News Release 040929b

September 29, 2004

NTT Urban Development Co.- Share Offering in Conjunction with TSE Listing

NTT is pleased to announce that its subsidiary NTT Urban Development Co. today received approval for listing on the Tokyo Stock Exchange. (For details of NTT Urban Development, please see the attachment.)

NTT is planning a domestic offering of shares it holds in NTT Urban Development. Details are set out below.

1. Outline of the offering

(1) Seller		Nippon Telegraph and Telephone Corporation ("NTT")
(2) Shares to be offered		NTT Urban Development common stock
(3) No. of shares to be offered		66,000 shares of common stock
(4) Offer price		Not yet determined (scheduled to be set on October 25, 2004 after results of the book building process are known)

(Note) Separately from the above offering and considering factors such as demand, Nomura Securities Co., Ltd. ("Nomura") is planning to offer an over-allotment up to 21,000 shares of NTT Urban Development common stock lent by NTT. To facilitate the over-allotment, NTT intends to grant to Nomura an option to purchase up to 21,000 shares of NTT Urban Development common stock.

2. Other
NTT Urban Development decided at its board meeting today to issue 132,000 new shares in conjunction with the TSE listing.

- Attachment Profile of NTT Urban Development Co.

For further inquiries please contact:
Corporate Operations, Department I
Nippon Telegraph and Telephone Corporation
Phone: +81-3-5205-5122
Fax: +81-3-5205-5129
E-mail: ki-ope@hco.ntt.co.jp

(Note)
This release and the information contained herein is not an offer to sell securities in the United States.
Securities may not be offered or sold in the United States unless registered pursuant to the United States Securities Act of 1933, as amended (the "Securities Act") or exempt from such registration requirement.
Any public offering of securities to be made in the United States will be made by means of a prospectus that will contain detailed information about our company and management, as well as financial statements.
No money, securities or other consideration is being solicited by this release or the information contained herein and, if sent in response to this release or the information contained herein will not be accepted.