1. BUSINESS RESULTS (2) Analysis of Financial Standing "Cash flow from business activities" for the fiscal year ended March 31, 2009 (on a consolidated basis) was 2,514.1 billion yen. Compared to the previous fiscal year, cash flow decreased 576.7 billion yen (18.7%). This decrease was due to such factors as an increase in trade accounts receivables resulting from the effect of bank holidays, the impact of installment payments and an increase in net income tax expenses to 403.9 billion yen. "Cash flow from investment activities" amounted to 2,269.7 billion yen in cash outlays. Compared to the previous fiscal year, cash outlays increased 279.0 billion yen (14.0%). This increase resulted from an increase in payments for purchase of property, plant and equipment and an increase in payments for purchase of non-current investments. "Cash flow from financing activities" amounted to cash outlays of 353.3 billion yen. Compared to the previous fiscal year, cash outlays decreased 373.0 billion yen (51.4%). This decrease resulted from such factors as an increase in expenditures for acquiring NTT's own shares and an increase in interest-bearing debt. As a result of the above, the balance of cash and cash equivalents for NTT Group during the fiscal year ended March 31, 2009 (on a consolidated basis) totaled 1,052.8 billion yen, a decrease of 116.8 billion yen (10.0%) compared with the fiscal year ended March 31, 2008 (on a consolidated basis). Copyright (c) 2009 Nippon telegraph and telephone corporation