SHL-JAPAN Ltd.
Year Ending September 2013
Non-consolidated Financial and Operating Results (Excerpt) for the Second Quarter Ended
March 31, 2013 (J-GAAP basis)
May 2, 2013

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:

May 15,2013

Date to start distributing dividends:

June 3,2013

TEL:+81-3-5385-8781

The original disclosure in Japanese was released on April 26, 2013 at 15:15 (GMT+9)(1) Qualitative information regarding operating results
During the second quarter of the year ending September 30, 2013 (October 1, 2012, throughMarch 31, 2013), net sales of SHL-JAPAN Ltd. (the “Company”) increased ¥125 million, or
12.0% year over year, to ¥1,176 million. By business segment, “Product sales” advanced 15.9%
to ¥530 million and “Consultancy sales” increased 9.7% to ¥627 million, whereas “Trainingsales” decreased 10.6% to ¥18 million. The increase in Product sales during the second quarter
under review was primarily attributable to favorable sales of the “GAB,” which is used for thescreening of new graduates recruited for the main career track. The increase in Consultancy
sales mainly reflected favorable sales of customized versions of the “Web Test.”
During the second quarter under review, against a backdrop of general expectations of
economic recovery following the inauguration of a new administration, the Company conducted
aggressive marketing activities in view of the forward-looking posture of corporations toward
employment, on which the media has reported an increase for the third consecutive year in thenumber of new graduates employed. Consequently, the Company’s operating performance wassuccessful with double-digit growth in revenue compared with the same period a year earlier.
Operating income for the second quarter under review totaled ¥635 million (up 24.5% year
over year). Although selling, general and administrative expenses increased by ¥13 million, or3.2% year over year, to ¥428 million, operating income increased by ¥124 million year over year
because the cost of goods sold decreased by ¥12 million, or 10.1%, to ¥112 million, in addition
to the increase in revenue. The decrease in the cost of goods sold was primarily attributable tothe year-over-year reduction in deliveries of our products ordered. The increase in selling,
general and administrative expenses was mainly attributable to year-over-year increases of sales

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promotion related expenses, share-based compensation expenses, supplies expenses androyalties arising from the increase in revenue.
Ordinary income for the second quarter under review totaled ¥637 million (up 24.7% yearover year) for a year-over-year increase of ¥126 million mainly due to a year-over-year increaseof ¥1 million in non-operating income in addition to the increase in operating income. The
increase in non-operating income was mainly attributable to an increase of ¥1 million in gains
on investments in a limited liability partnership for venture businesses.
Income before income taxes for the second quarter under review totaled ¥681 million (up36.2% year over year). Income before income taxes increased by ¥181 million year over year
mainly due to insurance income of ¥52 million arising from the passing of a director under
extraordinary gains, a year-over-year decrease of ¥3 million in extraordinary losses andincreased ordinary income. The decrease in extraordinary losses was primarily due to therecording of a ¥10 million valuation loss on golf club memberships for the same period a year
earlier in addition to directors’ retirement benefits of ¥7 million.
After taking into account the above factors and income taxes-current and income
taxes-deferred, net income for the second quarter under review amounted to ¥397 million (up36.1% year over year) for a year-over-year increase of ¥105 million.

(2) Qualitative information regarding business forecasts
As the effects of self-imposed controls regarding employment of new graduates have beenwholly experienced and given the forward-looking posture of corporations toward employmentof new graduates, the domestic market for screening and employment is anticipated to remainbuoyant in the third and subsequent quarters, as mentioned earlier in “(1) Qualitative
information regarding operating results.”
We intend to continuously increase our operating performance through focused efforts ontapping new customers and addressing customer needs swiftly and precisely.
Under the recognition described above and based on our analysis of the operating results,financial position and other managerial administrative data for the second quarter, ended March
31, 2013, followed by our careful consideration of business forecasts, the Company is not at thistime revising its financial forecasts for the year ending September 30, 2013, which were releasedon October 25, 2012.

Note: Pursuant to the resolution at its Board of Directors meeting held on November 22, 2012,
the Company has adopted a share unit system, effective from April 1, 2013, according to which
one of the Company’s shares shall be split into 100 shares, setting the size of a share unit at 100shares. A recalculation of net income per share by the Company supposing this stock split had

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been conducted at the beginning of the fiscal year ending September 2013 (or October 1, 2012)
resulted in no substantial difference.

* Implementation status of quarterly review proceduresThis financial results summary is not subject to quarterly review procedures under the Financial
Instruments and Exchange Act, and the quarterly financial statement review procedures based on the Act
were in progress at the time of the disclosure of these financial results.

* The forward looking statements regarding financial results forecasts, etc. appearing in this financial
results summary have been prepared based on information currently available to the Company andcertain assumptions that the Company believes to be reasonable. The Company makes no guarantees asto their realization. Actual financial results may differ substantially from the forecasts due to variousfactors.