• Robust growth is projected for Japan's advertising market during the fiscal year ending March 31, 2013 . For the Hakuhodo DY Group, the year will also mark the conclusion of its medium-term business plan. Accordingly, the Group will endeavor this term to further reinforce structures and boost profit levels even higher in a push to achieve plan objectives.
• The following is a summary of the Company's rationale regarding the above consolidated business forecasts.
• Macro environment: Japan's advertising market in the year ending March 2013 will likely be supported by economic recovery and a rebound in corporate business performance, along with a push mainly from demand related to recovery efforts and other factors counteracting the March 11, 2011 disaster. Although many causes for concern beyond the European debt crisis and the yen's appreciation persist, firm advertising market performance is expected to result in year-on-year growth for the full term.
• Billings: In this climate, the Group aims to grow above the market average through steady enactment of the strategic initiatives outlined in its medium-term business plan and by expanding its market share. As a result, full-year billings are expected to grow 6.0% to \1,037 billion. First-half billings are projected to rise substantially higher year on year, mainly reflecting the absence of the Great East Japan Earthquake's impact during the same period a year earlier.
• Operating income: The Group will take steps to raise its already high gross margin even further, recognizing that profits will accompany billings expansion. In SG&A expenses, the Group will seek to improve its operating margin by maintaining the structure it has built to control expenses and holding the rate of growth in expenses to below that of revenue. In addition to continued investment and strategic allocation of certain expenses necessary for share expansion, efforts will include remaining constantly aware of the need to enhance efficiency and consolidate expenses. As a result, full-year operating income is projected to increase \3.6 billion for the year, to \23.5 billion. However, the Group will strive to lift profit levels to meet the target of \28.0 billion outlined in its medium-term business plan.
• Ordinary income: Ordinary income, including dividend income, equity in investment income from affiliates, and other non-operating items, is projected to be \25.6 billion, or \3.6 billion higher year on year.
• Net income: No significant extraordinary items are forecast at this time. Consequently, net income is projected to climb \2.8 billion year on year, to \11.5 billion.
• Based on a fundamental stance of providing a stable dividend, and in comprehensive evaluation of mainly a recovery trend in earnings, we plan to pay a dividend per share of ¥80 in the year ending March 31, 2013, up \10 from the year ended March 31, 2012.

Forecasts are based on certain assumptions deemed to be reasonable by the Company at the time of announcement. Actual results may differ materially from these forecasts due to a variety of reasons.