November 19, 2020

Japan Investor Relations Association Announces
2020 IR Award Winners
The Japan Investor Relations Association (JIRA, Chairman: Naoki Izumiya, Chairman of the Board
of Asahi Group Holdings, Ltd.), the only privately-run non-profit organization working for the
proliferation and improvement of investor relations (IR) activities in Japan, has announced the 2020
IR Award winners.
The IR Award (Committee Chairman: Tetsuo Kitagawa, Emeritus Professor of Aoyama Gakuin
University and Professor of Tokyo Metropolitan University) is designed to recognize companies
which have been highly accredited in the investment community for their understanding andpromotion of IR activities. This year marks the 25th year since the first IR Award. The 2020 IR Awardwinners have been selected with an emphasis on the following initiatives.


Initiatives to properly disclose the impact of the novel coronavirus (COVID-19) pandemic,risks, and other information as early as possible despite difficulty in disclosing earnings
outlooksInitiatives to enhance the content of IR information and activities by creatively devising how
to provide disclosure or engage in dialogue, with adoption of so-called New Normal



Initiatives to establish a management strategy aimed at the realization of a sustainable
society and deepen information disclosure and dialogue

Initiatives to incorporate the perspective of environmental, social, and corporate governance(ESG) in management, utilize and disclose non-financial information, and aim at theenhancement of corporate value in the medium- to long-termInitiatives to distribute information that can be easily understood by individual investors andother stakeholders who are increasingly interested in IR information, and to adopt new kindsof IR activities



Initiatives to promptly indicate awareness of and responses to potential risks despitedifficulty in forecasting outlooks

According to Committee Chairman Tetsuo Kitagawa: “The companies selected for the IR Award(IR Grand Prix and Best IR Award) this year have actively promoted information disclosure andhave responded to the interests of investors, even when COVID-19 infections were expanding. The
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top management of some of these companies appeared at their corporate briefings and presented
the COVID-19 impact and the direction of corporate management, a standpoint which has beenhighly noted by the investment community. Under the current environment, their dialogue withinvestors has become deeper on such themes as business portfolios, digital transformation (DX)and other reforms. The commitment by their entire corporate groups to enhancing corporate value
as well as their initiatives to provide comprehensive explanation based on their corporate
philosophy have also been evaluated highly. The IR departments of these companies have shared
the perspectives of investors with management and have been improving materials used indialogue with investors, and events. We saw an improvement in the integrated reports, particularlyin those of the IR Special Award winners, which use sustainability-related information and show thevalue creating process, and the level of their ESG briefings. The winners of the Best IR Award for
Encouragement have also received high acclaim from investors based on the preparation of easyto-understand materials regarding their business strategies and the provision of opportunities tovisit their worksites.”
Of the JIRA member companies, 284 publicly-traded companies applied for the 2020 IR Award anda total of 14 companies were selected and received awards: the IR Grand Prix was given to threecompanies, the Best IR Awards to six, the IR Special Awards to three, and the Best IR Awards for
Encouragement to two. The major reasons for the selection with previous award records for eachwinner are stated in the Supplementary Information.

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IR Grand Prix (Listed in the order of the Japanese syllabary; the same applies hereafter)
Sony Corporation
Daikin Industries, Ltd.
Marui Group Co., Ltd.
Best IR Award
Komatsu Ltd.
J. Front Retailing Co., Ltd.
Chugai Pharmaceutical Co., Ltd.
Nippon Telegraph and Telephone Corporation
Hitachi, Ltd.
MinebeaMitsumi Inc.
IR Special AwardFP Corporation
Kao Corporation
Fuji Oil Holdings Inc.
Best IR Award for Encouragement
Oisix ra daichi Inc.
Konoike Transport Co., Ltd.
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 IR Award
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 anaward.
IR Special Award
Companies selected for this award are given from among applicants for the Best IR award. They
include companies that take on a leadership role in IR activities in their respective industry,
consistently improve IR practices and are highly regarded for promoting their IR to individual
investors. This award was introduced in 2005.
Best IR Award for Encouragement
3Out of the applicants for the Best IR Award, the companies selected in this award category are:listed either on emerging markets or the Second Section of the Tokyo Stock Exchange; companies
listed for less than ten years on the First Section of the Tokyo Stock Exchange; or small and midcap companies which apply for the Best IR Award for the first time. This award was launched in2002.
Three-step selection process① The first screening was based on the surveys filled out and submitted by applicant companies.
(241 companies were selected for advancement to the second screening.)② The second screening was conducted by 13 select committee members, comprising of
securities analysts, institutional investors, journalists and others. They closely examined 203
candidate companies for the IR Grand Prix, Best IR Awards and IR Special Awards, and 38
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.
Selection of the “Most Liked!” IR Award winners
Commemorating the 25th anniversary of the Best IR Award, the “Most Liked!” IR Award has been

newly created. Going forward, winners will be selected when appropriate. Its objectives are toreflect the viewpoints of companies that applied for the IR Award based on their voting, share
their proactive IR experiences, and realize best practices. The theme for 2020 is IR activities
during and after the COVID-19 era. Please see the details and selected companies on thewebsite of the Japan Investor Relations Association. https://www.jira.or.jp/english/index05.html

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
599 members as of October 1, 2020. Its major activities include IR education, surveys and research,and hosting opportunities for interchanges among member companies.

4【 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
Sony Corporation(Received the Best IR Award in 1996, 2018 and 2019, and the IR Special Award in 2017)
Since the appointment of the current CEO, Sony’s information disclosure and dialogue have beenstrengthened in light of the viewpoints of investors. While being engaged in diverse businesses,
SONY explains them in an integrated manner based on its Purpose and Values, and makes itself
more credible in terms of raising its long-term corporate value. In Sony’s integrated report, thevalue-creating process is presented in a concise and specific manner and the direction of groupmanagement is clearly identified. An IR Day, ESG briefings, and other events, as well as meetings
with management are arranged in just the right way and the company’s continual efforts aimed at
improvement have been highly praised.

Daikin Industries, Ltd.
(Received the Best IR Award in 2017 and 2019)
Daikin’s top management is actively engaged in IR activities, continually raising the level of
information disclosure. The company was highly regarded for holding a financial result briefing in
the midst of the COVID-19 outbreak and presenting its crisis response and business strategy
focused on the post-COVID-19 era. Daikin’s efforts to disclose earnings forecasts even amid anuncertain outlook and convey negative information early have also been greatly acclaimed. Daikin
arranges excellent visits to business bases and meetings conducted by business segments in lightof the business environment and issues of interest to investors. The company’s commitment to theenhancement of corporate value in the medium to long term has been clearly expressed at its ESG
briefing and other occasions.

Marui Group Co., Ltd.
(Received the Best IR Award in 2017 and 2019, and the IR Special Award in 2016)
Even during the COVID-19 crisis, Marui’s top management came on stage at the financial result
briefing and disclosed the projected impact of COVID-19 based on certain assumptions. While
Marui is shifting the focus of its business structure from retail to Fin Tech, the company has initiateda post-COVID-19 business concept and has deepened communication with investors. The IR
Department is working on enhancing IR materials and provides thorough explanation in order to bebetter understood by investors. Marui attracts a great deal of interest from capital markets, as
progress is made every year in IR activities, such as by issuing an integrated report and hosting
briefings on various themes.

Best IR Award
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Komatsu Ltd.
(Received the IR Grand Prix in 2010 and 2017, and the Best IR Award in 2007, 2008, 2013 and2016)
Komatsu has clearly identified its basic management policy and defined its corporate philosophy
as the Komatsu Way, seeking to raise corporate value. Its management principles are incorporated
in the KPIs of its Mid-Term Management Plan and are well instilled internally, which has been highly
accredited in the investment community. Komatsu’s integrated report has been well thought
through in order to communicate these efforts. Top management is committed to giving importanceto dialogue with investors and the company’s quarterly dialogue and presentation materials are
excellent. Komatsu is also proactive in undertaking ESG initiatives and makes efforts to spread
information via briefings, meetings, and other means.

J. Front Retailing Co., Ltd.
(Received the Best IR Award in 2016)
J. Front Retailing is consistently promoting information disclosure proactively and its top
management speaks to investors and thoroughly conducts a Q&A session at financial result
briefings every six months. Despite difficulty in disclosing its earnings outlook during the COVID19 pandemic, the company disclosed information based on certain assumptions and explicitly
showed management’s way of thinking. The investment community highly regarded J Front’s
announcement of the plan from the start of the fiscal year. The company is also actively engaged
in dialogue with investors. The IR Department is always striving for improvement, sharing the
viewpoints of investors with the management team, and utilizing them in information disclosure andmanagement plans. Candid statements by outside directors in the integrated report were also
highly noted.

Chugai Pharmaceutical Co., Ltd.
(First time recipient)
Chugai’s top management is proactively engaged in dialogue with investors and its explanation isconsistent. The IR Department arranges opportunities for dialogue between top management andinvestors, and provides thorough explanation of Chugai’s R&D status and trends in thepharmaceutical industry. The company’s consistent commitment to disclosure has been highly
praised, as manifested by its hosting of more briefings for investors despite the COVID-19 crisis
this year than in usual years. Chugai’s ESG-related explanation is detailed and its direction ofcreating corporate value, such as the establishment of materiality for each stakeholder, is clearlypresented.

Nippon Telegraph and Telephone Corporation(Received the Best IR Award in 2015 and the IR Special Award in 2014 and 2019)
NTT’s top management proactively promotes information disclosure and is deepening dialogue
with investors. The company is increasingly committed to KPIs as a result of announcing the NTT
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Group’s value-creating process and incorporating them in a plan for each business segment. The
IR Department has upgraded and expanded meetings on ESG themes and other events, and hasenhanced the content of the integrated report. NTT also makes efforts in IR activities for individual
investors and is maintaining dialogue with them by conducting questionnaires for investors andposting answers to questions prior to the annual shareholders’ meeting on the website.

Hitachi, Ltd.
(Received the Best IR Award in 1996)
Hitachi’s top management is committed to IR activities and has indicated the direction for theenhancement of corporate value. Their forthcoming attitude is clearly recognized, such as indialogue concerning their business portfolio with investors. The investment community highly
regards Hitachi’s structural reform, in which their targets and vision are clearly stated. The ESG
viewpoint has been incorporated in management and its progress has been updated. Despite the
COVID-19 pandemic, its impacts were proactively disclosed in quality and quantity at an early stage.
Initiatives by the IR Department, such as the continued hosting of management briefings, setting
up of dialogue with top management, and improvement in the integrated report, have also beenpraised.

MinebeaMitsumi Inc.
(Received the IR Special Award in 2018)
MinebeaMitsumi’s top management makes presentations at quarterly IR briefings and plays aleading role in the company’s communication with capital markets. While the company cannot hostperiodic visits to their plants in Asia and other events this year, due to the COVID-19 pandemic, it
is continuing initiatives to maintain and improve contact with investors. The investment community
highly accredited MinebeaMitsumi’s extensive explanation of the value-creating process in its
integrated report, in which core competencies that are supported by non-financial capital are clearly
indicated, and the value creation story is easy to understand.

IR Special AwardFP Corporation(First time recipient)FP’s presentation on its management strategy is consistent and its level of information disclosure
has been elevated. The financial result briefing material has good details, such as earnings
fluctuation factors, and the IR Department’s explanation is easy to understand. As a company that
manufactures food tray containers, FP is highly conscious of environmental issues and has been
engaged in recycling for about 30 years. By providing specific data on recycling, such as data on
the collection of plastics resources, FP makes a convincing argument on how to raise corporate
value. The IR Department works closely with top management and ensures that management isinvolved in opportunities to conduct dialogue with investors and share managerial issues.

7Kao Corporation(Received the Best IR Award in 2000, 2002 and 2019)
Kao announced the integration of ESG as the foundation of its management and has since been
engaged in dialogue with investors to enhance their understanding. The company has also
improved its disclosure and KPIs that are related to ESG and sustainability, as well as briefings,
where representatives of business segments come on stage. Kao has been greatly praised for its
efforts to clearly identify a roadmap for sustainable growth through these ESG initiatives and to
update its progress. The IR Department focuses on promptly responding to investors andextensively providing materials in English. Kao’s continued dialogue with investors via videoconferencing during the COVID-19 crisis has also been greatly commended.

Fuji Oil Holdings Inc.
(Received the Best IR Award in 2018 and the IR Special Award in 2017)
Fuji Oil is actively engaged in ESG management and is continuing dialogue with investors, which
is based on the CEO’s announcement of a long-term vision and the integrated report. Concerning
its mainstay cacao business, Fuji Oil’s approach to report on its website management’s dialogue
with those engaged in the supply chain and NGOs has been highly acclaimed. The company iseager to reflect investors’ requests in its IR activities and materials, leading to the improvement of
their materials and the hosting of events. Briefings on specific themes, such as technology and
ESG, and plant visits are well arranged, drawing the attention of investors.

Best IR Award for Encouragement
Oisix ra daichi Inc.
(First time recipient)
Oisix’s financial result briefing materials are easy to understand and detailed. The company hasreceived high marks for its presentation by business segment using KPIs, commentary on
extraordinary factors that lie behind fluctuation in earnings, and the specifics of its long-termoriented management strategy. The briefing materials and timely disclosure documents in English
as well as in Japanese are uploaded on the company’s website, demonstrating Oisix’s
consciousness of fair disclosure. The IR Department is actively engaged in dialogue with investors
and is clearly striving to provide thorough explanation. Dialogue concerning IT or Digital
Transformation (DX) issues has been highly accredited.

Konoike Transport Co., Ltd.
(First time recipient)
Konoike Transport is working on the enhancement of information disclosure by sorting out thecompany’s strengths and issues, in association with its diversified business sectors. Management
uses what has been pointed out by investors, which is conveyed to them by the IR Department, asa reference in setting up KPIs, improving capital efficiency, and other measures. Konoike
Transport’s management has attracted a lot of attention, as it has adopted a return on invested
8capital (ROIC) ratio and has been conscious of capital costs in establishing its business portfolio.
The company has worked on ESG information disclosure and has started preparation of an
integrated report. The facility visit has also been highly noted, as it allows investors to check theworksite of its business.
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