2Q FY ending March 2019 Results Briefing Session: Q&A Summary
Monday, November 12, 2018 (Mon.)PERSOL HOLDINGS CO., LTD.
Q: In the Temporary staffing/BPO segment, sales and also the number of new candidate
registrations being secured is proceeding smoothly for PERSOL TEMPSTAFF with its large
corporate scale, and in major metro areas. Besides this, if I may say, the situation issomewhat difficult so, in future how do you intend to grow?
A: A major trend in future will be aimed at improving productivity by promoting integrationof the business through mergers of subsidiaries similar to those in October. A merger ofsubsidiaries is also being considered for April next year.
Q: Will costs increase due to this merger of subsidiaries in April next year?
A: Merger costs similar in scale to those of this period is not anticipated. If mergers dotake place during this period as well, costs are expected to be kept to a bare minimum.
Q: What is the outlook for the Temporary staffing/BPO segment in the second half?
Quantitative momentum has declined somewhat, and unit prices are trending upwards
however, what is the future outlook?
A: In future as well, we see demand continuing to be firm. The reason for this is, changes
to the working environment due to Japan's laws; reforms to working styles, same-worksame-pay etc. We here at PERSOL do not see this working against our favor.
PERSOL responds to aspirations for diverse working styles, and we are aware this is thecore of growth in the temporary staffing business. As a result, we believe future growth ofapproximately 5%～10% can be anticipated in future.
Q: With regards to the investment effect of the "GENESIS" core temporary staffing HRIS
system in the Temporary staffing/BPO segment, as at FY March 2021, what sort of effect will
this system have on sales and operating profit for that same segment?
A: Benefit will be delivered due to improved matching ratios of candidates to orders, andoperational efficiency gains focusing on major metropolitan areas. It is anticipated there
will be a positive impact on both sales and profit however, I believe the aim is to weave1

the detailed numbers into the business plans for next financial year and the next
Medium-term Management Plan.
Q: What is the future outlook for the placement business and 'an' (for-hire advertising)business within the Recruiting segment?
A: We see a continuation of solid demand for placement services in the future as well.
The market itself is not just expanding, diversification of job-change needs is taking place.
From here on as well, we expect to see sales growth of around 25%, and for theforeseeable future we believe the placement business will be the driver of growth in theRecruitment segment.
The 'an' (for-hire advertising) business is currently in a re-building phase, the most recent
KPIs are changing for the better but, we believe contribution to profit will come a little
further down the track.
Q: What is the status of the PROGRAMMED segment? There is a feeling that themomentum has declined but, is there the possibility of an impairment?
A: The trend is still within the anticipated range of business plans at the time of the M&A.
At this point in time an impairment is not anticipated. The Australian economy is strong
overall but, the feeling is the market for temporary staffing has weakened a little. Plansfor improvement in the second half are being formulated, post merger integration (PMI)
within the PROGRAMMED segment is proceeding further, and systems improvements
etc. are also continuing. In addition, thought is being given to utilizing technology todevelop new services etc.
The maintenance business is seeing public sector opportunities steadily adding up, so
we believe progress will be strong from the second half onwards.
Q: Compared to the PERSOLKELLY segment, PROGRAMMED segment results are lessthan ideal but, is there some difference in the direction of management structures andbusiness management?
A: There is a feeling that the market for temporary staffing in Australia has weakened alittle very recently. The Australian business within the PERSOLKELLY segment has also
struggled somewhat. With respect to management structures and business management,the PERSOLKELLY segment covers 12 countries/regions within APAC, and progress2was made this period in unifying core systems and the results of this are beginning toemerge little by little. In regards to this, the PROGRAMMED segment post merger
integration (PMI) is still underway, so the phases of these businesses differ. Businessplans are being formulated and measures taken to generate results from the next period
onwards.
Q: In 2Q of FY March 2019, earnings forecast values, and actual values differed and timely
disclosures were released however,what is the outlook for the full business year? Are there
any large costs anticipated in the second half?
A: At this point in time, there has been no revision of the full year results forecast.
Also, there are no large costs anticipated in the second half.
Q: What are the topics and direction outlined in the the next Medium-term ManagementPlan?
A: There is a feeling that comprehensive consideration needs to be made of the direction
taken towards technology and overseas labor markets etc. but, at this point in time weare not at the stage where we can pass details on. Consideration is proceeding, and at
the latest, we believe we will be able to indicate these thoughts by May 2020.
In the next Medium-term Management Plan, we believe that how we deal with diversity ofworking styles, freelancing, a more generalized society etc. will continue to be major
pillars and themes within the plan. Also, it is believed that the problem of mismatching
candidates to job opportunities etc. will be incorporated into development of technology.
With a view to actually achieve reforms to working styles, providing various ways ofworking that suit each individual's life-stage is something where the industry believes it
can make a contribution and thoroughly incorporate in businesses.

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