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 18 sub-groups (16 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 construction, machinery, trading through this evaluation and award system.

For fiscal 2010 / 2011, the score sheets of 230 companies (201 in 13 industries and 29 in emerging markets) were marked by 562 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:

2011 Awards for Excellence in Corporate Disclosure

Foods	Asahi Group Holdings, Ltd.
Chemicals & Fibers	Asahi Kasei Corporation
Pharmaceutical	Astellas Pharma Inc.
Oil & Mining	JX Holdings, Inc.
Iron & Steel / Nonferrous Metals	Sumitomo Metal Mining Co., Ltd.
Electronics	OMRON Corporation
Automobile Industry	NISSAN MOTOR CO., LTD.
Electric Power & Gas	TOKYO GAS CO., LTD.
Transportation	West Japan Railway Company
Communications	NTT DOCOMO, INC.
Retailing / Supermarkets	FamilyMart Co., Ltd.
Banking tied score   in the order of TSE code	Mitsubishi UFJ Financial Group, Inc.
	Sumitomo Mitsui Financial Group, Inc.
Computer Software	Nomura Research Institute, Ltd.

Emerging Markets tied score   in the order of TSE code	CyberAgent, Inc.
	Message Co., Ltd.
	PROTO CORPORATION

Disclosure to retail Investors	CyberAgent, Inc.
	Asahi Kasei Corporation
	NIDEC CORPORATION

Note: Regarding Disclosure to retail investors, 21 companies (total number of top 10 % companies on score basis from each of 13 industries and emerging markets, excluding those which did not hold any investor meeting exclusively for retail investors between July 2010 and June 2011) were selected and evaluated.