SEMIANNUAL REPORT For the Six Months Ended September 30, 2008

Transcription

1 SEMIANNUAL REPORT 2009 For the Six Months Ended

2 01 SEMIANNUAL REPORT To Our Shareholders and Investors Masanori Akiyama President and Chief Executive Officer Quality for Value As pioneers in our industry, we are determined to contribute to the enrichment of the social and living environment through the continuing improvement of our services. At the same time, we will continue to move forward toward the achievement of the goals set down in our new Mid-Term Management Plan. Group consolidated revenues on track for 200 billion in FY2012, as the new corporate structure positions us for achievement of the Mid-Term Management Plan SKY Perfect JSAT Holdings Inc. was established in April 2007 as a holding company for the multichannel pay TV platform SKY Perfect Communications Inc. ( SKY Perfect ) and the satellite operator JSAT Corporation ( JSAT ), and made Space Communications Corporation ( SCC ) a wholly owned subsidiary in March. This semiannual report covers the first six months (April September) of our second accounting period, the year ending March 31, Our year-on-year results for this period include operating revenues of 69.4 billion (an increase of 9.2 billion), operating income of 8.1 billion (an increase of 1.3 billion) and net income of 0.3 billion.

3 SKY Perfect JSAT Holdings 02 In the first half of the current fiscal year, we continued to improve our content, including coverage of J.League and Serie A soccer matches. We also expanded the number of individual subscribers for SKY PerfecTV! e2 and SKY PerfecTV! HIKARI at an even faster pace than in the previous year, and we achieved a net increase of 28 thousand new individual subscribers. In April, we launched SKY PerfecTV! Mobile Television, a content delivery service for mobile phones. On August 15,, we successfully launched Superbird-C2, which will succeed Superbird-C. This will further enhance the reliability of satellite communications services. The Japanese broadcasting and telecommunications industries, which form the business base for SKY Perfect JSAT Group, have reached a major turning point. The new Telecommunications Law, which will take effect in 2011, will eliminate the boundary that formerly separated broadcasting and telecommunications. In 2011, the digitization of terrestrial analog broadcasting will be completed, and the resulting acceleration of the convergence between the broadcasting and telecommunications industries in Japan will, without doubt, result in a major expansion of business opportunities. We are already involved in both industries, and the SKY Perfect JSAT Group is ideally positioned to capitalize on the opportunities that will emerge in this new era. In the first half of the current fiscal year, we implemented a range of policies to build on this advantage. At the organizational level, we updated our entire group management structure, and in June, we changed our name to SKY Perfect JSAT Holdings Inc. to clarify our role as a holding company. We also merged the three core companies in the Group SKY Perfect, JSAT and SCC to form SKY Perfect JSAT. This new company, which is to provide multichannel pay TV service and satellite services, started business on October 1. The purpose of this merger is to allow group resources to be allocated efficiently and promptly. For example, efficiency improvements and an expanded business base resulting from the integration of the satellite operations of JSAT and SCC will generate reliable cash flows that will be invested in our high-growth multichannel pay TV business. In June, we announced a new Mid-Term Management Plan covering the period from fiscal to The aim of this plan, which we have called the Quality for Value plan, is to build a robust corporate structure dedicated to quality and results. By continually enhancing the quality of our services and products, we aim to improve customer satisfaction, thereby further strengthening our income potential and maximizing our corporate value. Numerical goals in the plan include operating revenues of 200 billion, ordinary income of 30 billion, and EBITDA (earnings before interest, taxes and depreciation and amortization) of 50 billion. We also aim to increase the cumulative total of individual subscribers to 4.3 million. On October 1,, I gave our employees a new catchphrase 3C+1 to symbolize the creation of the new SKY Perfect JSAT and the transition to a new group structure. The 3 Cs are communication, collaboration and creation. Collaboration will

4 03 SEMIANNUAL REPORT grow out of good communication among the SKY Perfect, JSAT and SCC organizations, which previously had their own separate corporate cultures. And this collaboration will lead to the realization of our ultimate goal, the creation of new value. The +1 stands for another C compliance. Broadcasting and communication services are extremely important to society, and as our corporate size expands, there will be a corresponding increase in the importance of our social responsibilities. Our foundation is the trust that our customers place in us. Only when every employee has taken 3C+1 to heart can we hope to meet expectations and achieve continuing growth. In October, we achieved our long-cherished goal of introducing high-definition broadcasting on SKY PerfecTV! We have started with 15 channels, but we plan to increase the number to at least 70 by October By 2012 we plan to top 100 channels. SKY PerfecTV! already offers the largest range of channels in Asia, and this combination of multichannel broadcasting with high image quality will give us an overwhelming competitive advantage. We are applying the experience and knowledge that we gained from our SKY PerfecTV! multichannel pay TV broadcasting operation to the development of the SKY PerfecTV! HIKARI service, which is provided via optical fiber networks. We have also started to build systems to support diversification into other media, including mobile telephones and personal computers. Advantages of satellite communications include reliability, even during emergencies, and the ability to provide coverage in areas where it would be impractical to provide terrestrial links. We are focusing on areas of social need, including mobile satellite communications for ocean-going vessels, the reduction of the digital divide, and the provision of safe, reliable services. We are also building on our strength as Asia s largest satellite communications company to drive the global expansion of our activities. We are determined to move forward under our new group structure by establishing a new corporate culture based on the 3C+1 concept. We are also determined to ensure that the SKY Perfect JSAT Group can achieve the goals set down in our new Mid-Term Management Plan by applying the policies described above to our broadcasting and communications activities. I thank our shareholders and other stakeholders for your understanding to date, and ask for your ongoing support of our endeavors. December Masanori Akiyama President and Chief Executive Officer SKY Perfect JSAT Holdings Inc.

5 SKY Perfect JSAT Holdings 04 Operating Highlights Number of Channels SKY PerfecTV!: Television Radio SKY PerfecTV! e2: Television and data SKY PerfecTV! HIKARI: Retransmission (Terrestrial and BS television and FM radio channels)* 1 Television Radio Six-month period ended September Year ended March Number of Subscribers (Thousands) Total subscribers: SKY PerfecTV! SKY PerfecTV! e2 SKY PerfecTV! HIKARI Other wired broadcasting services Individual subscribers: SKY PerfecTV! SKY PerfecTV! e2 SKY PerfecTV! HIKARI Other wired broadcasting services Monthly churn rate: SKY PerfecTV! SKY PerfecTV! e2 SKY PerfecTV! HIKARI Other wired broadcasting services 4,281 3, ,665 3, % ,283 3, ,711 2, % ,246 3, ,683 3, %* * * * * 2 Number of Satellites Results of Operations Revenues Operating income Net income Net income per share (Yen) Dividends Per Share Six-month period ended September ,128 69,409 6,854 8,196 8, , Year ended March ,402 11,255 9,107 2, ,500.00((Total) Financial Position Total assets Total equity 290, , , , , ,500 1 The number of retransmitted terrestrial and BS television and FM radio channels varies from approximately 30 to 40 depending on the region. 2 Annualized rate *

6 05 SEMIANNUAL REPORT Group Topics MAY JUNE JULY AUGUST SKY PerfecTV! HIKARI expanded the service areas in Hyogo SCC started new IP communications service, Portalink SKY Perfect JSAT Group announced its new Mid-Term Management Plan Quality for Value The holding company SKY Perfect JSAT Corporation changed its name to SKY Perfect JSAT Holdings Inc. Opticast expanded transmission bandwidth for SKY PerfecTV! HIKARI and started new SKY PerfecTV! HIKARI Home Type Wide and FLET S TEREBI services >> 01 SKY Perfect acquired exclusive rights to broadcast Italian professional football league Serie A games, through CS OptiCast Inc., a group company of SKY The Superbird-7 (C2) communications satellite Perfect JSAT Group, started offering a new was launched atop an Arianespace Ariane 5 service, SKY PerfecTV! HIKARI Home Type rocket from the Guiana Space Center in French Wide, to selected sections of the Tokyo Guiana on August 15,. SKY Perfect JSAT metropolitan area in July, with plans to began operating the spacecraft as Superbirdincrease coverage, by extending the current C2, after verifying normal functioning in system network transmission bandwidth (70 MHz post-launch testing in geostationary orbit MHz) to 2,702 MHz to enhance the Plans called for successively transferring SKY PerfecTV! HIKARI, FTTH multi-channel Superbird-C customers to Superbird-C2 from broadcasting service. late October. SKY Perfect JSAT will strive This is the first expansion of covering to maintain the high reliability of Superbird-C2 such a wide range of areas in Japan. This in order to ensure the provision of stable satellite links to customers. service enables users to view all 12 channels of the BS digital broadcasting service without up-converters and to view including the new BS digital channels that are scheduled to start from SKY PerfecTV! HIKARI service expansion will make SKY PerfecTV! e2 available by the end of fiscal, and SKY PerfecTV! high-definition broadcasting available in the next fiscal year.

7 SKY Perfect JSAT Holdings 06 SCC successfully launched Superbird-7 (C2) >> 02 2 JSAT established JSAT MOBILE with Stratos >> 03 OCTOBER SKY Perfect, JSAT and SCC merged and new operating company SKY Perfect JSAT Corporation started services SKY Perfect JSAT started the high-definition broadcast service SKY PerfecTV! HD via SKY PerfecTV! 124/128-degree CS Digital Broadcasting Service >> 04 Pay Per View Japan, Inc. merged with SAMURAI TV Inc. and changed its name to SKY Perfect Broadcasting Corporation 1 SKY Perfect JSAT started operation of Superbird-C2 communication satellite JSAT established JSAT MOBILE Communications Inc. ( JSAT MOBILE ) with Stratos Global channels in the 1st phase of HD broadcast- SKY Perfect JSAT launched a number of Corporation ( Stratos ), targeting expansion of ing from October 1, and will launch the Mobile Satellite Services (Inmarsat) in Japan 2nd phase of HD broadcasting from October and the Asian market The number of HD broadcast channels JSAT MOBILE brings Stratos extensive in the 1st phase was 15 including Pay Per portfolio of Mobile Satellite Services (MSS), View (PPV) channels, increasing to 70 or including Inmarsat services, to the Japanese more in the 2nd phase. market. The Stratos portfolio includes a SKY PerfecTV! continues to provide wide range of value-added services to help diverse and HD program content and an customers achieve optimal communications enjoyable program line-up with customer performance and cost efficiency. convenience in mind to take the lead in the JSAT MOBILE will enable JSAT to achieve multichannel pay TV market. full-scale entry into the MSS (L-band) market, supplementing its existing Ku-band and C-band satellite services for fixed telecommunication carriers.

8 07 SEMIANNUAL REPORT Consolidated Balance Sheets (Unaudited) SKY Perfect JSAT Holdings Inc. and Consolidated Subsidiaries March 31, Thousands of U.S. dollars (Note 2) ASSETS Current Assets: Cash and cash equivalents 45,000 35,724 $ 343,500 Short-term investments 2,288 1,349 12,971 Receivables: Trade 11,567 11, ,067 Other 5,245 4,928 47,385 Allowance for doubtful accounts (594) (557) (5,356) Inventories: Broadcasting rights 4,751 3,714 35,712 Other 674 1,737 16,702 Deferred tax assets 6,005 4,195 40,337 Other 7,347 7,544 72,538 Total current assets 82,283 69, ,856 Property and Equipment: Buildings and structures 16,439 24, ,587 Machinery, equipment and vehicles 46,955 49, ,788 Telecommunications satellites 230, ,904 2,201,000 Construction in progress 41,866 47, ,019 Other 9,092 9,605 92,356 Total 344, ,398 3,455,750 Accumulated depreciation (186,557) (195,160) (1,876,538) Net property and equipment 158, ,238 1,579,212 Investments and Other Assets: Software 5,183 5,525 53,125 Goodwill 13,207 12, ,952 Investment securities 29,299 22, ,865 Investment in and advances to affiliated companies 25,155 21, ,904 Deferred tax assets 5,580 9,071 87,221 Other 3,268 4,802 46,173 Total investments and other assets 81,692 76, ,240 Total 322, ,368 $ 2,984,308 See notes to consolidated financial statements.

9 SKY Perfect JSAT Holdings 08 March 31, Thousands of U.S. dollars (Note 2) LIABILITIES AND EQUITY Current Liabilities: Current portion of long-term debt 14,987 13,704 $ 131,769 Payables: Trade 14,116 10, ,125 Other 1, ,183 Income taxes payable 2,290 2,849 27,394 Subscription fees received 13,345 13, ,491 Allowances for long-term sales commitments ,452 Other 10,408 11, ,692 Total current liabilities 56,963 53, ,106 Long-term Liabilities: Long-term debt 81,856 76, ,250 Liabilities for retirement benefits 2,215 2,530 24,327 Liabilities for retirement benefits for directors Allowance for long-term sales commitments ,183 Other 3,923 3,164 30,423 Total long-term liabilities 88,750 82, ,596 EQUITY Common stock authorized 14,500,000 shares; issued 3,446,037 shares in September and 3,696,037 shares in March 10,000 10,000 96,154 Capital surplus 175, ,194 1,521,096 Stock acquisition rights Retained earnings 8,237 5,125 49,279 Unrealized loss on available-for-sale securities (3,129) (1,104) (10,615) Deferred loss on derivatives under hedge accounting (1,176) (460) (4,423) Foreign currency translation adjustments 40 (373) (3,587) Treasury stock at cost, 37,591 shares in September and 274,794 shares in March (19,166) (2,302) (22,135) Total 170, ,151 1,626,452 Minority interests 6,051 5,424 52,154 Total equity 176, ,575 1,678,606 Total 322, ,368 $ 2,984,308

10 09 SEMIANNUAL REPORT Consolidated Statements of Income (Unaudited) SKY Perfect JSAT Holdings Inc. and Consolidated Subsidiaries For the six-month periods ended: 2007 Thousands of U.S. dollars (Note 2) Revenues (Note 4) 60,128 69,410 $ 667,404 Operating Expenses: Cost of services 35,463 40, ,048 Selling, general and administrative expenses (Note 3) 17,811 20, ,548 Operating Income (Note 4) 6,854 8,196 78,808 Other Income (Expenses): Interest and dividend income ,240 Interest expense (597) (987) (9,490) Equity in net losses of affiliated companies (348) (497) (4,779) Gain on reversal of allowance for doubtful receivables ,144 Gain on insurance claim 20, Loss on devaluation of investment in picture production (264) (281) (2,702) Loss on disposal of property and equipment (20,243) (44) (423) Write-down of investment securities (2,407) (8,366) (80,442) Other-net 200 (337) (3,240) Other expenses net (2,746) (8,912) (85,692) Income (loss) before Income Taxes and Minority Interests 4,108 (716) (6,884) Income Taxes: Current 840 2,684 25,808 Deferred (4,382) (3,093) (29,740) Total income taxes (3,542) (409) (3,932) Minority Interests in Net Income (551) (616) (5,923) Net Income 8, $ 2,971 For the six-month periods ended: 2007 Yen U.S. dollars (Note 2) Per Share of Common Stock: Net income Basic 2, $ 0.86 Diluted Diluted net income per share for the six-month periods ended and 2007 are not disclosed because they are anti-dilutive. See notes to consolidated financial statements.

11 SKY Perfect JSAT Holdings 10 Consolidated Statements of Cash Flows (Unaudited) SKY Perfect JSAT Holdings Inc. and Consolidated Subsidiaries Thousands of U.S. dollars (Note 2) For the six-month periods ended: 2007 Operating Activities: Income (loss) before income taxes and minority interests 4,108 (716) $ (6,885) Adjustments for: Depreciation and amortization 7,841 10, ,942 Amortization of goodwill ,990 Interest and dividend income (882) (857) (8,240) Interest expense ,490 Equity in net losses of affiliated companies ,779 Gain on insurance claim (20,028) 0 0 Loss on disposal of property and equipment 20, Write-down of investment securities 2,407 8,366 80,442 Decrease in trade receivables ,154 Decrease in broadcasting rights 1,282 1,037 9,971 Decrease in trade payables (4,882) (3,793) (36,471) Increase (decrease) in consumption tax payable 290 (1,383) (13,298) Increase in deferred revenue 2,313 4,007 38,529 Other-net 3,522 (751) (7,220) Subtotal 18,597 18, ,606 Interest and dividends received ,163 Interest paid (625) (796) (7,654) Income taxes paid (1,276) (2,264) (21,769) Net cash provided by operating activities 17,507 16, ,346 Investing Activities: Payments for time deposits (315) (3,029) Refund of time deposits 423 1,266 12,173 Payments of short-term loans (22,600) Proceeds from collection of short-term loans 19,700 1,281 12,317 Purchases of property and equipment (14,358) (17,431) (167,606) Proceeds from sales of property and equipment Purchases of intangible fixed assets (672) (1,318) (12,673) Proceeds from sales of intangible fixed assets Purchases of investment securities (537) (500) (4,807) Proceeds from sales and redemption of investment securities 8,553 1,078 10,365 Payments for acquisition of shares of affiliated companies (373) (3,587) Payments for long-term loans (7,813) (517) (4,971) Proceeds from collection of long-term loans 820 7,885 Other (138) (825) (7,932) Net cash used in investing activities (17,381) (16,759) (161,144) Financing Activities: Net decrease in short-term borrowings (20) Payments of long-term payables (157) (28) (269) Proceeds from long-term debt 7, ,971 Repayments of long-term debt (2,850) (5,714) (54,942) Purchase of treasury stock (194) (1,865) Proceeds from paid-in capital from minority shareholders 2 19 Dividends paid (2,557) (3,413) (32,817) Dividends paid to minority shareholders (18) (19) (183) Net cash provided by (used in) financing activities 2,211 (8,849) (85,086) Foreign Currency Translation Adjustments on Cash and Cash Equivalents 39 (136) (1,308) Net Increase (Decrease) in Cash and Cash Equivalents 2,376 (9,276) (89,192) Cash and Cash Equivalents, Beginning of the Period 44,583 45, ,692 Cash and Cash Equivalents, End of the Period 46,959 35,724 $ 343,500 See notes to consolidated financial statements.

12 11 SEMIANNUAL REPORT Notes to Consolidated Financial Statements (Unaudited) 1. Basis of Presenting Consolidated Financial Statements The accompanying unaudited consolidated financial statements of SKY Perfect JSAT Holdings Inc. ( the Company ) and its subsidiaries (together, the Companies ) have been prepared in accordance with the provisions set forth in the Japanese Financial Instruments and Exchange Law and its related accounting regulations and in conformity with accounting principles generally accepted in Japan, which are different in certain respects as to application and disclosure requirements of International Financial Reporting Standards. In preparing these consolidated financial statements, certain reclassifications and rearrangements have been made to the consolidated financial statements issued domestically in order to present them in a form that is more familiar to readers outside Japan. 2. U.S. Dollar Presentation The translation of Japanese yen amounts into U.S. dollar amounts are included solely for the convenience of readers outside Japan and have been made at the rate of 104=US$1, the approximate rate of exchange at. 3. Selling, General and Administrative Expenses The major components of selling, general and administrative expenses for the six-month periods ended and 2007 were as follows: Thousands of U.S. dollars (Note 2) For the six-month periods ended: 2007 Salaries and wages 1,773 2,126 $ 20,442 Advertising expenses 3,201 3,066 29,481 Sales promotion expenses 2,347 2,909 27,971 Sales incentive 2,883 2,988 $ 28, Segment Information (1) Industry segments The Company operates in the following industries: Broadcast-related business Broadcasting business utilizing communication satellite infrastructure Satellite operation business Construction, control and operation of communication satellite infrastructure

13 SKY Perfect JSAT Holdings 12 Sales and operating income of industry segments of the Companies for the six-month period ended September 30, are as follows: Broadcast-related business Satellite operation business Eliminations/ Corporate Consolidated Sales to customers 45,020 24,390 69,410 Intersegment sales 1,934 2,923 (4,857) Total sales 46,954 27,313 (4,857) 69,410 Operating expenses 46,408 19,358 (4,552) 61,214 Operating income 546 7,955 (305) 8,196 Broadcast-related business Thousands of U.S. dollars (Note 2) Satellite operation business Eliminations/ Corporate Consolidated Sales to customers $ 432,885 $ 234,519 $ $ 667,404 Intersegment sales 18,596 28,106 (46,702) Total sales 451, ,625 (46,702) 667,404 Operating expenses 446, ,135 (43,770) 588,596 Operating income $ 5,250 $ 76,490 $ (2,932) $ 78,808 (2) Geographical segment Under Japanese accounting regulations, the Companies are not required to disclose geographical segment information because sales in Japan represented more than 90% of those of the Companies for the period presented herein. (3) Sales to foreign customers Under Japanese accounting regulations, the Companies are not required to disclose sales to foreign customers information because sales to foreign customers represented less than 10% of those of the Companies for the period presented herein. 5. Subsequent Events (1) Absorption-type demerger of a consolidated subsidiary Effective on October 1,, the Company succeeded from its wholly-owned subsidiary SKY Perfect Communications Inc. ( SKY Perfect ) a part of rights and duties owned by SKY Perfect regarding administration of its subsidiaries via a corporate absorption-type demerger, in which the Company shall be the successor company, while SKY Perfect shall be the demerged company. The purpose of this demerger was to concentrate the shares of SKY Perfect Broadcasting Corporation, Multi Channel Entertainment Inc. and eten Inc. owned by SKY Perfect to the Company, as a part of measures for reorganization of the Companies.

14 13 SEMIANNUAL REPORT The assets succeeded upon the demerger are as follows: Assets succeeded Number of shares Book value Thousands of U.S. dollars (Note 2) Shares of a subsidiary (SKY Perfect Broadcasting Corporation) 50,000 1,159 $ 11,144 Shares of a subsidiary (Multi Channel Entertainment Inc.) Shares of a subsidiary (eten Inc.) 2, $ 4,019 For this demerger, no share was allotted, due to SKY Perfect being a wholly-owned subsidiary of the Company. This demerger also resulted in no change in the amount of common stock of the Company. The transactions relating to this demerger shall be eliminated as intragroup transactions, since this demerger is classified as a transaction under common control. (2) Merger among consolidated subsidiaries Effective on October 1,, SKY Perfect, a wholly-owned subsidiary of the Company, merged with JSAT Corporation ( JSAT ) and Space Communications Corporation ( SCC ), with SKY Perfect being the surviving company while JSAT and SCC being the merging companies. The purpose of this merger was to establish a management structure for achieving the new mid-term management plan, through optimal allocation of human resources of the Companies as well as better management efficiency. The effectiveness of this merger was subject to the following conditions, all of which have been fulfilled: (a) SCC s 12,000 shares of common stock owned by Mitsubishi Corporation shall be transferred to the Company. (b) The absorption-type demerger shall become effective, which is based on the agreement of absorption demerger concluded between the Company and SKY Perfect on August 6,. (c) The United States Department of State shall give its approval to SKY Perfect, in conformity with International Traffic in Arms Regulations of the United States, to succeed communication satellites and other assets (including any related information) owned by JSAT and SCC. The transactions relating to this merger shall be eliminated as intragroup transactions, since this merger is classified as a transaction under common control. Also with the same reason, there was no agreement on the rate of merger, nor cash-disbursement for the merger. As a result of this merger, SKY Perfect JSAT Corporation was inaugurated. Details of SKY Perfect JSAT Corporation are as follows: Trade Name SKY Perfect JSAT Corporation Major Businesses Operation of multichannel pay TV platform for satellite broadcasting and operation of satellite communications Head Office , Akasaka, Minato-ku, Tokyo, Japan Representative Masanori Akiyama, President and Chief Executive Officer Capital 50,083 million (US$481,577 thousand) Shareholder 100% owned by SKY Perfect JSAT Holdings Inc. Fiscal Year-end March 31

15 SKY Perfect JSAT Holdings 14 Corporate Data and Investor Information (As of ) Corporate Name: SKY Perfect JSAT Holdings Inc. Head Office: Akasaka Minato-ku Tokyo , Japan Telephone: URL: Established: April 2, 2007 Number of Employees (Consolidated): 964 (Consolidated), 49 (Non-Consolidated) Capital: 10 billion Stock Listing: First Section, Tokyo Stock Exchange (Code 9412) Number of Shares Issued* 1 : 3,446,037 Total Number of Shareholders: 49,107 Fiscal Year-end: March 31 Annual General Meeting of Shareholders: June Payment of Dividends (Dividend Record Date): March 31 (September 30 when interim dividends are paid) Transfer Agent of Common Stock: Mizuho Trust & Bank Co., Ltd. Major Shareholders (As of ): Number of shares held % of voting rights Mizuho Trust & Bank Co., Ltd. (Pension trust account for ITOCHU Corporation) 346, % Sony Broadcast Media Co., Ltd. 283, % Fuji Media Holdings, Inc.* 2 283, % NTT Communications Corporation 260, % Japan Trustee Services Bank, Ltd. (Pension trust account for Sumitomo Corporation) 218, % Nippon Television Network Corporation 208, % Tokyo Broadcasting System, Inc. 184, % ITOCHU Corporation 136, % Japan Trustee Service Bank, Ltd. (Pension trust account for Mitsui & Co., Ltd.) 134, % Japan Trustee Service Bank, Ltd. (Trust account) 123, % Notes: 1. As of, the Company owns 29,691 shares of treasury stock. 2. Fuji Television Network, Inc. changed its corporate name to Fuji Media Holdings, Inc. on October 1,.

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