November 16, 2023

Japan Investor Relations Association Announces
2023 IR Award Winners
The Japan Investor Relations Association (JIRA, Chairman: Naoki Izumiya, Honorary Advisor,Asahi Group Holdings, Ltd.), the only privately-run non-profit organization working for theproliferation and improvement of investor relations (IR) activities in Japan, has announced
the 2023 IR Award winners.
The IR Award (Committee Chairman: Tetsuo Kitagawa, Ph.D., Emeritus Professor ofAoyama Gakuin University and Professor of Tokyo Metropolitan University) is designed torecognize companies which have been highly accredited in the investment community for
their understanding and promotion of IR activities. This year marks the 28th year since thefirst IR Award. The 2023 IR Award winners have been selected with an emphasis on thefollowing initiatives. In addition, the JIRA 30th Anniversary Commemorative Award isestablished for this year.
[Growth strategy for sustained profitability] Execution of growth strategy tosustained increases in profitability regardless of changes in external factors such asinflation and interest rates. Initiatives to actively invest in R&D, business, and humanresources (human capital), appropriately return to shareholders, and explain andengage in dialogues about management that meets the expectations of investors.

[Utilization of insights gained through dialogues] Constructive dialogues withinvestors on themes such as management strategy, corporate governance, andsustainability. In addition to senior management and business unit managers, outside
directors and others participate. Efforts are made to function closer to the corporate
vision by sharing insights gained through dialogues with the Board of Directors oramong the entire corporate group.

[Enhancing corporate value and social value by linking them] Sustainability-relatedinitiatives, such as climate change response, investment in human capital, andpromotion of women's empowerment, are explained from an investor's perspective inan easy-to-understand manner. In addition, efforts at communication and having
dialogues about the roadmap to improve corporate value and social value incooperation with stakeholders, through the introduction of quantitative indicators andexamples of activities.

[Obtaining approval of overseas investors and individual investors from a1

medium- to long-term perspective] Enhancement of briefing materials andopportunities for dialogues based on the perspective of overseas investors who expect
capital productivity to improve. Efforts to develop a new shareholder base throughbriefings and other means for individuals who are interested in investing.

[Early recognition of and response to risks] Initiatives to promptly indicate
awareness of and responses to potential risks despite difficulty in forecasting outlooks,
this difficulty being due to the spread of geopolitical risks and information security issues.

Committee Chairman Tetsuo Kitagawa commented: “It is noteworthy that the top
management of all the companies selected for the IR Award this year clearly spoke about
their corporate value creation strategies. In addition to identifying management issues thatneed to be overcome and conducting management with an awareness of capital costs andstock prices, these companies are strengthening and deepening IR activities from amultifaceted perspective, such as setting opportunities for business unit managers andoutside directors to have dialogues with investors, and holding ambitious briefings onsustainability and governance-related themes. Companies that receive the Best IR Award for
Encouragement also strive to provide easy-to-understand explanations and have dialogues
mainly by the management to facilitate the understanding of investors. We have also
recognized companies that have raised their IR levels over the years and have consistently
received high evaluations.”
Of the JIRA member companies, 347 publicly-traded companies applied for the 2023 IRAward and a total of 12 companies were selected and received awards: the IR Grand Prix
was given to one company, the Best IR Awards to seven, the IR Special Awards to two, andthe Best IR Awards for Encouragement to two. The major reasons for the selection withprevious award records for each winner are stated in the Supplementary Information.
IR Grand Prix (Listed in the order of the Japanese syllabary; the same applies hereafter)
Hitachi, Ltd.
Best IR Award
ASICS Corporation
Ebara Corporation
Chugai Pharmaceutical Co., Ltd.
Nomura Research Institute, Ltd.
Hitachi Construction Machinery Co., Ltd.
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Mitsubishi UFJ Financial Group, Inc.
Murata Manufacturing Co., Ltd.
IR Special Award
Concordia Financial Group, Ltd.
Mitsui Chemicals, Inc.
Best IR Award for Encouragement
IMAGICA GROUP Inc.
TORIDOLL Holdings Corporation
JIRA 30th Anniversary Commemorative AwardOMRON Corporation
Details of each award
Best IR Award
This is the annual award given to the publicly traded companies with best IR practices among
members of the Japan Investor Relations Association (JIRA).
IR Grand Prix
This award, introduced in 2005, is given to companies that have been awarded the Best IRAward twice in the last 10 years, and are worthy of being selected for a third time. The award
winners are excluded from consideration for the Best IR Award for two years from the year
they receive an award.
IR Special Award
Companies selected for this award are chosen from among applicants for the Best IR award.
They include companies that take on a leadership role in IR activities in their respectiveindustry, consistently improve IR practices and are highly regarded for promoting their IR toindividual investors. This award was introduced in 2005.
Best IR Award for Encouragement
Out of the applicants for the Best IR Award, the companies selected in this award category
are from among: companies listed on the TSE Standard Market or the TSE Growth Market;
companies listed on other emerging markets; companies that are listed on the TSE Prime
Market but have been within ten years of their initial public offering; or small and midcap
3companies which apply for the Best IR Award for the first time. This award was launched in2002.
Three-step selection process
1)

The first screening was based on the surveys filled out and submitted by applicantcompanies. (287 companies were selected for advancement to the second screening.)

2)

The second screening was conducted by 13 selected committee members, comprisedof securities analysts, institutional investors, journalist and others. They closely
examined 214 candidate companies for the IR Grand Prix, Best IR Awards and IR
Special Awards, and 73 candidate companies for the Best IR Award for Encouragement.

3)

The final (third) screening was conducted by all committee members, including
academics, attorneys and other experts in addition to the above select members.

The JIRA 30th Anniversary Commemorative Award is established for this year
1)

JIRA 30th Anniversary Commemorative Award

The Award is especially given to a JIRA member company which has continued IR activities
over the the medium to long term and has produced outstanding achievements inappropriate information disclosure and constructive dialogue with investors andshareholders. The Judging Committee of the Best IR Awards has selected a company basedon the screening results for the past 17 years from 2007 to 2023.
2)

Announcement of the “Greatest IR Improvement Premium Companies” and the “BestContinual IR Efforts Premium Companies”

Among the companies screened for this award, companies that have made efforts to improve
IR and have consistently been highly evaluated by the committee members during thescreening period are selected as “Greatest IR Improvement Premium Companies” (70companies). Companies that have continually applied for the Best IR Award during the period
and have been recognized as continuing IR activities over the medium to long term are also
selected as “Best Continual IR Efforts Premium Companies” (70 companies). The names ofthese companies have been posted on the JIRA’s website.
Selection of the “Most Liked!” IR Award winners
Commemorating the 25th anniversary of the Best IR Award, the “Most Liked!” IR Award wascreated in 2020. The selection for this award includes the voting by the applied companies
in order to incorporate their viewpoints to this particular award. Objectives of this award are
the proactive sharing of IR activities and the realization of best practices. The theme for 20234

is “IR Department’s initiatives for staff development and their power-up.” Please see thedetails and selected companies on the website of the Japan Investor Relations Association( https://www.jira.or.jp ).
For inquiries:
Japan Investor Relations Association (JIRA) Secretariat
Tel: +81-3-5259-2676; Fax: +81-3-5259-2677
E-mail: free@jira.or.jp Website: https://www.jira.or.jp/english/index.html
About the Japan Investor Relations Association (JIRA):
JIRA, founded in 1993, is a non-profit organization which promotes IR practices in Japan. It
has 685 members as of October 1, 2023. Its major activities include IR education, surveys
and research, and hosting opportunities for interchanges among member companies.

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[Supplementary Information]
Major Reasons for the Selection of Awards and Previous Award Records for Each
Winner(Listed in the order of the Japanese syllabary; the same applies hereinafter)
IR Grand Prix

Hitachi, Ltd.
(Received the Best IR Award in 1996, 2020 and 2022)
Hitachi has continued to be engaged in high-level IR activities after receiving the Best IRAward in 2020 and 2022. Investor Day events and financial results briefings are held
consistently and their contents have evolved, making use of feedback from investors.
Sustainability-related briefings are also held on specific themes such as human capital, andare highly regarded. Although the number of pages of the integrated report in 2023 was
reduced by half compared to the previous year, the report focused on explaining a wide rangeof businesses in an easy-to-understand manner and the briefing on the integrated report isalso held.
Best IR Award
ASICS Corporation(First time recipient)
Led by top management, ASICS is expanding its IR activities. The director in charge has
conveyed to all concerned the direction of management strategy in an easy-to-understandmanner. Information disclosure by each business and each region is done in suitable detail.
ASICS’ information disclosure, with its awareness of the company’s position and competitionin the global product market, is unique. The company clearly shows the attitude of always
trying to get people to understand its strategy, an attitude which leads to fruitful dialogues.
Investment Day, which is held from a variety of angles, is a highly-evaluated IR event,attracting attention.

Ebara Corporation(Received the Best IR Award in 2022)
Ebara’s top management is actively engaged with investors and the media to provide clear
messages. A variety of events, including financial results briefings, small meetings andfactory tours, are hosted to promote the understanding of investors. ROIC (return on investedcapital) by business segment is also disclosed in a progressive manner within the sector. The
full text of the briefing presentation and the question-and-answer session is available and6

useful. Ebara continues to provide opportunities for dialogues with outside directors, and theintegrated report features the contents of a dialogue between the Chairman of the Board ofDirectors and investors.
Chugai Pharmaceutical Co., Ltd.
(Received the Best IR Award in 2020)
Chugai’s management assigns proper importance to IR and is engaged in dialogues withinvestors from a medium- to long-term perspective. Information disclosure has beenenhanced, and the financial results briefing materials are reviewed with special attention
given to ensuring that the materials are useful for earnings analysis. Chugai organizes
various events for investors and seeks to always respond to the interests of the investmentcommunity through briefings on themes such as ESG and DX. In addition, detailed
explanations and responses to R&D-related subjects are meticulously provided, such as byprovidingfollow-up

informationon

medical/pharmaceutical-related

professionalor

specialized organizations, and holding meetings devoted to knowledge on diseases andtreatments, and research facility tours. Another favorably-noted point is the company’s forum
for dialogues between outside directors and investors.
Nomura Research Institute, Ltd.
(Received the Best IR Award in 2017)
Nomura Research Institute’s top management is actively involved in IR and makes consistentefforts for dialogues based on investor feedback. It appears that Nomura’s IR Department isclose to the top management and conveys to C-level officers matters concerning the interestsof investors. Ensuring that management and investors share a common understanding of thebusiness environment and issues, the explanation of the medium-term management plan isclear. The company is highly praised for its stance of disclosing information on planassumptions and overseas business. The contents of the integrated report and the holdingof ESG briefings and business briefings are also highly evaluated.
Hitachi Construction Machinery Co., Ltd.
(Received the IR Special Award in 2019)
In recent years, Hitachi Construction Machinery has become more convincing in explaining
management strategies and earnings forecasts. The medium-term management plan, which
was announced in April 2023 after the change in the capital relationship with Hitachi, Ltd.,
clearly indicates their areas of focus, and the company's ambitious stance has been highlyaccredited. The management has deepened its understanding of IR, which has led to7increasing the rationality of business plans and the accuracy of business performancefluctuation analysis and forecasts. IR activities have been enhanced in response to the needsof investors. Other favorably-evaluated factors include provision of opportunities for dialogue
with top management, explanations on the progress of business strategies, and IR events
such as business briefings and factory tours.
Mitsubishi UFJ Financial Group, Inc.
(Received the IR Grand Prix in 2019 and the Best IR Award in 2017 and 2018)
Mitsubishi UFJ Financial Group’s top management is promoting IR activities that respond tothe perspective of investors. In addition to a coherent medium- to long-term strategy, themanagement explains in a timely manner the areas of recent interest, such as the impact ofclimate changes and awareness of PBR. The effectiveness of dialogue can be felt as a signthat the company accurately grasps investors’ information needs regarding management
goals and other matters. The IR Department has accumulated information needed forexplanations, and has devised good materials. Meetings with outside directors provide
another great opportunity to confirm the monitoring function of the Board of Directors.
Murata Manufacturing Co., Ltd.
(Received the IR Special Award in 2022)
Murata’s top management is continuously involved in IR. The company's “three-layerportfolio,” which was discussed at last year's information meeting, as well as the policy of
capital allocation for growth and liquidity levels on hand continue to be highly praised. TheIR Department is improving its ability to respond to an increasing number of requests formeetings from investors. The Department has organized a system now in place wheremultiple persons in charge of IR can explain both strategic and technical aspects, and has
increased the number of IR meetings as well as their contents. Explanations on ESG arealso highly evaluated.
IR Special Award
Concordia Financial Group, Ltd.
(First time recipient)
Concordia Financial’s CEO, appointed last year, is rapidly strengthening IR activities. He has
a strong awareness of enhancing corporate value, and conveys clear messages. The
company's attitude to promote engagement with investors is also highly noted. In the financial
industry, that faces a severe environment, Concordia’s IR activities that recognize
management issues that need to be overcome and promote reforms are attracting attention.
8The company is expanding opportunities for meetings with the CEO and CFO, holding IR
Day (with sessions by theme) and meetings with outside directors, and refining disclosurematerials at an accelerated pace.
Mitsui Chemicals, Inc.
(Received the Best IR Award in 2014 and 2022, and the IR Special Award in 2013)
Mitsui Chemicals continues to be a leader in IR activities in the diversified chemical industry.
Top management actively explains management policies and is regarded as consistent indisclosure and action. Amid the ongoing uncertainty over the future, its commitment tostructural reform and green investment is well communicated. From an early stage, thecompany has been highly evaluated for its sustainability-related information disclosure andbriefings, and has enhanced opportunities for dialogue between outside directors andinvestors and explanations on human capital investment. The company has also received
high praise for its expanded disclosure of factors affecting earnings results and areas of focus
for investors.
Best IR Award for Encouragement
IMAGICA GROUP Inc.
(First time recipient)
IMAGICA makes conscious IR efforts to promote understanding of its businesses that are
seemingly difficult to understand. The IR website is well composed to make it easy to accessfor individual investors and institutional investors who are newly interested in IMAGICA. The
presentation materials contain information for readers to understand the factors affecting
business results, and have improved to easily grasp the linkage between strategic areas ofthe medium-term management plan and business segments. The company is also focusing
on IR to show specific details of business, such as by holding an exhibition or a briefing whena new service is launched. Moreover, IMAGICA is actively engaged in dialogue within theperspective of the capital market.
TORIDOLL Holdings Corporation(First time recipient)
TORIDOLL’s CEO and CFO are actively involved in IR and engage in regular dialogue withinvestors. In addition to meetings, they also participate in restaurant tours and other activities
to communicate with investors. TORIDOLL’s people, from the management to the IR
Department, strive to show its competitive advantages in an easy-to-understand manner. TheIR Department is thorough in its responses to investors, and discloses the answers to the9

anticipated questions at the same time as the financial results are announced. Anotherhighly-praised point is information disclosure, such as exchange rate projections that could
involve potential risks and M&A budget that can be used to judge the consistency of businessstrategies.
JIRA 30th Anniversary Commemorative AwardOMRON Corporation(Received the IR Grand Prix in 2012, the Best IR Award in 2006, 2007 and 2015, and theIR Special Award in 2005 and 2018)
In judgments of the qualification for the Best IR Award, OMRON has been highly evaluatedfor many years. In addition to stable evaluations, the company has been improving the IR
level year by year through advanced initiatives. Many companies and investors have been
paying attention to OMRON’s activities, including the top management’s attitude to talk about
strategies and prospects in their own words, the adoption of ROIC management ahead ofother companies, and efforts to link non-financial elements such as corporate governanceand sustainability to corporate value enhancement. The company's stance of strengthening
IR in line with the times has been highly praised.
* Please see the “Greatest IR Improvement Premium Companies” and the “ Best Continual
IR Efforts Premium Companies” on the JIRA’s website: https://www.jira.or.jp.
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