To Shareholders and InvestorsPERSOL REPORT
Full-year business report for the
fiscal year ended March 2018
April 1, 2017 to March 31, 2018

PERSOL HOLDINGS CO., LTD.
(Securities code: 2181)

Work, andSmile

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

Joined Tempstaff Co., Ltd. (presently, PERSOL TEMPSTAFF CO., LTD.) in 1988. Became Head of theSales Headquarters and Director in 1995, Head of the East Japan Sales Headquarters and Executive
Managing Director in 2006, Executive Vice President in 2010, and Executive Vice President andRepresentative 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.

Financial Highlights

Overview of FY 2018

Amid the ongoing mild economic recovery, the employment environment continues to enjoy an
upward trend as witnessed in the active number of vacancies which recorded the highest in the past
44 years. On the back of generally robust demand for human resources from companies, thePERSOL Group promotes its business aggressively. While we continued to invest in activities towards
the increase in recognition of our new brand “PERSOL,” net sales and operating income for the fiscal
year under review reached historic highs of 722.1 billion yen and 36.0 billion yen, respectively.
Meanwhile, due to various factors, some consolidated subsidiaries in the PERSOLKELLY segment andthe advertising business in the Recruiting segment failed to achieve the target revenues as initially
expected following the company acquisition, resulting in recording impairment losses on goodwill,
etc. during the fiscal year under review. All the management takes this matter seriously and is firmly
determined to take advantage of this lesson learned for future businesses.

Joy of work for everyone!

With the approval of our shareholders, we marked a fresh start under the corporate name of PERSOLHOLDINGS CO., LTD. on July 1, 2017.
We are in the midst of the age of decreasing workforce which is anticipated to continue into the
future. With the purpose of activating employment in such a situation, the provision of employment
opportunities that match the capabilities and desires of those in various generations and lifestyles isrequired. For example, work to which those in senior generations can apply their abundant
experience and knowledge; and other kinds of work that fit those with lifestyles restricted bychildcare or other commitments. We will create a lot of working opportunities by pursuing “therealization of diversified working styles,” by eliminating barriers of employment patterns between
fixed-term and indefinite-term employment, or full-time and part-time employment, and positive
introduction of teleworking systems.
When the workstyle options increase, the importance of matching will also rise to precisely link a
job seeker to the most suitable work for such a person. We are in the age of excessive information. It isalso critical to enhance web functions to realize highly sophisticated matching by selecting the desired
information accurately, and including the viewpoint of “mobile first.” Furthermore, we will pursue“minimization of employment mismatches” by focusing on using new technologies such as HR tech.
We are aware that in order to “realize diversified working styles” and “minimize employment
mismatches,” it is indispensable for us to demonstrate the comprehensive capabilities of the PERSOLGroup. Through our efforts to improve recognition of the corporate group as a unified entity byinserting the name “PERSOL” into the name of each Group company, we will work on solving every
kind of challenge associated with labor and employment by creating further group synergies.

Aiming to realize “social infrastructure that catalyzes growth andinnovation” in the Asia-Pacific region

We promote our business in the Asia-Pacific region (hereinafter, “the APAC region”) as one of our
new revenue sources. As part of such effort, we converted Programmed*, an Australian major
staffing and facility management services company, into a consolidated subsidiary in October 2017.
Taking this opportunity, we will contribute to the promotion of borderless personnel exchanges inthis region by further improving our presence in the APAC region. Based on our group vision“Create social infrastructure for people and organizations that catalyzes growth and innovation,” wewill support personnel development across the globe.
*Programmed Maintenance Services Limited

1(Highlights of the consolidated
fiscal year ended March 2018)

Record-high performance in both
net sales and operating income
Net sales

Operating income

722.1 billion yen 36.0 billion yen
UP 22.0 % Y-O-Y
UP 8.0 % Y-O-Y
Profit attributable toowners of parent

7.7 billion yen
DOWN 56.4 % Y-O-Y

Year-end
Dividend per share

10 yenOperating income (Billion yen)
42.5
33.4

36.0

28.0

940.0

23.4
Net sales (Billion yen)

722.1
591.9

517.5
401.0

FY ended
March
2015

FY ended
March
2016

FY ended
March
2017

FY ended
March
2018

FY ending
March
2019
(Forecast)2

Topics

The “PERSOL” structure moving forward
Business development outside Japan

Brand Development
We launched TV commercials and ads
on public transportation facilities.

Recognition of the Group

Increasing our presence in the APAC region

The degree of recognition of the Group has increased
almost four-fold since we began promotions.

In major countries, PERSOL has already gained
a TOP3 position in the market.
Staffing service
markets of the world
Market scale

Four-fold

Europe:20.1 trillion yen

Japan:
6.4 trillion yen

Staffing
service market:
48.2 trillion yen

Mar/’17 Apr/’17 Apr/’17 Jun/’17

Jul/’17 Aug/’17 Dec/’17 Jan/’18 Feb/’18 Mar/’18 Mar/’18(month/year)* In the line graph, the solid line represents the change during the promotion period
while the broken line indicates the change during the non-promotion period.
* Source: NRI Insight Signal Survey(Recognition Indicator of PERSOL Brand Logo in the Kanto region)

Brand development
A new promotion of the PERSOL brand was launched nationwide in January 2018.
Since March 2017, the PERSOL Group has developed ads conveying the slogan“Work, and Smile” which represent our view of the world, by appointing Mr. Steve
Wozniak, the world-famous engineering icon who built the foundation of themodern computer industry, and Ms. Carmen Dell’Orefice, the 86-year-old active top
model. Our brand slogan “Work, and Smile” contains our thoughts that we want tosupport every working person to make working itself brighter which will lead toenjoying life. Our new ads express how Japanese workers felt about our previous

3

ads with the slogan “Work, and Smile.” These are “the ads responding to theprevious ones” which convey the real voices of business persons going through adilemma or an emotional conflict but wanting to work hard to move forward.
Through a series of our promotions, we have received a lot of responses, whichmakes us feel that the recognition of the PERSOL Group has significantly increased.
Going forward, the PERSOL Group, as the business group that provides support toall working people, will strive to help more people realize “Work, and Smile.”

North America:
17.3 trillion yen

CountryAPAC:
4.3 trillion yen

Market scale No.1

Trend of overseas sales
Net sales outside Japan (Billion yen)
Ratio of net sales outside Japan (%)

No.2

No.3

GlobalGlobalcompany

Australia

1.64 trillion yen PERSOL company

China

1.13 trillion yen

State-run State-run State-run
company company company

India

0.50 trillion yen

Globalcompany

Globalcompany

Globalcompany

New Zealand

0.13 trillion yen

Local
company

GlobalcompanyPERSOL

Singapore0.10 trillion yen

Local
companyPERSOL company

Indonesia

0.06 trillion yen PERSOL company

Malaysia
Thailand
VietnamNo dataavailable

GlobalGlobalLocal
companyPERSOL company

GlobalGlobalcompany

Globalcompany

Local
companyPERSOL

Local
companyPERSOL company

October 2017:
Acquisition of Programmed(Billion yen)
350.0
300.0

35
July 2016:
Expansion of JV* with Kelly Services

250.0
200.0
150.0

January 2016:
Acquisition ofFirst Alliances

With the aim of realizing its Group vision “Create social infrastructure for people
and organizations that catalyzes growth and innovation,” the PERSOL Group
promotes the priority measures to expand business in the APAC region as part of its
overseas development, in addition to the domestic business. We have enhanced
our business foundation through the expansion of the joint venture with Kelly
Services as well as the acquisition of major staffing service companies in the APAC
region. Under these circumstances, in October 2017, we acquired all outstanding
shares in Programmed, a staffing services and facility maintenance services

20
15

120.2

100.0

10

50.0

5

37.1
0

Business development outside Japan

25

October 2015:
Acquisition of
CapitaGlobalSource:Prepared by PERSOL based on various materials. The yen value was calculated using theforeign exchange rate as of September 30, 2017.

30

283.0

FY ended
March
2015

FY ended
March
2016

FY ended
March
2017

FY ended
March
2018

FY ending
March
2019

0

* JV stands for Joint Venture.

company operating mainly in Australia. Considering that Australia is the second
largest market after Japan in terms of the staffing service industry in the APAC
region, the overseas development of the PERSOL Group has advanced further after
Programmed, the major Australian staffing service company, joined the PERSOLGroup. Toward the future, in addition to robust growth in domestic businesses, wewill focus on two segments engaging in overseas business by making investments
and improving business structures that fit the status of each segment in pursuit ofgrowth of business that may support the PERSOL Group in the future.

4Topics

Progress of the Medium-term Management Plan
Target Performance

Strategy Overview
of the Medium-term Management Plan

Ongoing business expansion efforts will be conducted towards
the achievement of the Medium-term Management Plan.

The following five points are set as the pillarsof the Medium-term Management Plan

Net sale

EBITDA(Billion yen)

Operating income

980.0

722.1
591.9

33.4

Enhancing Awarenessof the PERSOL Group

Strategy

Investing in IT Systems and Enhancing
Productivity for Further Business Growth

Strategy

Creating Group Synergies andPromoting Group Management

Strategy

Enhancing Our Presencein the Asia-Pacific Region

StrategyStrengthening Business Platformand Expanding Service Domains
through M&A

1

63.0
48.0

43.4

Strategy

48.0

2

36.0

3

FY ended March 2017

FY ended March 2018

FY ending March 2020
(Target)

Preconditions
GDP growthModerate growth (+0.0 to around 1.0%)

Active opening rate

Demand will continue on the back of economic growthand structural factors. (1.0 to around 1.2 times)

Progress of the Medium-term Management Plan
The mission of the PERSOL Group is to contribute to society through our earnest
initiatives aiming at the realization of new forms of employment and work styles bycreating labor markets which can flexibly respond to economic situations and social
requirements that may change with the times.
We formulated the Medium-term Management Plan towards the fiscal year
ending March 2020 as the road map to fulfil our mission. Based on the five
strategies, we have strived to achieve the numerical targets for the fiscal year
ending March 2020, which are 750.0 billion yen in net sales, 60.0 billion yen in

5

4
5

EBITDA and 45.0 billion yen in operating income. Following the inclusion of
Programmed in the PERSOL Group last year, net sales are expected to increasesignificantly. As a consequence, we revised upward the target figures of theMedium-term Management Plan, to 980.0 billion yen in net sales, 63.0 billion yen in
EBITDA and 48.0 billion yen in operating income. We will continue to aggressively
invest in the existing businesses with the aim of further generating Group synergies,
and further improving corporate value by promoting integration processes toconcentrate our efforts in the overseas businesses.

“Work, and Smile.” With this brand slogan,
the PERSOL Group offers assistance to all working people in various forms.
In April 2018, we became thesole sponsor of a new TV program“Genbabito.”

The PERSOL Group, a new official
sponsor of professional baseballof the Pacific League

We started to sponsor the TV program“Genbabito” which is a documentary of
unknown people who work day by day at
the forefront of various industries.
In depth coverage of the know-how,skills and thoughts of these working
people is broadcast in a documentarystyle. During the commercial breaks, we
broadcast service messages of “Tempstaff,” “DODA,” “an,” etc.
We will make the program a source of energy for those whowill start work from the next Monday. (The program is producedby CBC and airs at 23:30 on Sundays via the nationwide networkof the 28 TBS-affiliated stations.)

The PERSOL Group has become an official sponsor of the 2018
Pacific League, thereby our efforts to increase the recognition
and improve favorable impression of the Group brand will betargeted towards the many baseball fans. Included in suchactivities are: holding baseball games with the sponsor’s namefor six baseball teams (Hokkaido Nippon-Ham Fighters, Tohoku
Rakuten Golden Eagles, Saitama Seibu Lions, Chiba Lotte
Marines, ORIX Buffaloes, and Fukuoka SoftBank Hawks) as well as“PERSOL Pacific League Climax Series 2018,” which are ourcrown games, and broadcasting the Pacific League official live
video streaming service titled “PERSOL Pacific League TV.”

“Genbabito” recording studio

6

Overview of the Consolidated Business Results and Sales by Business Segment
Temporary Staffing/BPO

Net Sales
Amid the recovery trend of the Japanese
economy, the human resource services
market as a whole showed a growth trendwith significant demand on the back of thelabor shortage that continued from theprevious fiscal year. Driven by the strong
market environment, the PERSOL Group
witnessed good results in the temporary
staffing business, our core business, inwhich the number of dispatched workers
remained at a high level, and therecruitment support business, in which thenumber of persons achieving a careerchange increased significantly.
Furthermore, as a result of our businessexpansion efforts through M&A outside
Japan, net sales for the fiscal year ended
March 2018 were 722.1 billion yen(an increase of 22.0% year on year).

segment
UP 22.0%(Billion yen)

800.0

600.0

722.1

Full-year

591.9

400.0

200.0

0

FY ended
March
2017

FY ended
March
2018

Recruiting

Operating Income
Although expenses increased due tomeasures implemented by each businesssegment to increase personnel, as well as
investments to boost the profile of ourGroup brand “PERSOL,” operating income
for the fiscal year ended March 2018
increased 8.0% year on year, to 36.0 billion
yen as a result of growth in net sales
mainly in the Temporary staffing/BPO and
Recruiting segments.

(Billion yen)segment
UP 8.0%

40.0

33.4

36.0

30.0

20.0

10.0

0

7

Demand continued to hover at a highlevel accompanied by a structural labor
shortage from the previous fiscal year,
reflecting a further improvement in
employment-related indices. In responseto the demand, we implemented avariety of measures for supplying
personnel, which contributed to growthin net sales reaching 481.0 billion yen.
As for profit, operating income reached22.1 billion yen, mostly reflecting theincrease in net sales despite theincrease in labor costs incurred in thebusiness expansion and the burden of
expenses borne with respect to system
investments such as the renewal of
mission-critical systems aimed atfuture growth.

FY ended
March
2017

FY ended
March
2018

Full-year

Net sales increased significantly to
72.8 billion yen as a result of thereinforcement of the sales system byincreasing personnel in response torobust demand mainly in the domestic
recruitment support business. As forprofit, operating income surged to10.8 billion yen due to a significant
increase in net sales, which surpassed
the increase in labor cost andpromotion expenses arising mostly
from the business expansion and
expenditure towards structural reformof the job offer advertisementbusiness.

PROGRAMMEDNet Sales

segment(Billion yen)

Full-year

481.0

440.6

.2%

UP 9

FY ended
March
2017

Operating
Income22.1

FY ended
March
2018

* This segment was newly established following theacquisition of Programmed Maintenance Services
Limited. Therefore, the year-on-year comparison
and the related analysis are not provided herein.

.6%
UP 6

billion yen

PERSOLKELLYNet Sales

segment(Billion yen)

72.8

66.1

Full-year

0.1

UP 1

FY ended
March
2017

Operating
Income10.8

billion yen

Since the fourth quarter, we haveincluded the operating results ofProgrammed Maintenance Services
Limited, an Australian company
engaging in staffing and facility
management services, which we
acquired in October 2017. Robust net
sales were recorded mainly in facility
management services. As for profit,
operating loss was 0.5 billion yen due
to the stock acquisition-related
expenses associated with the stockacquisition of the same company.

%

FY ended
March
2018

5.5%
UP 1

This segment had been newly
established as the “Overseas segment”
in the first quarter, but was renamed
the “PERSOLKELLY segment” following
the establishment of the“PROGRAMMED segment” in the third
quarter. Net sales were 65.7 billion yen,supported by the business expansion
resulting from the impact of theincreased scope of business of our joint
ventures as well as strong demand in
the Asia-Pacific region in which we
operate. As for profit, operating loss
was 0.1 billion yen as a result of
improving the regional control function
and reinforcing sales systems in pursuitof medium-term business growth.

ITO

Net Sales

segment(Billion yen)

54.5

Full-year

Net sales were 28.9 billion yen
reflecting robust demand for SI-related
services on the back of growth ininvestment in system-related services
by our customer companies as well asinternal system development in theGroup companies. In terms of profit,
operating income increased to 2.2
billion yen reflecting a significant
growth in net sales despite a rise incosts for improvement of conditions
aimed at restraining retirement andemployment of new engineers and dueto the increase in expenses incurredassociated with the increase in floorarea and improvement of theworkplace environment at the
Head Office.

FY ended
March
2018

Operating
Income– 0.5billion yen

Engineering

Net Sales

segment(Billion yen)

65.7

37.1

Full-year

7.3%

UP 7

FY ended
March
2017

Operating
Income– 0.1

billion yen

FY ended
March
2018

6.7%
UP 35

Reflecting continued strong demandfor personnel mostly from theelectronic device and automobile
industries, etc., net sales kept robust
growth reaching 27.7 billion yen. As forprofit, operating income was 2.3 billion
yen mainly as a result of the operating
ratio of the existing engineers whichhovered at a high level.

Net Sales(Billion yen)

28.9

26.6

Full-year

.8%

UP 8

FY ended
March
2017

Operating
Income2.2

FY ended
March
2018

.0%

UP 8

billion yen

Net Sales(Billion yen)

27.7

26.6

Full-year

.2%

UP 4

FY ended
March
2017

Operating
Income

2.3

FY ended
March
2018

9.5%

UP 1

billion yen

8Net Profit, Dividends and Balance Sheet

Profit Attributable to
Owners of Parent
Profit attributable to owners of parent remained at 7.7 billion
yen (a decrease of 56.4% year on year) due to an impairment
loss in goodwill, etc. based on our decision that thebusinesses operated by some subsidiaries under the brandname “PERSOLKELLY” in the Asia Pacific region and that thejob offer advertisement business operated under the brandname “an” would be unable to achieve the initially expectedbusiness results.
DOWN(Billion yen)

56.4%

17.8

20.0

Information

Balance Sheet(Billion yen)

POINT 1
Increases in cash anddeposits, and decreases
in notes and accounts
receivable-trade

Increases due to M&A

7.7

10.0

Full-year

FY ended
March
2017

FY ended
March
2018

Dividend per Share
In consideration of the comprehensive situation including
steady growth in performance and financial position, we havedecided to increase the year-end dividend for the fiscal year
ended March 31, 2018 from the initially planned 9 yen per
share to 10 yen, an increase of 1 yen.
(Yen)

FY ended
March 2017

First
six-month
periodYear-end

8.00
9.00

POINT 3
Increases in short-termloans payable
Increases in accounts
payable-other and accrued
consumption taxes

5.0

POINT 4

Established:

October 1, 2008

Head Office:2-1-1 Yoyogi, Shibuya-ku,
Tokyo, Japan

Assets

268.3

403.4

135.1

Type of Business:

1 Current assets

165.2

235.4

70.2

69.4

89.6

20.1

103.1

167.9

64.8

Management planning,
administration andoperations related tosubsidiary and groupcompanies that handle
temporary staffing andplacement services

Cash and deposits
Non-current assets
2

10.00

Trademark andgoodwill

17,467 million yen

113.2

39.7

Liabilities

114.5

243.4

128.9

Chairman Emeritus

Yoshiko Shinohara

3 Current liabilities

87.9

217.1

129.1

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

Ryosuke Tamakoshi

External Director

Peter W. Quigley

Director

Hiroshi Shimazaki

External Director

Naoshige Shindo

External Director

Naohiro Nishiguchi

External Director

Chisa Enomoto

Executive Officer

Daisuke Hayashi

Executive Officer

Hirotaka Mino

Current portionof long-termloans payable
4 Non-current liabilities

Long-term loans
payable

5

5.0

89.9

84.8

26.6

26.3

(0.2)

20.4

15.7

(4.7)

153.8

159.9

6.1

Shareholders’ equity

139.1

145.5

6.4

Capital stock

17.4

17.4

0

Capital surplus

20.1

20.1

0

Retained earnings
Non-controllinginterests

102.4
14.6

105.9
14.4

3.5
(0.2)

Please visit our website for more detailed IR information.
The website of PERSOL HOLDINGS: https://www.persol-group.co.jp/

9Capital:

73.5

Net assets

Increases due togrowth of profits

PERSOL HOLDINGS CO., LTD.

ChangeFY ended
March 2018

9.00

Company Name:

March 31,2018

Decreases in long-termloans payable

POINT 5(As of March 31, 2018)

March 31,2017

POINT 215.0

0Company Profile

Members of the Board(As of June 26, 2018)

Executive Officer

Taro Mineo

Executive Officer

Takayuki Yamazaki

Executive Officer

Mikio Miyamura

Executive Officer

Toshiyuki Takakura

Executive Officer

Shinji Masaki

Executive Officer

Kazunari Kimura

Executive Officer

Yu Senoo

Stock Information(As of March 31, 2018)

Distribution of Shareholders(Shares)● Authorized number of shares ............. 720,000,000

Treasury stock● Total number of shares issued ........... 236,677,955

2,817,063 (1.19%)● Number of shareholders ............................... 8,961

Yoshiko Shinohara
The Yoshiko Shinohara
Memorial Foundation

Financial institutions
55,302,471 (23.37%)

Financial
instrumentbusiness
operators

Individuals,
others49,517,724(20.92%)● Major shareholders

Name of shareholder(As of March 31, 2018)

Shareholding
Numberratio (%)
of shares held

26,331,600

11.25

1,861,129(0.79%)

Foreigncompanies,
etc.

Other
companies,
etc.

96,012,689(40.57%)15,800,000

31,166,879(13.17%)

6.75* The shareholding ratio (%) is rounded off to the second decimal place.

Japan Trustee Services
Bank, Ltd. (Trust Account)

12,846,200

5.49

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

10,615,300

4.53

Kelly Services Japan, Inc.

Yoshimi Shinohara
The Bank ofTokyo-Mitsubishi UFJ, Ltd.

Shareholder Information

9,106,800

4,438,400

3,696,000

3.89

1.89

1.58

BBH FOR MATTHEWS
JAPAN FUND

3,413,600

1.45

THE BANK OF
NEW YORK 133524

3,390,900

1.44

JP MORGAN CHASEBANK 385632

3,378,825

1.44

Business year

From April 1 to March 31 of the following year

Annual general meetingof shareholders

Late June

Record dates

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

Administrator ofshareholders’ register
Special accountmanagement institution

Mitsubishi UFJ Trust and Banking Corporation

Contact

Custody Service Department
Mitsubishi UFJ Trust and Banking Corporation
1-1 Nikko-cho, Fuchu City, Tokyo 183-0044, JAPAN
Telephone; 0120-232-711 (Toll free available only in Japan)
URL https://www.tr.mufg.jp/daikou/

Stock listing

Tokyo Stock Exchange, First Section

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.)* The shareholding ratio is calculated based on the number of shares(233,860,892) 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
1-1 Nikko-cho, Fuchu City, Tokyo 183-0044, JAPAN
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(*)

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
1-1 Nikko-cho, Fuchu City, Tokyo 183-0044, JAPAN
Telephone: 0120-232-711 (Toll free available only in Japan)
Method for requesting procedural documents
Download documents online: https://www.tr.mufg.jp/daikou/(*) Shareholders holding shares registered in the special account may not choose the method of receiving dividends in proportion to the number of shares held.

PERSOL 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.

PERSOL 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.

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