November 7, 2008 [U.S. GAAP] Financial Results Release For the Six Months Ended September 30, 2008 Name of registrant: Nippon Telegraph and Telephone Corporation Code No.: 9432 (URL http://www.ntt.co.jp/ir/) Stock exchanges on which the Company's shares are listed: Tokyo, Osaka, Nagoya, Fukuoka and Sapporo Representative: Satoshi Miura, President and Chief Executive Officer Contact: Koji Ito, Head of IR, Finance and Accounting Department/ TEL (03) 5205-5581 Scheduled date of filing quarterly securities report: November 10, 2008 Scheduled date of dividend payments: December 9, 2008 1.  Consolidated Financial Results for the Six Months Ended September 30, 2008 (April 1, 2008 - September 30, 2008) Amounts are rounded off to nearest million yen. (1)  Consolidated Results of Operations (2)  Consolidated Financial Position 2.  Dividends 3.  Consolidated Financial Results Forecasts for the Year Ending March 31, 2009 (April 1, 2008 - March 31, 2009) 4.  Others (1) Change in significant consolidated subsidiaries (which resulted in changes in scope of consolidation): None (2) Adoption of accounting which is simplified or exceptional for quarterly consolidated financial statements: None (3) Change in significant accounting principles, procedures and presentation in quarterly consolidated financial statements   (i) Change due to revision of accounting standards and other regulations: Yes (ii) Others: None (For further details, please see "4. Others".) (4) Number of shares outstanding (common stock) 1. Number of shares outstanding (including treasury stock):   September 30, 2008 : 15,741,209 shares March 31, 2008:   15,741,209 shares 2. Number of treasury stock:   September 30, 2008 : 2,293,126 shares March 31, 2008:   2,102,471 shares 3. Weighted average number of shares outstanding:   For the six months ended September 30, 2008: 13,572,763 shares For the six months ended September 30, 2007:   13,819,700 shares * Explanation for forecasts of operation and other notes: With regard to the consolidated financial results forecasts, please refer to here. With regard to the assumptions and other related matters concerning the above estimated results, please refer to 3.Qualitative Information Relating to Consolidated Results Forecasts and Assumptions and other related matters concerning the above estimated results. The amounts in the six months ended September 30, 2007 have been changed from those previously released. See "(7) Retroactive application of equity method for an investee". (Reference) Forecasts of Consolidated Business Results and Dividends Reflecting Stock Split In January, 2009, with implementation of the "Law for Partial Amendments to the Law Concerning Book-Entry Transfer of Corporate Bonds and Other Securities for the Purpose of Streamlining the Settlement of Trades of Stocks and Other Securities (Law No. 88 of 2004)" ("Settlement Streamlining Law"), share certificates of listed companies are to take electronic form. With the introduction of the electronic share certificate system, fractional shares will need to be eliminated. In conjunction with this process, in order to ensure that the transition away from the fractional share system will be smooth, on the day immediately preceding the day on which the electronic share certificate system will be introduced, one share of common stock will be split into 100 shares, and the number of shares constituting one unit will be set at 100. If such share split is assumed to have taken place at the beginning of the year ending March 31, 2009, forecasts for consolidated financial results and dividends for such period would be as follows: 1.  Consolidated Financial Results Forecasts for the Year Ending March 31, 2009 (April 1, 2008 - March 31, 2009) 2.  Dividends Forecasts for the Year Ending March 31, 2009 Copyright (c) 2008 Nippon telegraph and telephone corporation