PERSOL HOLDINGS CO., LTD.
Held on Tuesday, July 2, 2024
Script of IR DAY:DAY1 R&D Function Unit Business Description【Executive Officer R&D Function Unit Lead Nagai】
Thank you very much for your time today.
My name is Nagai, and I am in charge of the R&D Function Unit at PERSOL HOLDINGS.
Today, I would like to give you an overview of our R&D business.
Please note that the R&D Function Unit will be abbreviated as "R&D" in the document.

Let me begin with an overview of R&D.

First, the mission of R&D.
We are an organization that creates new business areas by changing the future with new
methods in new areas. We also create business value in new ways within PERSOLHOLDINGS.

This is an excerpt from the briefing materials of our Mid-term Management Plan 2026.
We see the future market by assuming two major components. One is well-being,
which corresponds to the diversification of workstyles reflecting the power shift toindividuals in the face of the decreasing number of individuals. The second mission of
R&D is to overcome the problem of how technology and human resources should be inthis era or a little further into the future, in response to the drastic changes in technology,
especially in digital technology.

Our portfolio currently consists of business development activities in two main businessareas. The first is to solve the issue of a shortage of human resources. We aretransforming the strengths we have developed in temporary staffing and placementbusiness into new methods, primarily in support of recruitment and staffing. The second
is to solve productivity problems. We will improve the working environment mainly
through DX such as approaching of manpower saving and expanding the skills of staff
members. We have identified these two areas of problems to solve. In other words, wetarget a wide range of business opportunities, and we are taking on new businesschallenges through M&A and our in-house business development program called Drit. Of
course, not everything works out, so we regularly review the business portfolio to assess
the effectiveness and probability of the businesses and replace them. The portfoliochange includes selling or withdrawing from a business, or conversely, transferring abusiness to another SBU if we judge that the transfer will increase the growth potentialof the business.
We now have two major stages: R&D and Growth. As you can see on the right, R&D isdeveloping some businesses at a company called PERSOL INNOVATION. Please think of
it as the so-called "0-to-1" stage of business. Businesses which have begun to grow larger
in this stage grow to a certain size, reaching a stage called growth. This is an area wheresuch businesses achieve further growth with investment from the Group. There are
currently three companies in this area: MIIDAS, Sharefull, and POS+. Due to time
constraints, I would like to explain to you today about two of the companies in this growtharea, Sharefull and MIIDAS.

Before explaining about the two companies, I will show you the overall structure as theGroup's agenda. We have set up a matrix at a conceptual level like this. It consists of new
methods and areas that I mentioned earlier, and areas where it takes some time before
monetization. We are working on R&D-like tasks, or those in the BizDev area, which will
generate the next cash flow. And in areas which are already profitable, R&D will
constantly cooperate with existing businesses to maintain and improve the profitability,
in an effort to improve the corporate value of PERSOL HOLDINGS as a whole.

Let me now explain about Sharefull, one of the companies in the growth stage.

Sharefull's corporate philosophy is in sync with the corporate philosophy of the PERSOLGroup, “Work and Smile,” but the freelance gig-type job is a new way of working andmatching. So Sharefull has adopted a mission of expanding everyone's “work” andcreating a new way of “working.”

As many of you may know, we at Sharefull provide work opportunities in the form of afreelance gig-type job app. This means a so-called matching service, which enables users
to find part-time jobs including one-off, single-day jobs. It is unique in that users canwork and get paid right away. The business itself was launched in 2019. It has grown tobecome one of the leading operators by number of job listings and users. The businessmodel is the same as that of normal human resources service, in which commissions arereceived from client companies and job seekers can use the service for free.

To tell you why we started this business, there is a problem with the speed of posting job
listings with the operation on existing media for recruiting part-time workers, which is
faced by recruiting companies at left. Fees are charged for posting in most cases, andcompanies don't know whether they will receive applications or not until they post job
listings. In addition, the recruitment is assumed to end up as long-term employment. It
is called "regular" employment in the area of part time jobs. This may cause recruitment
mismatches. The right side of the slide shows the negative points for users. There are
great many job listings, but most of them give text information only, with some showing
photos as well at most. This means it is hard to find jobs. And second, it takes time toget hired. The process includes preparing for the application, going to the interview, andbeing evaluated relative to the other candidates before the final decision is made. It also
lacks flexibility in terms of work styles, and long-term employment or fixed shifts are
assumed. In addition, since paydays are set inevitably, it takes time before a user canreceive payment, which was a problem. Payments are made on a monthly basis, inprinciple, with payment for the month made at the end of the following month. This had
been a matter of course until digital technologies solved it. I think no one raised it as an
issue.

As a freelance gig-type job app, Sharefull can solve all of these problems.
First, let's see the employer side on the left. The process up to recruitment will be quicker.
Clients have 24/7 access to our platform and can list jobs on flexible terms. Second,
appropriate cost management means that because billing is results-based, companies
can reduce the risk of not receiving any applications at all.

Third, by preventing

recruitment mismatches, we mean that employment of a person who works in afreelance gig-type job for a day or for a short period of time can later be converted tolong-term employment, preventing mismatches. Regarding compensation payment onbehalf of employers, it is very difficult to handle the process after single-day or shortterm employment, such as attendance and payroll. We can consistently take care of theentire process.
Please look at the job seeker side on the right. It is easy for them to find jobs that suit
their schedules. No resume or interview is required, so they can start working right away.
Many one-off/short-time jobs are available, permitting users to choose jobs according totheir schedule, which means flexible work styles. And finally, immediate payment ofcompensation means that once they check out, we pay their wages into their accounts
immediately. This enables them to meet urgent expenses.

Here is some feedback from customers. For example, a client company received a floodof applications where there was a lack of applications, or a client company uses ourservice as the first opportunity to meet candidates, and it can then be used as a step
before recruiting candidates who are truly a good fit for their site. In addition to solving
the issue of labor shortages, we do not charge additional fees even if the employment isconverted into long-term employment as I mentioned earlier. We therefore provide
benefits in terms of quantity as well as cost reduction and quality in recruitment. In termsof recruitment man-hours, when customers are onboarded, the customer can post job
listings 24/7. This has reduced man-hours and led to speedy recruitment.

As for the market in which we operate, I think it is growing quite significantly due to theincreasingly serious shortage of human resources, the diversification of individual work
styles, the rising cost of living, the structure that makes it difficult to raise salaries, andthe increasing visibility of freelance gig-type jobs.

This slide shows the traction we have gained so far. The number of job seekers is slightly
under 7 million as of May 2024. The rate of increase is growing year by year. Look at theuser attributes on the right hand side. Company employees account for slightly over aquarter of the total. I think that this service is accepted by a wide range of people, notjust part-time workers. The generation, which is indicated by the pie chart in the middle,
is also as expected. Those in their 30s or younger account for 60% to 70%. This meansthat the accounts of relatively young people have been acquired. Coordination with otherservices in the PERSOL Group is also expected in the future.

Our growth strategy has several aspects. I will explain them in sequence.
We start with the right side. This is the side of individual users. Using our significant
financial capacity at PERSOL Group, we will make large-scale investment for attracting
users. We are taking initiatives with customers to attract as many users as possible, suchas increasing visibility. See the box (1) below. It says, "Sharefull members, a reward
point service.” With conventional recruitment services, users have no reason to visit a
website without job listings. We have created a reason for users to come here even when
there are no job listings, by gamifying it with reward points. This will increase MAUs(Monthly Active Users). Moving on to the companies' side on the left, we are currently
strengthening our sales system as shown in box (3). For this, we have begun anationwide coordination by taking advantage of the PERSOL Group's assets. And the box(2) says, "Coordination with Sync Up shift management service." By coordinating with
Sharefull based on data on whether or not shifts are filled before job openings are posted,
we provide a one-stop service of filling shifts for our customers. As a result, the data
shown in the box (4) in the middle will be accumulated, and the quality of matching will
be improved further. And as I will explain later, we would like to not only enhance thequantity and quality of this matching for freelance gig-type jobs but also use the data toprovide access to other services.

I would like to give supplementary explanations to (1) to (4), following my brief
explanation earlier.
First, “Sharefull members” is a reward point service within Sharefull. Almost all jobs wehandle are to be done onsite. In other words, they have field sites. Users need to go tothose workplaces, instead of completing work via the internet as with an online job. So,
this reward point service is highly compatible with the Sharefull service. From theperspective of individual users, if they are to go to work, they would rather use Sharefulland earn reward points with Sharefull members. The accumulated points can beexchanged with some gift. Thus, we are offering so-called multitiered value.

The second point is about multitiered value offered through “Sync Up.” This was
originally done by PERSOL INNOVATION. A service called Sync Up was transferred toSharefull, and we are working to eliminate staff shortages more efficiently by obtaining
information about shifts before customers' procurement of staff. Simply put, if the shift
data in Sync Up show that a shift for two days ahead is not filled, for example, thisinformation will be automatically reflected in Sharefull to minimize the possibility that thecustomer will suffer from an unfilled shift. This would be a very unique service. The
service has finally been released after we conducted various tests over the past six
months. Here we give the name of one customer to whom we have released theservice. Back-orders have been steadily increasing. While we are working to create better
shifts, vacant shifts are automatically reflected in job listings on Sharfull, thus minimizing
the possibility that customers will suffer from an unfilled shift. This will happen in thenear future.

The third factor is about coordination within PERSOL Group. Beyond services provided
only though Sharefull, the PERSOL Group has many group companies that havecustomers in areas that are a good match for this Sharefull. Examples are PERSOLTEMPSTAFF, PERSOL MARKETING, PERSOL TEMPSTAFF KAMEI, Tempstaff Forum, andPERSOL EXCEL HR PARTNERS. These companies have jobs in sales, customer service
and light work on short-time rather than full-time basis, all over Japan. Having begun towork with these companies now, we have established a presence in all 44 prefectures ofJapan and have begun sales coordination. With these initiatives alone, we aim to increase
the number of companies by 3,000 by the end of 2026. In addition, regarding
coordination for sending users, we have strength in the younger generationas I
mentioned earlier, on the other hand, other services have a hard time attracting younger
customers. However, the differences of a customer base enable us to help each other.
Furthermore, it was also revealed in a questionnaire that young individual users of
Sharefull are looking for office work. I believe that the effective coordination of thesepoints will enable us to give support for the work of individual job seekers and will help
to fill job vacancies.

And fourth, by utilizing data, we launched a service called Sharefull Agent this spring, inaddition to the service related to freelance gig-type jobs. The Sharefull app has aquestionnaire function. Using the function, we conducted a questionnaire last year with
the number of samples being 61,213. Only one question was asked: "Are you looking forlong-term employment offers?" As a result, it was found that slightly more than half of
the individual users are looking for a job or would like to change their job if there is any
good one. This allows us to say that users of the freelance gig-type job app are looking
for not only jobs like these, but other opportunities and chances. Based on this data, wehave begun to leverage these assets, such as the placement business we do in other
SBUs and the jobs we hold, to provide placement services to individual users of Shareful
and increase better working opportunities. The right side shows comments from actual
users. For example, a person who had long wanted to be a regular employee did not
expect to receive support. Sharefull helped him gain an opportunity to work as a regular
employee. For the second user, the log showing a high evaluation of her work in jobs
found on Sharefull has enabled us to show her appeal to client companies. The kind oftrust earned through work in jobs found with Sharefull adds to trust in the person. This
has led to long-term employment. Finally, this Sharefull user had a gap in theiremployment. Some people say that they have had difficulty explaining their work history.
During this period, we suggested that they try this kind of work through us. This enables
them to build a track record and helped them become regular employees. At any rate,
we can say that Sharefull enables us to provide this kind multitiered value to users whom
other placement services could not support well. We are also able to direct them to newservices by utilizing data developed through freelance gig-type jobs from Sharefull.

Taking Sharefull Agent as an example, PERSOL Holdings itself has doda, TEMPSTAFF, andother so-called matching services and temporary staffing services. However, the bottom
zone is where the PERSOL Group has not been able to serve well. However, we also
predict that in the coming age of AI, people in this so-called deskless industry will become
very important. Therefore, we believe that we have an important role to play inexpanding the scope of the PERSOL Group's support, instead of with Sharefull alone.

This slide shows market potential. As I indicated earlier, first of all, the size of the market
for freelance gig-type jobs is currently 20 billion yen. And we believe that it will grow toabout 100 billion yen in the near future. We believe that, as shown here, the market for
part-time job listings, or the market centered on media, and the market for job listings
for regular, temporary, and contract employment centered on Sharefull Agent have thepotential to expand dramatically.

And regarding this slide headlined "As the entrance to services from PERSOL Group," asI mentioned earlier, we have a very large number of users in their 30s or younger. This
point is different from the other services of the Group. We believe that, by effectively
linking Sharefull users with our other services, we can create opportunities for them toexpand their possibilities. On the far left is Sharefull Agent that I mentioned earlier. We
will link it to users who want to be regular employees. For prospective full-time graduate
employees in the middle, we offer a service named doda Campus. For those seeking
clerical work and those who want to engage in long-term contracting work, we will
effectively link them with our TEMPSTAFF, which provides temporary staffing services,and PERSOL BPO and PERSOL MARKETING, which offer BPO services. I think this will
enable us to serve as the entrance to wider employment opportunities within the Group.

Finally, let me introduce the management team members. The members have very
unique backgrounds.
Mr. Yokoi, the representative, is a former CTO of Lancers and has a background as anengineer. Vice President Oshiro has a long career in engineer temporary staffing andplanning of temporary staffing at Intelligence. He is skilled in human resource services.
Moving to the right, Mr. Nakamura, the executive officer, is now in charge of supervisingsales. He has dealt extensively and deeply with job recruitment media at former an. He
is in charge of effectively linking this job recruitment media with freelance gig-type jobs.
Finally, Mr. Katayama. While he is still new to Sharefull, he worked for Recruit, where heengaged in settlement and finance-related business. As I noted earlier, immediatepayment of compensation is one of the strengths of Sharefull. In other words, HR and
FinTech are very close to each other as businesses and products. We would like to takeadvantage of Mr. Katayama's background to design and develop better products.
This concludes my overview of Sharefull.

I will move on to explain the second company, MIIDAS.

The mission of MIIDAS is to find what they can do and create opportunities so that they
can have a try. We want all people and organizations to be aware of their possibilities.
Knowing the possibilities will lead to a desire to have a try. We are thus committed to
discovering (miidasu in Japanese) the potential of people and organizations, and this isreflected in the company name.
The alternative view is that MIIDAS started with a desire to create a new recruitment
service, by questioning the conventional ways of recruitment and matching, such as thecriteria employed when people evaluate each other.

A service overview of MIIDAS is as shown here. It covers an extensive value chain,reflecting our desire to enable the service to not only support recruitment but also to
maximize employee engagement and their potential for active participation after joining
the company. It covers the steps from recruitment to improvement of employee
engagement after joining the company and engagement of existing employees. We havea vast amount of data for this. This means that, by using AI and big data, we areproviding one-stop services, including human resource matching and the developmentof recruited human resources, mainly to SMEs. We would like to minimize mismatches
based on data as much as possible, for instance by considering the characteristics andbiases of each person and comparing them with the characteristics of existing employees
who are considered high performers, instead of only employing existing easy-tounderstand criteria. We are committed to maximizing the possibility of active participation.

We are considering three major issues related to recruitment faced by individuals andcompanies, or local SMEs as targets of MIIDAS, among others.
First, on the side of corporations, the labor shortage is shown at far left. The population
is declining and recruitment has become increasingly challenging. Local SMEs havedifficulty recruiting human resources. They do not even receive applications. This leads
them to employ whoever applies. In many cases, this results in the employee soonleaving the company or a mismatch. To address these issues, we offer a direct recruiting
function and a service based on data to prevent mismatches.
As for improving recruitment capabilities and visibility in the middle, major companies
can create opportunities to let the world know about them by using external people forvarious PR activities to deliver information about them to the world. So what about local
SMEs? In the first place, they don't know how to recruit human resources. Even if they
actually do good work, they don't identify if the work will help them attract people. Even
if it is identified, they don't know what channels to use to communicate it to potential job
applicants. These are the problems. We will do this by providing recruitment expertiseand by acting as a medium to communicate the attractiveness of the company, such as
through awards that I will explain later, and acquisition of certification on health andproductivity management. With these measures, we will describe what each company
does.
Finally, I will explain the value we provide to individuals on the right side. It is appropriate
evaluation and matching. We believe that currently, unified criteria, such as educational
background and the number of times they changed their career, are used for matchingin many cases. This does not necessarily result in an appropriate evaluation and makes
it difficult to say that matching is based on insight that they were unaware of. Further,they don’t know if a company matches them or not until they join it. This may have madeit a kind of gamble for both companies and individuals. In response, at MIIDAS, we help
them discover companies where they are highly likely to participate actively. We would
like to minimize the occurrence of mismatches that I mentioned earlier by providing
services based on so-called assessment data.

The business model of MIIDAS is very simple. On the right side, there are corporateclients, for whom we provide recruitment support and certain other services to support
active participation. In return, we receive a monthly fee. The service is free of charge forusers. The assessment also allows users to receive scout e-mails giving information aboutjobs with high possibility of active participation, etc. A possibility diagnosis allows us toapproach people who have a potential desire to change their career. Conversely, there
are cases where users take actions in response to data on jobs that may fit them.

The strengths of MIIDAS can be broadly divided into three.
The first is our unique assessment technology, which I mentioned earlier. We offer adiagnosis of the possibility of active participation as a kind of assessment. This frees
individuals and client companies from bias. The characteristics of those who are actuallyparticipating actively are linked with those of individuals, adding to the possibility of active
participation in the job introduced in each scout e-mail. I hope this is easy for you tounderstand. The second strength is our highly productive non-face-to-face sales team. If
we try to sell a service to a local SME, the costs of sales and marketing activities actually
do not pay off, making it uneconomical. This makes it structurally difficult to expand
services for SMEs. Therefore, it should be obvious that many SaaS services are designed
for major enterprises. At MIIDAS, we have built this stylized model of operations and an
onboarding mechanism in such a way that sales operations can be designed appropriately
using videos or list allocation, for example. This has resulted in a system that enables us
toprovideSMEs

across

Japan

with

information

about

our

services,

onboarding services, and service for customer success, and to carry out sales activities
targeting new companies, all from a single location. Our third strength is our PR capability.
For many recruitment service providers, recruitment services are all they have tocompete with. Of course, this would make it difficult to do well in head-on competition
with the services of many major enterprises that have been provided and services thathave been heavily marketed and which have already achieved visibility. This is why I told
you earlier that our service covers an extensive value chain. We have MIIDAS used not
only for recruitment but also as a kind of media, such as with Workers First Award, sothat each company can present itself to potential job applicants, make announcements,
and provide correct information. We also offer such a function. In this way, we will notonly support recruitment but also provide specific services for low-visibility job listings
and for companies having difficulty recruiting human resources, thereby helping
customers overcome shortages of human resources.

Now, let's look at details of each. First, we reduce mismatches in recruitment by using
unique measurement technologies. The graph on the left shows the correlation between
recruitment methods and performance demonstrated by recruited staff members, which
we identified. It shows that, with general recruitment methods, the correlation between
persons who are highly evaluated and the performance they demonstrate after joining
the company is extremely low. On the other hand, the correlation is high with themethods shown above. Examples include competency test, structured interview, and akind of practical test like an internship program. While I cannot show you all of them,this light-blue part provided by MIIDAS shows specific solutions that we provide toprevent mismatches. For this purpose, we provide a diagnosis of the possibility of active
participation shown at right. We provide individuals with a competency diagnosis, whichshows them their strengths and the jobs that suit them. For corporations, we provide afitting function for human resource analysis, or diagnosis of factors for active participation.
The characteristics of high performers among existing staff differ among the departmentsof the same company, such as between the accounting department and the sales
department. We therefore ask them to identify the characteristics of high performers ineach department. Simply put, these two types of data enable us to match Company A
with individuals B and C who seem to fit the company. While conventional scouting
services basically send e-mails in bulk to many segments, this scouting feature of MIIDAS
enables one-on-one matching based on personalized data.

For example, we offer a unique Bias Diagnosis Game because each person has their own
biases, which can cause them to lose sight of their own characteristics or to perceive
them incorrectly. These biases are the subjects of the Bias Diagnosis Game, which allows
users to enjoy entering data about themselves and helps improve the accuracyof diagnosis of the possibility of active participation.

Next, I will explain the Workers First Award, which I mentioned earlier. We actually held
this program for the first time last year. We held it with the help of Asahi Shimbun as cosponsor and the Ministry of Economy, Trade and Industry as supporter. As I mentioned
earlier, the background issue that led us to start this initiative is the fact that there is noopportunity at all to learn about the various initiatives of Japanese SMEs that are doing
good work. At MIIDAS, we ask customers, "What efforts do you make as a company thatis most considerate of its workers?" and solicit answers to this question. We score andevaluate them to grant awards and publicize the results and deliver the information to
MIIDAS registrants. This lets them know companies that they didn't know and increases
the attractiveness of companies, whose attractiveness was on an ordinary level. In doing
so, we contribute to recruitment. This is the purpose of the initiative. The award has been
supported by customers in numbers that are probably quite large for an award of thiskind. In the first Workers First Award, we could attract 1,224 companies. We interview
companies which are highly evaluated as a result of our engagement survey. Then we
provide the information collected through the interviews and others, publishing it in the
media. Thus, we publicize information about initiatives of regional SMEs that did not haveopportunities to become widely known but which are outstanding. We thereby let
potential job applicants know about the initiatives and encourage the companies
themselves to pursue further initiatives and engagement.

This slide shows the traction gained so far. The main target of MIIDAS is regional SMEs,
which are estimated to be approx. 700,000 companies. It is the number of companies
which recruit staff members, probably by using Hello Work, in a year, and there are many
more SMEs in Japan. The 700,000 companies do not include those that are not targetedby MIIDAS, such as sole proprietors and asset management companies. At present, thenumber of accounts held by MIIDAS is 430,000 companies, including users of freeservices. We intend to increase the number of customers using MIIDAS to 700,000
companies.

This slide shows the competitive environment.
Recruitment solutions can serve a wide range of SMEs, but it is not that simple. Also, togive examples from an economic perspective, competition with Hello Work is inevitable,
and the onboarding cost is extremely high. Therefore, both human resources services
and SaaS are oriented towards large enterprises. This is the nature of the structure. We
understand that while the number of entrants is small, it is difficult to make the businesspay. We will therefore differentiate ourselves in terms of quality with the diagnosis of thepossibility of active participation that I mentioned earlier. We will also cover the process
beyond recruitment, or the post-process in the value chain. Thus, we aim to build aservice that is indispensable for customers and with it a unique position in a few years.
The factors for differentiating ourselves for this purpose are listed at right. First, we willdevelop the sales process and the ability to acquire new customers with high productivity.
The second factor is the diagnosis of the possibility of active participation. What SMEs
fear most is a mismatch. The diagnosis is an initiative to minimize mismatches. The final
factor entails services ranging from recruitment to organizational diagnosis. They are
one-stop services provided after the recruited staff join the company and for existing
employees. By providing these services as a package, customers find MIIDAS useful not
only for recruitment, but we also help them improve the level of their existing employees
and increase their own engagement, thereby reducing the churn rate. This is how it
works.

For example, there is a service called Learning for Active Participation, which we havealready begun to provide.
We distribute training videos. We have lists of customers' employees who are registeredwith us. This means we have data that help us determine which services or contents
would better serve which persons. By delivering this content to employees as finaldestinations, we are working to ensure that customer training will not become a formality
while increasing the viewing rate and the number of views. This is another initiative weare taking. This is an example of how we can enhance the effectiveness of our services
by taking charge of certain operations, which is nowadays called BPaaS. Of course, as
you know, there are more than a few cases where a single person is assigned to do backoffice operations of an SME, including recruitment and general affairs, or information
systems. In these cases, we can send reminders and recommend training customized
for each employee. Customers are very happy with this service. This is just one example,
but in order to provide one-stop support for SMEs, we would like to continue developing
such training and other mechanisms to increase engagement for existing employees.

This slide shows users' feedback. We have divided them into comments on recruitment
and feedback on other support. For example, a corporate client said that because they
can check the results of competency diagnosis in advance, they could actually send scout
e-mails to specific persons based on the results. The company has also begun to use ourservices in an interesting way. While they intended to use the services for recruitment,
the information about characteristics of persons who are participating actively in thecompany is shared as actual examples of high performers, triggering conversations. For
individuals, here is a case of matching that made us MIIDAS very happy. A person has
their own biases, and there is an unknown aspect of themselves. By receiving a diagnosisof the possibility of active participation, this person began to be scouted by companies
that they did not expect at all. However, when the person listened to the companies or
saw the job listing, they somehow felt that the job seemed suitable for them. This insightwas gained. Of course, if an unexpected job offer turns out to be absolutely unsuitable,
the user experience will worsen. However, since users actually undergo a competency
diagnosis and a diagnosis of the possibility of active participation, there are more andmore cases where companies' specific offers, which are given with a comment, "This andthis may be suitable for you," lead to matching. As for the various support forcorporations in Step 2, there are also training systems such as the Learning for Active
Participation that I mentioned earlier. Customers do not need to prepare videos on theirown. We constantly update the contents by developing what are trendy in the world. As
a result, we provide services that increase engagement not only for recruited staff
members or those whom we supported in their recruitment but for all employees alreadyworking there. I think this is an example of a case where user experience of having to pay
money separately for recruitment, training, and survey has been eliminated.

MIIDAS has participated in various award programs and been evaluated highly. In 2024,
in particular, we won the Leader, the highest award, in these three IT categories for thefifth consecutive term. What customers evaluate highly are shown in "What can be done
under the fixed-rate system" in the middle. Currently, the number of members is 1.2
million. The number of corporate users is approx. 430,000. All services are provided as
all-in-one services, with no additional fees charged based on the number of recruits, andno additional payment for optional training or engagement services. This is thought tobe the evidence for the high evaluation.

Finally, this is our management team. The representative, Mr. Goto, worked for asecurities company. At PERSOL CAREER, he identified the present issues through careerchange media and launched MIIDAS. He is supported by professionals who share his
passion for new recruitment services and intention to support SMEs. The marketing
officer is Mr. Ochi, who was actually in charge of so-called consumer branding at Lenovo,
rather than human resources. Mr. Ishida, who has extensive experience in so-called
platform business and consulting, is in charge of CPU products. Thus, we have createdthe competitive advantages that I mentioned earlier.
Today I have described the services of these two companies.
We operate many businesses other than these. We will find opportunities to explain themin the future. At the same time, through these two companies, PERSOL will provide theworld with hitherto unseen value.
We would very much appreciate your support.