Since fiscal 2003, Clarion has been stating in its Medium-term Plans that: “Clarion shall firmly establish corporate ethics on a compliance program having our Corporate Philosophy as its core concept.” Clarion is expanding its compliance program to the entire Clarion Group both domestically and overseas, and is trying to further strengthen its compliance management system based on the Corporate Philosophy and the “Guiding Principles of Conducts and Behaviors” and to attain integrity and transparency in corporate management.