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Pasona Group announces first quarter results

Segment Information (Figures include intersegment sales) Consolidated Net Sales by Segment (Millions of yen)

                                                                                              H1 FY2012           H1 FY2013           YoY

HR Solutions                                                                     102,576               101,563               (1.0)%

Expert Services (Temporary staffing),

Insourcing (Contracting), Others                             88,654                 86,482                   (2.5)%

Expert Services (Temporary staffing)                     65,325                 62,198                 (4.8)%

Insourcing (Contracting)                                             18,657                 18,967                 1.7%

HR Consulting, Education & Training, Others       1,885                     2,036                   8.1%

Place & Search (Placement / Recruiting)               1,461                   1,558                   6.6%

Global Sourcing (Overseas)                                       1,323                   1,720                   29.9%

Outplacement                                                                 5,746                 5,644                   (1.8)%

Outsourcing                                                                     8,176                   9,436                   15.4%

Life Solutions

Public Solutions

Shared                                                                                 1,966                   2,547                   29.6%

Eliminations and Corporate                                         (1,567)               (1,492)                 -

Total                                                                                     102,976               102,619                 (0.3)%

Consolidated Operating Income by Segment (Millions of yen)

                                                                                              H1 FY2012           H1 FY2013           YoY

HR Solutions                                                                     3,068                   2,935                   (4.3)%

Expert Services (Temporary staffing),

Insourcing (Contracting), Others                             1,276                   1,173                   (8.0)%

Expert Services (Temporary staffing)                     1,276                   1,173                   (8.0)%

Insourcing (Contracting)

HR Consulting, Education & Training, Others Place & Search (Placement / Recruiting) Global Sourcing (Overseas)

Outplacement                                                                 916                       796                         (13.1)%

Outsourcing                                                                     875                       965                       10.3%

Life Solutions

Public Solutions

Shared                                                                                 18                         8                             (54.3)%

Eliminations and Corporate                                       (2,371)                 (1,905)                 -

Total                                                                                     714                       1,038                   45.3

Status of Assets, Liabilities and Net Assets

1) Assets

Total assets as of November 30, 2013 stood at &yen68,524 million, a decrease of &yen2,752 million or 3.9%, compared with May 31, 2013. This was mainly attributable to certain factors including a decrease of

&yen4,894 million in the balance of cash and deposits. This was partly offset by an increase of &yen1,149 million in notes and accounts receivable-trade.

2) Liabilities

Total liabilities as of November 30, 2013 decreased &yen2,241 million or 5.0%, compared with May 31,

2013 totaling &yen42,781 million. The principal decreases in total liabilities were accounts payable-trade

of &yen1,029 million, income taxes payable of &yen754 million and provision for retirement benefits of &yen211 million.

3) Net Assets

Net assets as of November 30, 2013 stood at &yen25,743 million, a decline of &yen510 million or 1.9%, compared with May 31, 2013. This was mainly attributable to the net loss of &yen25 million and the payment of cash dividends totaling &yen374 million, as well as a decrease of &yen89 million in minority interests.

Accounting for the aforementioned, the equity ratio as of November 30, 2013 increased 0.6 points to 29.9% compared with the end of the previous fiscal year.

Status of Cash Flows

Cash and cash equivalents (hereafter “net cash”) as of November 30, 2013 decreased &yen4,865 million compared with the end of the previous fiscal year to &yen15,083 million.

1) Cash Flows from Operating Activities

Net cash used in operating activities for H1 FY2013 amounted to &yen2,197 million (&yen681 million for H1 FY2012). Major cash inflows included income before income taxes totaling &yen920 million (&yen654 million for H1 FY2012), depreciation and amortization of &yen1,219 million (&yen1,253 million for H1 FY2012). The principal cash outflows were an increase in notes and accounts receivable-trade of &yen985 million (&yen688 million for H1 FY2012), decrease in operating debt of &yen1,018 million (&yen765 million for H1 FY2012) as well as income taxes paid of &yen1,317 million (&yen717 million for H1 FY2012).

2) Cash Flows from Investing Activities

Net cash used in investing activities for the period under review was &yen2,465 million (&yen3,001 million for

H1 FY2012). Major cash outflows were purchase of noncurrent assets of &yen1,087 million (&yen2,339 million for H1 FY2012), purchase of investment securities of &yen859 million (&yen595 million for H1

FY2012) and purchase of investments in subsidiaries of &yen355 million (none recognized for H1 FY2012).

3) Cash Flows from Financing Activities

Net cash used in financing activities was &yen312 million (&yen3,688 million for H1 FY2012). Major cash inflow was proceeds from long-term loans payable totaling &yen2,000 million (none recognized for H1 FY2012). Major cash outflows were repayment of long-term loans payable totaling &yen1,291 million

(&yen1,303 million for H1 FY2012) and cash dividends paid amounted to &yen729 million (&yen790 million for

H1 FY2012).

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