Together with Shareholders and Investors

Clarion believes it is important for us to disclose management information, such as the state of our business activities and the details of our financial position, and communicate our management philosophy and policy to all of our shareholders and investors accurately and in a timely manner. We will continue our information disclosure efforts through our home page and the Shareholders Bulletin booklet (only Japanese version available ).

Increasing Values to Shareholders

In the 6th year of joining the Hitachi Group, we continue to strive for transformation of ourselves to be a “More Valuable Enterprise” through integrating operations in sales, engineering and purchasing. We shall make efforts in further advancing research and development with an aim to bring forth further evolution to increase our value to shareholders. In addition, we have established a Disclosure Policy for the purpose of communicating corporate visions and business strategies to our shareholders and investors. It also states clearly our sincere and honest approach to the issue from viewpoints of our shareholders and investors, to make prompt, accurate and fair disclosures, also in compliance with all laws, regulations and stock exchange rules. The Disclosure Committee further ensures fair and timely disclosures in accordance with the Policy.

Shares and Shareholders (as of March 31, 2012)

Number of Authorized Shares: 450,000,000

Number of Shares Outstanding: 282,744,185

Number of Shareholders: 16,635

Average Shareholding/person: 16,997

Types of Shareholders (as of March 31, 2012)

Types of Shareholders

Shareholding by Numbers (as of March 31, 2012)

Shareholding by Numbers

Major 10 Shareholders (As of March 31, 2012)

Name of the Shareholder Number of
Shares
(thousands)
Percentage
in Total
Hitachi, Ltd. 179,815 63.77%
Japan Trustee Services Bank, Ltd 10,560 3.74%
Goldman Sachs International 6,363 2.25%
Bank of New York GCM Client Accounts M. LSCB 2,837 1.00%
The Master Trust Bank of Japan Ltd. 2,813 0.99%
The Chase Manhattan Bank NA London SL Omnibus Account 2,056 0.72%
The Dai-Ichi Life Insurance Co., Ltd 2,005 0.71%
Mellon Bank, N.A. As Agent For Its Client Mellon Omnibus us Pension 1,934 0.68%
Trust and Custody Services Bank, Ltd. 1,692 0.60%
Clarion Stock Ownership Association 1,590 0.56%

(note)

1. Other than above, the Company holds treasury stock of 792,769 shares.

2. Percentage of shares is calculated after deduction of the treasury stock.

3. Numbers of shares held by trust and banking companies include shares owned by them in connection with their respective trust businesses.

Timely Information Disclosure

Clarion distributes the “Shareholders Bulletin” to shareholders twice a year, in June and in December. The Shareholders Bulletin presents our efforts and achievements for the respective half-years. Furthermore, we have created the IR Library on our web site for our shareholders and investors. It contains our financial statements data at closing and other company information. It is updated regularly. We try our best to respond quickly whenever there is an inquiry from any of our shareholders or investors. In addition we publish the Annual Report once a year.

Shareholders Bulletin

Shareholders Bulletin

IR Presentation

IR Presentation

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