November 14, 2016

The Japan Investor Relations Association AnnouncesIts 21st IR Award Winners
The Japan Investor Relations Association (JIRA, Chairman: Shuzo Sumi, Chairman of theBoard, Tokio Marine Holdings, Inc.), the only privately-run non-profit organization working forthe proliferation and improvement of investor relations (IR) activities in Japan, has announced
the 2016 IR Award winners.
The IR Award (Committee Chairman: Tetsuo Kitagawa, Professor of International
Management, Aoyama Gakuin University Graduate School) is designed to recognize
companies which have been highly accredited in the investment community for theirunderstanding and promotion of IR activities. This year marks the 21st year since the start of
the IR Award. The 2016 IR Award winners have the following characteristics:

 Top management’s active involvement in IR activities. Consistent IR best practices areperformed, with good understanding demonstrated by management and good support
provided by related departments/divisions, even during an erratic phase of businessperformance.
 Accountability and clear presentation regarding corporate value creation. Purposeful
dialogue (engagement) with investors is taken into account in setting up businessstrategies. Long-term goals to improve capital efficiency are clearly indicated, while aconvincing value creation roadmap is presented based on the companies’ currentconditions.
 Overall corporate governance policies and framework, including supervision ofmanagement, are set up and disclosed as part of IR activities. Environmental, Society,and Governance (ESG) information and other non-financial information are also
provided to promote better understanding by individual and other shareholders andinvestors.
According to Committee Chairman Tetsuo Kitagawa: “As eighteen months have passed since theintroduction of the Corporate Governance Code, the companies selected for the IR Award haveenhanced dialogue with capital markets. They have also strived to explain their corporate value
creation story by using ESG and other non-financial information, which are is highly regarded incapital markets. Many of these companies have devised and disclose their own thought-out
governance policy. Winners of the Best IR Award for Small and Mid-cap Companies are also highlyevaluated for their IR efforts.”
Of the JIRA member companies, 258 publicly-traded companies applied for the 2016 IR Awardand a total of 14 companies were selected and received awards: the IR Grand Prix were given
to two companies, the Best IR Awards to seven, the IR Special Awards to three, and the BestIR Awards for Small and Mid-cap Companies to two. The major reasons for the selection withprevious award records for each winner are stated in the Supplementary Information.
1Winners of each award
IR Grand Prix
Sumitomo Metal Mining Co., Ltd.
Tokio Marine Holdings, Inc.

Best IR AwardSCSK Corporation
Calbee, Inc.
Komatsu Ltd.
J. Front Retailing Co., Ltd.
Shionogi & Co., Ltd.
NSK Ltd.
Fuji Heavy Industries Ltd.
IR Special Award
Ichigo Inc.
Santen Pharmaceutical Co., Ltd.
Marui Group Co., Ltd.
Best IR Award for Small and Mid-cap Companies
Skylark Co., Ltd.
Seibu Holdings Inc.
Details of each award
Best IR Award
This is the annual award given to the publicly traded companies with IR best 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 past, and are worthy of being selected for a third time. The Award winners areexcluded from consideration for the same award for two years from the year they receive theAward.
IR Special Award
Companies with unique IR practices are given the Award out of the applicants for the Best IRAward. 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 also introduced in 2005.
Best IR Award for Small and Mid-cap Companies
Small and Mid-cap companies with IR best practices are given the Award out of the applicants for
the Best IR Award. These companies are listed either on emerging markets or the Second
Section of the Tokyo Stock Exchange, or are small and mid-cap companies listed for the less than
10 years on the First Section of the Tokyo Stock Exchange. This Award was launched in 2002.
IR Special Award for Small and Mid-cap Companies
Out of companies that applied for the Best IR Award for Small and Mid-cap Companies, those that2are worthy of the Award, show promise regarding further development or promote unique IR
activities, are given the Award. This Award commenced in 2011.
Three-step selection process① The first screening was based on the surveys filled out and submitted by applicant companies.
(229 companies were selected into the second screening.)② The second screening was conducted by 14 select committee members, comprising ofsecurities analysts, institutional investors, journalists and other members. They closely examined
207 candidate companies for the IR Grand Prix, Best IR Awards and IR Special Awards, and 22
candidate companies for the Best IR Award for Small and Midcap Companies.
③ The final (or third) screening was conducted by all committee members, including academics,
attorneys and other experts in addition to the above select members.
The award ceremony will be held as part of the “IR Conference 2016.”
December 15, 2016, from 11:50am at the Belle Salle Tokyo Nihonbashi in Tokyo
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: http://www.jira.or.jp
About the Japan Investor Relations Association (JIRA):
JIRA, founded in 1993, is a non-profit organization which promotes IR practices in Japan. It
has 571 members as of October 1, 2016. Its major activities include IR education, surveys andresearch, and hosting opportunities for interchanges among member companies.

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【Supplementary Information】
Major Reasons for the Selection of Awards and Other Information

IR Grand Prix
Sumitomo Metal Mining Co., Ltd.
(Received the Best IR Award in 2011 and 2013)
Sumitomo Metal Mining’s top management is consistently engaged in purposeful engagement withinvestors and its management strategy is incorporated and presented with due consideration to theoutcome of dialogue. Although there are few listed companies in a similar business category, theIR Division prepares detailed materials and organizes facility visits and business presentations toencourage a better understanding of its strategy and business. Such efforts are highly acclaimed
by investors. The company’s consistent disclosure attitude, even in an adverse businessenvironment, has led to an increase in the number of meetings with and visits by investors.
Sumitomo Metal Mining is also willing to make use of non-financial information in dialogue withshareholders and emphasize ESG in preparing an integrated report.

Tokio Marine Holdings, Inc.
(Received the Best IR Award in 2010 and 2014 and the IR Special Award in 2008)
Tokio Marine’s top management has demonstrated leadership in IR activities and has been
fortifying its communication. The business strategy as a global company is clear and its
overseas business strategy, roadmap to raise capital efficiency, and content of businesspresentations are easy to understand. The IR Division makes sincere efforts to prepare
thorough presentation materials, arrange for management to conduct dialogue with investors,and also makes good use of feedback from investors in its management. Tokio Marine is alsoenhancing IR for individual investors: it is holding meetings nationwide, with some having its
top management as a speaker, and improving its website content.

Best IR AwardSCSK Corporation(First time recipient of the Best IR Award)
Top management’s proactive involvement in IR activities and the CFO’s logical explanations arehighly regarded in the investment community. SCSK’s management has clearly articulated themanagement vision, including the transformation of the business structure and the shift to growthareas, and has been engaged in meaningful dialogue with investors. The IR Division has
consistently maintained the level of disclosure regardless of the environment and its newly-heldbusiness presentations are well regarded. SCSK’s ESG-related initiatives, such as improving thework environment so that it is “an Enjoyable and Rewarding Place to Work,” are also attracting
attention.

Calbee, Inc.
(First time recipient of the Best IR Award)
Top management is extremely good at sending messages and talks candidly in its own words.
They regularly meet with investors and conduct dialogues on management issues and othertopics. The IR Division fully understands the views of top management and continues useful
discussions on management strategies with investors and analysts. Calbee actively hosts
facility visits, holds presentation on its businesses, and is accessible to outside people. Thecompany has established the Calbee Corporate Governance Code and its initiatives, which are4

presented in an easily understandable manner and highly regarded.

Komatsu Ltd.
(Received the IR Grand Prix in 2010 and the Best IR Award in 2007, 2008, and 2013)
Komatsu’s broad dialogue and engagement with stakeholders are highly appreciated byinvestors from the perspective of sustainable growth. The IR Division has been continuously
improving timely, easy-to-understand disclosure of information desired by investors and theirinitiatives are well renowned. In particular, Komatsu is highly praised for conducting topmanagement’s thorough briefings on its medium to long-term strategy, plant visits, andbusiness presentations during the time when their business environment was harsh. This is
Komatsu’s second Best IR Award, following the IR Grand Prix in 2010, and demonstrates its
high-level of IR activities.

J. Front Retailing Co., Ltd.
(First time recipient of the Best IR Award)
J. Front Retailing’s top management is highly conscious of the importance of IR activities,
which is shared company-wide. In addition to top management’s attitude and presentation
skills, the convincing argument regarding its management strategy earned high marks. The IRteam is resourceful and highly accessible. The team promptly makes efforts related to governancerelated matters, which include ensuring enough time for shareholders to consider agenda items of
the General Meeting of Shareholders and enhanced fair information disclosure. Moreover, thecompany provides great IR tools, such as the Fact Book, Annual Report, and Supplementary Datafor Financial Results Briefing.
Shionogi & Co., Ltd.
(Received the Best IR Award in 2015 and the IR Special Award in 2014)
Shionogi’s top management places emphasis on dialogue with investors and makes use of IR in
the creation of corporate value. As a pharmaceutical company, Shionogi is making consistentefforts to address social issues and to incorporate them into social contributions and the creation ofcorporate value. The thoughtful management strategy is clear and persuasive. Investors highly
evaluate Shionogi’s explanation of its drug development capability, an important element to support
its competitive advantage. The company has carried out excellent IR practices for some years andthis year’s further enhancement has led to its award for the second consecutive year.

NSK Ltd.
(First time recipient of the Best IR Award)
NSK’s timely quarterly information disclosure and presentation materials with extensive
information are highly commended. Less-easy-to-understand aspects of its business model,
which stem partly from being engaged in a B-to-B business, has been well complemented byexcellent materials and useful data for analysis. Top management openly engages withinvestors and always explains matters clearly. The IR Division thoroughly responds to analysts
and institutional investors, as well as to inquiries from individual investors, by keeping
appropriate disclosure in mind. Given their recent high IR evaluation, ESG information
disclosure is something to look forward to in the future.

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Fuji Heavy Industries Ltd.
(Received the Best IR Award in 2013)
Fuji Heavy’s top management, the CFO, and other executives all understand the interests ofinvestors and capital market participants and provide accurate updates on the progress of themedium-term business plan and shareholder return. The company’s growth strategy and capital
strategy are clear and coherent. High commendation also extends to the IR Division’s fine-tunedactivities, such as the presentation meeting on automatic driving technology, the next-generation
platform, and other areas of interest to investors. The use of the website for prompt information
disclosure has been strengthened, demonstrating the company’s sincere efforts at fair disclosure.

IR Special Award
Ichigo Inc.
(First time recipient of the IR Special Award)
While Ichigo’s business model has been changing with more complex operations, thecompany, led by top management, has strived for good explanation by linking it with theenhancement of corporate value. Such efforts to become better understood by investors andcapital market participants are highly acclaimed. The head of the IR Division, as one ofdirectors, is abreast of various data and provides clear, quick responses to questions. Despite
the existence of many business segments, each director in charge responds flexibly, thereby
contributing to consistent efforts aimed at a better understanding of the overall company.

Santen Pharmaceutical Co., Ltd.
(First time recipient of the IR Special Award)
Santen’s top management tries to reflect the voices of investors and capital market participants inthe company’s management. Strategy presentation is easy to understand and consistent, leading
to high evaluation. Noteworthy is Santen’s recent improvement in its IR activities. For example,
reflecting some requests of investors, certain items are added in the data book, which is updated
every six months. Santen is forthcoming with explanation of changes in the environment and theimpact of acquisitions, by clarifying its strategy from the perspective of raising sustainable corporate
value.
Marui Group Co., Ltd.
(First time recipient of the IR Special Award)
In recent years, Marui Group has made efforts to enhance its IR activities. The company carefully
listens to investors, and has made its capital policy more convincing by using Key Performance
Indicators (KPI) such as Return on Equity (ROE) and Return on Invested Capital (ROIC). The IR
Division has improved its results briefings to make them easily understood and has also heldpresentation meetings on business details and ESG. The hosting of the Marui IR Day, thepublication of the “Co-Creation Management Report”, and the presentation meeting on its integrated
report are highly praised in the investment community as unique and useful initiatives.
Best IR Award for Small and Mid-cap Companies
Skylark Co., Ltd.
(First time recipient of the Best IR Award for Small and Mid-cap Companies)
After being listed on the Tokyo Stock Exchange in October 2014, Skylark’s articulate explanationof its strategy drew attention. In 2015, the company held over 400 IR meetings, including thebriefings for analysts and institutional investors, to build a relationship with capital markets.
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Among IR activities, its materials, with a focus on the data analysis of its stores, are regarded asexcellent and its information disclosure is highly praised. It is noted that the IR Division is easy
to access and its communication skills are favorably viewed. The number of analysts who cover
Skylark has increased significantly.

Seibu Holdings Inc.
(First time recipient of the Best IR Award for Small and Mid-cap Companies)
Seibu Holdings, which is primarily engaged in railway and hotel businesses, was listed on theTokyo stock Exchange in April 2014. The IR Division has actively distributed information with anemphasis on the hotel industry and has strengthened activities to help understand themes
concerning inbound tourists (foreign visitors to Japan). In addition, small meetings with theperson in charge of a business division and other IR activities are highly commended as wellplanned. Despite the small IR team, active communication with investors has led to a better
understanding of the company in the investment community.
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