The Japan Investor Relations Association Announces
Its Eighteenth Annual IR Grand Prix
The Japan Investor Relations Association (JIRA, Chairman: Shuzo Sumi, Tokio Marine
Holdings, Inc., Chairman of the Board), the only privately-run non-profit organization working
for the proliferation and improvement of investor relations (IR) activities in Japan, hasannounced the recipients of the 2013 Annual IR Grand Prix Awards.
The IR Grand Prix (Committee Chairman: Masanobu Kaizu, Senior Research Fellow andAdvisor, Nomura Securities Co. Ltd., Financial and Economic Research Center) is designed torecognize those companies which have achieved successful results and gained the support ofthe investment community for their strong understanding of and proactive efforts to promote
investor relations. This year marks the 18th year that the IR Grand Prix has been held, andcharacteristics of the awards and their recipients are listed below.
○ Management takes the opinions of analysts and investors into consideration in the disclosure

and implementation of medium to long term business strategies.
○ Management endeavors to fortify and disclose various data including impact of foreignexchange rate fluctuations and other factors that are of keen interest to investors.
○ The number of companies that are endeavoring to fortify and improve their investor relations

activities on an ongoing basis is increasing.

Committee Chairman Masanobu Kaizu states that “the companies chosen for the IR GrandPrix are keenly aware of the expectations of analysts and investors, and implement various
efforts to improve shareholder value. Furthermore they have successfully increased their
credibility with stakeholders by continuing to improve their information disclosure.”
Of the members of JIRA, 276 publicly traded companies applied for screening in the 2013
IR Grand Prix. Of these companies, a total of 13 companies were selected to receive awards,
including one for the IR Grand Prix Award, five for the Best IR Award, five for the IR Special
Award, and two for the IR Award for Small to Medium Capitalization Companies.

Reasons

for the selection of the award recipient companies and other details are provided below.

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“IR Prime Business Award”
Recipient, IR Grand Prix Award
Lawson, Inc.
Recipients, Best IR Award
Fuji Heavy Industries Ltd.
Komatsu Ltd.
Shin-Etsu Chemical Co., Ltd.
Sumitomo Metal Mining Co., Ltd.
Sumitomo Mitsui Financial Group, Inc.
Recipients, IR Special AwardAkebono Brake Industry Co., Ltd.
Asahi Group Holdings, Ltd.
Autobacs Seven Co., Ltd.
Mitsui Chemicals, Inc.
United Arrows, Ltd.
Recipients, Best IR Award for Small to Medium Sized Capitalization Companies
Artnature Inc.
Gurunavi, Inc.
Note: Companies cited above are listed in alphabetical order
Details of the awards are provided below:
Best IR Award
The recipient of this annual award is chosen from publicly traded companies that are membersof the Japan Investor Relations Association (JIRA).
IR Grand Prix Award
This year marks the third year that recipients have been chosen for this award, which wasstarted in 2005.

Award recipient companies chosen for this award are excluded forconsideration of this same award for two years after they have been selected.
IR Special Award
Amongst the companies applying for this award, companies that take on a leadership role within
their industry by promoting ongoing efforts and activities to raise their level of IR and promote
IR to individual investors are regarded highly. This award was also started in 2005.
IR Award for Small to Medium Capitalization Companies
Publicly traded companies that are listed on emerging markets, the Second Section Market of theTokyo Stock Exchange, and medium to small sized capitalization companies of the First Section
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Market of the Tokyo Stock Exchange that have been listed for less than 10 years are considered
for this award. This award was started in 2002.
IR Special Award for Small to Medium Capitalization Companies
Candidates for this award are evaluated for the same criteria as those of the IR Award for Small
to Medium Capitalization Companies with awards given to those companies that promote unique
IR activities and are expected to promote efforts to improve their IR activities going forward.
This award was started in 2011.
Three step screening process described below:① Preliminary screening based upon “surveys” filled out and submitted by companies applying
for awards, of which 206 companies were selected to be considered for secondary screening.
② The 13 committee members are comprised of securities analysts, institutional investors,
journalists, and other members with investment expertise.

These members closely

examined the 172 companies considered for the IR Grand Prix, Best IR and IR Special
Awards, and 34 companies considered for the IR Award for Small to Medium Sized
Capitalization Companies that passed the preliminary screening process.
③ Candidate companies that have passed the secondary screening are further screened byacademics, attorneys, and other individuals with expertise in the field of investments inaddition to the above mentioned committee members.
The awards ceremony is expected to be conducted at the “IR Conference 2013” to be held on
December 16 from 1140 AM at the Garden City Shinagawa.

Contact:
Japan Investor Relations Association
Yoshiko Sato, Chief Research Fellow
Tetsuro Shinohara, Chief Research Fellow
Toshihiro Kitazono, Chief Research Fellow
Miho Sakurai
Aki Yamazaki
Telephone: +81-3-5259-2676,

Fax: +81-3-5259-2677

About JIRAThe Japan Investor Relations Association (JIRA) is a non-profit organization founded in 1993.
JIRA is comprised of 564 members (as of October 31, 2013) and conducts educational activities,surveys, research, and provides opportunities for member companies to exchange information.
https://www.jira.or.jp

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<Supplemental Information> Main Reasons for Selection of Award Recipients and Other
Information
Recipient, IR Grand Prix Award
Lawson, Inc. (Best IR Award recipient in 2009, 2012, first time recipient of the IR Grand PrixAward)
Lawson received high marks for its ongoing and high standards of IR activities. Top management
also clearly demonstrated their focus upon shareholder values with a strategy that includes
important topics such as cost of equity and maximization of economic value addition.

TheCompany’s proactive efforts to implement IR activities both within Japan and in overseas markets
are also regarded highly. The IR division receives a high priority within Lawson’s corporate
strategy and their efforts to clearly explain interesting themes has been well received by investors.
Top management’s concrete efforts to clearly explain the risks involved with its operations in China
were also favorably received.
Recipients, Best IR Award
Komatsu Ltd. (Best IR Award recipient in 2007, 2008, and IR Grand Prix recipient in 2010)
Komatsu management implements an aggressive IR program with clear disclosure of its
management philosophy and its medium to long term business strategies. Information that is
highly pertinent to investors is included in its earnings announcement presentation materials, andanalysts acknowledge that the Company’s IR division has a solid grasp of important management
information. Komatsu also places a high priority upon IR to individual investors, as reflected by
its factory tours provided to their shareholders and the fortification of information provided in its
corporate website. This year’s award comes on the back of its IR Grand Prix Award received in2010 and JIRA looks forward to Komatsu’s continued outstanding investor relations activities.
Shin-Etsu Chemical Co., Ltd. (First time Award recipient)
Shin-Etsu Chemical has gained increased recognition for its IR activities during the past severalyears. In particular, top management is noted for their commitment to undertaking an aggressive
stance towards its IR activities, including participation in investor conferences and small meetingsheld by securities companies, and efforts to increase communications with investors throughvarious opportunities including question and answer sessions at earnings presentation meetings.
Shin-Etsu Chemical’s proactive efforts to further the understanding of the investment community
through various activities such as plant visits have also been favorably received. At the same time,
the Company has received praise for its highly useful communication and discussion efforts fromanalysts, and for the fortification of staffing in its IR division.
Sumitomo Metal Mining Co., Ltd. (Best IR Award recipient in 2011)
Sumitomo Metal Mining received high marks for its efforts to conduct a management strategy
solidly founded on a long term vision and to raise its corporate value. The Company demonstrates
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a clearly defined direction for its future, and provides easy to understand explanations of its various
projects and the process of achieving its future goals.

The quality of data collected from within

and outside of the Company and level of analysis provided within presentation materials is veryhigh. Combined with this data, opportunities to visit plants have contributed to an increasedunderstanding of Sumitomo Metal Mining by both analysts and institutional investors.

TheCompany’s IR activities have also been praised for their awareness of “ESG” issues and for theirdetailed explanation of resolutions submitted to general shareholders’ meetings.
Fuji Heavy Industries Ltd.

(First time Award recipient)Fuji Heavy Industries’ President and CFO participate in and provide explanations at earnings
announcement meetings.

Furthermore, the IR division is noted for their disclosure of accurate andconsistent information in times of both good and bad conditions in its business environment. TheCompany’s IR activities also involve the entire company with opportunities to visit plants,
presentations on new products and technologies, and earnings results presentation materials
containing information that is highly pertinent to investors.

The selection of Fuji Heavy Industries

as an award recipient is based upon a combination of its proactive IR activities and its successful
business strategy in the United States, and JIRA looks forward to a continuation of the proactive IRfrom the Company.
Sumitomo Mitsui Financial Group (First time Award recipient)
Sumitomo Mitsui Financial Group’s top management’s aggressive IR strategy was a major reason
behind its selection. In particular, opportunities for investors to communicate directly with theCompany through earnings results presentation meetings, that are attended by not only topmanagement, but also by personnel responsible for major business divisions, is regarded highly.
And while Sumitomo Mitsui Financial Group has been fortifying its earnings results presentationmaterials for some time, it has achieved significant improvements in recent years in the overallbalance of its materials in terms of volume and contents. The Company also identifies anddiscloses information that is important to investors. Furthermore, Sumitomo Mitsui Financial
Group’s efforts to create a data book that combines both Japanese and English is also regarded
highly.
Recipients, IR Special Award
Akebono Brake Industry Co., Ltd. (First time Award recipient)
Akebono Brake Industry was selected for its ongoing efforts to increase and improve its IR
activities over the past several years. The Company is also highly regarded for objectivity in its
disclosure of both positive and negative information, and for the close working relationshipbetween top management and the IR division.

Analysts also give the Company a high rating for

its various presentation materials and meetings, which includes highly consistent andcomprehensive earnings results presentation materials.

Akebono Brake Industry also received

high marks for the participation of personnel responsible for various business divisions, materials
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detailing the effective restructuring of its United States operations, and detailed disclosure ofvarious segment information.
Asahi Group Holdings, Ltd. (First time Award recipient)
Top management of Asahi Group Holdings has taken a direct role in IR activities as the IR divisioncame under the direct line of command of the President along with the transition to a pure holding
company in 2011. Consequently, top management has sought to fortify information disclosureand to promote a management strategy that seeks out direct communications with participants inthe capital markets. Investors have also given high marks to the Company’s announcement of along term vision and medium term business plan in February 2013, which establishes goals ofachieving increases in ROE, continued growth in EPS, and implementation of a management policyof increasing corporate value.
Autobacs Seven Co., Ltd. (First time Award recipient)
Autobacs Seven management maintains a deep understanding of IR and proactively seeks out
opportunities to communicate with the investment community. This strategy allows the Company
to understand the position of investors and to use information provided from investors internally.
The viewpoint of investors is taken into consideration in the creation and explanation of theCompany’s medium term business plan, and allows investors to easily assess progress in its plan.
Autobacs Seven also pursues a clear strategy that seeks to achieve a stable balance between capital
policy and shareholder return. While the number of staff in the IR division is small, they continue
to provide easy access and thorough responses to analysts.
Mitsui Chemicals, Inc. (First time Award recipient)
Mitsui Chemicals clearly indicates its willingness to communicate with the investment community
through the disclosure of its medium to long term management policy by top management. The
IR division is recognized for its provision of highly useful information to analysts and investors andits steadfast IR activities.

The Company’s various presentations including facility tours andpresentations conducted by responsible staff have also received high marks.

The Company’sefforts to explain specific responses to difficulties in its businesses are also regarded highly.
Presentation materials used in conference calls are also praised for their useful and concisecontents.
United Arrows, Ltd. (Recipient of Best IR Award for Small to Medium Sized Capitalization
Companies in 2002, Best IR Award in 2003 and 2005)
United Arrows has been selected for its continued provision of high level IR activities. The
Company maintains a steadfast policy of raising corporate value as reflected by the maintenance ofa proactive IR strategy even after the change of the President.

The high communication skill

levels of the IR division staff and their willingness to provide detailed responses to inquiries isregarded highly by the investment community. Other activities that received praise include the6/7

proactive efforts to provide investors with highly interesting and useful information, detailed
explanations regarding the impact of increasing materials pricing and the Electronic Commerce(EC) business strategy, and fortification of monthly sales information provided in the corporatewebsite. The holding of meetings for small groups of investors by staff responsible for various
businesses was also noted as a highlight of United Arrows’ IR strategy.

Recipients, Best IR Award for Small to Medium Sized Capitalization Companies
Artnature Inc. (First time Award recipient)
Artnature was chosen as an Award recipient because of its aggressive IR activities to help deepen
the understanding of investors because of its position within a relatively small market and the low
recognition of its business model. Going forward, the Company is expected to increase its efforts
to provide presentations to individual investors, including presentations regarding the usage ofproducts due in part to expectations of growth in demand from female customers. Artnatureprovides validation of successful results of its growth strategy in the near term and a clearly definedroadmap for its medium term growth strategy.

The Company also provides highly detailed

segment information as part of its monthly sales data.
Gurunavi, Inc. (First time Award recipient)
Gurunavi promotes an aggressive IR strategy that includes the holding of investor days. At thesame time, the Company’s top management, CFO and personnel responsible for specific businesses
also participate in various IR activities. The consistent and objective IR activities conducted
recently to explain the Company’s growth strategy despite difficult issues relating to themanagement of the Company have contributed to improvements in the effectiveness of its overall
IR program. Analysts and institutional investors have also been invited to attend events targetingcustomers.

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