SHL-JAPAN Ltd.

Year Ending September 30, 2010
Financial and Operating Results (Excerpt) for the Second Quarter, Ended March 31, 2010
April 30, 2010

Listed Company Name:SHL-JAPAN Ltd.

Registered on Osaka Securities Exchange

Securities Code4327

URL:

http://www.shl.co.jp/

Representative:

Manabu Nara, Managing Director

Contact:

Naohiro Nakamura, Executive Director

Date to submit the Quarterly Securities Report:
Date to start distributing dividends:

TEL.;+81-3-5385-8781

February 15,2010―

1. Qualitative information regarding operating results
During the second quarter of the year ending September 30, 2010 (October 1, 2009, through March31, 2010), the domestic employment situation remained difficult although the domestic and global
economies showed signs of bottoming. In particular, the employment of new graduates for Japaneseenterprises, a measure that is generally considered to be a typical lagging indicator of the overall
economy, was severely affected across the board.
Despite the harsh economic climate, net sales of SHL-JAPAN Ltd. (the “Company”) for thesecond quarter under review, or two cumulative quarters, increased ¥66 million, or 7.8% year overyear, to ¥914 million. By business segment, “Product sales” advanced 17.0% to ¥335 million,“Consultancy sales” improved 2.7% to ¥559 million and “Training sales” increased 16.7% to ¥19million. Above all, “Product sales” increased ¥48 million year over year, reflecting favorable sales of
the “GAB,” which is used for the screening of new graduates who want to be recruited on the main
career track.
Operating income for the second quarter under review totaled ¥414 million, up 14.8% year overyear. Although selling, general and administrative expenses increased ¥17 million, or 4.6%, to ¥386
million, operating income for the second quarter advanced ¥53 million year over year due to adecrease of ¥4 million, or 3.8%, in cost of goods sold to ¥113 million as well as the increase in netsales.
Ordinary income for the second quarter under review totaled ¥414 million, up 13.9% year overyear. This ¥50 million increase in ordinary income reflected a year-over-year decrease of ¥6 million
in non-operating expenses as well as a rise in operating income despite a year-over-year decrease of¥8 million in non-operating income.
Income before income taxes for the second quarter under review totaled ¥414 million, up 23.6%-1-SHL-JAPAN Ltd.

year over year. This ¥79 million increase in income before income taxes reflected the recording of a
¥28 million loss from the integration or abolition of sales bases under extraordinary losses for thecorresponding the second quarter of the previous fiscal year as well as the rise in ordinary income.
After taking into account the above factors and income taxes—current and incometaxes—deferred, net income for the second quarter ended March 31, 2010, increased ¥48 million, or24.6%, to ¥245 million.
3. Qualitative information regarding business forecasts
As a result of reviewing business forecasts based on an analysis of the operating results and financial
position for the second quarter ended March 31, 2010, at this time we are not revising our full-year
financial forecasts for the year ending September 30, 2010, which were released on January 29,
2010.
All forecasts in this document are based on various assumptions with information available at thistime and therefore involve known and unknown risks and uncertainties. Actual results to differ
materially from these forecasts.

-2-