Acknowledgment

- Upon the Public Listing on the 1 st Section of TSE -

As of today September 1, 2006, our company EPS Co., Ltd., is publicly listed on the first section of the Tokyo Stock Exchange (TSE) .

Our company began its history in 1991 at a small office with a few members that could been even counted all on one hand. I n 15 years, we have come a long way going through trials and tribulations. When I look back, it was like a voyage with no navigational charts.

At this momentous day, thousands of thoughts are going through my head and I cannot contain myself for deep emotion. Above all others, “Gratitude” is the word comes uppermost in my mind. I attribute this achievement primarily to all these people's dedicated efforts, hearty support and encouragement: our all employees, those who have devoted themselves to support our company's ever progress since the establishment, including the ones no longer with us; our all clients, those who have given us severe but warm advice and guidance; our all stockholders, those who have understood our endeavor and had their expectations of our performance; and all others involved. It is a cliché, but my true feeling and not in the least an exaggeration to say. Therefore, I would like to take this occasion to exp ress my profound sense of gratitude to y ou all.

Our company's listing on such a prestigious and traditional market as the first section of the TSE represents the fact that a certain social approbation has just granted us for our business. That is a genuine pleasure to all of us and we will not hesitate to relish it well.

However, metaphorically speaking, it never means that we had reached a safe and peaceful shore to stay; I would say, we have just sailed into even rougher seas for another voyage instead. As we consider our company's present situation this way, we here with courage reaffirm our commitment to confront any challenges and difficulties and never to cease our progress towards our next goal.

We sincerely hope that your continued support would extend to us as ever.

September 1, 2006

Yan Hao

President and CEO

EPS Co., Ltd.
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在EPS总部经过10年奋斗成为日本CRO行业的首家上市公司之后，今年EPS集团的医药开发事业又以43亿日元的营业成绩居同行业前列。

作为EPS在中国的子公司，上海日新医药发展有限公司（以下简称为日新，英文名为EPS CHINA）经过一年半筹建，于今年8月底正式获得营业执照。从10月8日起，通过兼并日恒（北京）国际信息技术有限公司（以下简称为日恒）的CRO部门和上海事务所，承接日恒公司所有CRO业务，日新成为中国为数不多的CRO专业公司之一。在扩大药物临床试验相关业务的同时，本公司还开展药物的市场调研学术支持等业务，为将来能够提供从新药开发至生产销售的全方位服务而不断积累经验、开拓市场培养人才，力争在中国创出日新的品牌。

作为今后3年的中期目标，日新将与EPS总部合作，在自负盈亏的前提下一边开拓业务，一边加强业务培训，不断积累经验培养人才提高业务水平，以求在不久的将来为中日、中美间的国际多中心临床试验提供全方位优质服务。同时，日新将与第二股东上海复华实业集团合作，通过有效地利用各自在医药界的信息网以及复华集团下属GMP工厂等人力物力资源，开拓国内（包括外资企业的）医药市场。

在新公司成立之际，在新的一年即将到来之时，让我们齐心协力，为公司的不断发展而努力奋斗。

董事长 严浩