May 15, 2015

Notice Regarding Stock Split, Change in Ratio of American Depositary Receipts (ADRs) to Underlying Shares, and Dividend Forecast for the Year Ending March 31, 2016

Nippon Telegraph and Telephone Corporation ("NTT") hereby announces that, at a meeting of its board of directors held today, the board adopted resolutions in relation to implementing a stock split and change in the ratio of American Depositary Receipts ("ADRs") to underlying shares, and setting a dividend forecast for the year ending March 31, 2016.

1.Objective of the Stock Split

The objective of the two-for-one stock split is to lower NTT's minimum investment cost per unit, thereby improving the investment environment for its shares and expanding its investor base.

2.Outline of Stock Split

(1)Method of Stock Split

The record date for the stock split will be Tuesday, June 30, 2015. Each share of common stock held by shareholders as of the record date will be split into two.

(2)Increase in Number of Shares as a result of Stock Split

<1>	Number of shares outstanding prior to stock split	:	1,136,697,235 Shares
<2>	Increase in number of shares as a result of stock split	:	1,136,697,235 Shares
<3>	Number of shares outstanding after stock split	:	2,273,394,470 Shares
<4>	Number of shares authorized to be issued after stock split	:	6,192,920,900 Shares (No change)^*

^*NTT will not change the total number of shares authorized to be issued (established in its Articles of Incorporation) because the total number of shares authorized to be issued will still exceed the total number of issued and outstanding shares after the stock split.

(3)Stock Split Schedule

<1>	Public Notice Date of the Record Date	:	June 15, 2015 (Monday)
<2>	Record Date	:	June 30, 2015 (Tuesday)
<3>	Effective Date	:	July 1, 2015 (Wednesday)

3.Change of Ratio of ADRs to Underlying Shares

(1)Objective of Change

The objective is to provide ADR holders with the same investment level they currently enjoy by maintaining the current ADR investment unit price levels.

(2)Outline of Change of Ratio of ADRs to Underlying Shares

<1>	Current Ratio	:	1 ADR = 0.5 Underlying Shares
<2>	New Ratio	:	1 ADR = 1.0 Underlying Shares
<3>	Effective Date of New Ratio	:	Wednesday, July 1, 2015 (U.S. Eastern Time)

4.Dividend Forecast for the Year Ending March 31, 2016

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	Interim Dividend	Year-end Dividend	Annual Total
Year ending March 31, 2016, after taking the stock split into account (Forecasts)	50 yen	50 yen	100 yen
Year ending March 31, 2016, before taking the stock split into account (Forecasts)	100 yen	100 yen	200 yen
Year ended March 31, 2015 (Reference)	90 yen (distributed in December 2014)	90 yen	180 yen