Presentation of Performance for the First HalfFiscal Year Ending March 31, 2008
November 20, 2007

— Contents —I. Overview of Performance for the First Half of the Fiscal Year Ending March 31, 2008,and Revisions to Forecasts of Performance for the Fiscal Year
1. First Half Performance Highlights

1

2. Interim Net Sales by Segment2

3. Highlights of Revisions to Forecasts of Performance for the Fiscal Year3

4. Revised Targets of Net Sales by Segment for the Fiscal Year4

5. Trends in Net Sales since the Establishment of COMSYS Holdings

5

II. Emerging Business Trends
1. Strategy and Forecasts

6

2. Specific Changes in the Environment of the NTT Business7

3. Specific Changes in the Environment of the DoCoMo Business

8

4. Expanding the NTT Group Peripheral Business9

5. Non-NTT Business Trends and Outlook

10

6. NCC Business Expansion Strategy

11

7. Directions in the Construction Business12

8. Using High-Level IP Skills to Expand the IP Business Domain

13

III. Action Plan for Realizing Medium-Term Business Vision

14

IV. Status of Treasury Stock Acquisition15

I-1. First Half Performance Highlights
S Revenues and income lower than initial forecasts and down from the previous term S(Unit: ¥100 million)
Orders Received

Net Sales

Operating Income

Recurring Profit

Net Income

Performance

1,480

Comparisons withinitial forecasts

Comparisons withthe previous term

-110-226(-6.9%)(-13.2%)

1,298-67-135(-4.9%)(-9.4%)

31-36-47

Operating Margin: 2.4%

-2.5 percentage points-3.1 percentage points

42-35-45

Recurring Profit Margin: 3.2%

-2.4 percentage points-2.9 percentage points

31-14-32

Net Profit Margin: 2.5%

-0.8 percentage points-1.9 percentage points

1Remarks• The NCC business,• IT solutions business,• and construction business• achieved their targets• The recovery in orders received• in the NTT business extended• into the second half, especially• in the DoCoMo business.

I-2. Interim Net Sales by Segment(Unit: ¥100 million)

NCC+21.4%

Other
Non-NTT-5.4%+27-20

NTT-G
-8.0%

1,433-68(-4.7%)

NCC+18.3%-75

Other
Non-NTT
+5.2%

NTT-G
-13.3%+19+281,365-115-67(-4.9%)

1,298
Performance in Previous Term

Initial Forecasts

2PerformanceI-3. Highlights of Revisions to Forecasts of Performance for the Fiscal YearS A severe business environment resulting from the reduction of NTT-related infrastructure investment S(Unit: ¥100 million)
Orders Received

Net Sales

Operating Income

Recurring Profit

Net Income

Comparisons withinitial forecasts

Comparisons withthe previous term

-100-91(-3.0%)(-2.7%)

3,200-200-165(-5.9%)(-4.9%)

150-45-42

Operating Margin: 4.7%

-1.0 percentage points-1.0 percentage points

170-45-41

Recurring Profit Margin: 5.3%

-1.0 percentage points-1.0 percentage points

Revised Targets

3,250

105-20-18Net Profit Margin: 3.3%

-0.4 percentage points-0.4 percentage points

3Remarks

Orders received and net sales•Orders received in the NTT Group• business will recover in the second half.
• However, this will be insufficient to cover• the decline suffered in the first half.
•The NCC business will maintain strong• performance in the second half.
•The IT solutions business is carefully• selecting the orders it accepts.
• There was a slight decline in• the construction business as a result of• the effects of the exclusion from bidding.

Income• The effects of the decline in net sales• Growth in strategic investment expenses• The effects of the changes in• segment weights

I-4. Revised Targets of Net Sales by Segment for the Fiscal Year

(Unit: ¥100 million)

Other
Non-NTT+9.1%
NCC+11.4%

+38

3,365

+93

NTT-G
-4.8%
NCC
+4.1%

-96

Other
Non-NTT-8.5%+15-953,400-165(-4.9%)-200(-5.9%)

NTT-G
-6.3%

-120

3,200

Performance in Previous Term

Initial Forecasts

4

Revised Targets

I-5. Trends in Net Sales since the Establishment of COMSYS Holdings
3,450

3,365
3,300+291

3,200

Numerical targets of fiscal 2006medium-term management plan

3,150

3,074
3,050+178

2,896[Actual results]

2,930+134

2,900

2,762
Net Sales(¥100 million)

2,800
2,760

March 2004

Numerical targets of the second
medium-term management plan (fiscal 2005 )Up ¥43.8 billion
Growth rate: 16%(Annual average: 4%)

Numerical targets of the first
medium-term management plan (fiscal 2004)

Fourth fiscal year since the establishment of COMSY Holdings

March 2005

March 2006

March 2007

March 2008

March 2009

Note: Figures for the fiscal year ended March 2004 are the simple sums for the companies of the three groups for the fiscal year (For the Sanwa Group and the TOSYS Group this includes twelve months, including the first half).
Note: For purposes of comparison, with regard to the fiscal year ended March 2005, we have compensated for the change in the settlement period by disregarding three months and considering only twelve months performance
Note: by Nippon COMSYS’s consolidated subsidiaries.

5II-1. Strategy and Forecasts

The NTT business will not decline.
The infrastructure business will decline, but this will be offset by peripheral businesses.

Targeting generation of 50% of net sales from non-NTT businesses.
The company is energetically engaged in strategic investments that support attainment of this goal.

A time of change in the business portfolio
Working for increases in the amount of profits, not just in profit ratios.

6II-2. Specific Changes in the Environment of the NTT Business
Last Fiscal Year

This Fiscal Year

Full-scale investment in NTT’s
effort to shift 30 million
customers to optical fiber services

The NTT business will not decline.

Optical technology projects,
primarily comprehensive
service projects, are steady.
IPNW projects in westernJapan have expanded morethan expected.

Issues in the Second Half

Vigorous engagement inperipheral businesses.
A turning point

Increasing access throughthe expansion of B FLET’S
Peripheral business will cover
the decline in network business.
No forecast of next-generation
network performance is given.

Revised targets

Increasing electric power
to the data center.
Establishing a full-turnkey
order system in responseto the widespread adoptionof next-generation networks.

• A shift to user process incomprehensive service projects.

• A decline in NTT’s infrastructure
investments is assumed.
We plan to maintain performance throughexpansion of peripheral business.

• Infrastructure projects have been
carried forward into the second half.

7II-3. Specific Changes in the Environment of the DoCoMo Business
Last Fiscal Year

This Fiscal Year

Issues in the Second Half

Commence MNP services

A shift from the expansion ofareas to the improvement ofquality in each area.

Increased investment inMNP countermeasures

Continuous improvement ofarea quality and response toincreased traffic.

Strengthening of systems
to handle large volumesof small scale projects
in the second half.

A turning point

Investments were maintained
following the commencementof MNP services.

Revised targets
Increasing full turnkeyorders.
Stronger emphasis on
peripheral businesses• Orders received were carriedforward to the second half.

• MNP compatibility projects have slowed down.

8II-4. Expanding the NTT Group Peripheral Business
S Working toward a goal of ¥10 billion in income from peripheral business. SNTT peripheral business

DoCoMo peripheral business• Agency business• Promoting proposal-based development marketing• Home network business• Maintenance business (base stations, node stations)• Maintenance business• Base station maintenance project proposals• IP-NGN business• Business support and other expansion measures¥6 billion¥4 billion
Target: ¥10 billion

Peripheral businesses are just entering the same businesses
as the non-NTT fields, using proposal marketing.

9II-5. Non-NTT Business Trends and Outlook
CC Boxes and other generalcivil engineering projects

NCC infrastructure

1,231

Net Sales (Unit: ¥100 million)

1,243

1,233

1,358

1,410

1,600

Non-NTT

837
770-217666

Construction business

646

620
IT solutions business(Network integration, systems integration, maintenance)500
NCC businessUp ¥13.1 billion

378

Growth rate: 48%(Annual average: 12%)

307
274

405
385

332

260

273

Up ¥26.5 billion
Growth rate: 221%
(Annual average: 55%)200
1200’96

COMSYS Holdingsmanagement
integration

NTT became aholding company

’98

’00

’02

’04

A new medium-term management plan
will be announced next fiscal year.

Reorganization of
the NCC business

’05

’06

COMSYS non-consolidated figures

’07

’08

’09

2010

(H19.03)(H20.03)(H21.03)(H22.03)COMSYS Holdings consolidated figures10II-6. NCC Business Expansion Strategy
Keys to expanding the NCC business• Orders received are influenced by safety, quality, and adherence to schedules (Construction capacity is the product).
• Each carrier displays differences in investing behavior, but the market as a whole is growing steadily.

Strengths

Market penetration of
the SANCOM brandTop construction performancefor all carriers nationwide

Weakness

Orders received
at branches: 14%

Nationwide carriers• Expanding wireless devices, maintenance,• and other peripheral businesses• Further increases in share• Responding to WiMAX

Manufacturers
and vendors(For carriers)• Tests and other layer expansion• Proposal marketing through collaboration

Regional carriers• Increased entry into the FTTH field• by regional electric power companies,• CATV companies, etc.

Strengthening the nationwide marketing and project execution systems(Increasing the capabilities of branches and shifting personnel within the COMSYS Holdings Group)11II-7. Directions in the Construction BusinessResponding to intensifying competition to achieve growth
Opening new markets
1. Expanding the regional and urban development business
2. Fully exploit the safety and security business3. Increase involvement in environmental businesses

Measures to survive and move forward
Ingrain profit orientation
1. Strengthen outsourcing negotiations

Secure orders received and sales bycombining public and private sector orders.

Polishing marketing skills
1. One-stop contracting

2. Enhance centralized procurement

2. System proposals through the fusion of technologies

3. Increase flexibility of operational capabilities

3. Securing good customers

12II-8. Using High-Level IP Skills to Expand the IP Business Domain
Market Trends

20042005

2006

2007

2008

2009

2010

Architecture20 million optical fiber users

Field trialsLaunch of commercial service

NTT’s NGN Declaration

IP-NW Business Domain

NTT’s NGN domain

NCC’s NGN domain

Personnelassignment
Training highly skilled personnel

Corporate solutions domain

Programs in progress

March 31, 2005
(Cumulative)(Unit: Persons)March 31, 2008
(Planned)

CCIE (Cisco)647

LPIC-2 (Linux)

16132

SCNA (Sun)712PMP—28

NGN-SF Corporation established (April, 2007)
In-house and external training business
Personnel dispatched to the NTT Research Laboratory
Comprehensive testing and verification of next-generation networks.
Corporate NGN project established(Expanding the NGN-compliant NI business)

13III. Action Plan for Realizing Medium-Term Business Vision

S Facing an Era of Change S
Stable growth and generation of profits
Significant activities intended to expand our business
Further expansion of the NCC business
Expanding the NI business• Corporate NGN project established (October, 2007)
Preparations for the Number 2 Data Center era• Data center project established (October, 2007)
Engaging in the WiMAX-related business

Structural improvements in pursuit of improved productivity
Optimum allocation of management resources in response to changes
in business conditions(1) Shifting of human resources among COMSYS Holdings companies(2) Shifting personnel to the sales sector to strengthenmarketing capabilities
Increasing project-execution efficiency through progress in
COMSYS-style kaizen (improvement)
Reviewing procurement and outsourcing procedures with a view toupgrading the supply chain
Reviewing the division of responsibilities between parent companies
and subsidiaries
Continued strategic investment

Formulate a new medium-term management plan on the basis of a thorough understanding of business trends
14IV. Status of Treasury Stock Acquisition
This fiscal year’s planned acquisitionsAn upper limit of 4,500 thousand shares
An upper limit of ¥5 billion
Scheduled for the second half
1,946 thousand shares(Approximately ¥1.7 billion)

Newly acquired portion

Number of shares held at the end of the term

4,820 thousand shares

Stock swap with
Kokusai Densetsu, Ltd.
-1,134 thousand shares

3,754 thousand shares

4,789 thousand sharesFirst-half acquisition
2,554 thousand shares(Approximately ¥3.3 billion)

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

4,789 thousand shares(Approximately ¥5 billion)

March 2005

March 2006

March 2007

March 2008

Dividends per Share

¥15

¥15

¥17¥17 (Planned)

Payout Ratio

25.7%

21.5%

19.5%

22.7% (Planned)

Total Return Ratio——

Approximately 30%

Approximately 70% (planned)<Reference>

15

Number of shares
held at the endof the term
Approximately
9,300 thousand shares((Approximately¥10 billion)