The green bonds were issued in three tranches

Davis Polk advised the joint bookrunners in connection with an offering by NTT Finance Corporation of (i) $500 million aggregate principal amount of its 4.142% senior notes due 2024, (ii) $500 million aggregate principal amount of its 4.239% senior notes due 2025 and (iii) $500 million aggregate principal amount of its 4.372% senior notes due 2027. NTT Finance intends to allocate the net proceeds to make loans to NTT group companies to finance or refinance, in whole or in part, new or existing “Eligible Projects” as defined in NTT Group’s Green Finance Framework.

The notes were sold in an offering exempt from registration pursuant to Rule 144A / Regulation S and the issuer is relying on the exemption from registration provided by Section 3(c)(7) of the Investment Company Act.

NTT Finance is a wholly owned finance subsidiary of Nippon Telegraph and Telephone Corporation (NTT). As the sole finance subsidiary within the NTT group, NTT Finance occupies a central role in the provision of financing solutions to companies within the NTT group, and of cash management, accounting and tax and billing and collection services to companies within the NTT group. NTT group is one of Japan’s largest telecommunications providers, offering a wide range of high-quality mobile and fixed-line telecommunications services and products to consumers and enterprises domestically.

The Davis Polk capital markets team included partner Jon Gray, counsel Christopher Kodama and associates Chihiro Sasaki and Paul Lee. Counsel Alon Gurfinkel and associate Kelli A. Rivers provided tax advice. Members of the Davis Polk team are based in the Tokyo and London offices.

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