Presentation of Performance for the First HalfFiscal Year Ending March 31, 2009
November 18, 2008

— Contents —I. Overview of Performance for the First Half of the Fiscal Year Ending March 31, 2009
1. Highlights of the First Half Financial Statements

1

2. Details of the First Half Sales by Business Segment

2

II. Forecasts for the Fiscal Year Ending March 31, 2009III. Responses to Changes in the Business Environment(To Achieve Medium-Term Management Plan Targets)

3

4

1-1. Efforts to Reform Our Business Structure

51-2. Innovation 2010’s Principle Measures6

2. Concrete Measures in Group Innovation 201072-1. Expansion of the Information Systems Business

82-2. Expansion of Carrier-Class Peripheral Business

92-3. Efforts to Expand Our Home Network Business

102-4. Expanding Next-Generation Network (NGN) Carrier Business Domain112-5. Activities in New Areas of the IT Solutions Business

122-6. Training ICT Technicians132-7. Extending Centralized Procurement throughout the Group

14IV. Returns to Shareholders

15

I-1. Highlights of the First Half Financial Statements
u Growth in revenues and income resulting from earlier than expected orders received in the first half u(Unit: ¥100 million)
Orders Received

Performance

1,623

Comparisons withthe previous term

Comparisonswith forecasts+123+143(+8.2%)(+9.7%)

TopicsOrders Received and Net Sales
 Orders received and net sales in the NTT, DoCoMo,

1,336+6+38(+0.5%)(+2.9%)

Operating Income

47+7+16

Operating Margin

3.5%+0.5 percentage points+1.1 percentage points

Recurring Profit

55+10+13Net Sales

and NCC businesses increased in comparison to thesame period of the previous year and exceeded
forecasts as a result of early implemented projects,
but declined in the construction business as a resultof greater selectivity in orders accepted.

 Total orders received and net sales increased incomparison to the same period of the previous year,and exceeded forecasts.

Income The Group moved forward with cost-reduction

Recurring Profit Margin

4.2%+0.8 percentage points+1.0 percentage points

Net Income

32+5+1Net Profit Margin

2.4%+0.4 percentage points-0.1 percentage points

1measures, including the thorough implementation ofcentralized procurement and COMSYS-style kaizen(improvement). This, together with reductions inselling, general and administrative expenses, allowed
growth in both revenues and income.

I-2. Details of the First Half Sales by Business Segment
Although the Group received orders from regional governments for large-scale
CATV projects, as well as major orders in connection with the construction of
new condominiums, greater selectivity in orders accepted produced difficulties.

IT Construction+10.4% -19.9%
NCC+15.5%

Performance took an upturn as a result of earlier than expected orders
received in the first half, primarily for mobile communications and FTTH projects.

NTT Business
There was a slight decline as a result of areduction in Internet access projects anddelays in project completion.

+16Construction-10.0%-42IT0NCC+10.0%

+28
NTT-G
+4.8%

-19

1,336+36(Unit: ¥100 million)+38(+2.9%)+19

DoCoMo Business
Performance was healthy as a result of anincrease in earlier than expected orders
received in the first half for 800M overlay
projects and the removal of PHS facilities.

NTT-G
+0.8%

+6+6(+0.5%)

1,330

1,298

Performance in Previous Term

Performance

2TargetsII. Forecasts for the Fiscal Year Ending March 31, 2009
After careful consideration of the uncertain market environment and earlier than expected orders
received in the first half, initial performance forecasts for the fiscal year remain unchanged.
(Unit: ¥100 million)

FY March 2008
Performance

Comparisons withFY March 2008

FY March 2009
Targets

Remarks

Orders Received and Net Sales

Orders Received

3,319

3,250-69

Net Sales

3,275

3,300

+25

2 Performance in the NCC and IT Solutions businesses
are in line with forecasts for the fiscal year.
2 In the construction business, selective acceptance oforders is forecast to result in a decline, but the Group isworking to achieve targets through stepped-up
marketing.

Operating Income
Operating Margin

162

140-225.0%

4.2%-0.8 percentage points

Recurring Profit

182

150-32

Recurring Profit Margin

5.6%

4.5%

-1.1 percentage points

Net Income

116

85-31

Net Profit Margin

3.6%

2.6%

-1.0 percentage points

32 Although the NTT and DoCoMo businesses performed
well as a result of earlier than expected orders received
in the first half, orders received and net sales areexpected to follow initial performance forecasts.

Income2 The burden of depreciation expenses on
systems-related investments will emerge in the second
half, as initially forecast.
2 Forecasts of income will be achieved as a result ofworkflow standardization, selective acceptance of orders,and structural reforms, as called for in the Innovation2010 and Group Innovation 2010 plans.

III. Responses to Changes in the Business Environment(To Achieve Medium-Term Management Plan Targets)
First growth period

Through structural reforms,
a second growth period

Turning point

Radical revision of business practices[ Third Medium-term Management Plan ]Allocation of resources to growth fields
Lateral spread of cost-cutting measuresBuilding a business model (platform) that promotes
integrated management through workflow
standardization and integration of functions

3,650

Special demand for mobile
communication-related
construction

3,450
3,365
3,275

Ultimate goal:
Total optimization through joint ownership of the platform

3,300

0

nioatv
o

3,074

1
20

Group Innovation 2010

nup

2,896

In

Innovation 2010

oGr

2,762
Net Sales(Unit: ¥100 million)

138
Operating Income(Unit: ¥100 million)(4.8%)

163(5.7%)

162(5.0%)(5.3%)

Kaizen195

192
160(Improvement)(5.3%)

140(4.6%)

Group Innovation 2010

(4.2%)

Some measures taken to achieve the targets set in the new
medium-term management plan
Synergistic effects generated by the leadership of a pureholding company

98(3.6%)(Operating margin)

Mar. 2004

Mar. 2005

The management reform
measures of Nippon COMSYS
and the core companies arebeing integrated and adopted
throughout the Group.

Strategic anticipatory investments in IT and other areas
resulted in higher administrative expenses (up ¥2.3 billion).
Mar. 2006

Mar. 2007

Mar. 2008

Mar. 2009

Mar. 2010

Mar. 2011(FY)

4

III-1-1. Efforts to Reform Our Business Structure
Linking Innovation 2010, an effort to reform the business structure,with COMSYS-style kaizen (improvement), the Group is working to increase
productivity and strengthen cost competitiveness. This will lead to a production
method that will allow the Group to survive this competitive environment.

Implementing Innovation 2010

COMSYS-style kaizen (improvement)

Radical revision of work processes
to encourage progress and innovation,
moving away from old habits

Building a framework
for continuous, daily kaizen

Driving business innovation based on these two core plans(Nippon COMSYS Measures)

Creating a corporate culture conducive to proactive innovation

Reaching the targets set in the medium-term management plan5

III-1-2. Innovation 2010’s Principle Measures
Measures by business segment

Companywide joint measures

1. Strengthening project management by acting as prime contractor

9. Reviewing business processes
and implementing new core systems

2. Optimizing the deployment of project bases
Each measure is implemented not in isolation,
but in close coordination with all other measures.

10. Workflow standardization
3. Shifting to a new cost estimation system

4. Changing to a nationally integrated system for inside business11. Systemization of business5. Selection and concentration by business segment
12. Adopting a new personnel system
6. Independence for regional operations

7. Reorganization of business within the CHD Group

13. Adopting a new management accounting system (complete)

8. Expanding business domains
Data center construction project team
Next-Generation Network (NGN) business networking project team
Expanding peripheral businesses

6

14. Review and streamlining of organization structure (complete)III-2. Concrete Measures in Group Innovation 2010
Expanding the Information Systems Business0$%'$%')()%-&$)*($((Expansion of Carrier-Class Peripheral Business-&$$)-) $')%$),%'! Carrier Business Domain)+)($,'(%) %"*)%$(*($((0)'$)$$)%&')%$"%%&')%$(.()#$) $(%"$'()'*)*'*($(((Growth in revenue and income
Moving forward with
an operational cooperation system

Workflow standardization
Moving forward withCOMSYS-style kaizen (improvement)

Instituting integrated management(Building a joint platform)
Workflow standardization
Upgrading IT

Measures

Enhancing operational efficiencyetc.

0 $)')%$% %$)%&')%$(Extending Centralized Procurement throughout the Group0 -&$$kaizen throughout the entire Groupetc.
0*"$%#()'$,$)'$"(.()#$#&"#$)$*($(((*&&%')(.()#)'%*)'+,%,%'!&'%(((In October 2008, three operating companies simultaneously
launched Comstar services
etc.

Achieving the medium-term management plan targets throughout the entire COMSYS Group7

III-2-1. Expansion of the Information Systems Business
COMSYS Holdings Corporation

SANWA COMSYSEngineeringCorporation

TOSYS Corporation

Information
systemsbusiness
Information systems
business subsidiary[ Distinguishing the New Company asan Information Systems Business]

Nippon COMSYS
Corporation
Information
systemsbusiness

Information systems
business subsidiary

COMSYS Information
Systems Corporation(Tentative name)Spin offs

Establishment: April 1, 2009COMSYSTechno Co., Ltd.

COMSYSTechno Co., Ltd.

— Objectives —1 *( $((-&$( %$1)'$)$%#&) ) +$((1$')(.$' () )( $)'%*&

— Principle Measures —1$)')$%'#) %$.()#(%&') %$(, ) $)'%*&1 *( $((&') (&&'%&' ))%)
 $%'#) %$(.()#(*( $((#'!) $
#&"%.#$))' $ $&'(%$$"#$#$)1)'$)$ $"" $(, )%)' '#(Heightening competitiveness through sequential integration— Business Scale and Medium-Term Strategy —Key points of the medium-term growth strategy
Composition of net sales by business segment

Other20%
Governmentorganizations

Medical

Telecommunications

Mar. 2010 45%
10% Targets¥10 billion
10%
15%
Finance

Striving to double net sales
over the medium-term

84-+!&+$ ..&"./5/0"*/+!
84-+!&+$,-".0&,+/&+0%"#&++ &)#&")!
through ties with major System Integrationcompanies
84-+!&+$,-".0&,+/&+0%"*"!& )#&")!
through ties with developers of specializedcommercial software
84-+!&+$,-".0&,+/&+))/"$*"+0/
through the development of intra-marttechnology8+!))&+ "s8

Other
Governmentorganizations

15%

Telecommunications

5%

Medical10%

March 2012
Targets

Finance20%50%

III-2-2. Expansion of Carrier-Class Peripheral Business
Emphasis on proposal-based marketing brings the expansion of business domains, and therefore steady growth.

Increasing full-turnkey and one-stop orders

NTT peripheral business

DoCoMo peripheral business

NCC peripheral businessEngineering business

Infrastructure peripheralbusiness

Development of management
and operation systems

Repair andmaintenance business

Repair andmaintenance business

Repair andmaintenance businessAgency business

Maintenance business(wireless devices, power sources, PC setups, etc.)

Home network
business

Area inspection and support
for research operations, etc.

New business fields
Developing new customers(CATV, WiMAX, etc.)(Unit: ¥100 million)

110

60
Mar. 2009
Targets

2050
Mar. 2011
Targets

40

100

Mar. 2009
Targets

Mar. 2011
Targets

9Mar. 2009
Targets

Mar. 2011
Targets

III-2-3. Efforts to Expand Our Home Network Business
The Group’s goal is to provide one-stop service in the entire HNW field (sales, construction, maintenance and operation).
[ Image of medium-term expansion in the HNW business ]Business expansion hinging on on-site business for consumers

5050

Expanding on-site business with companies other than NTT (Fiscal 2009 and onwards)

40

30

20

Expanding
theNTTpe
ripheralbusinessTaking on-site business as the primary locus, the Group seeks to expand its one-stopbusiness related to the development of Next-Generation Network companies.
On-site business(maintenance and operation)

Concluded a tie-up with the ThreePro Group, Inc. (Signed on September 26, 2008; ownership, 6.25%)

Expand orders for terrestrial digital broadcast facilities to provide FLET’S
televisionand SKY PerfecTV! Optical RF services.

30

Orders for FLET’S Optical communications projects and SKY PerfecTV! Optical RF projects
expanded due to simultaneous, same day constructions.
Upgrade RF project systems to remain abreast of new services and area expansion
Demand for SKY PerfecTV! optical services (in terms of number of users) are forecast to increase
from 50,000 as of March 31, 2008 to 3,000,000 by March 31, 2012.

SKY PerfecTV! Optical(RF project)

10(Interim Results 5)
10

Expand sales of NTT products, including NGN-related items

5

Increased sales of FLET’S Next, B FLET’S, security products, and other network services(Results)

Promoting sales of NTT communications devices and providing information

Agency business (sales)

0Mar. 2008

Mar. 2009

Mar. 2010

Mar. 2011

Business tie-up

Overview of ThreePro Group Inc.
;4,1&,3$/75,1(55 IT support services;1&24324$6('January 1977 (Founded: April 1996);aid in Capital:¥10,242 million;($')),&(Shinjuku, Tokyo

Emphasis on the acquisition of engineers for on-site business
Sharing of technological resources related to operations(Sharing of knowledge database)10

Establishment of HNW Total Management System

Entering on-site business through NTT remote support service(Fiscal 2008, second half and onwards)(Unit: ¥100 million)

III-2-4. Expanding Next-Generation Network (NGN) Carrier Business Domain
Developments at NTT

FY 2008
Commercializing
NGN services(March 2008)

FY 2009

FY 2010Adding and expanding NGN
and 3G network services
Creating services in cooperation withapplication providers, etc.

FY 2011Full-scale service
integration

Building a full IP network
infrastructure for both fixed
and mobile communications(solidifying the foundationfor service integration))' 
"#!"$!!#("!%( ) #"!%$"!")' "!%!"!
#" !#$!"

FY 2012Full-scale development of
ubiquitous broadband services) ##!#!# !"# #&!#
Source: NTT documents

NGN carriers business
FY 2008

FY 2009

FY 2010

FY 2011

FY 2012

Testing, maintenance, operation
Data manufacturing
Construction (Installation of equipment, laying of cable, unit testing)Base station data production
Training ICT professionals

NGN testing and verification
Number of CCIE engineers: 76, as of September 30, 2008.

11Seeking full turnkey orders

Seeking full turnkey projects that include design, construction, testing, maintenance,and operation, with ICT professionals as key personnel

III-2-5. Activities in New Areas of the IT Solutions Business
Expanding operations in new fields through a shift to a character capable of responding to changes in markets(Unit: ¥100 million)

25

Plan to quadruple the previous term’s figure on an orders received basis
Plan to increase the previous term’s figure by 2.5 times on a sales basis

20

Expand high-layer operations through the training of ICT technicians
Expand the Group through alliances and ties with major corporations
Data center
Integration and virtualization of servers

Expand the office relocation business

15

Increase one-stop orders for new nationwide projects

New alliances

10

Net Sales

0Orders Received

5

Condominiums with optical Internet service
Office relocation

March 2008 Performance

Nationwide projects(Convenience stores, etc.)
September 2008 Performance

12

March 2009 Targets

III-2-6. Training ICT Technicians
0 01/+$) '*-1 ('$'! 0'+*/ !&'#2#"

#/'%* 0#", .0*#./5/0#)
As of September 30, 2008

Name of qualification

+*/1(0'*% ITCMicrosoft'""(#3 .#+10#.

!++."'* 0+./7

MCSE, MCSA

23

MCP863 

5

23



173

3 .#



15

'*14

2425&,HP")'*'/0. 0'+*9

1*SCNA, SCSA

63

CCIE

76

CCDP, CCNP

298

CCNA, CCDA583

. !(##.2#.

Number of holders

Cisco Microsoft
6+(", .0*#.
Cisco6+(", .0*#.
6# .*'*%, .0*#.
NTT WEST6+(", .0*#.
NTT COMMUNICATIONS61/'*#//, .0*#.
NTT DATA61/'*#//, .0*#.
NTT COMWARE64!#((#*0, .0*#.

2,563

1..#*0#*%'*##.0. '*'*%0& 0!+2#./0&#( 0#/00#!&*+(+%y13III-2-7. Extending Centralized Procurement throughout the Group(Previous)
Era of independent
procurement
Each project supervisor placed orders directly, which
in principle should have been done through COMSYS
Tsusan Co., Ltd.
Procurement performance could not be determined(Who, what, how much)
0Appropriate pricing could not be determined0&'(!%&*!*!&%
(Volume discount, etc.)

NipponCOMSYSSANCOM

Implementing the measures in
Nippon COMSYS Innovation 2010

Implementing
Group Innovation 2010 measures

Commencement of centralized procurement(July 2007 and onwards)

Commence centralized
procurement throughout the Group(From the fiscal year ending March 31, 2010)

Centralized procurement commenced within
Nippon COMSYS
Materials database for procurement
Reduction in procurement costs as a result ofprice negotiations and volume discounting

NipponCOMSYSSANCOM

TOSYS

Suppliers
ASuppliers
BSuppliers
ZSuppliers
BSANCOMTOSYSGroupwide centralized
procurement
COMSYS Tsusan

COMSYS
TsusanCOMSYS
TsusanSuppliers
ANipponCOMSYS
Procurement
Department

Procurement
Department

TOSYS

Core companies have increased leverage in procuring thesame materials, as a result of Groupwide centralized
procurement
Further volume discounts

Suppliers
ZSuppliers
ASuppliers
BSuppliersZ

Fiscal 2007 cost reductions (Actual): ¥250 million

Amount of reduction (Results of simulation)

Fiscal 2008 cost reductions (Projected): ¥550 million

Approximately ¥1.5 billion per year14

IV. Returns to Shareholders
Status of Treasury Stock Acquisition
This fiscal year’s planned acquisitions 76,000 thousand shares maximum
7¥5.0 billion maximum

Scheduled for the second half
2,823 thousand shares(Approximately ¥2.0 billion)

Newlyacquiredportion

9,370 thousand shares

12,707 thousand shares

Estimated number
at the end of the term

Approximately
15,500 thousand shares(Approximately ¥14.4 billion)

Interim results
3,177 thousand shares(Approximately ¥3.0 billion)

Number of shares held at the end of the term
Fractional unit
share purchased
160 thousand shares

Newly acquired portion
4,386 thousand shares(Approximately ¥5.0 billion)Stock swap with
Kokusai Densetsu, Ltd.
-1,134 thousand shares

4,967 thousand shares

3,754 thousand shares

Newly acquired portion
1,035 thousand shares(Approximately ¥1.2 billion)

Mar. 2005

Mar. 2006

Mar. 2007

Mar. 2008

¥15

¥15

¥17

¥17

¥20 (Planned)

5
10

7
87
10

7
10

¥10 (¥7+Fifth anniversary commemorative dividend ¥3)¥10 (Planned)

25.7%

21.5%

19.5%

20.3%

32.1% (Planned)

4,820 thousand shares

9,370 thousand shares(Approximately ¥9.4 billion)

Mar. 2009(FY)

Status of Dividends
Dividends per Share
InterimYear-endConsolidated Payout Ratio

15