The company has revised upward its per share year-end dividend forecast for the year ending March 31, 2005.

1. Reason for revision
TEL's dividend policy is to link dividend payments to business performance and revenues on an on-going basis, and its basic policy for returning profits to shareholders is to maintain a payout ratio of around 20% based on non-consolidated financial results and determine the dividend amount by taking consolidated financial results into consideration. Initially, TEL planned to pay a year-end dividend of 15 yen per share for the current fiscal year. Considering the continued strong performance and the importance of returning profits to shareholders, however, TEL has revised dividend forecast upward, so that the year-end dividend per share will be increased from 15 yen to 30 yen, and the annual dividend per share from 30 yen to 45 yen. As a result, the payout ratio based on financial forecasts for the year ending March 31, 2005, as announced on November 11, 2004, is expected to be 21.7% for non-consolidated financial results and 13.4% for consolidated financial results.

2. Details of revision