Note:This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy
between this translated document and the Japanese original, the original shall prevail.

April 27, 2021
For Immediate Release
Company Name: EPS Holdings, Inc.
Representative Director: Yan Hao, Chairman & CEO(Code No.: 4282, TSE First Section)
Inquiries: Kazuki Sekitani,

Vice President andCorporate Officer(Tel: +81-3-5684-7873)

Notice of Acquisition of Shares by Consolidated Subsidiary (a second-tier subsidiary of the Company)

EPS Holdings, Inc. (the “Company”) hereby announces that at a meeting held on April 27, 2021, its Board of Directors
resolved that EPS Corporation (headquartered in Shinjuku-ku, Tokyo, and headed by Akira Sasa, President andRepresentative Director; hereinafter, “EPS”), a wholly owned subsidiary of the Company, will purchase all shares of CAC
Croit Corporation (headquartered in Chuo-ku, Tokyo, Hajimu Kato, President and CEO; hereinafter, “Croit”), a wholly
owned subsidiary of CAC Holdings Corporation (TSE 1st Section, code 4725, headquartered in Chuo-ku, Tokyo, Ryota
Nishimori, President and CEO; hereinafter. “CAC”) and that EPS will make Croit its consolidated subsidiary (a second-tiersubsidiary of the Company).

1. Reasons for acquisition
The mission of the Company and its group companies (“EPS Group”) established in the Group’s corporate philosophy is“We will contribute to the advancement of the healthcare industry by providing high-value-added solutions to our clients.”
The Group operates three businesses, including CRO Business*1, SMO and CSO Businesses, and two overseas businesses,
including Global Research and EPS EKISHIN(China) Businesses, within the constantly changing environment ofpharmaceutical and medical equipment development.

As a leader in CRO, EPS plays the central role in the Group and has been providing pharmaceutical companies andacademic institutions with advanced expertise and technology in pharmaceutical development in an effort to deliver
medicines to people who need them as quickly as possible.
CAC, meanwhile, has maintained a system of providing seamless services from system planning and building to operationand has been providing IT and healthcare services since its founding as an independent software company in 1966.
As a CRO having strengths in IT, Croit has established its mission as “Contribute to public healthcare to make the world
happier and full of smiles” and helps increase the efficiency of pharmaceutical development to provide the pharmaceuticaldevelopment support service of the CAC Group. Croit has strengths in PV*2 using its operational expertise based on superior
information technology and an extensive track record.
The reasons for the acquisition of Croit include

（1） the ability to build a system for serving customers in a wide range of industries, from clinical trials to manufacturingand sales, using the expertise of both companies in operation management and customer services（2） the ability to provide wide-ranging safety information for clinical trials, comprehensively using knowledge, skillst and system development in safety information management support（3） the opportunities for employees to exert their highly specialized skills*1. CRO: A contract research organization.
An individual or organization entrusted to perform part of the operations related to clinical trials performed by drug
companies and other institutions in pharmaceutical development. Common tasks include monitoring and auditing clinical
trials, data management, and statistical analysis.
*2. PV: Pharmacovigilance.
The tasks are to input safety information gathered from various sources such as adverse event reports on clinical trials,
post-marketing surveillance, and overseas agencies into databases, perform reinvestigations for medical institutions andprepare reports for Pharmaceuticals and Medical Devices Agency (PMDA) as necessary after primary processing(primary evaluation). A task in clinical trials and after-marketing clinical trials is to prepare documents to be submitted tophysicians responsible for clinical trials and the heads of medical institutions where testing is conducted.
2. Overview of the subsidiary (second-tier subsidiary) to be transferred

(1)

Name

CAC Croit Corporation(2)

Location24-1 Nihonbashi-Hakozakicho, Chuo-ku, Tokyo(3)

Title and name ofrepresentative

Hajimu Kato, President and CEO(4)

Business

Contracted operations in the development of pharmaceuticals andmedical instruments and related IT services(5)

Capital90 million yen(6)

Establishment

April 2012(7)

Large shareholder andownership ratio

CAC Holdings Corporation: 100%

(8)

(9)

Relationships with thelisted company

Capitalrelationship

Not applicable

Personal
relationship

Not applicable

Businessrelationship

Not applicable

Consolidated operating results and financial position in the last three years (million yen)
Fiscal year

FY ended Mar.
2020

FY ended Dec. 2018

FY ended Dec. 2019

Net assets

2,947

2,430

1,889

Total assets

4,532

4,839

4,571

Net sales

11,008

8,574

6,826

Operating income

891

(66)

(262)

Ordinary income (loss)

892(67)

(256)

508

(216)

(441)

Profit (loss)

3. Overview of the company (CAC) from which shares will be transferred(1)

NameCAC Holdings Corporation(2)

Location24-1 Nihonbashi-Hakozakicho, Chuo-ku, Tokyo(3)

Title and name ofrepresentative

Ryota Nishimori, President and CEO

Business

Establishment of management strategies and business management for
the group companies(5)

Capital stock

3,702 million yen (as of December 31, 2020)(6)

Date of establishment

August 1966

(7)

Net assets

26,236 million yen (as of December 31, 2020)(8)

Total assets

44,565 million yen (as of December 31, 2020)

(4)

(9)

Relationship between
the company
concerned and thelisted company

Capitalrelationship

Not applicable

Personal
relationship

Not applicable

Businessrelationship

Not applicable

Applicability torelated parties

Not applicable

4. Overview of subsidiary concerned (EPS)
(1)

Name

EPS Corporation(2)

Location

2-23 Shimomiyabicho, Shinjuku-ku, Tokyo(3)

Title and name ofrepresentative

Akira Sasa, President and Representative Director(4)

Business

Support for clinical trials planning and protocol development, CRA
operation (monitoring), data management, etc.

(5)

Capital

100 million yen (as of September 30, 2020)(6)

Date of establishment

July 2014(7)

Net assets

19,574 million yen (as of September 30, 2020)(8)

Total assets

26,948 million yen (as of September 30, 2020)

5. Number of shares acquired, acquisition price, and status of shares held before and after acquisition(1)

Number of shares held
before transfer

0(Ownership ratio of voting rights: 0%)(2)

Number of sharesacquired100(Ownership ratio of voting rights: 100%)(3)

Acquisition priceCommon shares of CAC Croit: 3,000 million yen
Advisory expenses, etc. (approximate amount): 6 million yen
Total (approximate amount): 3,006 million yen(4)

Number of shares held
after transfer

100(Ownership ratio of voting rights: 100%)

6. Schedule (tentative)(1)

Date of resolution at theBoard of Directors
meeting

April 27, 2021

(2)

Date of transfer
agreement

April 27, 2021

(3)

Date of share transfer

June 30, 2021

7. Outlook
The impact of the acquisition of the subsidiary on the consolidated financial results of the Company for the current
fiscal year is currently being examined.
The Company will immediately announce any revision to its forecast or fact requiring disclosure that may arise in thefuture.