Presentation of Performance
Fiscal Year Ended March 31, 2012
May 17, 2012

— Contents —I. Overview of Performance for the Fiscal Year Ended March 31, 2012
1. Highlights of Performance for the Fiscal Year Ended March 31, 2012

1

2. Details of Net Sales by Segment for the Fiscal Year Ended March 31, 20122

3. Details of Operating Income for the Fiscal Year Ended March 31, 2012

3

II. Full Year Forecasts for the Fiscal Year Ending March 31, 2013

4

1. Main Reasons for Forecast Income Growth (Operating Income)5

III. Telecommunications Carrier Business Trends
1. NTT Business Investment Trends and Measures

62. DOCOMO Business Investment Trends and Measures

7

3. NCC Business Investment Trends and Measures

8

IV. Maintaining and Deepening Structural Reform (COMSYS WAY)

9

1. Reorganization of DOCOMO Business and NTT Network Business10

2. Innovation in New Business Fields

11

V. Status of Treasury Stock and Policies for Returns to Shareholders12I-1. Highlights of Performance for the Fiscal Year Ended March 31, 2012
Operating income growth met the forecast figures, even though net sales fell short of forecasts.
(Unit: ¥100 million)
Orders Received

Performance

2,977

Comparisons withthe previous term

Comparisonswith forecasts+34+17Net Sales

2,958-196-121

Gross Profits

311+0-16

Gross Profit Margin

10.5%+0.7 percentage points-0.1 percentage points

Operating Income

125+8+24.3%+0.6 percentage points+0.3 percentage points

Operating Margin

Recurring Profit

129+8+1

Recurring Profit Margin

4.4%+0.6 percentage points+0.2 percentage points

Net Income

71-23-1

Net Profit Margin

2.4%-0.6 percentage points+0.0 percentage points

Note: Figures are rounded down to the nearest whole unit.

–1–Remarks

Orders Received
Despite such factors as the completion of a round of
Indefeasible Right of User (IRU) and terrestrial digital
broadcasting work and the slump in capital expenditure in thegeneral private-sector market, orders received increased
compared with the previous fiscal year because of thefull-year contribution from TSUKEN Corporation and the risingorders from full-scale rehabilitation work following the Great
East Japan Earthquake.
Orders received generally tracked projections as the slump in
the private-sector market was offset by telecommunications
carrier business, mainly NTT, DOCOMO, and NCC.
Note: See next page for details on net sales.

IncomeOperating income growth was achieved compared with boththe previous fiscal year and forecasts as a result of efforts toimprove productivity and cut costs through measures tostrengthen the operating platform and the structural reforms
implemented during the previous fiscal year.
Note: The ¥2.3 billion year-on-year decrease in net income wasprimarily due to the negative goodwill recorded as extraordinary
income arising from the management integration and the one-off
expenses, for measures to strengthen the operating platform forexample, that were recorded as extraordinary losses in the previous
fiscal year.

I-2. Details of Net Sales by Segment for the Fiscal Year Ended March 31, 2012
(Unit: ¥100 million)

-29
+159

3,154

NCC
-8.1%

Comparisons withthe Previous TermComparisonswith Forecasts

-196

-121

(-6.2%)(-3.9%)

NTT business
Completion of full-scale earthquake rehabilitation work delayed
DOCOMO business
Completion delayed due to measures toaddress telecommunications failures

-207

NTT-G
+9.7%
TSUKEN Corporation
full-year contribution

IT-31.8%

IRU/terrestrial digital
broadcasting work-74-119
Construction-23.9%-452,958Construction-10.3%

IT-14.4%+21-24

NCC
+6.9%

NTT-G
-1.4%

3,080

Strong carrier performance,
including Softbank

Slump in general private-sector market
Major projects last fiscal year
(Diet members’ office building, airports, universities, etc.)

FY March 2011
Performance

FY March 2012
Performance–2–FY March 2012
Forecast

I-3. Details of Operating Income for the Fiscal Year Ended March 31, 2012
Improvement in profit achieved compared with previous fiscal year
and forecasts made, due to progress of ongoing structural reforms(Unit: ¥100 million)

Comparisons withthe Previous Term

Comparisonswith Forecasts

Increasein profits+8(+6.9%)

117

Effect ofmeasures tostrengthen
operatingplatform
Impact ofdecline in
net sales+21(+2.4%)+6Improvementin profit margin
due to enhanced
product mix-10+19-13+5-20+2Reduction
in SG&A
expenses

FY March 2011
Performance

125+2123

Unprofitableprojects

Reduction in Impact of
SG&A expenses decline in
net sales

Improvementin profit
margin due
to structuralreforms, etc.

FY March 2012
Performance–3–FY March 2012
ForecastII. Full Year Forecasts for the Fiscal Year Ending March 31, 2013
Growth in revenue and earnings forecast thanks to increasein orders received from mobile telecommunications carriers(Unit: ¥100 million)
Orders Received

FY March 2012
Performance

2,977

FY March 2013
Targets

Comparisons withFY March 2012

2,950

-27

Remarks

Orders Received and Net Sales
Orders received are forecast to be roughly in line with theprevious fiscal year. Although capital expenditure by mobile
telecommunications carriers is on an upward trend,
probably fulfilling expectations of an increase in orders,
NTT infrastructure investment is falling and capital
expenditure in the general private-sector market is on adownward trend.

Net Sales

2,958

3,000+41

Gross Profits

311325+13

Gross Profit Margin

10.5%

10.8%

+0.3 percentage points

Net sales are forecast to rise with the completion ofprojects carried forward from the previous fiscal year, inaddition to an increase in orders received from NCC.

Operating Income

125

140+14Note: See Data Section: Detailed Data for forecasts of orders
received and net sales by business segment.

4.3%

4.7%

+0.4 percentage points

Recurring Profit

129144+14Recurring Profit Margin

4.4%

4.8%

+0.4 percentage points

Net Income

7185+13Net Profit Margin

2.4%

2.8%+0.4 percentage points

Operating Margin

Note: Figures are rounded down to the nearest whole unit.

–4–IncomeOperating income is projected to rise 11.2% year-on-year
due to the effects of the maintenance and deepening ofprevious structural reform measures, and to increasing
profits through the restructuring of mobile telecommunicationsrelated consolidated subsidiaries.

II-1. Main Reasons for Forecast Income Growth (Operating Income)
Forecast growth in operating income due to the deepeningof structural reforms and improved income in private-sector works(Unit: ¥100 million)

Transformation into a structure that can consistently generate profits
Improved income inprivate-sector works
Promotion ofCOMSYS WAY

Comparisons withthe Previous Term

+15Improvementin profit ratios(+11.2%)+5+5125+5s Improvement of income in general
private-sector works
s %LIMINATION OF UNPROFITABLE PROJECTS

140
Increasein profits

s 0ROMOTION OF MEASURES TO IMPROVE PRODUCTIVITY
s Reorganization of Group business management structures )NCREASE IN PROJECTS CARRIED FORWARDs )MPROVEMENT IN PROFIT MARGIN DUE TO ENHANCEMENTS IN PRODUCT MIXFY March 2012
Performance

FY March 2013
Forecast–5–III-1. NTT Business Investment Trends and Measures
NTT East Investment Trends/Impact ofGreat East Japan Earthquake

Capital Expenditure Trends at NTT East and West
(Unit: ¥100 million)

7,796

7,850

(Unit: ¥100 million)

4,200

7,500

250
NTT EAST

4,200

Earthquake
rehabilitation

3,900

Mar. 2011

3,900

Decreased
investment

NTT WEST
Investment infiber optics
2,950

50

Investment infiber optics
3,000

Mar. 2012

Mar. 2012

Investment infiber optics
3,000

Mar. 2013 Target

Mar. 2013 TargetMarket Trends

Activity Measures
Secure profit in existing infrastructure business
Strengthen management of project partner companies
Maximize group synergy
Promote development of two tiers in new service
integration areas (Access)Integrate business management, etc., withconsolidated subsidiaries (Network)

Capital expenditure is on a gradual downward trend due to current equipment
sufficiency and substantial decreases in the prices of goods, but investment infiber optics will be maintained.
The number of NTT Group employees will fall significantly in the future, so thesubcontracting of maintenance and operation services in the industry isexpected to expand.

Establish maintenance and operation business
Secure and train engineers and create organization with theaim of full-scale subcontracting
Set up a new strategy division merged with the existing home
network operations and expand subcontracting (Access)Enter maintenance and operation services for NTT
Communications (Network)

Measures to retain customers, including Ninen-wari (a discounted service
based on a minimum two-year subscription), the Light Plan (basic plan), andenhancements to the support menu.

–6–III-2. DOCOMO Business Investment Trends and Measures
Wireless Access Work Trends

DOCOMO Capital Expenditure Trends

Mar. 2012(Unit: ¥100 million)

6,685
R&D, etc.

7,268

7,350

Mar. 2014

Augmentation of base station capacity to accompany uptake of smartphones

FOMA(IMT 2000)

Promoting small-zone cellular service areasand sector-time division multiple access system
Disaster countermeasures

Disastercountermeasures(240)

LTE (download: 37.5Mbps)

Introduction of 800MHz band,
1.5GHz band

Xi
(LTE)

Networks(COMSYS estimates)

Mar. 2011

Mar. 2013

LTE installation with simultaneous dismantling of PDC

Mar. 2012

mova(PDC)

Mar. 2013 TargetRemoval

Market Trends

Activity Measures

Work to augment LTE equipment at existing FOMA base stations will increase
due to the accelerated extension of Xi (LTE) service areas.

Shift to a more competitive business structure and expand market share
Implement restructuring at consolidated subsidiaries(restructuring of DOCOMO business)
Reinforcement of a negotiation consulting structure

Work to ensure equipment capacity in congested cell phone traffic areas will
increase due to growing traffic resulting from expanded smartphone sales.

s #OMPLETE ,4% PROCESS AND &/-! CAPACITY AUGMENTATION PROCESS

Complete base station construction work in subway tunnels
and core network projects

Investment in the core network will increase due to telecommunications
failures, and a high proportion of expenses will be for goods such as routers,servers, etc.

Innovation for expansion of business domains
Proactive development of IP businesss %XAMINE DEVELOPMENT OF -!03 SMARTPHONE RELATED SERVICES PLATFORM
s %XPAND INTO CORE NETWORK RELATED AND OPERATION RELATED FIELDS
s $EVELOP DIRECT MANAGEMENT OF VENDOR DESIGNATED SUBCONTRACTING PROCESS

Dismantling and removal accompanying termination of mova (PDC) service willtake place and will be completed by March 2014.

Expand area servicing operations–7–III-3. NCC Business Investment Trends and Measures
Wireless Access Work Trends

KDDI/Softbank Capital Expenditure Trends(Unit: ¥100 million)

Mar. 2012

6,000

Extension of CDMA2000 area

5,163
4,437

4,205

4,500

4,216

KDDI
SoftbankKDDI(au)

LTE service to commence
WiMAX2es

L800MHz removal

ga

Risin

Mar. 2014

Brought forward and 2GHz band added

LTE base stations

panimh cotobt

Mar. 2013

Transfer of W Company base stations
Platinum band

SBMLTE base stations

Mar. 2011

Mar. 2012

Mar. 2013 Target

LTE service to commence

AXGP base stations

Market Trends

Activity Measures

KDDI (au) mobile telecommunications will fully commence LTE construction inthe fiscal year ending March 2013. In addition to bringing forward scheduled LTE
service commencement to December, it is adding a 2GHz band. Removal of
L800MHz equipment will begin in the second quarter, and WiMAX subway work
will also continue to be carried out.

Guarantee security and quality for KDDI and increase market share
Step up pace of work through support units
Cut costs through multi-skilling of workers within an area
Make adequate preparations for response to L800MHz removal

KDDI actively extends au HIKARI (optical communications) area.

Expand orders received in response to Softbank’s growth strategy
Share information throughout the company to step up pace of projects
Establish project structure for steel tower construction

Softbank will maintain aggressive investment in mobile telecommunications,primarily in the 900MHz platinum band, with LTE service commencement this fall.

–8–IV. Maintaining and Deepening Structural Reform (COMSYS WAY)

Transformation to a structure that consistently generates profits— Promote COMSYS WAY —Strategy
Sustained, More In-Depth Structural Reform
4RANSFORMATION TO A NEW EARNINGS STRUCTURE
Accelerate development of existing innovation strategy
2EVIEW GROWTH STRATEGY SCHEME
Radical reform of fixed-cost structure (personnel expenses, etc.)

Tactics
Rebuild the Group’s business management structuress 2EVIEW ROLES OF PRINCIPAL CONTRACTOR AND CONSOLIDATED SUBSIDIARIES
2EORGANIZE $/#/-/ BUSINESS AND .44 NETWORK BUSINESSs )MPROVE STRUCTURE OF PERSONNEL EXPENSES BY OPTIMIZING PLACEMENT OF PERSONNEL
s 3TRENGTHEN PROJECT MANAGEMENT THROUGH PRINCIPAL CONTRACTOR
s 0URSUE MANAGEMENT INTEGRATION SYNERGY2ESTRUCTURE WITH A FOCUS ON FULL SCALE DEVELOPMENT OF THE MAINTENANCE AND OPERATION BUSINESSs 4RAIN CORE PERSONNEL THROUGH ROTATION OF NECESSARY EMPLOYEES ETC)NNOVATION IN NEW BUSINESSES
s &OCUS ON SOLAR POWER AND ENERGY CONSERVATION AND MAINTENANCE AND OPERATION BUSINESSImprove profitability in private-sector businesss 2EDUCE FIXED COSTS THROUGH EXTENSIVE COST CUTTING AND ROTATION OF EMPLOYEESImprove productivity and efficiency through strategic use of IT–9–IV-1. Reorganization of DOCOMO Business and NTT Network BusinessBackground
Although the DOCOMO business is expected to maintain its share of net sales for the time being, a deterioration in the business environment is forecast, with an ongoing reduction in the scale of projects.
With the migration from the former IP network to NGN complete, net sales in the NTT Group network businessare on a gradual downward trend, which is partly attributable to a reduction in the scale of projects.

Present

After reform
October 2012 Reorganization

Nippon COMSYS Corporation

Nippon COMSYS Corporation

Tokyo Tsuken Co., Ltd.

Personnel Rotation(Allocation of the right human resources in the right place)(Net sales: ¥5.8 billion)(Consolidated subsidiaries)

Strategic Operations

New Mobile CompanyMobile(Net sales: ¥9.5 billion)

Nitto Tsuken Co., Ltd.

(Role)Net sales: ¥15 billion(New consolidated subsidiary)

Routine Operations

COMSYS Net Corporation
Network

Net sales: ¥7 billion(Existing consolidated subsidiary)

Roles of the three companies partly overlap

New Mobile Company
Establish wage structure suitable
for a primary contractor
Occurrence of special retirement
benefits for transferees

Recoverwithin Three Years
Extraordinary Loss¥2.2 billion(Includes COMSYS Net Corporation portion)– 10 –

Increase efficiency of common operations (¥0.9 billion)
Alterations to wage structure, reduction in personnel sharing
the same duties, merger of branches

Increase efficiency of project operations (¥1.3 billion)
Eliminate duplicated operations, and even the developmentof employee expertiseIV-2. Innovation in New Business Fields
Focus on solar power and energy conservation,and maintenance and operation businessBusinesses undergoing commercialization
Business segment

SectorOutline

Investment

Sales

ProﬁtsConstruction

Solar power and energy
conservationBusiness to generate 7,700KW of solar
power on local government idle land

¥2.3 – 2.5billion¥7.4 billion(20 years) *¥2.4 billion(20 years) ** Fixed purchase price ¥40/kWh (excluding tax), 20-year purchase periodBusiness segment

Sector

OutlineNTT/DOCOMO

Maintenance and operation businessSubcontracting business for NTT Group maintenance operations

Construction business where commercialization is complete and being rolled out as regular operations
Sector

OutlineWater supply and drainage

Deployment of marketing targeting earthquake-proof equipment for Tokyo water supply anddrainage, where aging of equipment is marked, with ¥0.9 billion in orders received for the ﬁscal
year ended March 2012, including ﬁrst water mains order

Water Recycling (Grey Water) Business(Biological Water Treatment)

The system is environmentally strategic and achieves cost reductions at the same time byreusing grey water, including kitchen wastewater. A new agreement with NTT Group-ownedbuildings has been concluded and is scheduled to go into operation in October 2012.

Businesses where challenges remain
New in-home business

Server system business

School ofﬁce business– 11 –

IT management services

V. Status of Treasury Stock and Policies for Returns to Shareholders
Decision to acquire treasury stock for sixth consecutive year(¥3 billion in current fiscal year)
Acquisition of treasury stock for six consecutive years

20,270thousand shares

15,027thousand shares

9,193
thousand shares

Newly acquired portion
5,250 thousand shares(Approximately ¥5.0 billion)

Use in implementing
management integration
with TSUKEN Corporation
8,351 thousand shares
16,124thousand shares

Acquisition period:
May 11, 2012 to March 31, 2013

19,186thousand shares
Newly acquired portion
3,526 thousand shares(Approximately ¥3.0 billion)

Newly acquired portion
3,612 thousand shares(Approximately ¥3.0 billion)

Newly acquired portion
5,544 thousand shares(Approximately ¥5.0 billion)

Acquisition planned in
the current fiscal years   THOUSAND SHARES MAXIMUM
s c BILLION MAXIMUM

Number ofshares held
19,186thousand shares

Newly acquired portion
4,143 thousand shares(Approximately ¥5.0 billion)

Mar. 2008

Mar. 2009

Mar. 2010

Mar. 2011

Mar. 2012

Mar. 2013

Dividends per Share

¥17

¥20

¥20

¥20

¥20 (Planned)[ Interim ]

¥7

¥20
¥10

¥10

¥10

¥10¥10[ Year-end ]¥10¥10¥10¥10¥1036.2%

27.1%

36.0%

29.8% (Planned)

Consolidated Payout Ratio

20.3%(including a ¥3commemorative dividend)

¥10
26.5%

– 12 –(FY)