Outline of Consolidated Operating Results
for the First Quarter ended June 30, 2003
August 7, 2003
[U.S. GAAP]


Name of registrant: Nippon Telegraph and Telephone Corporation
Code No.: 9432
Stock exchanges on which the Company's shares are listed: Tokyo, Osaka, Nagoya, Fukuoka and Sapporo
Address of principal executive office: Tokyo, Japan
(URL http://www.ntt.co.jp/ir/)
Representative: Norio Wada, President
Contact: Shigehito Katsuki, Head of IR, Department 4/ TEL(03)5205-5581
Adoption of U.S. GAAP: Yes


1.  Outline of Consolidated Operating Results for the First Quarter ended June 30, 2003 (April 1, 2003 - June 30, 2003)
  (1)  Consolidated Operating Revenues
Amounts are rounded off to nearest million yen.
(1)Consolidated Operating Revenues
  Notes:  1.  Revenue recognition policy has not been changed from the year ended March 31, 2003.
    2.  Percentages above represent changes compared to the previous quarter or year.
    3.  Since quarterly financial disclosure has started from this quarter, the amount and change rate of consolidated operating revenues for the first quarter ended June 30, 2002 are not stated.

  (2)  Supplementary information about operating revenues
U.S. GAAP amounts are rounded off to nearest hundred million yen and Japanese GAAP amounts are rounded down to the next hundred million yen.
  <1>   Operating revenues of NTT and its major subsidiaries
<1>Operating revenues of NTT and its major subsidiaries

  <2>   The number of subscribers of major services and average revenue per user (ARPU)

Please refer to the appendix.


2.  Consolidated Financial Forecasts for the year ending March 31, 2004 (April 1, 2003 - March 31, 2004)
2. Consolidated Financial Forecasts for the year ending March 31, 2004 (April 1, 2003 - March 31, 2004)
  Notes:  1.  These forecasts have not changed from the forecasts announced on May 13, 2003.
    2.  These forecasts are forward-looking statements about future performance of the Company which are based on assumptions, estimates, judgments, projections and beliefs of the Company's management in light of 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 these forecasts.



- (Appendix)  The number of subscribers of major services and average revenue per user (ARPU)


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