Nippon Telegraph and Telephone Corporation November 10, 2004 Consolidated Semi-annual Financial Results for the Year Ending March 31, 2005 April 1, 2004 - September 30, 2004 [Consolidated Results of Operations] Notes: 1. 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). 2. Consolidated results of operations for the six months ended September 30, 2003 have been restated and reclassified in accordance with the change in accounting policy for change in interest of investee in the second half of the year ended March 31, 2004. [Operating Performance of NTT and Its Major Subsidiaries] * NTT DoCoMo's "Recurring Profit" represents its "Income before Income Taxes." Copyright (c) 2004 Nippon telegraph and telephone corporation