To Our Shareholders

Clarion eliminated its cumulative loss during the subject fiscal year, and succeeded in strengthening its management foundations. However, this has not yet provided the Company with the strength to offer dividends. We will devote all our efforts toward achieving the goals of our medium-term business plan by the end of fiscal 2007 and the Vision-70 program, and put the Company on a secure path to growth.

Thank you for your continued support of Clarion.

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