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TV TOKYO broadcasts a full lineup of news programs via the TXN nationwide network, from early morning to late at night. Our regular news schedule includes News Morning Satellite, Kabushiki Wide Opening Bell, Kabushiki News, Kabushiki Wide Closing Bell, News Eyes and World Business Satellite (WBS), which provide political, economic and general news from Japan and abroad together with financial market information. TV TOKYO also produces Nikkei Special: Gaia no Yoake, a documentary program that offers in-depth analysis of current hot topics in the corporate world and the lat- est consumer trends. The Company takes an aggressive approach to ful- filling its responsibilities to the wider community as a media organization by offering objective, easy-to-understand news reporting and analysis. Business News P ro g r a m s

TV TOKYO maintains a strong reputation among television viewers and advertisers as Japan’s premier station for business news program- ming. We assign resident correspondents to the press clubs of such key sources of news reportage as the Cabinet Office, Ministry of Finance (MOF), Ministry of Economy, Trade and Industry (METI), Bank of Japan (BOJ) and Tokyo Stock Exchange (TSE). Overseas, TV TOKYO operates news bureaus in New York, Washington, D.C., London, Moscow, Beijing, Hong Kong and Seoul. In New York, TV TOKYO America, Inc., our local subsidiary, owns a broadcasting studio, which maintains a dedicated fiber- optic cable link with our Tokyo headquarters, enabling us to report the latest business and economic news as it happens.

WORLD BUSINESS SATELLITE (Monday–Friday, 23:00–23:55; Saturday, 23:00–23:45)

Since 1988, World Business Satellite has been a key source for business news and reportage on the latest market trends. It is especially popular among business professionals.

TV TOKYO is a member of the Nikkei Group, a leading Japanese media organization and a com- prehensive provider of business news and information. The flagship of the Nikkei Group is the Nihon Keizai Shimbun, Japan’s leading economic daily. The Nikkei Group comprises four other newspapers, along with an array of other media operations, including magazines, electronic media, a news archive database and book publishing operations. Several of TV TOKYO’s major news and documentary pro- grams, including WBS and Nikkei Special: Gaia no Yoake, are syndicated to the Nikkei Group’s satellite

television channels. TV TOKYO is also focusing resources on important new areas, such as information services utilizing the Internet and data broadcasting that takes advantage of the multi- plexing capabilities of digital broadcasting technology. In June 2002, we formed a capital tie-up with GE Equity, a unit of General Electric Company, and CNBC Asia, which is a joint venture between CNBC—the world’s largest specialist business news channel—and Dow Jones & Company, Inc. TV TOKYO will continue to exploit its strength as Japan’s leading business news broadcaster and endeavor to further enhance its program quality and lineup. We believe these efforts will help reinforce the trust and loyalty enjoyed by TV TOKYO among a large audience. NEWS MORNING SATELLITE (Monday–Friday, 5:45–6:40) News Morning Satellite, broadcast when trading closes in New York at 4 p.m. eastern standard time (EST)—6 a.m. Japan standard time (JST)— provides live coverage of the day’s events on the New York Stock Exchange and the NASDAQ Exchange.

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