As of November 20th, 2004, Nippon Television Network Corporation (NTV) shares, which had been placed on the Tokyo Stock Exchange (TSE) monitoring list from November 5th, 2004, have been removed from that monitoring list, eliminating the risk of delisting.


We deeply apologize to our shareholders, investors, viewers, sponsors and all those associated with our company for the concern we have caused over this situation regarding the revised financial statement report and for our shares being moved to TSE's monitoring list.


NTV received a statement dated November 19th, 2004 from TSE explaining that NTV did not warrant a delisting. TSE based its decision on the following two regulations:

(1) in the event that misstatements were made, and that from those misstatements significant impact resulted, and

(2) in the event that for the interest of the public and the protection of the investor, delisting is necessary.

TSE found that neither of the above would apply to NTV's situation. However, TSE has requested that NTV submit a plan to improve its disclosure practice.


As mentioned previously, in a concerted effort to swiftly resolve this situation as well as prevent any reoccurrence, NTV has assembled a team whose purpose will be to develop a plan, based on opinions of our lawyers and certified public accountants, to submit to TSE. This plan will also be presented to our shareholders.


To investors, open and full disclosure of financial statement reports is the most accurate information source to evaluate the financial condition of companies. The fact that information was not properly disclosed for a long time and was not inspected by our internal management system points to a flaw that must be corrected. Although we were the ones to voluntarily submit a revision, we regret causing concern to our shareholders.


We ask for your continued support as NTV makes every effort to implement necessary improvements, ensure adherence to compliance and provide prompt, precise disclosure to prevent a reoccurrence of this nature.
 

Kohei Manabe Representative Director & President