FY2015 First Quarter Financial Results

May 7, 2015
WORLD HOLDINGS CO., LTD.
JASDAQ (2429)
Copyright © WORLD HOLDINGS CO.,LTD. All Rights Reserved1Intensive Measures in 2015 and Their Progress

Human Resources and Education Business・Strengthen recruitment strategies
・Strengthen the logistics division
・Invest in DOT International
・Invest in the repairs division
・China: Expand enrollment through strengthened
outsourcing with Engma Intec

Real Estate Business・The first real estate in Kinki Area・Stable business administration with flow business and fee
business・Indonesia: Operation of the service apartment business for
expatriate employees of Japanese firms and thedevelopment business・Enhancement of recruitment by broadcasting TV commercials nationwide
Popularization of the brand of “JOB PAPER,” our original website for recruitment⇒ To increase registered and recruited personnel
・To increase transactions of the logistics division⇒ The repairs and OCS divisions (light duties) will join, expanding our business.
・DOT International will be in the black.
① Net sales posted from the beginning of the term
② Business tie-up for clinical trial monitoring, to increase net sales
・The repairs division will enter the BtoB field where qualifications are required
All workers attend the lectures for acquiring skills. ⇒ Preparation for streamlining the
manufacturing process during a busy season
・Engma Intec is receiving many orders.
1Q: While the number of registered workers is 150, it has received orders for over 400
workers. Within this year: orders for over 2,000 workers

・Start of sale of the first real estate in Kinki Area
The sale of Residential Toyonaka Sone began on Mar. 21, before the Golden
Week competition.
・The flow business has been going well from the aspects of both procurement andsale.
(1) Sale of apartments: 9 apartment buildings procured; 64.5 apartments in theTokyo Metropolitan Area and 164 apartments in Tohoku Area sold(2) Renovation: 82 units sold (over 40% of annual sales volume)
・The fee business has been going well.
・Establishment of a local corporation in Indonesia
P.T.WORLD DEVELOPNENT INDONESIA was established in Jakarta on Mar. 20.

Information & Telecommunications Business・ Further strengthen scrap-and-build efforts (Establishmentof new forms of mobile phone stores)
・ Expand through the entire Kyushu region through M&A
strategy

・Promotion of demolition of unprofitable stores (3 directly managed storesand 2 agency stores)
・3 stores will start new businesses. Of these, 2 stores start operation in Mar.
and 1 store in Apr.

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2

I. Summary of FY2015 First Quarter Financial Results
II. Trends by Business Segment
III. FY2015 Business Forecasts

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3

I. Summary of FY2015 First Quarter Financial Results

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4

FY2015 First Quarter Summary
・Net sales, operating income, ordinary income, and net income all reached the record high.
・Net sales and profit for Human resources & education business showed steady growth. Realestate business grew significantly.
・Net sales and profit increases were more than expected. (Modification of forecasts announced
on May 7)
Million yen, %FY2014/1Q FY2015/1Q
actualactualNet sales
Operating income
Ordinary income
Net income

17,236
1,080
1,057
650

Pct. Change

FY2015 Forecast
for 1Q&2Q(cumulative)*

81.1
161.0
165.0
191.3

52,268
3,689
3,659
2,579

YoY
Change31,212 13,975
2,819 1,739
2,803 1,745
1,895 1,244

1Q&2Q
cumulativ ef orecast Pct.
ChangeProgress rate
tow ards 1Q&2Q
cumulativ e forecast

9.2
35.6
37.2
66.7

59.7
76.4
76.6
73.5

*Announced on May 7, 2015
Note: From this term, the impact of new consolidation of Mikuni Sangyo Co., Ltd. and World Mikuni Co., Ltd. is about 1,800
million yen for net sales and about 100 million yen for operating income.

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5Trends by Business Segment
・Significant increase in net sales and profit for real estate business.
FY2014/1Q
actual*Unit: Million yen, %Net sales
Factory business

Human
resources &educationbusiness

Real es tatebusiness
Information &telecommunications
business

Inform ation &telecom m unications
business

Total

forecast

983

17.4

13,385

1.9

69

66.3

1,016

24.5
－

420
7.4%

7.4%

－

－

7.6%

2,071

219

10.6

4,547

－

108

66.3

368

－

Segment income

163

2,290
271

Profit margin

7.9%

11.8%

－

－

8.1%

－

141

14.0

2,292

－

1,010

Segment income

66

1,151
188

122

184.9

221

－

Profit margin

6.6%

16.4%

－

－

9.6%

－

599

823
39

223

37.3

1,746

－

9

29

311.8

27

－

1.6%

4.8%

－

－

1.6%

－

139

△27
△1

△ 20.0△ 28.3

278

－

1,586

Segment income
Profit margin
Segment income

5

111
3

Profit margin

4.0%

3.6%

4,371

Net sales
Real estate businesscumulativ eProfit margin

Net sales
OthersPct. Change

tow ards 1Q&2Q

6,649
490

Net sales
Sales & Marketingbusiness

ChangeProgress rate

FY 2015
Forecast f or
1Q&2Q
(cumulativ e)**

Segment income

Net sales
R&D business

FY2015/1Q actual

5,665

Net sales
Technology business

YoY－

12,493

3

－

－

1.4%

－

285.8

23,434

21.6

252.2

2,820

51.0
－

△0.3
△122.2

Segment income

629

16,864
2,215

Profit margin

14.4%

13.1%

－

－

12.0%

3,379

3,320
△35

△58
△94

△ 1.7
△ 161.3

6,585

△81
1,739

161.0

Net sales
Segment income
Profit margin

58
1.7%

Net sales

17,236

Elimination or corporate

△272
1,080

Operating income
Operating margin

6.3%

－

31,212
△353
2,819

－

13,975

9.0%

－

－

△38

△0.6%

81.1

52,268

-

△729
3,689

－

7.1%

－

9.2

35.6
－

Units less than one million yen rounded down
* In association with segment change, the results for the 1Q for FY 2014 was rearranged based on the new standard.
**Announced on May 7, 2015

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6Change in Net Sales by Segment(Million yen)

(Million yen)

Information & Telecommunications

20,00020,00015,00015,00010,00010,000

Human resources & education business

5,665

5,000
0

(Million yen)

3,379

2014
1Q

Real estate business

20,000

5,000

3,320

2015
1Q

6,649

Information &Telecommuni
cationsbusiness
10.7%

0
Human
resources &Educationbusiness
35.3%

2,071 2,290

1,010 1,151

599

823

139

111

2014 2015
1Q 1Q

2014 2015
1Q 1Q

2014 2015
1Q 1Q

2014 2015
1Q 1Q

2014 2015
1Q 1Q

Factory

Technology

R&D

S&M

Other

Real estatebusiness
54.0%

16,86415,00010,0005,000
02015 1Q

4,371

2014
1Q

2015
1Q
Units less than one million yen rounded down
S&M: Sales and Marketing* In association with segment change, the results for the 1Q for FY 2014 was rearranged based on the new standard.

Copyright © WORLD HOLDINGS CO.,LTD. All Rights Reserved7Changes in Operating Income by Segment

Human resources & education business(Million yen)

(Million yen)

2,500

Real estate business(Million yen)

2,500

2,500

Information &Telecommunications
business

2,215

2,000

2,000

2,000

1,500

1,500

1,500

1,000

1,000

1,000
629

500

420

490
163

0

500

271

500

188
66

9

39

5

3

2014 2015
1Q 1Q

2014 2015
1Q 1Q

2014 2015
1Q 1Q

2014 2015
1Q 1Q

2014 2015
1Q 1Q

Factory

Technology

R&D

S&M

Other

0

2014
1Q

2015
1Q

0

58

-35

2014
1Q

2015
1Q

(500)

Units less than one million yen rounded down
S&M: Sales and Marketing* In association with segment change, the results for the 1Q for FY 2014 was rearranged based on the new standard.

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8

Financial Condition B/S・Short-term debt payable that was obtained as funds to purchase real-estate properties to be held forresale increased.
(Million yen)

Total assets

60,00045,00030,000Current
assets51,50346,08741,606

46,952（+5,346）• Cash and deposits• Notes and accounts receivable

14,595 （+3,801）
9,310 （+3,427）

46,952

15,000
0

4,480

4,551

End of FY2014
End of FY2015 1Q
Fixed assets
Current assets(Million yen)

Total liabilities/net assets

60,00045,00030,00015,000046,08729,032

Liabilities

51,503

41,482（+3,822）• Short-term debt

19,401 (+3,512)

34,028

8,627

7,453

8,426

10,021Net
assets

10,021（+1,594)• Retained earnings

7,450(+1,501)

End of FY2014
End of FY2015 1Q
Net assets Fixed liabilities Current liabilities

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9II. Trends by Business Segment

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10Factory Business<< Net sales composition by business segment and the number of staff >>・Electrical & electronics and Logistics fields related to liquid-crystal and smartphone grew.
・Machinery field that began in the previous term continued make a huge contribution to net sales.
Net sales composition by business segment (%)(Million yen)

10,000

6,567

7,000

Transition in the number of staff (3-month average)(Persons)

5,572
25.5%

5,600

28.1%
4,200

2,800

1,400

5.4%
14.0%

5.6%
11.4%

YoY
(Based on
monetary
amount)+44.4%

8,000

7,121

6,887
6,000

7,278

7,698

7,768

1,263

1,370

776

885

994

766

723

718

717

662

5,345

5,513

5,566

5,718

5,736

2014 1Q

2014 2Q

2014 3Q

2014 4Q

2015 1Q

8.5%

8.8%
9.6%

4,000

9.0%
14.4%

14.2%

+19.1%

2,000

23.2%

22.3%

+22.7%

00
2014 1Q
Electrical & electronics
Semiconductors
Others2015 1Q
Logistics
Machinery

Automobiles
Environment & Energy* The graph indicates domestic sales excluding Taiwan

Number of staff
Average other companies/acceptanceSegment change adjustment* The number of staff is a three-month average, external staff members acceptedfrom other companies are included* The number of staff includes only staff members who are engaged in on-site
operational work.

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11Factory Business<<New activities>>
・ Promotion of recruitment with the nationwide broadcasting of TV commercials⇒ To popularize the brand of “JOB PAPER,” our original website for recruitment“JOB PAPER”

TV commercials from Apr. 2(1) Produces a database of
information on job seekers who
applied for registration and got
registered, to streamline
recruitment processes.

Popularization of the brand(2) Regularly distributes theinformation on job opportunities tothose who want it by email.
● JOB PAPER“Working Style Supporter” edition, and anotherversion.
(Aired from Thursday, April 2)

Our original recruitment website “JOB PAPER”

To register more workers and increase
recruitment

Promotion of recruitment• Broadcasting schedule
Broadcasting began on Thursday, April 2, 2015.
Aired nationwide in “LIVE 2015 Sport!” 23:50-24:10 on Mon. to Thu. and 24:18-24:50 on Fri.
* Two versions of TV commercials are aired alternately. (“Mon., Wed., Fri.” and “Tue., Thu.”)* Some regions excluded(1) Stable stock of registered workers(2) Reduction of recruitment cost

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12Technology Business<< Net sales composition by business segment and the number of staff >>・Information & Telecommunications Service (design development engineering) field showed growth.
・Semiconductors (manufacturing technology engineering) field grew rapidly.
Net sales composition by business segment (%)(Million yen)

(Persons)

2,290

2,400

Transition in the number of staff (3-month average)
1,600

2,071
30.2%
1,800

29.2%
5.6%
5.9%

1,200

YoY
(Based on
monetary
amount)

+9.0%

42.9%

43.1%

+11.4%

2014 1Q

2015 1Q

600

0

1,569

215

217

628

658

658

651

659

679

694

2014 2Q

2014 3Q

2014 4Q

2015 1Q

1,425

1,500

191

203

213

600

616

634

2014 1Q

1,200

5.6%
5.0%
16.1%

16.4%

1,552

1,470

800

400

0
Semiconductors
Machinery
OthersInformation & Telecommunications
Automobiles* Retroactive adjustments have been made for segment changes in thegraph.

Production technology

Design development

Segment adjustments* The number of staff is a three-month average* The number of staff includes only staff members who are engaged in
on-site operational work.

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13

R&D Business<< Net sales composition by business segment and the number of staff >>・Worker dispatching business (R&D): PV department that deals with safety information management of pharmaceuticals in
the new field showed good start-up.
・Clinical test entrusted business [DOT International Co., Ltd.]⇒ Net sales were recognized from the 1st quarter. Business collaboration agreement for clinical trial monitoring was
concluded to increase net sales.

Net sales composition by business segment (%)(Persons)(Million yen)

900

1,500
YoY
(Based on
monetary
amount)

1,151
1,000

Transition in the number of staff (3-month average)

1,010+27.9%

24.0%

633

676

671

686

666

69

70

68

69

600

55

300

578

607

601

618

597

2014 1Q

2014 2Q

2014 3Q

2014 4Q

2015 1Q

21.4%

41.7%

40.3%

500

36.9%

35.7%
0

0
2014 1Q
Pharmaceutical/biotechnology

2015 1Q
ChemicalR&D staff

ClinicalDOT staff* The number of staff is a three-month average* The number of staff includes only staff members who are engaged in on-site
operational work.
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14

R&D Business<<New activities>>
・ Business tie-up for clinical trial monitoring between DOT International Co., Ltd. and Clinical Trust Co., Ltd.
⇒ Expanding the scale of the contract research organization (CRO) to obtain large-scale business transactions<Background>In 1994, the contract research organization (CRO) was established, and the tasks that
had been conducted by pharmaceutical companies were outsourced one after
another. At present, the ratio of outsourcing is about 20%, and is estimated to increaseby 6-7% per year.

Business tie-up for clinical trial monitoring
CRA system with more than 150 staff from the two companies<Business tie-up for clinical trial monitoring>
Business tie-up for monitoring with the purpose of expanding the businesses in the
CRO field<Effects>(1) Development of the CRA system with more than 150 staff from the two companies(2) Stabilization of employment and management by flexibly adapting to the un-busy
and busy periods(3) Improvement in the quality of personnel and business operation through entrusted
project management, CRA education/training, and the unification of the procedures forstandard monitoring tasks, etc.
<Future>It is possible to undertake larger projects through the unification of the points ofcontact for undertaking monitoring tasks.
Profile of Clinical Trust Co., Ltd.

Date of establishment: Dec. 14, 2005
Location of the headquarters: 4th floor of MT Bldg., 3-14-10 Mita, Minato-ku, Tokyo
Capital: 50 million yen

Unification of the points of contact forundertaking monitoring tasks
Entrusted project management, CRA education/training, and theunification of the procedures for standard monitoring tasks, etc.

To receive orders for large-scale projects(1) Maintenance of stable management and employment(2) Improvement in the quality of personnel and business
operation(3) Provision of flexible, meticulous services

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Sales and Marketing Business<< Net sales composition by business segment and the number of staff >>・CB (dispatching sales staff) business: Significant profit improvement
・OCS (dispatching operators to place such as call centers) business⇒As a result of proactive actions to receive orders for large-scale projects, net sales increased, surplus achieved, and thenumber of staff significantly increased.

Net sales composition by business segment (%)(Million yen)

(Persons)

900

600

Transition in the number of staff (3-month average)

823

36.9%

599

YoY
(Based on
monetary
amount)

1,500

1,174

+225.7%

1,000

15.6%

300

63.1%

84.4%

910

929

210

308

1,248

1,007
467

560

707

688

2014 4Q

2015 1Q

388

500

700

621

619

0

0
2014 1Q

2015 1Q

CB

OCS

2014 1Q

2014 2Q

2014 3Q

Number of CB staff

OCS* The number of staff is a three-month average* The number of staff includes only staff members who are engaged in
on-site operational work.
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16Real Estate Business<<Status of activities>>
・Profitability of newly built condominiums has improved. Great accomplishment was also made for self-developed properties,
other than condominiums.
・Renovation field contributed by making Mikuni Sangyo Co., Ltd. a subsidiary.

Net sales composition by business segment (%)(Million yen)

Number of supplied and un-transferred properties（No. of properties)

20,000400

Others

16,864

1.4%

Property/building
management

9.9%

15,000

Sales consigning,
Transaction/intermediary

Untransferredproperties

Supplied properties

1.1%

300

0.6%

Others203.9 132

1.2%
Property/building
management

10,000

4,371

5
128

87.0%

1.4%

0

0
2014 1Q

24

100

97.2%

Developer
Renovation
Others177.6 162.5

200

0.2%
Sales consigning,
Transaction/intermediary

5,000

307.9

2015 1Q
Sales consigning, Transaction/intermediary
Property/building management* Renovation is newly included from the 4Q of FY 2014, in association withacquiring Mikuni Sangyo Co., Ltd. as a subsidiary.

39
11
28

38

104

38

158.9

2

151

103
70

175.9

172.6 160.5 158.9
79.9

33

2014 2014 2014 2014 2015 2014 2014 2014 2014 2015
1Q 2Q 3Q 4Q 1Q 1Q 2Q 3Q 4Q 1Q
Sale of newly built houses

Detached houses

Renovation*The supplied properties were included at the time when their sales began. The
un-transferred properties include the already-contracted ones. For JV projects,
proportionally distributed number was used.
Renovation is newly included from the 4Q of FY2014, in association withacquiring Mikuni Sangyo Co., Ltd. as a subsidiary.

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17Real Estate Business<<Status of activities>>
・The number of transferred properties owned by the Company doubled from last year, due to
steady business in the Metropolitan area and Tohoku area.

Purchase

SupplyTransfer

Contract

9 properties

33 properties

228 properties
6 land tracts

40 properties

Contract selling:
181 properties
Brokerage: 8 cases
Land tract: 1 land tract

Contract selling:
3 properties
Brokerage: 7 cases

Total
418 properties
6 land tracts

Total
50 properties

Sales activities results during the 1Q of FY 2015.
(Properties that contribute to net sales until thisterm.)

Transfer results
for the 1Q

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18Real Estate Business<<New activities>>・Establishment of a local corporation in Indonesia: “PT.WORLD DEVELOPMENT INDONESIA”⇒ Operation of service apartment business for Japanese firms and expatriate employees from Japan<Background>(1) The largest market in ASEAN, which is growing at a remarkable pace(2) Shortage of accommodation and residential facilities for the expatriate employees of Japanesefirms, as an increasing number of Japanese firms enter the market. (The demand is very strong, as
the long commuting hours caused by chronic traffic jam irritate the expatriate employees.)(3) The 4th largest population in the world (249 million people), and strong domestic demand.
Average economic growth rate exceeds 6%. Every year, 8 to 9 million people join the middle-income
or wealthy groups.
(4) Expansion of the housing market in Indonesia, due to the increase in income<Business contents>(1) Planning, development, and operation of accommodation and residential facilities, including
service apartments, for Japanese firms(2) Planning, development, and subdivision of houses for Indonesian people
Appearance of occupied Midplaza 2 Building

Tanjung Priok Port
Soekarno-Hatta
Airport(Planed) Cilamaya Port

Corporate profile
Corporate nameDate ofestablishment

Mar. 2015

Location

Midplaza2 Building, 16th Floor, Jl.
Jend. Sudirman Kav.10-11,
Jakarta 10220, Indonesia

Capital

US$500,000
Authorized capital: US$2,000,000

Shareholders
andshareholding
ratiosWorld Residential Co., Ltd.: 70%
World iCity Co., Ltd.: 30%

Cikampek Expressway

Business
purposeCentral region of
Jakarta
East Jakarta Industrial Park
Japanese school

PT.WORLD DEVELOPMENT
INDONESIA

Representative

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Real Estate Business(Development and operation of service apartments,
etc.)

Representative director andpresident: Minoru Sohara

19

Information & Telecommunications Business<<Status of activities>>
・Advancement of “scrapping and building” through aggressive investment:
Closure of 5 unprofitable stores, and beginning of 2 stores for a new business called “Window for Mobile
Phones”.
Net sales of Information & Telecommunications Business(Million yen)

• Strengthening scrapping and building (establishment of newforms of mobile phone stores)⇒Closure of unprofitable stores (3 directly managed stores, 2
agent stores)
Dec.2014

Mar.2015

ChangeDirectly
managed

67

66

△1

Agent

78

76

△2

4,000

3,379

3,320

3,000

Closure of 5
unprofitable stores: 2of them were changed
to “Window for
Mobile Phones”.

• As a challenge to a new business model, 2 stores for a new
business called “Window for Mobile Phones” began in March(1 store will open in April.)

2,000

1,000

0
2014 1Q

2015 1Q

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20

Ⅲ. FY2015 Business Forecasts

Copyright © WORLD HOLDINGS CO.,LTD. All Rights Reserved21Summary of FY2015 Business Forecasts
Both operating income and ordinary income will significantly exceed the original forecast.
Both net sales and each profit is expected to mark the record high.
Net sales and profit increases were more than expected. (Modification of forecasts announced on May 7)

FY2014
ActualUnit: Million yen, %FY2015FY2015

forecast before

forecast afterrevision

revision***

ChangePct. Change

ChangePct. Change

YoY

Change from forecast

Net sales

68,82985,67787,752

2,075

2.4

18,922

27.5

Operating income

3,748

3,761

4,700

938

25.0

951

25.4

Ordinary income

3,722

3,652

4,624

971

26.6

901

24.2

Net income

1,992

2,127

3,445

1,318

62.0

1,453

73.0

EPS (yen)

118.5

126.50206.21

79.7

-

87.7

-

23.7

25.30

41.30

16.0

-

17.6

-

Dividend per share (yen)*Announced on February 12, 2015** Announced on May 7, 2015
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22

Business Forecasts by Segment
FY2014
ActualUnit: Million yen, %24,928Net sales

Factory business

Segment income
Prof it margin

Human
ResourcesandEducationbusiness

Real estate businessInf ormation &Telecommuni
cationsbusiness

Information &Telecommunicatoin
business

Total

Pct. Change

250

0.9

3,668

14.7

200

10.0

277

14.5

7.7%

7.0%

7.7%

－

－ －

－

－

8,430

9,260
769

－

－

830

9.9

699

－

－

70

10.1

8.3%

8.3%

－

－ －

－

－

4,062

－

－

787

19.4

287

179.9

Segment income

159

4,850
447

4,850
447

－

－

Prof it margin

3.9%

9.2%

9.2%

－

－ －

2,679

－

－

53.0
131.7

Segment income

72

4,100
169

4,100
169

Profit margin

2.7%

4.1%

4.1%

－

－ －

－

－

574

636
18

－

－

61

10.7

－

－

0

2.8

－

－

1,420

－

－

96

Segment income

18

636
18

Profit margin

3.2%

3.0%

3.0%

－

－

－

－

15,54529,321
2,557

2,838

10.7

13,775

88.6

896

54.0

687

36.8

－

－

－

△ 8.4

△1,621△ 12.9Segment income

1,869

26,482
1,660

Prof it margin

12.0%

6.3%

8.7%

－

12,608172

12,000170

10,9872△1,013

Net salesRealEstatebusiness

28,597
2,196

Change8.3%

Net sales

Other28,347
1,996

Pct. Change

Prof it margin

Net sales

Sales & Marketingbusiness

ChangeYoY

Change f rom f orecast

Segment income

Net sales

R&D business

FY2015f orecast afterrevision
**

9,260
769

Net sales

Technology business

1,918

FY2015f orecast before
revision*

Net sales
Segment income

1.4%

1.4%

0.0%

Net sales

68,829Elimination or corporate△1,162

85,677△1,4703,761

87,752△1,4594,700

Profit margin

Operating income

Operating margin

3,748
5.4%

4.4%

5.4%

△168
－

2,075
11

△ 98.8
－

2.4

△170
－

18,922－ －△ 98.8
－

27.5

－

－

938

25.0

951

25.4

－

－

－

－

*Announced on February 12, 2015** Announced on May 7, 2015
Copyright © WORLD HOLDINGS CO.,LTD. All Rights Reserved

23

Shareholder Returns
Maintaining dividend increase in line with profit growth
Dividend per share

(yen)

45.0

*

41.3

40.0
35.0
30.0
23.7

25.0
20.0
15.0
8.5

10.0
5.0
0.0

4.5

4.5

4.5

FY2009FY2010FY2011FY201210.0

FY2013

FY2014FY2015
forecast*Announced on May 7, 2015
*The forecast and dividend estimates are based on the information that the Company currently has and a certain assumption that is
considered reasonable. There is a possibility that the actual results may largely differ based on various factors.

Copyright © WORLD HOLDINGS CO.,LTD. All Rights Reserved

24For more information
Yukari Tsuda
Public Relations and Investor Relations Department
Corporate Planning Division
WORLD HOLDINGS CO., LTD.

TEL

＋81-3-3433-6005

E-MAILirinfo＠world-hd.co.jp

URL

http://www.world-hd.co.jp/

No information in this presentation is provided for the purpose of soliciting purchases or sales of World Holdings
stock. Furthermore, opinions, forecasts and other information not based on historical facts represent the judgmentsof World Holdings at the time this presentation was prepared. World Holdings does not guarantee the accuracy ofthis information and may revise this information at any time without prior notice. World Holdings and otherproviders of this information assume no responsibility whatsoever for any losses incurred in association with theinformation in this presentation.

Copyright © WORLD HOLDINGS CO.,LTD. All Rights Reserved25