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December 2010

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Teijin Tokyo, Japan Report Facts Company name: TEIJIN Limited Fiscal year end: March 31, 2010 Report title: Human Chemistry, Human Solutions Chairman of the Board: Toru Nagashima President and CEO: Shigeo Ohyagi Number of books: 2 Report length: 88 + 62 pages Auditors: KPMG AZSA & Co Design and production: N/A E-mail: ir@teijin.co.jp	Report Rating 3.5/5 (Rating scale below) Profile-Mission Provides innovative solutions... in eight distinct businesses, notably... in the areas of high-performance materials -i.e. aramid fibers, carbon fibers, polyester fibers, plastics, films, medical and pharmaceutical (e.g. home oxygen therapy), fiber products marketing, IT. Report excerpts. Italics are own company's words Key Figures Net sales: Yen 766 billion Operating income: Yen 13 billion Net loss: Yen (36 million) Net loss per share: Yen 36.3 Cash dividends: Yen 2.0 Return on equity: -12.4% Return on assets: 1.6% Debt to equity ratio: 1.18 (times) (Source: figures sourced from the annual report) Peers & Rivals TORAY UNITIKA DOW CHEMICAL KURARAY SUMITOMO CHEMICAL MITSUBISHI CHEMICAL ...

Triple A > Solid CSR report, substantiated with viewpoints, charts, diagrams, facts and figures. Includes a thorough 4-page review of Plans, Goals, Performance and Self-Evaluation (with next year Challenges). > Responsibility issues strongly intertwined with business areas. Read e.g.: about recycling (see Selected Page); the benefits of home oxygen therapy viewed by therapists, physicians and patients as a model of Stakeholder Dialogue; Environmental Impacts diagram (p 25).

Double A > Lower year sales and income loss made less of a concern thanks to a longer-term and quarterly perspective in Highlights, also strongly charted. > The Teijin Group at a Glance depicts, charts and links to business overviews. > The Q&A-based overview of businesses makes it lively and easy to read. > Product Development Pipelines in Core Technological Areas (p 39) plus an emphasis placed on Intellectual Property.

Simple A > Good MD&A, beginning with a summary, backed with charts, and ending with an outlook section. > CEO’s message convincing about repositioning on a growth trajectory. > Governance matters a bit more elaborate than in the average Japanese annuals (it even includes a message from an independent director), yet still lagging behind best practice (e.g. on board details and compensation).

B Sides > Basic share and investor information. > Notes to statements lacking in depth. > Less than one page on risk factors. > Downside of concise books? Information overload, crammed diagrams here and there, especially in CSR.

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 (p 33 of Teijin CSR 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.