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Nikkei Business Publications, Inc. and Time Inc. collaborate to deliver Japanese edition of REAL SIMPLE

Tokyo -- December 7, 2004 -- Nikkei Business Publications, Inc. and Time Inc., a Time Warner company, announced plans to launch the Japanese edition of REAL SIMPLE in 2005. REAL SIMPLE, a women's lifestyle magazine published by Time Inc., is regarded as one of the most successful recent magazine launches in the U.S. market. Nikkei BP will license REAL SIMPLE from Time Inc. to leverage its own solution source and research know-how to tap into the lifestyle magazine market. The Japanese language version of REAL SIMPLE will provide women in Japan with beautiful, practical, actionable solutions to make life easier and better.

REAL SIMPLE launched in the United States in March 2000 and has quickly become a success with both consumers and advertisers. The magazine's circulation has more than quadrupled, with a current guaranteed rate base of 1.8 million. Circulation was up 25.1% in the first half of 2004 (vs. first half 2003.) Advertising pages are up 23% in 2004. REAL SIMPLE was No. 1 on Adweek magazine's Hot List in 2004, and its management was named Executive Team of the Year by Adweek in 2003. In addition, Advertising Age magazine honored REAL SIMPLE as Magazine of the Year in 2002.

REAL SIMPLE is also the recipient of three National Magazine Award nominations, and its design team was named Adweek magazine's Creative Team of the Year in 2004.

About Time Inc.
Time Inc., a wholly owned subsidiary of Time Warner Inc., is the world's leading magazine publisher with 134 titles reaching total audiences of more than 300 million.

For further details, please contact:
International Office
phone: +813-5210-8502
fax: +813-5210-8119
http://www.nikkeibp.com
e-mail: info@nikkeibp.com

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This press release may contain forward-looking statements that reflect the company's current views with respect to future events and business performance. Those forward-looking statements are subject to certain risks and uncertainties and the company's actual results could differ materially from those discussed in the forward-looking statements. These risks and uncertainties include, among other factors, general business and economic conditions, rapid or unexpected changes in technologies, cancellation or delay of customer orders.

About NikkeiBP
Nikkei Business Publications is part of the Nihon Keizai Shimbun group, the world's largest group of companies providing mainly business and financial information for most Japan's decision makers. Covering a wide variety of specialized areas including business, computer, electronics, construction, services and medicine, Nikkei Business Publications is the number one business publisher in Japan. As of December 7, we publish 39 magazines and 3 newsletters, reaching a combined total readership of over 2.3 million.