2022
Full-Year
Securities Code: 2429

Business
Report2022

January 1, 2022

December 31, 2022

Contents
01 Our Purpose
02 Interview with the President
05 Close-Up
06 Consolidated Financial Results
07 Business Segment Overview
09 Sustainability
10 Major Affiliated Companies

Our Purpose

Achieving happiness for people and thesustainable development of society bycreating the “ways we live” on a global scale
If everyone around the world could live and work with more vitality, the world would be a happier, moredeveloped, and better place. Our mission is to create such a livable society full of vitality.

Human Resources andEducation Business

Real Estate Business

Shaping ways of working
Contributing to the development of industry byhelping people find the right job, allowing them tofeel the joy of working with vitality, and by bringing
out people’s latent potential through education

Information andTelecommunications Business

Shaping the way we live through home creation

The Ways
We Live

Shaping convenience, safety, and security

Contributing to society by designing the communities
that are the basis of people’s lives to be more
comfortable, livable, and respectful of theenvironment and natural resources

Agricultural Park Business
Shaping the future

Contributing to the enrichment of society bycreating a safe and secure living environment for
all through the convenience provided by the
spread of new IT infrastructure

Supporting the sustainable development of society byconserving the environment and natural resources
and providing the nurturing environment necessary
for the growth of the children who are our future01

Interview with the President

We will focus on human resources development tobecome the company of choice for professionals
in each business.
On the occasion of the 30th anniversary of its founding, the World Holdings Group has launched its Mediumterm Management Plan 2026.
We asked Chairman and President Eikichi Iida about creating the “ways we live” in anticipation of the future
in a rapidly changing business environment.

Eikichi Iida Chairman and President

FY12/2022:
Overview of Business Activities
While the restrictions on economic activity due to the
COVID-19 pandemic have gradually eased, theWorld Holdings Group faces an uncertain businessenvironment due to geopolitical risks related to thesituation in Russia and Ukraine, the accompanying
surge in resource and raw material prices, supply chain
disruptions, and the sharp appreciation of the yen.
However, thanks to our ability to respond well tochanges through our “multi-business portfolio,” which
is one of the Group’s strengths, the Group achieved
record consolidated net sales, operating profit, andordinary profit.
As announced in the Medium-term Management Plan
2026, we made changes to our business segments
starting in the fiscal year ended December 31, 2022
(hereinafter, “FY12/2022”). In our core Human
Resources and Education Business, we added the“service sector” as an additional pillar alongside the02“manufacturing sector,” which is our traditional
mainstay. The latter is now the “Products HR Business”
centered on the manufacturing-related human resourcesbusiness, while the former is the “Service HR Business”
centered on the service-related human resourcesbusiness. The following report is an overview of ourmain business activities.

Human Resources and Education Business:
Products HR
Looking at trends by industry, orders for electrical andelectronic parts, smartphones, and similar products
have been declining compared to 2021. However,thanks to a business portfolio strategy driven bysophisticated marketing, we were able to post strong
performance in the semiconductor- and factory
automation (FA) equipment-related businesses andsuccessfully expand into the automotive-related sector,
resulting in significant increases in both sales andprofits. Other factors also contributed to theimprovement in business performance, including
increased production through subcontracting and team

In March 2022, Dimples Co., Ltd., a provider of quality
customer service and sales for department stores andother businesses, joined the Group. By combining thehigh-value-added hospitality of Dimples with the knowhow and network of the Group’s existing service HR
business, we can provide higher value-added humanresources services and expand into the service sector,
while striving to strengthen competitiveness by
integrating the three pillars of logistics, tourism, andcustomer service and sales.

staffing, both of which are strengths of the Group;
winning larger orders; a shift to high-value deals; and areduction in selling, general and administrative (SG&A)
expenses through digital transformation (DX).
The Group thinks of itself as a “co-sourcing” rather
than an “outsourcing” company. Our ability to provide“total design” services, including personnel strategy,
while cooperating with our customers in manufacturing,has inspired trust at client companies.
Regarding the hiring situation, FY12/2022, the firstyear of the Medium-term Management Plan 2026,
was positioned as a year of investment, and we haveinvested in recruitment and increased our workforce toa record high.

in real estate M&A and creating land for business use.
One of the Group’s major strengths is its know-how inconverting small plots of land into large-scalecommercial sites, and in recent years we have seen an
increase in the number of projects involving theacquisition of land for business use through real estate
M&A. Thanks to our Human Resources and Education
Business, the Group has a unique strength, which is its
ability to provide a variety of support for staff at thesesites through the Group’s staffing companies. Goingforward, we will continue to leverage the synergies
unique to the Group, which has multiple businesses, tomeet the complex needs of the real estate business.

Real Estate BusinessWith prices in the real estate market remaining highlonger than expected, we are proceeding prudently
based on a policy that emphasizes “appropriate scale.”In the development sector, however, the sale anddelivery of condominiums and commercial land
exceeded the initial plan.
Regarding acquisitions, while maintaining our cautious
stance with an eye on changes in the businessenvironment, we are steadily securing properties bymaking full use of our strengths, which include know-how

Human Resources and Education Business:
Service HR
In the mainstay logistics sector, we are establishing new
business sites, and in the tourism sector, our collaboration
with the JTB group has progressed smoothly. In addition,
we were able to win government-related special demand
projects, which led to strong sales overall.

Future Outlook andAchieving the Medium-termManagement Plan 2026
Looking ahead to FY12/2023, we are formulating a
prudent business plan under the assumption that a

FY12/2022 Financial Highlights
Net sales¥183,640

Operating proﬁt
million18.7%

YoYchange183,640
136,319 143,571¥8,929millionYoYchange201,354

19.3%
8,929

154,704
6,251¥8,933

FY12/2020

FY12/2021

FY12/2022

FY12/2023(forecast)

FY12/2019

millionYoYchange

9,916

7,481

6,786

7,738

15.4%
8,933

FY12/2020

FY12/2021

FY12/2022

FY12/2023(forecast)

FY12/201903¥5,341

millionYoYchange

5,913

9,453

4,626

15.5%
5,341

6,045

2,956

4,805

4,730

FY12/2019

Proﬁt attributable toowners of parent

Ordinary proﬁt

FY12/2020

FY12/2021

FY12/2022

FY12/2023(forecast)

FY12/2019

FY12/2020

FY12/2021

FY12/2022

FY12/2023(forecast)slowdown in the global economy will lead to a tighter
business environment. Nevertheless, I expect that our“multi-business portfolio,” which is one of the Group’s
strengths, will help us respond flexibly to economic
fluctuations and achieve steady growth, resulting in arecord-high business performance.
FY12/2022, the first year of the Medium-termManagement Plan 2026, got off to a very good start,
progressing more smoothly than we had planned at
the beginning of the fiscal year. However, at this point,
I think it is necessary to step even harder on theaccelerator in order to truly become the company ofchoice. The last few years have been truly chaotic, butlittle by little the fog will lift, and I think that 2023 will
finally bring an era of “recognizing the real.” We live inan era where we are asked “what are your strengths?”and “what is a professional?” As far as the Group isconcerned, in the Human Resources and Education
Business, Real Estate Business, Information andTelecommunications Business, Agricultural Park
Business, and other businesses, I feel a strong senseof tension, thinking that this will be the year in which
we finally “recognize what’s real.”
In an era such as this, the most important thing is toinvest in human resources development. Focusing on
human resources development increases employees’
productivity and their ability to serve customers—andthe result is higher earnings and happier employees. If
we can achieve this virtuous cycle, we will inevitably
become the company of choice for the best talent. This
cycle depends on human resources, which is why weare focusing on investment in human resources
development. We will continue to invest in humancapital, our most important asset, with the aim of further
contributing to society and achieving high growth.
As we celebrate the 30th anniversary of our founding,
I feel that we are finally realizing what we have been
aiming for. Namely, as a “co-sourcing” rather than an“outsourcing” company, we are able to combine ourto society, which I believe is the raison d'être of theWorld Holdings Group.

strengths with those of our clients and move forward
together with them as a strong corporate group, thereby
contributing to society. Furthermore, we want to be acompany that is assessed and selected by customers
for its authenticity, and at the same time preferredby employees.
At the start of the Medium-term Management Plan
2026, I sent a message to employees that we aim to be
a company that balances a spirit of independence withloyalty. A spirit of independence means that each
person is a self-reliant individual with strong abilities.
Loyalty is about loving your colleagues, your community,
your country, and your company. We aim to be acompany that balances both qualities. As a result, we
will demonstrate maximum performance and contributeMessage to Our Stakeholders
In February 2023, we celebrated the 30th anniversary of
our founding. This would never have been possible
without the support of our shareholders and otherstakeholders, to whom I would like to express mydeepest gratitude. Moving forward, we will continue toaddress social issues as a corporate group capable ofcreating diverse proposals for the “ways we live.” We
ask all of our stakeholders for their continued support of
the Group in the future.

Consolidated Earnings Forecast for FY12/2023
FY12/2022

Human Resources andEducation Business(¥ million)

ActualNet sales

132,880

Segment profit

5,179

Net sales

88,598Segment profit

4,054

Net sales

44,282

Segment profit

1,125

Net sales

38,044

Segment profit

3,181

Information andTelecommunications
Business

Net sales

8,399

Agricultural Park
Business

Net sales

Products HR
Service HR
Real Estate Business

Segment profit

Segment profit
Net sales

Total

125

158

284
8,929

YoY

Profit margin

5,409

3.8%

94,732
4.6%

4,265

4.5%

49,371
2.5%

1,144

2.3%

44,511
8.4%

3,728

8.4%

8,074
1.5%

214

2.7%

4,664
3.7%

183,640

Operating profitPlan

144,104
3.9%

4,314

Elimination or
corporate

04

FY12/2023

Profit margin

208

4.5%

201,354
354
4.9%

9,916

4.9%

Difference

Change rate

11,223

8.4%

230

4.4%

6,133

6.9%

211

5.2%

5,089

11.5%

19

1.7%

6,466

17.0%

547

17.2%

(325)

(3.9%)

88

70.7%

349

8.1%

49

31.4%

17,714

9.6%

70

24.8%

987

11.1%

Close-Up

We celebrated our 30th anniversary in February 2023.
World Holdings Co., Ltd. has expanded its business based on accurate judgments aligned with social conditions and people’s needs.
At present, we have achieved a stable management structure in four business areas: Human Resources and Education,
Real Estate, Information and Telecommunications, and Agricultural Park.
The heart of each business is always the “ways we live.”
February 2017
We aim to create a society where all people involved in our businesses can live,
Startedplay an active role, and thrive in various fields.

February 1993

1

December 2005

WORLD INTEC CO., LTD. founded(currently World Holdings Co., Ltd.)Started the Human Resources andEducation Business
Focused on the human resourcesindustry, which was not very developed at
the time. Started the business with theaim of revitalizing the competitiveness of
the Japanese manufacturing industry
through human resources development
and job creation.

2

Started the Information andTelecommunications Business
Even before the introduction ofsmartphones, started the businesspredicting that information andcommunication devices would enrichpeople's lives and become an
indispensable tool.

April 2010

3

42023.2the Agricultural Park BusinessStarted the Agricultural Park Business toprotect the natural environment andcreate places to nurture children—thefuture generation.

Startedthe Real Estate BusinessStarted a full-scale real estate business totake advantage of opportunities createdby the big decline in the number of realestate companies in Japan caused by the
global financial crisis.

April 2022
Transitioned to the Prime Market of
the Tokyo Stock Exchange

March 2016
Listed on the Second Section of
the Tokyo Stock Exchange

201.3

June 2016
Moved up to the First Section of
the Tokyo Stock Exchange

July 2014

4

Company name changed toWorld Holdings Co., Ltd.
shifting to a holding company
structure

February 2005
Listed on the JASDAQ
Securities Exchange

7.4

87.9

Global financial crisis
Net sales

46.4

Operating profit(¥ billion)

1

48.7

34.8

2

0.9
FY12/2006

1.3

FY12/2007

1.0

FY12/2008

68.8

3

53.0

56.4

1.2

2.1

FY12/2012

FY12/2013

37.8

29.0

32.1

0.3

0.3

0.5

FY12/2009

FY12/2010

FY12/2011

05

154.7
142.8

127.1
7.0

183.6

136.3

8.9

7.4

6.2

7.3

94.3

143.5

9.9

4.7

5.1

3.7

FY12/2014

FY12/2015

FY12/2016

FY12/2017

FY12/2018

FY12/2019

FY12/2020

FY12/2021

FY12/2022

FY12/2023(forecast)Consolidated Financial Results
Consolidated Balance Sheet (¥ million)

Consolidated Statement of Cash Flows (¥ million)

AssetsCurrent assets

Liabilities and net assets
Non-current assets

Current liabilities
Net assets

Non-current liabilities

Cash and deposits

30,749Notes and accounts
receivable–trade

15,706

Real estate forsale in process

28,82886,088Cash and deposits

35,091

Notes and accounts
receivable–trade

18,809Real estate forsale in process

43,099Property, plant andequipment

5,466

Property, plant andequipment

6,032

Intangible assets

776

Intangible assets

4,252

4,938

Investments andother assets

5,049

Investments andother assets

11,18015,333End of
FY12/2021

End of
FY12/2022

35,07830,74897,26997,269108,257

Cash andcash equivalents at
beginning of period

123,591

123,591

Cash andcash equivalents at
end of period

55,489Cash flows
fromoperatingactivities

47,18530,905

16,85633,22637,195End of
FY12/2021

End of
FY12/2022-4,765

Cash flowsfrominvestingactivities

Cash flowsfromfinancing
activities-5,99015,064

FY12/2022

Consolidated Statement of Income (¥ million)
Net sales

183,640

Net sales

154,704
Operatingprofit7,481

Operatingprofit8,929

Ordinary
profit7,738

Non-operating
income387

151,953

4,626

22,758Extraordinary
income8,933
Non-operating
expenses

Cost of sales
Profitattributable toowners ofparentOrdinary
profitProfitbefore income
taxes

6

8,455
Profitattributable toowners ofparentExtraordinary
losses

383

483

SG&A
expenses

5,341
Total
income taxes

2,951

Profitattributable tonon-controllinginterests

162

FY12/2021

FY12/2022
06

Business Segment Overview
Manufacturing Domain¥132,880

Bio
CRO

Semiconductors
Automotive
Information andtelecommunications

Semiconductors
Machinery
Electrical/
electronic parts

Broad coverage from upstream to downstream
in the manufacturing
domainService HR

Tourism

Logistics

Tourism industry

e-CommerceLight-duty
work

Customer service
and salesCallcenters

Retail Department
storesCutting-edge development in specialized
fields in the service domain

Segment profit¥5,179YoY change

million

26.6%

UP

Segment sales
Manufacturing
R&D

Segment profit

Engineering

Products
HR

19.5%

9.6%
22.4%

FY12/2022

Segment sales

44,282
34,324
16.1%

25.7%
5.7%

Manufacturing
R&D

15,190FY12/2021

FY12/2022

Segment profit

FY12/2021

FY12/2021

FY12/2022

 mid the COVID-19 pandemic and geopolitical risks,Athe business performed well thanks to multi-businessportfolio optimization, resulting in higher sales andprofits compared to the previous fiscal year.

Engineering

1,384

18,8102,590

Products
HR

FY12/2022In the mainstay logistics-related business, we madesteady progress in launching new business sites andwinning orders.

3-month average (People)

1,125
912

Logistics
Call centers / Light-duty work
Customer service and sales / Tourism
Consortium

15,404329

FY12/2021

FY12/2022

07

2,221

17,801
5,908
3,977
1,683

5,987

6,234

FY12/2021

FY12/2022In addition to strong sales in the semiconductor- andFA equipment-related businesses, our new entry into
the automotive-related sector led to a boost in
business performance.
 ther factors contributing to profit growth includedO
increased production through subcontracting andteam staffing, both of which are strengths of theGroup; winning larger orders; a shift to high-value
deals; and a reduction in SG&A expenses through DX.

14,835Composition of temporary
placement workforce

6,866
61.5%

FY12/2022 Overview

2,223
11,757

12.8%

78.2%

UP

Composition of temporary
placement workforce

3,088

Logistics
Call centers / Light-duty work
Customer service and sales /Tourism

Service
HR

29.4%

70.4%

FY12/2021%

million

1,210

68.0%

Sales
composition

4,054

10.2%

70,667

YoY change

3-month average (People)

88,59872.4

PharmaAfter-sales services

We provide human resources services including subcontracting and temporary
staffing capabilities that offer broad coverage extending from upstream todownstream processes in the manufacturing sector, including research, design, andproduction, as well as the services sector including logistics, tourism, and customer
service and sales. By seamlessly linking these fields, we are responding to a wide
range of corporate needs and providing ample opportunities for our workforce toadvance their skills and careers.

Manufacturing

R&D

Business Overview

Design anddevelopment

Human Resources and Education Business

Segment sales

Service Domain

Products HR

ServiceHRIn the tourism-related business, our collaboration with
the JTB Group has progressed steadily.
In the customer service and sales-related business,
we achieved vertical start-up with the inclusion of
Dimples Co., Ltd. as a member of the Group.
 overnment-related special demand projects in theGfirst half of the fiscal year contributed to the significant
year-on-year increase in business performance.

Information andTelecommunications Business

Real Estate BusinessBusiness Overview

Business Overview

This comprehensive real estate business encompasses realestate development, renovations, prefabricated houses, andother activities directly related to properties, and focuses on
the recently started real estate finance business.

The main activities are the operation of SoftBank, au, and othermobile phone stores having close ties with the markets they serve,
the provision of solutions for corporate clients, and telemarketing.

Segment sales
Segment sales¥38,044

Segment profit¥3,181

YoY change

million

2.9%

UP

Segment sales
Sales
composition

20.7

%

36,97738,044
6.4%

YoY change

6.8%

million

UP

29.0%

73.0%

64.0%

FY12/2021

FY12/2022

FY12/2021-10.3% DOWN
YoY change

million

6.3%

Sales
composition

4.6%

UP

The lowering of cellular service rates by each telecom carrier and the introduction of corresponding new
rate plans brought about a decline in the unit price and a revision of the requirements for commissions,
resulting in a decrease in our commission revenue. We will continue to build a network of superior storeswith strong local roots and strengthen our portfolio.

3,181

7.0%

20.6%

million

FY12/2022 Overview

Renovations

2,977

¥125

Segment profit

Segment profit

Real estate development
Prefabricated homes¥8,399YoY change

Agricultural Park Business

FY12/2022

Business Overview

FY12/2022 Overview

We manage and operate 14 nature-rich agricultural parks
throughout Japan.

With real estate prices remaining high, we have continued to take a cautious approach. However, byseizing good selling opportunities, we were able to exceed the initial plan for the sale and delivery ofcondominiums and commercial land in the development sector, which led to an increase in both sales andprofit. Regarding acquisitions, while keeping an eye on changes in the business environment, we steadily
secured properties by making full use of our strengths, which include know-how in real estate M&A andcreating land for business use.

Segment sales¥4,314

Segment profit¥158

YoY change

million

28.1%
YoY change

millionTurning
profitable

UP

Sales
composition

2.3%

FY12/2022 Overview

Residential Aoba Hirosegawa

Residential Ikebukuro Honcho

Despite the impact of the COVID-19 pandemic, bad weather (mainly on holidays), and soaring resource
prices, we succeeded in improving the presence of the parks and promoting their attractiveness byhighlighting their merits as uncrowded outdoor areas, and as a result segment sales and profits increased
as the number of visitors to each facility returned to pre-pandemic levels.

BIZIA Kokura (scheduled
to be completed in 2024)08

Sustainability

The Sustainability of World Holdings
By continuing to create the “ways we live,” we aim to achieve happiness for people and the sustainable development of society.
We will continue to work together as a Group to contribute to society by addressing and resolving social issues through our businesses.

Achieving happinessfor people and thesustainable developmentof society by creating
the “ways we live” ona global scale

The Ways
We Live

We support the Sustainable
Development Goals (SDGs).

Real
EstateReal
EstateAgricultural
Parks

Developing communities where people can live with peace of mind byproviding comfortable yet environmentally friendly living facilities

Agricultural
Parks

Maintaining an environment conducive to the sound development ofchildren by protecting nature and conserving the earth’s resources

Human
ResourcesandEducation

Eliminating poverty by providing everyone with the right job, helping
them build stable livelihoods

Human
ResourcesandEducation

Bringing out people’s latent potential through human resources
development and high-quality education

Human
ResourcesandEducation

Providing workplaces for everyone, regardless of gender

Human
ResourcesandEducation

Providing the right job to everyone and creating an environment where
they can feel the joy of work, bringing out their latent potential andleading to economic growth

Human
ResourcesandEducation

Information
andTelecommunications

Human
ResourcesandEducation

Real
EstateEnvironmental

E

SocialS

GovernanceG

Supporting the manufacturing industry and creating a foundation fortechnological innovation through the spread of new infrastructure

Information
andTelecommunications

Strengthening GovernanceContributing to the sustainable growth of society through a variety of
approaches, including collaboration with diverse industries andconsortium models
Strengthening and promoting the fair, transparent, and swift governanceof the entire Group; enforcing compliance; and enhancing risk
management09Major Affiliated Companies

Practicing sustainability management across multiple businesses
Major Affiliated Companies: 44 (37 Consolidated Subsidiaries, 7 Non-Consolidated Subsidiaries) (As of December 31, 2022)
Human Resources and Education Business

Real Estate Business

Products HR

Human resources services (manufacturing, engineering, R&D)

Human resources services (construction engineering)

Real estate development (Kanto region)

Diversified real estate

Real estate development (Tohoku region)

Renovations

Real estate development (Kansai region)

Renovations (Hokkaido region)

Contract software development

Contract software development

Finance

Human resources services (materials-related)

PC school / Web production

Human resources services [Taiwan]

Human resources services (manufacturing and plants)

Condominium and building management

Real estate fund investment (Financial Instruments and Exchange Act)

Human resources services [China]

Service HR

Real estate development [Indonesia]

Real estate fund investment (Act on Specified Joint Real Estate Ventures)

Prefabricated home manufacturing, sales and rental

Debt management and collection

Human resources services [USA]

Human resources services (logistics, light-duty work, call centers)

Support for the introduction of technical intern trainees

Human resources services (tourism)

Real estate consulting

Prefabricated home sales

Human resources services specializing in real estate
CRO (clinical trials)

Human resources services (customer service and sales)

Information and Telecommunications Business

Agricultural Park Business

Camera and digital equipment repair

Development and operation of
the Wakrak short-term part-time job app

Call center and store operation

Corporate solutions

Management and operation of agricultural parks

Mobile phone store operation (SoftBank)

Mobile phone store operation (au)Management and operation of agricultural parks

Geographic information system development

10Corporate Data (As of December 31, 2022)

Stock Information (As of December 31, 2022)

Name

World Holdings Co., Ltd.

EstablishedFebruary 12, 1993

Share capital¥1,315 million (As of January 31, 2023)

Representative

Eikichi Iida, Chairman and President

Number of shares outstanding: 17,643,500

Number of employees

34,014 (consolidated)

Number of shareholders: 2,536

Fukuoka Head Office:
6F, Fukuoka Asahi Building, 2-1-1 Hakata Ekimae, Hakataku,
Fukuoka-shi, Fukuoka 812-0011, Japan
Phone: +81-92-474-0555 Fax: +81-92-474-0777

Major Shareholders

Locations

Number of authorized shares: 54,000,000

Kitakyushu Head Office:11-2 Otemachi, Kokurakita-ku, Kitakyushu-shi,
Fukuoka 803-0814, Japan
Phone: +81-93-581-0540 Fax: +81-93-581-0542
Tokyo Head Office:
4F, NBF COMODIO Shiodome, 2-14-1 Higashi-Shinbashi, Minato-ku,
Tokyo 105-0021, Japan
Phone: +81-3-3433-6005 Fax: +81-3-3433-6003

Businesses

Businesses related to the entire Group including the formulation ofmanagement policies for the holding company and Group companies aswell as management of the Group’s business operations (Human
Resources and Education Business, Real Estate Business, Information
and Telecommunications Business, and Agricultural Park Business)

Executives (As of March 24, 2023)

Foreignentities,
etc.
21.56%Name of shareholder

Number of shares held

Shareholding ratio

7,965,000

45.44%BBH FOR FIDELITY LOW-PRICED STOCK FUND (PRINCIPAL ALL SECTOR SUBPORTFOLIO)
Standing proxy: MUFG Bank, Ltd.

1,315,215

7.50%

The Master Trust Bank of Japan, Ltd. (Trust Account)

1,189,600

6.78%

BNP PARIBAS LUXEMBOURG/2S/JASDEC/FIM/LUXEMBOURG FUNDS/UCITS ASSETS
Standing proxy: The Hongkong and Shanghai Banking Corporation Limited, Tokyo Branch

780,000

4.45%

The Kitakyushu Bank, Ltd.
Standing proxy: The Master Trust Bank of Japan, Ltd.

709,200

4.04%

Nanko Abe

500,000

2.85%

Eikichi Iida

496,500

2.83%

Custody Bank of Japan, Ltd. (Trust Account)

426,200

2.43%

THE NISHI-NIPPON CITY BANK, LTD.

300,000

1.71%

BBH FOR FIDELITY GROUP TRUST BENEFIT (PRINCIPAL ALL SECTOR SUBPORTFOLIO)
Standing proxy: MUFG Bank, Ltd.

189,952

1.08%

Note: The shareholding ratio is calculated after deducting treasury shares (113,573 shares).

Yuji Takai

Toru Iwasaki

Kazuyoshi Kimura

Tomoharu Hamachi

Memorandum for Shareholders

Hitoshi Yukawa

Shingo Igarashi

Akira Soejima

Business year

January 1 to December 31
March
Mitsubishi UFJ Trust and Banking Corporation

Director
Director

Director (Outside, Independent)
Director (Outside, Independent)

Executive Officer
Executive Officer
Executive Officer

Shigeru Nakano

Sadaharu Tezuka

Hiroshi Kudo

Annual General Meeting of
Shareholders

Shinji Honda

Kazumi Ono

Shuji Iwaihara

Shareholder registry andspecial account administrator

Katsuhiro Kuriyama

Kazuyuki Yamamura

Ichiro Okamoto

Director
Director
Director

Masaaki Shiomi
Director

Yuji Shirakawa
Director (Outside)

Soichi Kawamoto
Director (Outside)

Ichiro Ohno

Director (Outside)

Director (Outside, Independent)
Director (Outside, Independent)
Audit and Supervisory
Board Member (Full-time)

Mitsuo Koga

Audit and Supervisory
Board Member (Outside)

Tetsuo Kato

Audit and Supervisory
Board Member (Outside)

Yoshihiko Mimasu
Executive Officer

Financial
instruments
firms
0.43%

Mirai Research Institute, Limited

Yuichi Hasegawa

Director (Outside, Independent)

Financial
institutions
16.77%

Shareholder
Composition

Other
entities
45.33%

Eikichi Iida

Chairman and President

Individuals/
others15.26%

Treasuryshares0.64%

Executive Officer
Executive Officer

Securities Agency Division, Mitsubishi UFJ Trust and Banking Corporation
1-1 Nikko-cho, Fuchu-shi, Tokyo, Japan

Executive Officer

Hiroshi Yamazaki

Address

Executive Officer

Phone: 0120-232-711 (toll-free in Japan)
Mailing address: Securities Agency Division, Mitsubishi UFJ Trust and Banking
Corporation, P.O. Box 29, Shin-Tokyo Post Office, 137-8081, Japan

Method of public notice

Notices will be posted in electronic format on our website (https://en.world-hd.co.jp/).
However, notices will be published in the Nihon Keizai Shimbun when electronic
notifications are not possible for unavoidable reasons.