D D I C O R P O R A T I O N

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D D I C O R P O R A T I O N A N N U A L R E P O R T 2 0 0 0 Printed in Japan DDI was established in June 1984 as Dai-ni Denden Planning Company. It changed its name to DDI Corporation in April 1985, as the liberaliza- tion of the telecommunications sector was taking place, and received permission to operate as a Type 1 Telecommunications Carrier in June 1985. DDI began to provide leased circuit services in October 1986 and long-distance telephone services in September 1987, thus bringing compe- tition to the Japanese telecommunications market, which had previously been monopolized by Nippon Telegraph and Telephone Corporation (NTT). The DDI Group subsequently expanded into cellular-phone services in 1989 and Personal Handy-phone System (PHS) services in 1995. The DDI Group will continue to expand its activities in the future as it evolves into an integrated telecommunications services provider. 1 Selected Financial Data 2 To Our Shareholders 4 Topics 6 Merger Agreement and Its Synergy Effects 8 The Japanese Telecommunications Industry in the Fiscal Year Ended March 2000 12 DDIs Business Operations 14 DDIs Network Services 16 DDIs CELLULAR-PHONE Services 20 DDIs PHS Services 23 DDIs Overseas Mobile Services 24 Financial Highlights 26 Consolidated Balance Sheets 28 Consolidated Statements of Income 29 Consolidated Statements of Shareholders Equity 30 Consolidated Statements of Cash Flows 31 Notes to Consolidated Financial Statements 43 Report of Independent Certified Public Accountants 44 Overview of the DDI Group 45 Corporate Data T A B L E O F C O N T E N T S Consolidated statements of income: Total operating revenues....................... Operating income................................. Income (loss) before income taxes and minority interests ........................ Net income (loss).................................. Consolidated balance sheets: Total assets ........................................... Total shareholders equity..................... Interest-bearing debt ............................. Per share data (yen): Net income (loss) ................................. Cash dividends ..................................... Note: Interest-bearing debt consists of short-term loans, current portion of long-term loans, long-term loans, bonds and long-term accounts payable. Years ended March 31 S E L E C T E D F I N A N C I A L D ATA Millions of yen 2000 1999 1998 1997 1996

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