Note: This document has been translated from the Japanese original for reference purposes only. In the event of any discrepancy
between this translated document and the Japanese original, the original shall prevail.

May 12, 2021
Company Name: Asahi Broadcasting Group Holdings Corporation
Representative: Susumu Okinaka, Representative Director and President(Securities Code: 9405)
Inquiries: Hiroshi Noshita, General Manager, Management Strategy Division(TEL: +81-6-6458-5321)

Formulation of the Asahi Broadcasting Group 2021-2025 Medium-Term
Management Strategy, NEW HOPE
Asahi Broadcasting Group Holdings Corporation (the “Company”) has announced theformulation of the Asahi Broadcasting Group 2021-2025 medium-term management strategy,
called NEW HOPE. The strategy was approved at a meeting of the company’s board of directors
held May 12, 2021.

2021-2025 Medium-Term Management Strategy, NEW HOPE
In light of the rapidly changing environment surrounding the group and increasing uncertainty
in society, the Company has referred to this plan as a medium-term management strategy,
focusing on group growth strategy, rather than a medium-term management plan, which focuses
on financial planning. The Company provides three-year financial plan figures related tofinancial planning within its priority targets, and the Company will conduct an annual review offigures for the following three years. The following is an overview of the medium-term
management strategy. Please refer to the attached reference material for detailed information.
▼ Priority Targets
Achieve consolidated sales of 100 billion yen by FY2025
Three-Year Financial Plan (Millions of Yen)FY2021

Consolidated GroupNet Sales

Operating
Income82,0002,300

FY2021* By reportable segment

Broadcasting and Content

Lifestyle* By businessBroadcasting Business (*1)

Content Business
Lifestyle Business

FY2022

FY2023

Net Sales

Operating
IncomeNet Sales

Operating
Income88,0003,000

92,0004,500

FY2022

FY2023

Net Sales

Operating
IncomeNet Sales

Operating
IncomeNet Sales

Operating
Income67,80014,2001,700
900

72,00016,000

1,800
1,500

75,00017,000

3,200
1,600

FY2021Net Sales

FY2022Net Sales

FY2023
Net Sales

55,20012,60014,20056,00016,00016,00056,00019,00017,000(*1) Net sales in the Broadcasting Business include Other Business Net Sales in the Broadcasting and ContentBusinesses.

▼ Strategy by BusinessTo grow as a comprehensive content business group, the Company has divided its businessdomains into three categories: Broadcasting, Content, and Lifestyle.
・Broadcasting Business1. Increase broadcast advertising revenues
2. Improve and leverage broadcast value
3. Non-broadcasting media strategy
・Content Business1. Improve planning and production capabilities to respond to a variety of needs anddevices
2. Maximize the value of content and expand/strengthen sales channels
3. Optimize the value chain
・Lifestyle Business
1. Strengthen existing businesses
2. Aspire to new businesses that solve social issues
3. Expand opportunities through group collaboration▼ Financial Policies
・Maintain a sound capital adequacy ratio while raising optimal funds and making
appropriate investments for growth.
・Determine dividends to shareholders in a consistent, stable, and flexible manner. Aim for atarget consolidated payout ratio of 30%, with a minimum annual dividend of 10 yen pershare.

EndNote: This document has been translated from the Japanese original for reference purposes only. In the eventof any discrepancy between this translated document and the Japanese original, the original shall prevail.

Asahi Broadcasting Group
2021–2025 Medium-Term
Management Strategy
NEW HOPE
May 12, 2021

Asahi Broadcasting Group Holdings Corporation1

In light of the rapidly changing environment surrounding thegroup and increasing uncertainty in society, the Company has
referred to this plan as a medium-term management strategy,
focusing on group growth strategy, rather than a medium-term
management plan, which focuses on financial planning.
The Company provides three-year financial plan figures related
to financial planning, and the Company will conduct an annual
review of figures for the following three years.
Asahi Broadcasting Group Holdings Corporation

2

INDEXThe Group’s Business Philosophy

Vision of a NEW HOPE・・・ P.5

Group Ideal for 2025

・・・ P.7

Priority Targets

・・・ P.9

Strategy by Business3

・・・ P.4

・・・ P.17

Growth Investment Strategy

・・・ P.22

Financial Policies

・・・ P.24

The Group’s Business Philosophy

As a dynamic and creative corporate
organization, the Group continues to evolve
while adapting to changing social conditions
and contributes to the development ofsociety.
Why must we change? What will happen if we don't change? And what should we do to change?
We will change, so that we can continue to evolve.
We will continue to create attractive content, in order to continue delivering in a variety of means,such as broadcasting.
This is the goal we strive for, to be a comprehensive content business group.
4

Vision of a ＮＥＷ ＨＯＰＥ

5

Vision of a NEW HOPE

Creating and Delivering New Happiness
The world underwent major changes in the year 2020.
New lifestyles, new communications, new values.
The products we create and how we deliver them continue to evolve.
As a comprehensive content business group, we strive for thegreater development of society, creating and delivering a variety ofcontent and services that reflect the times, that enrich society andlives, and that make people happy.
Our sincerest hope is to bring a new happiness to every person inevery era.

New happiness, to every person, in every era.
6Group Ideal for 2025

7Six ideals for the Asahi BroadcastingGroup, to realize our vision in the NEW
HOPE medium-term management strategy

Group Ideal for 2025

A vibrant group full oftalented people with diverse
abilities, ideas, and values

A group that leverages thepower of broadcasting toraise the Asahi Broadcasting
brand to even higher heights

Our ideals for ourselves inorder to realize the vision
A group that encourages a in the NEW HOPE strategy
variety of work styles andoffers positive work-lifebalance8

A group in which the younger
generation responsible forcarrying our future forward
can work in pursuit of their
dreams and hopes

A group that generates
unconventional ideas throughorganic collaborationtranscending organizationalboundaries
A group that is rooted in thecommunity, is loved by thecommunity, and shares thejourney with the community,as we continue to createsocial valuePriority Targets

9

Four priority targets for the entire Group toachieve our idealsPriority Targets
1

Strengthen and diversify human resources throughout the group2

Leverage the power of broadcasting, and strengthen anddeepen group collaboration

3

Build a data utilization system and pursue the use ofdigital technologies

4

Create businesses that contribute to regional revitalization andsolutions to social issues

Achieve consolidated sales of 100 billion yen by FY2025
10

Priority Targets
1

Strengthen and diversify human resources throughout the group
Elevate and strengthen the capabilities of our human resources through training
for the development of talent with group leadership potential, sharing knowledge
through intra-group exchange, and training with companies outside the group
Realize true diversification and promote multifaceted growth of the group byacquiring human resources with a wide variety of characteristics, including inskills, careers, values, and ways of thinking, and giving them an opportunity toplay an active role

Establish a system balancing career advancement with life events such as
marriage, childbirth, childcare, and long-term care so that all employees haveaccess to a variety of lifestyles with high satisfaction
11Priority Targets
2

Leverage the power of broadcasting, and strengthen and deepen
group collaboration
More than ever before, strengthen and leverage the trust, reach, and promotion
capabilities we have cultivated over 70 years of business in order to promote
growth across the entire group
Strengthen the content production value chain within the group, continuing tocreate and deliver more attractive content than ever before as a creative
corporate organization
Cultivate the soil from which new ideas can be grown by encouraging organic
exchanges transcending barriers between group companies and sections.

12Priority Targets
3

Build a data utilization system and pursue the use of digital technologies
In addition to aggregating data held by individual group companies, create anenvironment for active acquisition and management of data, promote its
utilization in group company businesses, and use it as an engine driving
business growth

Actively utilize the latest leading-edge digital technologies, such as RPA and AI,
and contribute to greater efficiency and diversity in operations in order to further
push the work-style reforms that have suddenly advanced in the COVID-19
pandemic
Promote research on the latest technologies in the digital domain and utilize
them for transformation of existing businesses and development of newbusinesses
13Priority Targets
4

Create businesses that contribute to regional revitalization andsolutions to social issues
Utilizing knowledge from each group business, create new regional revitalization
projects alongside local governments and companies, and contribute torevitalization in local communities
As a group centered on broadcasting stations, create businesses contributing tosolving social issues by contributing to society and continuously and sustainably
generating social value
Contribute to the development and stimulation of Kansai region culture throughbroadcasting and events

14

Priority Targets
Achieve consolidated sales of 100 billion yen by FY2025
 Actively develop human resources and make upfront investments

to transform and create businesses, aiming to increase profits byincreasing sales and improve overall corporate value
 To evolve as a comprehensive content business group, thecompany has divided its companies’ business domains into three
categories: Broadcasting, Content, and Lifestyle Achieve consolidated sales of 100 billion yen by FY2025 bygrowing Content Business sales to about 50% of Broadcasting
Business sales and expanding the Lifestyle Business domain
15

Priority Targets
Achieve consolidated sales of 100 billion yen by FY2025
Three-Year Financial Plan

(Millions of Yen)FY2021
Operating
IncomeNet Sales

Consolidated GroupFY202282,0002,300

88,00092,000Net Sales

4,500

FY2023Operating
IncomeNet Sales

Operating
IncomeBroadcasting and Content

67,8001,700

72,0001,800

75,0003,200

Lifestyle

14,20090016,000

1,500

17,0001,600▼ By business

163,000

Operating
IncomeNet Sales

FY2022
Operating
IncomeNet Sales

Operating
IncomeNet Sales

FY2021▼ By reportable segment

FY2023

FY2021 Net Sales

FY2022 Net Sales

FY2023 Net Sales

Broadcasting Business (*1)

55,20056,00056,000Content Business

12,60016,00019,000Lifestyle Business

14,20016,00017,000(*1) Net sales in the Broadcasting Business include Other Business Net Sales in the Broadcasting and Content Businesses.

 Broadcasting Business

Strategy by Business17 Content Business Lifestyle BusinessStrategy by BusinessTo grow as a comprehensive content business group, the company has divided its
business domains into three new categories:
Content BusinessBroadcasting Business

Lifestyle Business(Housing, golf, at-home shopping, etc.)

Improve and leverage
broadcast value

Strengthen capabilities incontent creation and design

Plan experience opportunities
and strengthen sales capability

Gain primary earnings ofadvertising revenue by using
broadcasting to deliver highquality programs and trusted
information to viewers andlisteners

Monetize content by creating highquality content and intellectual
property (e.g. videos and events)
and developing these with amultifaceted approach

Generate revenue by leveraging
broadcasting and content
capabilities, enriching people's
lives and providing services
contributing to communities andsociety Asahi Television Broadcasting Asahi Radio Broadcasting sky-A18









Asahi Broadcasting Group Holdings
Asahi Television Broadcasting
Asahi Radio Broadcastingsky-A
ABC FRONTIER  ABC Libra
 ABC ANIMATIONDigiasa
 i-NEXMASH
 DLE
Procen Studio SILVER LINKBestie
 ABC ARCABC Development
ABC GOLF CLUBABC Media Communications
ABC Glamp＆Outdoors
ONE DAY DESIGN

Strategy by Business： Broadcasting Business1． Increase broadcast advertising revenues
 Produce highly-satisfying programs that take the user's viewpoint, clearly understanding
consumer needs
 Enhance viewing data and establish analysis methods in order to reach core targets
 Build strong timetables and develop new products unbound by traditional advertising models

2. Improve and leverage broadcast value Programming and production mindful of our Content Business Effectively leverage broadcast promotion capabilities and increase power across theentire group Further improve trust and social value in our broadcasting cultivated over many years

3. Non-broadcasting media strategy
 Strengthen advertising sales in other media and platforms

19

Strategy by Business： Content Business1. Improve planning and production capabilities to respondto a variety of needs and devices


Develop content usable in a variety of media, both in Japan and overseas
Strengthen non-video content, e.g. event planning and management

2. Maximize the value of content and expand/strengthen sales channels
 Strengthen design capabilities in content development, enhance sales channels
 Maximize content value by utilizing broadcasting promotion capabilities

3. Optimize the value chain
 Build a more efficient value chain by strengthening group collaboration
 Promote M&A and entrepreneurship to strengthen content creation and production
systems

20

Strategy by Business： Lifestyle Business
1. Strengthen existing businesses Strengthen planning capabilities and improve customer satisfaction and experience value Reform business models by utilizing data and other parts of the digital domain

2. Aspire to new businesses that solve social issues
 Strengthen efforts for regional revitalization utilizing the social trust in broadcasting Aspire to businesses that solve social issues, e.g. aging, disaster prevention and mitigation

3, Expand opportunities through group collaboration
 Utilize the diverse media power and creative capability in the group's various businesses Expand new business domains, e.g. e-commerce and glamping

21

Growth Investment
Strategy22

 Investment Policy Structural Adjustments

Growth Investment Strategy
Drive group growth by making investments in M&A and other channels
as a means to acquire functions and resources in line with the strategy
of each of the Broadcasting, Content, and Lifestyle Businesses
 Content investments to acquire strong intellectual properties
 Investments in the digital domain to strengthen the push to digitaltransformation in the group Investments in business domains targeted at solving social issues
 Investments to strengthen the value chain and promote more in-houseproduction in the group

Build new structures for the investment process

 Establish structures for ample consideration and discussion ofopportunities and risks, and invest more effectively and efficiently bystrengthening management and backup systems
23

Financial Policies

24 Financial Strategy
 Dividend Policy

Financial Policies
Financial Strategy
 Procure funds optimally with consideration of capital costs and the market environment while
maintaining a sound capital adequacy ratio.
 Actively make optimal investments for future sustainable growth and aim to increase overall
corporate value.

Dividend Policy
 We seek to pay dividends to shareholders after comprehensive consideration of our businessperformance, payout ratio, and appropriate internal reserves while always considering thebalance between strengthening and maintaining our financial position and investing toward
improve corporate value and toward our growth strategies.
 We have decided to pay dividends in a consistent and stable manner, with a target
consolidated payout ratio of 30% and, with the exception of times of significant stagnation inbusiness performance due to sudden deterioration in the business environment, we have set aminimum annual dividend of 10 yen per share.
 In the event of significant fluctuations in profits due to special factors, decisions regarding
dividend payout shall be made separately.
25

This document contains forward-looking statements based on projections andestimates. Please be aware that actual results may therefore differ from thesestatements due to various factors.
Contact:
Management Strategy Division
Asahi Broadcasting Group Holdings Corporation(Switchboard) TEL: +81-6-6458-5321
FAX: +81-6-6457-4876

26