February 29, 2008 Nippon Telegraph and Telephone Corporation (NTT) Summary of Business Operation Plan for Fiscal Year Ending March 31, 2009 1.  Basic Philosophy of Business Operation Plan for Fiscal Year Ending March 31, 2009 - In order to realize the "NTT Group's Medium-Term Management Strategy," NTT will help enrich communication environments for individuals and communities, make corporate activities more efficient, and create new business opportunities through ubiquitous broadband networks that provide customers with not only "fast and convenient" but also "safe and secure" connections "anytime, anywhere and with anyone or anything." - In the fiscal year ending March 31, 2009, NTT will, among other things, strengthen R&D activities for the development of the next-generation network("NGN")which serves as the foundation of NTT's efforts to achieve the "NTT Group's Medium-Term Management Strategy." 2.  Revenues and Expenses Plan for Fiscal Year Ending March 31, 2009 * Change from the previous forecast announced on November 9, 2007 3.  Capital Investment Plan for Fiscal Year Ending March 31, 2009 * Change from the previous forecast announced on November 9, 2007 4.  Sources and Applications of Funds Plan for Fiscal Year Ending March 31, 2009 Note: "2. Revenues and Expenses Plan for Fiscal Year Ending March 31, 2009 " and "4. Sources and Applications of Funds Plan for Fiscal Year Ending March 31, 2009" were submitted to the Minister for Internal Affairs and Communications as references. Copyright (c) 2008 Nippon telegraph and telephone corporation