FY March 2019:
2Q Results Briefing
PERSOL HOLDINGS CO., LTD.
12 November 2018

Earnings Briefing Video is on our website
Please go to “Earnings Briefing Video” page to watch the video
https://www.persol-group.co.jp/en/ir/library/movie/index.html

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Table of Contents

Part 1: Overview of Consolidated Results for 2Q FY Ending March 2019

Part 2: Effect of Revisions to Japanese Law on the Temporary Staffing BusinessPart 3: Status of the "an" Media Platform
Part 4: Medium-term Management Plan Progress Status

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1

Part 1:
Overview of Consolidated Results for
2Q FY Ending March 2019

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Highlights of Consolidated Financial Results for 2Q FY ending March 2019
New record high results in 2Q FY ending March 2019
Group
Consolidated
Results(Record highresults)

2nd Half
Points of
Focus⁃

Consolidated sales of JPY 452,200 million (+39.3% compared to the previous period (YoY)),
operating profit JPY 20,400 million (+27.7% (YoY))
Record high results achieved:
Strong domestic Japan market, and inorganic effects (acquisition of PROGRAMMED LTD.)

⁃

Temporary Staffing/BPO segment profitability improves: 4.5% operating profit ratio
Productivity gains pursued in improved matching (job opportunity to candidate) efficiency via the"GENESIS" core temporary staffing HRIS system, and enhanced division/specialization of tasks etc.

⁃

Recruiting segment placement services sales expansion: Up by +30.4% YoY
Sales grew due to:
Expansion of the job-change market, proactive hiring of consultants, and multi-tiering of services.

⁃

Proactive handling of revisions to Japan's law relating to the Temporary Staffing business
Commenced addressing revisions to Japan‘s Worker Dispatching (“Temp”) Act from October.
Seen as an opportunity to expand market share.
Proactive measures taken in response to the law amendments: e.g. indefinite contract term hiring.

⁃Restructure of the "an" branded job-board media-platform business
Internal budgets achieved in the first half. Ongoing implementation of restructuring.

⁃Promote Post Merger Integration (PMI) within the PROGRAMMED segment
The focus to date: smooth business transition, and PMI of Skilled Ltd. Full implementation of PMI in future

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3

Improved Profitability in the Temporary Staffing/BPO Segment
Productivity increased due to core "GENESIS" HRIS system driven improvements in:matching (job opportunity to candidate) efficiency, and operational improvements.
Also contributing to improved productivity and earnings were increased billing rates, and opportunities
stemming from revisions to Japanese laws.
Legal revisions encouraged clients to switch to direct hiring resulting in placement fee revenue increases.
Operating profit ratio trends in the Temporary Staffing/BPO segment(%)
5.5

4.9% excluding PMI costs
4.8

4.6

4.5

4.5

4.7

4.5

3.5
2017/3期
FY
Mar 2017

2018/3期
FY
Mar 2018
1st Half
上期

2019/3期
FY
Mar 2019

2017/3期
FY
Mar 2017

FY2018/3期
Mar 2018
2nd Half
下期

2019/3期
FY
Mar 2019

Enhanced productivity

Improved matching (job opportunity to candidate) efficiency due to the impact of thecore "GENESIS" HRIS system.
− Matched placement "fill" ratio in major metro areas: a multiple of 1.7 times/person
Productivity improvement gains: utilization of share-services back-office ClericalCenters leads to enhanced division/specialization of tasks.

Increased unit billing rates.

Increased unit billing rates to corporate client companies result from the backdrop oflabor shortages in domestic Japan.
⁃ Cumulative total for first half of FY ending March 2019: +1.5% YoY

Increased sales ofrecruitment placement services

Revisions to Japanese laws proves to be an opportunity: the transition to direct hiringby corporate clients increases placement fee revenues.
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Growth in Placement Services Sales in the Recruiting Segment
Sales growth ratio (YoY) in excess of +25% and has remained at high levels due to expansion of thejob-change market together with proactive hiring of consultants and multi-tiering of services.
Placement services sales growth ratio trends (YoY)
(%)

35.0

31.1

30.4

30.0

25.1
21.5

25.0
15.0
FY2017Mar
2017/3期

FY2018Mar
2018/3期

1st Half

上期

FY2019Mar
2019/3期

FY2017Mar
2017/3期

FY2018Mar
2018/3期

FY2019Mar
2019/3期

2nd下期
Half

*Placement services business sales for the year ended March 2017 are based on financial accounting standards, sales after the year ended March 2018 arebased on management accounting standards.
*Sales from the permanent employee category help-wanted advert business are not included.

Expansion of the job-change
marketChange in awareness toward job-changers in their 20s and 30s.
Changes to upper-age limits for mid-career recruitment by corporate clients, and expanded
utilization of HR placement agencies in rural areas.

Proactive hiring of consultants

Proactive hiring of consultants accompanying market expansion. Also, utilize to the full extent jobseeker data accumulated until now. Ensuring that operations do not excessively rely on theexperience level of any individual consultant.

Multi-tiering of services

Addressing diversified needs of corporate clients and job-changers: Use of various approaches toexpand job-change support services for potential job-changers living in rural areas where it isdifficult to arrange career counseling. Leveraged the "doda plus" service, and for-hire ads in thepermanent employee category etc.
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5

Part 2:
Effect of Revisions to Japan's Laws on
the Temporary Staffing Business

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7

Status of Revisions to Japan’s Law
Transition to indefinite-term employment contract arrangements will continue to beproactively promoted.

Number of temp worker
headcount transitioning toindefinite-term employment
arrangements*1 (Cumulative)

Up until the present

Future outlook

Approx. 2,200 headcountApprox. 9,000-10,000 headcount(Outcomes as of end Sep 2018)(Outlook for end mar 2019)

Implement proactive handling of the transition
to indefinite-term employment contract
arrangements to stabilize employment•

Aim to proactively promote indefinite-term
employment contract arrangements aimed atstable employment of temporary workers•

However, transition to indefinite-term employment
was not proceeded as much as the expectation•

In particular, the young cohort of workers whoseek “registration-type dispatch work” givepriority to worker-friendly workplaces

Situation to date &future outlook

Achieve increased billing unit rateaccompanying the transition to indefinite-term
employment contract arrangements•

Achieved approx. 5-10% increase in billing unit
rates accompanying the transition to indefiniteterm employment contract arrangement

Proactively continue handling transition toindefinite workers•

The number of temp workers pursuing indefiniteterm employment contract arrangements is
expected to further increase in line with
employment stabilization measures*2
accompanying revisions to Japan’s Worker
Dispatching(“Temp”) Act•

Experienced workers have tendency to transit
indefinite-term for stable employment contracts•

Changing workplaces for temp staffs who work formore than 3 years will be estimated to increase(Deployment at a new temp client site)

Promote acquiring new orders by strengthening
sales structure•

Orders for new temps to replace departing temps
are expected to decrease, and contract
terminations will increase more in the short-term
than initially estimated.

•

Renew efforts to strengthen sales structures, andpromote activity to secure new orders*1：Number of temporary workers who transitioned to indefinite-term employment contracts as a consequence of revisions to Japan’s Labor Contract Act and Japan’s Worker Dispatching Act(Separately, 2,600 headcount was already transitioned to indefinite-term workers)*2：①Request temp client to directly hire ②Temp vendor firms hire workers as indefinite-terms ③Deployment at a new temp client site

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Part 3:
Status of the "an" Media Platform

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Review of the "an" Media Platform Business to Date
Competitiveness declined due to an inability to formulate a coherent strategy focused on theInternet/Smartphone era.
2011-2015

Strategy

2015 -

Currently① Major metro areas① Shift to Web/Smartphone platform
Web+Suburban paper/hard copy media ② Commenced "LINE" SNS part time
② Continue with paper/hard-copy media
job service③ Cross-selling of PERSOL Group products(permanent employee sector media)① Full transition to the Web(withdrawal from paper/hard-copy media)② "an" brand promotion recommenced③ Improved productivity

Delay in creating structures focused on the Internet/Smartphone era.
Dispersed management resources & decline in the "an" brand competitiveness

Review➢ Inability to implement a bold investment strategy focused on theInternet/Smartphone era. Continuation of paper/hard-copy media services
while competitors shifted to Web-based services.
➢ "LINE" SNS part time job services commenced, and Group product crossselling strengthening (permanent employee sector media) results in dispersionof management resources and decline in the "an" brand competitiveness.

Back-to-basics(Rebuild the "an" brand)➢ Further enhancement of linkages withthe "LINE" SNS part time job service,
restrengthen the "an" brand throughpromotional/product investments.

Sales growth rate entered negative territory due todelays in addressing the Web and Smartphone era.

"an" business
Sales growth ratio(YoY)

Back to basics.
Rebuilding the "an" business.

12.9%
FY2013Mar
2013/3期

FY2014 Mar
2014/3期

FY2015Mar
2015/3期*: "an" sales figures reflect a management accounting basis

FY2016Mar
2016/3期

FY2017Mar
2017/3期

FY2018 Mar
2018/3期

FY2019Mar
2019/3期-13.5%
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9

Status of Immediate Tasks at Hand
From here on a consistent strategy will be leveraged to rebuild the "an" brand.
Marketing and product investments will be utilized to maximize user numbers.
Operational productivity will be enhanced to maximize client listings, and regain competitiveness.
Details

Main Indicators• Recommence "an" advertisements

Marketinginvestments

Product
Investment⁃ Commence new commercials/adverts
from April 2018.
⁃ Reinforce the media capabilities of "an“.

• Searches by name on the Internet andapp installations increased substantially
immediately following commercials/
advert investments.
• Improve systems, create an appealingsite by enhancing UX.*
• Implement the PDCA cycle over the
short-term, and make moves toimmediately implement effective
measures/policies.
*:User Experience

Sales• Promote productivity improvements through operational
improvements such as applying IT/RPA to sales activity.
• Besides future enhancements to productivity, aim to
implement reliable hiring/HR development practices.

Inflow countYoY＋49.3％*Compared to 1st half of FY March 2019

Total numberof job-seeker
applicants

YoY+44.9%*Compared to 1st half of FY March 2019

Productivity

YoY+8.0%*Compared to 1st half of FY March 2019
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10

Part 4:Progress Made with PERSOL’s
Medium-term Management Plan

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Approximate Results & Target Figures
Aim for continuous business expansion to achieve the target plan figures in the Medium-term Management Plan.
(Unit: JPY 100 million)
Sales

630

565

480

Operating
Profit

9,800

9,400

7,221

EBITDA360

425

FY Mar 2018 (Result)

FY Mar 2019 (Forecast)480

FY Mar 2020 (Target)

Assumption

GDP growth rate

Moderate growth (approx. +0.0 ~ 1.0%)

Ratio of job offers tojob seekers

Continued demand due to economic growth/structural factors(approx. 1.0 ~ 1.2 multiple)
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12

Current Medium-term Management Plan Strategy × Strategic Policy
The Medium-term Management Plan strategy will be continued.
The following priority policies will be used to promote each strategy:

Medium-term Management Plan
(Same as the previous Medium-term Management Plan)

Strategy 1 Raise Awareness of the Group

Strategy 2

Investments in systems and productivity
enhancements aimed at further business growth

Priority Policies
Continue to strengthen ties with the service
brand, and continue to invest in raisingawareness of the PERSOL brand.
Improve productivity by means of the core temp
business "GENESIS" HRIS system.

Create Group synergies and promote
Strategy 3Group-wide management

Expand synergies through Group collaboration,and promote integration of subsidiaries within
the Temporary staffing/BPO segment.

Enhance the presence of PERSOL Group in theStrategy 4
Asia-Pacific region

Focus on improving profitability by acceleratingorganic growth, and promoting Post Merger
Integration (PMI).

Proactively strengthen the operating base andStrategy 5
expand service sectors through M&As

Expand investments into new business sectors
based on an M&A strategy for each separate"Market × Region".
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13

Strategy 1: Priority Policy - Raising Awareness of the PERSOL Group
During this current period, the approval rating of PERSOL improved thanks to the impact of sponsoringthe "Genba-bito" (lit. "on-site worker") TV program, and sponsorship of Japan’s Pacific Baseball League.
Improved approval rating is expected to contribute in future to the use of PERSOL Group businesses.
Impact of improved approval ratings on the business

PERSOL Group approval rating trend
PERSOL commence
expansion of
Change of company name toadvertising"PERSOLHOLDINGS CO., LTD."
commercials"Genba-bito“(lit. "on-site worker")
TV program starts.

Decision to sponsor
Japan's Pacific
Baseball League.

Multiple
of +3
times

Intended use of
PERSOL Group services

82.3%

Positive

Multiple of
6.7 times
Unfavorable

12.3%*Investigated by external firm and PERSOL

2017/04

2018/04

2018/09

Aim to contribute to the business byraising awareness of the Group & improving PERSOL’s approval rating
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Strategy 1: Priority Measures - Raising awareness of the PERSOL GroupPERSOL is the one company that sponsors a TV program which focuses a spot-light on particular
individuals ("hito") working at the coalface of "genba" (work-sites) in various industries.
During the program a commercial that advertises the connection between PERSOL and the service
brand is aired.
Sole
Sole corporate
corporate sponsorshipsponsorship ofof thethe"Genba-bito"TV
TVprogram.
program"Genba-bito"

Official
Official sponsor
sponsor ofof 66 baseballbaseball teams
teams within
withinJapan'sPacificPacificBaseballBaseballLeague.
LeagueJapan'sComparing viewers and non-viewers of the "Genba-bito" program,the effect on the PERSOL brand & related company business brands
recognition/approval rating/intention to use etc. is enhanced by amultiple of 2 to 3 times if individuals watch the program.

Link sponsorship with the business: hold joint events, and plan
to support Pacific Baseball League hiring of part timers via
PERSOL's "an" job-board brand etc.

Brand understanding/ Approval rating ofIntention of use
the brand
recognition

ViewerNonviewer

Multiple of
1.4 times

Multiple of
2.2 times

Multiple of
2.3 times

Awareness ofkindred services

Multiple of
2.6 times

Placed advertisements in PERSOL's "an"job-board media offering a "Super Baito"(part time job) to solicit part-timers who
dream of pitching the first ball during the
opening ceremony of a baseball game.

Plans are afoot to utilize big-data andAI for participants to analyse andenjoy baseball.

Assume Non-viewer=1* External survey firm assignment, and PERSOL research

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15

Strategy 1: Priority Measures- Re-branding of "DODA" (as “doda”) Job Placement Media Platform
Respect the value of each and every person's "work", and re-brand DODA aiming to provide a brand thatcandidates can turn to in confidence at those times when people find themselves going through the
motions by working in a daze, or are fretting about changing jobs.
Aim for a brand that is more familiar, easy to relate to, that candidates can turn to with confidence.
Position “doda” to become the "brand of choice" of the majority of job-seekers.
“Work” that suits each and every individual, at that point in time.

We here at PERSOL respect the value of each and every person's "work".
Aim to provide a brand that job-seekers can turn to with confidence at thosetimes when a person finds themselves working in a daze, andwhen individuals want to change jobs.
When a person is searching for "work" that really suits them.
Also, endeavor to position DODA as the obvious choice when job-seekers
look for ways to change jobs.

Logo Slogan

Brand Vision

Jobs. Work styles. Working environment.
"Work" that suits a particular individual, differs from person to person.

Making each work day, a good day.

Looking towards the day when my "work" isbetter suited to me.

Along with re-branding as “doda”, implement measures to improve various functionalities of the platform.
Website "Feel"

Job Offer Searches

User Registration Flow

Guide to Changing Jobs

Modify to achieveuser-friendly
colors/design/content

Set search conditions to reflect
the preferences oftarget job-seekers

Make the registration process
flow simpler

Comprehensively deliver
helpful information relating tochanging jobs

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16

Strategy 2: Priority Measures- Improve Productivity via the Core Temp Business "GENESIS" HRIS System
As expected at the outset, improvement is underway in candidate<=>job matching accuracy for regions
outside of major metropolitan areas.
Improvement of regional matching is something PERSOL wishes to focus on in the future.
Overview of investment into the core temp business "GENESIS" HRIS system
Total investment amount

Approx. JPY 4,600 million
Investment recovery outlook

Operation period

FY Mar 2021

Sep 2017

Investment EffectInitial expected investment effect① Enhance
Productivity② CostReduction• Enhance candidate<=>job matching accuracy
by expanding the search functions
No. of filled order matches
1.7 times/1 individual• Task efficiency gains due to digitalizing
invoice processes• Centralize clerical functions intoshared “Service-Centers”(order entry tasks etc.)

Progress status
Major metropolitan areas

Achieved a multiple of+1.7 times(progressing smoothly)

Areas other thanmajor metro areas

Improvements underway

Task efficiency

Progressing as anticipated

Promote the division/
specialization of tasks

Accelerate use of sharedservice-centers nationwide(Centralization)(To Osaka/Nagoya/Japan-wide)

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17

Strategy 3: Priority Measures - Status of Subsidiary Company Mergers
Merger of subsidiary companies completed as scheduled on 1 October.

Prior to merger (as at 1 Apr 2018)
Temp/BPO
Segment
Number ofsubsidiaries
Temporary
Staffing
Business
SectorBPO
Business
SectorPost-merger (1 Oct 2018 onwards)

25 companies

16 companies

PERSOL TEMPSTAFF CO., LTD. and20 subsidiaries

Merge 7 subsidiaries* into
PERSOL TEMPSTAFF CO., LTD.

4 subsidiaries

Merged 3 subsidiaries* into 1 subsidiary andchanged the company name to
PERSOL WORKS DESIGN CO., LTD. 2 companies

21 companies

4 companies

14 companies

Effect of Merging Subsidiary Companies① Expansion of sales
Stronger matching ofcandidates<=>jobs

Enhance matching ofcandidates<=>jobs byamalgamating the database ofregistered temp workers/candidates.

② Enhanced profitability
Integration of
middle/back-office
functionsPlans in future to integrate duplicatedfunctions and consolidate branches.

*7 subsidiaries: CareerRise Co., Ltd., Tempstaff Fukuoka Co., Ltd., Tempstaff Cross Co., Ltd., Tempstaff Familie Co., Ltd., Tempstaff Grow Co., Ltd.,
Tempstaff Creative Co., Ltd., Tempstaff Media Co., Ltd.
*3 subsidiaries: Japan IDEX Co., Ltd., Tempstaff Life Support Co., Ltd., HOWCOM Co., Ltd.
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18

Strategy 3: Priority Measures - Expand Group Synergies (Case Study)
Demonstration of PERSOL Group's "integrated capabilities" leveraged to address complex customer challenges.
In future PERSOL Group will also continue explore/try various ways and arrangements to support thegrowth of client corporations.
PERSOL supports the opening of AEON Mall Iwaki Onahama (Fukushima): A symbol of reconstruction after devastation.

Challenges faced in the opening of this AEON Mall

Demonstration of PERSOL Group's"integrated capabilities"(PERSOL supported AEON from the stage of creating a humanresources database through to hiring support)

Collaboration of 5 PERSOL Group companies
More than 1,000 (goal) individuals applied forjob opportunities

Secured more than 1,000 employees

Solicitcandidates
JOB
SEEKER

HR Database

Registration
briefing

Job-opportunity
Handle queries
Give job info.

TENANT
FIRMS
INTRODUCEJOB SEEKERJOB
SEEKERS

Iwaki Onahama

Hold interviews, and if the terms are agreeable, hire

• Companies considering to become tenants empathized withthe significance of reconstruction but were concerned
about securing employees.
• Prior to deciding on the commercial tenants, the developersought-out PERSOL's support for tenant employee hiring.

• The integrated capabilities of PERSOL were leveraged toprovide support with temps/job-board media/RPO etc. byoffering AEON a combined set of service offerings.
• PERSOL created a database of "HR resources who want towork/who are interested in working at AEON Mall" andsupported the hiring of opening staff for each commercial
tenant.

PERSOL Press release: https://www.persol-group.co.jp/news/20171130_1834/index.html

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19

Strategy 4: Status of Progress withPERSOLKELLY LTD. Post Merger Integration (PMI)
Phase 1: Establishing internal controls, expansion of sales structures completed.
Phase 2: Looks to achieve further expansion of the business platform, by rolling-out a new brand andaccelerating investments into systems.
Phase 0:Prior to JV

Phase 1:Create organizational structures

Phase 2:
Expand business platform

Prior to establishing the JV
13.0%

Sales growth ratio
3.0%
1Q

2Q

3Q

4Q

1Q

2Q

FY2017/3

3Q

FY2018/3

4Q

1Q

2Q

3Q

4Q

FY2019/3*: Calculations based management accounting based sales figures

PMI Progress(Overview)

Prior to PMI

Enhancement ofInternal Controls

Roll-out New Brand

Create internal controls systems in linewith Japanese standards: roll-out J-SOX

Launch the new "PERSOLKELLY" brand.
Achieve additional enhancement of alliances.

ExpandHeadcount Resources

Systems Investments

Expand headcount resources aimed atfurther growth: approx. +15% YoY(as of FY Mar 2019 2Q)

Enhance productivity throughimplementation/operation of common coresystems in multiple countries.
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20

Strategy 4: Status of Progress with
PROGRAMMED CO., LTD. Post Merger Integration (PMI)
Strengthening of management structures and PMI of SKILLED Ltd. progressed according to initial plans.
However, aggressive pricing by competitors lead to a decrease in transactions with some existing clients.
Phase 1:
Smooth business transition &PMI of SKILLED Ltd. completed
Strengthening
management structures

Management
StructureandBusiness
StructurePERSOL and PROGRAMMED
CO., LTD. set-up various
committees and collaborated tostrengthen management
structures.

Phase 2:
Full implementation of PMI

Enhancing governance
J-SOX controls were
implemented, and internal
controls established in line withJapanese standards.

Strengthening client relations

Formulation ofbusiness strategy

Customer relations were
strengthened and a line drawn
regarding low cost competition.
As a result, there was a decreasein transactions with someexisting clients.

The aim is to understand the
PROGRAMMED LTD corporate
culture and the businessenvironment in Australia while
formulating the future mediumterm business strategy.

Phase 1 PMI is fully underway

Completion of SKILLED. Ltd. Post Merger Integration (PMI)

PMI ofSKILLED Ltd.

The overall merger is complete, and sales & general administration expenses(SGA) have been reduced by reviewing duplicated tasks/processes andreorganizing branches.
The plan is to deploy an accounting system common to PROGRAMMED Group.
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21

Strategy 5: Priority Measures - M&A Strategies for Each "Market×Region"
Profitability improvement is factored into PMI progress in PERSOL's overseas businesses.
Business sectors that already exist in domestic Japan will be actively reviewed as done in the past.
Proactive investments will proceed into new business sectors.

Domestic
MarketExisting business sectors

New business sectors*

Actively review/evaluate
as done in the past

• Up until now the PERSOL Innovation Fundhas handled both the investigation/
investing activity, and a "Group Innovation
Promotion Division" will be set-up toaccelerate open innovation from thepoint of view of the overall Group• For the time-being, proactive quantitative
expansion via M&As has been completed.

Overseas• The PERSOLKELLY segment, andMarket• Alliances will be formed with firms outside
the Group, and M&A opportunities will be
actively pursued.

PROGRAMMED segment are currently bothundergoing Post Merger Integration (PMI).
*: PERSOL Group for its part anticipates that firms eligible for M&As are those that generate new business, and firms that enhance the services of existing Group businesses.

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22

Appendix:

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Strategy 3: Priority Measures - Expand Group Synergies
Deepen linkages within the Group, and aim to grow results generated by cooperation within the Group
Results from cooperation
within the Group

Number of companies using
multiple services

Linkages within the Group
Temp labor, placement services, BPO etc.
are deepening.
The number of client firms using multiple
On average annual sales are up by 130%.
services is steadily increasing.

Sales trends due to opportunities
introduced from within the Group(JPY million)

Annual average
growth rate:
130%

400

Job-change support sales trends
due to intra-Group cooperative effort+1,000 pacein 1 year

Will continue toexpand(Companies)

6,000

300

Number of TEMPSTAFF branches
Japan-wide that utilized job change
support has increased.

Trend of number ofcompanies using multiple services(JPY million)

300

8,000

500

TEMPSTAFF × DODA

6,828
4,980

200

temporarily decreasing because
In September 2018, due to theincrease in tasks related to therevision of labor law,PERSOLTEMPSTAFF was not able toallocate enough time for business

4,000

200

100

2,000

100

0

0
2016年4月
Apr 2016 2017年4月
Apr 2017 2018年4月
Apr 2018 2018年9月
Sep 2018

2017年4月 2017年10月 2018年4月 2018年9月
Apr 2017 Oct 2017 Apr 2018 Sep 2018
※ Along with the change in the data aggregation
method, we changed the number described in theearnings briefing materials dated May 17, 20180
2016年4月
Apr 2016

2017年4月
Apr 2017

2018年4月
Apr 2018

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24

Attention: Note Regarding Handling of this Material

Results forecasts etc. used in this material contain forward-looking
statements which are based on a certain number of assumptions PERSOL
deems rational, and the information at hand as of 9 November 2018 which are
not meant in any way by PERSOL to be taken as assurances that will be
realized. Actual results etc. may vary greatly due to various causes.
The figures, indicators, PERSOL Group results, and details of financial status
included in this material have been released to facilitate an appropriate
understanding. Kindly note that not all the figures and indicators have been
subjected to audit and review by external auditors.

August 2014: Selected as one share forming the JPX-Nikkei Index composition
What is the
JPX-Nikkei 400?

The JPX-Nikkei 400 index is a new share price index composed of corporations that aim to satisfy the various
requirements of global investment standards for the purpose of highlighting etc. in Japan and overseas theappeal of Japanese firms from a management viewpoint of efficient application of capital and investor
awareness etc.

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