Attachment 1


SUMMARY OF RESULTS



During the fiscal year ended March 31, 2001, the condition of the Japanese economy remained generally severe, as signs of a self-sustainable recovery - a leveling-off of personal consumption and gradual improvement in private sector capital investment - were overshadowed by the slowdown in corporate earnings growth towards the end of the term.

What with rapid technical innovations and needs that are becoming increasingly advanced, diversified and global, the telecommunications markets underwent rapid expansion and development, as the rapid diffusion of advanced telecommunications networks is bringing about wide-ranging changes to private lifestyles and socio-economic operations, with the government aggressively expediting the IT (Information Technology) revolution by establishing the Basic Law Concerning the Formation of Advanced Telecommunications Network Society.

The competitive picture for the information sharing market changed rapidly, too, with an acceleration in the shift from fixed-line to mobile phones and from voice transmission to data transmission, as evidenced by the growing number of subscribers to mobile phone and Internet services, while the IP business expanded and the process of globalization and development of seamless services advanced. The regional communications markets, where we are playing, saw CATV operators and DSL operators entering the Internet access services business and expanding their service areas. Competition was further fueled by the lowering of inter-carrier connection fees with the introduction of the long run incremental cost system, and announcements by long-distance carriers to enter the local call markets by way of seamless services for local, intra-prefectural long-distance, inter-prefectural and international calls in anticipation of the introduction of the presubscription system.

Against this background, Nippon Telegraph and Telephone West Corporation (NTT West) has endeavored to provide reliable, quality services. At the same time, NTT West has focused on developing new sources of earnings, increasing convenience for customers, honing its competitive edge and aggressively improving management efficiency, in order to achieve two management goals, the "transition to a profit-making structure" and "transformation into an information sharing company."

To secure new earnings sources, NTT West offered a comprehensive line of Internet access services by developing and marketing new services and exploiting new business areas in the telecommunications sphere, thus expediting a shift to the IP business field.

Specifically, in an attempt to respond to the ever more sophisticated and diversified Internet market, NTT West made a full-launch of "FLET'SISDN", an IP connection service featuring complete flat-rate Internet access, lowered the monthly flat-rate access fee and started offering "FLET'SADSL", another IP connection service featuring complete flat-rate Internet access that employs ADSL (asymmetric digital subscriber line) for the subscriber line section, thereby securing new sources of earnings by augmenting its Internet connection services.

To strengthen its solution business, NTT West launched "D.prosol", a risk management solution that offers total support to customers' networks, from securities to network evaluation, for safe and comfortable telecommunications system operation by private enterprises.

In addition, as part of its efforts in this age of information sharing to create regional information-sharing business via optical fibers, NTT West started a joint trial experiment in Kanazawa City, Ishikawa using optical networks and information appliances, and opened the "Cyber Business World" in Osaka, where we plan to develop more sophisticated, advanced platforms and applications for high-speed, large-volume networks. At its 100%-owned subsidiary, NTT SmartConnect Corporation, the Company is working on the data center business and platform business, thus aggressively striving to develop new businesses that should create new sources of earnings.

To improve customer convenience and hone its competitive edge, the Company offered a variety of discount services: expansion of the "i-ai plan" discount for Internet users beyond INS Net 64 and INS Net 64 Light to include subscribers to fixed-line telephone services; reduction in charges and expansion of discount services for "Super High Speed Leased Circuit Service" and "ATM Leased Circuit Services"; "Super Kenta-kun," a discount service for intra-prefectural long-distance calls whereby discounts are given for a monthly fixed fee; and "Wari-max" and "Wari-big" whereby companies can receive discounts on local and intra-prefectural long-distance calls in accordance with their total monthly charges for intra-prefectural calls from multiple places of businesses (headquarters, branch offices, sales offices, etc.) and single places of business, respectively.

In response to the introduction of the price cap system on October 1, 2000, NTT West offered significant reductions in charges for intra-prefectural long-distance calls for distances exceeding 20 km, and reduced charges for local calls on May 1, 2001, in anticipation of the intensifying competition expected with the start of "MY LINE"(Carrier Selection Service) and "MY LINE PLUS"(Carrier Designation Service) in May 2001.

In an attempt to facilitate competition in the market, NTT West aggressively opened its infrastructures by unbundling network elements such as optical fibers and subscriber lines for xDSL.

NTT West remains committed to improving management efficiency. In accordance with the "Mid-term Restructuring Plan" (fiscal 2000-2002) announced in November 1999, the Company has been pursuing various initiatives to that end. These include the effort to increase the efficiency of the business operations structure through consolidation of sales offices, changeover of personnel including temporary assignments at other Group companies and personnel reshuffling to metropolitan areas, curtailment of capital investment, and further reduction in outsourcing and other costs. NTT West has also carried out measures to improve its management resilience, such as the re-building of the information sharing marketing setup and the introduction of a voluntary retirement program.

Aware of the need to fulfill corporate responsibilities to "achieve harmony between business activities and the protection of the global environment," NTT West announced in its action plan for the protection of the global environment its mid- and long-term targets for the saving of paper, prevention of global warming and reduction in waste, which assume top priority among environmental protection activities, guided by the basic policies laid out in the NTT West Global Environment Charter instituted in fiscal 1999. Meanwhile, NTT West posted its environmental report on its official website, detailing its undertakings during fiscal 1999 in an effort to publicize information on its commitment to eco-friendliness, thus pursuing continuous improvements in environmental measures and reducing environmental risk.

At the Group of Eight summit in Kyushu and Okinawa, Japan, in July 2000, NTT West successfully met the huge demand in a short period for telecommunications services, which played a vital role in the management of the meeting and news reports by the media. We built up communications facilities for stable services with a view to securing enough capacity to satisfy that demand and improve reliability. To make perfection more perfect, the Company set up a dedicated headquarters for the meeting to address any failures in telecommunications facilities. Thanks to these efforts, we were able to provide stable services without any disruptions to our telecommunications services.

As a result of the above, operating revenues amounted to 2,639.5 billion yen (up 27.4% from the previous year) and ordinary losses, 105.7 billion yen (up 145.8% from the previous year).

Net losses totaled 44.6 billion yen (down 81.3% from the previous year), as a result of the transfer of specified expenses of 72.4 billion yen from NTT East under Article 11, Supplementary Provision to the Law Concerning Nippon Telegraph and Telephone Corporation, etc.

Note: Figures in parenthesis show a comparison with those during the nine months between July 1999 and March 2000.


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