[ Projection for Consolidated Operating Performance for Fiscal Year Ending March 31, 2004 ] U.S. GAAP-based consolidated operating income for NTT is estimated at 1,314.0 billion yen. * The "income (loss) before income taxes" figures for NTT (Holding Company), NTT East, NTT West, NTT Communications, and NTT DATA are recurring profit figures. Note: The consolidated financial results forecasts above are forward-looking statements about the future performance of NTT which are based on the assumptions, estimates, judgments, projections and beliefs of the management of the Company in light of the information currently available to it. The projected numbers in this report were derived using certain assumptions that are indispensable for making projections in addition to historical facts that have been acknowledged accurately. Risks and uncertainties inherent in future projections, the Company's future business operation, the state of the economy in Japan and abroad, possible fluctuations in the securities markets and other changes in circumstances could cause the Company's actual results to differ materially from the projected figures above. <Reference> The status of the other consolidated subsidiaries (334 companies) is as follows: NTT East Corporation Group (62 companies) NTT West Corporation Group (53 companies) NTT Communications Group (51 companies) NTT DATA Group (37 companies) NTT DoCoMo Group (37 companies) and NTT Power and Building Facilities Group (11 companies), NTT Urban Development Group (9 companies), NTT Comware Corporation Group (8 companies), NTT Business Associe Group (34 companies), and 32 other companies. Copyright (c) 2003 Nippon telegraph and telephone corporation