11. Non-Consolidated Comparative Statements of Cash Flows [Notes to Non-consolidated Financial Statements] Subsequent event The Transfer to the Japanese Government of the Substitutional Portion of Employee Pension Fund Liabilities On July 1, 2007, the NTT Kosei-Nenkin-Kikin ("NTT Plan") received permission to be relieved of the obligations related to past services to disburse the NTT Plan benefits covering the substitutional portion, the effect of which on the result of operations is now being calculated. The estimated amount of such effect on result of operations of NTT is approximately 5 billion yen, assuming the payment of the amount equivalent to the returned pension assets (minimum pension liability reserves) was made on March 31, 2007, and implementing measures specified in Section 44-2 of the "Practical Guidelines on Accounting for Retirement Benefits (Interim Report)" (JICPA Report No.13). Copyright (c) 2007 Nippon telegraph and telephone corporation