Disclosure Policy

Last updated : January 4, 2010

1. Basic Policy

NTT recognizes that timely and appropriate disclosure of corporate information is fundamental to the sound operation of securities markets, and as such we are committed to providing timely, fair and impartial disclosure of information concerning NTT Group in order to promote shareholders' and investors' understanding with respect to NTT Group and facilitate appropriate investment decisions in NTT's securities.

2. Disclosure Standard

NTT will make timely, fair and impartial disclosure in accordance with relevant domestic and foreign laws and stock exchange rules and, where practicable, will proactively endeavor to disclose such information as NTT believes may be useful in promoting shareholders' and investors' understanding with respect to NTT Group.

3. Method of Disclosure

Items of information required to be disclosed pursuant to relevant domestic and foreign laws and stock exchange rules are disclosed via the Financial Services Agency's electronic disclosure system (EDINET), the timely disclosure systems of domestic and foreign stock exchanges (including the Tokyo Stock Exchange's TDnet system), the press and other media, and NTT's corporate website.

Other information will also be disclosed using appropriate methods of distribution such as NTT's corporate website, depending on the content of the disclosure.

4. Enhancement of Communications

NTT will proactively enhance direct communications with shareholders and investors through methods such as presentations and investor meetings and response to day-to-day inquiries.

In addition, NTT will disseminate requests and feedback received from shareholders and investors broadly within NTT Group both as a means to improve investor communication and so that those requests and feedback may be taken into account in group management.

5. Silent Period

In order to prevent information leaks and ensure the fairness of disclosures, NTT observes a two week silent period prior to the announcement of financial results. During this two week period, NTT will refrain from responding to or commenting on inquiries relating to business results. However, where material modification to results forecasts are anticipated to be required during the silent period, NTT will make necessary disclosures in accordance with applicable stock exchange rules. Also, during the silent period, NTT will respond to inquiries concerning previously disclosed information.

6. Forward-looking Information

Projections and other forward-looking information are based on information available to management at the time of disclosure. Such forward-looking statements are based on certain assumptions regarding future performance and prospects, and incorporate various risks and uncertainties. Accordingly, actual results of operations and performance may differ from forecasts or projections contained in information disclosed due to changes in operations and economic conditions and other factors.

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