November 4, 2016 Listed on the TSE 1 URL: http://www.jp-holdings.co.jp Kazuhiro Ogita, President and Representative Director Representative T E L: +81-52-933-5419 Mika Matsumiya, General Manager of Administration Div. Contact Expected date of filing of annual securities report: November 11, 2016. Expected starting date of dividend payment:  — Preparation of supplementary financial document: Yes Results briefing: Yes (for institutional investors and analysts and for individual investors)
1．Consolidated business results for the six months ended September 2016
(Rounded down to million yen)
(April 1, 2016 through September 30, 2016)

Six months ended September 2016: 277 million yen (-28.7%) Six months ended September 2015: 389 million yen (-5.6%)
As of September 30, 2016: 6,583 million yen As of March 31, 2016: 6,566 million yen
(Notes) Revisions to dividend forecast for the current quarter: None 3. Forecast of consolidated business results for the fiscal year ending March 2017

※Notes
(1) Changes in significant subsidiaries during the period: None (2) Application of accounting procedures specific to preparation of the consolidated quarterly financial statements: None (3) Changes in accounting policies, accounting estimates and restatement ①Changes in accounting policies associated with revision of accounting standards: ②Changes in accounting policies other than  ① ③Changes in accounting estimates ④Restatement
(4) Shares outstanding (common stock) ①Number of shares outstanding at the end of period (treasury stock included) As of September 30, 2016 87,849,400 shares As of March 31, 2016 87,849,400 shares
③Average number of stock during period (quarterly cumulative period) Six months ended September 2016 83,785,665 shares Six months ended September 2015 83,455,294 shares (Note) The number of treasury stock deducted for the calculation of the number of treasury stock at the end of period and the average number of stock during period for the fiscal year ended March 2016 and the second quarter of the fiscal year ending March 2017 includes the company's shares held by Trust & Custody Services Bank, Ltd. as irust property of "Stock Benefit Trust (Employee Stock Ownership Plan)".
※  Implementation status of quarterly review procedure
This financial summary is not subject to the quarterly review procedures pursuant to the Financial Instruments and Exchange Act. At the time of disclosure of this report, the procedures for review of financial statements are being conducted.
※Appropriate use of financial forecasts and other important matters
Forecasts regarding future performance in this material are based on information currently available to the Company and certain assumptions that the company deems to be reasonable at the time this report was prepared. The company does not make promises about the achievements. Actual results may differ significantly from the forecasts due to various factors. The Company plans to hold results briefing for institutional investors and analysts on November 8, 2016 (Tuesday), and to hold the results briefing for individual investors in November 26, 2016 (Saturday). After the results breifing, the Company will promptly post presentation materials distributed at the results briefing on the Company website. Please confirm the results briefing schedule and other information on the company website.
○Table of Contents of the Appendix

1. Qualitative Information on Quarterly Financial Results
(1) Results of Operations
In the second quarter of the consolidated fiscal year ending March 2017, the Japanese economy was on a gentle recovery track, as indicated by stable private consumption etc., which was supported by the improvement of the employment and income environment. However, the economic outlook remains uncertain due to the appreciation of the yen, which induced a standstill of corporate earnings, and overseas risk factors such as the concerns over the slowdown of the economies of China and other emerging countries in Asia, the British exit from the EU, and so on. Under these circumstances, the needs for nursery schools in the nursery service business are still at a high level, and the Group established the following new facilities.
In addition to the above, the Group acquired the shares of Sotetsu Amenity Life KK, and this company was made into an affiliate as Amenity Life Inc. on Sep. 30, 2016, which brought the four nursery schools of GENKIDS Ryokuen-toshi, GENKIDS Seya, GENKIDS Izumi-Chuo, and GENKIDS Hoshikawa, as well as the three private school clubs of Elfikids Futamatagawa, Elfikids Ryokuen-toshi, and Elfikids Turugamine into the Group's facilities. As a result, the Group came to have 171 nursery schools, 62 school clubs, 12 children's houses, and 4 private school clubs for a total of 249 facilities for supporting child-raising. In addition, Ryuhoku Nursery School, which had been running since Apr. 2013, relocated and reopened in July 2016 as the licensed nursery school Asc Ryuhoku Nursery School. For the above reasons, for the second quarter of the consolidated fiscal year ending March 2017, sales were 10,973 million yen (up 10.4% year on year), operating income was 351 million yen (down 40.3% year on year), ordinary income was 437 million yen (down 31.4% year on year), and net income attributable to owners of parent was 279 million yen (down 33.3% year on year).
(2) Financial Position
Assets, Liabilities and Net Assets The total assets as of the end of the second quarter of the consolidated fiscal year ending March 2017 amounted to 22,296 million yen, up 777 million yen from the end of the previous fiscal year. Current assets totaled 7,104 million yen (up 150 million yen from the end of the previous fiscal year), mainly because cash and deposits increased by 525 million yen while accounts receivable - other decreased by 198 million yen, and other accounts such as receivable consumption tax etc. decreased by 144 million yen. Fixed assets totaled 15,191 million yen (up 626 million yen from the end of the previous fiscal year), mainly because buildings and structures increased by 1,333 million yen, tools, furniture and fixtures increased by 57 million yen, goodwill increased by 303 million yen, other intangible fixed assets increased by 99 million yen, and long-term loans receivable increased by 174 million yen, while construction in progress decreased by 1,377 million yen. Total liabilities amounted to 15,709 million yen, up 760 million yen from the end of the previous fiscal year. Current liabilities totaled 6,255 million yen (up 305 million yen from the end of the previous fiscal year), mainly because short- term loans payable increased by 500 million yen while accounts payable – other decreased by 228 million yen. Fixed liabilities totaled 9,453 million yen (up 454 million yen from the end of the previous fiscal year), mainly because long-term loans payable, net defined benefit liability, asset retirement obligation, and other increased by 275 million yen, 53 million yen, 77 million yen, and 50 million yen, respectively. Total net assets as of the end of the second quarter of the consolidated fiscal year ending March 2017 totaled 6,587 million yen (up 16 million yen from the end of the previous fiscal year) mainly because treasury stock and retained earnings decreased by 178 million yen and 159 million yen, respectively.
(3) Consolidated Earnings Forecasts
The full-year consolidated earnings forecasts have not been revised from the announcement on May 10, 2016, but actual results may be different from the forecasts according to the changes in business situations, etc. If there are any changes, the company will disclose them appropriately. 2. Summary Information (Notes) (1) Changes in Significant Subsidiaries during the Period No applicable items. (2) Application of Accounting Procedures Specific to Preparation of the Consolidated Quarterly Financial Statements No applicable items. (3) Changes in Accounting Policies, Accounting Estimates and Restatement No applicable items.
(4) Additional Information
(Application of the Implementation Guidance on Recoverability of Deferred Tax Assets) The second quarter of the consolidated fiscal year ending March 2017 (From Apr. 1, 2016 to Sep. 30, 2016) "Implementation Guidance on Recoverability of Deferred Tax Assets (ASBJ Guidance No. 26, March 28, 2016)" has been applied from the first quarter of this consolidated fiscal year. (Transactions regarding the trust for stock-based benefits [handled by the employee shareholding association]) The second quarter of the consolidated fiscal year ending March 2017 (From Apr. 1, 2016 to Sep. 30, 2016) The company adopted "the trust for stock-based benefits [handled by the employee shareholding association]" (hereinafter referred to as "this system") for the purposes of enhancing the welfare of employees and adding incentives for improving corporate value.
(1) Outline of the transaction
This system is an incentive plan for returning the benefits of the increase in the price of the company's shares to all employees who joined the "JP Employee Shareholding Association" (hereinafter referred to as "the Shareholding Association"). For this system, the company concluded a contract for the trust for stock-based benefits [handled by the employee shareholding association] (hereinafter referred to as "this trust contract") with the company being the entruster and Mizuho Trust & Banking Co., Ltd. being the entrustee. The trust set up in accordance with this trust contract is called "this trust." In addition, Mizuho Trust & Banking Co., Ltd. concluded a contract for the re-entrustment of the management of trust assets, including securities, with Trust & Custody Services Bank, Ltd. (hereinafter referred to as "Trust E"), with Trust E being the re-entrustee. Trust E will acquire all of the company's shares to be acquired by the Shareholding Association in advance and sell them when the Shareholding Association acquires the shares. If the amount equivalent to the gain on the sale of shares is accumulated in trust assets for this trust before the termination of the trust as Trust E sells shares to the Shareholding Association, it will be distributed as residual assets to the members of the Shareholding Association who satisfy the beneficiary requirements. In addition, the trust bank guarantees the borrowings for acquiring the company's shares, and so if there remain some debts equivalent to the loss from sale of the shares due to the decrease in the company's share price at the time when the trust terminates, the company will repay the remaining debts in accordance with the guarantee contract.
(2) The company's shares remaining in trust
The company's shares remaining in trust have been posted in the section of treasury shares under net assets, based on the book value in trust (excluding ancillary expenses). The book value and number of the treasury shares were 1,207,910 thousand yen and 4,392,400 shares, respectively, as of the end of the previous consolidated fiscal year, and 1,029,600 thousand yen and 3,744,000 shares, respectively, as of the end of the second quarter of this consolidated fiscal year. (3) Book value of the debts posted through the application of the gross amount method 1,207,910,000 yen as of the end of the previous consolidated fiscal year 1,103,653,000 yen as of the end of the second quarter of this consolidated fiscal year
[Quarterly Consolidated Financial Statements]
rterly Consolidated Statement of Income and Quarterly Statement of Comprehensive Income] arterly Consolidated Statement of Income] [Quarterly Consolidated Statement of Comprehensive Income] [Second Quarter of FY2017]
●Notes on Quarterly Consolidated Financial Statements (Notes on going concern assumption) Second quarter of FY3/17 (April 1, 2016 – September 30, 2016) None (Notes if there is a significant change in the amount of shareholders' equity) Second quarter of FY3/17 (April 1, 2016 – September 30, 2016) None