Since the Medium-term Management Plan for NTV Group (FY2006-2008) was formulated in May 2006, various measures have been taken for recovering and enhancing the Group's profitability. As we think it indispensable to revise management strategy flexibly to take immediate actions in this drastically changing business environment, we have developed "Management Policy 2009."

1. Basic concept of "Management Policy 2009"
We have frozen the numerical objectives under Medium-term Management Plan (FY2008-2010) although maintaining its basic concept, and would review the Plan on or after FY2010. We think that the numerical objectives will not be attainable in the current severe economic environment, which has had significant adverse influence on the advertisement market. As for FY2009, we will exert our utmost efforts to improve our Group's profitability immediately to survive this economic downturn. We have developed Management Policy 2009 as the guideline for what we should do in FY2009.

2. Outcomes
(1) Aggressive revisions of television scheduling and programming have resulted in improved NTV viewer ratings. We have regained the highest viewer rating in the "Non-Prime Time" category through CY2008 and FY2008. We are ranked No.2 in viewer ratings in "All Day," "Prime Time" and "Golden Time" categories, inching closer to the No.1 position. NTV is the only key commercial television company which has improved its viewer ratings in "Prime Time" and "Golden Time" categories last year. As part of our efforts to improve viewer ratings, we have expanded our core target ratings, which have led to the recovery of our shares for spot commercial sales.

(2) As for our non-broadcasting businesses, there has been continuous and tremendous progress in areas such as the media commerce and movie businesses.

(3) We have been conducting thorough cost control while trying to increase sales volume. Furthermore, we have been working on the reduction of television program production costs to improve our profitability.

3.Major points of new Policy
Enhancing the value of our television programs and advancing Group profitability
We, as NTV Group, will make every effort to maximize Group profitability by regaining the No.1 position in viewer ratings with emphasis on our core target, and capturing the largest share in spot commercial sales.
We aim to maintain our profit level in this adverse market by advancing profitability with large-scale cost reductions of television program production.

The main measures are as follows:

· Strengthen the value of our television programs while pursuing innovations (creating unique content)
· Improve our Group's content production capability
· Enhance viewers' satisfaction by providing high-quality television programs
· Maximize multiuse deployments of NTV terrestrial television programs
· Introduce an incentive system to promote multiuse deployment
· Diversify and improve our business portfolio through advancing non-broadcasting businesses, making the most of terrestrial television content
· Accelerate our multicontact-point strategy*

*Note: Multicontact-point strategy offers users the maximum number of opportunities to come into contact with NTV content on an "anytime, anywhere" basis.

4. Financial and Dividend Policy
(1) Important Financial Indicator
Recurring Profit Margin

(2) Basic Dividend Payout Ratio
The basic policy of NTV is that appropriate and stable dividend distribution is conducted, taking into consideration financial performance and continuous improvement of corporate value as well as long-term business expansion.
We set the non-consolidated dividend payout ratio of 50% as the guideline. We plan to maintain the current dividend payout level (annual dividend per share: 180 yen, including interim dividend of 90 yen) even under a faltering business climate.