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Report of the month

February 2011

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Fujitsu Tokyo, Japan Report Facts Company name: FUJITSU Limited Fiscal year end: March 31, 2010 Report title: New Horizons, New Growth Chairman: Michiyoshi Mazuka President: Masami Yamamoto Report length: 140 pages Other documents: Sustainability Report, Intellectual Property Report, Data Book Auditors: Ernnst & Young ShinNihon LLC Design and production: N/A Website: http://WWW.fujitsu.com/global/about/ir/	Report Rating 3.5/5 (Rating scale below) Profile-Mission Fujitsu delivers total solutions in the field of information and communication technology. Along with multifaceted services provision, our... business encompasses the development, manufacture, sales and maintenance of... products and electronic devices that make these services possible. (Report excerpts. Italics are own company’s words) Key Figures Net sales: Yen 4,679,519 million Operating income: Yen 94,373 million Net income: Yen 93,085 million Net income per share: Yen 45.21 Cash dividends: Yen 8.0 Return on equity: 12.0% Operating margin: 2.0% Return on assets: 2.9% Net debt to equity: 0.72 times (Source: figures sourced from the annual report) Peers & Rivals NEC Toshiba Hitachi Panasonic IBM Siemens ...

Triple A > 5-year Financial Highlights include major figures, develop 3 points, chart 8 indicators and 5 related ratios. > A Conversation with the President goes further on six issues -from Aspirations as company’s new president to Return of Profits and Dividend Policy. Each of them is summed up near the seated portrait and clearly answered –the layout makes it clearer too. > Operational Review is to the point and gives an outlook for each business area. Also notable: Initiatives by Region, R&D and Intellectual Property sections.

Double A > Shaping Your Every Day introductory pages show what and how the products shape lives and businesses. > Message from the CFO backed with a few charts: free cash flow, interest-bearing loans, debt to equity... > Disclosure and transparency on governance ahead of many Japanese listed corporations. > Quite rare: an Interview With Auditors. > Substantial Sustainability Report going beyond generalities and setting forth how the company is walking the talk on a number of issues through various examples, in numbers and an extensive use of charts and diagrams: check e.g. Targets and Achievements, Reducing Environmental Burdens... (in plants and offices), the use of Green ICT in various places, Material Balance...

Simple A > The MD&A does a decent job. > Business and Other Risks section addresses less common ones (e.g. High-tech Market Volatility, Changes in Customers ICT Investment Trends...) but doesn’t elaborate sufficiently on many.

B Sides > Basic share and investor information. > Notes to statements are too short and lack comments. > Insufficient executive compensation information.

How does the company report in key areas? What are the main report pluses and minuses? The Report Scan gives an overview of strengths and weaknesses, and scores each item. Contact e.com@reportwatch.net

Selected Page (pp 14, 16 of Fujitsu Annual Report 2010)	Rating Scale 5 First-Rate 4.5 Excellent 4 Very good 3.5 Sound 3 Average 2.5 Uneven 2 Common 1.5 Substandard 1 Poor 0.5 Uncompetitive The rating is based on ReportWatch internal desk research and does not take into account the independent Rating Panel’s judgment.