Nippon Telegraph and Telephone : Quarterly Securities Report (For the nine months ended December 31, 2021) 49pages

[Translation]

Quarterly Securities Report

(The Third Quarter of the 37th Business Term) From October 1, 2021 to December 31, 2021

NIPPON TELEGRAPH AND TELEPHONE CORPORATION

Table of Contents

Item 1. Overview of the Company ……………………………………………………………………………………………	4
1. Selected Financial Data …………………………………………………………………………………………………	4
2. Description of Business …………………………………………………………………………………………………	5
Item 2. Business Overview ……………………………………………………………………………………………………	6
1. Risk Factors ………………………………………………………………………………………………………………	6
2. Management's Analysis of Consolidated Financial Condition, Results of Operations, and Cash Flows ………………	6
3. Material Contracts ………………………………………………………………………………………………………	14
Item 3. Information on NTT …………………………………………………………………………………………………	15
1. Information on NTT's Shares ……………………………………………………………………………………………	15
(1) Total Number of Shares ………………………………………………………………………………………………	15
(2) Information on Share Acquisition Rights ……………………………………………………………………………	15
(3) Information on Moving Strike Convertible Bonds …………………………………………………………………	15
(4) Changes in the Total Number of Issued Shares, the Amount of Common Stock, and Other ………………………	16
(5) Major Shareholders …………………………………………………………………………………………………	16
(6) Information on Voting Rights ………………………………………………………………………………………	16
2. Changes in Directors and Senior Management …………………………………………………………………………	17
Item 4. Financial Information …………………………………………………………………………………………………	18
1. Condensed Quarterly Consolidated Financial Statements ………………………………………………………………	19
(1) Condensed Quarterly Consolidated Statements of Financial Position ………………………………………………	19
(2) Condensed Quarterly Consolidated Statements of Profit or Loss and Condensed Quarterly Consolidated Statements	21
of Comprehensive Income ……………………………………………………………………………………………
(3) Condensed Quarterly Consolidated Statements of Changes in Equity ………………………………………………	25
(4) Condensed Quarterly Consolidated Statements of Cash Flows ………………………………………………………	27
Notes to Condensed Quarterly Consolidated Financial Statements………………………………………………………	29
1. Reporting Entity ……………………………………………………………………………………………………	29
2. Basis of Preparation…………………………………………………………………………………………………	29
3. Significant Accounting Policies ……………………………………………………………………………………	30
4. Significant Accounting Estimates and Judgments Involving Estimates ……………………………………………	30
5. New Standards Not Yet Applied ……………………………………………………………………………………	30
6. Segment Information ………………………………………………………………………………………………	31
7. Impact on the condensed quarterly consolidated financial statements due to the non-business day for	35
the third quarter ended December 31, 2020 and 2021……………………………………………………………
8. Property, Plant and Equipment………………………………………………………………………………………	35
9. Corporate Bonds……………………………………………………………………………………………………	38
10. Equity and Other Equity Items ……………………………………………………………………………………	39
11. Operating Revenues ………………………………………………………………………………………………	42
12. Financial Instruments ………………………………………………………………………………………………	44
13. Subsequent Events …………………………………………………………………………………………………	47

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[Note]

This document is an English translation of certain items that were disclosed in NTT's Quarterly Securities Report for the nine- month period ended December 31, 2021, which NTT filed on February 8, 2022 with the Financial Services Agency of Japan.

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.

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[Cover]

[Document Filed]	Quarterly Securities Report ("Shihanki Hokokusho")
[Applicable Law]	Article 24-4-7, Paragraph 1 of the Financial Instruments and Exchange
	Act of Japan
[Filed to]	Director, Kanto Local Finance Bureau
[Filing Date]	February 8, 2022
[Fiscal Year]	The Third Quarter of the 37th Business Term (From October 1, 2021 to
	December 31, 2021)
[Company Name]	Nippon Denshin Denwa Kabushiki Kaisha
[Company Name in English]	NIPPON TELEGRAPH AND TELEPHONE CORPORATION
[Title and Name of Representative]	Jun Sawada, President and Chief Executive Officer
[Address of Head Office]	5-1, Otemachi 1-chome,Chiyoda-ku, Tokyo
[Phone No.]	[phone]
[Contact Person]	Natsuko Fujiki, Head of IR, Finance and Accounting Department
[Contact Address]	5-1, Otemachi 1-chome,Chiyoda-ku, Tokyo
[Phone No.]	[phone]
[Contact Person]	Natsuko Fujiki, Head of IR, Finance and Accounting Department
[Place Where Available for Public	Tokyo Stock Exchange, Inc.
Inspection]	(2-1, Nihombashi Kabutocho, Chuo-ku, Tokyo)

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Item 1. Overview of the Company

1. Selected Financial Data

IFRS

		Nine Months	Nine Months	Fiscal year ended
		Ended	Ended
		December 31,	December 31,	March 31, 2021
		2020	2021
Operating revenues	Millions	8,738,006	8,923,226	11,943,966
of yen	[3,026,642]	[3,035,579]
Profit before taxes	Millions	1,495,097	1,553,958	1,652,575
of yen
Profit attributable to NTT	Millions	831,174	1,030,347	916,181
of yen	[289,663]	[354,514]
Comprehensive income (loss) attributable to	Millions	1,014,803	1,090,787	1,275,214
NTT	of yen
NTT shareholders' equity	Millions	7,437,733	7,997,766	7,562,707
of yen
Total assets	Millions	23,862,025	23,544,353	22,965,492
of yen
Basic earnings per share attributable to NTT	Yen	224.07	286.08	248.15
[ 78.21 ]	[ 99.36 ]
Diluted earnings per share attributable to NTT	Yen	－	－	－
Equity ratio	%	31.2	34.0	32.9
(Ratio of NTT Shareholders' Equity to Total Assets)
Cash flows from operating activities	Millions	1,698,029	1,876,724	3,009,064
of yen
Cash flows from investing activities	Millions	(1,510,135)	(1,411,720)	(1,424,532)
of yen
Cash flows from financing activities	Millions	141,173	(584,510)	(1,689,548)
of yen
Cash and cash equivalents at end of period	Millions	1,352,893	826,367	935,727
of yen

Notes: (1) NTT's consolidated financial statements are prepared in accordance with International Financial Reporting Standards ("IFRS").

1. As NTT prepares condensed consolidated financial statements, selected non-consolidated financial data, are not provided.
2. Operating revenues do not include consumption taxes.
3. Diluted earnings per share attributable to NTT is not stated because NTT did not have potentially dilutive common shares that were outstanding during the period.

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