Nippon Telegraph and Telephone Corporation May 14, 2004 Consolidated Financial Results for the Year ended March 31, 2004 April 1, 2003 - March 31, 2004 [Consolidated Results of Operations] Note: NTT's consolidated financial statements have been prepared in accordance with the accounting principles generally accepted in the United States of America (U.S. GAAP). [Operating Performance of NTT and Its Major Subsidiaries] * NTT West's "Operating Revenues" includes 18.4 billion yen in a subsidy from NTT East to NTT West . ** NTT DoCoMo's "Recurring Profit" represents its "Income before Income Taxes." Copyright (c) 2004 Nippon telegraph and telephone corporation