January 31, 2008


Establishment of Investment Management Company and Investment Limited Partnership (Fund)


Nippon Telegraph and Telephone Corporation ("NTT") will establish a new company, "NTT Investment Partners. INC,", and an investment limited partnership (fund), "NTT Investment Partners Fund, L.P.", for the purpose of investing in prospective domestic and foreign venture companies which possess a variety of technologies and know-how in the information and communications related fields.


1. Purpose of Establishment
NTT will invest in both domestic and foreign venture companies, which have leading-edge, innovative services and technologies as well as new business models. NTT will support these investment targets by providing them with the business know-how NTT group possesses in information and communications related fields. NTT will also support them by making use of its technological strength. By doing so, NTT will promote the business expansion of both the NTT group and the investment targets, in effect promoting also the creation of new businesses in information and communications related fields.


2. Overview of the Investment Management Company
<1> Name NTT Investment Partners. INC, [to be confirmed with NTT]
<2>   Representative Director   Hiroo Unoura (to be appointed; currently an NTT Executive Vice President)
<3>   Capital   JPY 50 million
<4>   Shareholder Composition   NTT 100%
<5>   Location   2-3-1 Otemachi, Chiyoda-ku, Tokyo
<6>   Proposed Date of Establishment   February 2008


3. Overview of Investment Limited Partnership (Fund)
<1> Name NTT Investment Partners Fund, L.P. [to be confirmed with NTT]
<2>   Size of Fund   JPY 10 billion
Investors are NTT, NTT Finance, and NTT Investment Partners
<3>   Proposed Date of Establishment   March 2008
<4>   Term of Fund Operation   10 years
<5>   Fund Manager   NTT Investment Partners



-Reference The establishment image of the Investment Management Company and Investment Limited Partnership (Fund)



For further inquiries, please contact:
Corporate Strategy Planning Department
Phone:+81-3-5205-5121


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