On February 2, 2022, Cybridge LLC announced that it has submitted a notification with the purpose of provide advice to management, important proposals, etc. depending on the situation. Cybridge LLC believes that the stock price of Nippon Telephone Inc. is undervalued and is an attractive investment opportunity and it will hold the shares over the medium to long term, aiming to achieve "medium to long term investment return enhancement through constructive dialogue between management and investors" in the spirit of the Japanese version of the Stewardship Code.

It may seek to engage in constructive dialogue with respect to corporate governance, composition of the Board of Directors, management, business, financial condition and strategy. If the management of Nippon Telephone Inc. does not engage in dialogue with it (including failure to provide appropriate answers to the Company's questions) or if it is judged that there is no prospect for improvement of management with the current management structure, it may request Nippon Telephone Inc. to convene an extraordinary general meeting of shareholders for the purpose of election and dismissal of directors.