NOTICE REGARDING STOCK REPURCHASES AND DIVIDEND FORECASTS FOR THE FISCAL YEAR ENDING MARCH 31, 2017

Nippon Telegraph and Telephone Corporation ("NTT") hereby announces that, at a meeting of its Board of Directors held today, NTT authorized the repurchase of shares of its common stock and forecast its dividends per share for the fiscal year ending March 31, 2017.

1.Authorization of Stock Repurchases (Under the provisions of NTT's Articles of Incorporation pursuant to Paragraph 2, Article 165 of the Companies Act of Japan)

(1)Reasons for Stock Repurchases:

To improve capital efficiency and to implement NTT's capital policy in light of fluctuations in supply of and demand for NTT stock.

Details of Repurchases:

(ⅰ) Total number of shares to be repurchased: Up to 68 million shares of common stock
(Ratio to the number of outstanding shares: 3.24%)
(ⅱ) Aggregate repurchase amount: Up to 350 billion yen
(ⅲ) Period for repurchases: May 16, 2016 ~ March 31, 2017
(ⅳ) Method of repurchases: Through the Tokyo Stock Exchange Trading Network Off-Auction Own Share Repurchase Trading System (ToSTNeT-3) (Planned)

(For reference) Number of shares of treasury stock (as of March 31, 2016):
Number of outstanding shares*: 2,096,139,201 shares
Number of shares of treasury stock: 255,269 shares

Excluding shares of treasury stock.

2.Increase in Dividends for the Fiscal Year Ending March 31, 2017 (Forecasts)

Dividends per Share