To Shareholders and Investors

TEMP REPORT
Full-year business report for the
fiscal year ended March 2017
April 1, 2016 to March 31, 2017

Temp Holdings Co., Ltd.
(Securities code: 2181)

Work,
and SmileMessage from Management

Create social
infrastructure for people
and organizations thatcatalyze growthand innovation.
Job creation

Management
Philosophy
Individual
growthContributing
to societyGroup’s vision
PROFILE

Masamichi Mizuta
President, Chief Executive Officer,
and Representative Director

1

Joined Tempstaff in 1988. Became Head of the Sales Headquarters and Director in 1995, Headof the East Japan Sales Headquarters and Executive Managing Director in 2006, Executive Vice
President in 2010, and Executive Vice President and Representative Director in 2012. He has
been in charge of the sales division throughout his career. In 2013, he assumed the post of
President and Representative Director. He has also served as Chairman of the Japan Staffing
Services Association, and Chairman of the Japan Association of Human Resources Services
Industry. His motto is “Little Things Make a Big Difference.”

Create social infrastructure forpeople and organizations thatcatalyze growth and innovation.
* These names will be changed on the assumption that the approval will begiven by the Ordinary General Shareholders’ Meeting to be held in June 2017.

Overview of FY 2016

The employment situation in FY 2016 remained favorable on the back of the third-longest
economic recovery trend in Japan since World War II. With a significant volume ofdemand for the human resources business industry being observed, the PERSOL Group
conducted aggressive business development. As a result, net sales and operating income
recorded 591.9 billion yen and 33.4 billion yen, respectively, both reaching the highest
performance in history of the Group.
On the other hand, looking ahead, given the shrinking working population in Japan due
to the decrease in population and the aging society with fewer children, it is essential toraise the labor productivity of the entire society in order to maintain the growth of theJapanese economy. Toward this challenge, we believe the missions imposed on us, as ahuman resources service company, are “To realize diversified working styles,” and “To
minimize employment mismatches.”
Marriage, childbirth, childcare, nursing care, and old age: as life stages move on, theworking style that fits the individual will also change. If the barriers to employment types
such as fixed-term employment, indefinite-term employment, full-time and part-time
employment, etc. are removed to enable a free choice of working style that fits the
person’ s life stage, the employment of women and senior citizens will expand further. In
order to realize these goals, we established a new brand “PERSOL” in July 2016, and willchange the names of the holding company* and core companies of the Groupsequentially to those with the name “PERSOL.” Under the new brand, we will pursue
becoming a growth partner that supports people in “working” for their entire life byoffering “diversified working styles” as a one-stop service.
Furthermore, with the aim of improving labor productivity, it is necessary to eliminate
the mismatch of employment. In pursuit of this target of the “Minimization of
employment mismatches,” we will make the most of the huge quantity of information andknow-how held by the Group. Moreover, our efforts will be concentrated in the maximum
utilization of technology such as “HR Tech” to promote the effective use of information.
Our hope is to become a corporate group that contributes to the realization of asociety in which more people are able to feel the pleasure of working through the“Realization of diversified working styles” and the “Minimization of employment
mismatches.”We, as the PERSOL Group, are firmly determined to continue to step forward toward
the realization of our Group vision: “Create social infrastructure for people andorganizations that catalyze growth and innovation.”

Financial Highlights(Highlights of the consolidated fiscal year ended March 2017)

Record-high performance in both
net sales and operating income

UP

Net sales

591.9 billion yen

UP 33.4 billion yen-O-Y.4 % YUP 14

17.8 billion yen
UP 2.7%-Y.1 % Y-O

UP 19

Profit attributable toowners of parent

UP

OperatingincomeDividend
per share

9 yen

Y-O-Y

Operating income (Billion yen)
33.4

36.0

28.0
23.4
677.3

18.5
Net sales (Billion yen)
362.4

FY ended
March
2014

591.9
517.5

401.0

FY ended
March
2015

FY ended
March
2016

FY ended
March
2017

FY ending
March
2018
(Forecast)2

Topics

Ongoing formation of the “PERSOL” structure
About the new brand “PERSOL”
Holding Company

We started large-scale advertisements
through TV commercials and ads on
public transportation facilities.

DODA x Tempstaff

Under the theme “Shouts out from working friends of the world to working people in Japan,” westarted a large-scale advertisement by appointing Mr. Steve Wozniak, the world-class engineering
icon who built the foundation of the modern computer industry, and Ms. Carmen Dell’Orefice, the85-year-old active model with a 70-year career, which has attracted public attention due to thestrong conveyance of the Group’s message “Work, and Smile.”
The second-version of the advertisement using Artificial Intelligence (AI) has also received afavorable response.

Logo

PERSOL HOLDINGS CO., LTD.
Effective from July 2017 (Scheduled)Core companies
Temporary staffing/BPO

Recruiting

ITO

Engineering

Tempstaff Co., Ltd.

Intelligence, Ltd.

Intelligence Business
Solutions, Ltd.

Japan Tecseed Co., Ltd.
DRD Co., Ltd.

Meaning

PER SON + SOL UTION= PERSOLAt the south exit of Shinjuku Station, a large wall surface
advertisement is displayed.

Mr. Wozniak appearing on the big pillar of thecentral concourse of Tokyo Station

Through growth of individual persons (PERSON),we will provide SOLUTIONS to social challenges.
PERSOL TEMPSTAFF
CO., LTD.

PERSOL CAREER
CO., LTDPERSOL PROCESS &TECHNOLOGY CO., LTD.

PERSOL RESEARCH &DEVELOPMENT CO., LTD.

Effective from July 2017

Effective from July 2017

Effective from July 2017

Effective from April 2017

The Group brand name includes
our wish for a brighter future by assisting
the growth of working people.

* We will continue to use our service brands such as “Tempstaff,” “DODA,” and “an.”We pursue awareness of the Group, as a whole.
The Group is one of the major comprehensive human resources services group in
Japan, with over 90 affiliated companies at over 500 business bases at home andabroad. Our strengths represent the capability to comprehensively meet diverse
needs of the times relating to human resources from a variety of service menus. In
order to address various social challenges in Japan such as the shortage of thelabor force, it is critical to establish awareness of the Group, as a whole, with theaim of demonstrating our capability to the maximum. As a consequence, wecreated a new brand, “PERSOL.”

3

Overwhelming scale of advertisement flags
inside the ticket gates of Shinagawa Station

In establishing PERSOL, we decided on a slogan “Work, and Smile.” In theprocess of work, when people overcome various difficulties, and their efforts
finally bear fruit, they grow one more step. At that moment, we want to see theirsmiles from the heart. This brand slogan contains such a wish for all theemployees of the Group.

The recruitment support business performed in 10 major cities
will be expanded to cities across the country.

Giving the name “PERSOL” to the name of each Group companies.

Moving forward to enhance our Group synergy

In addition to PERSOL RESEARCH & DEVELOPMENT CO., LTD., which changed thecompany name in April 2017 under the new brand, the three core companies of theGroup (Tempstaff, Intelligence, and Intelligence Business Solutions) will also change theircompany names in July 2017 to names including “PERSOL” (see the table on the right).
Furthermore, the Company plans to change its name to “PERSOL HOLDINGS CO., LTD.”
subject to approval at the Ordinary General Meeting of Shareholders to be held in June.
Under the new brand “PERSOL,” we will further enhance the Group’s internal
cooperation in order to improve awareness of the Group, as a whole, and maximize
our comprehensive capability.

Let us look at one example: “DODA,” the career-change support service operated
by Intelligence, which provides recruitment support services based in 10 major
cities in Japan. By combining one of its services, which is a recruitment support
service using one of the largest human resource databases in Japan, and thenational sales bases of Tempstaff, we observed increased opportunities to meet theregional needs of full-time employees and those wishing to change careers. We willcontribute to the further expansion of employment opportunities by enhancing
such kind of cooperation among the Group companies.

4

Business Overview
by Segment

TopicsPERSOL Group’s “HR Tech”
Retirement forecasting model using HR big data
Employee data

Retirement forecast

Mr. A

Mr. A

Personal
information
Employeeinformation

Probability ofretirement

Retirement
Forecasting
Model

Ms. B

Personal
information
Employeeinformation

80%

Ms. B

Probability ofretirement90%
Building the model by analyzing big data

Past data
HR big data accumulated
in the mission-critical system

Personal information
Sex, age, etc.

Employee information
Number of the years of service,
number of years in each position, etc.

1st HR Technology Award

HR Tech measures taken by the PERSOL Group
Introduction of technologies in the existing businesses,
and entry into new businesses based on the technology
Artificial Intelligence (AI) has been applied to the website of DODA and DODA Recruiters to
improve the accuracy of matching position offering and job hunting.
We also released new services such as HITO-Link, HITO-Talent, MyRefer, and MIIDAS.

Promotion of Open Innovation with HR Tech companies
centering on the CVC* fund.
We established “Temp Innovation Fund,” a CVC that invests in the start-ups of HR Tech athome and abroad. The realization of new business creation is pursued by maintaining
alliances with external organizations called open innovation.
* CVC: Corporate Venture Capital

Actual practice in our HR
We have established an HR Information Office within the Company, which has built theRetirement Forecasting Model as well as the Forecasting Model for Organizations Where
Relocated Personnel Will Be Able to Actively Contribute to Their Respective Work Places.

Excellence Award in the Analytics Section

Temporary Staffing/BPO
Demand showed a robust increase,reflecting employment-related indiceswhich remained at a high level throughout
the fiscal year under review accompanied
by chronic labor shortage. A variety ofmeasures for supplying personnel, etc.
implemented by us in response to theincreasing demand were successful, and as
a result, net sales increased significantly to
440.6 billion yen. As for profit, operating
income increased, reflecting a significant
impact from the growth in net sales despite
the increases in labor costs incurred in thebusiness expansion and the burden of
expenses borne with respect to social
insurance premiums for temporary workers
and employees of the Group companies.

Net sales(Billion yen)

Full-year

5

performs the construction of various models by analyzing HR big data. Among suchmodels, the Retirement Forecasting Model, which forecasts the retirement
probability of a certain employee, has achieved an outstanding precision of 90% in
forecasting the correct answer against verification data. In recognition of the higheffectiveness of the model, we received the Excellence Award in the Analytics
Section of the 1st HR Technology Award.
Additionally, we have developed the Forecasting Model for Organizations
Where Relocated Personnel Will Be Able to Actively Contribute to Their Respective
Work Places, which demonstrates the probability of success in personnel relocation.
We expect that this model will help realize “HR to conduct proactive measures by
forecasting the future,” by introducing data analysis in the HR domain which
traditionally relied on experience and intuition.

440.6

FY ended
March
2017

(Billion yen)

Full-year(Billion yen)

Full-year

1.9 billion yen

.9%

26.6

FY ended
March
2017

U

8%
P 12.

Net sales
Net sales increased significantly as a resultof the reinforcement of the sales system forthe domestic recruitment support businessby increasing personnel, and the favorable
impact of business expansion due to the
expansion of joint businesses with Kelly
Services, Inc. As for profit, operating
income was 8.4 billion yen due to theincrease in net sales despite the growth incosts, such as labor cost arising from the
expansion of business, as well as the impactof overseas businesses.

0.8%

UP 1

26.6

FY ended
March
2017

9.1%

UP 2

UP

segment
UP 7

24.0

FY ended
March
2016

Recruiting

Operatingincome2.0 billion yen

Net sales

OperatingincomeU

24.7

FY ended
March
2016

On the back of continued strong demandfor personnel mainly from the electricalmanufacturing and automobile industries,
etc., net sales showed a steady increase to
26.6 billion yen. As for profit, operating
income was 1.9 billion yen, reflecting thesmooth and early assignment of new
graduates to their positions in line with therobust demand, as well as our operations ofhighly profitable projects.

8%
P 18.

UP

segment

Net sales“HR Tech” is a portmanteau created by combining “Human Resource” and“Technology,” referring to a methodology to integrate innovative information
technology (IT) with the human resources domain. HR Tech now receives
considerable attention as a new trend of bringing significant changes to humanresources business.
The PERSOL Group has been promoting HR Tech with the perspectives of
future businesses in such areas as the introduction of technology in existing
businesses, entrance into new businesses based on technology, the promotion ofOpen Innovation with HR Tech companies centering on CVC funds, and actual
practice in our HR (see the above table on the right).
With respect to the actual practice in our HR, we have established the HR
Information Office within the Company, and the Company’ s exclusive data scientist

.7%

UP 9

Operatingincome20.7 billion yen

UPsegment

401.8

FY ended
March
2016

ITO
Net sales increased steadily due to robust
demand for SI-related services on the backof growth in investment in system-related
services by our customer companies as wellas internal system development in theGroup companies. In terms of profit,
operating income was 2.0 billion yen as aresult of growth in profitability triggered by
the increase in demand, despite somecost-rising factors such as securing
engineers corresponding to the demand.

EngineeringUPsegment(Billion yen)

3.8%

UP 4

103.2
Full-year

71.7

FY ended
March
2016

Operatingincome8.4 billion yen

FY ended
March
2017

8.5%

UP 2

6

Overview of Consolidated
Financial Results

Net Sales
On the back of the continuous
improvement of employment-related
indices, demand for various humanresources services witnessed robust
growth. Reflecting the favorable market
environment, the Group also recorded ahigh number of dispatched workers in
the temporary staffing business, ourcore business, and the number of
persons achieving career changes
increased significantly in the recruitment
support business. We also focused on
the expansion of business through M&A
outside Japan. As a result, net sales of
the Group for the fiscal year underreview increased 14.4% year on year, to591.9 billion yen.

Please visit our website for more detailed IR information.
The website of Temp Holdings Co., Ltd.: https://www.persol-group.co.jp/(Billions of yen)

Profit Attributable to
Owners of Parent

UP

700.0

591.9

600.0

517.5

500.0

Profit attributable to owners of theparent company for the fiscal year
under review was 17.8 billion yen, a
year-on-year increase of 2.7%, due tothe growth in operating income.

Balance Sheet(Billions of yen)

UP

(Billions of yen)

30.0

Assets
20.0

17.8

17.3

300.0

4%
P 14.

U

10.0

200.0

Increases due togrowth of profits.7%0

FY ended
March
2017

FY ended
March
2016

Although each business segment
implemented measures for an increasein personnel, and investments in thewebsite for improvement of theconvenience and awareness of ourservices, operating income grewreflecting an increase in net sales
mainly through temporary staffing and
BPO, and the recruiting segment, in
addition to the improvement of profit
margins in the existing businesses of
the above-mentioned segments. As aresult, operating income for the fiscal
year under review was 33.4 billion yen(an increase of 19.1% year on year).

7(Billions of yen)UP

Dividend per Share

40.0

33.4
30.0

28.0

20.0

9.1%

UP 1

In consideration of the comprehensive
situations including steady growth inperformance and financial positions,
we have decided to increase theyear-end dividend for the fiscal year
ended March 31, 2017 from theinitially planned 8 yen per share to
9 yen, an increase of 1 yen.

FY ended
March
2017

Increases due to M&A
Decreases due toamortization andimpairmentFirst
six-month Year-end
period6.00

8.00

FY ended
March
2016

FY ended
March
2017

32.1

130.6

165.2

34.6

51.2

69.4

18.2

105.6

103.1

300.0
250.0

9.00

Temp Holdings conducted a 3-for-1 stock split for the common stock of the Company on
October 28, 2015 as the base date, and October 29, 2015 as the effective date. The
above-mentioned figures reflect the impact of the stock split and have been adjusted
retrospectively.

Trademark andgoodwill

(2.5)

100.0

Non-current
assets105.6

Liabilities

102.7

114.5

11.8

0

March 31, 2016

3 Current liabilities

67.4

87.9

20.4

Non-current liabilities

35.2

26.6

(8.6)

Long-term loans
payable

24.9

20.4

(4.5)

Increases in profit
attributable toowners of parent
4

POINT 55(Billions of yen)

133.5

153.8

20.3

127.2

139.1

11.9

200.0

17.0

17.4

0.4

150.0

Capital surplus

20.5

20.1

(0.3)

100.0

Non-controllinginterests

March 31, 2017

300.0

Capital stock

Retained earnings

103.1

Liabilities and Net Assets

250.0

Shareholders’ equity

165.2

130.6

50.0

Net assets

Increases due to M&A

Current
assets

(6.8)

7.00

10.0

0

268.3

(Billions of yen)

73.5

POINT 4
FY ended
March
2017

236.2

Assets80.4

2

Increases in accounts
payable-other,income taxes
payable, etc.

(Yen)

FY ended
March
2016

Cash and deposits
Non-current assets

POINT 2

FY ended
March
2016

Change

150.0

100.0
0

March 31,
2017

200.0

1

UP 2

POINT 3Operating Income

Current assets

POINT 1400.0

March 31,
2016

88.1

102.4

14.2

6.2

14.6

8.4

50.0
0

Current
liabilities

87.9

Non-current
liabilities

26.6

Net assets

153.8

67.4
35.2

133.5
March 31, 2016

March 31, 20178

The PERSOL Group’s Activities
Addressing Social Challenges

Information

Through its business, the PERSOL Group works to solve challenges
pertaining to labor and employment
Toward the realization of diverse
work styles

Striving toward the realizationof a society in which people withdisabilities can take an active part.

For solution of challenges relating
to people and organizations

Company Profile(As of March 31, 2017)

Temp Holdings Co., Ltd.

● Authorized number of shares .......... 720,000,000

Established:

October 1, 2008

● Total number of shares issued ......... 236,673,651

Head Office:2-1-1 Yoyogi, Shibuya-ku,
Tokyo, Japan● Number of shareholders ........................... 11,771

Type of Business:

Management planning,
administration andoperations related tosubsidiary and groupcompanies that handle
temporary staffing andplacement services
17,465 million yen

Members of the Board (As of March 31, 2017)9

We started sericulture businessin Tomioka City in which people
with disabilities take part.

(Saitama City, Saitama Prefecture)(Tomioka City, Gunma Prefecture)

We established an office where people withrestricted working styles due to difficulties arisingfrom childcare and nursing care, etc. can work nearhome without commuting to the central areas of
the city. We support diversified working styles byenabling people to work limited hours and days.
Going forward, we plan to develop this businesssequentially in areas outside of the 23 wards ofTokyo, and the Tokyo Metropolitan area including
Kanagawa Prefecture and Chiba Prefecture.

The succession of traditional industries andregional revitalization are sought through thecreation of employment opportunities forpeople with disabilities. We support workers
so that they can actively work at the mostsuitable workplaces for them, considering
their skills and experiences.

PERSOL RESEARCH AND
CONSULTING CO., LTD.,a research and study
organization to promote thegrowth of working people
and organizations.
Equipped with think tank functions, thisorganization studies issues concerning people
and organizations through research meetingsand investigations, etc. in cooperation withindustry, government and academia, publicizing
information in organizational magazines, eventsand media.

(As of March 31, 2017)

Company Name:

Capital:“Job Share Center,” an officewhere people can work nearhome, was established.

Stock Information

Chairman Emeritus

Yoshiko Shinohara

Representative Director,
President and CEO

Masamichi Mizuta

Director, Deputy President,
and COO

Hirotoshi Takahashi

Director, Senior
Executive Officer

Takao Wada

Director, Executive Officer

Toshihiro Ozawa

Director, Executive Officer

Kiyoshi Seki

External Director

Carl T. Camden

Director

Hiroshi Shimazaki

External Director

Ryosuke Tamakoshi

External Director

Naoshige Shindo

External Director

Naohiro Nishiguchi

Executive Officer

Daisuke Hayashi

Executive Officer

Toshihito Nagai

Executive Officer

Mikio Miyamura

Executive Officer

Taro Mineo

Executive Officer

Toshiyuki Takakura

Executive Officer

Shinji Masaki

Executive Officer

Kazunari Kimura

Executive Officer

Takayuki Yamazaki● Major shareholders

Name of shareholder

Distribution of Shareholders(Shares)

Treasury stock

Financial institutions

2,838,299 (1.20%)

59,625,900 (25.19%)

Financial
instrumentbusiness
operators

Individuals,
others59,353,487(25.08%)

NumberShareholdingof shares held
ratio (%)

Yoshiko Shinohara

29,831,600

12.75

Japan Trustee Services
Bank, Ltd. (Trust Account)

16,300,500

6.97(As of March 31, 2017)

2,055,043(0.87%)

Foreigncompanies,
etc.

Other
companies,etc.

83,120,664(35.12%)

29,680,258(12.54%)* The shareholding ratio (%) is rounded off to the second decimal place.

The Master Trust Bank ofJapan, Ltd. (Trust Account)

12,713,200

5.43

The Yoshiko Shinohara
Memorial Foundation

12,300,000

5.26

9,106,800

Yoshimi Shinohara

Shareholder Information
Business year

From April 1 to March 31 of the following year

Annual general meetingof shareholders

Late June

3.89

Record dates

Annual general meeting of shareholders: March 31
Year-end dividend; March 31
Interim dividend: September 30

5,438,400

2.32

Administrator ofshareholders’ register
Special accountmanagement institution

Mitsubishi UFJ Trust and Banking Corporation

CHASE MANHATTANBANK GTS CLIENTSACCOUNT ESCROW

4,868,906

2.08

The Bank ofTokyo-Mitsubishi UFJ, Ltd.

3,696,000

1.58

Contact

3,618,000

1.54

Custody Service Department
Mitsubishi UFJ Trust and Banking Corporation
7-10-11 Higashisuna, Koto-ku, Tokyo 137-8081, JAPAN
Telephone; 0120-232-711 (Toll free available only in Japan)* Please note that from August 14, 2017, the contact pointof the administrator of shareholders’ register and the special
account management institution will be changed to thefollowing due to the relocation of its administrative offices.
1-1 Nikko-cho, Fuchu City, Tokyo, JAPAN
Telephone: 0120-232-711
URL: http://www.tr.mufg.jp/daikou/

Stock listing

Tokyo Stock Exchange, First Section

3,537,900

1.51
Public notices

Electronic public notice
The website of the public notice:https://www.persol-group.co.jp/(If electric public notices are not possible due toaccidents or other unavoidable circumstances,announcements will appear in the Nihon Keizai
Shimbun newspaper.)

Kelly Services Japan, Inc.

Woman Staff Ltd.

JP MORGAN CHASEBANK 380634* The shareholding ratio is calculated based on the number of shares(233,835,352) obtained by deducting the number of shares in thetreasury stock from the total number of shares outstanding.
* The shareholding ratio (%) is rounded down to the second decimal place.

10

Procedures for Shares
Shares registered in the accounts of securities companies
Contact

Procedures, inquiries, etc.
Inquiries about the sending and returning of mails
Inquiries about dividends after the expiration of the payment period
General inquiries about administrative work relating to shares

Administratorof shareholders’registerProcedures and inquiries other than those stated above, such aschanges in address, name, etc.

Please contact your securities company.

Custody Service Department
Mitsubishi UFJ Trust and Banking Corporation
7-10-11 Higashisuna, Koto-ku, Tokyo 137-8081, JAPAN (*2)
Telephone: 0120-232-711 (Toll free available only in Japan)

Securities registered in the special accountProcedures, inquiries, etc.

Contact

Requests for transfer from a special account to a general account
Changes in address, name, etc.
Inquiries about account balance
Designation of method for receiving dividends (*1)

Special accountmanagement
institution

Inquiries about the sending and returning of mails
Inquiries about dividends after the expiration of the payment period
General inquiries about administrative work relating to shares

Administratorof shareholders’register

Custody Service Department
Mitsubishi UFJ Trust and Banking Corporation
7-10-11 Higashisuna, Koto-ku, Tokyo 137-8081, JAPAN (*2)
Telephone: 0120-232-711 (Toll free available only in Japan)
Method for requesting procedural documents
Request using the automatic answering phone system:
0120-244-479 (Toll free available only in Japan)
Download documents online: http://www.tr.mufg.jp/daikou/(*1) Shareholders holding shares registered in the special account may not choose the method of receiving dividends in proportion to the number of shares held.
(*2) Please note that from August 14, 2017, the contact point of the administrator of shareholders’ register and the special account management institution will be changed to the following
due to the relocation of its administrative offices.

Custody Service Department Mitsubishi UFJ Trust and Banking Corporation
1-1 Nikko-cho, Fuchu City, Tokyo, JAPAN
Telephone: 0120-232-711 (Toll free available only in Japan)
Custody Service Department Mitsubishi UFJ Trust and Banking Corporation P.O. Box 29, New Tokyo Post Office, 137-8081, JAPAN

Temp Holdings was selected as a component of the JPX-Nikkei Index 400 in August 2014.
What is the JPX-Nikkei
Index 400?

It is a new stock price index composed of stock of companies that meet the requirements of global investment standards,
including the effective use of capital, an investor-conscious management viewpoint, etc., which was established with theaim of promoting the attractiveness of Japanese companies to both investors at home and abroad.

Temp Holdings Co., Ltd.
Shinjuku Maynds Tower, 2-1-1 Yoyogi, Shibuya-ku, Tokyo, JAPAN Telephone: +81-3-3375-2220* Matters stated in this report include statements concerning the Company’s plans and forecasts for the future. Actual earnings may differ materially from the statements due
to a variety of factors, and the statements do not mean that we promise to achieve these figures.

All those appearing in the cover page are employees of the PERSOL Group. (As of May 2017)

This printed product uses FSC®-certified paper andvegetable-oil-based ink.