(Announcement on November 10, 2011)

• Japan's advertising market is continuing to rapidly recover from the significant decline experienced immediately after the March 2011 disaster.
  However, at this time there are no factors definitive enough to warrant a revision of the consolidated business forecast for the fiscal year ending March 31, 2012 that was previously announced on May 12, 2011.

(Announcement on May 12, 2011)

•  In light of the presumed impact of the Great East Japan Earthquake on the Japanese economy, there are a host of factors that will fuel uncertainty in fiscal 2011, including the extent of the disaster’s impact and the timetable for recovery. Furthermore, the effects of this event will also be felt in Japan’s advertising market. In this environment, the following is a summary of the Company’s rationale for its forecasts.
  
   Macro environment: Japan’s advertising market is likely to continue to face very adverse conditions during the first half of the year, reflecting the huge impact of the disaster on corporate activities. And while the advertising market should rebound in step with economic recovery from the fall, full-year performance is very likely to be lower than the previous fiscal year.
   Billings: In this climate, first-half billings are projected to be lower year on year, tracking advertising market deterioration. In the second half, however, billings are forecast to outstrip the previous fiscal year amid recovery in Japan’s advertising market. 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 projected to grow 0.7% to ¥943.0 billion.
  
   Operating income: The Group expects to maintain the gross margin on a par with the previous fiscal year through a continued focus on initiatives designed to enhance profitability. In SG&A expenses, the rate of increase is projected to be the same level as that for revenue, with increases in the strategic allocation of certain expenses and retirement benefit costs absorbed by lower office-related expenses and cost-control efforts. As a result, full-year operating income is forecast to be ¥14.4 billion, remaining at roughly the previous-year level.
  
   Ordinary income: Ordinary income, including dividend income, equity in investment income from affiliates, and other non-operating items, is projected to be ¥16.4 billion, or around ¥0.7 billion lower year on year.
  
   Net income: No significant extraordinary items are forecast at this time. Consequently, net income is projected to climb around ¥1.8 billion year on year, to ¥6.4 billion.
  
   Based on a fundamental stance of providing a stable dividend, and in light of a range of factors pertaining to the business environment going forward, the dividend per share will be ¥70 (the same as in the previous year, FY2010).

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.