pharmacies with disaster prevention stockpiles and emergency supplies so thatit can contribute to community support in the event of a disaster. In addition, some pharmacies are equipped with filtration systems to convert rainwater into miscellaneous waterand drinking water, and a supply of approximately twomonths’ worth of medicines to enable the supply of pharmaceuticals to local insurance dispensing pharmacies in theevent of a disaster.

Pharmaceuticalstockpiling center
function
Stockpiles approximately
two months’ worth ofpharmaceuticals andsupplies them to local
insurance dispensing
pharmacies in the eventof a disaster, etc.

Stockpiles for disaster andemergency supplies
Rainwater storage tank(miscellaneous water anddrinking water)

Initiatives at the Head Office
We have introduced a safety confirmation system for employees throughout Japan to quickly confirm their safety in theevent of a disaster. In addition, our Head Office and offices arestocked with disaster reserves and emergency supplies mainly for employees who have difficulty returning home, as at ourpharmacies, to ensure the personal safety of our employees.
Rescue NOW (safety confirmation system)
In the event of a disaster such as anearthquake or typhoon, we send out safety
confirmation e-mails to employees in theaffected area.

27

Qol Holdings Value Report

Disaster prevention stockpiles andemergency supplies

Sustainability at the Qol Group

Environment
Initiatives for climate change
Materiality: Climate change measures
Disclosure based on TCFD
Response to TCFD recommendations
Based on the Corporate Philosophy of “We support qualityof life for everyone. There for you. Anywhere, anytime,” the
Qol Group has identified important issues (materiality) in order to continue contributing to the social infrastructure
through medical care.
Against this backdrop, the Group announced its support
for the recommendations of Task Force on Climate Related
Financial Information Disclosure(TCFD) in December 2022.
In line with the TCFD’s goal of ensuring that companies
and organizations appropriately disclose information on therisks and opportunities associated with climate change sothat investors can make appropriate assessments, the Groupis committed to appropriate disclosure according to the
TCFD’s framework, and to working toward the goal of a sustainable society and economy.
The four frameworks recommended by the TCFD recommendations (governance, risk management, strategy, andmetrics & targets) are as follows.

GovernanceIn order to contribute to the realization of a sustainable society
through its business activities, the Group has established a
Sustainability Committee, chaired by the President andRepresentative Director. The Sustainability Committee discusses matters related to sustainability and reports its findings to
the Board of Directors at least four times a year. The Board of
Directors makes decisions on important matters reported by
the Sustainability Committee and supervises the committee.

In addition, we have established the Sustainability
Committee Secretariat whose members consist mainly of theheads of relevant divisions of the Group, as a subordinate organization of the committee. The Sustainability Committee
Secretariat submits proposals to the Sustainability Committee
after deliberation and consideration of measures and KPIs to
be implemented by the entire Group. It also manages the
progress of measures decided by the Sustainability Committee.

Risk management
At the Group, for risks relating to overall business identified
company-wide, the level of importance is identified based on
factors including the degree of impact on management andlikelihood of occurrence, and the Sustainability Committee
manages matters to be addressed by the Group. It also reports the contents of these matters to the Board of Directors
as appropriate.

General Meeting of
Shareholders
Board of Directors

Consultation/
Recommendation

Sustainability Committee
Management Committee

Strategy(i) Identification of significant risks and opportunities
Risks associated with climate change can be categorized
into those resulting from the transition to a low-carbon society (transition risk) and those resulting from changes inweather patterns, such as more severe weather disasters(physical risk). Moreover, climate change can be viewed not
only as a risk but also as an opportunity due to changes inpatient behavior. The following are risks and opportunities associated with climate change that the Group considers tohave a significant impact.
We will review and carefully examine risks and opportunities as appropriate.

Qol Holdings Value Report28

Sustainability
Opportunities

Policies andregulations

・Competition through introduction of tax burden
・Innovation in facilities and equipment due to tighter regulations

Conversion ofmarkets andtechnologies

・Opportunity loss in responding to customer needs
・Cost increase for R&D and capital investment
・Needs expansion for environmentally friendly products and packaging
・Changes in health concerns and dietary・Business opportunity increase for renewable products, low-carbon, etc.
・Sales opportunity increase for environmentally friendly products
・Efficiency improvement of resources, production, and logistics
・Birth of new markets and accessibility to markets

Reputation

・Changes in customer behavior and preferences
・Changes in financing and investment conditions from financial
institutions and investors, and divestment
・Impact of delayed climate change-related disclosure on stock prices
and investors

・Improvement of corporate value through proactive information
disclosure
・Changes in customer behavior and preferences
・Improvement of internal and external reputation and acquisition oftrust through climate change initiatives

Acute・Aggravating extreme weather
・Soaring prices and depletion of raw materials due to disasters
・Increase in infectious diseases caused by climate change
・Disruption of logistics due to extreme weather

・Strengthening of supply systems and customer acquisition by adapting
to extreme weather conditions
・Increase in climate change-related diseases

Chronic

・Soaring prices and depletion of raw materials due to risingtemperatures, and increase in management costs
・Rise of sea level and tsunamis
・Increase in infectious diseases due to rising temperatures
・Increase in energy use due to increased air conditioning use
・Water shortages and droughts due to changes in rain precipitation patterns

・Increase in infectious diseases
・Development of products and services to meet the needs of risingtemperatures
・Limiting damage through systematic measures against climate change・Stabilization of inventory by securing appropriate levels

PhysicalTransition

Risks
・Introduction of carbon tax
・Tightening regulations on CO2, plastics, and other emissions
・Cost increase of energy procurement due to tighter regulations(ii) Scenario analysis
Using the scenario analysis method, the Group has begun
analyzing the impact on its business activities of all dispensing pharmacies and convenience stores and shops in the
Pharmacy Business, and Fujinaga Pharm Co., Ltd. in the
Medical-Related Business. This analysis is conducted in accordance with multiple scenarios drawn up by the IPCC
(I ntergovernmental Panel on Climate Change), IEA(International Energy Agency), and other organizations.
As mentioned earlier, we have organized the risks and opportunities based on the TCFD recommendations and external reports. The secretariat is currently leading the discussion
to incorporate various opinions.

We also analyze the impact of each scenario and worldview on financial and business strategies, etc., not only negatively, but also expanding to positive impacts.
Details will be disclosed as soon as they are ready.

Targetbusinesses
Scenario

Pharmacy
Business
Medical-Related
Business
Transition scenario
Physical scenario

Target period

Dispensing pharmacies, convenience
stores and shops
Fujinaga Pharm Co., Ltd.
IEA WEO2019
IPCC AR52030, 2050

Metrics & targets
The Group has set the following metrics & targets to reduce risks and enhance opportunities related to climate change.
Metrics ・KPI: CO2 emissions reduction ratio (Scope 1 and 2) (compared to FY2013)
・Period: Until FY2030
・Target: P harmacy Business (dispensing pharmacies, convenience stores and shops)
Medical-Related Business (Fujinaga Pharm Co., Ltd.)

Targets ・Pharmacy Business: Reduce CO2 emissions
per store (Scope 1 and 2) by 30%
・Medical-Related Business: Reduce CO2
emissions (Scope 1 and 2) by 30%

We will complete the calculation and analysis of CO2 emissions for each scope as soon as possible, and work to reduce CO2 emissions not only for the Group but also for the entire supply chain.
In addition, the Group will continue to implement initiatives such as the Green Smile Project (store greening campaign) andpharmacies equipped with disaster prevention stockpile warehouses and power generators.
We will continue to implement initiatives for environmental protection and the future, and we will continue to disclose information related to climate change in an appropriate manner.

Please refer to our website for details of the Group’s disclosure based on the TCFD.
自動調剤機器「ドラッグステーション」

29

Qol Holdings Value Report

Sustainability at the Qol Group peration of dispensing pharmacies with consideration forO
the global environment
Materiality: Climate change measures
CO2 reduction facilities and environmentally friendly model stores
The Group strives for global environment conservation by reducing environmental impacts in all of its business activities.
At pharmacies, we focus on store design that does not placea burden on the environment or stores with goodenergy-saving performance and CO 2 reduction facilities.
Examples include solar panels on rooftops and highly energy-saving LED lighting.

Morning NoonNight Evening

Solar Panels on roof

Promoting use of reusable shopping bags
and eco-friendly plastic bags
All stores of the Qol Pharmacy Group are running the BringYour Own Bag Campaign to reduce the use of plastic bags.
When plastic bags are necessary,
we use eco-friendly plastic bags
containing 30% plant-derived
biomass materials.

Poster for promoting use of
reusable shopping bags

Change lighting by time of day

Conducting environmental volunteering
activities
While making efforts to increase our involvement inlocal communities, we arecommitted to raising environmental conservation
awareness of each employee within the Group.
• Environment beautification volunteering activities (beautificationand cleaning of the surroundings of the pharmacies)• Promote Cool Biz and Warm Biz (wearing cooler clothing during
summer and warmer clothing during winter to save energy andreduce CO2 emissions)• Activities for going paperless (Qol)

Appropriate management of pharmaceutical inventories and reduction of waste
To solve the problems of stock-out and waste of expired medicines, Qol Pharmacy has started a trial operation to introduce
a system for optimizing orders with AI-based demand forecast. We believe that this measure will not only reduce thedisposal of pharmaceuticals but also lighten the workload of
employees. It will also reduce CO2 emissions from wholesalers’delivery vehicles as the number of additional deliveries canbe decreased.
And we were the first in the industry to install Drug Station,a pharmaceutical dispensing equipment, which automatically
picks pharmaceuticals. The system automates medication
picking based on the prescriptions and greatly improves theefficiency of the stocking procedures, allowing pharmacists
to spend more time with patients.

Drug Station, automated medication picking equipment

Qol Holdings Value Report30

Financial and Non-Financial Highlights
Financial dataC l osi ng mon th a n d ye a r

FY 2 0 1 7

Net Sales(Million yen)

145,516

Ordinary profit(Million yen)

9,333

Profit attributable to owners of parent(Million yen)

4,986

Comprehensive income(Million yen)

5,092

Net assets(Million yen)

35,935

Total assets(Million yen)

87,270Net assets per share(Yen)

936.74

Basic earnings per share(Yen)

141.19Diluted earnings per share(Yen)

130.19

Capital adequacy ratio

(%)

41.2

Rate of return on equity

(%)

17.4

(Times)14.8

Cash flows from operating activities(Million yen)

11,116

Cash flows from investing activities(Million yen)

(3,775)

Cash flows from financing activities(Million yen)

(1,685)

Cash and cash equivalents at end of period(Million yen)

19,800Price earnings ratio(Note) 1. Diluted earnings per share for FY2018 through FY2021 are not stated as there were no dilutive shares.
2. The Company has applied the “Accounting Standard for Revenue Recognition” (ASBJ Statement No. 29, March 31, 2020) and other standards from the beginning of FY2021.
Key management indicators for FY2021 are the indicators after application of the said accounting standards.
3. The “Partial Amendments to Accounting Standard for Tax Effect Accounting” (ASBJ Statement No. 28, February 16, 2018) and others are applied from the beginning of FY2018,
and the key management indicators for FY2017 are the indicators after retroactive application of the said accounting standards.

Non-financial data
Environment

Social(Thousand kWh)

9,522

Number of pharmacists(Persons)

1,993

Ratio of female managers

(%)

27.7

(Persons)

194

Internal (male)(Persons)

8

Internal (female)(Persons)1

Outside (male)(Persons)4

Outside (female)(Persons)

1

Electric power

Persons taking childcare leave

Governance

Number of Directors(including Statutory Auditor)

Ratio of female Directors

31

Qol Holdings Value Report

(%)

14.3

Performance DataF Y 2 0 18

FY 2 0 1 9

FY 2 0 2 0

FY 2 0 2 1

144,783

165,411

161,832

166,199

7,208

8,024

7,403

10,094

3,908

4,067

3,365

5,489

3,753

4,229

3,450

5,599

39,01741,001

41,83443,881

94,236

102,872

100,571

95,984

1,006.55

1,074.57

1,124.31

1,189.70

101.73107.2389.55

149.51

−

−

−

−

41.1

39.4

40.9

45.7

10.5

10.3

8.2

12.9

14.8

12.4

17.4

7.8

5,773

4,468

12,912

10,112(8,287)(8,670)(3,065)(3,087)

2,906

(225)

(6,114)(10,006)

20,193

15,766

19,49816,516

9,412

11,420

11,482

12,024

2,124

2,232

2,264

2,397

27.2

26.6

24.3

22.9

202

183

383

486

5

5

6

6

1

1

2

2

4

4

3

3

1

1

1

1

18.2

18.2

25.0

25.0

Qol Holdings Value Report32Company Profile and Stock Information
Company profile (as of September 30, 2022)
Company profile
Name

Qol Holdings Co., Ltd.

Foundation

October 4, 1992

Established

October 13, 1992

Representative

CapitalPresident and Representative Director
Takashi Nakamura

Organization chart¥5,786.89 million

Number of
employees(consolidated)

7,713

Stock exchange
listedTokyo Stock Exchange Prime Market(Stock Code: 3034)

General Meeting of Shareholders
Board of Directors

Audit & Supervisory Committee

Chairman and Director
Internal Audit Department

President and Representative Director
Group Strategy Management Committee
DX & AI Promotion Office
Education Promoting Department

Public Relations Department
Pharmacy Business
Development

Corporate Strategy

Business Management

Human Resources

Addresses of the Group companies (as of January 31, 2023)

33

Qol Co., Ltd.

37th Floor Shiroyama Trust Tower, 4-3-1 Toranomon, Minato-ku, Tokyo 105-8452

Ryukyu Qol Co., Ltd.

1-9-7 Noborikawa, Okinawa-shi, Okinawa 904-2142

Alpharm Co., Ltd.

2nd Floor Qol Bldg., 2-8-12 Chuo, Mito-shi, Ibaraki 310-0805

Fukushi Medical Co., Ltd.

2-25-4 Kamiya, Kita-ku, Tokyo 115-0043

KYOEIDO Co., Ltd.

2-5-38 Kameda Otsuki, Konan-ku, Niigata-shi, Niigata 950-0162

Pharmaster Co., Ltd.

20-11 Nakamura-cho, Oumihachiman-shi, Shiga 523-0894

NICHIHOS Co., Ltd.

Nipro Toyosaki Bldg., 3-3-13 Toyosaki, Kita-ku, Osaka-shi, Osaka 531-0072

Natural Life Co., Ltd.

5F Saga Shimbun Chuo Bldg., 1-14 Nakanokoji, Saga-shi, Saga 840-0833

Natural Life Co., Ltd.

31 Oki-machi Ni, Kanazawa-shi, Ishikawa 920-0013

Sera Medic Co., Ltd.

3-2-14 Ichinocho-nishi, Sakai-ku, Sakai-shi, Osaka 590-0951

Katsuhara Pharmacy Co., Ltd.

6-82-2 Kamiya-cho, Himeji-shi, Hyogo 670-0836

KI Pharmacy Inc.

Dream KI402, 120-1 Nishimochida, Aira-shi, Kagoshima 899-5431

Saita Pharmacy Co., Ltd.

2-13 Yokka-machi, Yokote-shi, Akita 013-0022

Hokusetsu Chozai Co., Ltd.

3-6 Sakae-machi, Kawanishi-shi, Hyogo 666-0021

Power Pharmacy Co., Ltd.

11-21 Takasago-cho, Utsunomiya-shi, Tochigi 321-0143

Medical Qol Co., Ltd.

Front Place Nihonbashi Bldg., 2-14-1 Nihonbashi, Chuo-ku, Tokyo 103-0027

Qol Assist Co., Ltd.

9F Front Place Nihonbashi Bldg., 2-14-1 Nihonbashi, Chuo-ku, Tokyo 103-0027

APO PLUS STATION Co., Ltd.

Front Place Nihonbashi Bldg., 2-14-1 Nihonbashi, Chuo-ku, Tokyo 103-0027

APO PLUS CAREER Co., Ltd.

7F Shin-Tokyo Bldg., 3-3-1 Marunouchi, Chiyoda-ku, Tokyo 100-0005

Fujinaga Pharm Co., Ltd.

9F Front Place Nihonbashi Bldg., 2-14-1 Nihonbashi, Chuo-ku, Tokyo 103-0027

KOSEIKAI Co., Ltd.

9F Front Place Nihonbashi Bldg., 2-14-1 Nihonbashi, Chuo-ku, Tokyo 103-0027

Qol Holdings Value ReportStock information (as of September 30, 2022)
Stock situation
Total number ofissuable shares

Total number ofissued shares

70,000,000 shares

Number ofshareholders

38,902,785 shares

16,498Principal shareholders
Number of shares(shares)Name

Shareholding ratio(%)

Medipal Holdings Corporation

7,582,800

20.11

The Master Trust Bank of Japan, Ltd. (trust a/c)

3,538,300

9.38

BBH For Fidelity Low-Priced Stock Fund (Principal All Sector Subportfolio)

2,200,400

5.83

Qol Group Employee Stock Ownership Association

1,790,888

4.75

Takashi Nakamura

1,639,000

4.34

DAIICHI SANKYO COMPANY, LIMITED

1,304,000

3.45

Nakamura Shoji Co., Ltd.

1,136,400

3.01

Medipal Insurance Service Co., Ltd.

1,104,000

2.92

Custody Bank of Japan, Ltd. (trust a/c)

1,100,900

2.91

The Bank of New York Mellon 140044

933,632

2.47(Note) Except for the above, treasury shares are 1,200,209 shares.

Breakdown of shares by type of shareholder
Percentage of issued shares owned by the shareholders

発行済株式数に占める所有株主の割合（％）

Treasury shares

Financial
institutions

3.09%

Individuals
and others

14.51%

25.20%
Foreigncorporations,etc.

Shareholder

Financial
instruments
firms■ Financial institutions

1.16%

30.31%

25.73%
Stock quote

Number of shareholders(persons)

5,646,600

15452,91127■ Other corporations

11,791,133

102■ Foreign corporations, etc.

10,009,738

153■ Individuals and others

9,802,194

16,200■ Treasury shares

1,200,2091■ Financial instruments firms

Othercorporations

Number of shares(shares)

小数点第2位以下は四捨五入(Thousandshares)

(Yen)

2,500

Trade volume (Thousand shares)
Stock price (Yen)

15,0002,000
10,000
1,500

1,000
5,000
500

0

0
March
2013

March
2014

March
2015

March
2016

March
2017

March
2018

March
2019

March
2020

March
2021

March
2022

Qol Holdings Value Report34

Qol Holdings Co., Ltd.
37F, Shiroyama Trust Tower, 4-3-1,
Toranomon, Minato-ku, Tokyo 105-8452
ir@qol-net.co.jp
https://www.qolhd.co.jp/eng/