Consolidated sales from the Overseas Education Business Domain in the year ended March 31, 2012 amounted to ¥10.8 million, an increase of 15.3% over the previous year.

Growth in correspondence course enrollment, particularly in China, was the main factor driving higher sales.

On the income front, the operating loss increased from ¥0.6 billion in the previous year to ¥1.3 billion due to upfront costs for business expansion and other factors, despite a boost in earnings from higher sales.

In China, the Company added to its bases in Shanghai and Beijing with a new base in Guangzhou in January 2011 and another in Chengdu in April 2012, as it stepped up sales activities.

The number of enrollees in overseas correspondence courses as of April 2012 was 780,000, up by 130,000 year on year.