November 13, 2015

The Japan Investor Relations Association AnnouncesIts 20th 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
for the proliferation and improvement of investor relations (IR) activities in Japan, hasannounced the 2015 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 20th year since the startof the IR Award. The 2015 IR Award winners have the following characteristics:
Top management’s active involvement in IR activities. Consistent IR best practices
are performed, with good understanding demonstrated by management and good
support provided by related departments/divisions.

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.

Corporate governance policies are disclosed as part of IR activities and non-financial
information is also provided to promote better understanding by shareholders andinvestors.

According to Committee Chairman Tetsuo Kitagawa: “The companies selected for the IRAward place a high priority on purposeful dialogue (engagement) with investors and the longterm creation of corporate value based on their corporate philosophies. They makethemselves clearly understood in their IR activities and are highly regarded in capital markets.
Moreover, these companies strive to advance IR activities by promoting understanding of
their corporate governance policy and adopting unique initiatives to address diverse typesof investors. We are also impressed with the progress and improvement demonstrated by
the winners of the Best IR Award for Small and Mid-cap Companies.”1

Of the JIRA member companies, 263 publicly-traded companies applied for the 2015 IRAward and a total of 13 companies were selected and received awards: the IR Grand Prix
were given to two companies, the Best IR Awards to five, the IR Special Awards to three,
and the Best IR Awards for Small and Mid-cap Companies to three. The major reasons forthe selection with previous award records for each winner are stated in the Supplementary
Information.

Winners of each award

IR Grand Prix
Ajinomoto Co., Inc.
Sysmex Corporation
Best IR Award
Omron Corporation
Shionogi & Co., Ltd.
Totetsu Kogyo Co., Ltd.
Nippon Telegraph and Telephone Corporation
Pola Orbis Holdings Inc.
IR Special Award
Sumitomo Chemical Co., Ltd.
Pigeon Corporation
Mizuho Financial Group, Inc.
Best IR Award for Small and Mid-cap Companies
Qol Co., Ltd.
Freund Corporation
Mitsubishi Corp. – UBS Realty 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 BestIR Award twice in the past, and are worthy of being selected for a third time. The Awardwinners are excluded from consideration for the same award for two years from the year
they receive the Award.
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IR Special Award
Companies with unique IR practices are given the Award out of the applicants for the BestIR Award. They include companies that take on a leadership role in IR activities in theirrespective industry, consistently improve IR practices and are highly regarded for
promoting their IR to individual 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 theapplicants 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. ThisAward 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 that 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 applicantcompanies. (224 companies were selected into the second screening.)② The second screening was conducted by 13 select committee members, comprising ofsecurities analysts, institutional investors, journalists and other members. They closely
examined 199 candidate companies for the IR Grand Prix, Best IR Awards and IR
Special Awards, and 25 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 2015.”
December 16, 2015, from 11:30am at the Garden City Shinagawa 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 563 members as of October 2015. 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 Other Information

IR Grand Prix
Ajinomoto Co., Inc.
(First time recipient of the IR Grand Prix; received the Best IR Award in 2012 and 2014)
Ajinomoto’s active IR practices have been succeeded by the new president anddialogue/engagement with investors is well reflected in corporate management. Its IR
presentations and materials are highly regarded in the investment community. In the past
year, the company emphasized disclosure of non-financial information. In particular, itspresentation on consistent management strategy using the Ajinomoto Group Shared Value(ASV), which is the source of corporate value, and its first ESG presentation meeting werefavorably received by investors. Moreover, Ajinomoto’s top management was among the firstto disclose their views on the Corporate Governance Code (effective June 1, 2015). The
company’s solid and ever-advancing IR practices are worthy of the IR Grand Prix.

Sysmex Corporation(First time recipient of the IR Grand Prix; received the Best IR Award for Small and Mid-cap
Companies in 2004 and the Best IR Award in 2006 and 2011)
Sysmex has carried out excellent IR practices for a long time. Its management policy istransparent and its R&D status can be easily followed. Top management is committed to IR
activities such as presenting its management strategy and medium-term business plans andengaging in purposeful dialogue (engagement) with investors. The IR Division discloses
easy-to-understand information and makes good use of feedback from investors.
Presentation materials as well as meetings, visits to plants and overseas offices are favorablyviewed. Sysmex’s IR practices also include good presentation meetings for individual
investors and its highly informative website.

Best IR Award
Omron Corporation(Received the IR Grand Prix in 2012)
Omron is consistently pursuing superior IR practices which contribute to the enhancement ofcorporate value. The message from top management is clear and easy to understand forinvestors. The IR Division makes consistent efforts to improve its activities, while its
presentation materials provide extensive information on capital efficiency and corporate
governance. Omron has been praised for hosting business division presentation and plant
tours not only in Japan but also overseas. For individual investors, the company discloses
information via meetings and its website, and also pays careful attention to the contents andearly dispatch of notices of ordinary general meetings of shareholders.

4Shionogi & Co., Ltd.
(First time recipient of the Best IR Award; received the IR Special Award in 2014)
Shionogi’s top management is committed to IR activities and its explanation regarding thecompany is convincing. Investors’ opinions are selectively reflected in its management andIR activities are utilized in creating corporate value. The company also makes sincere efforts
to disclose information. Top management recently explained the negative information in detailon its operating performance, which was well received by the investment community.
Shionogi regularly holds R&D briefings, with presentations conducted by researchers incharge of development. This initiative has also been praised for raising internal awarenessof information disclosure. The company raised its overall level of evaluation from the previousyear, which led to its receiving the Award for the second consecutive year.

Totetsu Kogyo Co., Ltd.
(First time recipient of the Best IR Award: received the IR Special Award in 2012)
Totetsu Kogyo has fortified its IR practices, driven by top management together with CFO incharge of IR. Its on-site tour, which entailed observing its construction sites along the riverfrom a boat, was unique. Top management also participated in this tour. Totetsu’s corporatewide efforts in IR activities are favorably viewed. The IR Division, which calls itself “the TeamCFO”, makes sincere IR efforts and its easy-to-understand explanations are highlyappreciated. It has also improved presentation materials, which form a basis fordialogue/engagement, and is enthusiastic about improving presentations for individual
investors and its website.

Nippon Telegraph and Telephone Corporation(First time recipient of the Best IR Award; received the IR Special Award in 2014)
Top management at Nippon Telegraph and Telephone Corporation (NTT) places a highpriority on IR activities, which is also shared by other executives and has led to theintroduction of an “IR-Day” and other activities and dialogue/engagement. NTT’s clear
indication and execution of management targets, such as earnings per share andshareholder return, are favorably regarded. The IR Division is taking various initiatives: torespond well to investors’ requests for meetings with management or other types of meetings,
enhance information disclosure and accountability for corporate governance, increase thenumber of presentations for individual investors, expand the target investors, and improvethe corporate website. These efforts have resulted in NTT being more highly evaluated eachyear.

Pola Orbis Holdings Inc.
(First time recipient of the Best IR Award)
Pola Orbis’s consistent IR efforts, despite fluctuation in its operating performance, arepositively regarded. Top management is deeply committed to IR activities and actively
5promotes dialogue/engagement aimed at raising corporate value. Operating performance iswell updated with strong support from relevant divisions. The IR Division collects usefulinformation and engages in productive discussion with investors. It is active in holding
presentations for individual investors and consistently carries out some unique initiatives,
such as experimental events targeting women.

IR Special Award
Sumitomo Chemical Co., Ltd.
(First time recipient of the IR Special Award)
Sumitomo Chemical’s active involvement in IR activities, mainly by top management, ishighly regarded. Focusing on areas of investor interest, the business strategy presentations
arewellorganizedanddemonstrate

thecompany’semphasis

onbolstering

dialogue/engagement with the investment community. Its Return on Investment (ROI) tree
analysis for achieving Return on Equity (ROE) targets is a good example of initiatives aimed
at achieving sustainable growth and enhancing corporate value. Very useful information
disclosure, including the Investors’ Handbook, is also favorably received.

Pigeon Corporation(First time recipient of the IR Special Award)
In recent years, Pigeon’s IR practices have been increasingly highly valued. Top
management clearly articulates its mid to long-term growth strategy, issues, and a roadmap
to create corporate value. In particular, Pigeon has a unique way to explain its strategy byusing Cash Conversion Cycle (CCC) and Return on Invested Capital (ROIC), in addition to
Pigeon Value Added (PVA), which is its unique Enterprise Value Added (EVA). Detailed data
are disclosed after results announcements, and local information on its overseas operations,such as in China, is also proactively disclosed, leading to a favorable evaluation by investors.

Mizuho Financial Group, Inc.
(First time recipient of the IR Special Award)
Mizuho Financial Group’s top management is actively involved in IR practices and the CEOor the CFO engages in purposeful dialogue (engagement) with investors every quarter. TheIR Division hosts the “IR Day” and other events to facilitate understanding of the Group’s
complex business structure as a financial conglomerate. Corporate governance has also
been enhanced. Along with the Corporate Governance Code (effective June 1, 2015),
Mizuho has disclosed its Corporate Governance Report ahead of others, with specificexplanation on how to address the principles, an area of great interest to investors. The
Chairman of the Board of Directors (Outside Director) is also actively communicating withinvestors.

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Best IR Award for Small and Mid-cap Companies
Qol Co., Ltd.
(First time recipient of the Best IR Award for Small and Mid-cap Companies)
Qol, a major pharmacy business operator, has a well-regarded IR structure and clearly
explains its business strategy. The IR contact is abreast of industry trends and other internal/external information, and closely communicates with top management. His insights are wellincorporated in IR practices. In regard to potentially negative issues such as the revision ofdispensing fees, Qol provides comprehensive explanation including countermeasures to beadopted. The company also enjoys strong credibility among investors, leading to its highoverall evaluation. Its endeavors to strengthen and improve IR practices in recent years havealso been highly commended.

Freund Corporation(First time recipient of the Best IR Award for Small and Mid-cap Companies)
Freund is mainly engaged in manufacturing and sales of granulation and coating equipment
for pharmaceutical and food companies. Its top management is responsible for IR
operations and is striving to have more meetings with investors. Although Freund isrelatively small, with a market cap of approximately 13 billion yen (as of the end of October2015), it is continuing steady efforts in areas such as detailed information disclosure.
Presentations for individual investors are also held frequently. As it conducts progressive IR
activities by incorporating more initiatives, it has raised its evaluation by investors eachyear.

Mitsubishi Corp. – UBS Realty Inc.
(First time recipient of the Best IR Award for Small and Mid-cap Companies)
Mitsubishi Corp. – UBS Realty manages “Japan Retail Fund Investment Corporation(JRF)”, which focuses on retail properties, and “Industrial & Infrastructure FundInvestment Corporation (IIF)”, which focuses on both industrial and infrastructure properties.
Both of these REITs are the first of their kind in Japan. The company’s consistently excellent
IR activities are highly acclaimed. In addition to top management’s involvement in IR
practices in Japan and overseas, the firm has adopted unique approaches to raise its profile
in such a way that they make presentations to salespersons at securities companies. It isalso proactive in information disclosure, including material on factor analysis when earnings
forecasts are revised. Property tours and other opportunities are also provided to enhanceinvestors’understanding of the company.

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