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Financial Guidance for FY2019

Recruit Holdings is changing its prior guidance practices for FY2019 to reflect its rapidly changing technology business environment. Recruit Holdinfs will no longer provide specific full year consolidated forecasts for revenue, EBITDA, operating income, profit attributable to owners of the parent, adjusted profit and adjusted EPS. Below are consolidated financial guidance for FY2019.

- Revenue and adjusted EBITDA* for all three segments to increase
- Adjusted EBITDA* to be in the range of 310 billion yen to 330 billion yen
- Adjusted EPS to grow high single digits

The HR Technology segment revenue on a US dollar basis is expected to grow approximately 35% plus or minus a few percent. Adjusted EBITDA margin for the segment is expected to be approximately the same level as FY2018 plus or minus a few percent mainly due to continued investment in sales and marketing activities to acquire new individual users and enterprise clients and in product enhancements to increase user and client engagement.

The Media & Solutions segment revenue is expected to continue stable growth. Revenue for Marketing Solutions is expected to grow mid single digits, and revenue for HR Solutions is expected to grow low single digits. Adjusted EBITDA margin for the segment is expected to remain at a level similar to that of FY2018.

The Staffing segment revenue is expected to grow low single digits, comprised of an increase in both Japan and Overseas operations, and adjusted EBITDA margin is expected to improve slightly from FY2018 by improving operational productivity.

*Adjusted EBITDA = operating income + depreciation and amortization (excluding depreciation of right-of-use assets) ± other operating income/expenses