For Shareholders and Investors

Japanese

• Policy
• Main Activities and Results (Fiscal 2011)
• External Ratings and Evaluation
• Objectives and Achievements

Policy

Shareholders and other investors constitute one of NEC's most important stakeholder groups. By raising the transparency of management through timely, appropriate, and fair disclosure, NEC aims to deepen the investment community's understanding of its corporate value.

Main Activities and Results (Fiscal 2011)

Shareholder Meetings

We regard shareholder meetings as an important forum for communication with shareholders. To make it easier for more shareholders to participate, we avoid scheduling meetings on peak days when the shareholder meetings of other companies are concentrated.
When voting rights are to be exercised, we make efforts to ensure that all shareholders fully understand matters on the agenda through steps including mailing notices of shareholder meetings as early as possible while posting these notices on our website.
In fiscal 2011, we enhanced information provided to shareholders who could not attend the shareholder meeting. For example, we posted the voting agenda and presentation materials on our website on the day of the shareholder meeting. Voting results were announced on our website the day after the meeting. We also made a webcast of the shareholder meeting available for a certain period.
We provide the means for shareholders to exercise their votes when they are unable to attend a shareholder meeting on the day it is held-in addition to voting by mail, shareholders may also exercise their votes over the Internet.

Direct Dialogue with Investors and Securities Analysts

In order to facilitate greater understanding of our business operations, financial trends, and strategies, we hold management-led earnings briefings, presentations of management strategy and briefings on core operations.

• In fiscal 2011, NEC held management-led earnings presentations (4 presentations a year; including presentations in May and October 2010 by the president of NEC), briefings on operations and strategies by the executives in charge of business units (July 2010, October 2010 and February 2011), briefings on core operations (September 2010, November 2010 and January 2011), and a presentation on Research & Development at NEC (July 2010).
• With emphasis on direct dialogue with securities analysts and institutional investors, NEC management and IR staff actively visited investors in Japan and overseas.
• NEC IR staff began holding briefings for individual investors at the branch offices of securities firms for the first time, in order to enhance information provided to this group of investors (held 12 times in fiscal 2010).

IR Website

• NEC provides shareholders and other investors with a variety of information through its IR website, in order to deepen their understanding of its business operations.
• In fiscal 2011, we continuously upgraded our IR website with the aim of making it easier for visitors to use and understand. The IR website, including the upgraded content, is outlined as follows:
• To help visitors find desired information more efficiently, we collect data on frequently visited webpages and reflect the results in the Top 5 Most Viewed Webpages feature we have created on our website (Japanese site only). We have reorganized a diverse array of content, including IR Library, Financial Data, Stock and Bond and other sections of our website by category and posted this information on the website. In this way, we have structured the website to allow users to easily find needed information.
• We strive to provide the latest financial data, press releases and other information in a timely manner. There is also an IR E-mail Newsletter that provides updated information on a timely basis to subscribers via email. Schedules for planned earnings presentations and various other events, as well as plans to post publications on the website, are announced on the IR Calendar of Events as soon as details are determined.
• In order to ensure fair disclosure of information disclosed at presentations for institutional investors and securities analysts to the general public, we post presentation materials and Q&A details on the website in a timely manner. Audio streaming of presentation details is also provided promptly. From fiscal 2011, we also started posting summary versions of certain presentation materials, as part of efforts to develop website content that is easier to understand.
• We upgraded our webpage for individual investors（Japanese site only） with new content, including announcements of briefings for individual investors launched in fiscal 2011, reports on the briefings. We also posted presentation materials handed out at the briefings, along with main questions and answers.
• There is also a FAQ section that helps to immediately answer questions or clear up uncertainties about NEC. We also have an Inquiry Form, which makes it easy to ask questions. Going forward, we will provide a Website Questionnaire form on our site to gather opinions from visitors that will help us to develop an IR website that is easier to use and understand.

• Investor Relations Website

Annual Report

The annual report contains a message from the president, NEC’s management strategies, business trends by segment and financial statements.

• http://www.nec.co.jp/ir/en/library/annual/index.html

External Ratings and Evaluation

Socially Responsible Investment (SRI)

NEC responds to questionnaires from SRI research organizations, holds discussions with investment firms who manage SRI funds, and otherwise strives to facilitate greater understanding of its CSR activities.
As a result of these efforts, NEC stock has been included in the following SRI indices and SRI funds:

Major SRI indices

• Dow Jones Sustainability World Index
  SAM Gold Class
• FTSE4Good Global Index
• Ethibel Excellence (universe)
• MS-SRI Morningstar Socially Responsible Investment Index

Major SRI funds in Japan

・	Eco Partners – Midori no Tsubasa (Green Wings)	As of January 2011
・	Sompo Japan SRI Open–Mirai no Chikara (Empowering our Common Future)	As of July 2010
・	Sompo Japan Green Open–Buna no Mori (Beech Forest)	As of December 2010
・	Nikko Eco Fund	As of August 2010
・	Nihon SRI Open–Kizuna（Ties）	As of August 2010
・	Fukoku SRI (Social Responsible Investment) Fund	As of April 2011
・	Resona SG Woman J Fund – Love Me! PREMIUM	As of March 2011

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Others

NEC’s investor relations (IR) website has earned acclaim, ranking 10th in the 2010 Excellent Corporate Website Ranking for all listed companies by Nikko Investor Relations Co., Ltd. (previously 75th), as announced in November 2010, and receiving the Award for Best Corporate Internet IR 2010 from Daiwa Investor Relations Co., Ltd. in December 2010.

Objectives and Achievements

Objectives for the Medium Term (From Fiscal 2011 to Fiscal 2013) and Fiscal 2011, Achievements and Progress, and Degree of Completion

（Degree of completion: achieved/mostly achieved/some progress/no progress）

Medium-Term Objective	Proactively provide information to shareholders and investors based on the Mid-Term Growth Plan
Fiscal 2011 Objectives	・Continue to strengthen IR activities led by management and IR staff ・Enhance IR activities for individual investors, by stepping up disclosure of information through the IR website and company presentations for individual investors
Achievements and Progress	NEC endeavored to increase direct dialogue with investors and securities analysts by proactively holding various management-led presentations, in addition to regular IR activities. NEC held company presentations for individual investors and stepped up disclosure of information through the IR website.
Degree of Completion	Achieved

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Fiscal 2012 Objectives

Fiscal 2012 Objective 1	Enhance disclosure of information about each specific business operation
Fiscal 2012 Objective 2	Enhance IR activities for individual investors

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