- Report of Foreign Issuer (6-K)

Capital Investments of NTT East, NTT West, and NTT Communications for fiscal year ending Mar. 31, 2012 (Revised Forecast) include: 173.0 billion yen for voice transmission, 48.0 billion yen for data transmission, 182.0 billion yen for leased circuit, 1.0 billion yen for telegraph, 3.0 billion yen for R&D facilities, and 23.0 billion yen for joint facilities and others for NTT East; 153.0 billion yen for voice transmission, 44.0 billion yen for data transmission, 155.0 billion yen for leased circuit, 2.0 billion yen for telegraph, 2.0 billion yen for R&D facilities, and 9.0 billion yen for joint facilities and others for NTT West; and 54.0 billion yen for voice transmission, 13.0 billion yen for data transmission, 6.0 billion yen for leased circuit, 1.0 billion yen for R&D facilities, and 54.0 billion yen for joint facilities and others for NTT Communications.

Capital Investments of NTT East and NTT West for fiscal year ending Mar. 31, 2012 (Revised Forecast) include approximately 170.0 billion yen and 130.0 billion yen for optical fiber related investment in NTT East and in NTT West respectively. Coverage rates of optical fiber are expected to be 93% for NTT East and 90% for NTT West as of Mar. 31, 2012.

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, 2011

Commission File Number 1-8910

NIPPON TELEGRAPH AND TELEPHONE CORPORATION

(Translation of registrant’s name into English)

3-1, OTEMACHI 2-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):

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes ¨ No x

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- .

ANNOUNCEMENT OF FINANCIAL RESULTS FOR THE THREE AND SIX MONTHS ENDED SEPTEMBER 30, 2011

On November 9, 2011, the registrant filed with the Tokyo Stock Exchange and other stock exchanges in Japan on which its securities are traded information as to the registrant’s financial condition and results of operations at and for the three and six months ended September 30, 2011. Attached hereto is a copy of the press release and supplementary data thereto, both dated November 9, 2011, 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, 2012. The consolidated financial information of the registrant and that of its subsidiary, NTT DOCOMO, INC., included in the press release and the supplementary data thereto was 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, 2011 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 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/ Koji Ito
	Name:	Koji Ito
	Title:	General Manager
		Finance and Accounting Department

Date: November 9, 2011


Financial Results Release	November 9, 2011 [U.S. GAAP	]
For the Six Months Ended September 30, 2011	November 9, 2011 [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, Osaka, Nagoya, Sapporo and Fukuoka

Representative: Satoshi Miura, President and Chief Executive Officer

Contact: Koji Ito, Head of IR, Finance and Accounting Department / TEL (03) 5205-5581

Scheduled date of filing quarterly securities report: November 10, 2011

Scheduled date of dividend payments: December 12, 2011

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, 2011 (April 1, 2011 – September 30, 2011)

Amounts are rounded off to the nearest million yen.

(1) Consolidated Results of Operations


	(Millions of yen)
	Operating Revenues				Operating Income				Income (Loss) before Income Taxes				Net Income Attributable to NTT
Six months ended September 30, 2011		5,154,580	3.1	%		685,472	(5.7	)%		681,715	(4.0	)%		296,437	(6.0	)%
Six months ended September 30, 2010		4,999,067	0.0	%		726,958	12.4	%		710,295	10.4	%		315,236	11.7	%

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


	Basic Earnings per Share Attributable to NTT			Diluted Earnings per Share Attributable to NTT
Six months ended September 30, 2011		228.66	(yen)		—	(yen)
Six months ended September 30, 2010		238.24	(yen)		—	(yen)

Notes: Comprehensive income (loss) attributable to NTT:

For the six months ended September 30, 2011: 287,314 million yen 0.7%

For the six months ended September 30, 2010: 285,402 million yen (9.6)%

(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, 2011		19,264,720		10,128,349		8,003,961		41.5	%		6,324.22	(yen)
March 31, 2011		19,665,596		10,080,932		8,020,734		40.8	%		6,061.92	(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, 2011		—		60.00	(yen)		—		60.00	(yen)		120.00	(yen)
Year Ending March 31, 2012		—		70.00	(yen)		—		—			—
Year Ending March 31, 2012 (Forecasts)		—		—			—		70.00	(yen)		140.00	(yen)

Note: Change in forecasts of dividends during the six months ended September 30: None

3.	Consolidated Financial Results Forecasts for the Fiscal Year Ending March 31, 2012 (April 1, 2011 – March 31, 2012)


	(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, 2012		10,540,000	2.3	%		1,250,000	2.9	%		1,240,000	5.5	%		545,000	6.9	%		425.48	(yen	)


Notes:	1.	Percentages above represent changes from the previous period.
	2.	Change in consolidated financial results forecasts for the fiscal year ending March 31, 2012 during the six months ended September 30, 2011: Yes

- 1 -

4.	Others

(1)

Change in significant consolidated subsidiaries during the six months ended September 30, 2011, which resulted in changes in the scope of consolidation: None

(2)

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

Note: This refers to the application of simplified or exceptional accounting for quarterly consolidated financial statements.

(3)

Change in significant accounting principles, procedures and presentation in quarterly consolidated financial statements

(i)

Change due to revision of accounting standards and other regulations: Yes

(ii)

Others: None

(For further details, please see “Others” on page 8.)

(4)

Number of shares outstanding (common stock)


1. Number of shares outstanding (including treasury stock):

	September 30, 2011 : 1,448,659,067 shares

	March 31, 2011 : 1,448,659,067 shares

2. Number of treasury stock:

	September 30, 2011 : 183,054,423 shares

	March 31, 2011 : 125,524,000 shares

3. Weighted average number of shares outstanding:

	For the six months ended September 30, 2011:	1,296,413,064 shares

	For the six months ended September 30, 2010:	1,323,188,617 shares

* The figures for earnings per share for the fiscal year ending March 31, 2012 (forecasts) are based on the assumption that NTT will buy back all of the 99.33 million shares that the government has budgeted for sale, and make them its 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 when this earnings release was issued, the review process on quarterly financial statements as required by the Financial Instruments and Exchange Act had not been finished.

*	Explanation for forecasts of operation and other notes:

Forward-looking statements in this earnings release, such as forecasts of results of operations, are based on the information currently available 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, 2012, please refer to pages 7 and 22.

On Wednesday, November 9, 2011, 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

Consolidated results

Six-Month Period Ended September 30, 2011 (April 1, 2011 – September 30, 2011)


	(Billions of yen)
	Six-Month Period Ended September 30, 2010 (April 1, 2010 – September 30, 2010)		Six-Month Period Ended September 30, 2011 (April 1, 2011 – September 30, 2011)		Change			Percent Change
Operating revenues		4,999.1		5,154.6		155.5			3.1	%
Operating expenses		4,272.1		4,469.1		197.0			4.6	%
Operating income		727.0		685.5		(41.5	)		(5.7	)%
Income before income taxes		710.3		681.7		(28.6	)		(4.0	)%
Income attributable to NTT		315.2		296.4		(18.8	)		(6.0	)%

During the six months ended September 30, 2011, NTT Group worked to expand broadband and ubiquitous services pursuant to its Medium-Term Management Strategy adopted in May 2008, entitled “Road to Service Creation Business Group.”

Broadband Services

In the fixed communications field, NTT Group continued its efforts to enhance “FLET’S Hikari” service and to improve its customer support services. NTT Group expanded the service area of the two-tier fixed rate service “FLET’S Hikari Light,” a service for customers without any previous experience with using, or with few opportunities to use, the Internet, at low and affordable rates, to 17 prefectures in eastern Japan, further expanding the range of “FLET’S Hikari” users. In addition, NTT worked to expand the ways in which “FLET’S Hikari” is used by launching in August its “FLET’S Joint” service, which distributes software of service providers enabling the remote control of household appliances, for Home Gateway ^(*1) and other devices which “FLET’S Hikari Next” customers have installed in their homes.

In the mobile communications field, NTT Group improved its services and enhanced its handset lineup with the launch of 27 mobile device models, including smartphones such as the “GALAXY S II” and the “Xperia ^™ acro.” NTT Group also expanded the service area for “Xi” services, which were launched in December 2010, to six major urban areas nationwide, in addition to Tokyo, Nagoya and Osaka. NTT Group also unveiled new billing plans, including a flat-rate option, and our first Xi-enabled tablet devices.

Upper Layer Services/Solutions Business

NTT Group continued to expand the content and its video and e-learning services, and worked to enhance the service menu of its cloud computing services. In particular, with regards to Hikari TV, which enables users to access TV through FLET’S Hikari, NTT Group launched “Hikari-TV dokodemo,” which will enable users to access movies and other VOD ^(*2) content on their smartphones and tablet devices anytime and anywhere, in August.

Global Businesses

NTT Group expanded the service area for “Arcstar Universal One,” a VPN ^(*3) service with four different plans with varying quality levels and costs that enables corporate customers to deploy a cloud-based network, to 159 countries worldwide, and also acquired OpSource, Inc. to promptly respond to cloud computing service needs. NTT Group also worked to enhance its service infrastructure by increasing the speed of the Japan-U.S. backbone to 500Gbps, the highest level in the industry, in addition to establishing overseas subsidiaries in order to enhance its ability to provide services to Japanese and local companies doing business overseas and commencing the construction of new data centers overseas.

- 3 -

As a result of these efforts, NTT Group’s consolidated operating revenues for the six-month period ended September 30, 2011 were ¥5,154.6 billion (an increase of 3.1% from the same period of the previous fiscal year), consolidated operating expenses were ¥4,469.1 (an increase of 4.6% from the same period of the previous fiscal year), consolidated operating income was ¥685.5 billion (a decrease of 5.7% from the same period of the previous fiscal year), income before income taxes was ¥681.7 billion (a decrease of 4.0% from the same period of the previous fiscal year), and net income attributable to NTT was ¥296.4 billion (a decrease of 6.0% 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)

An in-home device linking certain digital information media, including Internet connections, digital broadcasting, and IP telephones, and various devices such as PC’s, digital home appliances and phone terminals.

(2)

Video on Demand: A service that allows users to view the video content of their choice on demand.

(3)

Virtual Private Network: A communication service that enables the creation of a virtual private network for exclusive use by a specified person, which third parties cannot access.

‚	Segment results

Results by business segment are as follows.

•

Regional telecommunications business segment

Six-Month Period Ended September 30, 2011 (April 1, 2011 – September 30, 2011)


	(Billions of yen)
	Six-Month Period Ended September 30, 2010 (April 1, 2010 – September 30, 2010)		Six-Month Period Ended September 30, 2011 (April 1, 2011 – September 30, 2011)		Change			Percent Change
Operating revenues		1,936.2		1,860.5		(75.7	)		(3.9	)%
Operating expenses		1,850.4		1,807.4		(43.1	)		(2.3	)%
Operating income		85.8		53.2		(32.6	)		(38.0	)%

Consolidated operating revenues for the six-month period ended September 30, 2011 were ¥1,860.5 billion (a decrease of 3.9% from the same period of the previous fiscal year), due to the situation where a moderate increase in IP-related revenues as a result of slowing FLET’S Hikari subscription could not cover the decrease in fixed voice-related service revenue. Consolidated operating expenses for the second quarter fell to ¥1,807.4 billion (a decrease of 2.3% from the same period of the previous fiscal year), due to a decrease in personnel expenses as a result of a decline in the number of employees and other factors, including a decrease in depreciation and amortization. As a result, consolidated operating income for the six-month period ended September 30, 2011 was ¥53.2 billion (a decrease of 38.0% from the same period of the previous fiscal year).

Number of subscriptions


	(Thousands of subscriptions)
	As of March 31, 2011		As of September 30, 2011		Change		Percent Change
FLET’S Hikari ⁽¹⁾		15,059		15,963		904		6.0	%
NTT East		8,511		9,040		529		6.2	%
NTT West		6,547		6,923		375		5.7	%
Hikari Denwa ⁽²⁾		12,113		13,023		910		7.5	%
NTT East		6,446		6,945		499		7.7	%
NTT West		5,667		6,078		411		7.3	%


Notes:	(1)	FLET’S Hikari includes B FLET’S, FLET’S Hikari Next and FLET’S Hikari Light provided by NTT East and B FLET’S, FLET’S Hikari Premium, FLET’S Hikari Mytown, and FLET’S Hikari Next 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, 2011 (April 1, 2011 – September 30, 2011)


	(Billions of yen)
	Six-Month Period Ended September 30, 2010 (April 1, 2010 – September 30, 2010)		Six-Month Period Ended September 30, 2011 (April 1, 2011 – September 30, 2011)		Change		Percent Change
Operating revenues		612.6		822.8		210.2		34.3	%
Operating expenses		570.6		762.5		191.9		33.6	%
Operating income		42.0		60.3		18.3		43.6	%

Consolidated operating revenues for the six-month period ended September 30, 2011 were ¥822.8 billion (an increase of 34.3% from the same period of the previous fiscal year). Although fixed-voice related services revenues declined, IP-related revenues increased and operating revenues increased due to, among other things, the increase in the number of consolidated subsidiaries, including the addition of Dimension Data Holdings plc. Consolidated operating expenses for the six-month period ended September 30, 2011 increased to ¥762.5 billion (an increase of 33.6% from the same period of the previous fiscal year) due to, among other things, increased expenses attributable to the increase in the number of consolidated subsidiaries. As a result, consolidated operating income for the six-month period ended September 30, 2011 was ¥60.3 billion (an increase of 43.6% from the same period of the previous fiscal year).

•

Mobile communications business segment

Six-Month Period Ended September 30, 2011 (April 1, 2011 – September 30, 2011)


	(Billions of yen)
	Six-Month Period Ended September 30, 2010 (April 1, 2010 – September 30, 2010)		Six-Month Period Ended September 30, 2011 (April 1, 2011 – September 30, 2011)		Change			Percent Change
Operating revenues		2,138.2		2,113.0		(25.2	)		(1.2	)%
Operating expenses		1,609.6		1,606.7		(2.9	)		(0.2	)%
Operating income		528.6		506.3		(22.3	)		(4.2	)%

Consolidated operating revenues for the six-month period ended September 30, 2011 were ¥2,113.0 billion (a decrease of 1.2% from the same period of the previous fiscal year) despite the increase in packet communication revenues from the expansion of smartphone users and other factors. This decrease was the result of a decrease in voice related revenues and a decrease in revenues from the sale of mobile devices resulting from the decrease in the wholesale price per unit. Consolidated operating expenses for the six-month period ended September 30, 2011 decreased to ¥1,606.7 billion (a decrease of 0.2% from the same period of the previous fiscal year) as a result of, among other things, efficiency of expenses and a decrease in network expenses through efficiency of capital expenditures. As a result, consolidated operating income for the six-month period ended September 30, 2011 was ¥506.3 billion (a decrease of 4.2% from the same period of the previous fiscal year).

Number of subscriptions


	(Thousands of subscriptions)
	As of March 31, 2011		As of September 30, 2011		Change			Percent Change
Mobile phone services		58,010		58,993		983			1.7	%
FOMA*		56,746		57,862		1,116			2.0	%
Xi*		26		389		363			1,419.1	%
i-mode		48,141		46,183		(1,957	)		(4.1	)%
sp-mode		2,095		5,375		3,280			156.6	%

Notes:

(1)	The numbers for mobile phone service subscriptions, FOMA service subscriptions, and Xi service subscriptions include communications module service subscriptions.

(2)	Effective March 3, 2008, FOMA service subscriptions became mandatory for subscriptions to “2in1” services. Such FOMA service subscriptions to “2in1” services are included in the above numbers of mobile phone service subscriptions and FOMA service subscriptions.

*	Partial listing only.

- 5 -

•

Data communications business segment

Six-Month Period Ended September 30, 2011 (April 1, 2011 – September 30, 2011)


	(Billions of yen)
	Six-Month Period Ended September 30, 2010 (April 1, 2010 – September 30, 2010)		Six-Month Period Ended September 30, 2011 (April 1, 2011 – September 30, 2011)		Change		Percent Change
Operating revenues		535.8		571.4		35.6		6.6	%
Operating expenses		509.2		536.5		27.3		5.4	%
Operating income		26.6		34.9		8.3		31.3	%

Consolidated operating revenues for the six-month period ended September 30, 2011 increased to ¥571.4 billion (an increase of 6.6% from the same period of the previous fiscal year) due to, among other things, increased revenues resulting from the increase in the number of consolidated subsidiaries. Consolidated operating expenses for the six-month period ended September 30, 2011 rose to ¥536.5 billion (an increase of 5.4% from the same period of the previous fiscal year) due to, among other things, an increase in expenses attributable to the increase in the number of consolidated subsidiaries. As a result, consolidated operating income for the six-month period ended September 30, 2011 was ¥34.9 billion (an increase of 31.3% from the same period the previous fiscal year).

•

Other segments

Six-Month Period Ended September 30, 2011 (April 1, 2011 – September 30, 2011)


	(Billions of yen)
	Six-Month Period Ended September 30, 2010 (April 1, 2010 – September 30, 2010)		Six-Month Period Ended September 30, 2011 (April 1, 2011 – September 30, 2011)		Change			Percent Change
Operating revenues		513.3		499.9		(13.4	)		(2.6	)%
Operating expenses		487.2		476.2		(11.0	)		(2.3	)%
Operating income		26.1		23.6		(2.5	)		(9.4	)%

Consolidated operating revenues for the six-month period ended September 30, 2011 fell to ¥499.9 billion (a decrease of 2.6% from the same period of the previous fiscal year) as a result of a decrease of revenues in each of the other business segments, including the construction and electricity segments. Consolidated operating expenses fell to ¥476.2 billion (a decrease of 2.3% from the same period of the previous fiscal year) due to, among other things, lower revenue-linked expenses. As a result, consolidated operating income for the six-month period ended September 30, 2011 was ¥23.6 billion (a decrease of 9.4% from the same period of the previous fiscal year).

- 6 -

(2) Qualitative Information Relating to Consolidated Financial Standing

Consolidated cash flows from operating activities for the six-month period ended September 30, 2011 were ¥1,259.3 billion (a decrease of ¥97.3 billion (7.2%) compared to the same period of the previous fiscal year). This decrease in cash flows was due to, among other factors, a decrease in net income in addition to an increase in payments of accounts payable.

Consolidated cash flows from investing activities showed outlays of ¥1,276.8 billion (an increase of ¥286.8 billion (29.0%) compared to the same period of the previous fiscal year). This increase was due to, among other factors, an increase in short-term investments with cash management activities relating to short-term investments exceeding three months in duration.

Consolidated cash flows from financing activities amounted to cash outlays of ¥462.8 billion (an increase of ¥172.8 billion (59.6%) compared to the same period of the previous fiscal year). This increase was due to, among other factors, the repurchase of treasury stock by NTT.

As a result of the above, NTT Group’s consolidated cash and cash equivalents as of September 30, 2011 were ¥954.5 billion, a decrease of ¥480.6 billion (33.5%) from the end of the previous fiscal year.


	(Billions of yen)
	Six-Month Period Ended September 30, 2010 (April 1, 2010 – September 30, 2010)			Six-Month Period Ended September 30, 2011 (April 1, 2011 – September 30, 2011)			Change			Percent Change
Cash flows from operating activities		1,356.5			1,259.3			(97.3	)		(7.2	)%
Cash flows from investing activities		(990.0	)		(1,276.8	)		(286.8	)		(29.0	)%
Cash flows from financing activities		(290.0	)		(462.8	)		(172.8	)		(59.6	)%

(3) Qualitative Information Relating to Consolidated Results Forecasts

The Japanese economy is steadily recovering despite the difficult market conditions arising from the lingering effects of the Great East Japan Earthquake. However, there may be a further downturn in the economy from the impact of electricity use restrictions, the unstable global economy and hollowing out of industries from the appreciating yen.

Due to such factors as the drop in consumer confidence, delays in capital investments as a result of poor corporate profitability, and the increasingly fierce competitive environment, NTT Group forecasts that the market environment will continue to be difficult.

In light of this market environment, NTT Group has revised its results forecast as follows.

Despite an expected decrease in revenues from NTT East, NTT West and NTT Communications, there was no change from the initial forecast for operating revenues as a result of anticipated increases in revenues from Dimension Data Holdings plc and packet communications and higher mobile handsets sales from the increase in smartphone sales by NTT DOCOMO.

On the other hand, due to, among other things, NTT DOCOMO’s and NTT Communications’ upward revision of their respective initial forecasts for operating income, the forecast for NTT Group’s operating income was revised upward by ¥10.0 billion from the initial forecast to ¥1,250.0 billion.

For assumptions used in these 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, 2011, which 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 in significant accounting principles, procedures and presentation in quarterly consolidated financial statements

Multiple-Deliverable Revenue Arrangements

Effective April 1, 2011, NTT Group adopted ASU 2009-13 “Multiple-Deliverable Revenue Arrangements.” This ASU addresses the accounting for multiple-deliverable arrangements to enable vendors to account for products or services (deliverables) separately rather than as a combined unit. This ASU eliminates the residual method of allocation and requires that arrangement consideration in multiple-deliverable arrangements be allocated to deliverables using the estimated selling price, if a vendor does not have vendor-specific objective evidence or third-party evidence of the selling price. The adoption of this ASU did not have a material impact on the results of operations and financial position of NTT Group.

Certain Revenue Arrangements That Include Software Elements

Effective April 1, 2011, NTT Group adopted ASU 2009-14 “Certain Revenue Arrangements That Include Software Elements.” This ASU amends the accounting model for revenue arrangements that include both tangible products and software elements. This ASU also provides guidance on how a vendor should allocate arrangement consideration to deliverables in an arrangement that includes both tangible products and software, and further guidance on how to allocate arrangement consideration when an arrangement includes deliverables both included and excluded from the scope of the software revenue guidance. The adoption of this ASU did not have a material impact on the results of operations and financial position of NTT Group.

- 8 -

3. CONSOLIDATED FINANCIAL STATEMENTS

(1) Consolidated Balance Sheets


	Millions of yen
	March 31, 2011			September 30, 2011			Increase (Decrease)
ASSETS
Current assets:
Cash and cash equivalents	¥	1,435,158		¥	954,515		¥	(480,643	)
Short-term investments		167,175			512,254			345,079
Notes and accounts receivable, trade		2,072,011			1,786,213			(285,798	)
Allowance for doubtful accounts		(45,907	)		(46,938	)		(1,031	)
Accounts receivable, other		265,668			247,759			(17,909	)
Inventories		314,983			406,584			91,601
Prepaid expenses and other current assets		316,328			390,849			74,521
Deferred income taxes		244,881			246,571			1,690

Total current assets		4,770,297			4,497,807			(272,490	)

Property, plant and equipment:
Telecommunications equipment		14,606,718			14,584,079			(22,639	)
Telecommunications service lines		14,527,349			14,668,249			140,900
Buildings and structures		5,855,282			5,886,840			31,558
Machinery, vessels and tools		1,806,355			1,804,472			(1,883	)
Land		1,133,675			1,146,302			12,627
Construction in progress		312,480			319,698			7,218

		38,241,859			38,409,640			167,781
Accumulated depreciation		(28,341,219	)		(28,643,198	)		(301,979	)

Net property, plant and equipment		9,900,640			9,766,442			(134,198	)


Investments and other assets:
Investments in affiliated companies		581,073			575,499			(5,574	)
Marketable securities and other investments		276,178			268,774			(7,404	)
Goodwill		747,526			786,299			38,773
Software		1,330,085			1,331,159			1,074
Other intangibles		287,400			279,141			(8,259	)
Other assets		885,444			875,017			(10,427	)
Deferred income taxes		886,953			884,582			(2,371	)

Total investments and other assets		4,994,659			5,000,471			5,812

Total assets	¥	19,665,596		¥	19,264,720		¥	(400,876	)

- 9 -


	Millions of yen
	March 31, 2011			September 30, 2011			Increase (Decrease)
LIABILITIES AND EQUITY
Current liabilities:
Short-term borrowings	¥	341,567		¥	118,677		¥	(222,890	)
Current portion of long-term debt		698,476			599,718			(98,758	)
Accounts payable, trade		1,379,279			1,032,350			(346,929	)
Accrued payroll		475,226			429,509			(45,717	)
Accrued interest		12,189			11,330			(859	)
Accrued taxes on income		208,363			232,913			24,550
Accrued consumption tax		37,835			39,101			1,266
Advances received		206,572			215,796			9,224
Deposit received		81,997			78,721			(3,276	)
Other		247,568			252,289			4,721

		3,689,072			3,010,404			(678,668	)

Long-term liabilities:
Long-term debt		3,494,198			3,717,667			223,469
Obligations under capital leases		34,818			33,035			(1,783	)
Liability for employees’ retirement benefits		1,535,964			1,555,878			19,914
Other		830,612			819,387			(11,225	)

Total long-term liabilities		5,895,592			6,125,967			230,375

Equity:
NTT shareholders’ equity
Common stock, no par value		937,950			937,950			—
Additional paid-in capital		2,834,029			2,834,144			115
Retained earnings		5,155,596			5,371,323			215,727
Accumulated other comprehensive income (loss)		(303,708	)		(312,831	)		(9,123	)
Treasury stock, at cost		(603,133	)		(826,625	)		(223,492	)

Total NTT shareholders’ equity		8,020,734			8,003,961			(16,773	)

Noncontrolling interests		2,060,198			2,124,388			64,190

Total equity		10,080,932			10,128,349			47,417

Total liabilities and equity	¥	19,665,596		¥	19,264,720		¥	(400,876	)

- 10 -

(2) Consolidated Statements of Income

SIX-MONTH PERIOD ENDED SEPTEMBER 30


	Millions of yen
	2010			2011			Increase (Decrease)
Operating revenues:
Fixed voice related services	¥	1,101,687		¥	988,948		¥	(112,739	)
Mobile voice related services		1,041,620			956,023			(85,597	)
IP / packet communications services		1,647,520			1,772,728			125,208
Sale of telecommunication equipment		281,969			270,715			(11,254	)
System integration		572,504			824,804			252,300
Other		353,767			341,362			(12,405	)

		4,999,067			5,154,580			155,513

Operating expenses:
Cost of services (exclusive of items shown separately below)		1,179,979			1,155,019			(24,960	)
Cost of equipment sold (exclusive of items shown separately below)		366,931			359,200			(7,731	)
Cost of system integration (exclusive of items shown separately below)		366,745			556,642			189,897
Depreciation and amortization		964,376			932,099			(32,277	)
Impairment loss		344			98			(246	)
Selling, general and administrative expenses		1,393,734			1,466,050			72,316

		4,272,109			4,469,108			196,999

Operating income (loss)		726,958			685,472			(41,486	)

Other income (expenses):
Interest and amortization of bond discounts and issue costs		(26,956	)		(28,675	)		(1,719	)
Interest income		10,879			10,188			(691	)
Other, net		(586	)		14,730			15,316

		(16,663	)		(3,757	)		12,906

Income (loss) before income taxes and equity in earnings (losses) of affiliated companies		710,295			681,715			(28,580	)

Income tax expense (benefit):
Current		274,215			262,864			(11,351	)
Deferred		6,526			10,136			3,610

		280,741			273,000			(7,741	)

Income (loss) before equity in earnings (losses) of affiliated companies		429,554			408,715			(20,839	)

Equity in earnings (losses) of affiliated companies		853			(1,626	)		(2,479	)

Net income (loss)		430,407			407,089			(23,318	)

Less – Net income attributable to noncontrolling interests		(115,171	)		(110,652	)		4,519

Net income (loss) attributable to NTT	¥	315,236		¥	296,437		¥	(18,799	)


Summary of total comprehensive income (loss):
Net income (loss)	¥	430,407		¥	407,089		¥	(23,318	)
Other comprehensive income (loss)		(40,896	)		(18,389	)		22,507
Comprehensive income (loss)		389,511			388,700			(811	)
Less – Comprehensive income attributable to noncontrolling interests		(104,109	)		(101,386	)		2,723

Comprehensive income (loss) attributable to NTT	¥	285,402		¥	287,314		¥	1,912


	Shares or yen
	2010		2011
Per share of common stock:
Weighted average number of shares outstanding		1,323,188,617		1,296,413,064
Net income (loss) attributable to NTT	¥	238.24	¥	228.66

- 11 -

THREE-MONTH PERIOD ENDED SEPTEMBER 30


	Millions of yen
	2010			2011			Increase (Decrease)
Operating revenues:
Fixed voice related services	¥	547,345		¥	487,763		¥	(59,582	)
Mobile voice related services		523,815			473,881			(49,934	)
IP / packet communications services		831,827			899,312			67,485
Sale of telecommunication equipment		115,829			141,703			25,874
System integration		297,673			435,013			137,340
Other		183,665			179,556			(4,109	)

		2,500,154			2,617,228			117,074

Operating expenses:
Cost of services (exclusive of items shown separately below)		600,968			577,138			(23,830	)
Cost of equipment sold (exclusive of items shown separately below)		160,394			190,612			30,218
Cost of system integration (exclusive of items shown separately below)		196,147			297,587			101,440
Depreciation and amortization		482,224			470,332			(11,892	)
Impairment loss		98			9			(89	)
Selling, general and administrative expenses		673,019			745,353			72,334

		2,112,850			2,281,031			168,181

Operating income (loss)		387,304			336,197			(51,107	)

Other income (expenses):
Interest and amortization of bond discounts and issue costs		(13,299	)		(14,520	)		(1,221	)
Interest income		5,243			5,012			(231	)
Other, net		(10,566	)		3,198			13,764

		(18,622	)		(6,310	)		12,312

Income (loss) before income taxes and equity in earnings (losses) of affiliated companies		368,682			329,887			(38,795	)

Income tax expense (benefit):
Current		146,708			138,710			(7,998	)
Deferred		438			(7,212	)		(7,650	)

		147,146			131,498			(15,648	)

Income (loss) before equity in earnings (losses) of affiliated companies		221,536			198,389			(23,147	)

Equity in earnings (losses) of affiliated companies		153			(1,547	)		(1,700	)

Net income (loss)		221,689			196,842			(24,847	)

Less – Net income attributable to noncontrolling interests		(62,391	)		(53,475	)		8,916

Net income (loss) attributable to NTT	¥	159,298		¥	143,367		¥	(15,931	)


Summary of total comprehensive income (loss):
Net income (loss)	¥	221,689		¥	196,842		¥	(24,847	)
Other comprehensive income (loss)		(32,604	)		(34,698	)		(2,094	)
Comprehensive income (loss)		189,085			162,144			(26,941	)
Less – Comprehensive income attributable to noncontrolling interests		(52,474	)		(42,832	)		9,642

Comprehensive income (loss) attributable to NTT	¥	136,611		¥	119,312		¥	(17,299	)


	Shares or yen
	2010		2011
Per share of common stock:
Weighted average number of shares outstanding		1,323,181,855		1,269,982,031
Net income (loss) attributable to NTT	¥	120.39	¥	112.89

- 12 -

(3) Consolidated Statements of Cash Flows

SIX-MONTH PERIOD ENDED SEPTEMBER 30


	Millions of yen
	2010			2011			Increase (Decrease)
Cash flows from operating activities:
Net income (loss)	¥	430,407		¥	407,089		¥	(23,318	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities -
Depreciation and amortization		964,376			932,099			(32,277	)
Impairment loss		344			98			(246	)
Deferred taxes		6,526			10,136			3,610
Loss on disposal of property, plant and equipment		33,167			28,266			(4,901	)
Equity in (earnings) losses of affiliated companies		(853	)		1,626			2,479
(Increase) decrease in notes and accounts receivable, trade		240,387			290,775			50,388
(Increase) decrease in inventories		(64,695	)		(88,839	)		(24,144	)
(Increase) decrease in other current assets		(82,186	)		(56,884	)		25,302
Increase (decrease) in accounts payable, trade and accrued payroll		(248,127	)		(312,261	)		(64,134	)
Increase (decrease) in accrued consumption tax		3,422			816			(2,606	)
Increase (decrease) in accrued interest		(1,157	)		515			1,672
Increase (decrease) in advances received		28,524			8,678			(19,846	)
Increase (decrease) in accrued taxes on income		(7,284	)		23,893			31,177
Increase (decrease) in other current liabilities		(8,916	)		8,344			17,260
Increase (decrease) in liability for employees’ retirement benefits		20,655			24,124			3,469
Increase (decrease) in other long-term liabilities		30,578			(16,621	)		(47,199	)
Other		11,341			(2,599	)		(13,940	)

Net cash provided by (used in) operating activities	¥	1,356,509		¥	1,259,255		¥	(97,254	)

- 13 -


	Millions of yen
	2010			2011			Increase (Decrease)
Cash flows from investing activities:
Payments for property, plant and equipment	¥	(746,588	)	¥	(684,708	)	¥	61,880
Payments for intangibles		(228,314	)		(228,012	)		302
Proceeds from sale of property, plant and equipment		7,963			3,865			(4,098	)
Payments for purchase of non-current investments		(16,449	)		(29,155	)		(12,706	)
Proceeds from sale and redemption of non-current investments		12,035			6,289			(5,746	)
Acquisitions of subsidiaries, net of cash acquired		(21,541	)		(40,219	)		(18,678	)
Payments for purchase of short-term investments		(384,818	)		(594,793	)		(209,975	)
Proceeds from redemption of short-term investments		370,794			252,288			(118,506	)
Other		16,888			37,609			20,721

Net cash provided by (used in) investing activities		(990,030	)		(1,276,836	)		(286,806	)


Cash flows from financing activities:
Proceeds from issuance of long-term debt		181,278			429,306			248,028
Payments for settlement of long-term debt		(186,083	)		(310,418	)		(124,335	)
Proceeds from issuance of short-term debt		1,519,921			860,152			(659,769	)
Payments for settlement of short-term debt		(1,658,408	)		(1,085,188	)		573,220
Dividends paid		(79,392	)		(79,388	)		4
Proceeds from sale of (payments for acquisition of) treasury stock, net		(63	)		(223,506	)		(223,443	)
Acquisition of treasury stock by subsidiary		(6,380	)		(2,168	)		4,212
Other		(60,838	)		(51,602	)		9,236

Net cash provided by (used in) financing activities		(289,965	)		(462,812	)		(172,847	)

Effect of exchange rate changes on cash and cash equivalents		(2,013	)		(250	)		1,763

Net increase (decrease) in cash and cash equivalents		74,501			(480,643	)		(555,144	)
Cash and cash equivalents at beginning of period		911,062			1,435,158			524,096

Cash and cash equivalents at end of period	¥	985,563		¥	954,515		¥	(31,048	)


Cash paid during the period for:
Interest	¥	28,115		¥	29,534		¥	1,419
Income taxes, net	¥	281,626		¥	228,671		¥	(52,955	)

- 14 -

(4) Going Concern Assumption

None

(5) Business Segments

SIX-MONTH PERIOD ENDED SEPTEMBER 30

1. Sales and operating revenues


	(Millions of yen)
	Six months ended September 30, 2010			Six months ended September 30, 2011			Increase (Decrease)
Regional communications business
Customers		1,693,466			1,636,358			(57,108	)
Intersegment		242,768			224,174			(18,594	)

Total		1,936,234			1,860,532			(75,702	)
Long-distance and international communications business
Customers		561,740			772,268			210,528
Intersegment		50,839			50,496			(343	)

Total		612,579			822,764			210,185
Mobile communications business
Customers		2,116,873			2,096,775			(20,098	)
Intersegment		21,279			16,207			(5,072	)

Total		2,138,152			2,112,982			(25,170	)
Data communications business
Customers		471,905			507,144			35,239
Intersegment		63,897			64,275			378

Total		535,802			571,419			35,617
Other
Customers		155,083			142,035			(13,048	)
Intersegment		358,206			357,825			(381	)

Total		513,289			499,860			(13,429	)
Elimination		(736,989	)		(712,977	)		24,012

Consolidated total		4,999,067			5,154,580			155,513

2. Segment profit


	(Millions of yen)
	Six months ended September 30, 2010		Six months ended September 30, 2011		Increase (Decrease)
Segment profit
Regional communications business		85,789		53,157		(32,632	)
Long-distance and international communications business		41,985		60,273		18,288
Mobile communications business		528,572		506,278		(22,294	)
Data communications business		26,568		34,877		8,309
Other		26,089		23,628		(2,461	)

Total		709,003		678,213		(30,790	)
Elimination		17,955		7,259		(10,696	)

Consolidated total		726,958		685,472		(41,486	)

- 15 -

THREE-MONTH PERIOD ENDED SEPTEMBER 30

1. Sales and operating revenues


	(Millions of yen)
	Three months ended September 30, 2010			Three months ended September 30, 2011			Increase (Decrease)
Regional communications business
Customers		856,699			823,073			(33,626	)
Intersegment		122,431			112,881			(9,550	)

Total		979,130			935,954			(43,176	)
Long-distance and international communications business
Customers		283,603			393,102			109,499
Intersegment		26,250			24,224			(2,026	)

Total		309,853			417,326			107,473
Mobile communications business
Customers		1,039,317			1,056,676			17,359
Intersegment		9,591			9,017			(574	)

Total		1,048,908			1,065,693			16,785
Data communications business
Customers		238,578			266,572			27,994
Intersegment		32,851			33,779			928

Total		271,429			300,351			28,922
Other
Customers		81,957			77,805			(4,152	)
Intersegment		183,998			190,377			6,379

Total		265,955			268,182			2,227
Elimination		(375,121	)		(370,278	)		4,843

Consolidated total		2,500,154			2,617,228			117,074

2. Segment profit


	(Millions of yen)
	Three months ended September 30, 2010		Three months ended September 30, 2011		Increase (Decrease)
Segment profit
Regional communications business		44,258		28,517		(15,741	)
Long-distance and international communications business		20,802		29,248		8,446
Mobile communications business		289,503		239,677		(49,826	)
Data communications business		12,468		20,964		8,496
Other		15,447		14,469		(978	)

Total		382,478		332,875		(49,603	)
Elimination		4,826		3,322		(1,504	)

Consolidated total		387,304		336,197		(51,107	)

- 16 -

(6) NTT Shareholders’ Equity

Dividends

Cash dividends paid


Resolution		The shareholders’ meeting on June 23, 2011
Class of shares		Common stock
Source of dividends		Retained earnings
Total cash dividends paid		¥79,388 million
Cash dividends per share		¥60
Date of record		March 31, 2011
Date of payment		June 24, 2011

Cash dividends declared


Resolution		The Board of Directors’ meeting on November 9, 2011
Class of shares		Common stock
Source of dividends		Retained earnings
Total cash dividends declared		¥88,592 million
Cash dividends per share		¥70
Date of record		September 30, 2011
Date of payment		December 12, 2011

Significant Changes in NTT Shareholders’ Equity

None

(7) Subsequent events

Cancellation of Treasury Stock and Repurchase of Shares

On November 9, 2011, the board of directors resolved that NTT will cancel 125,461,832 shares held as treasury stock on November 15, 2011, and that NTT may acquire up to a total not exceeding 44 million outstanding shares of its common stock at an amount in total not exceeding ¥220 billion from November 16, 2011 through March 30, 2012.

- 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, 2011		September 30, 2011
ASSETS
Current assets:
Cash and bank deposits		13,642		7,326
Accounts receivable, trade		1,284		340
Supplies		245		347
Subsidiary deposits		91,950		247,075
Other		394,972		411,370

Total current assets		502,096		666,459

Fixed assets:
Property, plant and equipment		179,759		175,126
Intangible fixed assets		49,055		45,728
Investments and other assets
Investments in subsidiaries and affiliated companies		5,072,805		5,072,805
Long-term loans receivable to subsidiaries		1,727,465		1,685,657
Other		39,047		40,640

Total investments and other assets		6,839,318		6,799,103

Total fixed assets		7,068,132		7,019,958

TOTAL ASSETS		7,570,228		7,686,417


Notes:	1.	These quarterly financial statements are exempt from auditor’s review in the legal disclosure.
	2.	These quarterly financial statements are prepared based on “Regulation for Terminology, Forms and Preparation of Quarterly Financial Statements.”

- 18 -

(Reference)


	Millions of yen
	March 31, 2011			September 30, 2011
LIABILITIES
Current liabilities:
Accounts payable, trade		264			103
Current portion of corporate bonds		227,924			261,695
Current portion of long-term borrowings		74,240			72,720
Accrued taxes on income		210			8,979
Deposit received from subsidiaries		61,862			47,854
Other		39,871			26,278

Total current liabilities		404,373			417,631


Long-term liabilities:
Corporate bonds		1,183,193			1,181,487
Long-term borrowings		953,530			1,183,430
Liability for employees’ retirement benefits		29,584			30,284
Asset retirement obligations		1,162			1,175
Other		1,406			1,387

Total long-term liabilities		2,168,877			2,397,764

TOTAL LIABILITIES		2,573,251			2,815,395


NET ASSETS
Shareholders’ equity:
Common stock		937,950			937,950
Capital surplus		2,672,826			2,672,826
Earned surplus		1,987,997			2,085,079
Treasury stock		(603,132	)		(826,624	)

Total shareholders’ equity		4,995,640			4,869,230

Unrealized gains (losses), translation adjustments, and others:
Net unrealized gains (losses) on securities		1,336			1,791

Total unrealized gains (losses), translation adjustments, and others		1,336			1,791

TOTAL NET ASSETS		4,996,977			4,871,021

TOTAL LIABILITIES AND NET ASSETS		7,570,228			7,686,417


Notes:	1.	These quarterly financial statements are exempt from auditor’s review in the legal disclosure.
	2.	These quarterly financial statements are prepared based on “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
	2010		2011
Operating revenues		231,015		249,729
Operating expenses		71,023		71,625

Operating income		159,992		178,103

Non-operating revenues:
Interest income		15,289		13,968
Lease and rental income		6,104		6,098
Miscellaneous income		1,512		862

Total non-operating revenues		22,906		20,928

Non-operating expenses:
Interest expenses		5,254		7,716
Corporate bond interest expenses		11,544		10,257
Miscellaneous expenses		9,682		3,825

Total non-operating expenses		26,481		21,798

Recurring profit		156,417		177,233

Special losses		757		—

Income before income taxes		155,660		177,233

Income taxes		360		750

Net income		155,299		176,483


(Reference) Major components of operating revenues
Dividends received	155,245	174,934
Revenues from group management	9,575	9,575
Revenues from basic R&D	61,999	60,499


Notes:	1.	These quarterly financial statements are exempt from auditor’s review in the legal disclosure.
	2.	These quarterly financial statements are prepared based on “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
	2010			2011
Cash flows from operating activities:
Income before income taxes		155,660			177,233
Depreciation and amortization		22,849			20,624
Loss on disposal of property, plant and equipment		325			223
Dividends received		(155,245	)		(174,934	)
Increase (decrease) in liability for employees’ retirement benefits		845			699
(Increase) decrease in accounts receivable		(4,614	)		(930	)
Increase (decrease) in accounts payable and accrued expenses		(8,418	)		(10,752	)
Increase (decrease) in accrued consumption tax		198			85
(Increase) decrease in other current assets		2,662			42
(Increase) decrease in subsidiary deposits		(27,000	)		(9,000	)
Increase (decrease) in deposit received from subsidiaries		(4,118	)		(14,007	)
Other		2,747			2,267

Sub-total		(14,107	)		(8,448	)

Interest and dividends received		170,710			189,183
Interest paid		(16,903	)		(17,157	)
Income taxes received (paid)		6,330			23,867

Net cash provided by (used in) operating activities		146,030			187,444


Cash flows from investing activities:
Payments for property, plant and equipment		(22,268	)		(16,764	)
Payments for purchase of investment securities		(1,800	)		(998	)
Proceeds from sale of investment securities		3,827			2
Payments for long-term loans		(20,000	)		(70,000	)
Proceeds from long-term loans receivable		62,552			79,570
Other		(4,468	)		(283	)

Net cash provided by (used in) investing activities		17,842			(8,474	)


Cash flows from financing activities:
Proceeds from issuance of long-term debt		20,000			339,960
Payments for settlement of long-term debt		(62,552	)		(79,570	)
Payments for settlement of lease obligations		(24	)		(20	)
Dividends paid		(79,391	)		(79,388	)
Proceeds from sale of (payments for acquisition of) treasury stock, net		(63	)		(223,505	)

Net cash provided by (used in) financing activities		(122,031	)		(42,524	)

Net increase (decrease) in cash and cash equivalents		41,841			136,445

Cash and cash equivalents at beginning of period		121,157			118,580

Cash and cash equivalents at end of period		162,999			255,026


Notes:	1.	These quarterly financial statements are exempt from auditor’s review in the legal disclosure.
	2.	These quarterly financial statements are prepared based on “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 9, 2011

NTT’s Shares and Shareholders (as of September 30, 2011)

1.	Classification of Shareholders


Details	NTT’s Shares and Shareholders (1 unit = 100 shares)																Shares Representing Less Than One Unit
	Government and Public Bodies		Financial Institutions		Securities Firms		Other Domestic Corporations		Foreign Corporations, etc.				Domestic Individuals, etc.		Total
	Government and Public Bodies		Financial Institutions		Securities Firms		Other Domestic Corporations		Non- Individuals		Individuals		Domestic Individuals, etc.		Total
Total Holders		3		310		78		7,755		1,109		973		926,235		936,463		—
Total Shares (Units)		4,730,537		2,005,370		109,479		171,784		3,379,325		7,912		4,064,609		14,469,016		1,757,467
%		32.69		13.86		0.76		1.19		23.36		0.05		28.09		100.00		—

Notes:

(1)

“Domestic Individuals, etc.” includes 1,830,547 units of treasury stock, and “Shares Representing Less Than One Unit” includes 23 shares of treasury stock. 183,054,723 shares of treasury stock represents the number of shares of treasury stock recorded in the shareholders’ register; the actual number of treasury stock shares at the end of September 30, 2011 was 183,054,423.

(2)	“Other Domestic Corporations” includes 163 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 225,238.

2.	Classification by Number of Shares


Details	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		Shares Representing Less Than One Unit
Number of Holders		414		176		936		1,077		25,828		60,154		847,878		936,463		—
%		0.04		0.02		0.10		0.12		2.76		6.42		90.54		100.00		—
Total Shares (Units)		12,017,439		121,159		192,060		69,297		396,026		364,763		1,308,272		14,469,016		1,757,467
%		83.06		0.84		1.33		0.48		2.74		2.52		9.04		100.00		—

Notes:

(1)	“At Least 1,000 Units” includes 1,830,547 units of treasury stock, and “Shares Representing Less Than One Unit” includes 23 shares of treasury stock.

(2)	“At Least 100 Units” includes 163 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		473,053		32.65
Japan Trustee Services Bank, Ltd. (Trust Account)		51,897		3.58
The Master Trust Bank of Japan, Ltd. (Trust Account)		34,959		2.41
Moxley and Company		28,040		1.94
The Chase Manhattan Bank, N.A. London Secs Lending Omnibus Account		19,513		1.35
SSBT OD05 Omnibus Account – Treaty Clients		16,415		1.13
Japan Trustee Services Bank, Ltd. (Trust Account 9)		14,724		1.02
NTT Employee Share-Holding Association		11,644		0.80
State Street Bank and Trust Company 505224		10,775		0.74
Mellon Bank, N.A. as Agent for its Client Mellon Omnibus US Pension		10,430		0.72

Total		671,454		46.35

Note: The Company’s holdings of treasury stock (183,054,423 shares) are not included in the above table.

LOGO

Financial Results for the Six Months Ended September 30, 2011

November 9, 2011

LOGO

Disclaimer Information

* “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.

-1-

LOGO

FY2011/2Q Highlights

Consolidated Operating Income

(Billions of yen)

2Q FY

1,214.9

1,250.0

727.0

685.5

FY2010

FY2011

Operating Revenue increased for two consecutive years, recovering 5 trillion yen. Operating Income steadily progressed.

Revised 0 initial forecast for operating income upward to 1.25 trillion yen.

Mobile Business Remains Strong zNo. of smartphones sold: 3.63 million; annual target revised upwards to 8.50 million. zImprovement in Packet ARPU: 150 yen increase compared to the same 3-month period ending September 30 of the prior fiscal year; annual target revised upwards to 2,700 yen.

Expansion of Global Business Revenues z5.4 billion USD; tripled compared to FY2010/2Q zAnnual target of 10 billion USD to be accomplished this year, one year earlier than previously planned.

Return to Shareholders zBuy back of 58 million shares for 220 billion yen. (buy back #1) zResolutions adopted for cancellation of 125 million shares of treasury stock and for a buy back of up to an additional 44 million shares.

(buy back #2) zEPS for the current fiscal year is expected to improve significantly.

(425.48 yen, an increase of 10.5% year-on-year)

-2-

LOGO

Consolidated Results and Forecasts (U.S. GAAP)

FY2011/2Q Highlights

Operating Revenues increased for two consecutive years, recovering 5 trillion yen. Operating Income steadily progressed.

(Billions of yen)

FY2011/2Q

FY2010/2Q

Change year-on-year

[%]

Operating Revenues

5,154.6 +155.5 +3.1% 4,999.1

Operating Expenses

4,469.1 +197.0 +4.6% 4,272.1

Operating Income

685.5 (41.5) (5.7)% 727.0

Net Income

296.4 (18.8) (6.0)% 315.2

FY2011 Initial Forecasts

% progress compared to FY2011 Initial Forecasts

10,540.0 48.9%

9,300.0 48.1%

1,240.0 55.3%

540.0 54.9%

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

—3—

LOGO

Forecasts

Major Subsidiaries’ Forecasts for FY2011

Initial Forecast for Operating Income revised 10.0 billion yen upward to 1,250.0 billion yen.

Initial Forecast for Operating Revenues remained unchanged.

(Billions of yen)

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

(U.S. GAAP) <Non-Consolidated> <Non-Consolidated> <Non-Consolidated> <Consolidated> <Consolidated>

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

FY2011 FY2011 FY2011 FY2011 FY2011 FY2011

Change Change Change Change Change Change

Revised Revised Revised Revised Revised Revised

from Initial from Initial from Initial from Initial from Initial from Initial

Forecasts Forecasts Forecasts Forecasts Forecasts Forecasts Forecasts Forecasts Forecasts Forecasts Forecasts Forecasts

Operating Revenues 10,540.0 0.0 1,895.0 (5.0) 1,687.0 (17.0) 1,003.0 (10.0) 1,200.0 0.0 4,240.0 10.0

Operating Expenses 9,290.0 (10.0) 1,825.0 (5.0) 1,632.0 (17.0) 908.0 (18.0) 1,120.0 0.0 3,370.0 (10.0)

Operating Income 1,250.0 10.0 70.0 0.0 55.0 0.0 95.0 8.0 80.0 0.0 870.0 20.0

Net Income 545.0 5.0 47.0 3.0 49.0 0.0 61.0 4.0 39.0 0.0 514.0 12.0

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

—4—

LOGO

Effects from the Earthquake

NTT Group’s consolidated loss due to effects from the earthquake was 20.0 billion yen and Capital Investment was 8.0 billion yen.

The Revised Forecasts for loss and for Capital Investment remained at the same level as the Initial Forecast: 30.0 billion yen.

(Billions of yen)

FY2011 Revised Forecasts FY2011/2Q FY2011 Initial

Forecast

Capital Capital Capital

Profit/loss Change from Change from Profit/loss Profit/loss

Initial Investment Initial Investment Investment

Forecasts Forecasts

NTT

East Approx.

18.0 *

(2.0) Approx.

25.0 5.0 9.0 6.0 Approx.

20.0 Approx.

20.0

Approx. Approx. Approx. Approx.

NTT 10.0 — 5.0 (5.0) 9.0 1.0 10.0 10.0

DOCOMO

Approx.

others 2.0 2.0 2.0 — — — — —

Approx. Approx. Approx. Approx.

NTT 30.0 — 30.0 — 20.0 8.0 30.0 30.0

Consolidated

* Includes the effects of the decrease in base rates of 3.0 billion yen and a decrease in special losses of 5.0 billion yen.

—5—

LOGO

Progress of Broadband Services

LOGO

Operation Data

Number of Subscribers for Fixed Broadband Services

Annual target will be reached by, among other things, working to increase the number of new subscribers by promoting FLET’S Hikari Light Plan and further use of Wi-Fi, and by limiting subscription cancellations.

Number of subscribers

(Thousands)

FLET’S ADSL FLET’S Hikari Hikari Denwa

20,000 15,000 10,000 5,000

17,092 17,376 17,728 17,916 18,310 18,542 19,561

3,253 3,136 3,004 2,858 2,715 2,579 2,403

13,839 14,240 14,724 15,059 15,595 15,963 17,159

10,648 11,104 11,641 12,113 12,565 13,023 14,363

2010.6 2010.9 2010.12 2011.3 2011.6 2011.9 FY2011E

(1)

Optical video service 1,433 1,606 1,837 2,005 2,194 2,429 2,834

Changes from the preceding quarter

(Thousands)

FY2010 FY2011

FY2010 FY2011E

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

FLET’S Hikari(2) 588 401 484 335 536 368 904 1,808 2,100

Number of

(3)

opened 1,018 809 897 849 1,019 874 1,894 3,573 4,100

connections

FLET’S ADSL (129) (117) (132) (147) (142) (136) (279) (524) (455)

Hikari Denwa4 506 457 537 472 453 457 910 1,971 2,250

(1)

Number of Optical video services includes Hikari TV and FLET’S TV.

(2) Number of FLET’S Hikari subscriptions includes B FLET’S, FLET’S Hikari Next and FLET’S Hikari LIGHT provided by NTT East and B FLET’S, FLET’S Hikari Premium, FLET’S Hikari Mytown,and FLET’S Hikari Next provided by NTT West.

(3)

Number of opened connections excludes openings due to relocations.

(4)

Number of Hikari Denwa subscriptions is calculated by number of thousand channels.

—6—

LOGO

Operation Data

Number of Subscribers for Mobile Broadband Services

Annual target will be reached by, among other things, working to bolster the sales of smartphones and to further improve customer satisfaction.

Number of subscribers

(Thousands)

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

mova FOMA+Xi

2,352

1,954

1,636

1,239

969

743

54,162

54,940

55,574

56,771

57,445

58,251

60,210

2010.6 2010.9 2010.12 2011.3 2011.6 2011.9

FY2011E

Total number of increase in subscribers for the 6-month period during Apr.-Sept.: 983 (thousands)

Change from the preceding quarter

FOMA+Xi

mova (Thousands)

FY2010 FY2011 FY2010 FY2011E

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

959 778 633 1,197 674 805 3,568 3,440

(526) (398) (318) (398) (269) (227) (1,640) (1,240)

Note: The number of communication module service subscribers is included in total mobile broadband services subscribers.

LOGO

Operation Data

ARPU of Fixed Broadband Services (FLET’S Hikari)

We will strive to increase ARPU by continuing sales of value-added services, such as Hikari Denwa, and by creating new use scenarios.

NTT East

Excluding effects from the earthquake *

Optional Service Basic Monthly Charge

(Yen)

6,000

4,000 2,000 0

5,820 5,900 5,900 5,880 5,850 5,900* 5,890 * 5,900 * 5,880 * 5,890 5,880 5,940

1,520 1,550 1,580 1,610 1,600 1,620 1,570 1,670

4,300 4,350 4,320 4,270 4,250 4,270 4,310 4,270

FY2010 FY2011

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

FY2010

FY2011E

NTT West

(Yen)

6,000 4,000 2,000 0 5,830

5,890

5,910

5,930

5,920

5,940

5,890

5,960

1,540

1,570

1,590

1,610

1,620

1,650

1,580

1,660

4,290

4,320

4,300

4,290

4,310

4,300

FY2010 FY2011

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

FY2010 FY2011E

Note: FLET’S Hikari includes B FLET’S, FLET’S Hikari Next and FLET’S Hikari LIGHT provided by NTT East and B FLET’S, FLET’S Hikari Premium, FLET’S Hikari Mytown and FLET’S Hikari Next provided by NTT West. Please see page 26 regarding the calculation of ARPU.

*Figures were calculated by deducting the number of subscriptions which have not been billed due to damages by the Great East Japan Earthquake, from the subscription base used for calculating ARPU. These figures are for reference purposes only. Copyright (c) 2011 Nippon Telegraph and Telephone Corporation

—8—

LOGO

Operation Data

ARPU of Mobile Broadband Services (FOMA, Xi)

Packet ARPU increased due to increased sales of smartphones.

Total ARPU, including voice ARPU, as in the previous quarter, continued to increase in the three-month period ended September 30, 2011.

Voice ARPU Packet ARPU

(Yen)

8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0

5,190

2,680

2,510

5,200

2,660

2,540

5,130

2,590

2,540

4,760

2,190

2,570

4,960

2,340

2,620

+10

+70

4,970

2,280

2,690

5,070

2,530

2,540

4,870

2,170

2,700

FY2010 FY2011

FY2010 FY2011E

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

Voice ARPU 2,680 2,660 2,590 2,190 2,340 2,280 2,530 2,170

Packet ARPU 2,510 2,540 2,540 2,570 2,620 2,690 2,540 2,700

Note: Communication module service subscribers and the revenues thereof are not included in the calculation of mobile broadband services ARPU.

Revenues and subscriptions from mova services, which are scheduled to be phased out by the end of March 2012, are included in the calculation of ARPU. Please see page 26 regarding the calculation of ARPU.

—9—

LOGO

Operation Data

Number of Subscribers for Video Services

Primarily for fixed broadband

In the first half of the fiscal year, multiscreen viewing and other new services were provided, and the number of subscribers

increased to 2.43 million as of the end of September.

Going forward, we will continue to endeavor to expand content and services to expand our customer base.

(10,000 subscribers)

300 250 200 150 100 50 0

143

110

161

120

184

133

201

141

219

151

243

165

2010.6 2010.9 2010.12 2011.3 2011.6 2011.9

*1. “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 broadcast service,”Opticast Facility Use Services”.

*2.”BeeTV” is a service provided by Avex Broadcasting and Communications, Inc., a joint venture between Avex Entertainment and NTT DOCOMO.

*3.”d Market” is the content market that NTT DOCOMO provides for smartphones, divided into the four categories of “Video Store”, “Bookstore”, “Music Store” and “Apps and Reviews”.

*4. “NOTTV” is a service provided by mmbi, in which NTT DOCOMO has an ownership stake.

Primarily for mobile broadband

In the first half of the fiscal year, “BeeTV”* 2 for smartphones was provided, and the number of subscribers increased to 1.84 million as of the end of September.

Going forward, we will further stimulate demand 4 by providing services such as “d Market”* 3 and “NOTTV” *4 .

(10,000 subscribers)

200

150

100

126 144 152 155 157 184 2010.6 2010.9 2010.12 2011.3 2011.6 2011.9

—10—

LOGO

Financial Information

LOGO

FY2011/2Q Contributing Factors by Segment

Regional communications business: Decrease in Operating Revenues and Operating Income due to a fall in voice transmission services revenues, etc.

Long distance and international communications business: Increase in Operating Revenues and Operating Income due to the acquisition of Dimension Data, etc.

Mobile communications business: Decrease in Operating Revenues and Operating Income due to a fall in voice transmission services revenues, etc.

Data communications business: Increase in Operating Revenues and Operating Income due to the increase in the number of consolidated subsidiaries.

Operating Revenues

[year-on-year+155.5]

Long distance and international communications business

Data communications business

Other

Elimination of intersegment/Others

(Billions of yen)

4,999.1

(75.7)

+210.2

(25.2)

+35.6

(13.4)

+24.0

5,154.6

Regional communications business

Mobile communications business

FY2010/2Q

FY2011/2Q

Operating Expenses

[year-on-year+197.0 ]

Long distance and international communications business

Data communications business

Other

Elimination of intersegment/Others

4,272.1

(43.1)

+191.9

(2.9)

+27.3

(11.0)

+34.7

4,469.1

Regional communications business

Mobile communications business

FY2010/2Q

FY2011/2Q

Operating Income

[year-on-year(41.5) ]

Regional Long distance and Mobile Data Other business Elimination of

FY2010/2Q communications business communications international communications business communications business intersegment/ Others FY2011/2Q

business

727.0 (32.6) +18.3 (22.3) +8.3 (2.5) (10.7) 685.5

—11—

LOGO

Subsidiaries’ Results (JPN GAAP Non-Consolidated)

NTT East Financial Results

Operating Revenues and Operating Income decreased due to, among other things, the negative effect on revenues due to the earthquake and the blunting of revenue increases from IP Services.

The Initial Forecast for Operating Revenues was revised downward 5.0 billion yen, while the Initial Forecast for Operating Income remained unchanged.

FY2011/2Q

FY2011E

Operating Revenues

(35.1)

(3.7)%

Progress 48.4%

(62.1)

(3.2)%

(Billions of yen)

Decrease of 5.0 from Initial Forecasts

951.7

Voice Transmission Services IP Services Others

(43.7) +25.6 (17.0)

916.5

1,957.1

Voice Transmission Services IP Services Others

(93.2) +74.5 (43.3)

1,895.0

FY2010/2Q

FY2011/2Q

FY2010

FY2011E

Operating Expenses

(20.5)

(2.3)%

Progress 48.5%

(54.9)

(2.9)%

Decrease of 5.0 from Initial Forecasts

905.6

Personnel expenses

Expenses for purchase of goods and services and other expenses Depreciation expenses and loss on disposal of assets

(3.3) (10.1) (7.1)

885.0

1,879.9

Personnel expenses

Expenses for purchase of goods and services and other expenses Depreciation expenses and loss on disposal of assets

(4.7) (39.6)

(10.5)

1,825.0

FY2010/2Q

FY2011/2Q

FY2010

FY2011E

Operating Income

Progress 45.1%

Same as Initial Forecasts

46.1

(14.5)

(31.6)%

31.5

77.1

(7.1)

(9.3)%

70.0

—12—

LOGO

Subsidiaries’ Results (JPN GAAP Non-Consolidated)

NTT West Financial Results

Operating Revenues and Operating Income decreased due to, among other things, the blunting of revenue increases from IP Services.

The Initial Forecast for Operating Revenues was revised downward 17.0 billion yen, while the Initial Forecast for Operating Income remained unchanged.

FY2011/2Q

FY2011E

Operating Revenues

(35.7)

(4.1)%

Progress 49.3%

(71.0)

(4.0)%

(Billions of yen)

Decrease of 17.0 from Initial Forecasts

868.0

Voice Transmission Services IP Services Others

(41.2) +25.5 (19.9)

832.3

1,758.0

Voice Transmission Services IP Services Others

(81.0) +53.9 (43.8)

1,687.0

FY2010/2Q

FY2011/2Q

FY2010

FY2011E

Operating Expenses

(25.7)

(3.1)%

Progress 49.5%

(76.4)

(4.5)%

Decrease of 17.0 from Initial Forecasts

833.5

Personnel expenses

Expenses for purchase of goods and services and other expenses Depreciation expenses and loss on disposal of assets

(2.3) (18.8) (4.6)

807.7

1,708.4

Personnel expenses

Expenses for purchase of goods and services and other expenses Depreciation expenses and loss on disposal of assets

(4.7) (55.2)

(16.4)

1,632.0

FY2010/2Q

FY2011/2Q

FY2010

FY2011E

Operating Income

Progress 44.6%

Same as Initial Forecasts

34.4

(9.9)

(28.8)%

24.5

49.6

+5.3

+10.8%

55.0

—13—

LOGO

Subsidiaries’ Results (JPN GAAP Non-Consolidated)

IP-related Revenues and Voice Revenues of NTT EAST and NTT WEST

In the second quarter, NTT East’s IP-related Revenues surpassed Voice Revenues for the first time.

NTT EAST

Billions of yen

593.7

530.1

Voice Revenues

468.7

419.0

380.0 380.6

355.0

IP-related Revenues 312.5

336.3

271.1

9,040

216.7

8,088

165.4 6,953

5,702

4,210

FTTH 2,605

Subscriptions

(thousands)

FY2006 FY2007 FY2008 FY2009 FY2010 FY2011

/2Q /2Q /2Q /2Q /2Q /2Q

NTT WEST

(Billions of yen)

583.8

522.1

Voice Revenues

460.9

409.5

373.3

332.0

IP-related Revenues 284.2

309.7

255.0

221.9

184.1

6,923

6,152

140.4

5,325

4,394

3,215

FTTH 2,118

Subscriptions

(thousands)

FY2006 FY2007 FY2008 FY2009 FY2010 FY2011

/2Q /2Q /2Q /2Q /2Q /2Q

—14—

LOGO

Subsidiaries’ Results (JPN GAAP Non-Consolidated)

NTT Communications Financial Results

While the trend of decreasing Operating Revenues continued, Operating Income increased due to extensive cost reductions, etc.

The Initial Forecast for Operating Revenues was revised downward 10.0 billion yen, while the Initial Forecast for Operating Income was revised upward 8.0 billion yen.

FY2011/2Q FY2011E

Operating Revenues

(23.4)

(4.6)%

(30.4)

(2.9)%

(Billions of yen)

Decrease of 10.0 from Initial Forecasts

509.0

Voice Transmission Service IP Services Others

(13.9) (3.9) (5.5)

Progress 48.4%

485.5

1,033.4

Voice Transmission Services IP Services Others

(31.3) 1.7 +2.6

1,003.0

FY2010/2Q

FY2011/2Q

FY2010

FY2011E

(35.6)

(7.6)%

Progress 47.6%

(32.1)

(3.4)%

Decrease of 18.0 from Initial Forecasts

467.3

Personnel expenses

Expenses for purchase of goods and services and other expenses Depreciation expenses and loss on disposal of assets

(1.4)

(26.3)

(7.8)

431.7

940.1

Personnel expenses

Expenses for purchase of goods and services and other expenses Depreciation expenses and loss on disposal of assets

2.3 (22.7)

(7.0)

908.0

FY2010/2Q

FY2011/2Q

FY2010

FY2011E

Operating Income

41.6

+12.1

+29.2

Progress 56.6%

53.7

93.2

+1.7

+1.9

Increase of 8.0 from Initial Forecasts

95.0

—15—

LOGO

Subsidiaries’ Results (JPN GAAP Consolidated)

NTT DATA Financial Results

Increase in Operating Revenues and Operating Income due to the increase in the number of consolidated subsidiaries and improvement in cost of sales ratio, etc.

Initial Forecasts remained unchanged as there are uncertainties heading into the second half of the fiscal year, including the declining state of the economy and the appreciating yen.

FY2011/2Q FY2011E

Operating Revenues

533.7

+38.0

+7.1%

Progress 47.6%

571.7

1,161.9

+38.0

+3.3%

(Billions of yen)

Same as Initial Forecasts

1,200.0

FY2010/2Q

FY2011/2Q

FY2010

FY2011E

Operating Expenses

508.3

+32.6

+6.4%

Progress 48.3%

540.9

1,083.6

+36.3

+3.4%

Same as Initial Forecasts

1,120.0

FY2010/2Q

FY2011/2Q

FY2010

FY2011E

Operating Income

25.3

+5.3

+21.1%

Progress 38.4%

30.7

78.3

+1.6

+2.2%

Same as Initial Forecasts

80.0

—16 —

LOGO

Subsidiaries’ Results (U.S. GAAP Consolidated)

NTT DOCOMO Financial Results

Excluding the effects of the revision of the point program/handset repair program implemented during the last fiscal year, Operating Income increased substantially.

Initial Forecasts were revised upward, taking into account the strong sales of smartphones and the increase in packet ARPU.

FY2011/2Q

Operating Revenues

(25.2)

(1.2)%

2,138.2

FY2010/2Q

Progress 49.8%

2,113.0

FY2011/2Q

FY2011E

(Billions of yen)

Increase of 10.0 from Initial Forecasts

+15.7

+0.4%

4,224.3

FY2010

4,240.0

FY2011E

Operating Expenses

1,606.7

FY2010/2Q

(2.2)

(0.1)%

Progress 47.6%

1,604.5

FY2011/2Q

3,379.5

FY2010

(9.5)

(0.3)%

Decrease of 10.0 from Initial Forecasts

3,370.0

FY2011E

Operating Income

531.5

(23.0)

(4.3)%

Progress 58.4%

508.5

844.7

+25.3

+3.0%

Increase of 20.0 from Initial Forecasts

870.0

—17—

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Subsidiaries’ Results (JPN GAAP/U.S. GAAP)

Details of Difference Between Consolidated Operating Income and Total Operating Income of 5 Major Subsidiaries

(Billions of yen)

FY2010/2Q

679.1

Total operating income of 5 major subsidiaries (JPN GAAP)

+41.1

NTT (Holding Company): 4.7

NTT URBAN DEVELOPMENT (Consolidated): 14.3 NTT COMWARE: 3.4 NTT FINANCE (Consolidated): 6.0 Outsourcing companies (East): 5.7 Outsourcing companies (West): (1.0) Other companies: 7.8

Total operating income of subsidiaries other than the 5 major ones (excluding the effect of dividends received by NTT (Holding Company))

+6.8

Pension (actuarial difference, etc.): +4.5 Depreciation of engineering facilities: (19.9) Adjustments between operating and non-operating items, including eliminations, etc.

Elimination and U.S. GAAP adjustments

727.0

Consolidated operating income (U.S. GAAP)

FY2011/2Q

649.1

Total of operating income of 5 major subsidiaries (JPN GAAP)

+42.7

NTT (Holding Company): 3.1

NTT URBAN DEVELOPMENT (Consolidated): 13.2 NTT COMWARE: (1.1) NTT FINANCE (Consolidated): 7.4 Outsourcing companies (East): 3.9 Outsourcing companies (West): (3.6) Other companies: 19.6

Total operating income of subsidiaries other than the 5 major ones (excluding the effect of dividends received by NTT (Holding Company))

(6.3)

Pension (actuarial difference, etc): (2.6) Depreciation of engineering facilities: (17.4) Adjustments between operating and non-operating items, including eliminations, etc.

Elimination and U.S. GAAP adjustments

685.5

Consolidated operating income (U.S. GAAP)

—18—

LOGO

Capital Investment

Capital Investments during the six-month period ended September 30, 2011 remained at the same level as the same period of the previous fiscal year.

Initial Forecasts were revised upward 20.0 billion yen to 1,970.0 billion yen.

(Billions of yen)

892.1

55.8

316.1

72.1

44.1

171.3

221.3

10.9

FY2009/2Q

FY2009

1,987.1

839.0

61.1

72.7

13.0

39.6

171.3

171.2

FY2010/2Q

FY2010

1,870.1

828.2

62.3

311.6

67.5

13.4

61.3

154.9

157.0

FY2011/2Q

FY2011E

1,970.0

Other

NTT DOCOMO (Consolidated)

NTT DATA (Consolidated)

NTT (Holding Company)

NTT Communications

NTT West NTT East

—19—

LOGO

Details of Consolidated Cash Flows

Cash flows from operating activities decreased due to a decrease in net income in addition to an increase in payments of accounts payable. In cash flows from investing activities, cash outlays increased due to an increase in short-term investments exceeding three months in duration.

While showing a negative number, FCF would have been in the 300.0 billion range if not for the effect of fund operations. Cash flows from financing activities amounted to increased cash outlays due to the buy back of shares.

(Billions of yen)

Cash flows from operating activities (A)

Cash flows from investing activities (B)

Cash flows from financing activities

FCF (A) + (B)

EBITDA*

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

1,356.5 1,259.3

1,724.5 1,645.8

(97.3)

(286.8)

(172.8)

366.5

(990.0)

(1,276.8)

(290.0)

(462.8)

(17.6)

(384.1)

(78.7)

FY2010/2Q FY2011/2Q

Increase/Decrease from same period of the previous fiscal year

*EBITDA = Operating Income + Depreciation, Amortization, and Loss on Disposal of Property, Plant and Equipment

—20—

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Transformation of Business Structure

Consolidated Revenue Composition Image

Solution & New Business, etc. IP business Legacy business

100% 80% 60% 40% 20% 0%

New Solution Business, & etc.

26%

IP business

26%

Legacy business

48%

52%

29%

58%

29%

42%

29%

61%

32%

39%

30%

65%

35%

IP, solution & new business account for roughly two-thirds

31%

68%

37%

32%

33%

70% 37%

30%

FY2007 FY2008 FY2009 FY2010 FY2011/2Q FY2011E

—21—

LOGO

Appendices

LOGO

Appendices

Shareholders Returns

Dividends per share

(yen)

150 100 50 0

Dividends per share Pay-out ratio

50% 40% 30% 20% 10% 0%

Pay-out ratio

60 17.1%

80 23.0%

Approx. *1

23%

110 27.5%

120 32.3%

120 31.2%

140

32.9% *2

FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011E

(Billions of yen)

600.0

400.0 200.0 0.0

Share buy backs

539.4 94.4 200.0 223.4 *2

• Resolution for 2nd buy back up to 44 million shares, 220.0 billion yen

FY2005 FY2006 FY2007 FY2008 FY2009 FY2010 FY2011E

*1 Excludes special factors such as the transfer of the substitutional portion of the Employee Pension Fund.

*2 Based on the assumption that NTT will buy back all of the 99.33 million shares that the government has budgeted for sale, and make them its treasury stock.

(Note) The basic policy on cancellation of all treasury stock owned by NTT as of March 31, 2010 (approx. 250 million shares) was resolved in May 2010, and one-half of such shares was cancelled in November 2010. The remaining half is expected to be cancelled in November 2011.

—22—

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Appendices

FY2011/2Q Details of Financial Results (Per Item)

Operating

Revenues [year-on-year+155.5]

Other (12.4) revenues

(Billions of yen)

Voice related services revenues

(198.3)

SI revenues and sales of telecommunications equipment

+241.0

Fixed IP/packet

Mobile IP/packet

4,999.1

Fixed voice

Mobile voice

Fixed voice : (112.7) Mobile voice : (85.6)

Systems Integration

Telecommunications equipment

IP/packet communications services revenues

+125.2

Fixed IP/packet : +56.0 Mobile IP/packet: +69.2

5,154.6

FY2010/2Q

Systems Integration : +252.3 Telecommunications equipment (Fixed-line) : (7.5) Telecommunications equipment (Mobile) : (3.7)

FY2011/2Q

Operating

Expenses [year-on-year+197.0]

4,272.1

FY2010/2Q

(37.3)

Depreciation expenses and loss on disposal of assets

+169.6

Expenses for purchase of goods and services and other expenses

+66.1

Personnel expenses

(1.3)

Other expenses

4,469.1

FY2011/2Q

—23—

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Appendices

Details of Consolidated Balance Sheet

March 31, 2011

19,665.6

(Billions of yen)

September 30, 2011

Assets

19,665.6

Depreciable Assets (property, plant and equipment)

8,454.5

Deferred Tax Assets (non-current) 887.0

Liabilities

9,584.7

Interest-Bearing Debt 4,553.5 Liability for Employees’ Retirement Benefits 1,536.0

Equity

10,080.9

Treasury Stock (603.1)

19,264.7

Assets

19,264.7[(400.9)]

Depreciable Assets (property, plant and equipment)

8,300.4[(154.0)]

Deferred Tax Assets (non-current) 884.6 [(2.4)]

Liabilities

9,136.4[(448.3)] Interest-Bearing Debt 4,455.3[(98.2)] Liability for Employees’ Retirement Benefits 1,555.9[+19.9]

Equity

10,128.3[+47.4] Treasury Stock (826.6) [(223.5)]

—24—

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Appendices

Consolidated and Main Subsidiaries’ Financial Results for FY2011/2Q

(Billions of yen)

(1)

NTT NTT

NTT East NTT West NTT Com NTT DATA NTT DOCOMO Consolidated (Holding Company)

Non-Consolidated Non-Consolidated Non-Consolidated Non-Consolidated Consolidated Consolidated (U.S. GAAP) (JPN GAAP) (JPN GAAP) (JPN GAAP) (JPN GAAP) (JPN GAAP) (U.S. GAAP)

Operating Revenues

Change year-on-year (% change)

Opetating Expenses

Change year-on-year (% change)

Operating Income

Change year-on-year (% change)

Income Before (2) Income Taxes

Change year-on-year (% change)

Net Income

Change year-on-year (% change)

5,154.6 249.7 916.5 832.3 485.5 571.7 2,113.0

155.5 18.7 (35.1) (35.7) (23.4) 38.0 (25.2) 3.1% 8.1% (3.7)% (4.1)% (4.6)% 7.1% (1.2)%

4,469.1 71.6 885.0 807.7 431.7 540.9 1,604.5

197.0 0.6 (20.5) (25.7) (35.6) 32.6 (2.2) 4.6% 0.8% (2.3)% (3.1)% (7.6)% 6.4% (0.1)%

685.5 178.1 31.5 24.5 53.7 30.7 508.5

(41.5) 18.1 (14.5) (9.9) 12.1 5.3 (23.0) (5.7)% 11.3% (31.6)% (28.8)% 29.2% 21.1% (4.3)%

681.7 177.2 43.6 31.1 64.3 28.7 511.9

(28.6) 20.8 (13.2) (13.6) 13.7 5.6 (15.1) (4.0)% 13.3% (23.2)% (30.5)% 27.0% 24.6% (2.9)%

(3)

296.4 176.4 26.7 23.6 38.3 12.4 299.0 (4)

(18.8) 21.1 (9.5) (10.1) 11.9 0.3 (10.7) (6.0)% 13.6% (26.4)% (29.9)% 45.5% 2.8% (3.5)%

(1) The number of consolidated subsidiaries is 776 and the number of companies accounted for under the equity method is 98.

(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.”

—25—

LOGO

Appendices

Calculation of ARPU

Average monthly revenue per unit, or ARPU, is used to measure average monthly operating revenues attributable to designated services on a per user basis. In the case of our fixed line business, ARPU is calculated by dividing revenue items included in the operating revenues of our Regional Communications Business, 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 our mobile business, ARPU is calculated by dividing revenue items included in the operating revenues from our Mobile Communications Business, such as revenues from Mobile (FOMA) services, revenues from Mobile (mova) services, and revenues from Mobile (Xi) services, which are incurred consistently each month (i.e., basic monthly charges and voice/packet communication 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 equipment sales, activation fees and universal service charges. We believe that our ARPU figures calculated in this way provide useful information regarding the monthly average usage of our subscribers. The revenue items included in the numerators of our ARPU figures are based on our financial results comprising our U.S. GAAP results of operations.

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 and FLET’S Hikari LIGHT provided by NTT East, and B FLET’S, FLET’S Hikari Premium, FLET’S Hikari Mytown and FLET’S Hikari Next 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 using 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 number of FLET’S Hikari subscribers including B FLET’S, FLET’S Hikari Next and FLET’S Hikari LIGHT provided by NTT East and B FLET’S, FLET’S Hikari Premium, FLET’S Hikari Mytown and FLET’S Hikari Next provided by NTT West.

(6) We separately compute the following three categories of ARPU for mobile business conducted by NTT DOCOMO.Mobile Aggregate ARPU (FOMA+mova+Xi) = Voice ARPU (FOMA+mova+Xi) + Packet ARPU (FOMA+mova+Xi).

-Our Voice ARPU (FOMA+mova+Xi) is based on operating revenues related to voice services, such as basic monthly charges and voice communication charges attributable to our FOMA and mova services, and our Packet ARPU (FOMA+mova+Xi) is based on operating revenues related to packet services, such as basic monthly charges and packet communication charges attributable to our FOMA, mova and Xi services.

- As Xi service does not provide voice services as of September 30, 2011, the revenues therefrom are not included in the calculations of Voice ARPU (FOMA+mova+Xi). Only the number of Xi service subscriptions are included in the calculation.

Mobile Aggregate ARPU (FOMA) = Voice ARPU (FOMA) + Packet ARPU (FOMA).

-Our Voice ARPU (FOMA) is based on operating revenues related to voice services, such as basic monthly charges and voice communication charges, and our Packet ARPU (FOMA) is based on operating revenues related to packet services, such as basic monthly charges and packet communication charges, in each case attributable to our FOMA services.

Mobile Aggregate ARPU (mova) = Voice ARPU (mova) + Packet ARPU (mova).

-Our Voice ARPU (mova) is based on operating revenues related to voice services, such as basic monthly charges and voice communication charges, and our Packet ARPU (mova) is based on operating revenues related to packet services, such as basic monthly charges and packet communication charges, in each case attributable to our mova services.

(7) Communications module service, phone number storage service and mail address storage service subscribers and the revenues therefrom are not included in the calculations of Mobile Aggregate ARPU.

(8)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 Apr. to Jun.

-2Q Results: Sum of number of active subscribers** for each month from Jul. to Sept. -3Q Results: Sum of number of active subscribers** for each month from Oct. to Dec. -4Q Results: Sum of number of active subscribers** for each month from Jan. to Mar.

-Six Months Results: Sum of Number of active subscribers** for each month from Apr. to Sept. -FY Results : Sum of number of active subscribers** for each month from Apr. to Mar.

-FY (Forecast when previous annual results were announced): Average expected active Number of subscribers ((Number of subscribers at end of previous Mar. + Number of expected subscribers at end of following Mar.)/2)x12 -FY (Revised forecast): Sum of the sum of actual Number of active subscribers at the end of each month from Apr. to Sept. and the average expected active Number of subscribers during the second half of the fiscal year ((Number of subscribers at end of Sept. + Number of expected subscribers at end of the following Mar.)/2)x6 (9)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 Apr. to Jun. -2Q Results: Sum of number of active subscribers** for each month from Jul. to Sept. -3Q Results: Sum of number of active subscribers** for each month from Oct. to Dec. -4Q Results: Sum of number of active subscribers** for each month from Jan. to Mar.

-Six Months Results: Sum of Number of active subscribers** for each month from Apr. to Sept. -FY Results: Sum of number of active subscribers** for each month from Apr. to Mar.

-FY (Forecast when previous annual results were announced) and FY (Revised forecast): Sum of expected number of active subscribers** for each month from Apr. to Mar.

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

—26—

November 9, 2011

FOR IMMEDIATE RELEASE

Financial Statements for the Six Months Ended September 30, 2011

The results of Nippon Telegraph and Telephone East Corporation (NTT East) for the six months ended September 30, 2011 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

For inquiries, please contact:

Mr. Hiroshi Niitsu or Mr. Takayuki Arita

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, 2011			September 30, 2011			Increase (Decrease)
ASSETS
Fixed assets:
Fixed assets - telecommunications businesses
Property, plant and equipment
Machinery and equipment		518,747			504,672			(14,074	)
Antenna facilities		5,456			5,259			(197	)
Terminal equipment		73,253			69,295			(3,957	)
Local line facilities		801,071			807,028			5,956
Long-distance line facilities		3,921			3,560			(360	)
Engineering facilities		628,723			621,534			(7,188	)
Submarine line facilities		2,213			1,998			(215	)
Buildings		474,115			461,742			(12,373	)
Construction in progress		42,344			37,139			(5,204	)
Other		259,472			254,664			(4,807	)
Total property, plant and equipment		2,809,318			2,766,894			(42,423	)
Intangible fixed assets		104,987			94,529			(10,458	)
Total fixed assets - telecommunications businesses		2,914,306			2,861,423			(52,882	)
Investments and other assets
Other investments and assets		254,992			254,459			(533	)
Allowance for doubtful accounts		(1,063	)		(1,039	)		24
Total investments and other assets		253,929			253,420			(508	)
Total fixed assets		3,168,235			3,114,844			(53,391	)

Current assets:
Cash and bank deposits		172,498			87,815			(84,683	)
Notes receivable		7			221			214
Accounts receivable, trade		323,537			265,054			(58,483	)
Supplies		35,259			42,044			6,785
Other current assets		69,587			108,633			39,045
Allowance for doubtful accounts		(4,073	)		(3,383	)		690
Total current assets		596,816			500,386			(96,430	)

TOTAL ASSETS		3,765,052			3,615,230			(149,822	)

– 1 –


	(Millions of yen)
	March 31, 2011			September 30, 2011			Increase (Decrease)
LIABILITIES
Long-term liabilities:
Long-term borrowings from parent company		666,055			641,885			(24,169	)
Liability for employees’ retirement benefits		254,054			251,681			(2,373	)
Reserve for point services		2,944			4,021			1,076
Reserve for unused telephone cards		15,101			15,016			(84	)
Asset retirement obligations		629			636			7
Other long-term liabilities		10,056			12,810			2,754
Total long-term liabilities		948,842			926,052			(22,789	)
Current liabilities:
Current portion of long-term borrowings from parent company		122,687			144,038			21,350
Accounts payable, trade		104,534			60,140			(44,393	)
Short-term borrowings		30,000			—			(30,000	)
Accrued taxes on income		1,661			6,222	*		4,561
Allowance for loss on disaster		5,500			4,518			(982	)
Asset retirement obligations		70			70			0
Other current liabilities		421,985			351,182			(70,803	)
Total current liabilities		686,438			566,172			(120,265	)

TOTAL LIABILITIES		1,635,281			1,492,225			(143,055	)


NET ASSETS
Shareholders’ equity:
Common stock		335,000			335,000			—
Capital surplus		1,499,726			1,499,726			—
Earned surplus		295,308			288,548			(6,760	)
Total shareholders’ equity		2,130,035			2,123,275			(6,760	)
Unrealized gains (losses), translation adjustments, and others:
Net unrealized gains (losses) on securities		(263	)		(270	)		(6	)
Total unrealized gains (losses), translation adjustments, and others		(263	)		(270	)		(6	)

TOTAL NET ASSETS		2,129,771			2,123,004			(6,766	)

TOTAL LIABILITIES AND NET ASSETS		3,765,052			3,615,230			(149,822	)


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, 2010			Six months ended September 30, 2011			Increase (Decrease)			Year ended March 31, 2011
Telecommunications businesses:
Operating revenues		888,411			858,122			(30,288	)		1,776,085
Operating expenses		843,126			829,708			(13,417	)		1,706,911
Operating income from telecommunications businesses		45,284			28,413			(16,870	)		69,173

Supplementary businesses:
Operating revenues		63,325			58,471			(4,853	)		181,061
Operating expenses		62,482			55,324			(7,158	)		173,080
Operating income from supplementary businesses		842			3,147			2,304			7,981
Operating income		46,127			31,561			(14,566	)		77,155

Non-operating revenues:
Interest income		66			55			(11	)		141
Dividends received		1,796			2,633			836			1,817
Lease and rental income		22,799			22,057			(742	)		45,112
Miscellaneous income		4,191			2,680			(1,511	)		6,823
Total non-operating revenues		28,855			27,425			(1,429	)		53,894

Non-operating expenses:
Interest expenses		5,587			5,021			(565	)		10,969
Lease and rental expenses		10,591			9,541			(1,050	)		21,457
Miscellaneous expenses		1,953			781			(1,172	)		2,556
Total non-operating expenses		18,132			15,344			(2,788	)		34,983
Recurring profit		56,850			43,642			(13,207	)		96,066
Special profits		—			4,393			4,393			—
Special losses		—			7,985			7,985			19,190
Income before income taxes		56,850			40,051			(16,799	)		76,876
Income taxes		20,538	*		13,311	*		(7,226	)		24,572
Net income		36,312			26,739			(9,572	)		52,303


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.

– 3 –

3. Business Results (Non-Consolidated Operating Revenues)

(Based on accounting principles generally accepted in Japan)


	(Millions of yen)
	Six months ended September 30, 2010		Six months ended September 30, 2011		Increase (Decrease)			Percent Increase (Decrease)			Year ended March 31, 2011

Voice transmission services revenues (excluding IP services revenues)		380,027		336,300		(43,727	)		(11.5	)		742,278
Monthly charge revenues*		260,718		235,496		(25,221	)		(9.7	)		509,204
Call rates revenues*		36,832		30,952		(5,880	)		(16.0	)		71,160
Interconnection call revenues*		51,024		42,421		(8,603	)		(16.9	)		99,854
IP services revenues		355,035		380,669		25,634			7.2			724,493
Leased circuit services revenues (excluding IP services revenues)		75,676		68,567		(7,108	)		(9.4	)		149,488
Telegram services revenues		9,406		8,315		(1,090	)		(11.6	)		18,869
Other telecommunications services revenues		68,265		64,270		(3,995	)		(5.9	)		140,956

Telecommunications total revenues		888,411		858,122		(30,288	)		(3.4	)		1,776,085

Supplementary business total revenues		63,325		58,471		(4,853	)		(7.7	)		181,061

Total operating revenues		951,736		916,594		(35,141	)		(3.7	)		1,957,147

*	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, 2010			Six months ended September 30, 2011			Increase (Decrease)			Year ended March 31, 2011
Cash flows from operating activities:
Income before income taxes		56,850			40,051			(16,799	)		76,876
Depreciation and amortization		202,616			197,940			(4,676	)		403,510
Loss on disposal of property, plant and equipment		11,522			9,649			(1,872	)		26,826
Increase (decrease) in liability for employees’ retirement benefits		(1,092	)		(2,373	)		(1,281	)		(26,595	)
(Increase) decrease in accounts receivable		20,105			58,793			38,687			(30,084	)
(Increase) decrease in inventories		399			(5,477	)		(5,876	)		2,939
Increase (decrease) in accounts payable and accrued expenses		(63,341	)		(92,101	)		(28,759	)		39,504
Increase (decrease) in accrued consumption tax		3,523			(2,017	)		(5,540	)		3,460
Other		19,159			(3,528	)		(22,687	)		50,117

Sub-total		249,743			200,936			(48,806	)		546,554
Interest and dividends received		1,863			2,688			825			1,959
Interest paid		(5,770	)		(5,176	)		593			(11,071	)
Income taxes received (paid)		(19,194	)		(4,764	)		14,430			(23,043	)

Net cash provided by (used in) operating activities		226,641			193,684			(32,957	)		514,399
Cash flows from investing activities:
Payments for property, plant and equipment		(189,172	)		(197,876	)		(8,704	)		(395,380	)
Proceeds from sale of property, plant and equipment		3,105			569			(2,535	)		5,530
Payments for purchase of investment securities		(553	)		—			553			(3,047	)
Proceeds from sale of investment securities		2,040			217			(1,822	)		2,201
Other		(154	)		308			463			1,742

Net cash provided by (used in) investing activities		(184,735	)		(196,781	)		(12,046	)		(388,953	)
Cash flows from financing activities:
Proceeds from issuance of long-term debt		—			20,000			20,000			30,000
Payments for settlement of long-term debt		(35,297	)		(22,818	)		12,478			(90,595	)
Net increase (decrease) in short-term borrowings		1,000			(30,000	)		(31,000	)		30,000
Payments for settlement of lease obligations		(1,674	)		(1,663	)		10			(3,289	)
Dividends paid		(33,500	)		(33,500	)		—			(33,500	)

Net cash provided by (used in) financing activities		(69,471	)		(67,982	)		1,488			(67,385	)
Net increase (decrease) in cash and cash equivalents		(27,565	)		(71,080	)		(43,514	)		58,060
Cash and cash equivalents at beginning of period		144,764			202,824			58,060			144,764

Cash and cash equivalents at end of period		117,199			131,744			14,545			202,824

– 5 –

November 9, 2011

FOR IMMEDIATE RELEASE

Financial Statements for the Six Months Ended September 30, 2011

The results of Nippon Telegraph and Telephone West Corporation (NTT West) for the six months ended September 30, 2011 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

For inquiries, please contact:

Takashi Sasaki or Takehisa Maegawa

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, 2011			September 30, 2011			Increase (Decrease)
ASSETS
Fixed assets:
Fixed assets - telecommunications businesses
Property, plant and equipment
Machinery and equipment		512,794			491,201			(21,593	)
Antenna facilities		7,607			7,319			(288	)
Terminal equipment		21,343			21,231			(111	)
Local line facilities		862,726			863,359			632
Long-distance line facilities		2,984			2,973			(10	)
Engineering facilities		580,930			574,206			(6,724	)
Submarine line facilities		1,977			1,854			(123	)
Buildings		417,342			404,996			(12,346	)
Construction in progress		25,001			35,189			10,187
Other		229,855			225,722			(4,133	)
Total property, plant and equipment		2,662,564			2,628,054			(34,509	)
Intangible fixed assets		83,872			76,225			(7,646	)
Total fixed assets - telecommunications businesses		2,746,436			2,704,280			(42,156	)
Investments and other assets
Other investments and assets		184,655			186,091			1,436
Allowance for doubtful accounts		(393	)		(381	)		11
Total investments and other assets		184,261			185,709			1,447
Total fixed assets		2,930,698			2,889,989			(40,708	)

Current assets:
Cash and bank deposits		130,313			99,870			(30,443	)
Notes receivable		198			43			(154	)
Accounts receivable, trade		272,994			234,008			(38,986	)
Supplies		29,935			34,369			4,434
Other current assets		45,810			64,716			18,905
Allowance for doubtful accounts		(2,220	)		(1,967	)		253
Total current assets		477,032			431,041			(45,991	)

TOTAL ASSETS		3,407,731			3,321,030			(86,700	)

– 1 –


	(Millions of yen)
	March 31, 2011			September 30, 2011			Increase (Decrease)
LIABILITIES
Long-term liabilities:
Long-term borrowings from parent company		954,099			978,283			24,184
Liability for employees’ retirement benefits		258,049			252,635			(5,414	)
Reserve for point services		4,815			5,708			893
Reserve for unused telephone cards		14,280			14,200			(80	)
Asset retirement obligations		436			421			(15	)
Other long-term liabilities		15,383			14,878			(504	)
Total long-term liabilities		1,247,064			1,266,128			19,063
Current liabilities:
Current portion of long-term borrowings from parent company		142,428			113,530			(28,898	)
Accounts payable, trade		70,297			54,343			(15,954	)
Short-term borrowings		23,000			30,000			7,000
Accrued taxes on income		674			782	*		108
Other current liabilities		392,674			332,057			(60,616	)
Total current liabilities		629,073			530,713			(98,360	)

TOTAL LIABILITIES		1,876,137			1,796,841			(79,296	)


NET ASSETS
Shareholders’ equity:
Common stock		312,000			312,000			—
Capital surplus		1,170,054			1,170,054			—
Earned surplus		49,611			42,095			(7,516	)
Total shareholders’ equity		1,531,665			1,524,149			(7,516	)
Unrealized gains (losses), translation adjustments, and others:
Net unrealized gains (losses) on securities		(72	)		39			111
Total unrealized gains (losses), translation adjustments, and others		(72	)		39			111

TOTAL NET ASSETS		1,531,593			1,524,189			(7,404	)

TOTAL LIABILITIES AND NET ASSETS		3,407,731			3,321,030			(86,700	)


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, 2010			Six months ended September 30, 2011			Increase (Decrease)			Year ended March 31, 2011
Telecommunications businesses:
Operating revenues		798,792			771,010			(27,781	)		1,597,362
Operating expenses		764,973			749,141			(15,831	)		1,548,824
Operating income from telecommunications businesses		33,818			21,868			(11,950	)		48,537

Supplementary businesses:
Operating revenues		69,240			61,312			(7,928	)		160,696
Operating expenses		68,601			58,646			(9,954	)		159,587
Operating income from supplementary businesses		639			2,665			2,026			1,108
Operating income		34,457			24,534			(9,923	)		49,646

Non-operating revenues:
Interest income		3			2			(1	)		5
Dividends received		2,140			1,150			(990	)		2,151
Lease and rental income		22,428			19,504			(2,923	)		43,495
Miscellaneous income		2,005			1,640			(365	)		4,183
Total non-operating revenues		26,578			22,297			(4,281	)		49,835

Non-operating expenses:
Interest expenses		8,208			7,926			(282	)		16,383
Lease and rental expenses		6,868			6,660			(208	)		14,648
Miscellaneous expenses		1,196			1,126			(70	)		5,379
Total non-operating expenses		16,273			15,712			(561	)		36,412
Recurring profit		44,762			31,118			(13,643	)		63,069
Income before income taxes		44,762			31,118			(13,643	)		63,069
Income taxes		10,967	*		7,434	*		(3,532	)		13,983
Net income		33,795			23,683			(10,111	)		49,085


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.

– 3 –

3. Business Results (Non-Consolidated Operating Revenues)

(Based on accounting principles generally accepted in Japan)


	(Millions of yen)
	Six months ended September 30, 2010		Six months ended September 30, 2011		Increase (Decrease)			Percent Increase (Decrease)			Year ended March 31, 2011
Voice transmission services revenues (excluding IP services revenues)		373,302		332,009		(41,293	)		(11.1	)		729,085
Monthly charge revenues*		256,511		233,598		(22,912	)		(8.9	)		502,703
Call rates revenues*		32,445		26,935		(5,510	)		(17.0	)		61,884
Interconnection call revenues*		55,977		46,825		(9,152	)		(16.3	)		108,696
IP services revenues		284,209		309,774		25,564			9.0			582,095
Leased circuit services revenues (excluding IP services revenues)		67,112		62,784		(4,328	)		(6.4	)		133,103
Telegram services revenues		10,744		9,935		(809	)		(7.5	)		22,161
Other telecommunications services revenues		63,421		56,506		(6,914	)		(10.9	)		130,916

Telecommunications total revenues		798,792		771,010		(27,781	)		(3.5	)		1,597,362

Supplementary business total revenues		69,240		61,312		(7,928	)		(11.5	)		160,696

Total operating revenues		868,032		832,322		(35,709	)		(4.1	)		1,758,058

*	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, 2010			Six months ended September 30, 2011			Increase (Decrease)			Year ended March 31, 2011
Cash flows from operating activities:
Income before income taxes		44,762			31,118			(13,643	)		63,069
Depreciation and amortization		188,946			183,476			(5,470	)		376,998
Loss on disposal of property, plant and equipment		7,769			7,988			218			18,635
Increase (decrease) in liability for employees’ retirement benefits		(5,776	)		(5,414	)		362			(37,951	)
(Increase) decrease in accounts receivable		31,870			42,249			10,379			6,646
(Increase) decrease in inventories		(4,436	)		(4,472	)		(36	)		(4,829	)
Increase (decrease) in accounts payable and accrued expenses		(61,973	)		(71,853	)		(9,879	)		(6,626	)
Increase (decrease) in accrued consumption tax		939			608			(331	)		521
Other		(9,334	)		(4,958	)		4,375			27,149

Sub-total		192,767			178,741			(14,025	)		443,614
Interest and dividends received		2,145			1,153			(992	)		2,157
Interest paid		(8,228	)		(8,065	)		162			(16,423	)
Income taxes received (paid)		(3,025	)		6,474			9,500			(3,082	)

Net cash provided by (used in) operating activities		183,658			178,304			(5,354	)		426,266

Cash flows from investing activities:
Payments for property, plant and equipment		(199,227	)		(166,808	)		32,418			(379,393	)
Proceeds from sale of property, plant and equipment		1,261			673			(588	)		3,434
Payments for purchase of investment securities		—			(614	)		(614	)		(250	)
Proceeds from sale of investment securities		13			14			1			13
Other		(1,023	)		(713	)		310			(436	)

Net cash provided by (used in) investing activities		(198,976	)		(167,448	)		31,528			(376,631	)

Cash flows from financing activities:
Proceeds from issuance of long-term debt		20,000			50,000			30,000			130,000
Payments for settlement of long-term debt		(25,085	)		(54,714	)		(29,628	)		(151,170	)
Net increase (decrease) in short-term borrowings		999			(5,000	)		(5,999	)		(3,999	)
Payments for settlement of lease obligations		(918	)		(852	)		65			(1,868	)
Dividends paid		(25,003	)		(31,200	)		(6,196	)		(25,003	)

Net cash provided by (used in) financing activities		(30,007	)		(41,767	)		(11,759	)		(52,043	)
Net increase (decrease) in cash and cash equivalents		(45,325	)		(30,911	)		14,414			(2,409	)
Cash and cash equivalents at beginning of period		133,522			131,113			(2,409	)		133,522

Cash and cash equivalents at end of period		88,196			100,202			12,005			131,113

– 5 –

November 9, 2011

FOR IMMEDIATE RELEASE

NTT Com Announces Financial Results for the Six Months Ended September 30, 2011

TOKYO, JAPAN — NTT Communications Corporation (NTT Com) announced today its financial results for the six months ended September 30, 2011. 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 a broad range of global networks, management solutions and IT services to customers worldwide. The company is renowned for reliable, high-quality security, hosting, voice, data and IP services, as well as expertise in managed networks and leadership in IPv6 transit technology. NTT Communications’ extensive infrastructure includes Arcstar™ Global IP-VPN and Global e-VLAN, as well as a Tier-1 IP backbone reaching more than 150 countries in partnership with major Internet service providers, and secure data centers in Asia, North America and Europe. NTT Communications is the wholly-owned subsidiary of Nippon Telegraph and Telephone Corporation, one of the world’s largest telecoms with listings on the Tokyo, London and New York stock exchanges. Please visit www.ntt.com/index-e.html.

For more information

(Ms.) Naomi Komoda or (Mr.) Takashi Ikai

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, 2011			September 30, 2011			Increase (Decrease)
ASSETS
Fixed assets:
Fixed assets - telecommunications businesses
Property, plant and equipment
Machinery and equipment		148,965			150,556			1,591
Antenna facilities		1,688			1,643			(44	)
Terminal equipment		1,134			1,020			(113	)
Local line facilities		840			823			(17	)
Long-distance line facilities		8,299			7,721			(578	)
Engineering facilities		55,813			55,014			(799	)
Submarine line facilities		11,128			10,061			(1,066	)
Buildings		133,473			131,598			(1,874	)
Construction in progress		17,829			17,900			71
Other		87,700			89,498			1,797
Total property, plant and equipment		466,872			465,839			(1,033	)
Intangible fixed assets		73,165			85,533			12,367
Total fixed assets - telecommunications businesses		540,038			551,372			11,334
Investments and other assets
Investments in subsidiaries and affiliated companies		182,233			187,258			5,024
Other investments and assets		173,332			164,834			(8,497	)
Allowance for doubtful accounts		(266	)		(256	)		10
Total investments and other assets		355,300			351,836			(3,463	)
Total fixed assets		895,338			903,209			7,870

Current assets:
Cash and bank deposits		54,796			46,155			(8,641	)
Notes receivable		12			216			204
Accounts receivable, trade		185,255			159,667			(25,588	)
Supplies		7,035			9,389			2,354
Other current assets		23,696			30,901			7,205
Allowance for doubtful accounts		(2,340	)		(2,162	)		177
Total current assets		268,455			244,167			(24,287	)

TOTAL ASSETS		1,163,793			1,147,377			(16,416	)

– 1 –


	(Millions of yen)
	March 31, 2011		September 30, 2011			Increase (Decrease)
LIABILITIES
Long-term liabilities:
Long-term borrowings from parent company		107,309		65,488			(41,821	)
Liability for employees’ retirement benefits		79,372		81,871			2,498
Reserve for point services		3,684		4,103			418
Reserve for unused telephone cards		6,318		6,283			(35	)
Asset retirement obligations		619		661			42
Other long-term liabilities		15,187		14,909			(278	)
Total long-term liabilities		212,493		173,317			(39,175	)
Current liabilities:
Current portion of long-term borrowings from parent company		37,073		76,858			39,784
Accounts payable, trade		28,834		20,721			(8,112	)
Short-term borrowings		65		4,226			4,160
Accounts payable, other		165,741		131,547			(34,193	)
Accrued taxes on income		664		1,774	*		1,109
Allowance for losses on construction		—		58			58
Allowance for loss on disaster		957		611			(345	)
Asset retirement obligations		16		8			(8	)
Other current liabilities		29,572		29,505			(67	)
Total current liabilities		262,926		265,311			2,384

TOTAL LIABILITIES		475,420		438,629			(36,790	)


NET ASSETS
Shareholders’ equity:
Common stock		211,763		211,763			—
Capital surplus		131,615		131,615			—
Earned surplus		313,022		336,336			23,314
Total shareholders’ equity		656,401		679,715			23,314
Unrealized gains (losses), translation adjustments, and others:
Net unrealized gains (losses) on securities		31,972		29,032			(2,939	)
Total unrealized gains (losses), translation adjustments, and others		31,972		29,032			(2,939	)

TOTAL NET ASSETS		688,373		708,747			20,374

TOTAL LIABILITIES AND NET ASSETS		1,163,793		1,147,377			(16,416	)

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, 2010			Six months ended September 30, 2011			Increase (Decrease)			Year ended March 31, 2011
Telecommunications businesses:
Operating revenues		437,069			412,719			(24,350	)		868,467
Operating expenses		394,542			358,108			(36,433	)		772,624
Operating income from telecommunications businesses		42,527			54,611			12,083			95,842

Supplementary businesses:
Operating revenues		71,932			72,831			898			164,948
Operating expenses		72,841			73,655			814			167,522
Operating losses from supplementary businesses		(908	)		(823	)		84			(2,574	)
Operating income		41,619			53,787			12,168			93,268

Non-operating revenues:
Interest income		31			31			(0	)		66
Dividends received		8,097			8,089			(7	)		8,839
Lease and rental income		6,947			6,613			(334	)		13,699
Miscellaneous income		568			906			338			1,133
Total non-operating revenues		15,645			15,640			(4	)		23,739

Non-operating expenses:
Interest expenses		1,517			1,159			(357	)		2,999
Lease and rental expenses		4,058			3,649			(408	)		8,221
Miscellaneous expenses		1,015			239			(775	)		2,102
Total non-operating expenses		6,590			5,048			(1,542	)		13,322
Recurring profit		50,673			64,379			13,706			103,684
Special losses		3,262			—			(3,262	)		3,545
Income before income taxes		47,411			64,379			16,968			100,139
Income taxes		21,085	*		26,064	*		4,979			31,174
Net income		26,325			38,314			11,989			68,964

Note:

– 3 –

III. Business Results (Non-Consolidated Operating Revenues)

(Based on accounting principles generally accepted in Japan)


	(Millions of yen)
	Six months ended September 30, 2010		Six months ended September 30, 2011		Increase (Decrease)			Percent Increase (Decrease)			Year ended March 31, 2011
Voice transmission services revenues (excluding IP services revenues)		178,862		164,902		(13,960	)		(7.8	)		353,322
IP services revenues		191,105		187,126		(3,979	)		(2.1	)		381,772
Open computer network services revenues*		81,398		79,567		(1,830	)		(2.2	)		162,141
IP-Virtual private network services revenues*		37,509		34,862		(2,646	)		(7.1	)		74,296
Wide-Area Ethernet services revenues*		28,026		26,984		(1,042	)		(3.7	)		55,138
Data communications revenues (excluding IP services revenues)		46,095		40,284		(5,810	)		(12.6	)		90,751
Leased circuit services revenues*		32,374		28,903		(3,470	)		(10.7	)		64,295
Solution services revenues		79,751		80,701		950			1.2			181,471
Others		13,187		12,536		(651	)		(4.9	)		26,096

Total operating revenues		509,002		485,551		(23,451	)		(4.6	)		1,033,415


Notes: 1.		Certain amounts of “Leased circuit services revenues” have been reclassified to “IP services revenues” from the three months ended June 30, 2011. Accordingly, part of the prior year’s amounts has been reclassified.
2.		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, 2010			Six months ended September 30, 2011			Increase (Decrease)			Year ended March 31, 2011
Cash flows from operating activities:
Income before income taxes		47,411			64,379			16,968			100,139
Depreciation and amortization		57,126			50,251			(6,874	)		109,822
Loss on disposal of property, plant and equipment		1,481			1,164			(316	)		4,031
Gains on sales of fixed assets		(0	)		(441	)		(441	)		(26	)
Increase (decrease) in allowance for doubtful accounts		(131	)		(187	)		(56	)		678
Increase (decrease) in liability for employees’ retirement benefits		1,901			2,498			597			2,530
(Increase) decrease in accounts receivable		22,711			24,399			1,688			7,606
(Increase) decrease in inventories		(2,115	)		(3,313	)		(1,197	)		(2,035	)
Increase (decrease) in accounts payable and accrued expenses		(20,259	)		(16,160	)		4,098			(30,576	)
Increase (decrease) in accrued consumption tax		(634	)		673			1,307			(1,908	)
Other		897			(15,111	)		(16,009	)		15,274

Sub-total		108,387			108,152			(234	)		205,536
Interest and dividends received		8,128			8,114			(13	)		8,904
Interest paid		(1,054	)		(1,159	)		(104	)		(3,021	)
Income taxes received (paid)		(34,163	)		(25,311	)		8,852			(34,243	)

Net cash provided by (used in) operating activities		81,297			89,795			8,498			177,177

Cash flows from investing activities:
Payments for property, plant and equipment		(60,991	)		(78,783	)		(17,792	)		(89,203	)
Proceeds from sale of property, plant and equipment		331			784			453			740
Payments for purchase of investment securities		(22,045	)		(5,054	)		16,991			(32,989	)
Proceeds from sale of investment securities		10,246			50			(10,196	)		10,330
Payments for short-term loans		—			(550	)		(550	)		(928	)
Other		(1,196	)		(1,551	)		(355	)		(3,602	)

Net cash provided by (used in) investing activities		(73,655	)		(85,104	)		(11,449	)		(115,653	)

Cash flows from financing activities:
Payments for settlement of long-term debt		(2,168	)		(2,036	)		132			(44,337	)
Net increase (decrease) in short-term borrowings		(57	)		4,160			4,218			(310	)
Payments for settlement of lease obligations		(2,279	)		(1,900	)		379			(4,568	)
Dividends paid		(15,000	)		(15,000	)		—			(15,000	)

Net cash provided by (used in) financing activities		(19,506	)		(14,777	)		4,729			(64,217	)

Effect of exchange rate changes on cash and cash equivalents		(199	)		(566	)		(367	)		(102	)
Net increase (decrease) in cash and cash equivalents		(12,064	)		(10,652	)		1,412			(2,796	)
Cash and cash equivalents at beginning of period		60,755			57,958			(2,796	)		60,755

Cash and cash equivalents at end of period		48,690			47,306			(1,383	)		57,958

– 5 –

V. Financial Results of NTT Communications Group


	(Millions of yen)
	Six months ended September 30, 2010		Six months ended September 30, 2011		Increase (Decrease)			Percent Increase (Decrease)
Operating revenues		612,579		593,170		(19,409	)		(3.2	)
Operating expenses		570,594		536,193		(34,401	)		(6.0	)
Operating income		41,985		56,977		14,992			35.7

– 6 –

November 9, 2011

Nippon Telegraph and Telephone Corporation

Supplementary Data for

the Six Months Ended September 30, 2011

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, 2011		B As of Jun. 30, 2011		C As of Sept. 30, 2011								D As of Mar. 31, 2012 (Revised Forecast)					[Ref.] As of Mar. 31, 2012 (Forecast when previous annual results were announced)
					E										F
							*Change*			*Progress*					*Change*
							*C-A*			*E/F*					*D-A*
Telephone Subscriber Lines		30,271		29,563		28,856		(1,415	)		46.0	%		27,196		(3,075	)		27,199
NTT East		14,929		14,600		14,232		(697	)		42.8	%		13,299		(1,630	)		13,299
NTT West		15,342		14,963		14,624		(718	)		49.7	%		13,897		(1,445	)		13,900
INS-Net		4,613		4,488		4,370		(243	)		51.1	%		4,137		(475	)		4,134
NTT East		2,390		2,328		2,262		(128	)		47.5	%		2,120		(270	)		2,120
NTT West		2,222		2,160		2,107		(115	)		56.0	%		2,017		(205	)		2,014
Telephone Subscriber Lines + INS-Net		34,884		34,051		33,225		(1,658	)		46.7	%		31,334		(3,550	)		31,334
NTT East		17,319		16,928		16,494		(825	)		43.4	%		15,419		(1,900	)		15,419
NTT West		17,564		17,123		16,731		(833	)		50.5	%		15,914		(1,650	)		15,914
Public Telephones		252,775		248,673		241,910		(10,865	)		36.5	%		222,975		(29,800	)		222,975
NTT East		121,508		119,377		116,134		(5,374	)		33.6	%		105,508		(16,000	)		105,508
NTT West		131,267		129,296		125,776		(5,491	)		39.8	%		117,467		(13,800	)		117,467
FLET’S ISDN		193		179		168		(25	)		62.9	%		154		(39	)		154
NTT East		94		86		81		(14	)		68.2	%		74		(20	)		74
NTT West		99		92		88		(11	)		57.4	%		79		(19	)		79
FLET’S ADSL		2,858		2,715		2,579		(279	)		61.3	%		2,403		(455	)		2,403
NTT East		1,418		1,347		1,273		(146	)		58.2	%		1,168		(250	)		1,168
NTT West		1,439		1,368		1,306		(133	)		65.0	%		1,234		(205	)		1,234
FLET’S Hikari		15,059		15,595		15,963		904			43.1	%		17,159		2,100			17,159
NTT East		8,511		8,832		9,040		529			42.3	%		9,761		1,250			9,761
NTT West		6,547		6,762		6,923		375			44.2	%		7,397		850			7,397
FLET’S Hikari Next*		4,596		5,291		5,925		1,329			44.3	%		7,596		3,000			7,596
NTT East		2,963		3,338		3,677		714			39.6	%		4,763		1,800			4,763
NTT West		1,633		1,953		2,248		616			51.3	%		2,833		1,200			2,833
FLET’S Hikari LIGHT*		—		27		106		106			15.2	%		700		700			700
NTT East		—		27		106		106			15.2	%		700		700			700
Hikari Denwa		12,113		12,565		13,023		910			40.5	%		14,363		2,250			14,363
NTT East		6,446		6,692		6,945		499			39.9	%		7,696		1,250			7,696
NTT West		5,667		5,874		6,078		411			41.1	%		6,667		1,000			6,667
Conventional Leased Circuit Services		281		279		277		(4	)		26.4	%		265		(16	)		265
NTT East		139		138		137		(2	)		28.0	%		132		(7	)		132
NTT West		142		141		140		(2	)		25.2	%		133		(9	)		133
High Speed Digital Services		171		167		165		(6	)		44.4	%		157		(14	)		157
NTT East		91		89		88		(3	)		49.2	%		84		(7	)		84
NTT West		80		78		77		(3	)		39.5	%		73		(7	)		73
NTT Group Major ISPs		11,662		11,779		11,866		203			64.0	%		11,980		318			12,000
OCN*		8,234		8,349		8,431		196			64.2	%		8,540		306			8,560
Plala*		3,101		3,106		3,111		10			50.9	%		3,120		19			3,120
Video Services		—		—		—		—			—			—		—			—
Hikari TV		1,413		1,512		1,651		238			48.9	%		1,900		487			1,900
FLET’S TV Transmission Services		592		683		778		186			54.3	%		934		342			934
NTT East		475		533		595		120			54.3	%		695		220			695
NTT West		117		149		183		66			54.3	%		239		122			239
Mobile		58,010		58,415		58,993		983			44.7	%		60,210		2,200			59,960
FOMA*		56,746		57,324		57,862		1,116			52.1	%		58,890		2,140			58,930
Xi*		26		121		389		363			27.9	%		1,330		1,300			1,030
i-mode		48,141		47,450		46,183		(1,957	)		40.5	%		43,300		(4,830	)		44,440
sp-mode		2,095		3,296		5,375		3,280			44.6	%		9,450		7,360			7,230


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 and FLET’S Hikari LIGHT provided by NTT East, and subscribers to B FLET’S, FLET’S Hikari Premium, FLET’S Hikari Mytown and FLET’S Hikari Next provided by NTT West.

	(4)	NTT Group Major ISPs includes WAKWAK and InfoSphere, in addition to OCN and Plala.

	(5)	Number of communication module service subscribers is included in the number of mobile subscribers.

	(6)	Changes in the number of Mobile (FOMA, Xi are included), i-mode and sp-mode subscribers as of Mar. 31, 2012 (Forecast) are forecasted net-increases.

	(7)	Effective Mar. 3, 2008, FOMA services subscriptions became mandatory for subscription to “2in1” services. Such FOMA services subscriptions to “2in1” services are included in the above numbers of Mobile phone service subscriptions and FOMA* service subscriptions.

* Partial listing only

- 1 -

2.	Number of Employees


	(Person)
	A As of Sept. 30, 2010		B As of Sept. 30, 2011					C As of Mar. 31, 2012 (Revised Forecast) ⁽¹⁾		[Ref.] As of Mar. 31, 2012 (Forecast when previous annual results were announced) ⁽¹⁾
					*Change*
					*B-A*
NTT Consolidated		206,300		234,200		27,900			224,800		219,650
Core Group Companies
NTT (Holding Company)		2,950		2,950		0			2,900		2,900
NTT East		6,350		6,400		50			5,950		5,950
NTT West		5,750		5,450		(300	)		5,250		5,500
NTT Communications		8,400		8,100		(300	)		8,000		8,050
NTT DATA (Consolidated)		38,900		57,500		18,600			57,350		53,300
NTT DOCOMO (Consolidated)		23,050		23,750		700			23,350		23,400
(Reference) Outsourcing Companies ⁽²⁾
East Outsourcing Companies		38,200		35,850		(2,350	)		33,100		33,050
West Outsourcing Companies		40,550		37,650		(2,900	)		34,300		34,200


Notes :	(1	)	Figures do not include the number of employees who retired or will retire at the end of a fiscal year and who were rehired or will be rehired at the beginning of the following fiscal year.

	(2	)	Figures for East Outsourcing Companies include the consolidated prefectural outsourcing companies (NTT EAST-TOKYO and others), NTT-ME and NTT EAST SOLUTIONS, while figures for West Outsourcing Companies include the consolidated regional outsourcing companies (NTT WEST-KANSAI and others), NTT MARKETING ACT, NTT NEOMEIT and NTT WEST-HOMETECHNO. Figures for those companies include the number of employees who retired or will retire at the end of a fiscal year and who were rehired or will be rehired at the beginning of the following fiscal year, as described below:

			— As of Mar. 31, 2012 (Forecast when previous annual results were announced) (East Outsourcing Companies: 1,100 employees; West Outsourcing Companies: 1,300 employees)

			— As of Mar. 31, 2012 (Revised Forecast): (East Outsourcing Companies: 1,100 employees; West Outsourcing Companies: 1,300 employees)

3.	Capital Investment


	(Billions of yen)
	A Six Months Ended Sept. 30, 2010		B Six Months Ended Sept. 30, 2011								C Year Ending Mar. 31, 2012 (Revised Forecast)		[Ref.] Year Ending Mar. 31, 2012 (Forecast when previous annual results were announced)
					*Change*			*Progress*
					*B-A*			*B/C*
NTT Consolidated		839.0		828.2		(10.8	)		42.0	%		1,970.0		1,950.0
Core Group Companies
NTT (Holding Company)		13.0		13.4		0.3			39.5	%		34.0		34.0
NTT East		171.2		157.0		(14.2	)		36.5	%		430.0		430.0
NTT West		171.3		154.9		(16.4	)		42.4	%		365.0		365.0
NTT Communications		39.6		61.3		21.6			47.9	%		128.0		136.0
NTT DATA (Consolidated)		72.7		67.5		(5.2	)		50.0	%		135.0		135.0
NTT DOCOMO (Consolidated)		309.8		311.6		1.8			42.8	%		728.0		705.0

- 2 -

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


	(Billions of yen)
	A Six Months Ended Sept. 30, 2010		B Six Months Ended Sept. 30, 2011							C Year Ending Mar. 31, 2012 (Revised Forecast)		[Ref.] Year Ending Mar. 31, 2012 (Forecast when previous annual results were announced)
			*Change*				*Progress*
			*B-A*				*B/C*
NTT Consolidated (US GAAP)
Operating Revenues		4,999.1		5,154.6	155.5			48.9	%		10,540.0		10,540.0
Fixed Voice Related Services		1,101.7		988.9	(112.7	)		—			—		—
Mobile Voice Related Services		1,041.6		956.0	(85.6	)		—			—		—
IP/Packet Communications Services		1,647.5		1,772.7	125.2			—			—		—
Sales of Telecommunications Equipment		282.0		270.7	(11.3	)		—			—		—
System Integration		572.5		824.8	252.3			—			—		—
Other		353.8		341.4	(12.4	)		—			—		—
Operating Expenses		4,272.1		4,469.1	197.0			48.1	%		9,290.0		9,300.0
Cost of Services (exclusive of items shown separately below)		1,180.0		1,155.0	(25.0	)		—			—		—
Cost of Equipment Sold (exclusive of items shown separately below)		366.9		359.2	(7.7	)		—			—		—
Cost of System Integration (exclusive of items shown separately below)		366.7		556.6	189.9			—			—		—
Depreciation and Amortization		964.4		932.1	(32.3	)		—			—		—
Impairment Loss		0.3		0.1	(0.2	)		—			—		—
Selling, General and Administrative Expenses		1,393.7		1,466.1	72.3			—			—		—
Write-Down of Goodwill and Other Intangible Assets		—		—	—			—			—		—
Operating Income		727.0		685.5	(41.5	)		54.8	%		1,250.0		1,240.0
Income Before Income Taxes		710.3		681.7	(28.6	)		55.0	%		1,240.0		1,230.0
Net Income Attributable to NTT		315.2		296.4	(18.8	)		54.4	%		545.0		540.0
(Ref.) Details of “Cost of Services”, “Cost of Equipment Sold”, “Cost of System Integration” and “Selling, General and Administrative Expenses”
Personnel		985.1		1,051.2	66.1			—			—		—
Cost of Services and Equipment Sold, and Selling, General and Administrative Expenses		2,155.4		2,325.0	169.6			—			—		—
Loss on Disposal of Property, Plant and Equipment		54.3		49.2	(5.1	)		—			—		—
Other Expenses		112.6		111.5	(1.1	)		—			—		—
Total		3,307.4		3,536.9	229.5			—			—		—
NTT (Holding Company) (JPN GAAP)
Operating Revenues		231.0		249.7	18.7			60.6	%		412.0		412.0
Operating Expenses		71.0		71.6	0.6			46.2	%		155.0		155.0
Operating Income		159.9		178.1	18.1			69.3	%		257.0		257.0
Non-Operating Revenues		22.9		20.9	(1.9	)		49.8	%		42.0		43.0
Non-Operating Expenses		26.4		21.7	(4.6	)		49.3	%		44.0		45.0
Recurring Profit		156.4		177.2	20.8			69.5	%		255.0		255.0
Net Income		155.2		176.4	21.1			68.9	%		256.0		256.0

- 3 -

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


	(Billions of yen)
	A Six Months Ended Sept. 30, 2010		B Six Months Ended Sept. 30, 2011							C Year Ending Mar. 31, 2012 (Revised Forecast)		[Ref.] Year Ending Mar. 31, 2012 (Forecast when previous annual results were announced)
			*Change*				*Progress*
			*B-A*				*B/C*
NTT East (JPN GAAP)
Operating Revenues		951.7		916.5	(35.1	)		48.4	%		1,895.0		1,900.0
Voice Transmission Services (excluding IP) ⁽¹⁾		380.0		336.3	(43.7	)		51.8	%		649.0		650.0
IP Services ⁽²⁾		355.0		380.6	25.6			47.6	%		799.0		801.0
Leased Circuit (excluding IP)		75.6		68.5	(7.1	)		50.8	%		135.0		135.0
Telegraph		9.4		8.3	(1.0	)		46.2	%		18.0		18.0
Other		68.2		64.2	(3.9	)		41.7	%		294.0		296.0
Supplementary Business		63.3		58.4	(4.8	)
Operating Expenses		905.6		885.0	(20.5	)		48.5	%		1,825.0		1,830.0
Personnel		58.4		55.1	(3.3	)		48.8	%		113.0		114.0
Cost of Services and Equipment Sold, and Selling, General and Administrative Expenses		591.6		581.4	(10.1	)		48.3	%		1,203.0		1,205.0
Depreciation and Amortization		198.9		194.4	(4.4	)		50.0	%		389.0		391.0
Loss on Disposal of Property, Plant and Equipment		19.2		17.3	(1.9	)		37.7	%		46.0		46.0
Taxes and Public Dues		37.3		36.6	(0.7	)		49.5	%		74.0		74.0
Operating Income		46.1		31.5	(14.5	)		45.1	%		70.0		70.0
Non-Operating Revenues		28.8		27.4	(1.4	)		54.9	%		50.0		50.0
Non-Operating Expenses		18.1		15.3	(2.7	)		43.8	%		35.0		35.0
Recurring Profit		56.8		43.6	(13.2	)		51.3	%		85.0		85.0
Net Income		36.3		26.7	(9.5	)		56.9	%		47.0		44.0
NTT West (JPN GAAP)
Operating Revenues		868.0		832.3	(35.7	)		49.3	%		1,687.0		1,704.0
Voice Transmission Services (excluding IP) ⁽¹⁾		373.3		332.0	(41.2	)		51.2	%		648.0		652.0
IP Services ⁽²⁾		284.2		309.7	25.5			48.7	%		636.0		641.0
Leased Circuit (excluding IP)		67.1		62.7	(4.3	)		50.2	%		125.0		129.0
Telegraph		10.7		9.9	(0.8	)		49.7	%		20.0		20.0
Other		63.4		56.5	(6.9	)		45.7	%		258.0		262.0
Supplementary Business		69.2		61.3	(7.9	)		45.7	%		258.0		262.0
Operating Expenses		833.5		807.7	(25.7	)		49.5	%		1,632.0		1,649.0
Personnel		54.9		52.5	(2.3	)		49.6	%		106.0		109.0
Cost of Services and Equipment Sold, and Selling, General and Administrative Expenses		541.3		522.5	(18.8	)		49.3	%		1,059.0		1,066.0
Depreciation and Amortization		185.8		180.5	(5.3	)		50.4	%		358.0		361.0
Loss on Disposal of Property, Plant and Equipment		17.1		18.1	0.9			43.1	%		42.0		46.0
Taxes and Public Dues		34.2		34.0	(0.2	)		50.9	%		67.0		67.0
Operating Income		34.4		24.5	(9.9	)		44.6	%		55.0		55.0
Non-Operating Revenues		26.5		22.2	(4.2	)		50.7	%		44.0		41.0
Non-Operating Expenses		16.2		15.7	(0.5	)		46.2	%		34.0		31.0
Recurring Profit		44.7		31.1	(13.6	)		47.9	%		65.0		65.0
Net Income		33.7		23.6	(10.1	)		48.3	%		49.0		49.0


Notes:	(1)	Operating Revenues from Voice Transmission Services (excluding IP) of NTT East and NTT West for the six months ended Sept. 30, 2011 include monthly charges, call charges and interconnection charges of 235.4 billion yen, 30.9 billion yen and 42.4 billion yen for NTT East, and 233.5 billion yen, 26.9 billion yen and 46.8 billion yen for NTT West, respectively.

	(2)	Operating Revenues from IP Services of NTT East and NTT West for the six months ended Sept. 30, 2011 include FLET’S Hikari and Hikari Denwa charges (including monthly charges, call charges and connection device charges) of 228.3 billion yen and 72.8 billion yen for NTT East, and 176.3 billion yen and 60.3 billion yen for NTT West, respectively.



		— FLET’S Hikari includes B FLET’S, FLET’S Hikari Next and FLET’S Hikari LIGHT provided by NTT East, and B FLET’S, FLET’S Hikari Premium, FLET’S Hikari Mytown and FLET’S Hikari Next provided by NTT West.

- 4 -

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


	(Billions of yen)
	A Six Months Ended Sept. 30, 2010		B Six Months Ended Sept. 30, 2011								C Year Ending Mar. 31, 2012 (Revised Forecast)		[Ref.] Year Ending Mar. 31, 2012 (Forecast when previous annual results were announced)
					*Change*			*Progress*
					*B-A*			*B/C*
NTT Communications (JPN GAAP)
Operating Revenues		509.0		485.5		(23.4	)		48.4	%		1,003.0		1,013.0
Voice Transmission Services (excluding IP) ⁽¹⁾		178.8		164.9		(13.9	)		51.2	%		322.0		322.0
IP Services ⁽¹⁾⁽²⁾		191.1		187.1		(3.9	)		49.2	%		380.0		383.0
Data Transmission Services (excluding IP) ⁽¹⁾⁽²⁾		46.0		40.2		(5.8	)		51.0	%		79.0		81.0
Leased Circuit ^*(1)(2)		32.3		28.9		(3.4	)		50.7	%		57.0		60.0
Solutions Business		79.7		80.7		0.9			41.4	%		195.0		200.0
Other		13.1		12.5		(0.6	)		46.4	%		27.0		27.0
Operating Expenses		467.3		431.7		(35.6	)		47.6	%		908.0		926.0
Personnel		47.1		45.6		(1.4	)		49.6	%		92.0		94.0
Cost of Services, Cost of Equipment Sold, and Selling, General and Administrative Expenses		217.2		206.4		(10.7	)		47.3	%		696.0		711.0
Communication Network Charges		138.0		122.4		(15.5	)
Depreciation and Amortization		55.9		49.1		(6.8	)		49.6	%		99.0		101.0
Loss on Disposal of Property, Plant and Equipment		3.0		2.1		(0.9	)		23.4	%		9.0		8.0
Taxes and Public Dues		5.9		5.9		0.0			49.8	%		12.0		12.0
Operating Income		41.6		53.7		12.1			56.6	%		95.0		87.0
Non-Operating Revenues		15.6		15.6		0.0			74.5	%		21.0		21.0
Non-Operating Expenses		6.5		5.0		(1.5	)		45.9	%		11.0		11.0
Recurring Profit		50.6		64.3		13.7			61.3	%		105.0		97.0
Net Income		26.3		38.3		11.9			62.8	%		61.0		57.0
Dimension Data (IFRS)
Operating Revenues		—		229.9		—			49.9	%		461.0		429.0
Operating Expenses ⁽³⁾		—		221.5		—			49.7	%		446.0		414.0
Operating Income ⁽⁴⁾		—		8.4		—			56.1	%		15.0		15.0
Net Income Attributable to NTT		—		5.5		—			—			—		—


Notes:	(1)	Operating Revenues from Voice Transmission Services (excluding IP) of NTT Communications for the six months ended Sept. 30, 2011 include revenues from telephone subscriber lines (86.6 billion yen). Operating Revenues from IP Services include revenues from OCN (79.5 billion yen), IP-VPN (34.8 billion yen) and Wide-area Ethernet (26.9 billion yen). Operating Revenues from Data Transmission Services (excluding IP) include Frame Relay / Cell Relay (1.2 billion yen), and Operating Revenues from Leased Circuit include conventional leased circuits (1.7 billion yen) and high-speed digital (10.6 billion yen).

	(2)	NTT Communications is recategorizing a portion of its Operating Revenues from Leased Circuit into Operating Revenues from IP Services beginning in the fiscal year ending March 31, 2012. As for the six months ended Sept. 30, 2010, Operating Revenues reflecting the recategorization are shown for reference. The recategorization amount of Operating Revenues from Leased Circuit into Operating Revenues from IP Services for the six months ended Sept. 30, 2010, six months ended Sept. 30, 2011 and year ending Mar. 31, 2012 (Forecast) are (10.0 billion yen), (10.3 billion yen) and (20.0 billion yen), respectively.

	(3)	Operating Expenses includes costs associated with the acquisition of Dimension Data by NTT.

	(4)	Operating Income under US GAAP is 3.3 billion yen.

	(5)	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, 2011 is stated under “B. Six Months Ended Sept. 30, 2011” and Dimension Data’s forecast for the twelve months ending December 31, 2011 is stated under “C. Year Ending Mar. 31, 2012 (Forecast).”

	(6)	Conversion Rate USD1.00 = JPY82.01

* Partial listing only

- 5 -

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


	(Billions of yen)
	A Six Months Ended Sept. 30, 2010			B Six Months Ended Sept. 30, 2011								C Year Ending Mar. 31, 2012 (Revised Forecast)			[Ref.] Year Ending Mar. 31, 2012 (Forecast when previous annual results were announced)
							*Change*			*Progress*
							*B-A*			*B/C*
NTT DATA Consolidated (JPN GAAP)
Operating Revenues ⁽¹⁾		533.7			571.7			38.0			47.6%		1,200.0			1,200.0
Public & Financial IT Services		351.8			360.3			8.5			46.4%		777.0			777.0
Global IT Services		161.6			190.0			28.3			49.9%		381.0			381.0
Solutions & Technologies		79.5			78.5			(0.9	)		47.3%		166.0			166.0
Elimination or Corporate		(59.2	)		(57.2	)		2.0			46.2%		(124.0	)		(124.0	)
Cost of Sales		412.0			432.0			19.9			48.3%		895.0			895.0
Gross Profit		121.6			139.6			18.0			45.8%		305.0			305.0
Selling, General and Administrative Expenses		96.2			108.9			12.6			48.4%		225.0			225.0
Operating Income		25.3			30.7			5.3			38.4%		80.0			80.0
Non-Operating Income (Loss)		(2.3	)		(2.0	)		0.3			28.9%		(7.0	)		(7.0	)
Recurring Profit		23.0			28.7			5.6			39.4%		73.0			73.0
Net Income		12.1			12.4			0.3			31.9%		39.0			39.0
NTT DOCOMO Consolidated (US GAAP)
Operating Revenues		2,138.2			2,113.0			(25.2	)		49.8%		4,240.0			4,230.0
Wireless Services		1,899.0			1,877.8			(21.2	)		50.2%		3,742.0			3,737.0
Mobile Services		1,735.5			1,708.8			(26.6	)		50.7%		3,373.0			3,368.0
Voice		898.5			802.4			(96.1	)		53.0%		1,514.0			1,538.0
Packet Communications		837.0			906.5			69.5			48.8%		1,859.0			1,830.0
Other revenues		163.5			168.9			5.4			45.8%		369.0			369.0
Equipment sales		239.2			235.2			(4.0	)		47.2%		498.0			493.0
Operating Expenses		1,606.7			1,604.5			(2.2	)		47.6%		3,370.0			3,380.0
Personnel		129.4			135.5			6.1			49.6%		273.0			275.0
Cost of Services, Cost of Equipment Sold, and Selling, General and Administrative Expenses		982.1			990.8			8.7			47.0%		2,106.0			2,102.0
Depreciation and Amortization		322.0			318.4			(3.6	)		46.5%		684.0			687.0
Loss on Disposal of Property, Plant and Equipment		12.6			11.6			(1.0	)		23.6%		49.0			54.0
Communication Network Charges		141.1			128.9			(12.2	)		58.9%		219.0			223.0
Taxes and Public Dues		19.5			19.3			(0.2	)		49.4%		39.0			39.0
Operating Income		531.5			508.5			(23.0	)		58.4%		870.0			850.0
Non-Operating Income (Loss)		(4.5	)		3.4			7.8			84.3%		4.0			4.0
Income Before Income Taxes		527.0			511.9			(15.1	)		58.6%		874.0			854.0
Net Income Attributable to NTT DOCOMO		309.7			299.0			(10.7	)		58.2%		514.0			502.0


Notes:		(1)		NTT DATA is recategorizing a portion of its Operating Revenues within its segments, in conjunction with the readjustment of the classification of customer fields for a portion of its overseas subsidiaries, beginning the fiscal year ending March 31, 2012. Figures for Operating Revenues for the six months ended Sept. 30, 2010 reflect the recategorization.

- 6 -

5.	Average Monthly Revenue per Unit (ARPU)

In the case of our mobile business, ARPU is calculated by dividing revenue items included in the operating revenues from our Mobile Communications Business, such as revenues from Mobile (FOMA) services, revenues from Mobile (mova) services and revenues from Mobile (Xi) services which are incurred consistently each month (i.e., basic monthly charges and voice/packet communication 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 equipment sales, activation fees and universal service charges.

We believe that our ARPU figures calculated in this way provide useful information regarding the monthly average usage of our subscribers. The revenue items included in the numerators of our ARPU figures are based on our financial results comprising our U.S. GAAP results of operations.


	(Yen)
	Three Months Ended Jun. 30, 2011 (From Apr. to Jun., 2011)		Three Months Ended Sept. 30, 2011 (From Jul. to Sept., 2011)		Six Months Ended Sept. 30, 2010 (From Apr. to Sept., 2010)		Six Months Ended Sept. 30, 2011 (From Apr. to Sept., 2011)		Year Ended Mar. 31, 2011		Year Ending Mar. 31, 2012 (Revised forecast)		Year Ending Mar. 31, 2012 (Forecast when previous annual results were announced)
NTT East
Aggregate Fixed Line ARPU (Telephone Subscriber Line + INS-NET Subscriber Line)		2,870		2,870		2,940		2,870		2,930		2,850		2,860
Telephone Subscriber Lines ARPU		2,510		2,520		2,580		2,510		2,570		2,490		2,500
INS-NET Subscriber Lines ARPU		5,090		5,090		5,180		5,090		5,170		5,100		5,110
FLET’S Hikari ARPU		5,850		5,890		5,860		5,870		5,880		5,940		5,960
NTT West
Aggregate Fixed Line ARPU (Telephone Subscriber Line + INS-NET Subscriber Line)		2,770		2,770		2,810		2,770		2,800		2,770		2,770
Telephone Subscriber Lines ARPU		2,460		2,460		2,490		2,460		2,490		2,450		2,460
INS-NET Subscriber Lines ARPU		4,930		4,930		4,980		4,930		4,970		4,920		4,900
FLET’S Hikari ARPU		5,920		5,940		5,860		5,930		5,890		5,960		6,000
NTT DOCOMO
Mobile Aggregate ARPU (FOMA+mova+Xi)		4,960		4,970		5,190		4,960		5,070		4,870		4,890
Voice ARPU (FOMA+mova+Xi)		2,340		2,280		2,670		2,310		2,530		2,170		2,220
Packet ARPU (FOMA+mova+Xi)		2,620		2,690		2,520		2,650		2,540		2,700		2,670
Mobile Aggregate ARPU (FOMA)		4,980		5,000		5,260		4,990		5,120		4,890		4,910
Voice ARPU (FOMA)		2,340		2,290		2,670		2,310		2,520		2,180		2,220
Packet ARPU (FOMA)		2,640		2,710		2,590		2,680		2,600		2,710		2,690
Mobile Aggregate ARPU (mova)		3,230		3,260		3,320		3,240		3,280		3,280		3,250
Voice ARPU (mova)		2,680		2,700		2,760		2,690		2,720		2,730		2,680
Packet ARPU (mova)		550		560		560		550		560		550		570


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 and FLET’S Hikari LIGHT provided by NTT East, and B FLET’S, FLET’S Hikari Premium, FLET’S Hikari Mytown and FLET’S Hikari Next 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 using 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 number of FLET’S Hikari subscribers including B FLET’S, FLET’S Hikari Next and FLET’S Hikari LIGHT provided by NTT East and B FLET’S, FLET’S Hikari Premium, FLET’S Hikari Mytown and FLET’S Hikari Next provided by NTT West.

	(6)	We separately compute the following three categories of ARPU for mobile business conducted by NTT DOCOMO.

		•	Mobile Aggregate ARPU (FOMA+mova+Xi) = Voice ARPU (FOMA+mova+Xi) + Packet ARPU (FOMA+mova+Xi).

			—	Our Voice ARPU (FOMA+mova+Xi) is based on operating revenues related to voice services, such as basic monthly charges and voice communication charges attributable to our FOMA and mova services, and our Packet ARPU (FOMA+mova+Xi) is based on operating revenues related to packet services, such as basic monthly charges and packet communication charges attributable to our FOMA, mova and Xi services.

			—	As Xi service does not provide voice services as of September 30, 2011, the revenues therefrom are not included in the calculations of Voice ARPU (FOMA+mova+Xi). Only the number of Xi service subscriptions are included in the calculation.

		•	Mobile Aggregate ARPU (FOMA) = Voice ARPU (FOMA) + Packet ARPU (FOMA).

			—	Our Voice ARPU (FOMA) is based on operating revenues related to voice services, such as basic monthly charges and voice communication charges, and our Packet ARPU (FOMA) is based on operating revenues related to packet services, such as basic monthly charges and packet communication charges, in each case attributable to our FOMA services.

		•	Mobile Aggregate ARPU (mova) = Voice ARPU (mova) + Packet ARPU (mova).

			—	Our Voice ARPU (mova) is based on operating revenues related to voice services, such as basic monthly charges and voice communication charges, and our Packet ARPU (mova) is based on operating revenues related to packet services, such as basic monthly charges and packet communication charges, in each case attributable to our mova services.

	(7)	Communications module service, phone number storage service and mail address storage service subscribers and the revenues therefrom are not included in the calculations of Mobile Aggregate ARPU.

	(8)	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 Apr. to Jun.

			—	2Q Results: Sum of number of active subscribers** for each month from Jul. to Sept.

			—	3Q Results: Sum of number of active subscribers** for each month from Oct. to Dec.

			—	4Q Results: Sum of number of active subscribers** for each month from Jan. to Mar.

			—	Six Months Results: Sum of Number of active subscribers** for each month from Apr. to Sept.

			—	FY Results : Sum of number of active subscribers** for each month from Apr. to Mar.

			—	FY (Forecast when previous annual results were announced): Average expected active Number of subscribers ((Number of subscribers at end of previous Mar. + Number of expected subscribers at end of following Mar.)/2)x12

			—	FY (Revised forecast): Sum of the sum of actual Number of active subscribers at the end of each month from Apr. to Sept. and the average expected active Number of subscribers during the second half of the fiscal year ((Number of subscribers at end of Sept. + Number of expected subscribers at end of the following Mar.)/2)x6

	(9)	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 Apr. to Jun.

			—	2Q Results: Sum of number of active subscribers** for each month from Jul. to Sept.

			—	3Q Results: Sum of number of active subscribers** for each month from Oct. to Dec.

			—	4Q Results: Sum of number of active subscribers** for each month from Jan. to Mar.

			—	Six Months Results: Sum of Number of active subscribers** for each month from Apr. to Sept.

			—	FY Results: Sum of number of active subscribers** for each month from Apr. to Mar.

			—	FY (Forecast when previous annual results were announced) and FY (Revised forecast): Sum of expected number of active subscribers** for each month from Apr. to Mar.

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

- 7 -

6.	Interest-Bearing Liabilities (Consolidated)


	(Billions of yen)
	As of Mar. 31, 2011		As of Sept. 30, 2011		As of Mar. 31, 2012 (Revised Forecast)		As of Mar. 31, 2012 (Forecast when previous annual results were announced)
Interest-Bearing Liabilities		4,553.5		4,455.3		4,600.0		4,600.0

7.	Indices (Consolidated)

Year Ended
Mar. 31, 2011

Six months Ended
Sept. 30, 2011

Year Ending
Mar. 31, 2012
(Revised Forecast)

Year Ending
Mar. 31, 2012
(Forecast when previous annual
results were announced)

EBITDA

3,282.2 billion yen

1,645.8 billion yen

3,247.0 billion yen

3,263.0 billion yen

EBITDA Margin

31.9%

30.8%

31.0%

Operating FCF

1,412.1 billion yen

817.6 billion yen

1,277.0 billion yen

1,313.0 billion yen

ROCE

5.8%

3.2%

5.9%

5.8%


Notes :		Reconciliation of Indices are as follows.

8.	Reconciliation of Financial Indices (Consolidated)

Year Ended
Mar. 31, 2011

Six Months Ended
Sept. 30, 2011

Year Ending
Mar. 31, 2012
(Revised Forecast)

Year Ending
Mar. 31, 2012
(Forecast when previous annual
results were announced)

EBITDA (a+b)

3,282.2 billion yen

1,645.8 billion yen

3,247.0 billion yen

3,263.0 billion yen

Operating Income

1,214.9 billion yen

685.5 billion yen

1,250.0 billion yen

1,240.0 billion yen

Depreciation and Amortization, and Loss on Disposal of Property, Plant and Equipment

2,067.3 billion yen

960.4 billion yen

1,997.0 billion yen

2,023.0 billion yen

EBITDA Margin [(c/d)X100]

31.9%

30.8%

31.0%

Operating Income

1,214.9 billion yen

685.5 billion yen

1,250.0 billion yen

1,240.0 billion yen

Depreciation and Amortization, and Loss on Disposal of Property, Plant and Equipment

2,067.3 billion yen

960.4 billion yen

1,997.0 billion yen

2,023.0 billion yen

EBITDA (a+b)

3,282.2 billion yen

1,645.8 billion yen

3,247.0 billion yen

3,263.0 billion yen

Operating Revenues

10,305.0 billion yen

5,154.6 billion yen

10,540.0 billion yen

Operating FCF [(c-d)]

1,412.1 billion yen

817.6 billion yen

1,277.0 billion yen

1,313.0 billion yen

Operating Income

1,214.9 billion yen

685.5 billion yen

1,250.0 billion yen

1,240.0 billion yen

Depreciation and Amortization, and Loss on Disposal of Property, Plant and Equipment

2,067.3 billion yen

960.4 billion yen

1,997.0 billion yen

2,023.0 billion yen

EBITDA (a+b)

3,282.2 billion yen

1,645.8 billion yen

3,247.0 billion yen

3,263.0 billion yen

Capital Investment

1,870.1 billion yen

828.2 billion yen

1,970.0 billion yen

1,950.0 billion yen

ROCE [(b/c)X100]

5.8%

3.2%

5.9%

5.8%

Operating Income

1,214.9 billion yen

685.5 billion yen

1,250.0 billion yen

1,240.0 billion yen

(Normal Statutory Tax Rate)

41%

Operating Income X (1 - Normal Statutory Tax Rate)

717.8 billion yen

405.0 billion yen

738.5 billion yen

732.6 billion yen

Operating Capital Employed

12,427.0 billion yen

12,516.7 billion yen

12,596.1 billion yen

12,599.6 billion yen


Note :		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 Acquisition of Intangible Assets” in the consolidated statements of cash flows are as described in the reconciliation below.


	(Billions of yen)
	Year Ended Mar. 31, 2011		Six Months Ended Sept. 30, 2011
Payments for Property, Plant and Equipment		1,410.8		684.7
Payments for Acquisition of Intangible Assets		484.2		228.0
Total		1,895.0		912.7
Difference from Capital Investment		24.9		84.5