Standard & Poor's Announces Change In The S&P ADR Index - Clarification: Nippon Tel & Tel Co. (ADR) Share And IWF Changes

On July 12, 2004 Standard & Poor’s announced changes to the Nippon Tel & Tel Co. Shares and IWF that will become effective at the close of business on Friday, July 16, 2004. Because of a market holiday in Tokyo on Monday, July 19, 2004, these changes will be reflected in the S&P ADR Index from the market open on Tuesday, July 20, 2004. The text of the announcement was as follows:

The following changes will become effective at the close of trading on Friday, July 16, 2004

• Nippon Tel&Tel Co. (ADR) (Japan, NYSE: NTT, CUSIP: 654624105, Sedol: 2639996) shares will increase by 177,031,400 to 1,902,833,200. Simultaneously, the IWF will change to 0.907 from 1. The changes are as a result of the listing of government-controlled shares.

Company additions to and deletions from an S&P equity index do not in any way reflect an opinion on the investment merits of the company.

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