JCGIndex Survey 2003 List of responding firms

Corporate Governance Index Research Group in Japan Corporate Governance Research Institute, Inc. December 15, 2003

Fishery, Agriculture & Forestry (1) Textiles & Apparel (7) Maruha Corp. Gunze Ltd. ∗ Teijin Ltd. Toray Industries, Inc. Construction (8) Nippon Felt Co., Ltd. Token Corp. Seiren Co., Ltd. ∗ Oriental Construction Co., Ltd. ∗ Hogy Medical Co., Ltd. Nishimatsu Construction Co., Ltd. ∗ Onward Kashiyama Co., Ltd. ∗ Maeda Corp. ∗ Daito Trust Construction Co., Ltd. Chemicals (12) Nissei Build Kogyo Co., Ltd. ∗ Nissan Chemical Industries, Ltd. SxL Corp. Nippon Soda Co., Ltd. Sanki Engineering Co., Ltd. ∗ Nippon Sanso Corp. Zeon Corp. Aica Kogyo Co., Ltd. ∗ Foods (23) Ube Industries, Ltd. ∗ Nisshin Seifun Group Inc. Nihon Tokushu Toryo Co., Ltd. ∗ Meiji Seika Kaisha, Ltd. ∗ Konica Minolta Holdings, Inc. ∗ Yakult Honsha Co., Ltd. Lion Corp. ∗ Itoham Foods Inc. ∗ Milbon Co., Ltd. ∗ Sapporo Holdings Ltd. Kobayashi Pharmaceutical Co., Ltd. Asahi Breweries, Ltd. ∗ Maezawa Kasei Industries Co., Ltd. ∗ Kirin Brewery Co., Ltd. ∗ Oenon Holdings, Inc. Mercian Corp. ∗ Pharmaceutical (9) Mikuni Coca–Cola Bottling Co., Ltd. Takeda Chemical Industries, Ltd. ∗ Coca–Cola West Japan Co., Ltd. Yamanouchi Pharmaceutical Co., Ltd. Calpis Co., Ltd. Dainippon Pharmaceutical Co., Ltd. Key Coffee Inc. Fujisawa Pharmaceutical Co., Ltd. Unicafe Inc. Teikoku Hormone Mfg. Co., Ltd. Fuji Oil Co., Ltd. Toyama Chemical Co., Ltd. Ajinomoto Co., Inc. Mochida Pharmaceutical Co., Ltd. Q.P. Corp. Taisho Pharmaceutical Co., Ltd. House Foods Corp. Eiken Chemical Co., Ltd. ∗ Kagome Co., Ltd. Nichirei Corp. ∗ Oil & CoalProducts (4) Rock Field Co., Ltd. ∗ Showa Shell Sekiyu K.K. ∗ Japan Tobacco Inc. Cosmo Oil Co., Ltd. Natori Co., Ltd. Nichireki Co., Ltd. Nippon Mining Holdings, Inc.

1 Rubber Products (4) Sumida Corp. ∗ Bridgestone Corp. ∗ Yamatake Corp. ∗ Sumitomo Rubber Industries, Ltd. Cosel Co., Ltd. Tokai Rubber Industries, Ltd. ∗ Chiyoda Integre Co., Ltd. Bando Chemical Industries, Ltd. Ushio Inc. Hamamatsu Photonics K.K. Glass & Ceramics Products (2) Murata Mfg. Co., Ltd. Toshiba Ceramics Co., Ltd. Canon Inc. ∗ Noritake Co., Ltd. Sankyo Seiki Mfg. Co., Ltd.

Iron & Steel (3) Transportation Equipment (11) Tokyo Steel Manufacturing Co., Ltd. ∗ Toyota Industries Corp. Maruichi Steel Tube Ltd. Mitsui Engineering & Shipbuilding Co., Ltd. ∗ Daido Steel Co., Ltd. Isuzu Motors, Ltd. Toyota Motor Corp. ∗ Nonferrous Metals (4) Akebono Brake Industry Co., Ltd. Nippon Light Metal Co., Ltd. ∗ Tachi–S Co., Ltd. Sumitomo Metal Mining Co., Ltd. ∗ NOK Corp. Fujikura Ltd. ∗ Futaba Industrial Co., Ltd. Ryobi, Ltd. ∗ Calsonickansei Corp. Honda Motor Co., Ltd. ∗ Metal Products (6) Yamaha Motor Co., Ltd. Matsuo Bridge Co., Ltd. ∗ Haltec Corp. ∗ (Sankyo Aluminium Industry Co., Ltd.) Precision Instruments (5) Toyo Shutter Co., Ltd. Terumo Corp. Noritz Corp. ∗ Nikon Corp. ∗ Okabe Co., Ltd. Riken Keiki Co., Ltd. HOYA Corp. ∗ Machinery (11) Pentax Corp. Disco Corp. ∗ Howa Machinery, Ltd. Other Products (6) Hitachi Kiden Kogyo, Ltd. Toppan Printing Co., Ltd. ∗ Toyo Kanetsu K.K. Pigeon Corp. Yuken Kogyo Co., Ltd. Lintec Corp. ∗ Mars Engineering Corp. Itoki Crebio Corp. ∗ Nippon Piston Ring Co., Ltd. ∗ Kokuyo Co., Ltd. ∗ NSK Ltd. Mizuno Corp. Kitz Corp. Hitachi Zosen Corp. Ishikawajima–Harima Heavy Industries Co., Ltd. Electric Power & Gas (2) The Tokyo Electric Power Co., Inc. Electric Appliances (20) Osaka Gas Co., Ltd. Hitachi, Ltd. Mabuchi Motor Co., Ltd. ∗ Land Transportation (3) Nidec Corp. Nishi–Nippon Railroad Co., Ltd. Omron Corp. ∗ Yamato Transport Co., Ltd. Japan Radio Co., Ltd. Senko Co., Ltd. ∗ Sharp Corp. ∗ Anritsu Corp. ∗ Tamura Corp. ∗ Marine Transportation (2) Kawasaki Kisen Kaisha, Ltd. Roland DG Corp. ∗ Iino Kaiun Kaisha, Ltd. Yokowo Co., Ltd. ∗ Alpine Electronics, Inc. ∗

All Rights Reserved, Copyright °c Japan Corporate Governance Research Institute, Inc. 2003. 2 Air Transportation (1) Insurance (3) Japan Airlines System Corp. Mitsui Sumitomo Insurance Co., Ltd. Nipponkoa Insurance Co., Ltd. ∗ Millea Holdings, Inc. Warehousing & Harbor Transportation Services (2) Nissin Corp. ∗ Other Financing Business (6) Utoc Corp. ∗ OMC Card, Inc. ∗ Softbank Investment Corp. Communication (7) Takefuji Corp. Ricoh Leasing Co., Ltd. ∗ ARGO 21 Corp. ∗ Hitachi Capital Corp. ∗ Trend Micro Inc. Orix Corp. ∗ NEC Soft, Ltd. Avex Inc. Nihon Unisys, Ltd. Real Estate (5) Nippon Television Network Corp. Mitsui Fudosan Co., Ltd. NEC Mobiling, Ltd. Mitsubishi Estate Co., Ltd. ∗ Urban Corp. Wholesale Trade (14) Meiwa Estate Co., Ltd. Kuroda Electric Co., Ltd. Generas Corp. Dodwell BMS Ltd. Itochu Corp. Services (9) Toyota Tsusho Corp. Nippon Koei Co., Ltd. Hitachi High–Technologies Corp. NEC Fielding, Ltd. Sumitomo Corp. ∗ Sohgo Security Services Co., Ltd. Daiichi Jitsugyo Co., Ltd. Sogo Medical Co., Ltd. ∗ Canon Sales Co., Inc. Venture Link Co., Ltd. Ryoden Trading Co., Ltd. Tokyo Theatres Co., Inc. Iwatani International Corp. Aucnet Inc. Yamatane Corp. SRL,Inc. ∗ Autobacs Seven Co., Ltd. Fujita Kanko Inc. Vital–Net, Inc. Suzuken Co., Ltd. Total 201 firms Retail Trade (7) Mitsukoshi, Ltd. Seijo Corp. Ryohin Keikaku Co., Ltd. (notice) Kourakuen Corp. • “∗” denotes firms which responded to the Takashimaya Co., Ltd. ∗ survey in 2002. Isetan Co., Ltd. ∗ Parco Co., Ltd. • The Sankyo Aluminium Industry Co., Ltd. was delisted on November 25, 2003. Banks (2) Resona Holdings, Inc. The Akita Bank, Ltd.

Securities & Commodity Futures (2) Nomura Holdings, Inc. Matsui Securities Co., Ltd.

All Rights Reserved, Copyright °c Japan Corporate Governance Research Institute, Inc. 2003. 3