To Shareholders and InvestorsPERSOL REPORTBusiness report for the firstsix-month period of the fiscal year
ending March 2019
April 1, 2018 to September 30, 2018

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

Work, and SmileMessage from Management

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

Management
Philosophy
Individual
growthContributeto societyGroup Vision
PROFILE

Masamichi Mizuta
President, Chief Executive Officer,
and Representative Director

1

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 thatcatalyzes growth and innovation.

Financial Highlights

Overview of the first six-month period of FY 2018
Japan is undergoing a modest economic recovery, and an upward trend in the employment
environment is continuing. With firm corporate demand in the staffing services market, thePERSOL Group enjoyed strong performance, mostly in the core businesses of temporary
staffing and recruitment support. Net sales and operating income for the first half under review
reached record highs of 452.2 billion yen and 20.4 billion yen, respectively. This was partly due
to the contributions of Programmed Maintenance Services Limited, in which we acquired
shares last year.

In pursuit of values of human intervention
Technology is making rapid strides. The use of AI and IT is expected to increase as we moveinto the future. We have noted, however, that while sales methods are moving fromface-to-face to online channels, there has been renewed appreciation for the face-to-face sales
method in certain businesses since the Great East Japan Earthquake. This was because it waspeople who supported customers kindly and swiftly after the disaster. And it was people that
customers could count on in a time of need. For many, the disaster highlighted the importanceof person to person contact. While AI and IT applications must be addressed positively, we
believe that our themes and core competence include enhancing the attractiveness of people
and pursuing the value of human intervention.

(Consolidated business results for the firstsix-month period ending March 2019)

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

Operating income

452.2 billion yen 20.4 billion yen
UP 39.3 % Y-O-Y
UP 27.7% Y-O-Y
Profit attributable toowners of parent

11.9 billion yen
UP 30.0% Y-O-YInterim dividend
per share

10 yenFor the benefit of both workers and companies
The PERSOL Group aims to protect the work force in Japan by continuing to serve all people
who wish to work. To meet the employment requirements of both workers and companies, wewill provide full support by precisely evaluating the abilities of each job seeker and highlighting
their strong points to companies. For those who wish to work but have lifestyle restrictions, wewill strive for diversified working styles. We will work to eliminate the barriers of employment
patterns between fixed-term and indefinite-term employment as well as between full-time andpart-time employment.
While workstyle options increase, we have seen diversification in the human resources
companies require and the content of work. The importance of precisely, swiftly linking a job
seeker to the most suitable work for that person will also rise. Under these circumstances, we
promoted the integration of subsidiaries in the Temporary Staffing/BPO segment. We unified
seven temporary staffing companies and renamed the new company PERSOL TEMPSTAFF CO.
LTD., and integrated three BPO subsidiaries into one company in October 2018. We will
pursue the minimization of employment mismatches by further improving precision throughmeasures such as integrating databases.
The environment surrounding employment is constantly changing, as seen in the shrinking
workforce and revisions of laws. To continue to serve as a reliable agent for both working
people and companies, the PERSOL Group will make unified efforts to diversify work styles
and minimize employment mismatches.

Operating income (Billion yen)
42.5
33.4

36.0

28.0

940.0

23.4
Net sales (Billion yen)
517.5

722.1
591.9

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

Create social infrastructure for people and organizations
that catalyzes growth and innovation.
The PERSOL Group to Date
Up to 2013:
Expanded domestic temporary staffing business
1973

Established
Tempstaff Co., Ltd.

2008

Up to 2015:
Diversified domestic businesses

Established Temp
Holdings Co., Ltd.

2015

2006

Shares of Tempstaff listedon the Tokyo Stock
Exchange First Section.

2013

Panasonic Excel Group,
P&P Group,
TEMPSTAFF KAMEI CORPORATION,
MEDICROSS CO., LTD. andCapita Pte. Ltd. (Singapore and Malaysia)
joined the Group.

Panasonic AVC Technology Co., Ltd.,
Panasonic AVC Multimedia
Software Co., Ltd.,The Intelligence Group, andDRD Co., Ltd.,
joined the Group.

2016

Since 2015:
Expanded overseas business and integrated the Group companies
2016

The PERSOL brand
was announced.

Some subsidiaries in
Temporary Staffing/
BPO businesses
were integrated.

2018

First Alliances Co., Ltd.
(Vietnam) joined the Group.
A joint venture with
Kelly Services started operations
throughout the APAC region.

2017

The company name was changed to
PERSOL Holdings Co., Ltd., andthe trade names of the core companiesof the Group were changed.

PERSOL TEMPSTSAFF

The PERSOL Group dates back to 1973, when founder Yoshiko Shinohara opened theTempstaff office at her home in Roppongi, Tokyo. The Group is now targeting 940
billion yen in net sales for FY ending in March 2019.
That was 12 years before the Worker Dispatching Act was enforced in 1985. In thosedays, women generally had no choice but to quit working when they got married, andhad little chance to work. On the other hand, there was potential demand for humanresources by foreign companies expanding their business into Japan. As aconsequence, the temporary staffing business became popular among Japanesecompanies, driven by matching such potential demands.
In 2006, Tempstaff went public on the First Section of the Tokyo Stock Exchange. In
2008, the company established Temp Holdings Co., Ltd., a joint holding company with
Tempstaff People Co., Ltd. Subsequently, the former JAPAN TECSEED CO., LTD., andformer Intelligence Holdings Co., Ltd., were acquired and merged to form the present
business segment. Following the business expansion into the APAC region, we became
one of the largest comprehensive staffing services companies in Japan.

Number ofsubsidiaries of
temporary staffing/
BPO businesses

600.0
400.0
200.0

FY ended
March 2009

FY ended
March 2010

FY ended
March 2011

FY ended
March 2012

FY ended
March 2013

FY ended
March 2014

FY ended
March 2015

FY ended
March 2016

Trend of Stock Price(Yen)

Action Guideline:
Sincerity Customer-oriented Professionalism
Teamwork Challenge and renovation

Job creation

Management Philosophy:
Individual growth Contribute to society

Integration of Subsidiaries of Temporary Staffing/BPO Businesses

800.0

0

Brand Promise:
Supporting individual growththrough working towards a bright future

PERSOL CAREER

Trend of Net Sales(Billion yen)Group Vision:
Create social
infrastructure for people
and organizations thatcatalyzes growth and innovation

FY ended
March 2017

FY ended
March 2018

Temporary staffing
domainBefore integration (As of April 1, 2018)25

After integration (October 1, 2018, and thereafter)

16

PERSOL TEMPSTAFF
and its 20 subsidiaries

Integrated seven subsidiaries*1
into PERSOL TEMPSTAFF.

Four subsidiaries

Merged three subsidiaries*2
into one company, which changed
the company name to
PERSOL WORKS DESIGN CO., LTD.

As of September 11, 2018

4,000

BPO businessdomain

3,000
2,000

On October 1, 2018, seven subsidiaries engaging in temporary
staffing business merged with PERSOL TEMPSTAFF CO., LTD.,
while three subsidiaries in the BPO business were unified as one
company. We gathered the strengths developed at regional
subsidiaries and through business development in our
specialized businesses to improve the precision and speed ofmatching human resources by maximizing concentration andthe use of IT. These measures will allow us to more quickly meetthe needs for abilities and skills required by our customers, andto support job-seekers by providing more diversified
employment opportunities for career development.

1,000
0

3

2008

2010

2012

2014

2016

2018

*1. Seven subsidiaries are: CareerRise Corporation, TEMPSTAFF FUKUOKA CO., LTD., TEMPSTAFF CROSS CO., LTD., Tempstaff Familie Co., Ltd.,
Tempstaff Grow Co., Ltd., Tempstaff Creative Co., Ltd., and Tempstaff Media Co., Ltd.
*2. Three subsidiaries are: Japan IDEX Co., Ltd., Tempstaff Life Support Co., Ltd., and HOWCOM Co., Ltd.

4

Topics

Introduction to Services Provided by the PERSOL GroupPERSOL Group’s Initiatives for Further Growth

The PERSOL Group provides services for supporting diverse futuresof working people under the brands centering on Tempstaff, doda, and an.

The PERSOL Group actively promotes its initiatives as sowing the seeds for future including investments
and alliances mainly in the HR technology areas and measures for incubation,*
aiming to solving the problems of workers and companies as well as realizing further growth.

Alliances and investments in HR technology areas
Temporary staffing andoutsourcing services mainly
for clerical workers

Recruitment support services
through referrals, recruitment websites
and recruitment fairs

Job information website for temporary
and part-time workers

In 2016, the PERSOL Group established PERSOL INNOVATION FUND LLC. This corporate venture capital fund is one of PERSOL’s initiatives inthe HR technology area, focusing on alliances and investments with startups in Japan and abroad. Among the approximately 20 startups in which
we invested, RPA Holdings, Inc., and BRIDGE International Corp. went public. Singular Inc. became a subsidiary of the PERSOL Group,
accelerating the enhancement of HR technology-based services.

Reinforcement of incubation programs
The PERSOL Group has been conducting the Program for Creating Startups, an initiative for incubation enhancement, for four years. All Group
company employees are qualified to apply for the program. An initial investment fund will be provided to programs which pass the final selection
Recruitment website which
diagnoses the market valueof human resources and throughwhich a job applicant can receivea job offer directly from a company

Recruitment support service
for executive advisorsand consultants

Talent management systemthat enables the visualizationof human resources information andthe effective use of human resources

Cloud-based mobile
POS registers which
support store management
in diverse business types

process in order to launch a new business. From the current fiscal year, we have focused on creating new businesses which are lean and efficientby introducing the Lean Startup method.
From among the programs implemented to date, MIIDAS, a mid-career recruitment service, and POS+ (read as “pos-tas”), a cloud-based
mobile POS system, have been created. With the aim of creating more new businesses, the PERSOL Group established the Innovation Promotion
Headquarters in April 2018. The Headquarters works to further accelerate the reinforcement of incubation and the creation of innovation.

The first TV commercial series for mid-career
recruitment service MIIDAS launched nationwide
broadcasts on Sunday, August 19, 2018.

PERSOL Technology Staff

These commercial images can also be viewed on the website.
https://corp.miidas.jp/

EXECUTIVE AGENT*The term “Incubation” refers to services and activities that support the creation of business and starting an enterprise.

5

6

Overview of the Consolidated Business Results and Sales by Business Segment

Net Sales
Amid the mild recovery trend in theJapanese economy, the human resource
services market as a whole showed arobust growth trend, with significant
demand due to the labor shortage.
The PERSOL Group witnessed strong
performance in each human resource
service business, notably growth in thenumber of employment contracts forrecruitment support business.
Furthermore, reflecting the brisk market
environment in APAC countries, thePERSOLKELLY segment grew steadily.
Due to the addition of the PROGRAMMED
segment, net sales for the first half underreview grew 39.3% year on year, to452.2 billion yen.

UP 39.3%(Billion yen)

940.0

(Forecast)

1,000.0

800.0

722.1

600.0

400.0

Full-year

452.2
324.7

First
six-month
period200.0

0FY ended
March
2018

FY ending
March
2019

Temporary Staffing/BPO

Recruiting

PROGRAMMEDPERSOLKELLYITOEngineering

segment

segment

segment

segment

segment

segment

Demand continued to be at ahigh level, reflecting robust
corporate performance and astructural labor shortage. This
contributed to growth in net
sales reaching 248.5 billion yen.
Operating income reached11.1 billion yen, mostly due tothe increase in referral fees
following the revision of related
laws requiring our customer
companies to directly employ
workers, as well as our efforts forcost control including selling,
general and administrative
expenses.

Net sales rose significantly to
41.0 billion yen as a result of anincreased number of concluded
employment contracts, mainly inthe recruitment support
business, driven by strong needs
for human resources. Increase in
net sales exceeded the cost for
reinforcement of sales systems,
such as marketing expenses andpersonnel investments, resulting
in a significant rise in operating
income to 7.5 billion yen.

Despite efforts focused on thereinforcement of customer
relations, net sales remained at
102.4 billion yen due to thedecrease in orders received fromexisting customers amid thechanging competitiveenvironment of the staffing service
business. Meanwhile, operating
income was 200 million yen as aresult of reducing operation costs.

Net sales increased to 36.1
billion yen as a result of theaggressive expansion of sales
systems for the brisk market
environment in the APAC region.
Operating income increased
300 million yen due to growth inservices centering on temporary
staffing and recruitment support,
overcoming an increase in laborcosts that was attributable to theimprovement of systems.

Net sales increased to 15.3 billion
yen as a result of the expansionof consignment by securing
engineers in response to robust
demand, including growing
corporate system investments.
Operating income was 400
million yen, reflecting theincrease in costs for
improvements of conditions andpositive employment of newengineers.

Net sales increased to 13.6 billion
yen, reflecting robust order
receipts despite the impact of achange in the timing of acceptanceinspections. Operating income
was 800 million yen as a result of
rising unit prices due to strong
demand for engineers as well as
cost control by handling projects
in-house.

Net Sales

42.5

Full-year

36.0

Operating
Income

30.0

20.4
20.0

FY ended
March
2018

16.0

10.0

Full-yearFirst
six-month
periodFY ended
March
2018

FY ending
March
2019

248.5

72.8

22.1
10.6

Net Sales(Billion yen)(Billion yen)

2,15.0FY ending
March
2019

UP 60.7%(Billion yen)

102.4
54.5

First
six-month FY ended
periodMarch
2018

Operating
Income31.7

First
six-month
periodFY ending
March
2019

FY ended
March
2018

Operating
Income(Billion yen)

(Forecast)

65.7

Full-year

41.0

UP 13.6%(Billion yen)

11.1

Full-year

FY ending
March
2019

4.7
FY ended
March
2018

7.5

(Forecast)

0.3

Full-year

FY ending
March
2019

0.2

First
six-month
period-0.1
Full-year-0.5
FY ended
March
2018

FY ending
March
2019

33.0

28.9

Full-year(Forecast)

15.3

FY ended
March
2018

FY ending
March
2019

Operating
IncomeDOWN 5.7%(Billion yen)

30.0

27.7

(Forecast)

13.0

13.6

FY ended
March
2018

FY ending
March
2019

Full-year

13.5

First
six-month
periodFY ending
March
2019

0.7

UP 4.5%(Billion yen)

68.0

36.1

Net SalesFirst
six-month
periodOperating
IncomeUP 23.8%(Billion yen)

(Forecast)(Forecast)

10.8

UP 13.6%(Forecast)

UP 225.1%

1.1

14.3

Net Sales(Billion yen)

(Forecast)(Forecast)

Full-year

FY ended
March
2018

First
six-month
periodFY ended
March
2018

35.3

First
six-month
periodOperating
Income23.9

Net Sales

84.0

FY ending
March
2019

UP 4.1%(Billion yen)First
six-month
periodUP 16.1%(Billion yen)

(Forecast)First
six-month
periodUP 27.7%(Forecast)

0

7

235.4

50.0

40.0

Net Sales

Full-year

Operating Income(Billion yen)

520.0

481.0

Full-year

Despite the increase in costs for the
integration in the Group, including theconsolidation of subsidiaries in the
Temporary staffing/BPO segment, we
strived to improve productivity and raised
invoice unit prices in the temporary
staffing/BPO. Highly profitable
recruitment support business grewsignificantly in both the Recruiting and
the PERSOLKELLY segments. As a result,operating income grew 27.7% year on
year, to 20.4 billion yen.

UP 5.5%(Billion yen)

Note: This segment was newly established in thethird quarter of the previous fiscal year, following
the acquisition of Programmed Maintenance
Services Limited. Therefore, the year-on-yearcomparison and the related analysis are notprovided herein.

First
six-month
periodFirst
six-month
period-0.2
FY ended
March
2018

Full-year

FY ending
March
2019

2.2

2.7
1.5

(Forecast)

Full-year

0.4

0.4

First
six-month
periodFY ended
March
2018

FY ending
March
2019

2.3

(Forecast)

0.7

0.8

FY ended
March
2018

FY ending
March
2019

8

Net Profit, Dividends and Balance Sheet

Profit Attributable to
Owners of Parent
Profit attributable to owners of the parent company for the
first half of the fiscal year ending in March 2019 was 11.9 billion
yen, a year-on-year increase of 30.0%, due to the increase inoperating income.

UP(Billion yen)

30.0%
21.8

25.0

(Forecast)

Full-year

20.0
15.0
10.0
5.0
0

11.9

9.2

First
six-month
period7.7
FY ended
March
2018

Information

Balance Sheet(Billion yen)

POINT 1
Short-term loans payable
were partly repaid in cash,
and the remaining balance
was refinanced bylong-term loans payable
by issuing corporate bonds(converting into long-termloans payable).

POINT 2
Decreases due toamortization and foreign
currency translation

FY ending
March
2019

In consideration of the comprehensive performance having
been in line with our plan, we have decided to pay an interim
dividend for the first six-month period of the fiscal year underreview as initially planned of 10 yen per share.

First
six-month
periodYear-end

FY ended
March 2018

9.00
10.00

March 31,2018

September
30, 2018

ChangeAssets

402.3

365.2

(37.0)

1 Current assets

230.5

202.8

(27.6)Cash and deposits

89.6

74.1

(15.4)

Non-current assets

171.7

162.3

(9.4)

Trademark andgoodwill

113.2

104.2

(9.0)

Liabilities

242.3

202.0

(40.3)

1 Current liabilities

217.1

137.5

(79.5)

2

Current portionof long-termloans payable

Dividend per Share(Yen)

Company Profile

10.00(Forecast)

POINT 3(68.6)

Established:

October 1, 2008

● Total number of shares issued ........... 236,704,861

Head Office:2-1-1 Yoyogi, Shibuya-ku,
Tokyo, Japan● Number of shareholders ............................... 9,819

Type of Business:

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

Capital:17,479 million yen

Members of the Board (As of September 30, 2018)
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

Ryosuke Tamakoshi

39.2

Long-term loans
payable

15.7

35.7

20.0

159.9

163.2

3.2

External Director

Peter W. Quigley

Director

Hiroshi Shimazaki

Shareholders’ equity

145.5

148.5

3.0

External Director

Naoshige Shindo

External Director

Naohiro Nishiguchi

Capital stock

17.4

17.4

0

External Director

Chisa Enomoto

Capital surplus

20.1

20.1

0

Executive Officer

Daisuke Hayashi

Executive Officer

Hirotaka Mino

Retained earnings

105.9

115.6

9.6

Executive Officer

Taro Mineo

Executive Officer

Takayuki Yamazaki

14.4

14.6

Executive Officer

Mikio Miyamura

Executive Officer

Toshiyuki Takakura

Executive Officer

Shinji Masaki

Executive Officer

Kazunari Kimura

Executive Officer

Yu SenooNon-controllinginterests

0.1

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

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

64.4

3

(As of September 30, 2018)

PERSOL HOLDINGS CO., LTD.

25.2

Net assets

Increases due togrowth of profits

21.2

Stock Information

Company Name:

1 Non-current liabilities

FY endingMarch 2019

10.00

89.9

(As of September 30, 2018)● Major shareholders

Name of shareholder

Yoshiko Shinohara
The Yoshiko Shinohara
Memorial Foundation

Distribution of Shareholders(As of September 30, 2018)

Treasury stock

Financial institutions(Shares)

49,599,789 (20.95%)

2,817,090 (1.19%)

Financial
instrumentbusiness
operators

Individuals,
others49,802,776(21.04%)

Shareholding
Numberratio (%)
of shares held

26,331,600

11.25

2,597,102(1.10%)

Foreigncompanies,
etc.

Other
companies,etc.

100,693,087(42.54%)15,800,000

31,195,017(13.18%)

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

Japan Trustee Services
Bank, Ltd. (Trust Account)

10,392,600

4.44

Kelly Services Japan, Inc.

9,106,800

3.89

Shareholder Information

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

8,942,500

JP MORGAN CHASEBANK 385632

5,899,717

Yoshimi Shinohara

4,438,400

1.89

MUFG Bank, Ltd.

3,696,000

1.58Japan Trustee Services
Bank, Ltd.
(Trust Account No. 5)

3,581,000

1.53

BBH FOR MATTHEWS
JAPAN FUND

3,494,200

1.49

3.82

2.52

* The shareholding ratio is calculated based on the number of shares(233,887,771) 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.

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.)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.

All people pictured on the front cover are employees of the PERSOL Group (as of October 2018).

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