Comment 4 for bug 375323

The eps file contains a subsetted font and the "Hello" text. You won't see the string "Hello" inside the eps file because as a result of the subsetting the glyphs have been remapped to 1, 2, 3, ... etc

The part of the eps file that draws the "Hello" text is:

<0102030304>Tj

The subsetting is something that cairo does as it reduces the output size and allows complex scripts to be printed. This is not going to work with psfrag which according to the psfrag guide "relies on some sensitive PostScript tricks". Also since the subsetted font contains only the glyphs used, changing the text would not work if different glyphs are required.