UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 under the

Securities Exchange Act of 1934

For the month of November, 2014

Commission File Number 1-8910

NIPPON TELEGRAPH AND TELEPHONE CORPORATION

(Translation of registrant’s name into English)

OTEMACHI FIRST SQUARE, EAST TOWER

5-1, OTEMACHI 1-CHOME

CHIYODA-KU, TOKYO 100-8116 JAPAN

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F  x    Form 40-F  ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):             

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):             

ANNOUNCEMENT OF FINANCIAL RESULTS FOR THE THREE AND SIX MONTHS ENDED SEPTEMBER 30, 2014

On November 7, 2014, the registrant filed with the Tokyo Stock Exchange information as to the registrant’s financial condition and results of operations at and for the three and six months ended September 30, 2014. Attached hereto is a copy of the press release and supplementary data relating thereto, both dated November 7, 2014, pertaining to such financial condition and results of operations, as well as forecasts for the registrant’s operations for the fiscal year ending March 31, 2015. The consolidated financial information of the registrant and that of its subsidiary, NTT DOCOMO, INC., included in the press release and the supplementary data relating thereto were prepared on the basis of accounting principles generally accepted in the United States. The non-consolidated financial information of the registrant and that of each of the registrant’s three wholly-owned subsidiaries, Nippon Telegraph and Telephone East Corporation, Nippon Telegraph and Telephone West Corporation and NTT Communications Corporation, as well as the consolidated financial information of its subsidiary NTT DATA CORPORATION, included in the press release and the supplementary data relating thereto were prepared on the basis of accounting principles generally accepted in Japan. The consolidated financial information of the registrant’s subsidiary, Dimension Data Holdings plc, included in the supplementary data related to the press release was prepared on the basis of International Financial Reporting Standards (“IFRS”). The financial information for the three and six months ended September 30, 2014 in the press release is unaudited.

The earnings projections of the registrant and its subsidiaries included in the press release contain forward-looking statements. The registrant desires to qualify for the “safe-harbor” provisions of the Private Securities Litigation Reform Act of 1995, and consequently is hereby filing cautionary statements identifying important factors that could cause the registrant’s actual results to differ materially from those set forth in the attachment.

The registrant’s forward-looking statements are based on a series of assumptions, projections, estimates, judgments and beliefs of the management of the registrant in light of information currently available to it regarding the registrant and its subsidiaries and affiliates, the economy and the telecommunications industry in Japan and overseas, and other factors. These projections and estimates may be affected by the future business operations of the registrant and its subsidiaries and affiliates, the state of the economy in Japan and abroad, possible fluctuations in the securities markets, the pricing of services, the effects of competition, the performance of new products, services and new businesses, changes to laws and regulations affecting the telecommunications industry in Japan and elsewhere, other changes in circumstances that could cause actual results to differ materially from any future results that may be derived from the forward-looking statements, as well as other risks included in the registrant’s most recent Annual Report on Form 20-F and other filings and submissions with the United States Securities and Exchange Commission.

No assurance can be given that the registrant’s actual results will not vary significantly from any expectation of future results that may be derived from the forward-looking statements included herein.

The information on any website referenced herein or in the attached material is not incorporated by reference herein or therein.

The attached material is a translation of the Japanese original. The Japanese original is authoritative.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

NIPPON TELEGRAPH AND TELEPHONE CORPORATION
By	/s/ Yasutake Horinouchi
	Name:	Yasutake Horinouchi
	Title:	Vice President
		Investor Relations Office

Date: November 7, 2014

Financial Results Release	November 7, 2014
For the Six Months Ended September 30, 2014	[U.S. GAAP	]

Name of registrant: Nippon Telegraph and Telephone Corporation (“NTT”)

Code No.: 9432 (URL http://www.ntt.co.jp/ir/)

Stock exchanges on which the Company’s shares are listed: Tokyo

Representative: Hiroo Unoura, President and Chief Executive Officer

Contact: Yasutake Horinouchi, Head of IR, Finance and Accounting Department / TEL +81-3-6838-5481

Scheduled filing date of quarterly securities report: November 10, 2014

Scheduled date of dividend payments: December 8, 2014

Supplemental material on quarterly results: Yes

Presentation on quarterly results: Yes (for institutional investors and analysts)

1. Consolidated Financial Results for the Six Months Ended September 30, 2014 (April 1, 2014 – September 30, 2014)

Amounts are rounded off to the nearest million yen.

(1) Consolidated Results of Operations

	(Millions of yen)
	Operating Revenues				Operating Income				Income before Income Taxes				Net Income Attributable to NTT
Six months ended September 30, 2014		5,373,668	2.0	%		590,924	(9.5	)%		592,157	(12.4	)%		290,332	(10.3	)%
Six months ended September 30, 2013		5,266,070	0.5	%		653,027	(1.5	)%		675,778	5.1	%		323,540	10.3	%

Note: Percentages above represent changes from the corresponding period of the previous fiscal year.

	Basic Earnings per Share Attributable to NTT			Diluted Earnings per Share Attributable to NTT
Six months ended September 30, 2014		261.63	(yen)		—	(yen)
Six months ended September 30, 2013		277.46	(yen)		—	(yen)

Notes:	Comprehensive income (loss) attributable to NTT:	For the six months ended September 30, 2014:	262,251 million yen (34.2)%
		For the six months ended September 30, 2013:	398,644 million yen 26.9%

(2) Consolidated Financial Position

	(Millions of yen, except per share amounts)
	Total Assets		Total Equity		NTT  Shareholders’ Equity		Equity Ratio (Ratio of NTT Shareholders’ Equity to Total Assets)		NTT Shareholders’ Equity per Share
September 30, 2014		20,068,091		11,121,028		8,686,732		43.3%		7,828.58 (yen)
March 31, 2014		20,284,949		10,924,806		8,511,354		42.0%		7,667.57 (yen)

2. Dividends

	Annual Dividends
	End of the first quarter		End of the second quarter		End of the third quarter		Year-end		Total
Year Ended March 31, 2014		—		80.00 (yen)		—		90.00 (yen)		170.00 (yen)
Year Ending March 31, 2015		—		90.00 (yen)		—		—		—
Year Ending March 31, 2015 (Forecasts)		—		—		—		90.00 (yen)		180.00 (yen)

Note: Change in dividend forecasts during the six months ended September 30, 2014: None

3. Consolidated Financial Results Forecasts for the Fiscal Year Ending March 31, 2015 (April 1, 2014 – March 31, 2015)

	(Millions of yen)
	Operating Revenues				Operating Income				Income before Income Taxes				Net Income Attributable to NTT				Basic Earnings per Share Attributable to NTT
Year Ending March 31, 2015		11,010,000	0.8	%		1,095,000	(9.8	)%		1,075,000	(16.9	)%		529,000	(9.6	)%		479.00	(yen)

Notes:	1.	Percentages above represent changes from the previous fiscal year.
	2.	Change in consolidated financial results forecasts for the fiscal year ending March 31, 2015 during the six months ended September 30, 2014: Yes

–  1  –

* Notes

(1) Change in significant consolidated subsidiaries during the six months ended September 30, 2014 that resulted in changes in the scope of consolidation: None

(2) Adoption of accounting which is simplified or exceptional for quarterly consolidated financial statements: None

(3) Change of accounting policy

i.	Change due to revision of accounting standards and other regulations: None
ii.	Other change: None
	(For further details, please see “Others” on page 8.)

(4) Number of shares outstanding (common stock)

i.	Number of shares outstanding (including treasury stock):
		September 30, 2014	:	1,136,697,235 shares
		March 31, 2014	:	1,136,697,235 shares
ii.	Number of shares of treasury stock:
		September 30, 2014	:	27,079,853 shares
		March 31, 2014	:	26,650,807 shares
iii.	Weighted average number of shares outstanding:
		For the six months ended September 30, 2014 : 1,109,723,552 shares
		For the six months ended September 30, 2013 : 1,166,074,957 shares

* The forecast for “Basic Earnings per Share Attributable to NTT” for the fiscal year ending March 31, 2015 is based on the assumption that NTT will repurchase 51 million shares or 350 billion yen of shares from November 10, 2014 through June 30, 2015, as resolved at the board of directors’ meeting held on November 7, 2014, authorizing repurchases up to these amounts and retain these as treasury stock.

* Presentation on the status of quarterly review process:

This earnings release is not subject to the quarterly review process as required by the Financial Instruments and Exchange Act of Japan. As of the date of issuance of this earnings release, the review process on quarterly financial statements required by the Financial Instruments and Exchange Act is still ongoing.

* Explanation of earnings forecasts and other notes:

Forward-looking statements in this earnings release, such as forecasts of results of operations, are based on the information currently available to NTT and certain assumptions that we regard as reasonable and therefore actual results may differ materially from those contained in or suggested by any forward-looking statements. With regard to the assumptions and other related matters concerning forecasts for the fiscal year ending March 31, 2015, please refer to pages 7 and 22.

On Friday, November 7, 2014, NTT will hold a presentation on its financial results for institutional investors and analysts. Shortly thereafter, NTT plans to post on its website explanatory details, along with the materials used at the presentation.

–  2  –

1. Qualitative Information

(1) Qualitative Information Relating to Consolidated Business Results

i. Consolidated results

Six-Month Period Ended September 30, 2014 (April 1, 2014 – September 30, 2014)

	(Billions of yen)
	Six Months  Ended September 30, 2013		Six Months  Ended September 30, 2014		Change			Percent Change
Operating revenues		5,266.1		5,373.7		107.6			2.0	%
Operating expenses		4,613.0		4,782.7		169.7			3.7	%
Operating income		653.0		590.9		(62.1	)		(9.5	)%
Income before income taxes and equity in earnings (losses) of affiliated companies		675.8		592.2		(83.6	)		(12.4	)%
Net income attributable to NTT		323.5		290.3		(33.2	)		(10.3	)%

During the six months ended September 30, 2014, pursuant to its Medium-Term Management Strategy, adopted in November 2012, entitled “Towards the Next Stage,” NTT worked to expand its global cloud services and to strengthen its network service competitiveness in order to become a “Value Partner” that customers continue to select.

Expansion of Global Cloud Services:

NTT Group worked to expand its provision of global cloud services by taking advantage of its strengths as a corporate group to provide comprehensive cloud services from the information and telecommunications platforms stage, such as data centers and the IP backbone, to the information and communication technology (ICT) management and applications stage.

Specifically, in order to strengthen its ability to provide strategic ICT consulting and expand its presence in the Australian market, NTT Group entered into an agreement with Oakton Limited, one of the leading providers of information management and core business systems solutions in the Australian ICT market, concerning a proposal to acquire all of its shares. In addition, in order to provide comprehensive data center engineering services to the data center market in Singapore and neighboring countries, where it is predicted that ICT services will see significant growth and whose business environment is well-suited to the provision of data backup for business continuity planning, NTT Group reached an agreement with the shareholders of Pro-Matrix Pte Ltd., a data center facility engineering specialist in Singapore that provides integrated services from consultation to installation and maintenance, to acquire a majority stake in the company.

Strengthening Network Service Competitiveness:

In the fixed-line communications field, NTT Group continued to work to increase the number of new subscribers and improve long-term customer retention for its “FLET’S Hikari” services.

In addition, regarding the “Hikari Collaboration Model,” the wholesaling of fiber-optic access services that was announced in May 2014, NTT Group proceeded in its drafting of specific terms of provision and announced, among other things, its available services and basic concept for wholesale service fees and other settings.

In the mobile communications field, “Kake-hodai & Pake-aeru,” a new billing plan tailored to suit a customer’s stage of life that offers more affordable rates to long-term users, exceeded nine million subscriptions. Further, NTT Group also launched devices equipped with call functionality for VoLTE (Voice over LTE) call services, which provide reliable and high-sound quality calls over its “Xi” service network, and emergency power-saving functionality. Additionally, NTT Group also launched sales of the “iPhone 6”^*1 and “iPhone 6 Plus.”^*1

To strengthen the competitiveness of its existing network services, NTT Group endeavored to cut costs in fixed-line and mobile communications services. Specifically, NTT Group has worked to further enhance infrastructure efficiency by introducing high-performance equipment and by making effective use of existing facilities, while cutting the cost of laying optical transmission lines by increasing construction projects that do not require the dispatch of NTT employees and working to further improve the efficiency of its maintenance and operations business.

–  3  –

As a result of these efforts, NTT Group’s consolidated operating revenues for the six months ended September 30, 2014 were ¥5,373.7 billion (an increase of 2.0% from the same period of the previous fiscal year), consolidated operating expenses were ¥4,782.7 billion (an increase of 3.7% from the same period of the previous fiscal year), consolidated operating income was ¥590.9 billion (a decrease of 9.5% from the same period of the previous fiscal year), consolidated income before income taxes and equity in earnings (losses) of affiliated companies was ¥592.2 billion (a decrease of 12.4% from the same period of the previous fiscal year), and net income attributable to NTT was ¥290.3 billion (a decrease of 10.3% from the same period of the previous fiscal year).

Note: The consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States.

(*1) TM and © 2014 Apple Inc. All rights reserved. iPhone is a trademark of Apple Inc., registered in the United States and other countries. The iPhone trademark is used under license from AIPHONE CO., LTD.

ii. Segment results

Results by business segment are as follows.

Regional Communications Business Segment

Six-Month Period Ended September 30, 2014 (April 1, 2014 – September 30, 2014)

	(Billions of yen)
	Six Months  Ended September 30, 2013		Six Months  Ended September 30, 2014		Change			Percent Change
Operating revenues		1,749.2		1,706.7		(42.4	)		(2.4	)%
Operating expenses		1,673.5		1,628.9		(44.7	)		(2.7	)%
Operating income		75.6		77.9		2.2			3.0	%

Operating revenues in the regional communications business segment for the six-month period ended September 30, 2014 decreased 2.4% from the same period of the previous fiscal year to ¥1,706.7 billion due to, among other things, a decrease in fixed voice-related revenues resulting from the decline in fixed-line telephone subscriptions, which was partially offset by an increase in IP/packet communications revenues. On the other hand, operating expenses fell by 2.7% from the same period of the previous fiscal year to ¥1,628.9 billion due to, among other factors, a decrease in personnel expenses and efforts to streamline operating expenses. As a result, segment operating income for the six-month period ended September 30, 2014 increased 3.0% from the same period of the previous fiscal year to ¥77.9 billion.

Number of subscriptions

	(Thousands of subscriptions)
	As of March 31, 2014		As of September 30, 2014		Change		Percent Change
FLET’S Hikari (1)		18,050		18,455		405		2.2	%
NTT East		10,187		10,347		160		1.6	%
NTT West		7,863		8,108		244		3.1	%
Hikari Denwa (2)		16,256		16,705		450		2.8	%
NTT East		8,694		8,884		190		2.2	%
NTT West		7,562		7,821		260		3.4	%

Notes:

(1) “FLET’S Hikari” includes “B FLET’S,” “FLET’S Hikari Next,” “FLET’S Hikari Light” and “FLET’S Hikari WiFi Access” provided by NTT East and “B FLET’S,” “FLET’S Hikari Premium,” “FLET’S Hikari Mytown,” “FLET’S Hikari Next,” “FLET’S Hikari Light” and “FLET’S Hikari WiFi Access” provided by NTT West.

(2) The figures for Hikari Denwa indicate the number of channels (in thousands).

–  4  –

Long Distance and International Communications Business Segment

Six-Month Period Ended September 30, 2014 (April 1, 2014 – September 30, 2014)

	(Billions of yen)
	Six Months  Ended September 30, 2013		Six Months  Ended September 30, 2014		Change			Percent Change
Operating revenues		863.9		950.0		86.1			10.0	%
Operating expenses		802.4		893.6		91.2			11.4	%
Operating income		61.5		56.4		(5.1	)		(8.3	)%

Operating revenues in the long distance and international communications business segment for the six-month period ended September 30, 2014 increased 10.0% from the same period of the previous fiscal year to ¥950.0 billion. This increase was due to, among other things, an increase in system integration revenues associated with an increase in the number of overseas consolidated subsidiaries, partially offset by a decrease in domestic fixed voice-related revenues. Operating expenses for the six-month period ended September 30, 2014 increased 11.4% from the same period of the previous fiscal year to ¥893.6 billion due to, among other things, an increase in revenue-linked expenses. As a result, segment operating income for the six-month period ended September 30, 2014 decreased 8.3% from the same period of the previous fiscal year to ¥56.4 billion.

Mobile Communications Business Segment

Six-Month Period Ended September 30, 2014 (April 1, 2014 – September 30, 2014)

	(Billions of yen)
	Six Months  Ended September 30, 2013		Six Months  Ended September 30, 2014		Change			Percent Change
Operating revenues		2,199.0		2,173.0		(26.0	)		(1.2	)%
Operating expenses		1,728.4		1,775.2		46.8			2.7	%
Operating income		470.6		397.8		(72.8	)		(15.5	)%

Despite an increase in revenues associated with NTT Group’s expanding “Smart Life” business, operating revenues for the mobile communications business segment for the six-month period ended September 30, 2014 decreased 1.2% from the same period of the previous fiscal year to ¥2,173.0 billion due to, among other things, a decline in mobile voice-related revenues and other areas resulting from the impact of its “Monthly Support” discount programs and the new “Kake-hodai & Pake-aeru” billing plan. On the other hand, despite the implementation of measures to reduce costs through structural changes, operating expenses for the six-month period ended September 30, 2014 increased 2.7% from the same period of the previous fiscal year to ¥1,775.2 billion due to increases in cost of equipment sold and in revenue-linked expenses. As a result, segment operating income for the six-month period ended September 30, 2014 decreased 15.5% from the same period of the previous fiscal year to ¥397.8 billion.

Number of subscriptions

	(Thousands of subscriptions)
	As of March 31, 2014		As of September 30, 2014		Change			Percent Change
Mobile phone services		63,105		64,295		1,190			1.9	%
Xi		21,965		26,215		4,250			19.3	%
FOMA		41,140		38,080		(3,060	)		(7.4	)%
sp-mode		23,781		25,742		1,960			8.2	%
i-mode		26,415		24,320		(2,095	)		(7.9	)%

Notes:

(1) Numbers for Mobile phone services subscribers (including Xi and FOMA subscribers) include communication module service subscribers.

(2) Effective March 3, 2008, FOMA services became mandatory for subscription to “2in1” services. Such FOMA service subscriptions to “2in1” services are included in the number of FOMA service subscribers and, as a result, are also included in the number of Mobile phone services subscribers.

–  5  –

Data Communications Business Segment

Six-Month Period Ended September 30, 2014 (April 1, 2014 – September 30, 2014)

	(Billions of yen)
	Six Months  Ended September 30, 2013		Six Months  Ended September 30, 2014		Change		Percent Change
Operating revenues		613.9		695.6		81.7		13.3	%
Operating expenses		607.5		668.0		60.6		10.0	%
Operating income		6.4		27.5		21.1		328.3	%

Operating revenues in the data communications business segment for the six-month period ended September 30, 2014 increased 13.3% from the same period of the previous fiscal year to ¥695.6 billion due to, among other things, an increase in the number of overseas consolidated subsidiaries, the cultivation of new customers and an increase in revenues resulting from the expansion of systems for existing customers. On the other hand, operating expenses for the six-month period ended September 30, 2014 rose 10.0% from the same period of the previous fiscal year to ¥668.0 billion due to, among other things, an increase in revenue-linked expenses, despite a reduction in unprofitable transactions. As a result, segment operating income for the six-month period ended September 30, 2014 increased 328.3% from the same period of the previous fiscal year to ¥27.5 billion.

Other Business Segment

Six-Month Period Ended September 30, 2014 (April 1, 2014 – September 30, 2014)

	(Billions of yen)
	Six Months  Ended September 30, 2013		Six Months  Ended September 30, 2014		Change			Percent Change
Operating revenues		602.6		595.7		(6.9	)		(1.1	)%
Operating expenses		572.2		571.3		(0.8	)		(0.1	)%
Operating income		30.5		24.4		(6.1	)		(19.9	)%

Operating revenues in the other business segment for the six-month period ended September 30, 2014 decreased 1.1% from the same period of the previous fiscal year to ¥595.7 billion due to, among other things, decreased revenues in the real estate and systems development businesses. On the other hand, operating expenses for the six-month period ended September 30, 2014 decreased 0.1% from the same period of the previous fiscal year to ¥571.3 billion due to, among other things, a decrease in personnel expenses. As a result, segment operating income for the six-month period ended September 30, 2014 decreased 19.9% from the same period of the previous fiscal year to ¥24.4 billion.

–  6  –

(2) Qualitative Information Relating to Consolidated Financial Position

Net cash provided by operating activities for the six-month period ended September 30, 2014 decreased ¥335.2 billion (23.3%) from the same period of the previous fiscal year to ¥1,101.4 billion. This decrease was due to, among other factors, a decrease in operating income and an increase in payments of sales commissions to resellers in addition to the effect of bank holidays.

Net cash used in investing activities decreased ¥60.9 billion (6.0%) from the same period of the previous fiscal year to ¥951.1 billion. This decrease was due to, among other factors, a decrease in capital investments and in payments for the purchase of non-current investments and other such investments.

Net cash used in financing activities decreased ¥161.9 billion (54.2%) from the same period of the previous fiscal year to ¥137.0 billion. This decrease was due to, among other factors, a decrease in stock repurchases.

As a result of the above, NTT Group’s consolidated cash and cash equivalents as of September 30, 2014 totaled ¥989.5 billion, an increase of ¥5.0 billion (0.5%) from the end of the previous fiscal year.

	(Billions of yen)
	Six Months  Ended September 30, 2013			Six Months  Ended September 30, 2014			Change			Percent Change
Cash flows provided by operating activities		1,436.6			1,101.4			(335.2	)		(23.3	)%
Cash flows used in investing activities		(1,012.0	)		(951.1	)		60.9			6.0	%
Cash flows used in financing activities		(298.9	)		(137.0	)		161.9			54.2	%

(3) Qualitative Information Relating to Consolidated Results Forecasts

The NTT Group has re-evaluated its manner of service providing, and has been active in launching unprecedented new programs such as NTT DOCOMO’s “New Billing Plan” and NTT East and NTT West’s “Hikari Collaboration Model” with the objective of becoming a “Value Partner” that our customers continue to select. As a result, NTT Group has revised the forecasts for financial results as follows.

The forecast for NTT Group’s operating revenues has been revised downward by ¥190.0 billion from the initial forecast to ¥11,010.0 billion, due to the receipt of applications for NTT DOCOMO’s “New Billing Plan” from a larger than expected number of customers and at a faster rate than anticipated, and due to lower than expected revenues due to price reductions on certain devices.

In order to counter a decline in operating revenues, each NTT Group company, and NTT DOCOMO in particular, has accelerated cost cutting as much as possible. Nonetheless, the forecast for NTT Group’s operating income has been revised downward by ¥120.0 billion from the initial forecast to ¥1,095.0 billion.

For the assumptions used in the consolidated results forecasts and other related matters, please see page 22.

–  7  –

2. OTHERS

(1) Change in significant consolidated subsidiaries during the six months ended September 30, 2014 that resulted in changes in the scope of consolidation: None

(2) Adoption of accounting which is simplified or exceptional for quarterly consolidated financial statements: None

(3) Change of accounting policy: None

–  8  –

3. CONSOLIDATED FINANCIAL STATEMENTS

(1) Consolidated Balance Sheets

	Millions of yen
	March 31, 2014			September 30, 2014			Increase (Decrease)
ASSETS
Current assets:
Cash and cash equivalents	¥	984,463		¥	989,452		¥	4,989
Short-term investments		38,949			58,331			19,382
Notes and accounts receivable, trade		2,509,030			2,321,186			(187,844	)
Allowance for doubtful accounts		(46,893	)		(46,139	)		754
Accounts receivable, other		345,197			383,553			38,356
Inventories		415,309			382,196			(33,113	)
Prepaid expenses and other current assets		394,294			476,437			82,143
Deferred income taxes		220,662			207,353			(13,309	)
Total current assets		4,861,011			4,772,369			(88,642	)
Property, plant and equipment:
Telecommunications equipment		12,959,564			12,882,847			(76,717	)
Telecommunications service lines		15,408,604			15,512,992			104,388
Buildings and structures		6,060,129			6,073,155			13,026
Machinery, vessels and tools		1,949,903			1,950,869			966
Land		1,238,742			1,239,854			1,112
Construction in progress		359,014			389,604			30,590
		37,975,956			38,049,321			73,365
Accumulated depreciation		(28,136,268	)		(28,333,579	)		(197,311	)
Net property, plant and equipment		9,839,688			9,715,742			(123,946	)
Investments and other assets:
Investments in affiliated companies		521,634			500,804			(20,830	)
Marketable securities and other investments		407,766			416,737			8,971
Goodwill		1,086,636			1,090,346			3,710
Software		1,309,912			1,252,321			(57,591	)
Other intangible assets		401,194			374,443			(26,751	)
Other assets		1,195,608			1,287,270			91,662
Deferred income taxes		661,500			658,059			(3,441	)
Total investments and other assets		5,584,250			5,579,980			(4,270	)
Total assets	¥	20,284,949		¥	20,068,091		¥	(216,858	)

–  9  –

	Millions of yen
	March 31, 2014			September 30, 2014			Increase (Decrease)
LIABILITIES AND EQUITY
Current liabilities:
Short-term borrowings	¥	269,444		¥	272,649		¥	3,205
Current portion of long-term debt		425,351			418,537			(6,814	)
Accounts payable, trade		1,540,249			1,130,554			(409,695	)
Current portion of obligations under capital leases		16,929			17,627			698
Accrued payroll		448,061			418,052			(30,009	)
Accrued taxes on income		256,994			175,515			(81,479	)
Accrued consumption tax		47,376			100,699			53,323
Advances received		266,743			253,086			(13,657	)
Other		405,677			433,698			28,021
Total current liabilities		3,676,824			3,220,417			(456,407	)
Long-term liabilities:
Long-term debt (excluding current portion)		3,483,673			3,504,345			20,672
Obligations under capital leases (excluding current portion)		35,951			35,067			(884	)
Liability for employees’ retirement benefits		1,327,873			1,352,683			24,810
Accrued liabilities for point programs		130,466			115,273			(15,193	)
Deferred income taxes		233,151			215,236			(17,915	)
Other		446,293			478,317			32,024
Total long-term liabilities		5,657,407			5,700,921			43,514
Redeemable noncontrolling interests		25,912			25,725			(187	)
Equity:
NTT shareholders’ equity
Common stock, no par value		937,950			937,950			—
Additional paid-in capital		2,827,010			2,842,726			15,716
Retained earnings		4,808,361			4,998,635			190,274
Accumulated other comprehensive income (loss)		94,966			66,885			(28,081	)
Treasury stock, at cost		(156,933	)		(159,464	)		(2,531	)
Total NTT shareholders’ equity		8,511,354			8,686,732			175,378
Noncontrolling interests		2,413,452			2,434,296			20,844
Total equity		10,924,806			11,121,028			196,222
Total liabilities and equity	¥	20,284,949		¥	20,068,091		¥	(216,858	)

–  10  –

(2) Consolidated Statements of Income and Consolidated Statements of Comprehensive Income

SIX-MONTH PERIOD ENDED SEPTEMBER 30

Consolidated Statements of Income

	Millions of yen
	2013			2014			Increase (Decrease)
Operating revenues:
Fixed voice related services	¥	794,482		¥	730,377		¥	(64,105	)
Mobile voice related services		535,049			446,459			(88,590	)
IP / packet communications services		1,863,808			1,838,370			(25,438	)
Sale of telecommunication equipment		442,229			485,325			43,096
System integration		1,029,127			1,229,618			200,491
Other		601,375			643,519			42,144
		5,266,070			5,373,668			107,598
Operating expenses:
Cost of services (excluding items shown separately below)		1,149,202			1,163,625			14,423
Cost of equipment sold (excluding items shown separately below)		370,696			426,681			55,985
Cost of system integration (excluding items shown separately below)		736,640			865,342			128,702
Depreciation and amortization		919,120			911,104			(8,016	)
Impairment loss		162			210			48
Selling, general and administrative expenses		1,434,234			1,415,782			(18,452	)
Goodwill and other intangible asset impairments		2,989			—			(2,989	)
		4,613,043			4,782,744			169,701
Operating income		653,027			590,924			(62,103	)
Other income (expenses):
Interest and amortization of bond discounts and issue costs		(24,757	)		(22,586	)		2,171
Interest income		8,772			9,126			354
Other, net		38,736			14,693			(24,043	)
		22,751			1,233			(21,518	)
Income before income taxes and equity in earnings (losses) of affiliated companies		675,778			592,157			(83,621	)
Income tax expense (benefit):
Current		265,863			193,971			(71,892	)
Deferred		(7,969	)		14,526			22,495
		257,894			208,497			(49,397	)
Income before equity in earnings (losses) of affiliated companies		417,884			383,660			(34,224	)
Equity in earnings (losses) of affiliated companies		6,114			2,458			(3,656	)
Net income		423,998			386,118			(37,880	)
Less – Net income attributable to noncontrolling interests		100,458			95,786			(4,672	)
Net income attributable to NTT	¥	323,540		¥	290,332		¥	(33,208	)
Per share of common stock:
Weighted average number of shares outstanding (Shares)		1,166,074,957			1,109,723,552
Net income attributable to NTT (Yen)	¥	277.46		¥	261.63

Consolidated Statements of Comprehensive Income

	Millions of yen
	2013			2014			Increase (Decrease)
Net income	¥	423,998		¥	386,118		¥	(37,880	)
Other comprehensive income (loss), net of tax:
Unrealized gain (loss) on securities		17,177			9,466			(7,711	)
Unrealized gain (loss) on derivative instruments		(3,469	)		(289	)		3,180
Foreign currency translation adjustments		70,840			(35,115	)		(105,955	)
Pension liability adjustments		6,028			(1,095	)		(7,123	)
Total other comprehensive income (loss)		90,576			(27,033	)		(117,609	)
Total comprehensive income (loss)		514,574			359,085			(155,489	)
Less – Comprehensive income attributable to noncontrolling interests		115,930			96,834			(19,096	)
Total comprehensive income (loss) attributable to NTT	¥	398,644		¥	262,251		¥	(136,393	)

–  11  –

THREE-MONTH PERIOD ENDED SEPTEMBER 30

Consolidated Statements of Income

	Millions of yen
	2013			2014			Increase (Decrease)
Operating revenues:
Fixed voice related services	¥	403,510		¥	362,864		¥	(40,646	)
Mobile voice related services		263,798			220,183			(43,615	)
IP / packet communications services		923,301			916,087			(7,214	)
Sale of telecommunication equipment		210,613			258,015			47,402
System integration		541,788			642,231			100,443
Other		313,943			334,071			20,128
		2,656,953			2,733,451			76,498
Operating expenses:
Cost of services (excluding items shown separately below)		592,558			604,170			11,612
Cost of equipment sold (excluding items shown separately below)		172,612			228,130			55,518
Cost of system integration (excluding items shown separately below)		400,039			452,204			52,165
Depreciation and amortization		462,626			448,554			(14,072	)
Impairment loss		80			67			(13	)
Selling, general and administrative expenses		722,012			707,381			(14,631	)
Goodwill and other intangible asset impairments		2,925			—			(2,925	)
		2,352,852			2,440,506			87,654
Operating income		304,101			292,945			(11,156	)
Other income (expenses):
Interest and amortization of bond discounts and issue costs		(12,409	)		(10,870	)		1,539
Interest income		4,411			4,608			197
Other, net		23,591			(568	)		(24,159	)
		15,593			(6,830	)		(22,423	)
Income before income taxes and equity in earnings (losses) of affiliated companies		319,694			286,115			(33,579	)
Income tax expense (benefit):
Current		145,956			95,559			(50,397	)
Deferred		(25,994	)		4,172			30,166
		119,962			99,731			(20,231	)
Income before equity in earnings (losses) of affiliated companies		199,732			186,384			(13,348	)
Equity in earnings (losses) of affiliated companies		2,654			3,819			1,165
Net income		202,386			190,203			(12,183	)
Less – Net income attributable to noncontrolling interests		45,563			48,836			3,273
Net income attributable to NTT	¥	156,823		¥	141,367		¥	(15,456	)
Per share of common stock:
Weighted average number of shares outstanding (Shares)		1,152,310,900			1,109,622,168
Net income attributable to NTT (Yen)	¥	136.09		¥	127.40

Consolidated Statements of Comprehensive Income

	Millions of yen
	2013		2014			Increase (Decrease)
Net income	¥	202,386	¥	190,203		¥	(12,183	)
Other comprehensive income (loss), net of tax:
Unrealized gain (loss) on securities		6,509		5,752			(757	)
Unrealized gain (loss) on derivative instruments		316		(2,144	)		(2,460	)
Foreign currency translation adjustments		16,105		(4,440	)		(20,545	)
Pension liability adjustments		3,049		(107	)		(3,156	)
Total other comprehensive income (loss)		25,979		(939	)		(26,918	)
Total comprehensive income (loss)		228,365		189,264			(39,101	)
Less – Comprehensive income attributable to noncontrolling interests		50,577		52,266			1,689
Total comprehensive income (loss) attributable to NTT	¥	177,788	¥	136,998		¥	(40,790	)

–  12  –

(3) Consolidated Statements of Cash Flows

SIX-MONTH PERIOD ENDED SEPTEMBER 30

	Millions of yen
	2013			2014			Increase (Decrease)
Cash flows from operating activities:
Net income	¥	423,998		¥	386,118		¥	(37,880	)
Adjustments to reconcile net income to net cash provided by operating activities –
Depreciation and amortization		919,120			911,104			(8,016	)
Impairment loss		162			210			48
Deferred taxes		(7,969	)		14,526			22,495
Goodwill and other intangible asset impairments		2,989			—			(2,989	)
Losses on disposal of property, plant and equipment		37,477			41,643			4,166
Equity in (earnings) losses of affiliated companies		(6,114	)		(2,458	)		3,656
(Increase) decrease in notes and accounts receivable, trade		386,937			173,326			(213,611	)
(Increase) decrease in inventories		(31,476	)		10,570			42,046
(Increase) decrease in other current assets		(94,214	)		(130,223	)		(36,009	)
Increase (decrease) in accounts payable, trade and accrued payroll		(251,502	)		(280,450	)		(28,948	)
Increase (decrease) in accrued consumption tax		(10,033	)		53,511			63,544
Increase (decrease) in advances received		3,890			(11,751	)		(15,641	)
Increase (decrease) in accrued taxes on income		8,233			(80,963	)		(89,196	)
Increase (decrease) in other current liabilities		15,166			12,190			(2,976	)
Increase (decrease) in liability for employees’ retirement benefits		42,372			24,218			(18,154	)
Increase (decrease) in other long-term liabilities		11,059			12,067			1,008
Other		(13,468	)		(32,256	)		(18,788	)
Net cash provided by operating activities	¥	1,436,627		¥	1,101,382		¥	(335,245	)

–  13  –

	Millions of yen
	2013			2014			Increase (Decrease)
Cash flows from investing activities:
Payments for property, plant and equipment	¥	(750,327	)	¥	(728,862	)	¥	21,465
Payments for intangibles		(193,307	)		(170,172	)		23,135
Proceeds from sale of property, plant and equipment		20,281			16,352			(3,929	)
Payments for purchase of non-current investments		(34,098	)		(7,770	)		26,328
Proceeds from sale and redemption of non-current investments		11,289			14,877			3,588
Acquisitions of subsidiaries, net of cash acquired		(35,063	)		(21,064	)		13,999
Payments for purchase of short-term investments		(44,544	)		(45,408	)		(864	)
Proceeds from redemption of short-term investments		42,675			27,089			(15,586	)
Other		(28,948	)		(36,191	)		(7,243	)
Net cash used in investing activities		(1,012,042	)		(951,149	)		60,893
Cash flows from financing activities:
Proceeds from issuance of long-term debt		275,549			314,962			39,413
Payments for settlement of long-term debt		(350,292	)		(300,456	)		49,836
Proceeds from issuance of short-term debt		3,373,100			3,215,770			(157,330	)
Payments for settlement of short-term debt		(3,222,508	)		(3,214,599	)		7,909
Dividends paid		(94,830	)		(99,904	)		(5,074	)
Proceeds from sale of (payments for acquisition of) treasury stock, net		(223,308	)		(130	)		223,178
Acquisition of treasury stock by subsidiaries		(5,058	)		(8,598	)		(3,540	)
Other		(51,550	)		(44,045	)		7,505
Net cash used in financing activities		(298,897	)		(137,000	)		161,897
Effect of exchange rate changes on cash and cash equivalents		10,922			(8,244	)		(19,166	)
Net increase (decrease) in cash and cash equivalents		136,610			4,989			(131,621	)
Cash and cash equivalents at beginning of period		961,433			984,463			23,030
Cash and cash equivalents at end of period	¥	1,098,043		¥	989,452		¥	(108,591	)
Cash paid during the period for:
Interest	¥	25,453		¥	23,155		¥	(2,298	)
Income taxes, net	¥	258,719		¥	320,667		¥	61,948

–  14  –

(4) Going Concern Assumption

None

(5) Business Segments

SIX-MONTH PERIOD ENDED SEPTEMBER 30

1. Operating revenues

	(Millions of yen)
	Six months  ended September 30, 2013			Six months  ended September 30, 2014			Increase (Decrease)
Regional communications business
External customers		1,538,409			1,482,234			(56,175	)
Intersegment		210,743			224,478			13,735
Total		1,749,152			1,706,712			(42,440	)
Long distance and international communications business
External customers		815,481			908,300			92,819
Intersegment		48,418			41,685			(6,733	)
Total		863,899			949,985			86,086
Mobile communications business
External customers		2,179,057			2,153,457			(25,600	)
Intersegment		19,914			19,519			(395	)
Total		2,198,971			2,172,976			(25,995	)
Data communications business
External customers		555,065			645,410			90,345
Intersegment		58,822			50,164			(8,658	)
Total		613,887			695,574			81,687
Other business
External customers		178,058			184,267			6,209
Intersegment		424,575			411,462			(13,113	)
Total		602,633			595,729			(6,904	)
Elimination		(762,472	)		(747,308	)		15,164
Consolidated total		5,266,070			5,373,668			107,598

2. Segment profit

	(Millions of yen)
	Six months  ended September 30, 2013		Six months  ended September 30, 2014		Increase (Decrease)
Segment profit
Regional communications business		75,617		77,857		2,240
Long distance and international communications business		61,485		56,393		(5,092	)
Mobile communications business		470,620		397,797		(72,823	)
Data communications business		6,431		27,543		21,112
Other business		30,455		24,383		(6,072	)
Total segment profit		644,608		583,973		(60,635	)
Elimination		8,419		6,951		(1,468	)
Consolidated total		653,027		590,924		(62,103	)

–  15  –

THREE-MONTH PERIOD ENDED SEPTEMBER 30

1. Operating revenues

	(Millions of yen)
	Three months  ended September 30, 2013			Three months  ended September 30, 2014			Increase (Decrease)
Regional communications business
External customers		775,193			748,234			(26,959	)
Intersegment		107,180			114,826			7,646
Total		882,373			863,060			(19,313	)
Long distance and international communications business
External customers		423,610			464,318			40,708
Intersegment		24,290			20,791			(3,499	)
Total		447,900			485,109			37,209
Mobile communications business
External customers		1,075,186			1,087,642			12,456
Intersegment		10,212			10,032			(180	)
Total		1,085,398			1,097,674			12,276
Data communications business
External customers		286,047			334,610			48,563
Intersegment		34,560			25,086			(9,474	)
Total		320,607			359,696			39,089
Other business
External customers		96,917			98,647			1,730
Intersegment		216,138			209,874			(6,264	)
Total		313,055			308,521			(4,534	)
Elimination		(392,380	)		(380,609	)		11,771
Consolidated total		2,656,953			2,733,451			76,498

2. Segment profit

	(Millions of yen)
	Three months  ended September 30, 2013			Three months  ended September 30, 2014		Increase (Decrease)
Segment profit
Regional communications business		32,337			37,412		5,075
Long distance and international communications business		27,182			29,958		2,776
Mobile communications business		223,977			189,189		(34,788	)
Data communications business		(656	)		19,361		20,017
Other business		16,711			13,862		(2,849	)
Total segment profit		299,551			289,782		(9,769	)
Elimination		4,550			3,163		(1,387	)
Consolidated total		304,101			292,945		(11,156	)

–  16  –

(6) NTT Shareholders’ Equity

1. Dividends

Cash dividends paid

Resolution	The shareholders’ meeting on June 26, 2014
Class of shares	Common stock
Source of dividends	Retained earnings
Total cash dividends paid	¥99,904 million
Cash dividends per share	¥90
Record date	March 31, 2014
Date of payment	June 27, 2014

Cash dividends declared

Resolution	The Board of Directors’ meeting on November 7, 2014
Class of shares	Common stock
Source of dividends	Retained earnings
Total cash dividends declared	¥99,866 million
Cash dividends per share	¥90
Record date	September 30, 2014
Date of payment	December 8, 2014

2. Treasury stock

On May 13, 2014, the board of directors of NTT resolved that NTT may acquire up to 44 million shares of its outstanding common stock for an amount in total not exceeding ¥250 billion from July 1, 2014 through March 31, 2015.

On November 7, 2014, the board of directors revised its resolution above and resolved that NTT may acquire up to 51 million shares of its outstanding common stock for an amount in total not exceeding ¥350 billion from November 10, 2014 through June 30, 2015.

(7) Subsequent events

NTT DOCOMO has announced its decision, adopted at its board of directors’ meeting held on October 31, 2014, to repurchase up to 138,469,879 shares of its outstanding common stock for an amount in total not exceeding ¥192,306 million from November 1, 2014 through March 31, 2015.

For information on NTT’s resolution with respect to stock repurchases, see note 6.

–  17  –

4. (Reference)

NON-CONSOLIDATED FINANCIAL STATEMENTS

(1) Non-Consolidated Balance Sheets

(Based on accounting principles generally accepted in Japan)

	Millions of yen
	March 31, 2014		September 30, 2014
ASSETS
Current assets:
Cash and bank deposits		10,308		12,127
Accounts receivable, trade		2,695		527
Supplies		220		256
Subsidiary deposits		2,340		221,049
Other		365,577		355,630
Total current assets		381,143		589,592
Fixed assets:
Property, plant and equipment		166,062		161,007
Intangible fixed assets		37,520		29,279
Investments and other assets
Investments in subsidiaries and affiliated companies		5,094,091		5,095,527
Long-term loans receivable to subsidiaries		1,579,922		1,422,022
Other		43,355		41,344
Total investments and other assets		6,717,369		6,558,894
Total fixed assets		6,920,952		6,749,180
TOTAL ASSETS		7,302,096		7,338,773

Notes:	1.	The above non-consolidated quarterly financial statements are exempt from auditor review for purposes of legal disclosure.
	2.	The above non-consolidated quarterly financial statements are prepared based on the “Regulation for Terminology, Forms and Preparation of Quarterly Financial Statements.”

–  18  –

(Reference)

	Millions of yen
	March 31, 2014			September 30, 2014
LIABILITIES
Current liabilities:
Accounts payable, trade		249			15
Current portion of corporate bonds		139,998			149,990
Current portion of long-term borrowings		138,150			56,950
Short-term borrowings		150,000			—
Accrued taxes on income		13,077			1,010
Deposit received from subsidiaries		82,698			63,973
Other		62,999			24,631
Total current liabilities		587,173			296,572
Long-term liabilities:
Corporate bonds		1,006,277			856,317
Long-term borrowings		1,104,380			1,207,480
Long-term borrowings from subsidiaries		240,000			240,000
Liability for employees’ retirement benefits		32,773			30,336
Asset retirement obligations		1,390			1,371
Other		1,096			3,388
Total long-term liabilities		2,385,918			2,338,893
TOTAL LIABILITIES		2,973,091			2,635,465
NET ASSETS
Shareholders’ equity:
Common stock		937,950			937,950
Capital surplus		2,672,826			2,672,826
Earned surplus		873,705			1,252,168
Treasury stock		(156,932	)		(159,464	)
Total shareholders’ equity		4,327,549			4,703,479
Unrealized gains (losses), translation adjustments, and others:
Net unrealized gains (losses) on securities		1,455			(172	)
Total unrealized gains (losses), translation adjustments, and others		1,455			(172	)
TOTAL NET ASSETS		4,329,004			4,703,307
TOTAL LIABILITIES AND NET ASSETS		7,302,096			7,338,773

Notes:	1.	The above non-consolidated quarterly financial statements are exempt from auditor review for purposes of legal disclosure.
	2.	The above non-consolidated quarterly financial statements are prepared based on the “Regulation for Terminology, Forms and Preparation of Quarterly Financial Statements.”

–  19  –

(Reference)

(2) Non-Consolidated Statements of Income

SIX-MONTH PERIOD ENDED SEPTEMBER 30

(Based on accounting principles generally accepted in Japan)

	Millions of yen
	2013		2014
Operating revenues		264,571		254,245
Operating expenses		66,628		63,941
Operating income		197,943		190,304
Non-operating revenues:
Interest income		10,914		9,716
Lease and rental income		5,671		5,321
Miscellaneous income		845		599
Total non-operating revenues		17,431		15,636
Non-operating expenses:
Interest expenses		7,639		7,263
Corporate bond interest expenses		7,872		7,334
Miscellaneous expenses		6,033		3,430
Total non-operating expenses		21,544		18,028
Recurring profit		193,829		187,913
Special profits		—		299,280
Income before income taxes		193,829		487,193
Income taxes		615		11,192
Net income		193,213		476,000
(Reference) Major components of operating revenues
Dividends received		195,031		188,086
Revenues from group management		9,250		9,252
Revenues from basic R&D		57,249		53,249

Notes:	1.	The above non-consolidated quarterly financial statements are exempt from auditor review for purposes of legal disclosure.
	2.	The above non-consolidated quarterly financial statements are prepared based on the “Regulation for Terminology, Forms and Preparation of Quarterly Financial Statements.”

–  20  –

(Reference)

(3) Non-Consolidated Statements of Cash Flows

SIX-MONTH PERIOD ENDED SEPTEMBER 30

(Based on accounting principles generally accepted in Japan)

	Millions of yen
	2013			2014
Cash flows from operating activities:
Income before income taxes		193,829			487,193
Depreciation and amortization		19,200			17,899
Losses on disposal of property, plant and equipment		221			94
Dividends received		(195,031	)		(188,086	)
Gains on sales of investments in subsidiaries		—			(299,487	)
Increase (decrease) in liability for employees’ retirement benefits		311			(2,437	)
(Increase) decrease in accounts receivable		11,124			22,353
Increase (decrease) in accounts payable and accrued expenses		(5,444	)		(2,915	)
Increase (decrease) in accrued consumption tax		132			1,570
(Increase) decrease in other current assets		(26,873	)		(13	)
Increase (decrease) in deposit received from subsidiaries		(9,068	)		(18,724	)
Other		5,665			8,141
Sub-total		(5,932	)		25,589
Interest and dividends received		206,701			198,052
Interest paid		(16,137	)		(14,661	)
Income taxes received (paid)		(9,012	)		(62,810	)
Net cash provided by operating activities		175,619			146,170
Cash flows from investing activities:
Payments for property, plant and equipment		(12,821	)		(9,379	)
Payments for purchase of investment securities		(25,624	)		(1,765	)
Proceeds from sale of investment securities		—			301,283
Payments for long-term loans		(100,000	)		—
Proceeds from long-term loans receivable		149,900			209,100
Other		(3,030	)		(86	)
Net cash provided by investing activities		8,424			499,152
Cash flows from financing activities:
Proceeds from issuance of long-term debt		99,950			111,000
Payments for settlement of long-term debt		(149,900	)		(229,100	)
Net increase (decrease) in short-term borrowings		150,000			(184,003	)
Payments for settlement of lease obligations		(21	)		(21	)
Dividends paid		(94,829	)		(99,904	)
Proceeds from sale of (payments for acquisition of) treasury stock, net		(223,308	)		(130	)
Net cash used in financing activities		(218,109	)		(402,159	)
Effect of exchange rate changes on cash and cash equivalents		80			0
Net increase (decrease) in cash and cash equivalents		(33,985	)		243,163
Cash and cash equivalents at beginning of period		123,856			15,023
Cash and cash equivalents at end of period		89,870			258,186

Notes:	1.	The above non-consolidated quarterly financial statements are exempt from auditor review for purposes of legal disclosure.
	2.	The above non-consolidated quarterly financial statements are prepared based on the “Regulation for Terminology, Forms and Preparation of Quarterly Financial Statements.”

–  21  –

[Note]

The forward-looking statements and projected figures concerning the future performance of NTT and its subsidiaries and affiliates contained or referred to herein are based on a series of assumptions, projections, estimates, judgments and beliefs of the management of NTT in light of information currently available to it regarding NTT and its subsidiaries and affiliates, the economy and telecommunications industry in Japan and overseas, and other factors. These projections and estimates may be affected by the future business operations of NTT and its subsidiaries and affiliates, the state of the economy in Japan and abroad, possible fluctuations in the securities markets, the pricing of services, the effects of competition, the performance of new products, services and new businesses, changes to laws and regulations affecting the telecommunications industry in Japan and elsewhere, other changes in circumstances that could cause actual results to differ materially from the forecasts contained or referred to herein, as well as other risks included in NTT’s most recent Annual Report on Form 20-F and other filings and submissions with the United States Securities and Exchange Commission.

–  22  –

Attachment

Nippon Telegraph and Telephone Corporation

November 7, 2014

NTT’s Shares and Shareholders (as of September 30, 2014)

1. Classification of Shareholders

Details	NTT’s Shares and Shareholders (1 unit = 100 shares)																Shares Representing Less Than One Unit
	Government and Public Bodies						Other Domestic Corporations		Foreign Corporations, etc.				Domestic Individuals, etc.		Total
			Financial Institutions		Securities Firms				Non- Individuals		Individuals
Total Holders		4		243		66		6,293		1,238		834		775,455		784,133		—
Total Shares (Units)		4,052,308		1,708,641		147,252		147,239		3,165,155		5,029		2,126,066		11,351,690		1,528,235
%		35.70		15.05		1.30		1.30		27.88		0.04		18.73		100.00		—

Notes:

(1) “Domestic Individuals, etc.” includes 270,801 units of treasury stock, and “Shares Representing Less Than One Unit” includes 53 shares of treasury stock. 27,080,153 shares of treasury stock are recorded in the shareholders’ register; the actual number of treasury stock shares at the end of September 30, 2014 was 27,079,853.

(2) “Other Domestic Corporations” includes 151 units under the name of the Japan Securities Depository Center, and “Shares Representing Less Than One Unit” includes 72 shares under the name of the Japan Securities Depository Center.

(3) The number of shareholders who only own shares representing less than one unit is 185,786.

2. Classification by Number of Shares

	NTT’s Shares and Shareholders (1 unit = 100 shares)																Shares Representing Less Than One Unit
Details	At Least 1,000 Units		At Least 500 Units		At Least 100 Units		At Least 50 Units		At Least 10 Units		At Least 5 Units		At Least 1 Unit		Total
Number of Holders		394		171		799		895		21,452		50,284		710,138		784,133		—
%		0.05		0.02		0.10		0.11		2.74		6.41		90.56		100.00		—
Total Shares (Units)		9,283,759		116,189		166,815		58,347		329,239		305,166		1,092,175		11,351,690		1,528,235
%		81.78		1.02		1.47		0.51		2.90		2.69		9.62		100.00		—

Notes:

(1) “At Least 1,000 Units” includes 270,801 units of treasury stock, and “Shares Representing Less Than One Unit” includes 53 shares of treasury stock.

(2) “At Least 100 Units” includes 151 units under the name of the Japan Securities Depository Center, and “Shares Representing Less Than One Unit” includes 72 shares under the name of the Japan Securities Depository Center.

3. Principal Shareholders

Name	Share Holdings (in thousands of shares)		Percentage of Total Shares Issued (%)
The Minister of Finance		405,220		35.65
Japan Trustee Services Bank, Ltd. (Trust Account)		40,099		3.53
The Master Trust Bank of Japan, Ltd. (Trust Account)		31,705		2.79
Moxley and Co LLC		18,073		1.59
State Street Bank and Trust Company		10,677		0.94
The Chase Manhattan Bank, N.A. London Secs Lending Omnibus Account		9,256		0.81
NTT Employee Share-Holding Association		9,164		0.81
JP Morgan Chase Bank 385632		8,404		0.74
State Street Bank and Trust Company 505225		8,219		0.72
Japan Trustee Services Bank, Ltd. (Trust Account 1)		8,179		0.72
Total		549,000		48.30

Note: The Company’s holdings of treasury stock (27,079,853 shares) are not included in the above table.

–  23  –

Financial Results for the Six Months Ended September 30, 2014

November 7, 2014

The forward-looking statements and projected figures concerning the future performance of NTT and its subsidiaries and affiliates contained or referred to herein are based on a series of assumptions, projections, estimates, judgments and beliefs of the management of NTT in light of information currently available to it regarding NTT and its subsidiaries and affiliates, the economy and telecommunications industry in Japan and overseas, and other factors. These projections and estimates may be affected by the future business operations of NTT and its subsidiaries and affiliates, the state of the economy in Japan and abroad, possible fluctuations in the securities markets, the pricing of services, the effects of competition, the performance of new products, services and new businesses, changes to laws and regulations affecting the telecommunications industry in Japan and elsewhere, other changes in circumstances that could cause actual results to differ materially from the forecasts contained or referred to herein, as well as other risks included in NTT’s most recent Annual Report on Form 20-F and other filings and submissions with the United States Securities and Exchange Commission.

* “E” in this material represents that the figure is a plan or projection for operation.

** “FY” in this material indicates the fiscal year ending March 31 of the succeeding year.

*** “2Q” in this material represents the 6-month period beginning on April 1 and ending on September 30.

Financial Results for the Six Months Ended September 30, 2014

—1— Copyright (c) 2014 Nippon Telegraph and Telephone Corporation

FY2014/2Q Highlights

Operating Revenues increased for the fifth consecutive year due to the growth of overseas businesses.

Operating Income decreased due to a larger decrease in profit of the Mobile communications segment despite an increase in profit of the Regional communications segment and the Data communications segment.

(Billions of yen)

FY2014/2Q

FY2013/2Q

Change % Year-on-Year

Increase

year-on-year (Decrease)

Operating 5,373.7 +107.6 +2.0% 5,266.1

Revenues

Operating 4,782.7 +169.7 +3.7% 4,613.0

Expenses

Operating 590.9 (62.1) (9.5)% 653.0

Income

Net Income* 290.3 (33.2) (10.3)% 323.5

* Net income represents net income attributable to NTT, excluding noncontrolling interests.

Financial Results for the Six Months Ended September 30, 2014

—2—

Copyright (c) 2014 Nippon Telegraph and Telephone Corporation

FY2014/2Q Highlights

Consolidated

Operating Income

(Billions of yen)

2Q FY

1,213.7 1,215.0

(Previous

forecast)

653.0 590.9

FY2013 FY2014

Global Revenues

(Billions of yen)

2Q FY

1,530.0

(Previous

1,196.0 forecast)

556.9 747.5

FY2013 FY2014

Operating Revenues increased for the fifth consecutive year, while Operating Income decreased Expansion of global cloud services

Cross-selling order volume: approximately $117 million

Promoting M&A

Proposal to acquire Oakton Limited, an Australia-based ICT service provider

NTT Group holds the largest data center space in the world

Overseas sales: + ¥190.6 billion increase year-on-year; growth of 29% when discounting the effects of the depreciating yen

Enhanced competitiveness of network services

Expansion of NTT’s user base

Number of new rate plan subscribers exceeded 9.43 million

Net increase of 1.19 million mobile phone subscribers from the end of FY2013 (0.95 million increase from FY2013/2Q)

18.45 million FLET’S Hikari subscribers (net increase of 0.40 million)

4.18 million Hikari TV and FLET’S TV subscribers (net increase of 0.20 million)

Cost reductions

Fixed-line and mobile access cost reductions: NTT achieved cost reductions of ¥90 billion yen during FY2014/2Q, out of its annual target of ¥190 billion

Shareholder Returns

NTT passed a resolution to increase the amount of cash available to repurchase shares of its common stock from ¥250.0 billion to ¥350.0 billion.

Financial Results for the Six Months Ended September 30, 2014

Copyright (c) 2014 Nippon Telegraph and Telephone Corporation

—3—

Consolidated Results and Forecasts (U.S. GAAP)

FY2014/2Q Contributing Factors by Segment

Regional communications business: Operating Income increased as a result of continued efforts to improve operational efficiency, despite the increased impact of FLET’S Hikari discounts.

Long distance and international communication business: Although Operating Income decreased year-on-year, profit improvement in overseas businesses contributed to an increase in profit for the six-month period ended September 30.

Mobile communications business: Operating Income decreased due to the increased impact of “Monthly Support” discount programs and the effect of new rate plans to decrease Operating Revenues.

Data communications business: Operating Income increased due to the effect of reducing unprofitable transactions, in addition to the improvement of gross margin in conjunction with an increase in sales.

Operating [year-on-year: +107.6] Mobile Data Other (Billions of yen)

Revenues communications communications business

business business

81.7 6.9 15.2

86.1 26.0 Elimination of

5,266.1 42.4 intersegment/Others 5,373.7

Regional Long distance and

communications international

business communications

business

FY2013/2Q FY2014/2Q

Operating [year-on-year: +169.7]

Expenses 60.6 0.8 16.6

46.8 Other Elimination of

44.7 91.2 Data business intersegment/Others

Mobile communications

4,613.0 Regional Long distance and communications business 4,782.7

international business

communications

business communications

business

FY2013/2Q FY2014/2Q

Operating [year-on-year: (62.1)]

Income

Regional Long distance and Mobile Data Other business Elimination of

communications international communications communications intersegment/

FY2013/2Q business communications business business Others FY2014/2Q

business

653.0 2.2 5.1 72.8 21.1 6.1 1.5 590.9

Financial Results for the Six Months Ended September 30, 2014

—4—

Copyright (c) 2014 Nippon Telegraph and Telephone Corporation

Consolidated Results and Forecasts (U.S. GAAP)

Consolidated Forecasts for FY2014

Forecasts for both Operating Revenues and Operating Income have been adjusted due to the higher-than-expected spread of new rate plans

(Billions of yen)

FY2014

Forecasts % Progress

FY2014/2Q Compared to

Change FY2014

from Initial Forecasts

Forecasts

Operating Revenues 11,010.0 (190.0) 5,373.7 48.8%

Operating Expenses 9,915.0 (70.0) 4,782.7 48.2%

Operating Income 1,095.0 (120.0) 590.9 54.0%

Net Income* 529.0 (57.0) 290.3 54.9%

EPS(yen) 479.00 (57.00)

* Net income represents net income attributable to NTT, excluding noncontrolling interests.

Financial Results for the Six Months Ended September 30, 2014

— 5— Copyright (c) 2014 Nippon Telegraph and Telephone Corporation

Shareholders Returns

Share buybacks: NTT passed a resolution to increase the cash available to repurchase shares of its common stock from ¥250.0 billion to ¥350.0 billion.

Dividend: An annual dividend of ¥180 per share for FY2014

Share buybacks 406.5 (Billions of yen)

381.7 Up to

350.0

200.0

150.0

94.4 Up to

250.0

FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 2014.11-2015.6

Dividend per share 180 (yen)

160 170

Payout ratio

140

120 120

110

90 38.2% 37.2%

37.6%

33.4%

32.3%

31.2%

19.5% 27.5%

FY2007 FY2008 FY2009 FY2010 FY2011 FY2012 FY2013 FY2014E

Financial Results for the Six Months Ended September 30, 2014

—6— Copyright (c) 2014 Nippon Telegraph and Telephone Corporation

Medium-Term Management Strategy,

“Towards the Next Stage” Update

Current Status of Medium-Term Management Strategy

Steady Progress in Transformation of NTT’s Business Structure

- Toward a multifaceted competitive model based on innovation and collaboration

- Transforming NTT itself as a “Value Partner”

I. “Global Cloud Services” as the Cornerstone of NTT’s Business Operations

Enable provision of fully-stacked, full-lifecycle services Plan to reach $15 billion in overseas sales volume in FY 2014

II. Comprehensively Strengthen Network Service Competitiveness

Comprehensively reduce cost in fixed and mobile access networks

Execute proactive initiatives such as NTT DOCOMO’s “New Billing Plan” and NTT East and NTT West’s “Hikari Collaboration Model”

EPS Growth Still in Progress

Focus on profit growth, which is still in progress despite the completion of a change in course towards a new direction

Restart for growth in profits

At the announcement of FY 2014 results,

NTT will upgrade its strategy to “Towards the Next Stage 2.0”

Financial Results for the Six Months Ended September 30, 2014 Copyright (c) 2014 Nippon Telegraph and Telephone Corporation

- 7 -

“Towards the Next Stage 2.0”

Continuous Enhancement of Fundamental Business Strategies

I. Accelerate Speed of Profit Generation of “Global Cloud Services”

Continue to make anticipatory investments for profit growth Develop operations combining strengths of the whole group Accelerate the optimization of operations

II. Enhance Profitability of Network Services

Cut costs in all business processes

Provide value-added services through collaboration with various industry players

Expansion of B2B2X Business

Support business model transformation of our clients as a “Value Partner”

Create new business models with sophisticated Wi-Fi platforms

Contribute to the “Vitalization of Local Economies” by resolving various issues facing each local region

Support the innovation of various industry players in anticipation of 2020

Enhance NTT’s security business, essential for a safe and secure society

Earnings Per Share

Set new goals based on FY 2014 results

Financial Results for the Six Months Ended September 30, 2014

Copyright (c) 2014 Nippon Telegraph and Telephone Corporation

- 8 -

(Reference) Cybersecurity Training Initiatives

Strengthen NTT Group’s Cybersecurity Training

Develop capacity for approximately 10,000 domestic cybersecurity experts by 2020

Develop and deploy training programs throughout NTT Group

Contribute to Japan’s Cybersecurity Training

Establish a “Cyber-attack and Cyber-defense Technologies” course at Waseda University in April 2015

Expand to other universities subsequently through collaboration with participating companies Assist in providing an “Information Security for Complete Novices” course through

“gacco*” in May 2015 *MOOC (Massive Open Online Courses) provided by NTT DOCOMO and NTT Knowledge Square

Strengthen NTT Group’s Cybersecurity Training

Cybersecurity Experts Approx. 10,000

(Domestic) people

Approx. 2,500

people

Present 2020

50-100

1 Produce “Top Gun” class of experts people

2,000

2 Build-up of specialists people

3 Raise the cybersecurity skill level 8,000

of engineers people

Financial Results for the Six Months Ended September 30, 2014

- 9-

Copyright (c) 2014 Nippon Telegraph and Telephone Corporation

Progress of Broadband Services

Progress of Broadband Services

Number of Subscribers for Fixed Broadband Services

Number of subscribers

(Thousands)

FLET’S ADSL

FLET’S Hikari

Hikari Denwa

20,000

15,000

10,000

5,000

0

19,271 19,335 19,444 19,534 19,717 19,788 19,954

1,751 1,663 1,572 1,483 1,398 1,333 1,203

17,521 17,672 17,873 18,050 18,319 18,455 18,750

15,412 15,664 15,950 16,256 16,507 16,705 17,106

2013.6 2013.9 2013.12 2014.3 2014.6 2014.9 2015.3E

Changes from the preceding quarter

FY2013 FY2014 FY2013 FY2014E

4-6 7-9 10-12 1-3 4-6 7-9 4-9

FLET’S Hikari*1 220 152 200 178 269 136 405 750 700

Number of opened connections*2 870 707 743 811 879 683 1,562 3,131 3,000

FLET’S ADSL (98) (88) (91) (89) (85) (65) (150) (365) (280)

Hikari Denwa *3 242 252 287 305 251 199 450 1,087 850

*1 Number of FLET’S Hikari subscribers includes B FLET’S, FLET’S Hikari Next, FLET’S Hikari Light and FLET’S Hikari WiFi Access provided by NTT East and B FLET’S, FLET’S Hikari Premium, FLET’S Hikari Mytown, FLET’S Hikari Next, FLET’S Hikari Light and FLET’S Hikari WiFi Access provided by NTT West.

*2 Number of opened connections excludes openings due to relocations.

*3 Number of Hikari Denwa subscribers is presented in thousands of channels.

Financial Results for the Six Months Ended September 30, 2014 —10— Copyright (c) 2014 Nippon Telegraph and Telephone Corporation

Progress of Broadband Services

Number of Subscribers for Mobile Broadband Services

Number of subscribers

Xi

FOMA

(Thousands)

70,000 60,000 50,000 40,000 30,000 20,000 10,000 0

61,623 61,772 62,182 63,105 63,566 64,295 67,000

14,198 16,398 19,021 21,965 24,043 26,215 29,700

47,425 45,374 43,160 41,140 39,523 38,080 37,300

2013.6 2013.9 2013.12 2014.3 2014.6 2014.9 2015.3E

Changes from the preceding quarter

(Thousands)

FY2013 FY2014 FY2013 FY2014E

4-6 7-9 10-12 1-3 4-6 7-9 4-9

Xi+FOMA 87 149 410 924 461 729 1,190 1,569 3,900

* The number of communication module service subscribers is included in FOMA subscribers.

Financial Results for the Six Months Ended September 30, 2014

—11—

Copyright (c) 2014 Nippon Telegraph and Telephone Corporation

Progress of Broadband Services

ARPU of Fixed Broadband Services (FLET’S Hikari)*

NTT East

Optional Service

Basic Monthly Charge

(Yen)

6,000 5,750 5,680 5,650 5,570 5,460 5,450 5,660 5,500

4,000 1,760 1,760 1,790 1,770 1,770 1,750 1,770 1,800

2,000 3,990 3,920 3,860 3,800 3,690 3,700 3,890 3,700

0

FY2013 FY2014 FY2013 FY2014E

4-6 7-9 10-12 1-3 4-6 7-9

NTT West

(Yen)

6,000 5,840 5,850 5,580 5,800 5,750 5,700 5,830 5,720

4,000 1,770 1,790 1,820 1,810 1,810 1,800 1,800 1,830

2,000 4,070 4,060 4,030 3,990 3,940 3,900 4,030 3,890

0

FY2013 FY2014 FY2013 FY2014E

4-6 7-9 10-12 1-3 4-6 7-9

* FLET’S Hikari includes B FLET’S, FLET’S Hikari Next, FLET’S Hikari Light and FLET’S Hikari WiFi Access provided by NTT East and B FLET’S, FLET’S Hikari Premium, FLET’S Hikari Mytown, FLET’S Hikari Next, FLET’S Hikari Light and FLET’S Hikari WiFi Access provided by NTT West. Please see page 26 regarding the calculation of ARPU.

Financial Results for the Six Months Ended September 30, 2014

—12—

Copyright (c) 2014 Nippon Telegraph and Telephone Corporation

ARPU Progress of Broadband of Mobile Services Broadband Services

(Xi, FOMA)*

Smart ARPU

Packet ARPU

Voice ARPU

(Yen) 5,000 4,000 3,000 2,000 1,000 0

4,680 470 2,720 1,490

4,680 500 2,720,1,490

4,610 510 2,700 1,400

4,460 520 2,680 1,260

4,450 530 2,670 1,250

4,370 560 2,620 1,190

4,610 500 2,700 1,410

4,350 570 2,600 1,180

FY2013 FY2014 FY2013 FY2014E

4-6 7-9 10-12 1-3 4-6 7-9

* NTT DOCOMO‘s ARPU calculation methods have been changed from the second quarter of the fiscal year ending March 31, 2015. Accordingly, the ARPU data for the results for the three months ended Jun. 30, 2013 (from Apr. to Jun., 2013), the three months ended Sep. 30, 2013 (from Jul. to Sep., 2013), the three months ended Dec. 31, 2013 (from Oct. to Dec., 2013), the three months ended Mar. 31, 2014 (from Jan. to Mar., 2014), the year ended Mar. 31, 2014 and the three months ended Jun. 30, 2014 (from Apr. to Jun., 2014) presented above have also been changed.

Please see page 26 regarding the calculation of ARPU.

Financial Results for the Six Months Ended September 30, 2014

—13—

Copyright (c) 2014 Nippon Telegraph and Telephone Corporation

Number Progress of Broadband of Subscribers Services for Video Services

(thousands)

FLEET’S TV*

Hikari TV

5,000 4,000 3,000 2,000 1,000 0

3,552 3,692 3,841 3,984 4,086 4,183 4,546

1,032 1,067 1,113 1,161 1,209 1,256 1,346

2,520 2,625 2,727 2,823 2,877 2,927 3,200

2013.6 2013.9 2013.12 2014.3 2014.6 2014.9 FY2014E

* “FLET’S TV” requires a subscription to “FLET’S TV Transmission Service,” provided by NTT East and NTT West, and a subscription to Opticast Inc.’s “Opticast Facility Use Services” broadcast service.

Financial Results for the Six Months Ended September 30, 2014

—14—

Copyright (c) 2014 Nippon Telegraph and Telephone Corporation

Financial Information

Subsidiaries’ NTT East Results (JPN Financial GAAP Non-Consolidated) Results

(Billions of yen)

FY2014/2Q FY2014E

2.8 Same as

Operating 8.7 (0.2)% Initial Forecast

Progress

Revenues (1.0)% 49.2%

1,773.8 1,771.0

879.9 871.2 Voice Transmission Services (54.3)

Voice Transmission Services (25.4) IP Services (1.3)

IP Services (2.6) Others +52.8

Others +19.3

FY2013/2Q FY2014/2Q FY2013 FY2014E

Operating 15.0 26.0

Expenses (1.5)% Same as

(1.8)% Progress Initial Forecast

48.3%

826.9 Personnel expenses (3.6) 811.8 1,707.0 Personnel expenses (4.9) 1,681.0

Expenses for purchase of goods (15.6) Expenses for purchase of goods (24.2)

and services and other expenses and services and other expenses

Depreciation expenses and loss +4.2 Depreciation expenses and loss +3.1

on disposal of assets on disposal of assets

FY2013/2Q FY2014/2Q FY2013 FY2014E

Operating

Income Progress Same as

6.2 65.9% 23.2 Initial Forecast

53.0 +11.8% 59.3 66.7 +34.9% 90.0

Financial Results for the Six Months Ended September 30, 2014

—15—

Copyright (c) 2014 Nippon Telegraph and Telephone Corporation

Subsidiaries’ NTT West Results (JPN Financial GAAP Non-Consolidated) Results

(Billions of yen)

FY2014/2Q FY2014E

7.6 Same as

Operating 6.3 (0.5)% Initial Forecast

Revenues (0.8)% Progress 49.1%

1,589.6 1,582.0

782.8 776.4 Voice Transmission Services (50.3)

Voice Transmission Services (25.4) IP Services +13.3

IP Services +5.8 Others +29.3

Others +13.1

FY2013/2Q FY2014/2Q FY2013 FY2014E

Operating Expenses

4.0 (0.5)% Progress 49.1% 26.2 (1.7)% Same as Initial Forecast

763.4

Personnel expenses (1.1)

Expenses for purchase of goods and services and other expenses (3.0)

Depreciation expenses and loss on disposal of assets +0.1

759.4

1,573.2

Personnel expenses +0.5

Expenses for purchase of goods and services and other expenses (27.8)

Depreciation expenses and loss on disposal of assets +1.1

1,547.0

FY2013/2Q FY2014/2Q FY2013 FY2014E

Operating Income

Progress Same as

2.3 48.7% 18.6 Initial Forecast

19.3 (11.9)% 17.0 16.3 +113.7% 35.0

Financial Results for the Six Months Ended September 30, 2014

—16—

Copyright (c) 2014 Nippon Telegraph and Telephone Corporation

Subsidiaries’ NTT Communications Results

(JPN GAAP Non-Consolidated) Financial Results

(Billions of yen)

FY2014/2Q FY2014E

34.0

Operating 16.7 (3.6)% Same as

Revenues (3.7)% Progress Initial Forecast

48.3%

944.0 910.0

455.9 Cloud Computing Platforms +6.5 439.2 Cloud Computing Platforms +13.0

Data Networks (11.5) Data Networks (20.5)

Voice Communications (12.8) Voice Communications (20.4)

Solution Services +0.0 Solution Services (8.6)

Others +1.1 Others +2.4

FY2013/2Q FY2014/2Q FY2013 FY2014E

Operating 23.5 Same as

Expenses 4.4 Progress (2.8)% Initial Forecast

(1.1)% 48.5%

395.8 Personnel expenses (0.9) 391.4 830.5 Personnel expenses (2.3) 807.0

Expenses for purchase of goods (2.9) Expenses for purchase of goods (22.2)

and services and other expenses and services and other expenses

Depreciation expenses and loss (0.4) Depreciation expenses and loss +1.0

on disposal of assets on disposal of assets

FY2013/2Q FY2014/2Q FY2013 FY2014E

Operating

Income Progress Same as

12.2 46.4% 10.4 Initial Forecast

60.0 (20.5)% 47.7 113.4 (9.2)% 103.0

Financial Results for the Six Months Ended September 30, 2014

—17—

Copyright (c) 2014 Nippon Telegraph and Telephone Corporation

Subsidiaries’ NTT DOCOMO Results (U.S GAAP Consolidated) Financial Results

(Billions of yen)

FY2014/2Q FY2014E

61.2

Decrease of 190

Operating 26.0 (1.4)% from Initial Forecast

Revenues Progress

(1.2)% 49.4%

4,461.2 4,400.0

2,199.0 2,173.0

FY2013/2Q FY2014/2Q FY2013 FY2014E

128.0 Decrease of 70

Operating from Initial Forecast

Expenses 47.6 Progress +3.5%

+2.8% 47.0%

1,725.8 1,773.4 3,642.0 3,770.0

FY2013/2Q FY2014/2Q FY2013 FY2014E

Operating

Income Progress Decrease of 120

73.6 63.4% 189.2 from Initial Forecast

473.2 (15.5)% 399.6 819.2 (23.1)% 630.0

Financial Results for the Six Months Ended September 30, 2014

Copyright (c) 2014 Nippon Telegraph and Telephone Corporation

—18—

Subsidiaries’ NTT DATA Results (JPN Financial GAAP Consolidated) Results

(Billions of yen)

FY2014/2Q FY2014E

116.2 Same as

Initial Forecast

Operating 82.8 Progress +8.6%

Revenues 47.7%

+13.5%

1,343.7 1,460.0

613.0 695.8

FY2013/2Q FY2014/2Q FY2013 FY2014E

93.8 Same as

Operating Initial Forecast

Expenses 63.4 Progress +7.3%

49.0%

+10.4%

610.3 673.8 1,281.1 1,375.0

FY2013/2Q FY2014/2Q FY2013 FY2014E

Operating

Income Progress Same as

19.3 25.9% 22.4 Initial Forecast

2.6 —% 22.0 62.5 +35.8% 85.0

Financial Results for the Six Months Ended September 30, 2014

—19—

Copyright (c) 2014 Nippon Telegraph and Telephone Corporation

Details of Difference Between Consolidated Operating Income and Total Operating Income of

5 Major Subsidiaries

FY2013/2Q (Billions of yen)

39.2 5.6

Pension (actuarial difference, etc.): 9.5

608.2

NTT (Holding Company): 2.9 Depreciation of engineering facilities: (13.0) 653.0

NTT URBAN DEVELOPMENT (Consolidated): 17.8 Adjustments between operating and non-

NTT COMWARE: (0.1) operating items, including eliminations, etc.

NTT FINANCE (Consolidated): 9.0

Outsourcing companies (East): 3.6

Outsourcing companies (West): (4.4)

Other companies: 10.3

Total operating income Total operating income of subsidiaries other than Elimination and Consolidated operating

of 5 major subsidiaries the 5 major subsidiaries (excluding the effect of U.S. GAAP income

dividends received by NTT (Holding Company))

(JPN GAAP) adjustments (U.S. GAAP)

FY2014/2Q

53.6 8.5

Pension (actuarial difference, etc): 9.4

545.7 NTT (Holding Company): 2.2 Depreciation of engineering facilities: (10.8) 590.9

Adjustments between operating and non-operating

NTT URBAN DEVELOPMENT (Consolidated): 13.2 items, including eliminations, etc.

NTT COMWARE: 0.4

NTT FINANCE (Consolidated): 9.8

Outsourcing companies (East): 5.3

Outsourcing companies (West): 4.7

Other companies: 17.8

Total operating income Total operating income of subsidiaries other than Elimination and Consolidated operating

of 5 major subsidiaries the 5 major subsidiaries (excluding the effect of U.S. GAAP income

dividends received by NTT (Holding Company))

(JPN GAAP) adjustments (U.S. GAAP)

Financial Results for the Six Months Ended September 30, 2014

—20—

Copyright (c) 2014 Nippon Telegraph and Telephone Corporation

Details of Consolidated Cash Flows

Cash flows from Cash flows from FCF Cash flows from

operating activities investing activities (A) + (B) financing activities

(A) (B)

(Billions of yen)

2,000 1,000 0 (1,000) (2,000)

1,436.6 1,101.4 (289.9) (137.0) (1,012.0) (951.1)

FY2013/2Q FY2014/2Q

424.6 150.2

(274.4)

+60.9

(335.2)

+161.9

Increase/Decrease from the same period of the previous fiscal year

Financial Results for the Six Months Ended September 30, 2014

—21—

Copyright (c) 2014 Nippon Telegraph and Telephone Corporation

Appendices

Appendices Capital Investment

1,907.5 (Billions of yen)

[1,970.0]*

1,795.7

[1,892.8]* 1,750.0

[1,890.0]*

857.1

[884.1]* 788.2

[824.6]* 726.4 292.5

FY2012/2Q

[753.5]*

FY2013/2Q FY2014/2Q

FY2012 FY2013 FY2014E

Other

NTT DATA (Consolidated)

NTT Communciations

NTT West

NTT East

NTT DOCOMO (Consolidated)

* Figures in [ ] include investments related to real estate and solar power generation operations.

Financial Results for the Six Months Ended September 30, 2014

—22—

Copyright (c) 2014 Nippon Telegraph and Telephone Corporation

Appendices

FY2014/2Q Details of Financial Results (Per Item)

Operating Fixed IP/packet : (11.4) (Billions of yen)

Revenues [ year-on-year+107.6] Mobile IP/packet : (14.2)

SI revenues and sales Other : +0.1

of telecommunications

equipment

Voice related 243.6 Other revenues

services revenues 25.4 42.1

152.7 Systems Integration IP/packet

Fixed voice communications

Telecommunications services revenues

5,266.1 Mobile voice equipment 5,373.7

Fixed voice : (64.1) Systems Integration : +200.5

Mobile voice : (88.6) Telecommunications equipment (Fixed-line) : +0.2

Telecommunications equipment (Mobile) : +42.8

FY2013/2Q FY2014/2Q

Operating

Expenses [year-on-year+169.7]

36.5 3.5

143.3 Personnel expenses Other expenses

6.7

Expenses for purchase

4,613.0 Depreciation of goods and services 4,782.7

expenses and loss on and other expenses

disposal

of assets

FY2013/2Q FY2014/2Q

Financial Results for the Six Months Ended September 30, 2014

—23—

Copyright (c) 2014 Nippon Telegraph and Telephone Corporation

Appendices Details of Consolidated Balance Sheet

March 31, 2014

20,284.9

Liabilities

Assets 9,334.2

20,284.9

Interest-Bearing

Debt

4,200.0

Liability for Employees’

Depreciable Assets Retirement Benefits

(property, plant and 1,327.9

equipment)

8,241.9 Other

25.9

Equity

10,924.8

Deferred Tax Assets

(non-current)

661.5 Treasury Stock

(156.9)

(Billions of yen)

September 30, 2014

20,068.1

Liabilities

Assets 8,921.3

20,068.1 [(412.9)]

[(216.9)] Interest-Bearing

Debt

4,233.8

[+33.8]

Liability for Employees’

Depreciable Assets Retirement Benefits

(property, plant and 1,352.7

equipment) [+24.8]

8,086.3 Other

[(155.6)] 25.7 [(0.2)]

Equity

11,121.0

Deferred Tax [+196.2]

Assets Treasury Stock

(non-current) (159.5)

658.1 [(2.5)]

[(3.4)]

Financial Results for the Six Months Ended September 30, 2014

—24—

Copyright (c) 2014 Nippon Telegraph and Telephone Corporation

Appendices

Consolidated and Main Subsidiaries’ Financial Results for FY2014/2Q

(Billions of yen)

(1)

NTT NTT NTT East NTT West NTT Com NTT DOCOMO NTT DATA

Consolidated (Holding Company)

Non-Consolidated Non-Consolidated Non-Consolidated Non-Consolidated Consolidated Consolidated

(U.S. GAAP) (JPN GAAP) (JPN GAAP) (JPN GAAP) (JPN GAAP) (U.S. GAAP) (JPN GAAP)

Operating Revenues 5,373.7 254.2 871.2 776.4 439.2 2,173.0 695.8

Change year-on-year 107.6 (10.3) (8.7) (6.3) (16.7) (26.0) 82.8

(% change) 2.0% (3.9)% (1.0)% (0.8)% (3.7)% (1.2)% 13.5%

Forecasts for FY2014 11,010.0 412.0 1,771.0 1,582.0 910.0 4,400.0 1,460.0

(% progress) 48.8% 61.7% 49.2% 49.1% 48.3% 49.4% 47.7%

Operating Expenses 4,782.7 63.9 811.8 759.4 391.4 1,773.4 673.8

Change year-on-year 169.7 (2.6) (15.0) (4.0) (4.4) 47.6 63.4

(% change) 3.7% (4.0)% (1.8)% (0.5)% (1.1)% 2.8% 10.4%

Forecasts for FY2014 9,915.0 140.0 1,681.0 1,547.0 807.0 3,770.0 1,375.0

(% progress) 48.2% 45.6% 48.3% 49.1% 48.5% 47.0% 49.0%

Operating Income 590.9 190.3 59.3 17.0 47.7 399.6 22.0

Change year-on-year (62.1) (7.6) 6.2 (2.3) (12.2) (73.6) 19.3

(% change) (9.5)% (3.9)% 11.8% (11.9)% (20.5)% (15.5)% —

Forecasts for FY2014 1,095.0 272.0 90.0 35.0 103.0 630.0 85.0

(% progress) 54.0% 70.0% 65.9% 48.7% 46.4% 63.4% 25.9%

Income Before (2) 592.2 187.9 74.9 13.9 62.0 404.1 19.5

Income Taxes

Change year-on-year (83.6) (5.9) 7.9 (11.6) (10.1) (77.7) 18.2

(% change) (12.4)% (3.1)% 11.9% (45.4)% (14.1)% (16.1)% —

Forecasts for FY2014 1,075.0 268.0 103.0 28.0 113.0 639.0 75.0

(% progress) 55.1% 70.1% 72.7% 49.9% 54.9% 63.2% 26.1%

Net Income 290.3(3) 476.0 46.8 6.3 40.7 259.5(4) 7.1

Change year-on-year (33.2) 282.7 4.2 (9.7) (12.6) (40.9) 10.8

(% change) (10.3)% 146.4% 10.0% (60.4)% (23.7)% (13.6)% —

Forecasts for FY2014 529.0 558.0 62.0 19.0 72.0 420.0 37.0

(% progress) 54.9% 85.3% 75.6% 33.6% 56.6% 61.8% 19.3%

(1) NTT has 906 consolidated subsidiaries and accounts for 125 companies under the equity method.

(2) “Income Before Income Taxes” for NTT (Holding Company), NTT East, NTT West, NTT Communications and NTT DATA represent their recurring profits. (3) “Net Income” for NTT Consolidated represents “Net income attributable to NTT, excluding noncontrolling interests.” (4) “Net Income” for NTT DOCOMO represents “Net income attributable to NTT DOCOMO, excluding noncontrolling interests.”

Financial Results for the Six Months Ended September 30, 2014

—25—

Copyright (c) 2014 Nippon Telegraph and Telephone Corporation

Appendices Calculation of ARPU

Average monthly revenue per unit, or ARPU, is used to measure average monthly operating revenues attributable to each designated service on a per user basis. In the case of NTT Group’s fixed-line business, ARPU is calculated by dividing revenue items included in the operating revenues of NTT Group’s regional communications business segment, that is, FLET’S Hikari, by the number of Active Subscribers to the relevant services.

In the case of NTT Group’s mobile communications business, ARPU is calculated by dividing revenue items included in operating revenues from its mobile communications business segment, such as revenues from Xi mobile phone services and FOMA mobile phone services, that are incurred consistently each month (i.e., basic monthly charges and voice/packet transmission charges), by the number of Active Subscribers to the relevant services. The calculation of these figures excludes revenues that are not representative of monthly average usage, such as telecommunications equipment sales, activation fees and universal service charges.

NTT believes that its ARPU figures calculated in this way provide useful information regarding the monthly average usage of its subscribers. The revenue items included in the numerators of NTT Group’s ARPU figures are based on its financial results comprising its U.S. GAAP results of operations.

For a complete discussion on the calculation of ARPU, please see the “Supplementary Data for the Six Months Ended September 30, 2014.”

Notes:

(1) FLET’S Hikari ARPU of NTT East and NTT West is calculated based on revenues from “FLET’S Hikari” (including “FLET’S Hikari” optional services), which are included in operating revenues from IP Services, revenues from monthly charges, call charges and connection device charges for “Hikari Denwa,” and revenues from “FLET’S Hikari” optional services, which are included in Supplementary Business revenues.

- “FLET’S Hikari” includes “B FLET’S,” “FLET’S Hikari Next,” “FLET’S Hikari Light” and “FLET’S Hikari WiFi Access” provided by NTT East, and “B FLET’S,” “FLET’S Hikari Premium,” “FLET’S Hikari Mytown,” “FLET’S Hikari Next,” “FLET’S Hikari Light” and “FLET’S Hikari WiFi Access” provided by NTT West.

(2) For purposes of calculating FLET’S Hikari ARPU, number of subscribers is determined based on the number of “FLET’S Hikari” subscribers, including subscribers to “B FLET’S,” “FLET’S Hikari Next,” “FLET’S Hikari Light” and “FLET’S Hikari WiFi Access” provided by NTT East, and subscribers to “B FLET’S,” “FLET’S Hikari Premium,” “FLET’S Hikari Mytown,” “FLET’S Hikari Next,” “FLET’S Hikari Light” and “FLET’S Hikari WiFi Access” provided by NTT West.

(3) The following is the formula we use to compute ARPU for mobile business conducted by NTT DOCOMO.

Mobile Aggregate ARPU (“Xi”+“FOMA”) = Voice ARPU (“Xi”+“FOMA”) + Packet ARPU (“Xi”+“FOMA”) + Smart ARPU (“Xi”+“FOMA”).

- NTT DOCOMO’s Voice ARPU (“Xi”+“FOMA”) is based on operating revenues related to voice services, such as basic monthly charges and voice communication charges attributable to our “Xi”+“FOMA” services, our Packet ARPU (“Xi”+“FOMA”) is based on operating revenues related to packet services, such as flat monthly fees and packet communication charges attributable to our “Xi”+“FOMA” services, and our Smart ARPU (“Xi”+“FOMA”) is based on operating revenues from a part of Other Operating Revenues attributable to “Xi”+“FOMA” wireless communications services (revenues from content, collection of charges, mobile phone insurance service, advertising and others).

(4) Subscriptions for and revenues from communication module services, “Phone Number Storage,” “Mail Address Storage,” “docomo Business Transceiver” and wholesale telecommunications services and interconnecting telecommunications facilities that are provided to Mobile Virtual Network Operators (MVNOs) are not included in the Mobile Aggregate ARPU calculation.

(5) NTT DOCOMO‘s ARPU calculation methods have been changed from the second quarter of the fiscal year ending March 31, 2015. Accordingly, the ARPU data for the results for the three months ended Jun. 30, 2013 (from Apr. to Jun., 2013), the three months ended Sep. 30, 2013 (from Jul. to Sep., 2013), the three months ended Dec. 31, 2013 (from Oct. to Dec., 2013), the three months ended Mar. 31, 2014 (from Jan. to Mar., 2014), the year ended Mar. 31, 2014 and the three months ended Jun. 30, 2014 (from Apr. to Jun., 2014) have also been changed.

(6) Numbers of active subscribers used in the ARPU calculation of NTT East and NTT West are as below.

- 1Q Results: Sum of number of active subscribers* for each month from April to June

- 2Q Results: Sum of number of active subscribers* for each month from July to September

- 3Q Results: Sum of number of active subscribers* for each month from October to December

- 4Q Results: Sum of number of active subscribers* for each month from January to March

- FY Results : Sum of number of active subscribers* for each month from April to March

- FY (Previously Announced Forecast): Sum of the average expected active number of subscribers during the fiscal year ((number of subscribers at March 31, 2014 + number of expected subscribers at March 31, 2015)/2)x12.

- FY (Revised Forecast): Sum of the sum of actual number of active subscribers at the end of each month from April to September and the average expected active number of subscribers during the second half of the fiscal year ((number of subscribers at September 30, 2014 + number of expected subscribers at March 31, 2015)/2)x6.

(7) Numbers of active subscribers used in the ARPU calculation of NTT DOCOMO are as below.

- 1Q Results: Sum of number of active subscribers* for each month from April to June

- 2Q Results: Sum of number of active subscribers* for each month from July to September

- 3Q Results: Sum of number of active subscribers* for each month from October to December

- 4Q Results: Sum of number of active subscribers* for each month from January to March

- FY (Previously Announced Forecast) and FY (Revised Forecast): Sum of expected number of active subscribers* for each month from April to March.

*Active subscribers = (number of subscribers at end of previous month + number of subscribers at end of the current month)/2

Financial Results for the Six Months Ended September 30, 2014

—26—

Copyright (c) 2014 Nippon Telegraph and Telephone Corporation

November 7, 2014

FOR IMMEDIATE RELEASE

Financial Statements for the Six Months Ended September 30, 2014

The financial results of Nippon Telegraph and Telephone East Corporation (NTT East) for the six months ended September 30, 2014 are presented in the following attachments.

(Attachments)

1. Non-Consolidated Comparative Balance Sheets

2. Non-Consolidated Comparative Statements of Income

3. Business Results (Non-Consolidated Operating Revenues)

4. Non-Consolidated Comparative Statements of Cash Flows

5. Revised Forecasts for the Fiscal Year Ending March 31, 2015

For inquiries, please contact:

Mr. Yasuhiro Kawamori or Mr. Chikashi Sakurai

Accounting Section, Finance Division

Nippon Telegraph and Telephone East Corporation

Tel: +81-3-5359-3331

E-mail: kessan_info@sinoa.east.ntt.co.jp

1. Non-Consolidated Comparative Balance Sheets

(Based on accounting principles generally accepted in Japan)

	(Millions of yen)
	March 31, 2014			September 30, 2014			Increase (Decrease)
ASSETS
Fixed assets:
Fixed assets - telecommunications businesses
Property, plant and equipment
Machinery and equipment		474,554			450,579			(23,975	)
Antenna facilities		4,325			4,201			(124	)
Terminal equipment		45,756			41,515			(4,240	)
Local line facilities		862,315			852,523			(9,791	)
Long-distance line facilities		4,107			3,901			(206	)
Engineering facilities		612,405			604,996			(7,408	)
Submarine line facilities		1,421			1,262			(158	)
Buildings		438,137			426,787			(11,350	)
Construction in progress		19,885			19,678			(206	)
Other		259,440			252,692			(6,748	)
Total property, plant and equipment		2,722,349			2,658,139			(64,210	)
Intangible fixed assets		88,386			84,504			(3,882	)
Total fixed assets - telecommunications businesses		2,810,736			2,742,643			(68,092	)
Investments and other assets
Other investments and assets		213,889			212,160			(1,729	)
Allowance for doubtful accounts		(1,030	)		(963	)		67
Total investments and other assets		212,859			211,197			(1,661	)
Total fixed assets		3,023,595			2,953,840			(69,754	)
Current assets:
Cash and bank deposits		25,765			17,851			(7,913	)
Notes receivable		171			—			(171	)
Accounts receivable, trade		238,999			221,716			(17,282	)
Supplies		33,852			34,758			905
Other current assets		233,804			183,191			(50,612	)
Allowance for doubtful accounts		(622	)		(602	)		20
Total current assets		531,969			456,916			(75,053	)
TOTAL ASSETS		3,555,565			3,410,757			(144,808	)

-1-

	(Millions of yen)
	March 31, 2014		September 30, 2014		Increase (Decrease)
LIABILITIES
Long-term liabilities:
Long-term borrowings from parent company		548,775		545,355		(3,420	)
Liability for employees’ retirement benefits		231,328		233,756		2,427
Reserve for point services		7,074		10,100		3,026
Reserve for unused telephone cards		11,082		10,405		(676	)
Allowance for environmental measures		4,511		10,740		6,228
Asset retirement obligations		1,110		1,119		8
Other long-term liabilities		9,601		9,361		(240	)
Total long-term liabilities		813,483		820,837		7,354
Current liabilities:
Current portion of long-term borrowings from parent company		127,420		7,130		(120,290	)
Accounts payable, trade		77,246		44,967		(32,278	)
Accrued taxes on income		5,746	*	8,100		2,354
Allowance for environmental measures		—		1,701		1,701
Asset retirement obligations		149		16		(133	)
Other current liabilities		362,264		342,941		(19,322	)
Total current liabilities		572,826		404,858		(167,968	)
TOTAL LIABILITIES		1,386,310		1,225,696		(160,614	)
NET ASSETS
Shareholders’ equity:
Common stock		335,000		335,000		—
Capital surplus		1,499,726		1,499,726		—
Earned surplus		333,740		349,216		15,475
Total shareholders’ equity		2,168,467		2,183,943		15,475
Unrealized gains (losses), translation adjustments, and others:
Net unrealized gains (losses) on securities		787		1,118		330
Total unrealized gains (losses), translation adjustments, and others		787		1,118		330
TOTAL NET ASSETS		2,169,255		2,185,061		15,805
TOTAL LIABILITIES AND NET ASSETS		3,555,565		3,410,757		(144,808	)

Note: *NTT East participates in a consolidated tax return system, which has been adopted by NTT (Holding Company) and its wholly-owned subsidiaries in Japan.

However, except for a portion of the calculation of taxes, income taxes have not been calculated on a consolidated basis in the quarterly financial statements.

-2-

2. Non-Consolidated Comparative Statements of Income

(Based on accounting principles generally accepted in Japan)

	(Millions of yen)
	Six months ended September 30, 2013		Six months ended September 30, 2014		Increase (Decrease)			Year ended March 31, 2014
Telecommunications businesses:
Operating revenues		818,629	*1	811,673		(6,956	)		1,630,523
Operating expenses		772,282	*1	759,372		(12,910	)		1,577,823
Operating income from telecommunications businesses		46,346		52,300		5,953			52,699
Supplementary businesses:
Operating revenues		61,335		59,534		(1,801	)		143,286
Operating expenses		54,627		52,497		(2,129	)		129,271
Operating income from supplementary businesses		6,708		7,036		328			14,014
Operating income		53,054		59,337		6,282			66,714
Non-operating revenues:
Interest income		30		29		(1	)		77
Dividends received		3,643		6,360		2,716			3,690
Lease and rental income		22,297		—		(22,297	)		44,296
Gains on sales of fixed assets		1,268		8,336		7,068			5,973
Miscellaneous income		1,375		6,159		4,783			3,991
Total non-operating revenues		28,614		20,885		(7,729	)		58,027
Non-operating expenses:
Interest expenses		3,687		3,134		(553	)		7,203
Lease and rental expenses		10,481		—		(10,481	)		23,253
Miscellaneous expenses		565		2,184		1,619			2,536
Total non-operating expenses		14,734		5,319		(9,415	)		32,993
Recurring profit		66,935		74,903		7,968			91,749
Special losses		3,382		7,930		4,547			8,292
Income before income taxes		63,552		66,973		3,421			83,457
Income taxes	*2	20,937	*2	20,091		(846	)		29,501
Net income		42,614		46,882		4,268			53,956

Notes: *1 “Lease and rental income” and “lease and rental expenses,” which were previously included under non-operating revenues and non-operating expenses, respectively, in the fiscal year ended March 31, 2014, have been reclassified as telecommunications businesses operating revenues and operating expenses for the six months ended September 30, 2014.

Telecommunications operating revenues attributable to lease and rental income and operating expenses attributable to lease and rental expenses were 21,884 million yen and 9,081 million yen, respectively, for the six months ended September 30, 2014.

*2 NTT East participates in a consolidated tax return system, which has been adopted by NTT (Holding Company) and its wholly-owned subsidiaries in Japan.

However, except for a portion of the calculation of taxes, income taxes have not been calculated on a consolidated basis in the quarterly financial statements.

-3-

3. Business Results (Non-Consolidated Operating Revenues)

(Based on accounting principles generally accepted in Japan)

	(Millions of yen)
	Six  months ended September 30, 2013		Six  months ended September 30, 2014		Increase (Decrease)			Percent Increase (Decrease)			Year ended March 31, 2014
Voice transmission services revenues (excluding IP services revenues)		265,303		239,814		(25,488	)		(9.6	)		518,346
Monthly charge revenues*		192,921		176,310		(16,610	)		(8.6	)		378,089
Call rates revenues*		21,748		18,521		(3,227	)		(14.8	)		42,044
Interconnection call revenues*		32,504		28,294		(4,210	)		(13.0	)		63,210
IP services revenues		420,802		418,179		(2,623	)		(0.6	)		841,334
Leased circuit services revenues (excluding IP services revenues)		59,548		57,053		(2,494	)		(4.2	)		117,286
Telegram services revenues		7,323		6,789		(534	)		(7.3	)		14,951
Other telecommunications services revenues		65,651		89,836		24,184			36.8			138,604
Telecommunications total revenues		818,629		811,673		(6,956	)		(0.8	)		1,630,523
Supplementary business total revenues		61,335		59,534		(1,801	)		(2.9	)		143,286
Total operating revenues		879,964		871,207		(8,757	)		(1.0	)		1,773,809

* Partial listing only

-4-

4. Non-Consolidated Comparative Statements of Cash Flows

(Based on accounting principles generally accepted in Japan)

	(Millions of yen)
	Six  months ended September 30, 2013			Six  months ended September 30, 2014			Increase (Decrease)			Year ended March 31, 2014
Cash flows from operating activities:
Income before income taxes		63,552			66,973			3,421			83,457
Depreciation and amortization		185,210			184,268			(941	)		372,285
Loss on disposal of property, plant and equipment		6,616			6,472			(143	)		23,031
Increase (decrease) in liability for employees’ retirement benefits		8,521			2,427			(6,094	)		8,858
(Increase) decrease in accounts receivable		27,415			6,837			(20,578	)		18,301
(Increase) decrease in inventories		87			(2,957	)		(3,044	)		484
Increase (decrease) in accounts payable and accrued expenses		(68,999	)		(88,185	)		(19,186	)		(28,439	)
Increase (decrease) in accrued consumption tax		(3,214	)		7,426			10,641			(3,721	)
Other		(22,190	)		36,128			58,318			755
Sub-total		196,999			219,392			22,392			475,013
Interest and dividends received		3,672			6,389			2,716			3,767
Interest paid		(4,191	)		(3,344	)		847			(7,810	)
Income taxes received (paid)		(18,122	)		(20,041	)		(1,918	)		(21,779	)
Net cash provided by (used in) operating activities		178,358			202,395			24,037			449,190
Cash flows from investing activities:
Payments for property, plant and equipment		(195,182	)		(155,401	)		39,781			(362,549	)
Proceeds from sale of property, plant and equipment		1,639			9,940			8,301			7,679
Payments for purchase of investment securities		(167	)		(50	)		117			(167	)
Proceeds from sale of investment securities		209			186			(22	)		358
Other		(5,107	)		(72	)		5,035			(7,373	)
Net cash provided by (used in) investing activities		(198,609	)		(145,395	)		53,213			(362,051	)
Cash flows from financing activities:
Proceeds from issuance of long-term debt		100,000			—			(100,000	)		100,000
Payments for settlement of long-term debt		(114,077	)		(123,710	)		(9,632	)		(168,155	)
Payments for settlement of lease obligations		(302	)		(284	)		18			(599	)
Dividends paid		(33,500	)		(33,500	)		—			(33,500	)
Net cash provided by (used in) financing activities		(47,880	)		(157,494	)		(109,613	)		(102,255	)
Net increase (decrease) in cash and cash equivalents		(68,131	)		(100,494	)		(32,363	)		(15,116	)
Cash and cash equivalents at beginning of period		138,901			123,785			(15,116	)		138,901
Cash and cash equivalents at end of period		70,770			23,291			(47,479	)		123,785

-5-

5. Revised Forecasts for the Fiscal Year Ending March 31, 2015

Based on its recent business performance, NTT East has revised its financial results forecasts that were announced in the financial results release filed on May 13, 2014 for the fiscal year ending March 31, 2015, as follows.

	(Billions of yen)
	Year Ending March 31, 2015 (Forecasts Previously Announced on May 13, 2014)		Year Ending March 31, 2015 (Revised Forecasts)		Change
Operating Revenues		1,771.0		1,771.0		—
Operating Income		90.0		90.0		—
Recurring Profit		90.0		103.0		13.0
Net Income		58.0		62.0		4.0

Note:  The financial results forecasts and projected figures concerning the future performance of NTT East contained herein are based on a series of assumptions, projections, estimates, judgments and beliefs of the management of NTT East and its parent NTT in light of information currently available to them regarding NTT, NTT East and its subsidiaries and affiliates, the economy and telecommunications industry in Japan and overseas, and other factors. These projections and estimates may be affected by the future business operations of NTT, NTT East and its subsidiaries and affiliates, the state of the economy in Japan and abroad, possible fluctuations in the securities markets, the pricing of services, the effects of competition, the performance of new products, services and new businesses, changes to laws and regulations affecting the telecommunications industry in Japan and elsewhere, other changes in circumstances that could cause actual results to differ materially from the forecasts contained herein, as well as other risks included in NTT’s most recent Annual Report on Form 20-F and other filings and submissions with the United States Securities and Exchange Commission.

-6-

November 7, 2014

FOR IMMEDIATE RELEASE

Financial Statements for the Six Months Ended September 30, 2014

The financial results of Nippon Telegraph and Telephone West Corporation (NTT West) for the six months ended September 30, 2014 are presented in the following attachments.

(Attachments)

1. Non-Consolidated Comparative Balance Sheets

2. Non-Consolidated Comparative Statements of Income

3. Business Results (Non-Consolidated Operating Revenues)

4. Non-Consolidated Comparative Statements of Cash Flows

5. Revised Forecasts for the Fiscal Year Ending March 31, 2015

For inquiries, please contact:

Takashi Sasaki or Ryosuke Yamashita

Accounting Section, Finance Division

Nippon Telegraph and Telephone West Corporation

Tel: +81-6-4793-3141

E-mail: kessan-info@west.ntt.co.jp

1. Non-Consolidated Comparative Balance Sheets

(Based on accounting principles generally accepted in Japan)

	(Millions of yen)
	March 31, 2014			September 30, 2014			Increase (Decrease)
ASSETS
Fixed assets:
Fixed assets - telecommunications businesses
Property, plant and equipment
Machinery and equipment		446,003			422,814			(23,188	)
Antenna facilities		6,212			6,272			59
Terminal equipment		18,194			17,939			(255	)
Local line facilities		956,384			962,320			5,936
Long-distance line facilities		2,432			2,291			(141	)
Engineering facilities		551,357			544,928			(6,429	)
Submarine line facilities		3,067			2,762			(305	)
Buildings		363,292			351,112			(12,180	)
Construction in progress		17,498			23,005			5,506
Other		224,347			220,058			(4,288	)
Total property, plant and equipment		2,588,791			2,553,505			(35,286	)
Intangible fixed assets		74,244			70,552			(3,691	)
Total fixed assets - telecommunications businesses		2,663,036			2,624,057			(38,978	)
Investments and other assets
Other investments and assets		161,563			156,931			(4,632	)
Allowance for doubtful accounts		(551	)		(580	)		(29	)
Total investments and other assets		161,012			156,350			(4,662	)
Total fixed assets		2,824,048			2,780,408			(43,640	)
Current assets:
Cash and bank deposits		33,273			27,716			(5,557	)
Notes receivable		443			112			(331	)
Accounts receivable, trade		201,606			171,669			(29,936	)
Supplies		35,234			32,752			(2,481	)
Other current assets		170,958			154,338			(16,619	)
Allowance for doubtful accounts		(518	)		(481	)		36
Total current assets		440,998			386,107			(54,890	)
TOTAL ASSETS		3,265,047			3,166,516			(98,530	)

-1-

	(Millions of yen)
	March 31, 2014		September 30, 2014		Increase (Decrease)
LIABILITIES
Long-term liabilities:
Long-term borrowings from parent company		884,427		781,627		(102,800	)
Liability for employees’ retirement benefits		228,337		231,245		2,907
Reserve for point services		7,178		6,420		(758	)
Reserve for unused telephone cards		10,480		9,840		(640	)
Allowance for environmental measures		5,721		13,694		7,972
Asset retirement obligations		342		346		4
Other long-term liabilities		7,425		6,814		(611	)
Total long-term liabilities		1,143,913		1,049,987		(93,925	)
Current liabilities:
Current portion of long-term borrowings from parent company		157,370		176,460		19,090
Accounts payable, trade		61,883		45,950		(15,933	)
Short-term borrowings		72,000		93,000		21,000
Accrued taxes on income		1,133	*	721		(411	)
Allowance for environmental measures		2,370		1,087		(1,282	)
Asset retirement obligations		4		—		(4	)
Other current liabilities		324,630		308,293		(16,336	)
Total current liabilities		619,391		625,513		6,122
TOTAL LIABILITIES		1,763,305		1,675,501		(87,803	)
NET ASSETS
Shareholders’ equity:
Common stock		312,000		312,000		—
Capital surplus		1,170,054		1,170,054		—
Earned surplus		19,272		8,393		(10,879	)
Total shareholders’ equity		1,501,326		1,490,447		(10,879	)
Unrealized gains (losses), translation adjustments, and others:
Net unrealized gains (losses) on securities		415		566		151
Total unrealized gains (losses), translation adjustments, and others		415		566		151
TOTAL NET ASSETS		1,501,742		1,491,014		(10,727	)
TOTAL LIABILITIES AND NET ASSETS		3,265,047		3,166,516		(98,530	)

Note:	*NTT West participates in a consolidated tax return system, which has been adopted by NTT (Holding Company) and its wholly-owned subsidiaries in Japan.
	However, except for a portion of the calculation of taxes, income taxes have not been calculated on a consolidated basis in the quarterly financial statements.

-2-

2. Non-Consolidated Comparative Statements of Income

(Based on accounting principles generally accepted in Japan)

	(Millions of yen)
	Six months ended September 30, 2013		Six months ended September 30, 2014			Increase (Decrease)			Year ended March 31, 2014
Telecommunications businesses:
Operating revenues		715,300	*1	709,485			(5,814	)		1,425,666
Operating expenses		702,875	*1	699,884			(2,991	)		1,423,424
Operating income from telecommunications businesses		12,424		9,601			(2,823	)		2,241
Supplementary businesses:
Operating revenues		67,525		66,974			(551	)		163,934
Operating expenses		60,615		59,545			(1,069	)		149,795
Operating income from supplementary businesses		6,910		7,429			518			14,138
Operating income		19,334		17,030			(2,304	)		16,379
Non-operating revenues:
Interest income		11		2			(8	)		17
Dividends received		1,881		1,339			(542	)		1,902
Lease and rental income		18,115		—			(18,115	)		35,907
Gains on sales of fixed assets		71		797			725			1,456
Miscellaneous income		992		995			2			2,397
Total non-operating revenues		21,073		3,134			(17,938	)		41,680
Non-operating expenses:
Interest expenses		6,775		6,025			(750	)		13,212
Lease and rental expenses		7,918		—			(7,918	)		16,755
Miscellaneous expenses		123		172			49			2,030
Total non-operating expenses		14,816		6,197			(8,619	)		31,998
Recurring profit		25,591		13,967			(11,623	)		26,061
Special losses		6,087		7,972			1,885			6,087
Income before income taxes		19,503		5,994			(13,509	)		19,973
Income taxes	*2	3,401	*2	(386	)		(3,788	)		1,266
Net income		16,102		6,381			(9,720	)		18,707

Notes:	*1 “Lease and rental income” and “lease and rental expenses,” which were previously included under non-operating revenues and non-operating expenses, respectively, in the fiscal year ended March 31, 2014, have been reclassified as telecommunications businesses operating revenues and operating expenses for the six months ended September 30, 2014.
	Telecommunications operating revenues attributable to lease and rental income and operating expenses attributable to lease and rental expenses were 17,735 million yen and 7,928 million yen, respectively, for the six months ended September 30, 2014.
	*2 NTT West participates in a consolidated tax return system, which has been adopted by NTT (Holding Company) and its wholly-owned subsidiaries in Japan.
	However, except for a portion of the calculation of taxes, income taxes have not been calculated on a consolidated basis in the quarterly financial statements.

-3-

3. Business Results (Non-Consolidated Operating Revenues)

(Based on accounting principles generally accepted in Japan)

	(Millions of yen)
	Six months ended September 30, 2013		Six months ended September 30, 2014		Increase (Decrease)			Percent Increase (Decrease)			Year ended March 31, 2014
Voice transmission services revenues (excluding IP services revenues)		267,519		242,107		(25,411	)		(9.5	)		523,300
Monthly charge revenues*		193,424		177,261		(16,163	)		(8.4	)		379,607
Call rates revenues*		20,183		17,302		(2,881	)		(14.3	)		38,890
Interconnection call revenues*		36,320		31,626		(4,694	)		(12.9	)		70,441
IP services revenues		334,598		340,448		5,849			1.7			671,614
Leased circuit services revenues (excluding IP services revenues)		52,539		52,170		(369	)		(0.7	)		104,361
Telegram services revenues		8,323		7,500		(823	)		(9.9	)		17,121
Other telecommunications services revenues		52,319		67,259		14,939			28.6			109,269
Telecommunications total revenues		715,300		709,485		(5,814	)		(0.8	)		1,425,666
Supplementary business total revenues		67,525		66,974		(551	)		(0.8	)		163,934
Total operating revenues		782,826		776,460		(6,365	)		(0.8	)		1,589,600

* Partial listing only

-4-

4. Non-Consolidated Comparative Statements of Cash Flows

(Based on accounting principles generally accepted in Japan)

	(Millions of yen)
	Six months ended September 30, 2013			Six months ended September 30, 2014			Increase (Decrease)			Year ended March 31, 2014
Cash flows from operating activities:
Income before income taxes		19,503			5,994			(13,509	)		19,973
Depreciation and amortization		168,320			165,553			(2,766	)		335,867
Loss on disposal of property, plant and equipment		9,540			8,607			(933	)		20,776
Increase (decrease) in liability for employees’ retirement benefits		7,686			2,907			(4,778	)		7,067
(Increase) decrease in accounts receivable		46,559			26,391			(20,168	)		23,022
(Increase) decrease in inventories		3,588			587			(3,000	)		5,097
Increase (decrease) in accounts payable and accrued expenses		(37,180	)		(33,068	)		4,112			(21,842	)
Increase (decrease) in accrued consumption tax		(1,002	)		5,337			6,340			(1,832	)
Other		(22,829	)		(1,763	)		21,066			23,678
Sub-total		194,185			180,547			(13,637	)		411,808
Interest and dividends received		1,893			1,342			(551	)		1,919
Interest paid		(7,024	)		(6,068	)		956			(13,733	)
Income taxes received (paid)		344			(3,502	)		(3,846	)		231
Net cash provided by (used in) operating activities		189,398			172,319			(17,079	)		400,226
Cash flows from investing activities:
Payments for property, plant and equipment		(178,329	)		(153,314	)		25,014			(342,994	)
Proceeds from sale of property, plant and equipment		303			2,649			2,346			3,909
Payments for purchase of investment securities		(167	)		—			167			(167	)
Proceeds from sale of investment securities		6			21			15			16
Other		(5,684	)		113			5,798			(8,346	)
Net cash provided by (used in) investing activities		(183,872	)		(150,530	)		33,341			(347,582	)
Cash flows from financing activities:
Proceeds from issuance of long-term debt		—			—			—			90,000
Payments for settlement of long-term debt		(34,028	)		(83,710	)		(49,681	)		(182,057	)
Net increase (decrease) in short-term borrowings		—			20,994			20,994			71,994
Payments for settlement of lease obligations		(929	)		(322	)		607			(1,693	)
Dividends paid		(28,080	)		(19,000	)		9,079			(28,080	)
Net cash provided by (used in) financing activities		(63,038	)		(82,038	)		(19,000	)		(49,836	)
Net increase (decrease) in cash and cash equivalents		(57,511	)		(60,249	)		(2,737	)		2,808
Cash and cash equivalents at beginning of period		85,711			88,520			2,808			85,711
Cash and cash equivalents at end of period		28,199			28,270			70			88,520

-5-

5. Revised Forecasts for the Fiscal Year Ending March 31, 2015

Based on its recent business performance, NTT West has revised its financial results forecasts that were announced in the financial results release filed on May 13, 2014 for the fiscal year ending March 31, 2015, as follows.

	(Billions of yen)
	Year Ending March  31, 2015 (Forecasts Previously Announced on May 13, 2014)		Year Ending March  31, 2015 (Revised Forecasts)		Change
Operating Revenues		1,582.0		1,582.0		—
Operating Income		35.0		35.0		—
Recurring Profit		28.0		28.0		—
Net Income		25.0		19.0		(6.0	)

Note : The financial results forecasts and projected figures concerning the future performance of NTT West contained herein are based on a series of assumptions, projections, estimates, judgments and beliefs of the management of NTT West and its parent NTT in light of information currently available to them regarding NTT, NTT West and its subsidiaries and affiliates, the economy and telecommunications industry in Japan and overseas, and other factors. These projections and estimates may be affected by the future business operations of NTT, NTT West and its subsidiaries and affiliates, the state of the economy in Japan and abroad, possible fluctuations in the securities markets, the pricing of services, the effects of competition, the performance of new products, services and new businesses, changes to laws and regulations affecting the telecommunications industry in Japan and elsewhere, other changes in circumstances that could cause actual results to differ materially from the forecasts contained herein, as well as other risks included in NTT’s most recent Annual Report on Form 20-F and other filings and submissions with the United States Securities and Exchange Commission.

-6-

November 7, 2014

FOR IMMEDIATE RELEASE

NTT Com Announces Financial Results for the Six Months Ended September 30, 2014

TOKYO, JAPAN – NTT Communications Corporation (NTT Com) announced today its financial results for the six months ended September 30, 2014. Please see the following attachments for further details:

I. Non-Consolidated Comparative Balance Sheets

II. Non-Consolidated Comparative Statements of Income

III. Business Results (Non-Consolidated Operating Revenues)

IV. Non-Consolidated Comparative Statements of Cash Flows

V. Financial Results of NTT Communications Group

#     #     #

About NTT Communications Corporation

NTT Communications provides consultancy, architecture, security and cloud services to optimize the information and communications technology (ICT) environments of enterprises. These offerings are backed by the company’s worldwide infrastructure, including the leading global tier-1 IP network, the Arcstar Universal One™ VPN network reaching 196 countries/regions, and 130 secure data centers worldwide. NTT Communications’ solutions leverage the global resources of NTT Group companies including Dimension Data, NTT DOCOMO and NTT DATA.

www.ntt.com | Twitter@NTT Communications | Facebook@NTT Communications | LinkedIn@NTT

For more information

(Mr.) Masaya Okazaki or (Mr.) Masato Uchiyama

Accounting and Taxation, Finance, NTT Communications

Tel: +81 3 6700 4311

Email: info-af@ntt.com

I. Non-Consolidated Comparative Balance Sheets

(Based on accounting principles generally accepted in Japan)

	(Millions of yen)
	March 31, 2014			September 30, 2014			Increase (Decrease)
ASSETS
Fixed assets:
Fixed assets - telecommunications businesses
Property, plant and equipment
Machinery and equipment		139,476			142,266			2,789
Antenna facilities		1,682			1,634			(47	)
Terminal equipment		736			767			31
Local line facilities		748			702			(46	)
Long-distance line facilities		6,778			6,313			(464	)
Engineering facilities		53,122			52,377			(744	)
Submarine line facilities		16,018			14,400			(1,618	)
Buildings		177,326			176,548			(778	)
Construction in progress		24,265			21,551			(2,714	)
Other		84,762			83,354			(1,407	)
Total property, plant and equipment		504,916			499,916			(4,999	)
Intangible fixed assets		87,002			87,560			557
Total fixed assets - telecommunications businesses		591,918			587,476			(4,441	)
Investments and other assets
Investment securities		162,857			182,325			19,467
Investments in subsidiaries and affiliated companies		277,600			284,226			6,625
Other investments and assets		40,997			42,257			1,259
Allowance for doubtful accounts		(218	)		(197	)		21
Total investments and other assets		481,237			508,612			27,374
Total fixed assets		1,073,156			1,096,088			22,932
Current assets:
Cash and bank deposits		17,218			12,009			(5,208	)
Notes receivable		266			93			(172	)
Accounts receivable, trade		163,644			143,218			(20,426	)
Supplies		10,201			10,771			570
Other current assets		102,455			95,559			(6,895	)
Allowance for doubtful accounts		(1,582	)		(1,439	)		142
Total current assets		292,204			260,214			(31,990	)
TOTAL ASSETS		1,365,361			1,356,303			(9,058	)

-1-

	(Millions of yen)
	March 31, 2014		September 30, 2014		Increase (Decrease)
LIABILITIES
Long-term liabilities:
Long-term borrowings from parent company		146,720		95,040		(51,680	)
Liability for employees’ retirement benefits		86,833		85,628		(1,204	)
Reserve for point services		3,063		2,660		(403	)
Reserve for unused telephone cards		4,637		4,354		(283	)
Asset retirement obligations		1,467		1,507		39
Other long-term liabilities		17,175		23,589		6,413
Total long-term liabilities		259,897		212,780		(47,117	)
Current liabilities:
Current portion of long-term borrowings from parent company		3,360		53,360		50,000
Accounts payable, trade		37,246		23,211		(14,034	)
Short-term borrowings		8,736		29,551		20,814
Accrued taxes on income		6,190	*	7,542		1,352
Allowance for losses on construction		1,188		1,037		(151	)
Asset retirement obligations		—		25		25
Other current liabilities		184,394		146,476		(37,918	)
Total current liabilities		241,116		261,204		20,088
TOTAL LIABILITIES		501,014		473,984		(27,029	)
NET ASSETS
Shareholders’ equity:
Common stock		211,763		211,763		—
Capital surplus		131,615		131,615		—
Earned surplus		446,563		451,633		5,069
Total shareholders’ equity		789,942		795,012		5,069
Unrealized gains (losses), translation adjustments, and others:
Net unrealized gains (losses) on securities		74,404		87,305		12,901
Total unrealized gains (losses), translation adjustments, and others		74,404		87,305		12,901
TOTAL NET ASSETS		864,347		882,318		17,971
TOTAL LIABILITIES AND NET ASSETS		1,365,361		1,356,303		(9,058	)

Note:	*NTT Com participates in a consolidated tax return system, which has been adopted by NTT (Holding Company) and its wholly-owned subsidiaries in Japan.
	However, except for a portion of the calculation of taxes, income taxes have not been calculated on a consolidated basis in the quarterly financial statements.

-2-

II. Non-Consolidated Comparative Statements of Income

(Based on accounting principles generally accepted in Japan)

	(Millions of yen)
	Six  months ended September 30, 2013		Six  months ended September 30, 2014		Increase (Decrease)			Year ended March 31, 2014
Telecommunications businesses:
Operating revenues		374,762		352,068		(22,694	)		742,669
Operating expenses		317,382		309,121		(8,261	)		636,374
Operating income from telecommunications businesses		57,379		42,947		(14,432	)		106,295
Supplementary businesses:
Operating revenues		81,180		87,164		5,984			201,359
Operating expenses		78,510		82,344		3,834			194,188
Operating income from supplementary businesses		2,670		4,820		2,149			7,171
Operating income		60,050		47,767		(12,283	)		113,466
Non-operating revenues:
Interest income		155		110		(45	)		280
Dividends received		8,668		11,864		3,196			10,244
Lease and rental income		6,531		6,015		(516	)		12,987
Miscellaneous income		1,803		233		(1,569	)		3,987
Total non-operating revenues		17,158		18,224		1,065			27,499
Non-operating expenses:
Interest expenses		778		814		35			1,569
Lease and rental expenses		2,809		2,991		182			5,731
Miscellaneous expenses		1,411		156		(1,254	)		1,081
Total non-operating expenses		4,999		3,962		(1,037	)		8,382
Recurring profit		72,209		62,029		(10,180	)		132,583
Special profits		16,169		—		(16,169	)		16,169
Special losses		1,152		—		(1,152	)		6,019
Income before income taxes		87,226		62,029		(25,196	)		142,733
Income taxes	*	33,812	*	21,286		(12,525	)		53,774
Net income		53,413		40,742		(12,670	)		88,959

Note:	*NTT Com participates in a consolidated tax return system, which has been adopted by NTT (Holding Company) and its wholly-owned subsidiaries in Japan.
	However, except for a portion of the calculation of taxes, income taxes have not been calculated on a consolidated basis in the quarterly financial statements.

-3-

III. Business Results (Non-Consolidated Operating Revenues)

(Based on accounting principles generally accepted in Japan)

	(Millions of yen)
	Six months ended September 30, 2013		Six months ended September 30, 2014		Increase (Decrease)			Percent Increase (Decrease)			Year ended March 31, 2014
Cloud Computing Platforms		23,404		29,997		6,592			28.2			52,922
Data Networks		197,845		186,265		(11,579	)		(5.9	)		391,505
Voice Communications		150,177		137,309		(12,868	)		(8.6	)		296,438
Applications & Content		17,906		19,032		1,125			6.3			36,906
Solution Services		58,883		58,888		5			0.0			150,651
Others		7,724		7,740		15			0.2			15,604
Total operating revenues		455,943		439,233		(16,709	)		(3.7	)		944,028

* Details of business results are represented by business line from the fiscal year ended March 31, 2014.

Business results per item are shown below.

(Reference) Business Results (Per item)

(Based on accounting principles generally accepted in Japan)

	(Millions of yen)
	Six months ended September 30, 2013		Six months ended September 30, 2014		Increase (Decrease)			Percent Increase (Decrease)			Year ended March 31, 2014
Voice transmission services revenues (excluding IP services revenues)		138,332		125,100		(13,231	)		(9.6	)		272,179
IP services revenues		184,345		178,525		(5,820	)		(3.2	)		367,015
Open computer network services revenues*		77,040		76,268		(771	)		(1.0	)		153,580
VPN services revenues*		79,539		76,540		(2,998	)		(3.8	)		159,024
Data communications revenues (excluding IP services revenues)		31,605		26,877		(4,727	)		(15.0	)		61,232
Leased circuit services revenues*		23,249		18,780		(4,468	)		(19.2	)		44,628
Solution services revenues		88,943		96,641		7,698			8.7			217,746
Others		12,716		12,086		(629	)		(5.0	)		25,854
Total operating revenues		455,943		439,233		(16,709	)		(3.7	)		944,028

* Partial listing only

-4-

IV. Non-Consolidated Comparative Statements of Cash Flows

(Based on accounting principles generally accepted in Japan)

	(Millions of yen)
	Six  months ended September 30, 2013			Six  months ended September 30, 2014			Increase (Decrease)			Year ended March 31, 2014
Cash flows from operating activities:
Income before income taxes		87,226			62,029			(25,196	)		142,733
Depreciation and amortization		52,520			52,462			(58	)		104,343
Loss on disposal of property, plant and equipment		934			726			(207	)		3,295
Gains on sales of fixed assets		(16,728	)		(13	)		16,714			(17,465	)
Increase (decrease) in allowance for doubtful accounts		(332	)		(163	)		168			(580	)
Increase (decrease) in liability for employees’ retirement benefits		2,730			(1,204	)		(3,935	)		2,706
Write-off of investments in affiliated companies		—			—			—			3,774
(Increase) decrease in accounts receivable		43,734			24,477			(19,257	)		19,685
(Increase) decrease in inventories		(2,936	)		(2,594	)		342			(1,753	)
Increase (decrease) in accounts payable and accrued expenses		(35,548	)		(33,346	)		2,202			(5,501	)
Increase (decrease) in accrued consumption tax		(1,345	)		2,473			3,819			(2,078	)
Other		(16,603	)		(17,206	)		(603	)		(11,513	)
Sub-total		113,650			87,639			(26,010	)		237,645
Interest and dividends received		8,863			11,978			3,114			10,565
Interest paid		(816	)		(818	)		(2	)		(1,569	)
Income taxes received (paid)		(53,447	)		(37,683	)		15,763			(62,849	)
Net cash provided by (used in) operating activities		68,250			61,115			(7,134	)		183,792
Cash flows from investing activities:
Payments for property, plant and equipment		(46,767	)		(53,280	)		(6,513	)		(140,615	)
Proceeds from sale of property, plant and equipment		17,182			48			(17,133	)		18,601
Payments for purchase of investment securities		(9,440	)		(8,310	)		1,130			(145,747	)
Proceeds from sale of investment securities		41			532			491			70
Net increase (decrease) in short-term loans		6,994			—			(6,994	)		6,994
Other		2,724			884			(1,840	)		20,817
Net cash provided by (used in) investing activities		(29,264	)		(60,125	)		(30,861	)		(239,878	)
Cash flows from financing activities:
Proceeds from issuance of long-term debt		—			—			—			90,000
Payments for settlement of long-term debt		(1,793	)		(1,680	)		113			(3,586	)
Net increase (decrease) in short-term borrowings		4,897			20,814			15,917			8,006
Payments for settlement of lease obligations		(2,467	)		(1,839	)		627			(4,756	)
Dividends paid		(33,500	)		(37,500	)		(3,999	)		(33,500	)
Net cash provided by (used in) financing activities		(32,863	)		(20,205	)		12,657			56,162
Effect of exchange rate changes on cash and cash equivalents		863			1,564			700			2,371
Net increase (decrease) in cash and cash equivalents		6,986			(17,651	)		(24,637	)		2,448
Cash and cash equivalents at beginning of period		52,124			54,573			2,448			52,124
Cash and cash equivalents at end of period		59,111			36,921			(22,189	)		54,573

-5-

V. Financial Results of NTT Communications Group

	(Millions of yen)
	Six months ended September 30, 2013		Six months ended September 30, 2014		Increase (Decrease)			Percent Increase (Decrease)
Operating revenues		589,526		603,779		14,253			2.4
Operating expenses		527,229		545,979		18,750			3.6
Operating income		62,297		57,800		(4,497	)		(7.2	)

-6-

November 7, 2014

Nippon Telegraph and Telephone Corporation

Supplementary Data for

the Six Months Ended September 30, 2014

Contents

	pages
1.    Number of Subscribers		1
2.    Number of Employees		2
3.    Capital Investment		2
4.    Financial Results and Projections		3~6
5.    Average Monthly Revenue per Unit (ARPU)		7
6.    Interest-Bearing Liabilities (Consolidated)		8
7.    Indices (Consolidated)		8
8.    Reconciliation of Financial Indices (Consolidated)		8

The projected figures concerning the future performance of NTT and its subsidiaries and affiliates contained herein are based on a series of assumptions, projections, estimates, judgments and beliefs of the management of NTT in light of information currently available to it regarding NTT and its subsidiaries and affiliates, the economy and telecommunications industry in Japan and overseas, and other factors. These projections and estimates may be affected by the future business operations of NTT and its subsidiaries and affiliates, the state of the economy in Japan and abroad, possible fluctuations in the securities markets, the pricing of services, the effects of competition, the performance of new products, services and new businesses, changes to laws and regulations affecting the telecommunications industry in Japan and elsewhere, other changes in circumstances that could cause actual results to differ materially from the forecasts contained herein, as well as other risks included in NTT’s most recent Annual Report on Form 20-F and other filings and submissions with the United States Securities and Exchange Commission.

1. Number of Subscribers

	(in thousands except for Public Telephones)
	A As of Mar. 31, 2014		B As of Jun. 30, 2014		C As of Sept. 30, 2014								D As of Mar. 31, 2015 (Revised Forecast)					[Ref.] As of Mar. 31, 2015 (Previously Announced Forecast)
							E								F
							Change			Progress					Change
							C-A			E/F					D-A
Telephone Subscriber Lines(1)		23,000		22,535		22,108		(891	)		47.4	%		21,120		(1,880	)		21,120
NTT East		11,272		11,057		10,860		(412	)		44.3	%		10,342		(930	)		10,342
NTT West		11,727		11,478		11,248		(479	)		50.4	%		10,777		(950	)		10,777
INS-Net(2)		3,366		3,283		3,203		(163	)		51.0	%		3,046		(320	)		3,046
NTT East		1,719		1,675		1,633		(87	)		51.0	%		1,549		(170	)		1,549
NTT West		1,647		1,608		1,570		(76	)		51.0	%		1,497		(150	)		1,497
Telephone Subscriber Lines + INS-Net		26,366		25,818		25,311		(1,054	)		47.9	%		24,166		(2,200	)		24,166
NTT East		12,992		12,732		12,493		(499	)		45.3	%		11,892		(1,100	)		11,892
NTT West		13,374		13,086		12,819		(555	)		50.5	%		12,274		(1,100	)		12,274
Public Telephones		195,514		193,152		189,965		(5,549	)		47.8	%		183,914		(11,600	)		183,914
NTT East		93,424		92,445		91,223		(2,201	)		38.6	%		87,724		(5,700	)		87,724
NTT West		102,090		100,707		98,742		(3,348	)		56.7	%		96,190		(5,900	)		96,190
FLET’S ISDN		109		105		101		(8	)		61.2	%		96		(13	)		96
NTT East		48		46		44		(4	)		55.0	%		41		(7	)		41
NTT West		61		59		57		(4	)		68.4	%		55		(6	)		55
FLET’S ADSL		1,483		1,398		1,333		(150	)		53.6	%		1,203		(280	)		1,203
NTT East		667		628		601		(66	)		44.2	%		517		(150	)		517
NTT West		816		770		732		(84	)		64.5	%		686		(130	)		686
FLET’S Hikari(3)		18,050		18,319		18,455		405			57.8	%		18,750		700			18,750
NTT East		10,187		10,316		10,347		160			53.4	%		10,487		300			10,487
NTT West		7,863		8,003		8,108		244			61.1	%		8,263		400			8,263
FLET’S Hikari LIGHT		875		955		1,020		145			64.4	%		1,100		225			1,100
NTT East		542		587		618		76			101.7	%		617		75			617
NTT West		333		369		402		69			45.7	%		483		150			483
Hikari Denwa		16,256		16,507		16,705		450			52.9	%		17,106		850			17,106
NTT East		8,694		8,811		8,884		190			42.2	%		9,144		450			9,144
NTT West		7,562		7,695		7,821		260			64.9	%		7,962		400			7,962
Conventional Leased Circuit Services		250		248		246		(4	)		32.8	%		239		(11	)		239
NTT East		122		121		120		(2	)		44.5	%		117		(5	)		117
NTT West		128		127		126		(1	)		23.1	%		122		(6	)		122
High Speed Digital Services		144		139		135		(9	)		216.2	%		140		(4	)		140
NTT East		74		72		70		(4	)		148.4	%		71		(3	)		71
NTT West		69		67		65		(4	)		419.4	%		68		(1	)		68
NTT Group Major ISPs(4)		11,466		11,495		11,521		55			25.5	%		11,683		217			11,884
OCN		8,155		8,196		8,222		68			37.2	%		8,337		182			8,539
Plala		2,974		2,960		2,957		(17	)		—			3,000		26			3,000
Hikari TV		2,823		2,877		2,927		104			27.6	%		3,200		377			3,200
FLET’S TV Transmission Services		1,161		1,209		1,256		95			51.3	%		1,346		185			1,346
NTT East		802		825		844		43			47.7	%		892		90			892
NTT West		359		384		412		52			54.8	%		454		95			454
Mobile(5)		63,105		63,566		64,295		1,190			30.6	%		67,000		3,895			66,800
Xi		21,965		24,043		26,215		4,250			54.9	%		29,700		7,735			29,800
FOMA(6)		41,140		39,523		38,080		(3,060	)		79.7	%		37,300		(3,840	)		37,000
sp-mode		23,781		24,685		25,742		1,960			46.5	%		28,000		4,219			28,700
i-mode		26,415		25,362		24,320		(2,095	)		56.4	%		22,700		(3,715	)		22,700

Notes:	(1)	Number of Telephone Subscriber Lines is the total of individual lines and central station lines (Subscriber Telephone Light Plan is included).
	(2)	“INS-Net” includes “INS-Net 64” and “INS-Net 1500.” In terms of number of channels, transmission rate, and line use rate (base rate), “INS-Net 1500” is in all cases roughly ten times greater than “INS-Net 64.” For this reason, one “INS-Net 1500” subscription is calculated as ten “INS-Net 64” subscriptions (“INS-Net 64 Lite Plan” is included).
	(3)	Number of FLET’S Hikari subscribers includes subscribers to “B FLET’S,” “FLET’S Hikari Next,” “FLET’S Hikari Light” and “FLET’S Hikari WiFi Access” provided by NTT East, and subscribers to “B FLET’S,” “FLET’S Hikari Premium,” “FLET’S Hikari Mytown,” “FLET’S Hikari Next,” “FLET’S Hikari Light” and “FLET’S Hikari WiFi Access” provided by NTT West.
	(4)	“NTT Group Major ISPs” includes “WAKWAK” and “InfoSphere,” in addition to “OCN” and “Plala.”
	(5)	Number of Mobile (including “Xi” and “FOMA”) service subscribers includes communication module service subscribers.
	(6)	Effective March 3, 2008, FOMA services became mandatory for subscription to “2in1” services. Such FOMA service subscriptions to “2in1” services are included in the number of FOMA service subscribers and, as a result, are also included in the number of Mobile service subscribers.

-1-

2. Number of Employees

	(Persons)
	A As of Sept. 30, 2013		B As of Sept. 30, 2014					C As of Mar. 31, 2015 (Revised Forecast)		[Ref.] As of Mar. 31, 2015 (Previously Announced Forecast)
					Change
					B-A
NTT Consolidated		231,300		246,750		15,450			243,200		241,350
Core Group Companies
NTT (Holding Company)		2,900		2,900		0			2,850		2,850
NTT East		6,100		5,550		(550	)		5,050		5,300
NTT West		5,150		4,700		(450	)		4,600		4,700
NTT Communications		6,950		6,750		(200	)		6,600		6,850
NTT DOCOMO (Consolidated)		24,600		26,200		1,600			26,150		26,100
NTT DATA (Consolidated)		62,450		76,700		14,250			77,750		77,550
(Reference) Outsourcing Companies
East Outsourcing Companies(1)(2)		30,650		29,350		(1,300	)		26,850		26,650
West Outsourcing Companies(3)(4)		31,800		29,200		(2,600	)		26,550		26,450

Notes:	(1	)	Figures for East Outsourcing Companies under “A. As of Sept. 30, 2013” include employees from the consolidated prefectural outsourcing companies (NTT EAST-TOKYO and others), NTT-ME and NTT EAST SOLUTIONS.
	(2	)	NTT revised the scope of the term “East Outsourcing Companies” as of July 1, 2014, due to a reorganization within NTT East Group. As a result of this change, figures for East Outsourcing Companies under “B. As of Sept. 30, 2014” and “C. As of Mar. 31, 2015 (Revised Forecast)” include employees from the consolidated regional subsidiaries (NTT EAST-MINAMIKANTO and others), NTT-ME and NTT EAST SERVICE. Further, the number of employees of NTT EAST SERVICE includes 750 employees who were transferred from NTT SOLCO, NTT HOKKAIDO TELEMART and Telwel East Japan, in addition to the employees who were transferred from the consolidated prefectural outsourcing companies. In addition, NTT EAST SOLUTIONS has since merged into NTT EAST-MINAMIKANTO.
	(3	)	Figures for West Outsourcing Companies under “A. As of Sept. 30, 2013” include employees from the consolidated regional outsourcing companies (NTT WEST-KANSAI and others), NTT MARKETING ACT, NTT NEOMEIT, NTT HOMETECHNO, NTT IT MATE (NTT IT MATE KANSAI and others) and NTT BUSINESS ASSOCIE WEST.
	(4	)	NTT revised the scope of the term “West Outsourcing Companies” as of October 1, 2013, due to a reorganization within NTT West Group. As a result of this change, figures for West Outsourcing Companies under “B. As of Sept. 30, 2014” and “C. As of Mar. 31, 2015 (Revised Forecast)” include employees from NTT BUSINESS SOLUTIONS, NTT MARKETING ACT, NTT NEOMEIT, NTT FIELDTECHNO and NTT BUSINESS ASSOCIE WEST.

3. Capital Investment

	(Billions of yen)
	A Six Months Ended Sept. 30, 2013		B Six Months Ended Sept. 30, 2014								C Year Ending Mar. 31,  2015 (Revised Forecast)		[Ref.] Year  Ending Mar. 31, 2015 (Previously Announced Forecast)
					Change			Progress
					B-A			B/C
NTT Consolidated(1)		824.6		753.5		(71.2	)		39.9	%		1,890.0		1,850.0
Core Group Companies
NTT (Holding Company)		9.5		5.1		(4.4	)		23.3	%		22.0		22.0
NTT East(2)(3)		161.3		128.7		(32.5	)		40.2	%		320.0		320.0
NTT West(2)(3)		158.4		140.0		(18.3	)		43.8	%		320.0		320.0
NTT Communications(2)		62.9		49.0		(13.8	)		40.9	%		120.0		120.0
NTT DOCOMO (Consolidated)		301.8		292.5		(9.2	)		42.4	%		690.0		690.0
NTT DATA (Consolidated)		72.2		58.1		(14.0	)		41.6	%		140.0		140.0

Notes:	(1	)	NTT Consolidated Capital Investment figures, excluding investments related to real estate and solar power generation operations, for “A. Six Months Ended Sept. 30, 2013,” “B. Six Months Ended Sept. 30, 2014” and “C. Year Ending Mar. 31, 2015 (Revised Forecast)” are 788.2 billion yen, 726.4 billion yen and 1,750.0 billion yen, respectively.
	(2	)	Capital Investments of NTT East, NTT West, and NTT Communications for “C. Year Ending Mar. 31, 2015 (Revised Forecast)” include: 144.0 billion yen for voice transmission, 30.0 billion yen for data transmission, 125.0 billion yen for leased circuit, 1.0 billion yen for telegraph, 2.0 billion yen for R&D facilities, and 18.0 billion yen for joint facilities and others for NTT East; 159.0 billion yen for voice transmission, 18.0 billion yen for data transmission, 127.0 billion yen for leased circuit, 1.0 billion yen for telegraph, 2.0 billion yen for R&D facilities, and 13.0 billion yen for joint facilities and others for NTT West; and 56.7 billion yen for voice transmission, 17.6 billion yen for data transmission, 2.2 billion yen for leased circuit, 0.8 billion yen for R&D facilities, and 42.5 billion yen for joint facilities and others for NTT Communications.
	(3	)	Capital Investments of NTT East and NTT West for “C. Year Ending Mar. 31, 2015 (Revised Forecast)” include approximately 125.0 billion yen and 115.0 billion yen for optical fiber related investment in NTT East and in NTT West respectively. Coverage rates of optical fiber are expected to be 95% for NTT East and 92% for NTT West as of March 31, 2015.

-2-

4. Financial Results and Projections (NTT Consolidated, NTT (Holding Company))

	(Billions of yen)
	A Six Months Ended  Sept. 30, 2013		B Six Months Ended Sept. 30, 2014								C Year Ending Mar. 31,  2015 (Revised Forecast)		[Ref.] Year Ending Mar.  31, 2015 (Previously Announced Forecast)
					Change			Progress
					B-A			B/C
NTT Consolidated (US GAAP)
Operating Revenues		5,266.1		5,373.7		107.6			48.8	%		11,010.0		11,200.0
Fixed Voice Related Services		794.5		730.4		(64.1	)		—			—		—
Mobile Voice Related Services		535.0		446.5		(88.6	)		—			—		—
IP/Packet Communications Services		1,863.8		1,838.4		(25.4	)		—			—		—
Sales of Telecommunications Equipment		442.2		485.3		43.1			—			—		—
System Integration		1,029.1		1,229.6		200.5			—			—		—
Other		601.4		643.5		42.1			—			—		—
Operating Expenses		4,613.0		4,782.7		169.7			48.2	%		9,915.0		9,985.0
Cost of Services (exclusive of items shown separately below)		1,149.2		1,163.6		14.4			—			—		—
Cost of Equipment Sold (exclusive of items shown separately below)		370.7		426.7		56.0			—			—		—
Cost of System Integration (exclusive of items shown separately below)		736.6		865.3		128.7			—			—		—
Depreciation and Amortization		919.1		911.1		(8.0	)		—			—		—
Impairment Loss		0.2		0.2		0.0			—			—		—
Selling, General and Administrative Expenses		1,434.2		1,415.8		(18.5	)		—			—		—
Write-Down of Goodwill and Other Intangible Assets		3.0		—		(3.0	)		—			—		—
Operating Income		653.0		590.9		(62.1	)		54.0	%		1,095.0		1,215.0
Income Before Income Taxes		675.8		592.2		(83.6	)		55.1	%		1,075.0		1,195.0
Net Income Attributable to NTT		323.5		290.3		(33.2	)		54.9	%		529.0		586.0
(Ref.) Details of “Cost of Services,” “Cost of Equipment Sold,” “Cost of System Integration” and “Selling, General and Administrative Expenses”
Personnel		1,076.6		1,113.1		36.5			—			—		—
Cost of Services and Equipment Sold, and Selling, General and Administrative Expenses		2,427.9		2,571.2		143.3			—			—		—
Loss on Disposal of Property, Plant and Equipment		72.9		74.3		1.4			—			—		—
Other Expenses		113.4		112.8		(0.6	)		—			—		—
Total		3,690.8		3,871.4		180.7			—			—		—
NTT (Holding Company) (JPN GAAP)
Operating Revenues		264.5		254.2		(10.3	)		61.7	%		412.0		422.0
Operating Expenses		66.6		63.9		(2.6	)		45.6	%		140.0		145.0
Operating Income		197.9		190.3		(7.6	)		70.0	%		272.0		277.0
Non-Operating Revenues		17.4		15.6		(1.7	)		49.8	%		32.0		33.0
Non-Operating Expenses		21.5		18.0		(3.5	)		50.6	%		36.0		38.0
Recurring Profit		193.8		187.9		(5.9	)		70.2	%		268.0		272.0
Net Income		193.2		476.0		282.7			85.3	%		558.0		274.0

-3-

4. Financial Results and Projections (NTT East, NTT West)

	(Billions of yen)
	A Six Months Ended Sept. 30, 2013		B Six Months Ended Sept. 30, 2014								C Year Ending Mar.  31, 2015 (Revised Forecast)		[Ref.] Year Ending Mar.  31, 2015 (Previously Announced Forecast)
					Change			Progress
					B-A			B/C
NTT East (JPN GAAP)
Operating Revenues(3)		879.9		871.2		(8.7	)		49.2	%		1,771.0		1,771.0
Voice Transmission Services (excluding IP)(1)		265.3		239.8		(25.4	)		51.7	%		464.0		464.0
IP Services(2)		420.8		418.1		(2.6	)		49.8	%		840.0		840.0
Leased Circuit (excluding IP)		59.5		57.0		(2.4	)		49.2	%		116.0		116.0
Telegraph		7.3		6.7		(0.5	)		48.5	%		14.0		14.0
Other		65.6		89.8		24.1			44.3	%		337.0		337.0
Supplementary Business		61.3		59.5		(1.8	)
Operating Expenses(3)		826.9		811.8		(15.0	)		48.3	%		1,681.0		1,681.0
Personnel		53.7		50.1		(3.6	)		49.2	%		102.0		102.0
Cost of Services and Equipment Sold, and Selling, General and Administrative Expenses		540.2		524.5		(15.6	)		48.0	%		1,093.0		1,093.0
Depreciation and Amortization		181.1		184.3		3.1			50.8	%		363.0		363.0
Loss on Disposal of Property, Plant and Equipment		15.1		16.2		1.0			33.1	%		49.0		49.0
Taxes and Public Dues		36.5		36.6		0.0			49.5	%		74.0		74.0
Operating Income		53.0		59.3		6.2			65.9	%		90.0		90.0
Non-Operating Revenues		28.6		20.8		(7.7	)		94.9	%		22.0		8.0
Non-Operating Expenses		14.7		5.3		(9.4	)		59.1	%		9.0		8.0
Recurring Profit		66.9		74.9		7.9			72.7	%		103.0		90.0
Net Income		42.6		46.8		4.2			75.6	%		62.0		58.0
NTT West (JPN GAAP)
Operating Revenues(3)		782.8		776.4		(6.3	)		49.1	%		1,582.0		1,582.0
Voice Transmission Services (excluding IP)(1)		267.5		242.1		(25.4	)		51.2	%		473.0		473.0
IP Services(2)		334.5		340.4		5.8			49.7	%		685.0		685.0
Leased Circuit (excluding IP)		52.5		52.1		(0.3	)		48.8	%		107.0		107.0
Telegraph		8.3		7.5		(0.8	)		50.0	%		15.0		15.0
Other		52.3		67.2		14.9			44.4	%		302.0		302.0
Supplementary Business		67.5		66.9		(0.5	)
Operating Expenses(3)		763.4		759.4		(4.0	)		49.1	%		1,547.0		1,547.0
Personnel		49.6		48.5		(1.1	)		49.0	%		99.0		99.0
Cost of Services and Equipment Sold, and Selling, General and Administrative Expenses		494.5		491.4		(3.0	)		48.9	%		1,005.0		1,005.0
Depreciation and Amortization		165.4		165.5		0.1			50.3	%		329.0		329.0
Loss on Disposal of Property, Plant and Equipment		20.5		20.1		(0.4	)		42.8	%		47.0		47.0
Taxes and Public Dues		33.2		33.7		0.4			50.4	%		67.0		67.0
Operating Income		19.3		17.0		(2.3	)		48.7	%		35.0		35.0
Non-Operating Revenues		21.0		3.1		(17.9	)		44.8	%		7.0		7.0
Non-Operating Expenses		14.8		6.1		(8.6	)		44.3	%		14.0		14.0
Recurring Profit		25.5		13.9		(11.6	)		49.9	%		28.0		28.0
Net Income		16.1		6.3		(9.7	)		33.6	%		19.0		25.0

Notes:	(1	)	Operating Revenues from Voice Transmission Services (excluding IP) of NTT East and NTT West for the six months ended September 30, 2014 include monthly charges, call charges and interconnection charges of 176.3 billion yen, 18.5 billion yen and 28.2 billion yen for NTT East, and 177.2 billion yen, 17.3 billion yen and 31.6 billion yen for NTT West, respectively.
	(2	)	Operating Revenues from IP Services of NTT East and NTT West for the six months ended September 30, 2014 include “FLET’S Hikari” and “Hikari Denwa” charges (including monthly charges, call charges and connection device charges) of 231.1 billion yen and 92.1 billion yen for NTT East, and 191.0 billion yen and 76.6 billion yen for NTT West, respectively. “FLET’S Hikari” includes “B FLET’S,” “FLET’S Hikari Next,” “FLET’S Hikari Light” and “FLET’S Hikari WiFi Access” provided by NTT East, and “B FLET’S,” “FLET’S Hikari Premium,” “FLET’S Hikari Mytown,” “FLET’S Hikari Next,” “FLET’S Hikari Light” and “FLET’S Hikari WiFi Access” provided by NTT West.
	(3	)	NTT East and NTT West revised their respective allocations of revenues and expenses from real estate leases from Non-Operating Revenues and Non-Operating Expenses to Operating Revenues and Operating Expenses, respectively, as of the beginning of the fiscal year ending March 31, 2015. As a result, Operating Revenues from real estate leases of 44.0 billion yen and 32.0 billion yen are included in NTT East’s and NTT West’s revised forecast figures, respectively, for the fiscal year ending March 31, 2015, and Operating Expenses from real estate leases of 24.0 billion yen and 17.0 billion yen are included in NTT East’s and NTT West’s revised forecast figures, respectively, for the fiscal year ending March 31, 2015. Further, Operating Revenues from real estate leases of 21.8 billion yen and 17.7 billion yen are included in NTT East’s and NTT West’s figures, respectively, for the six months ended September 30, 2014, and Operating Expenses from real estate leases of 9.0 billion yen and 7.9 billion yen are included in NTT East’s and NTT West’s figures, respectively, for the six months ended September 30, 2014.

-4-

4. Financial Results and Projections (NTT Communications, Dimension Data)

	(Billions of yen)
	A Six Months  Ended Sept. 30, 2013		B Six Months Ended Sept. 30, 2014								C Year Ending Mar. 31, 2015 (Revised Forecast)		[Ref.] Year Ending Mar. 31, 2015 (Previously Announced Forecast)
					Change			Progress
					B-A			B/C
NTT Communications (JPN GAAP)
Operating Revenues(1)		455.9		439.2		(16.7	)		48.3	%		910.0		910.0
Cloud Computing Platforms		23.4		29.9		6.5			45.5	%		66.0		66.0
Data Networks		197.8		186.2		(11.5	)		50.2	%		371.0		383.0
Voice Communications		150.1		137.3		(12.8	)		49.7	%		276.0		276.0
Applications & Content		17.9		19.0		1.1			47.6	%		40.0		40.0
Solution Services		58.8		58.8		0.0			41.5	%		142.0		130.0
Others		7.7		7.7		0.0			51.6	%		15.0		15.0
Operating Expenses		395.8		391.4		(4.4	)		48.5	%		807.0		807.0
Personnel		40.6		39.7		(0.9	)		50.3	%		79.0		82.0
Cost of Services, Cost of Equipment Sold, and Selling, General and Administrative Expenses		192.2		196.2		3.9			48.2	%		608.0		600.0
Communication Network Charges		103.9		96.9		(6.9	)
Depreciation and Amortization		51.5		51.2		(0.2	)		50.2	%		102.0		107.0
Loss on Disposal of Property, Plant and Equipment		1.4		1.4		(0.0	)		23.4	%		6.0		6.0
Taxes and Public Dues		6.0		5.8		(0.1	)		49.1	%		12.0		12.0
Operating Income		60.0		47.7		(12.2	)		46.4	%		103.0		103.0
Non-Operating Revenues		17.1		18.2		1.0			79.2	%		23.0		23.0
Non-Operating Expenses		4.9		3.9		(1.0	)		30.5	%		13.0		13.0
Recurring Profit		72.2		62.0		(10.1	)		54.9	%		113.0		113.0
Net Income		53.4		40.7		(12.6	)		56.6	%		72.0		72.0
Reference (Operating Revenues)(1)		455.9		439.2		(16.7	)		48.3	%		910.0		910.0
Voice Transmission Services (excluding IP)		138.3		125.1		(13.2	)		—			—		—
IP Services		184.3		178.5		(5.8	)		—			—		—
Data Transmission Services (excluding IP)		31.6		26.8		(4.7	)		—			—		—
Leased Circuit		23.2		18.7		(4.4	)		—			—		—
Solutions Business		88.9		96.6		7.6			—			—		—
Other		12.7		12.0		(0.6	)		—			—		—
Dimension Data (IFRS)(2)(3)
Operating Revenues		275.2		346.1		70.9			47.1	%		735.0		735.0
Operating Expenses(4)		270.0		340.3		70.2			47.2	%		721.5		721.5
Operating Income(5)		5.1		5.8		0.7			43.0	%		13.5		13.5
Net Income Attributable to Dimension Data		2.6		4.5		1.9			—			—		—

Notes :	(1)	NTT Communications has revised certain of its line items from the three months ended March 31, 2014. Operating Revenues figures for “A. Six Months Ended Sept. 30, 2013” and “B. Six Months Ended Sept. 30, 2014” using line items used prior to the three months ended March 31, 2014 are also provided for reference under “Reference (Operating Revenues).” The following are the main services included in each of the new line items.
		—	Cloud Computing Platforms: “Data center service” and “Private Cloud (Enterprise Cloud, etc.)”
		—	Data Networks: “Closed network service (Arcstar Universal One, etc.)” and “Open network service (OCN, etc.)”
		—	Voice Communications: “Telephone service” and “VoIP service (050 plus, etc.)”
		—	Applications & Content: “Application service (Mail service, etc.)”
		—	Solution Services: “System integration service”
	(2)	Since Dimension Data’s statements of income from January 1 to December 31 are consolidated into NTT’s consolidated statements of income from April 1 to March 31, Dimension Data’s financial results for the six months ended June 30, 2013 are stated under “A. Six Months Ended Sept. 30, 2013,” Dimension Data’s financial results for the six months ended June 30, 2014 are stated under “B. Six Months Ended Sept. 30, 2014” and Dimension Data’s forecasts for the twelve months ending December 31, 2014 are stated under “C. Year Ending Mar. 31, 2015 (Revised Forecast).”
	(3)	The conversion rate used for Dimension Data figures for the six months ended September 30, 2014 is USD1.00 = JPY102.46.
	(4)	Operating Expenses include costs associated with the acquisition of Dimension Data by NTT.
	(5)	Operating Income for the six months ended September 30, 2014 under US GAAP was 1.5 billion yen.

-5-

4. Financial Results and Projections (NTT DOCOMO, NTT DATA)

	(Billions of yen)
	A Six Months  Ended Sept. 30, 2013			B Six Months Ended Sept. 30, 2014									C Year Ending Mar. 31, 2015 (Revised Forecast)			[Ref.] Year Ending Mar. 31, 2015 (Previously Announced Forecast)
							Change			Progress
							B-A			B/C
NTT DOCOMO Consolidated (US GAAP)
Operating Revenues		2,199.0			2,173.0			(26.0	)		49.4	%		4,400.0			4,590.0
Mobile Communications Services		1,491.7			1,387.8			(104.0	)		50.8	%		2,731.0			2,881.0
Voice Revenues		542.4			452.6			(89.8	)		51.4	%		881.0			950.0
Packet Communications Revenues		949.3			935.2			(14.2	)		50.6	%		1,850.0			1,931.0
Equipment Sales		399.4			441.9			42.4			49.4	%		895.0			935.0
Other Operating Revenues		307.8			343.3			35.5			44.4	%		774.0			774.0
Operating Expenses		1,725.8			1,773.4			47.6			47.0	%		3,770.0			3,840.0
Personnel		142.7			141.4			(1.3	)		49.1	%		288.0			288.0
Cost of Services, Cost of Equipment Sold, and Selling, General and Administrative Expenses		1,085.1			1,140.0			54.9			46.0	%		2,476.0			2,504.0
Depreciation and Amortization		339.1			323.4			(15.7	)		49.1	%		659.0			715.0
Loss on Disposal of Property, Plant and Equipment		32.1			33.6			1.5			49.5	%		68.0			71.0
Communication Network Charges		107.2			114.8			7.5			48.0	%		239.0			223.0
Taxes and Public Dues		19.6			20.2			0.6			50.4	%		40.0			39.0
Operating Income		473.2			399.6			(73.6	)		63.4	%		630.0			750.0
Non-Operating Income (Loss)		8.6			4.5			(4.1	)		49.7	%		9.0			8.0
Income Before Income Taxes		481.8			404.1			(77.7	)		63.2	%		639.0			758.0
Net Income Attributable to NTT DOCOMO		300.4			259.5			(40.9	)		61.8	%		420.0			480.0
NTT DATA Consolidated (JPN GAAP)
Operating Revenues		613.0			695.8			82.8			47.7	%		1,460.0			1,460.0
Public & Financial IT Services		323.7			330.7			7.0			45.4	%		728.0			728.0
Enterprise IT Services		127.0			131.0			3.9			46.5	%		282.0			282.0
Solutions & Technologies		85.0			83.5			(1.4	)		45.2	%		185.0			185.0
Global Business		148.2			221.5			73.2			52.5	%		422.0			422.0
Elimination or Corporate		(70.9	)		(70.9	)		0.0			45.2	%		(157.0	)		(157.0	)
Cost of Sales		488.1			535.5			47.3			48.7	%		1,100.0			1,100.0
Gross Profit		124.8			160.3			35.5			44.5	%		360.0			360.0
Selling, General and Administrative Expenses		122.1			138.2			16.1			50.3	%		275.0			275.0
Operating Income		2.6			22.0			19.3			25.9	%		85.0			85.0
Non-Operating Income (Loss)		(1.2	)		(2.4	)		(1.1	)		24.7	%		(10.0	)		(10.0	)
Recurring Profit		1.3			19.5			18.2			26.1	%		75.0			75.0
Net Income (Loss)		(3.7	)		7.1			10.8			19.3	%		37.0			37.0

-6-

5. Average Monthly Revenue per Unit (ARPU)

Average monthly revenue per unit, or ARPU, is used to measure average monthly operating revenues attributable to each designated service on a per user basis. In the case of NTT Group’s fixed-line business, ARPU is calculated by dividing revenue items included in the operating revenues of NTT Group’s regional communications business segment, that is, telephone subscriber lines, INS-NET and FLET’S Hikari, by the number of Active Subscribers to the relevant services.

In the case of NTT Group’s mobile communications business, ARPU is calculated by dividing revenue items included in operating revenues from its mobile communications business segment, such as revenues from Xi mobile phone services and FOMA mobile phone services, that are incurred consistently each month (i.e., basic monthly charges and voice/packet transmission charges), by the number of Active Subscribers to the relevant services. The calculation of these figures excludes revenues that are not representative of monthly average usage, such as telecommunications equipment sales, activation fees and universal service charges.

NTT believes that its ARPU figures calculated in this way provide useful information regarding the monthly average usage of its subscribers. The revenue items included in the numerators of NTT Group’s ARPU figures are based on its financial results comprising its U.S. GAAP results of operations.

	(Yen)
	Three Months Ended Jun. 30, 2014 (From Apr. to Jun., 2014)		Three Months Ended Sept. 30, 2014 (From Jul. to Sept., 2014)		Six Months Ended Sept. 30, 2013 (From Apr. to Sept., 2013)		Six Months Ended Sept. 30, 2014 (From Apr. to Sept., 2014)		Year Ended Mar. 31, 2014		Year Ending Mar.  31, 2015 (Revised forecast)		Year Ending Mar. 31, 2015 (Previously Announced Forecast)
NTT East
Aggregate Fixed Line ARPU (Telephone Subscriber Line + INS-NET Subscriber Line)		2,710		2,710		2,760		2,710		2,760		2,700		2,700
Telephone Subscriber Lines ARPU		2,370		2,360		2,410		2,360		2,400		2,360		2,360
INS-NET Subscriber Lines ARPU		4,980		4,970		5,030		4,970		5,030		5,010		5,010
FLET’S Hikari ARPU		5,460		5,450		5,720		5,460		5,660		5,500		5,500
NTT West
Aggregate Fixed Line ARPU (Telephone Subscriber Line + INS-NET Subscriber Line)		2,660		2,660		2,700		2,660		2,690		2,660		2,660
Telephone Subscriber Lines ARPU		2,350		2,350		2,390		2,350		2,380		2,350		2,350
INS-NET Subscriber Lines ARPU		4,850		4,850		4,890		4,850		4,890		4,860		4,860
FLET’S Hikari ARPU		5,750		5,700		5,850		5,730		5,830		5,720		5,740
NTT DOCOMO
Mobile Aggregate ARPU (Xi+FOMA)		4,450		4,370		4,680		4,410		4,610		4,350		4,390
Voice ARPU (Xi+FOMA)		1,250		1,190		1,470		1,230		1,410		1,180		1,240
Packet ARPU (Xi+FOMA)		2,670		2,620		2,720		2,640		2,700		2,600		2,620
Smart ARPU (Xi+FOMA)		530		560		490		540		500		570		530

Notes :	(1)	We compute the following four categories of ARPU for business conducted by each of NTT East and NTT West.
		•		Aggregate Fixed Line ARPU (Telephone Subscriber Lines + INS-NET Subscriber Lines): Calculated based on revenues from monthly charges and call charges for Telephone Subscriber Lines and INS-NET Subscriber Lines, which are included in operating revenues from Voice Transmission Services (excluding IP Services), and revenues from “FLET’S ADSL” and “FLET’S ISDN,” which are included in operating revenues from IP Services.
		•		Telephone Subscriber Lines ARPU: Calculated based on revenues from monthly charges and call charges for Telephone Subscriber Lines and revenues from “FLET’S ADSL.”
		•		INS-NET Subscriber Lines ARPU: Calculated based on revenues from monthly charges and call charges for “INS-NET” Subscriber Lines and revenues from “FLET’S ISDN.”
		•		FLET’S Hikari ARPU: Calculated based on revenues from “FLET’S Hikari” (including “FLET’S Hikari” optional services), which are included in operating revenues from IP Services, revenues from monthly charges, call charges and connection device charges for “Hikari Denwa,” and revenues from “FLET’S Hikari” optional services, which are included in Supplementary Business revenues.
		—		“FLET’S Hikari” includes “B FLET’S,” “FLET’S Hikari Next,” “FLET’S Hikari Light” and “FLET’S Hikari WiFi Access” provided by NTT East, and “B FLET’S,” “FLET’S Hikari Premium,” “FLET’S Hikari Mytown,” “FLET’S Hikari Next,” “FLET’S Hikari Light” and “FLET’S Hikari WiFi Access” provided by NTT West.
	(2)	Revenues from interconnection charges are excluded from the calculation of Aggregate Fixed Line ARPU (Telephone Subscriber Lines + INS-NET Subscriber Lines), Telephone Subscriber Lines ARPU, INS-NET Subscriber Lines ARPU, and FLET’S Hikari ARPU.
	(3)	For purposes of calculating Aggregate Fixed Line ARPU (Telephone Subscriber Lines + INS-NET Subscriber Lines), Telephone Subscriber Lines ARPU and INS-NET Subscriber Lines ARPU, the number of subscribers is determined based on the number of subscriptions for each service.
	(4)	In terms of number of channels, transmission rate, and line use rate (base rate), INS-Net 1500 is in all cases roughly ten times greater than INS-Net 64. For this reason, for the purpose of calculating Aggregate Fixed Line ARPU (Telephone Subscriber Lines + INS-NET Subscriber Lines) and INS-NET Subscriber Lines ARPU, one INS-Net 1500 subscription is calculated as ten INS-Net 64 subscriptions.
	(5)	For purposes of calculating FLET’S Hikari ARPU, number of subscribers is determined based on the number of “FLET’S Hikari” subscribers, including subscribers to “B FLET’S,” “FLET’S Hikari Next,” “FLET’S Hikari Light” and “FLET’S Hikari WiFi Access” provided by NTT East, and subscribers to “B FLET’S,” “FLET’S Hikari Premium,” “FLET’S Hikari Mytown,” “FLET’S Hikari Next,” “FLET’S Hikari Light” and “FLET’S Hikari WiFi Access” provided by NTT West.
	(6)	The following is the formula we use to compute ARPU for NTT DOCOMO.
		•	Mobile Aggregate ARPU (“Xi”+“FOMA”) = Voice ARPU (“Xi”+“FOMA”) + Packet ARPU (“Xi”+“FOMA”) + Smart ARPU (“Xi”+“FOMA”).
			—	NTT DOCOMO’s Voice ARPU (“Xi”+“FOMA”) is based on operating revenues related to voice services, such as basic monthly charges and voice communication charges attributable to our “Xi”+“FOMA” services, our Packet ARPU (“Xi”+“FOMA”) is based on operating revenues related to packet services, such as flat monthly fees and packet communication charges attributable to our “Xi”+“FOMA” services, and our Smart ARPU (“Xi”+“FOMA”) is based on operating revenues from a part of Other Operating Revenues attributable to “Xi”+“FOMA” wireless communications services (revenues from content, collection of charges, mobile phone insurance service, advertising and others).
	(7)	Subscriptions for and revenues from communication module services, “Phone Number Storage,” “Mail Address Storage,” “docomo Business Transceiver” and wholesale telecommunications services and interconnecting telecommunications facilities that are provided to Mobile Virtual Network Operators (MVNOs) are not included in NTT DOCOMO’s ARPU calculation.
	(8)	NTT DOCOMO’s ARPU calculation methods have been changed from the second quarter of the fiscal year ending March 31, 2015. Accordingly, the ARPU data for the results for “Six Months Ended Sept. 30, 2013 (from Apr. to Sept., 2013),” “Year Ended Mar. 31, 2014” and “Three Months Ended Jun. 30, 2014 (from Apr. to Jun., 2014)” have also been changed. Figures listed under “Year Ending Mar. 31, 2015 (Previously Announced Forecast)” were calculated using the previous calculation methods.
	(9)	Number of active subscribers used in the ARPU calculation of NTT East and NTT West are as below.
			—	1Q Results: Sum of number of active subscribers* for each month from April to June
			—	2Q Results: Sum of number of active subscribers* for each month from July to September
			—	3Q Results: Sum of number of active subscribers* for each month from October to December
			—	4Q Results: Sum of number of active subscribers* for each month from January to March
			—	Six Months Results: Sum of number of active subscribers* for each month from April to September.
			—	FY Results : Sum of number of active subscribers* for each month from April to March.
			—	FY (Previously Announced Forecast): Sum of the average expected active number of subscribers during the fiscal year ((number of subscribers at March 31, 2014 + number of expected subscribers at March 31, 2015)/2)x12.
			—	FY (Revised Forecast): Sum of the sum of actual number of active subscribers at the end of each month from April to September and the average expected active number of subscribers during the second half of the fiscal year ((number of subscribers at September 30, 2014 + number of expected subscribers at March 31, 2015)/2)x6.
	(10)	Number of active subscribers used in the ARPU calculation of NTT DOCOMO are as below.
			—	1Q Results: Sum of number of active subscribers* for each month from April to June
			—	2Q Results: Sum of number of active subscribers* for each month from July to September
			—	3Q Results: Sum of number of active subscribers* for each month from October to December
			—	4Q Results: Sum of number of active subscribers* for each month from January to March
			—	Six Months Results: Sum of number of active subscribers* for each month from April to September.
			—	FY Results: Sum of number of active subscribers* for each month from April to March.
			—	FY (Previously Announced Forecast) and FY (Revised Forecast): Sum of expected number of active subscribers* for each month from April to March.
				*active subscribers = (number of subscribers at end of previous month + number of subscribers at end of the current month)/2

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6. Interest-Bearing Liabilities (Consolidated)

		(Billions of yen)
		As of Mar. 31, 2014		As of Sept. 30, 2014		As of Mar. 31, 2015 (Revised Forecast)		[Ref.] As of Mar. 31, 2015 (Previously Announced Forecast)
Interest-Bearing Liabilities			4,200.0		4,233.8		4,400.0		4,300.0
7.      Indices (Consolidated)
		Year Ended Mar. 31, 2014		Six months Ended Sept. 30, 2014		Year Ending Mar. 31, 2015 (Revised Forecast)		[Ref.] Year Ending Mar. 31, 2015 (Previously Announced Forecast)
EBITDA			3,192.3 billion yen		1,543.7 billion yen		3,025.0 billion yen		3,207.0 billion yen
EBITDA Margin			29.2 %		28.7 %		27.5 %		28.6 %
Operating FCF			1,299.5 billion yen		790.2 billion yen		1,135.0 billion yen		1,357.0 billion yen
ROCE			6.0 %		—		5.5 %		6.1 %
Note :	Reconciliation of Indices are as follows.
8.      Reconciliation of Financial Indices (Consolidated)
		Year Ended Mar. 31, 2014		Six Months Ended Sept. 30, 2014		Year Ending Mar. 31, 2015 (Revised Forecast)		[Ref.] Year Ending Mar. 31, 2015 (Previously Announced Forecast)
EBITDA (a+b)			3,192.3 billion yen		1,543.7 billion yen		3,025.0 billion yen		3,207.0 billion yen
a	Operating Income		1,213.7 billion yen		590.9 billion yen		1,095.0 billion yen		1,215.0 billion yen
b	Depreciation and Amortization, and Loss on Disposal of Property, Plant and Equipment		1,978.6 billion yen		952.7 billion yen		1,930.0 billion yen		1,992.0 billion yen
EBITDA Margin [(c/d)X100]			29.2 %		28.7 %		27.5 %		28.6 %
a	Operating Income		1,213.7 billion yen		590.9 billion yen		1,095.0 billion yen		1,215.0 billion yen
b	Depreciation and Amortization, and Loss on Disposal of Property, Plant and Equipment		1,978.6 billion yen		952.7 billion yen		1,930.0 billion yen		1,992.0 billion yen
c	EBITDA (a+b)		3,192.3 billion yen		1,543.7 billion yen		3,025.0 billion yen		3,207.0 billion yen
d	Operating Revenues		10,925.2 billion yen		5,373.7 billion yen		11,010.0 billion yen		11,200.0 billion yen
Operating FCF [(c-d)]			1,299.5 billion yen		790.2 billion yen		1,135.0 billion yen		1,357.0 billion yen
a	Operating Income		1,213.7 billion yen		590.9 billion yen		1,095.0 billion yen		1,215.0 billion yen
b	Depreciation and Amortization, and Loss on Disposal of Property, Plant and Equipment		1,978.6 billion yen		952.7 billion yen		1,930.0 billion yen		1,992.0 billion yen
c	EBITDA (a+b)		3,192.3 billion yen		1,543.7 billion yen		3,025.0 billion yen		3,207.0 billion yen
d	Capital Investment(1)		1,892.8 billion yen		753.5 billion yen		1,890.0 billion yen		1,850.0 billion yen
ROCE [(b/c)X100]			6.0 %		—		5.5 %		6.1 %
a	Operating Income		1,213.7 billion yen		—		1,095.0 billion yen		1,215.0 billion yen
	(Normal Statutory Tax Rate)		38 %		—		36 %		36 %
b	Operating Income X (1 -Normal Statutory Tax Rate)		749.3 billion yen		—		701.9 billion yen		778.8 billion yen
c	Operating Capital Employed		12,489.4 billion yen		—		12,870.9 billion yen		12,831.5 billion yen

Note : (1)  Figures for Capital Investment are the accrual-based amounts required for acquisition of Property, Plant and Equipment and Intangible Assets. The differences from the figures for “Payments for Property, Plant and Equipment” and “Payments for Intangibles “ in the consolidated statements of cash flows are as described in the reconciliation below.

	(Billions of yen)
	Year Ended Mar. 31, 2014		Six Months Ended Sept. 30, 2014
Payments for Property, Plant and Equipment		1,486.7		728.9
Payments for Acquisition of Intangible Assets		416.6		170.2
Total		1,903.2		899.0
Difference from Capital Investment		10.5		145.6

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