The objective of Corporate Disclosure Study Group is to promote the quality and fairness of corporate disclosure from the viewpoint of securities analysts. To achieve this goal, since 1995 the Group has implemented a corporate disclosure evaluation and award system. The Group, comprising representatives from 17 sub-groups (15 industries, emerging markets, and disclosure to retail investors), formulates corporate disclosure review criteria (score sheets) for each industry/area specific features. All specific criteria attach greater importance to voluntary and positive disclosure rather than mandatory disclosure. Evaluation of emerging market companies and also of disclosure to retail investors were introduced in 2005.

This time, SAAJ did not conduct evaluation for the chemicals, pharmaceutical, machinery, and trading industries through this evaluation and award system.

For fiscal 2008/2009, the score sheets of 223 companies (194 in 11 industries and 29 in emerging markets) were marked by 464 research analysts, collected, and carefully analyzed/evaluated by each sub-group, and then the Study Group selected companies exhibiting superior disclosure in each industry/area as follows:

2009 Awards for Excellence in Corporate Disclosure

Construction	Daito Trust Construction Co., Ltd.
Foods	ASAHI BREWERIES, LTD.
Iron & Steel/Nonferrous Metals	Sumitomo Metal Industries, Ltd.
Electronics	NIDEC CORPORATION
Automobiles Industry	NISSAN MOTOR CO., LTD.
Electric Power & Gas	Osaka Gas Co., Ltd.
Transportation	East Japan Railway Company
Communications	NTT DOCOMO, INC.
Retailing/Supermarkets	LAWSON, INC.
Banking	Resona Holdings, Inc.
Computer Software	Nomura Research Institute, Ltd.

Emerging Markets	MICRONICS JAPAN CO.,LTD.
	SMS CO.,LTD.
	Jupiter Telecommunications Co., Ltd.

Disclosure to retail Investors	ASAHI BREWERIES, LTD.
	NIDEC CORPORATION
	Tokyo Gas Co., Ltd.

Note: Regarding Disclosure to retail investors, 26 companies (total number of top 10 % companies on score basis from each of 11 industries and emerging markets) were selected and evaluated.