・The Financial Results Summary for the First Six Months of FY 3/2019 and the Earnings Forecast for
FY 3/2019 will be explained within these materials.

・The following is the report of the Financial Results Summary for the First Six Months of FY 3/2019.

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・The following is the explanation of Consolidated Financial Results for FY 3/2018 2Q.
Please note that since quarterly consolidated financial statements based on the Financial Instruments andExchange Act were not prepared for FY 3/2018 2Q, the figures that are provided are for reference
purposes.
・Net sales amounted to 32,783 million yen (up 4,709 million yen or 16.8.％ year on year).
The factors for the increase in revenue were:①With regards to Manufacturing-related HR Services, revenue increased due to an increase in the numberof enrolled staff and a rise in sales per capita.
②With regards to Other Businesses, revenue increased due to an increase in residents at "Sweetpea
Higashi Totsuka".
・Gross profit amounted to 5,508 million yen (up 643 million yen or 13.2％ year on year).
The factors for the increase in profit were:①With regards to Manufacturing-related HR Services, although there was an increase in sales, housingand education-related expenses associated with the increase of enrolled staff, increased.
②With regards to Other Businesses, upfront investment in personnel and operating expenses occurred forthe nursing care facility "Sweetpea Higashi Totsuka“.
・Operating profit amounted to 915 million yen (up 229 million yen or 33.4％ year on year).
The factors for the increase in profit were:①With regards to Manufacturing-related HR Services, while personnel and employee recruitment expenses
associated with the strengthening of business increased, efforts to reduce the selling, general andadministrative costs ratio were promoted.
②With regards to Other Businesses, various charges/expenses associated with the opening of "Sweetpea
Higashi Totsuka" increased.
・Ordinary profit amounted to 930 million yen (up 256 million yen or 38.0％ year on year).
This was due to a decrease in interest expenses associated with a decrease in borrowings.
・Profit attributable to owners of parent amounted to 588 million yen (up 142 million yen or 32.0％ year onyear).
This was due to an increase in (corporate) income taxes.

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・The following is the explanation of the quarterly sales and operating profit trends from FY 3/2018.
・Financial results for FY 3/2019 2Q have been growing steadily from the previous fiscal year.
・The quarterly fluctuations in operating profit for FY 3/2018 are the result of investments for skilled staff
development and company entrance (employment) promotion which occurred in 2Q, and in addition to theincurrence of expenses related to the public offering, NISSO strengthened investments in recruitment
centering on account companies in 4Q.
・Regarding the outlook for this fiscal year, as a feature of human resources services, there is a tendency forthe scale of business operations to expand in the second half of the fiscal year compared to the first half,with regards to sales and profits.
Therefore, NISSO expects sales and profits to increase in the second half of the current fiscal year.

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・The status of the quarterly consolidated finances is as explained in the above slide.
・Overall trends have been progressing smoothly.

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・The status of the quarterly consolidated cash flows is as explained in the above slide.
・There are no problems whatsoever regarding cash flows.

5・The following is the explanation of Other Businesses.
・Sales increased due to an increase in residents at Sweetpea Higashi Totsuka.
・Although Sweetpea Higashi Totsuka's occupancy is progressing almost as planned, upfront investment
expenses such as personnel expenses and operating costs associated with its opening have continued tooccur.
・Operating loss of approximately 200 million yen is expected for the full year.
・Regarding the occupancy status of the fee-based senior-care nursing homes:
Compared to the maximum capacity of 308 possible residents for Buildings #1 - 5 of the existing facilities,
there were 292 residents, which amounted to an occupancy rate of 94.8%.
Compared to the maximum capacity of 94 possible residents for Building #6 (Sweetpea Higashi Totsuka),
there were 21 residents, which amounted to an occupancy rate of 22.3%.

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・The following is the explanation of NISSO's Non-consolidated Financial Results.
Please note that since quarterly consolidated financial statements based on the Financial Instruments andExchange Act were not prepared for FY 3/2018 2Q, the figures that are provided are for referencepurposes.
・Net sales amounted to 29,969 million yen (up 4,985 million yen or 20.0％ year on year).
Sales per capita increased due to the prioritization of skilled staff assignments to account companies, who
are NISSO's key clients, mainly in automobiles and electronic devices companies, where production wasstrong.
The number of enrolled staff increased steadily as a result of efforts to improve retention rates, by boosting
the manufacturing staff's motivation through the improvement of treatment and enhancement ofeducational opportunities.
・Gross profit amounted to 5,228 million yen (up 790 million yen or 17.8％ year on year).
Meanwhile, due to education-related expenses of skilled staff and the occurrence of upfront investment for
housing, gross profit margin decreased by 0.4 points.
・Operating profit amounted to 977 million yen (up 326 million yen or 50.3％ year on year).
Regarding selling, general and administrative expenses, although personnel and employee recruitment
expenses associated with the strengthening of business increased, efforts to reduce the selling, general andadministrative costs ratio were promoted.
・Ordinary profit amounted to 983 million yen (up 356 million yen or 56.8％ year on year).
There was a decrease in interest expenses associated with a decrease in borrowings.

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・The following is the explanation of NISSO's non-consolidated net sales by industry.
Please note that since quarterly consolidated financial statements based on the Financial Instruments andExchange Act were not prepared for FY 3/2018 2Q, the figures that are provided are for reference
purposes.
・The above is the year on year comparison of sales by industry.
・NISSO is expanding sales mainly in the automobiles and electronic components industries, which are
expected to have high added value and high-unit costs based on current strategies.
・With regards to electronic devices, since the increasing trend in the demand for human resources
continued due to increased demand for smartphones and automotive components, sales increased 33.6%
year on year.
・With regards to the automobiles-related industry, domestic production remained steady, the increasing
trend in the demand for human resources continued, and sales increased 22.2% year on year.
・NISSO believes that sales will continue to increase steadily in the future based on the mid- to long-term
status of orders and the situation regarding necessary personnel.

8・The following is the explanation of the trend of NISSO's enrolled staff.
・The number of enrolled staff at the end of September 2018 was 13,546.
There were 12,444 staff at the end of the previous fiscal year, and increased by 1,102 staff (8.8%) in
6 months.
・The factors for the increase were:①Recruiting activities were conducted smoothly.
②A low turnover rate was maintained.
For reference, the number of enrolled staff at the end of the second quarter of 2017 was 11,797, which
was an increase of 300 staff（2.6％）from the end of the previous fiscal year.

9・The following is the explanation of NISSO's sales per capita.
・The monthly sales per capita for FY 3/2019 2Q amounted to 381 thousand yen, which was a increase of
14,000 yen (3.8％) from the previous fiscal year.
・The factors for the increase are the result of unit cost negotiations centering on account companies, andthe increase of skilled staff.
・NISSO will continue to promote these initiatives in an effort to increase sales per capita.
For reference, sales per capita for FY 3/2018 2Q was 353 thousand yen, which was an increase of 9,000yen (2.6%) from the previous fiscal year.

10・The following is the explanation of NISSO's skilled staff.
・The number of skilled staff at FY 3/2019 2Q-end was 2,611 (approximately 1,600 at FY 3/2018-end).
・NISSO is currently continuing to promote their appointment and development, and is expecting to have3,000 staff by the end of 3Q, as well as aiming for 4,000 staff at the end of the fiscal year.
・Skilled staff are the cornerstone of NISSO's growth strategy, and the needs for them by clients are veryhigh.
Therefore, as a very important indicator for the growth strategy moving forward, NISSO's goal is toincrease the number of skilled staff by 2,000 every fiscal year.

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・The following is the explanation of NISSO's turnover rates.
・With regards to the overall turnover rate of FY 3/2019 2Q, in addition to the low turnover rate of skilled
staff, as a result of the promotion of educational opportunities and the maintenance of working
environments to increase employee motivation, the overall turnover rate of 4.6% was maintained from 1Q.
・The turnover rate of skilled staff increased by 0.3 points to 1.3% due to a slight increase in the number ofresignees. However, since the number of enrolled staff has increased by more than 1,000 in half a year, itis considered to be within the acceptable range.
・NISSO will continue to make efforts to further reduce turnover rates through the enhancement ofemployment environments with a focus on skilled staff, and the improvement of treatment, etc. throughthe provision of developmental opportunities.

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・The following is the explanation of the status of NISSO's account companies.
・NISSO has continued the strategy to concentrate the assignment of skilled staff and to negotiate unit costswith account companies, and has strived to expand market shares and sales in account companies.
As a result, the FY 3/19 2Q Account Company Group Sales amounted to 42.3% of NISSO's overall sales,
which was a substantial increase compared to 37.0% from the corresponding period of the previous fiscalyear.
(Reference FY 3/19 1Q: 41.9%）
・The automobiles, electronic components, precision and electric machinery-related account companies makeup the corporate groups. The domestic production of these companies will continue to fare well, and theirdemand for human resources is expected to increase in the future.
NISSO believes that expanding sales with a focus on account companies will have a favorable influence onprofitability in the future.

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・The following is the explanation of NISSO's educational achievements.
・The educational achievement for FY 3/2019 2Q amounted to 1,831 participants, with a total of 3,997
participants for the current fiscal year.
・A total of 916 participants received skilled staff education in the current fiscal year. They have been
assigned to high-unit cost production sites, mainly account companies, and have greatly contributed to theexpansion of sales and profits.
・The number of basic maintenance education participants is steadily increasing, and the demand formaintenance personnel is expected to continue increasing in the future. In order for participants of skilled
staff and basic maintenance education to make a significant contribution to profitability, NISSO willcontinue to make efforts to increase the number of such participants in the future.
・In addition, NISSO is able to suppress the turnover rate of fixed-term staff by steadfastly conducting
manufacturing and safety education.
・NISSO acknowledges the importance of education, and will continue to strive to enhance educational
opportunities with the aim of improving the motivation of employees and the quality of services providedto clients.

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・The following is the explanation of NISSO's topics of activities.
・Regarding the operational status of Nisso Technical Center Naka-Nihon:
To date, 70 participants through 6 terms have taken the semiconductor manufacturing equipment
maintenance education.
These participants are employed by major semiconductor manufacturers, and have received highevaluations from NISSO's clients.
As the demand for semiconductor manufacturing equipment maintenance personnel is expected tocontinue increasing in the future, NISSO will strive to further expand maintenance education.
In addition, “Nisso Technical Center Naka-Nihon (Okaya City, Nagano)” was certified as an accredited
polytechnic school (vocational skills development) by the Governor of Nagano Prefecture on November
1st. Following "Nisso Technical Center Higashi-Nihon (Kurihara City, Miyagi)" and "Tohoku TechnicalCenter (Tomiya City, Miyagi)“, this will be NISSO's third facility which has been certified as an accredited
polytechnic school.
・The Yokohama Tsurumi Center was opened on October 1, 2018.
At this recruitment center, amid the stringency of the recruiting environment, NISSO conducts thematching of human resources information database registrants with the needs of companies, and strives
to increase the number of hires by utilizing proactive recruiting methods, such as scouting, based on
those results.
In addition, new recruiting methods such as conducting interviews online are also being implemented.
NISSO believes that these efforts will become the strengths of our recruitment in the future.

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・ The following is the explanation of NISSO's Chinese graduates.
・The Welcoming Ceremony was held at headquarters for 10 first-term graduates on September 18, 2018.
・After joining NISSO, their education was conducted at NISSO Technical Center, and they were assigned toNISSO's clients from October 22nd.

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・The following is the explanation of future prospects.
・As for market environment trends:①The manufacturing industry, which is NISSO's main client, continues to fare well.
②The circumstances regarding the securement of workers will remain severe due to the rise in theeffective opening-to-application ratio of jobs.
③Dispatching companies will be required to provide educational opportunities and career development
support for dispatched workers as prescribed by the Revised Worker Dispatch Law.
④The possibility of the termination of employment of contracted and dispatched staff due to the 2018
Issue may arise.
・NISSO has formulated and implemented appropriate countermeasures to respond to these issues.
NISSO acknowledges that these circumstances make for a good environment, and will continue topromptly comprehend and appropriately respond to the changes in external environments, in addition tomaking efforts to expand business performance.
・Based on the information from clients, mainly account companies, NISSO has been able to makeprojections on orders for the next 6 months to a year ahead. Under such circumstances, clients arecontinuing to experience a shortage of manpower, and expectations are growing for the assignment of
human resources centered on NISSO's skilled staff.
Therefore, NISSO will continue to promote the development of skilled staff and maintenance personnel
from the second half of the fiscal year onward. The key point of NISSO's growth strategy is to continue tobe able to assign human resources who are difficult to be assigned by other companies, and we recognizethat this is the source of our growth as well as the source of what distinguishes NISSO from others.

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・The following is the explanation of the Earnings Forecast for FY 3/2019.

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・The following is the explanation of the Earnings Forecast for the full year of the current fiscal year.
①Net sales
NISSO expects an increase in revenue compared to the previous fiscal year due to an increase in skilled
staff, the promotion of their placement to account companies, and an increase in the number of residents
for Other Businesses.
②Operating profit
Despite investments in education and housing for staff, in addition to upfront investment in new facilities
for Other Businesses, NISSO expects a growth in profit compared to the previous fiscal year due to a risein sales per capita, a substantial increase in revenue from an increase in the number of enrolled staff, andthe reduction of the selling, general and administrative costs ratio due to the improvement of operationalefficiency.
・Although NISSO has not announced plans on a quarterly basis, at present, the results have exceeded theplan that was created at the beginning of the fiscal year.
Regarding future prospects, the conditions of clients are expected to remain favorable, and NISSO has
continued to receive orders from many clients, including automobiles and electronic devices manufacturers
which are account companies. However, many client manufacturers are taking a cautious approach withrespect to prospects for the second half of the fiscal year, and although NISSO expects earnings for thesecond half of the fiscal year to be strong, for the sake of caution, prospects for the full year will not bechanged.

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・The following is the explanation of the consolidated earnings trends.
・Both sales and profits for FY 3/2019 are expected to exceed the previous fiscal year.

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