Nippon Telegraph and Telephone : The correction

May 12, 2023

Company Name: Nippon Telegraph and Telephone Corporation

Representative: Akira Shimada, President and Chief Executive Officer

(Code No.: 9432, Prime Market of Tokyo Stock Exchange)

NOTICE REGARDING PARTIAL CORRECTION TO

"Financial Results for the Fiscal Year Ended March 31, 2023 Supplementary Data"

Nippon Telegraph and Telephone Corporation ("NTT") hereby announces there was a place to correct in "Financial Results for the Fiscal Year Ended March 31, 2023 Supplementary Data," announced today. Corrected parts are underlined and displayed.

Corrected Parts

Financial Results for the Fiscal Year Ended March 31, 2023 Supplementary Data

1. Financial Results Summary (NTT Consolidated) EBITDA and EBITDA margin with reconciliation

[Before Correction]
Year Ending March 31,2024 (Forecast)	3,440.0	(Billions of yen)
[After Correction]
Year Ending March 31,2024 (Forecast)	3,390.0	(Billions of yen)

End

For further inquiries, please contact:

INOUE or WATANABE Investor Relations Office Finance and Accounting Department

Nippon Telegraph and Telephone Corporation Contact us by email: https://group.ntt/en/ir/contact/

May 12, 2023

Nippon Telegraph and Telephone Corporation

Supplementary Data for

the Annual Results for Fiscal Year Ended March 31, 2023

	Contents
1.	Financial Results Summary, Medium-Term Financial Targets	pages 1-4
	(Consolidated)
2.	Financial Results Summary	pages 5-8
	(Subsidiary Groups)
3.	Operating Data	pages 9-12
4.	Reference	page 13-15

Disclaimers

This document is a translation of the Japanese original. The Japanese original is authoritative.

The forward-looking statements and projected figures concerning the future performance of NTT and its subsidiaries and affiliates contained or referred to herein are based on a series of assumptions, projections, estimates, judgments and beliefs of the management of NTT in light of information currently available to it regarding NTT and its subsidiaries and affiliates, the economy and telecommunications industry in Japan and overseas, and other factors. These projections and estimates may be affected by the future business operations of NTT and its subsidiaries and affiliates, the state of the economy in Japan and abroad, possible fluctuations in the securities markets, the pricing of services, the effects of competition, the performance of new products, services and new businesses, changes to laws and regulations affecting the telecommunications industry in Japan and elsewhere, other changes in circumstances that could cause actual results to differ materially from the forecasts contained or referred to herein, as well as other risks included in NTT's most recent Annual Securities Report and in any other materials publicly disclosed by NTT on its website.

• "E" in this material represents that the figure is a plan or projection for operation.

• "FY" in this material indicates the fiscal year ending March 31 of the succeeding year.

1. Financial Results Summary (NTT Consolidated)
NTT Consolidated Financial Results (IFRS)			FY 2021					FY 2022			(Billions of yen)
									FY 2023 (E)
	Three Months Ended Three Months Ended Three Months Ended Three Months Ended	Year Ended	Three Months Ended Three Months Ended Three Months Ended Three Months Ended	Year Ended	Year Ending
	March 31
	June 30	September 30	December 31	March 31	March 31	June 30	September 30	December 31	March 31	March 31
	(Forecast)
Consolidated
Operating revenues	2,892.6	2,995.1	3,035.6	3,233.2	12,156.4	3,068.9	3,217.3	3,286.4	3,563.6	13,136.2	13,060.0
Fixed voice related services (1)	228.3	228.0	230.4	229.5	916.1	219.8	220.9	217.3	213.2	871.2	-
Mobile voice related services (1)	278.7	277.9	272.4	273.6	1,102.5	265.2	263.6	261.2	256.4	1,046.4	-
IP/packet communications services (1)	867.4	873.9	855.1	848.3	3,444.8	851.5	858.4	869.7	864.4	3,444.0	-
Sales of telecommunications equipment	155.6	144.7	195.8	198.6	694.7	160.1	173.5	197.2	225.5	756.2	-
System integration services (1)(2)	906.3	980.5	991.0	1,130.2	4,008.1	1,054.5	1,101.5	1,135.5	1,254.9	4,546.5	-
Other (1)(2)	456.3	490.0	490.8	553.1	1,990.2	517.8	599.4	605.5	749.3	2,472.0	-
Operating expenses	2,406.3	2,472.1	2,505.2	3,004.3	10,387.9	2,565.5	2,724.1	2,762.1	3,255.4	11,307.2	11,110.0
Personnel expenses	633.4	625.3	648.0	659.5	2,566.1	674.7	683.8	703.1	707.1	2,768.7	-
Expenses for purchase of goods and services and other expenses	1,329.6	1,402.8	1,412.1	1,694.9	5,839.4	1,443.7	1,590.6	1,609.1	1,919.9	6,563.3	-
Depreciation and amortization	382.5	387.1	388.3	403.3	1,561.2	389.6	391.7	395.4	406.0	1,582.6	1,590.0
Impairment losses	1.2	0.0	0.3	36.5	38.1	0.3	(0.1)	0.0	15.7	16.0	-
Goodwill	-	-	0.2	-	0.2	-	-	-	6.2	6.2	-
Other	1.2	0.0	0.1	36.5	37.8	0.3	(0.1)	0.0	9.6	9.8	-
Expenses on disposal of fixed assets	26.0	26.1	24.7	55.2	132.1	21.6	25.8	21.4	49.8	118.6	-
Taxes and dues	33.5	30.7	31.8	155.0	251.0	35.6	32.4	33.1	156.9	258.0	-
Operating profit	486.3	523.0	530.4	228.9	1,768.6	503.4	493.2	524.3	308.2	1,829.0	1,950.0
Profit before taxes	496.3	519.0	538.7	241.6	1,795.5	525.5	493.9	510.5	287.8	1,817.7	1,880.0
Profit attributable to NTT	340.0	335.8	354.5	150.7	1,181.1	368.6	328.0	335.9	180.6	1,213.1	1,255.0
EBITDA and EBITDA margin with reconciliation
EBITDA [a+b+c+d]	836.7	876.3	885.0	649.1	3,247.1	857.3	850.4	880.2	702.4	3,290.2	3,390.0
a Operating profit	486.3	523.0	530.4	228.9	1,768.6	503.4	493.2	524.3	308.2	1,829.0	1,950.0
b Depreciation and amortization (3)	336.9	341.5	343.7	356.2	1,378.3	342.6	345.5	348.5	358.5	1,395.2	1,400.0
c Loss on sales and disposal of property, plant and equipment	12.3	11.8	10.5	27.4	62.1	11.1	11.7	7.3	20.0	50.1	40.0
d Impairment losses	1.2	0.0	0.3	36.5	38.1	0.3	(0.1)	0.0	15.7	16.0	-
EBITDA margin [(e/f)*100]	28.9%	29.3%	29.2%	20.1%	26.7%	27.9%	26.4%	26.8%	19.7%	25.0%	26.0%
e EBITDA [a+b+c+d]	836.7	876.3	885.0	649.1	3,247.1	857.3	850.4	880.2	702.4	3,290.2	3,390.0
f Operating revenues	2,892.6	2,995.1	3,035.6	3,233.2	12,156.4	3,068.9	3,217.3	3,286.4	3,563.6	13,136.2	13,060.0
NTT Consolidated Financial Position (IFRS)		FY 2021				FY 2022
							FY 2023 (E)
	As of	As of	As of	As of		As of	As of	As of	As of		Year Ending
			March 31
	June 30	September 30	December 31	March 31		June 30	September 30	December 31	March 31
			(Forecast)
Assets	23,082.5	22,719.5	23,544.4	23,862.2		24,403.3	24,881.8	25,156.1	25,308.9		-
Current assets	5,352.8	4,953.9	5,542.0	5,716.6		5,938.6	6,269.7	6,675.4	6,654.9		-
(incl.) Cash and cash equivalents	1,139.3	905.2	826.4	834.6		924.7	948.8	821.8	793.9		-
(incl.) Trade and other receivables	3,113.6	2,981.8	3,590.8	3,605.0		3,331.1	3,559.9	4,093.9	4,186.4		-
Non-current assets	17,729.7	17,765.6	18,002.4	18,145.6		18,464.7	18,612.1	18,480.7	18,654.0		-
(incl.) Property, plant and equipment	9,324.1	9,334.4	9,385.3	9,326.9		9,395.2	9,431.0	9,411.8	9,717.1		-
Liabilities and Equity	23,082.5	22,719.5	23,544.4	23,862.2		24,403.3	24,881.8	25,156.1	25,308.9		-
Liabilities	14,699.6	14,020.1	14,843.4	14,844.1		15,108.9	15,587.3	15,954.7	15,958.2		-
Current liabilities	7,404.1	5,688.5	5,852.4	6,258.6		6,304.2	6,476.0	6,946.7	6,840.0		-
(incl.) Trade and other payables	1,995.4	1,845.9	2,121.6	2,500.3		2,389.6	2,224.6	2,486.2	2,807.3		-
Non-current liabilities	7,295.5	8,331.6	8,991.0	8,585.5		8,804.7	9,111.3	9,008.0	9,118.2		-
(incl.) Long-term debt	4,411.8	5,439.6	6,036.2	5,717.5		5,935.6	6,216.9	6,092.3	6,390.2		-
(incl.) Defined benefit liabilities	1,739.2	1,752.4	1,766.0	1,561.0		1,564.5	1,579.1	1,590.7	1,362.3		-
Equity	8,382.9	8,699.4	8,701.0	9,018.1		9,294.4	9,294.6	9,201.4	9,350.6		-
Interest-bearing liabilities (consolidated)
Interest-bearing liabilities (4)	8,136.9	7,511.9	8,012.9	7,364.3		7,989.5	8,507.5	8,715.8	8,230.5		8,200.0
NTT Consolidated Cash Flow Summary (IFRS)			FY 2021					FY 2022
									FY 2023 (E)
	Three Months Ended Three Months Ended Three Months Ended Three Months Ended	Year Ended	Three Months Ended Three Months Ended Three Months Ended Three Months Ended	Year Ended	Year Ending
	March 31
	June 30	September 30	December 31	March 31	March 31	June 30	September 30	December 31	March 31	March 31
	(Forecast)
Cash flows from operating activities(5)	567.5	922.0	616.0	904.8	3,010.3	413.2	393.4	553.3	901.2	2,261.0	-
(incl.) EBITDA(3)	836.7	876.3	885.0	649.1	3,247.1	857.3	850.4	880.2	702.4	3,290.2	3,390.0
Cash flows from investing activities	▲587.7	▲389.1	▲435.0	▲287.4	▲1,699.2	▲455.0	▲366.0	▲475.5	▲440.4	▲1,736.9	-
(incl.) Purchase of property, plant and equipment, intangible	▲515.8	▲378.8	▲400.5	▲462.9	▲1,758.0	▲526.7	▲357.5	▲430.4	▲537.2	▲1,851.9	-
assets and investment property
▲20.2	532.9	181.0	617.3	1,311.1	▲41.8	27.4	77.7	460.8	524.1	-
Free cash flow
Cash flows from financing activities	222.3	▲769.2	▲37.7	▲853.6	▲1,438.1	103.5	▲18.5	40.5	▲715.7	▲590.2	-
(incl.) Borrowings	498.7	▲634.3	382.1	▲792.3	▲545.9	390.5	393.4	413.5	▲504.3	693.0	-
(incl.) Dividends paid(including payment to non-controlling inte	▲208.0	▲1.1	▲204.5	▲0.9	▲414.4	▲223.1	▲1.2	▲214.4	▲1.1	▲439.7	-
(incl.) Net increase in treasury stock	0.0	▲85.5	▲167.9	▲0.1	▲253.6	▲0.1	▲360.3	▲21.9	▲128.7	▲511.0	-
Cash and cash equivalents as of April 1	935.7	1,139.3	905.2	1,055.1	935.7	834.6	924.7	948.8	1,045.9	834.6	-
Cash and cash equivalents as of March 31	1,139.3	905.2	1,055.1	834.6	834.6	924.7	948.8	1,045.9	793.9	793.9	-

1. NTT has implemented a revision of its business segments beginning with the fourth quarter of FY2021 (please refer to "Revision of Segments (page 13)" for a summary of the segment revision). In connection with this revision, results for periods from the third quarter of FY2021 and earlier that are presented above have been restated and are presented on the basis of the new segments.
2. In connection with the global business integration implemented in October 2022, some revenue items have been rearranged, and the results up to the second quarter of FY2022 are also rearranged and presented.
3. Depreciation and amortization expense in EBITDA excludes all depreciation expense related to right-of-use assets.
4. Interest-bearingliabilities presented above include non-recourse debt. Interest-bearing liabilities excluding non-recourse debt were 7,189.4 billion yen as of March 31, 2022, and 8,051.2 billion yen as of March 31, 2023.
5. The effect (the effect of the payment deadline for accounts receivable being postponed from the end of the month to the beginning of the following month) is excluded in the case of the settlement date falls on a non-business day.

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1. Financial Results Summary (Medium-Term Financial Targets)

Medium-Term Financial Targets (IFRS) (Announced in November 2018, as amended in October 2021)

			FY 2021
	Three Months	Three Months	Three Months	Three Months
	Ended	Ended	Ended	Ended
EPS (Yen) (1)	June 30	September 30	December 31	March 31
-	-	-	-
Overseas Operating Profit Margin (%) (2)	4.1%	5.5%	6.6%	8.9%
Cost Reductions (Billions of yen) (3)	(695.0)	(715.0)	(795.0)	(840.0)
ROIC (%)	-	-	-	-

1. Amounts are presented without adjustment for the impact of the 25-for-one stock split that will be carried out on July 1, 2023.

			FY 2022			FY 2023 (E)
Year Ended	Three Months	Three Months	Three Months	Three Months	Year Ended	Year Ending
Ended	Ended	Ended	Ended	March 31
March 31	March 31
June 30	September 30	December 31	March 31	(Forecast)
329	-	-	-	-	348	370
6.3%	6.1%	5.6%	7.4%	9.8%	7.2%	-
(840.0)	(870.0)	(875.0)	(880.0)	(935.0)	(935.0)	(1,000.0)
7.5%	-	-	-	-	7.4%	-

1. Overseas Operating Profit excludes temporary expenses, such as M&A-related depreciation costs of intangible fixed asset. Includes results from NTT DATA's overseas businesses, NTT Ltd., NTT Communications' overseas businesses, NTT Security Holdings, NTT, Inc.（Non-consolidated）, NTT Venture Capital, NTT Disruption, NTT Global Sourcing.
2. Cumulative reductions from FY 2017.

New Medium-Term Financial Targets (IFRS)（Announced in May 2023）

			FY 2021					FY 2022
	Three Months	Three Months	Three Months	Three Months	Year Ended	Three Months	Three Months	Three Months	Three Months	Year Ended
	Ended	Ended	Ended	Ended	Ended	Ended	Ended	Ended
	March 31	March 31
	June 30	September 30	December 31	March 31	June 30	September 30	December 31	March 31
EBITDA (4)
836.7	876.3	885.0	649.1	3,247.1	857.3	850.4	880.2	702.4	3,290.2
Overseas Operating Profit Margin (%)	-	-	-	-	-	-	-	-	-	7.3%
Existing areas ROIC (%) (6)	-	-	-	-	-	-	-	-	-	8.2%

1. Depreciation and amortization expense in EBITDA excludes all depreciation expense related to right-of-use assets.
2. Overseas Operating Profit excludes temporary expenses, such as M&A-related depreciation costs of intangible fixed asset. Includes results from NTT DATA's overseas businesses. Results for fiscal 2022 include results for the first half of the NTT Ltd. Group.

(6) The existing areas are defined as "NTT Docomo Group Consumer Telecommunications Business, NTT East Group, NTT West Group".

FY 2023 (E) Year Ending March 31 (Forecast)

3,390.0

8.3%

8.3%

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1. Financial Results Summary (Capital Investment)

Capital Investment (IFRS)

Capital investment

Integrated ICT Business Segment (1) Regional communications business Segment

Global Solutions Business Segment (1) Others(Real Estate, Energy and Others) (1)

(Ref.) Capital investment by group NTT Docomo Group

NTT East Group

NTT DATA Consolidated (After integration of overseas business) (2)

NTT DATA Consolidated (Prior to integration of overseas businesses)(3) NTT Ltd. Group (4)

NTT Urban Solutions Group

(Ref.) NTT DOCOMO Group

Enterprise Smart life

Consumer communications

(incl.) Telecommunications capital investment (5)

										(Billions of yen)
		FY 2021					FY 2022			FY 2023 (E)
Three Months	Three Months	Three Months	Three Months	Year Ended	Three Months	Three Months	Three Months	Three Months	Year Ended	Year Ending
Ended	Ended	Ended	Ended	Ended	Ended	Ended	Ended	March 31
March 31	March 31
June 30	September 30	December 31	March 31	June 30	September 30	December 31	March 31	(Forecast)
371.4	388.6	399.5	528.1	1,687.6	350.5	360.2	430.7	721.0	1,862.4	2,000.0
156.7	155.3	161.1	225.6	698.6	130.6	146.8	171.0	257.9	706.3	728.0
105.0	109.3	115.7	171.0	501.1	88.0	98.3	108.3	203.5	498.1	493.0
79.2	95.9	88.9	83.3	347.2	112.8	94.1	108.4	185.1	500.4	590.0
30.5	28.1	33.9	48.2	140.7	19.1	21.0	43.0	74.6	157.7	189.0
156.7	155.3	161.1	225.6	698.6	130.6	146.8	171.0	257.9	706.3	728.0
49.9	50.3	54.9	96.5	251.6	37.3	45.4	50.6	115.5	248.9	245.0
55.2	59.1	60.8	74.5	249.5	50.7	52.9	57.7	87.9	249.2	248.0
35.8	46.3	43.2	51.5	176.7	43.6	44.6	108.4	185.1	381.7	590.0
35.8	46.3	43.2	51.5	176.7	43.6	44.6	-	-	-	-
43.1	49.1	45.6	31.9	169.7	69.2	49.5	58.5	131.8	309.0	-
28.8	10.7	21.2	18.1	78.8	5.7	11.3	25.9	33.7	76.6	126.0
156.7	155.3	161.1	225.6	698.6	130.6	146.8	171.0	257.9	706.3	728.0
32.3	27.2	29.5	46.2	135.1	25.8	34.0	41.7	58.2	159.7	162.0
14.2	13.0	12.9	15.5	55.5	13.5	17.5	19.4	26.8	77.1	87.0
110.2	115.1	118.7	163.9	508.0	91.3	95.4	109.9	172.8	469.5	479.0
113.0	118.0	121.9	171.4	524.3	95.1	103.5	119.1	193.7	511.2	510.0

1. NTT has implemented a revision of its business segments beginning with the fourth quarter of FY2021 (please refer to "Revision of Segments (page 13)" for a summary of the segment revision). In connection with this revision, results for periods from the third quarter of FY2021 and earlier that are presented above have been restated and are presented on the basis of the new segments.
2. As a result of the global business integration implemented in October 2022, results from the third quarter of FY2022 onward and full-year results forecast for FY2023 include the NTT Ltd. Group from the third quarter of FY2022 onward.
3. Represents figures for NTT DATA Consolidated on its current basis, excluding the impact of the global business integration implemented in October 2022.
4. Represents figures for NTT Ltd. Group on its current basis, excluding the impact of the global business integration implemented in October 2022.
5. Represents the Telecommunications capital investment of Consumer communications and Enterprise.

-3-