Nippon Telegraph and Telephone Corp.

State Street Bank & Trust Co., et al

DDI Corp.

The Chase Manhattan Bank, N.A. London, et al

Cable & Wireless IDC

Cable & Wireless plc (C&W)

TU-KA Cellular Tokyo Inc.

BT Holdings, Ltd., GTE Corp., et al

TU-KA Cellular Tokai Inc.

BT Holdings, Ltd., GTE Corp., et al

TU-KA Phone Kansai Inc.

BT Holdings, Ltd., GTE Corp., et al

J-Phone Tokyo Co., Ltd.

AirTouch International, Vodafone AirTouch Plc

J-Phone Tokai Co., Ltd.

AirTouch International, Vodafone AirTouch Plc

J-Phone Kansai Co., Ltd.

AirTouch International, Vodafone AirTouch Plc

J-Phone Hokkaido Co., Ltd.

AirTouch International, GTE Corp., Vodafone Europe Holding B.V.

J-Phone Tohoku Co., Ltd.

AirTouch International, GTE Corp., Vodafone Europe Holding B.V.

J-Phone Hokuriku Co., Ltd.

AirTouch International, GTE Corp., Vodafone Europe Holding B.V.

J-Phone Chugoku Co., Ltd.

AirTouch International, GTE Corp., Vodafone Europe Holding B.V.

J-Phone Shikoku Co., Ltd.

AirTouch International, GTE Corp., Vodafone Europe Holding B.V.

J-Phone Kyushu Co., Ltd.

AirTouch International, GTE Corp., Vodafone Europe Holding B.V.

J-COM Tokyo Co., Ltd.

Liberty Japan, Inc.

TITUS Communications Corp.

MediaOne International B.V.

Osaka Cable TV Corp.

Liberty Japan, Inc.

Kobe Cable Television Co., Ltd.

Liberty Japan, Inc.

J-COM Kansai Co., Ltd.

Liberty Japan, Inc.

KDD WinStar Corp.

WinStar Communications, Inc.

KVH Telecom Corp.

Fidelity Communications Holdings, Inc.

Hutchison Corporate Access Pte Ltd.

Hutchison Communications Ltd.

PanAmSat International Systems, Inc.

Anselmo Group, Grupo Televisa, Hughes Group

MCI WorldCom Japan, Ltd.

MCI WorldCom, Inc.

Japan Telecom Communications Services Co., Ltd.

BT Nederland JT Holdings BV, AT&T Nederland JT Holdings BV

PGE Japan, Ltd.

Pacific Gateway Exchange Inc.

Global One Communications Network, Inc.

Global One Communications World Holding B.V. (the Netherlands)

Global Access Ltd.

Marubeni America Corp., Pacific Crossing Holdings, Ltd.

ORBCOMM Japan Ltd.

ORBCOMM Global, L.P.

Primus Japan K.K.

Primus Telecommunications Group, Inc.

K.K. Teleglobe Japan

Teleglobe Communications Corp.

RSL COM Services Japan K.K.

RSL COM Asia Pacific Ltd.

SingTel Japan, Co., Ltd.

Singapore Telecommunications Ltd.

Telstra Japan K.K.

Telstra Singapore Pte Ltd.

PSI Networks Japan Inc.

PSINet Inc.

IXnet Telecommunications Japan K.K.

IXnet, Inc.

Notes:

1. This list includes companies with more than 5 percent foreign capital ratio.
2. NTT was reorganized into two regional Type I carriers (NTT East Corp. and NTT West Corp.) and one long-distance/international carrier (NTT Communications Corp.) under one holding company (NTT) on July 1, 1999.
3. KDD's foreign capital ratio is 4.53 percent (as of March 31, 1999).
4. On October 1, 1999, following company name changes were made:

IBM Japan Services Business Co., Ltd.

IBM WTC

Information Services International-Dentsu, Ltd.

GE Information Service

Premier Technology Inc.

Xpedite Systems Inc.

Global One Communications Inc.

Global One Communications World Holding B.V. (the Netherlands)

Compaq Computer K.K.

Compaq Computer Corp.

Cable & Wireless Japan Ltd.

Cable & Wireless plc

Concert Japan K.K.

Concert Global Networks (USA) Inc.

Deutsche Telekom K.K.

Deutsche Telekom AG

Telstra Singapore Pte Ltd.

Telstra Singapore Pte Ltd. (Singapore)

Clal-Nissei Corp.

SAIKI TECH INVESTMENT HOUSE (ISRAEL) LTD.

TMI Telemedia International Hong Kong Ltd.

TMI Telemedia International Hong Kong Ltd. (Hong Kong)

Saturn Global Network Service Japan Co., Ltd.

Saturn Global Service Europe

Asia Internet Holding Co., Ltd.

Pacific Internet (Singapore), Super Net (Hong Kong)

UUNet Japan Co., Ltd.

UUNet Technologies Inc. (USA)

MCI International (Japan) Co., Ltd.

MCI International, Inc.

AT&T Communications Services Japan Ltd.

AT&T Corp. (USA)

MCI WorldCom Japan Ltd.

MCI WorldCom, Inc. (USA)

Far East Data Ltd.

Far East Enterprises, Ltd.

AOL Japan, Inc.

America Online, Inc. (USA)

PSINet Japan Inc.

PSINet Inc. (USA)

Ixnet JAPAN CO., LTD.

International Exchange Networks, Limited (USA)

Coyote Network Systems, Inc.

Coyote Network Systems, Inc. (USA)

GAINS JAPAN Co., Ltd.

Tullett & Tokyo Forex Europe B.V. (the Netherlands)

AVIRNEX Japan Corp.

AVIRNEX Communications Group (USA)

Equant Network Service Private Limited

Equant Network Service Private Limited Asia Pacific (Singapore)

Primus Telecommunications K.K.

Primus Telecommunications International, Inc. (USA)

City Telecom (Japan) Co., Ltd.

City Telecom (H.K.) Ltd. (Hong Kong)

Telegroup Japan, Inc.

Telegroup, Inc. (USA)

RSL COM Japan, K.K.

RSL Communications Ltd. (USA)

Trans Pacific Telecom K.K.

Trans Pacific Telecom Ltd. (UK)

Teleglobe Services Japan, Inc.

Teleglobe International Corp. (USA)

Pacific Gateway Exchange Inc.

Pacific Gateway Exchange Inc. (USA)

TPC, Inc.

The Phone Company (USA)

GINGA Communications International, Inc.

Unitrendix Corp. (USA)

Singapore Telecom Japan Co., Ltd.

Singapore Telecommunications Ltd. (Singapore)

Icon/Teleway Internet Co., Ltd.

Icon/Teleway Co., LLP (USA)

Nippon WorldxChange Ltd.

WorldxChange Communications (USA)

GTE Internetworking International Corp.

GTE Internetworking International Corp. (USA)

AIC Telecom (Japan) Ltd.

AIC (Asia Pacific) Ltd. (Hong Kong)

i-Tel Corp.

Impact Telecommunications, Inc. (USA)

ASEM Holding, Inc.

ASEM Holding, Inc. (USA)

AT&T Global Network Services Japan LLC

AT&T Global Network Services Japan LLC (USA)

GTE Far East (Services) Ltd.

GTE Far East (Services) Ltd. (Hong Kong)

Cignal Telecommunications Japan K.K.

Cignal Global Communications Holding B.V. (the Netherlands)

Korea Telecom Japan K.K.

Korea Telecom

REUTERS Japan Ltd.

Reuters Group PLC (UK)

Source: Ministry of Posts and Telecommunications, Outline of the Telecommunications Business in Japan, December 1999, pp. 5-6.