Nippon Television Network Corporation
(Tokyo Stock Exchange 9404)

　Nippon Television Network Corporation has formulated a three-year medium-term plan for FY2006-2008.
　In an ever-changing business environment where the broadcasting and communication domains are dramatically converging, there is a need, as a member of the media sector, to resolutely plan ahead during this period of transformation.　Therefore, we have detailed our business objectives, which will serve as a driving force in the coming three years.

１．　Long-term Management Vision

　Regardless of how transmission changes and how the structure of generating revenue changes over the years, the source of our competitive strength will continue to be our content development capabilities with video as the focus.

　As we look to the future, we visualize that NTV must be unwavering in its determination to be at the top of the visual media industry in all areas of media transmission. This ideal is based on the premise that our company offers content that encompasses fair and beneficial reporting as well as wholesome entertainment that is supported by many viewers.

＜Our Corporate Vision for the Future＝Long-term Management Objectives＞

２．　Medium-term Management Plan

　In accordance with the above-mentioned long-term management vision, NTV has developed a medium-term management plan (as detailed below) to be realized by FY2008.

＜Competitive Environment & Our Current Position＞

　It has been two years since NTV won the quadruple crown title of annual viewer ratings in its terrestrial broadcasting business, after winning the coveted title for ten years from 1994 to 2003. We are currently in second place for broadcasting sales in the industry. Why has this happened? The inability to think outside the box in terms of program production may have lead to a decline in our viewer ratings, especially for professional baseball broadcasts. Another reason may be that our sponsors’ target audience tended to be younger than our actual viewership.
　At the same time, advertising sponsors are seeking more than just viewer ratings; they seek a more qualitative assessment. To respond to the needs of our sponsors, NTV is assertively pursuing innovative ideas, advancing projects and utilizing new methods of broadcasting professional baseball—- all of which are delivering positive results. Furthermore, our efforts to reach younger viewers during the morning viewing-time period are beginning to bear fruit. The launch of "one-segment" broadcasting (mobile reception) in April 2006 has led to an increase in the opportunities afforded for viewing television at times and places unreachable until now.

　The impact of the convergence of broadcasting and communications on the television industry is expected to have a tremendous impact on the overall earnings structure. To aggressively branch out into the world of the Internet, NTV expeditiously launched "NTV2"(a VoD service) with not only its existing content, but by developing original content—- a move not attempted by other networks.
　Transmission methods of video content are quickly diversifying. Those of us in the television business are facing numerous competitors from non-television sectors.　On the other hand, however, business opportunities are increasing for ways to utilize strong content via various transmission channels, which leads to a steady increase in revenue-generating opportunities. NTV realizes that in order to secure a promising future, it is of dire importance to become a winner in this arena, and will do all that is necessary to come out on top.

＜Medium-term Management Strategies to Reach Our Objectives＞

1.Measures to improve program quality and raise viewer ratings by further strengthening content production capabilities
(1)introducing of new standards for adopting unique content projects
(2)implementing viewer satisfaction research
(3)enhancing news programs and sports content
(4)re-examining the basic concept of program production costs　→　making sound investments
(5)nurturing human resources
(6)restructuring the strategy for professional baseball broadcasts　→　strengthening production and PR strategies …considering all options to maximize content value via BS, CS, Internet, etc.

2.Measures for expansion of non-broadcasting sales :　utilizing know-how and expanding multi-use of terrestrial content

(1)Media Commerce Business →　intensify connection to terrestrial television and develop multi-use of mobile devices
(2)Licensing Business　→　strengthen connection of animation to terrestrial television
(3)Movie Business　→　promote connection to terrestrial television drama project 　　and emerge into the overseas market
(4)IT-related Business →　 enrich original content for NTV2 and expand IT-related
business areas with Forecast Communications as the focal point

3.Real Estate Business
　　→ 　priority to decide strategy for efficient use of Kojimachi property (currently being considered as a company-wide project)

４．Aggressively Utilize M&A
　 →　expedite an emphasis on offensive strategy
＜Financial and Dividend Policy＞

(1)Managerial Target　→　 Recurring Profit Margin

(2)Basic Dividend Payout Ratio　→　 33％
　　　　　　　　　　　　　　　　　(Floor annual dividend per share: 150 yen)　

＜Medium-term Earnings Target＞

* Non-broadcasting sales include "Cultural Activities" and "Other" segments