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Compliance Activities and Policy

Preface

In the current changing business environments, it is required of companies to have higher ethical minds and sense of social responsibilities.

It means that each individual not merely shall maintain the public order, but must conduct in good faith, having Corporate Philosophy in common, following sincerely the sense of value and ethical standard required of him/her as a good member not only of a company but of the society.

To cope with these environments, in October 1997, Clarion Headquarter has set up a “Corporate Philosophy” as the cornerstone of company management and applied it to all Clarion Group of Companies.

Business activities of a company must always be in done in the interest of maintaining good relationships with various stakeholders such as customers, shareholders, business partners and employees.

In addition, it is required of companies to establish a Corporate Governance System that can be accepted in a global sense.

Today, we establish the Compliance Program to put our group “Corporate Philosophy”, which has been the basic concept for our activities for a long time, into practice. At the same time, we draw out this Guiding Principles of Conducts and Behaviors (herein after called “the Principle”) as prescription for our actual carrying out the program as basic foundations for our responsibility to the society and corporate morals.

April 01, 2004

1. General Rules

Basic Points

(1) As a member of the international community, we shall be conscious at all times to observe all laws, rules and regulations, and also treaties and laws of foreign countries, where applicable.

(2) We shall recognize fully the Corporate Ethics, which is required of our company, and shall conduct ourselves in good business and social sense and be guided by our responsibilities as members of the society. We are cognizant that action that is not a violation of the law may still be deemed a violation of Corporate Ethics.

(3) In the event a legal violation or anti-social activity occurs, we shall take corrective action promptly, make a preventive plan of relapse, and deal with the violation in a strict manner. There is no exception to this standard, even if the action was undertaken in the interest of making the company better, or under the instruction of a supervisor. We shall not neglect to address any violations.

1) Observance of the Social Criteria

We shall not only observe laws, rules and regulations, but also respect social criteria, and conduct and behave ourselves with decent business sense.

(1) We shall observe and abide by all laws, rules and regulations both at home and abroad.

(2) We shall fully recognize the Corporate Ethics required of our company, and shall conduct and behave ourselves sensibly and responsibly as members of the society.

2. Relationship with the Society

Basic Points

(1) Our company has made a pledge in our Corporate Philosophy to contribute towards a prosperous society by creating valuable products. We can contribute to society through proposals of new value which can win the empathy of our customers and society.

(2) In order to do so, it is always required that we not only produce products with outstanding technical capabilities, but also put the highest priority on the future of humanity, society and the earth. We also require fair, open and highly transparent dealings in our corporate activities. Higher corporate transparency means making a closer connection to the people related to our company (Stakeholders) such as stockholders, business partners, customers and the communities within which we work, and to disclose faithfully, useful and pertinent company information to these entities.

(3) Clarion Asia Pte. Ltd., including our parent company and other Clarion affiliates and subsidiaries, will strive to become companies that are well accepted by each of our respective communities.

1) Contribution to the Society

We shall, as members of a corporate citizenship, actively take part in activities to help make the society better and contribute to its well-being and improvement.

(1) We shall fulfill our role as members of a corporate citizenship by continuously conducting social service activities such as supporting culture and arts, participation in volunteer activities, and contribution to the international community through sponsorships and donations.

2) Observance of Business Related Laws, Rules and Regulations

We shall observe local laws, rules and regulations related to our products and services.

(1) If the business is under the influence of various laws, rules and regulations, we shall observe them, and make sure to fulfill necessary requirements with the related agencies, such as issuing of notification or application for approval.

3) Observance of Laws and Regulations related to General and Political Contributions and Donations

We shall observe local laws and regulations when making political and other contributions and donations to various organizations.

(1) When it is required to execute any kind of contributions and donations, we shall follow the internal company standards and obtain the approval by the company.

(2) We shall not offer bribes, make illegitimate profit transfers or political donations to public administrators. We shall also strictly refrain from any deeds that might be seen as collusion with a political office or public administrator. Our relationship with holders of political office and public administrators shall be sound and clear.

4) Breaking off Relationships with Groups and Organizations with Anti-Social Beliefs and Activities

We shall deal with fortitude groups and organizations whose beliefs and activities are disruptive to the established social order and to avoid any relationship with them.

(1) In order to avoid involvement in illegal or anti-social acts, we shall try to equip ourselves with some basic legal knowledge, apart from social common sense and sense of justice, and shall always take a sensible course of action.

(2) We shall not, at any time, associate with or conduct business with groups or organizations with anti-social beliefs and activities even for the sake of our company and for our own advantage.

(3) We, also, shall never have any business with the traders who have some relationships with groups and organizations with anti-social beliefs and activities.

(4) We shall also not engage indirectly in any business with organizations with anti-social beliefs and activities through third parties such as traders, friends and relatives.

(5) We shall act with resolute attitudes when we receive unreasonable requirements from groups and organizations with anti-social beliefs and activities. And at the same time, we shall never try to settle with them by money.

5) Protection and Preservation of Environment

In order to maintain a sound relationship with the environment, we shall be aware of the importance of protection and preservation of nature at all time in corporate activities such as research, development, manufacturing, sale and disposal of our products. We shall engage in environmental-friendly manufacturing activities complying with related environmental treaties, laws and regulations.

(1) When we research, develop, manufacture, sell or dispose our products, we shall always recognize the importance of the protection of environment, shall observe all treaties and laws related to the environment, and engage in environmental-friendly manufacturing of our products. We shall also restrain from waste generation throughout product life cycles by focusing on the rule of producer’s extended responsibilities.

(2) We shall focus on environmental consciousness and shall participate in activities that protect the environment such as buying recycled products, using energy efficient office equipment, recycle used office products and paper, saving papers by utilizing paper-less measures, and collecting garbage separately by the kinds of them.

3. Relationship with Customers, Business Partners and Competitors

Basic Points

(1) Our company is aiming to have impartiality and higher transparency in our corporate activities by which we can prove ourselves worthy of the trust of every customer and trader. Namely, in relationships with business partners, in order to enhance transparency, we shall at all times, make fair and impartial business decisions based on clear and objective criteria.

(2) Also, as business partners are not only our collaborators, but also our customers, we shall strive to build reliable relationships with them. Close communication, coupled with a focus on strengthening the business relationship, can bring mutual prosperity.

(3) Furthermore, in order for us to be recognized as a company beneficial to society through our global community service efforts, and in order to be a welcome member of our communities, we shall strengthen our business relationship with local enterprises.

1) Sincere Dealing with Customers

We shall, at all times, be sincere in dealing with our customers and offer them excellent customer satisfaction and pleasure through superior products and services.

(1) We shall always strive to accurately assess our customer’s needs and deliver products and services with qualities that satisfy those needs.

2) Offering Safe Products

We shall, at all times, be aware of the nature of our products and safety requirements related to them. We shall understand and observe laws and regulations related to product safety standards and strive to always create safe products.

(1) When we manufacture, develop, import, stock, sell, transport, export, mend or repair products, we shall always pay attention to safety, fully understand and observe any laws and regulations related to the product safety, and always strive for higher safety levels.

(2) If we obtain any information related to product safety issues, we must verify the information at once. If we have clear evidence of a product safety concern, we shall inform the department concerned and take suitable countermeasures.

3) Observance of the Anti-Monopoly Law

We shall, at all times, prevent misuse of monopoly or market power through cartels, illegal conferences, forcing re-sale prices or abuses of a superior business position. We shall engage ourselves in fair and free trade competitions.

(1) We shall not make any unfair restriction of trade by participating in a conference among fellow traders or trade associations to arrange prices, quantities or manufacturing facilities, or by collusive bidding among those.

(2) We shall not take any action in conspiracy with fellow traders or trade associations to reject business with any particular company (ex. special discount sales company) or newcomer, nor shall we unfairly restrain resale prices by resellers.

4) Appropriate Dealings with Vendors and Observance of Laws Protecting Subcontractors

We shall, at all times, deal with our vendors openly and fairly with sensible and sincere manners.

(1) We shall select most adequate vendors by impartially comparing and evaluating all applicable conditions of quality, price, delivery, engineering and developmental capability, stable supply chain, environmental preservation and the like.

(2) No matter whether we have the power or not to influence the selection of vendors, we shall never make use of such power to provide advantageous treatment to one vendor over another.

(3) When we make the consignment base business activity and purchase commodities, we shall always be aware of specific contractual obligations with vendors and shall be conscious to avoid actions that violate the contract.

5) Avoiding Unfair Competition

We shall, under no circumstances, illegitimately or illegally obtain trade secrets from other companies nor shall we misappropriate legitimately learned trade secrets.

(1) Under no circumstance shall we obtain and use other company’s secrets by fraudulent methods such as thefts.

(2) We shall not obtain or use other company’s secrets including plagiarism if we know that they were obtained or that they might have been obtained by such fraudulent methods.

6) Observance of Reasonable Limits to Entertainment and Presents

We shall not entertain or give presents to, nor receive entertainment or presents from customers or business partners beyond reasonable limits socially accepted.

(1) When we conduct business entertainment or give presents to our customers, they shall not exceed generally acceptable social common sense levels.

(2) When we receive business entertainment or gifts from our business partners or vendors, we shall keep them down to less than generally acceptable social common sense levels.

(3) In encouraging impartial and transparent corporate activities and to avoid not only fraudulent conduct which might cause severe criticism by society, but also any action which might be perceived as fraudulent conduct, it is, in principle, prohibited for individual employees to receive gifts, benefits or entertainment which might directly influence the result of individual business transactions.

7) Keeping Moderate Relationship with Public Service Personnel

We shall not entertain or give presents to government agents, public service personnel, officers or local public organizations either domestically or overseas where the law may prohibit this act.

(1) We shall not entertain or provide gifts to public service personnel or officers if such acts are forbidden by the law.

(2) We shall not attempt to influence public service agents of foreign government or local public organizations with money, gifts or entertainment in return for consideration beneficial to the company or for personal gain.

8) Verification of Appropriate Advertisements

We shall, at all times, use fair and proper expressions in advertisements, and verify, based on facts, the appropriateness of all advertisements.

(1) We shall never use incorrect explanations or descriptions in our advertisements that may abuse or slander another company. Additionally, we will never use any term that predicates social discrimination in our advertisement activities.

(2) Before we make comparative advertisements, we shall make sure that the content is proven by the facts and that they must be faultless, adequate and avoid misleading statements.

4. Relationship with Shareholders and Investors

Basic points

(1) We have indirectly been working with Japan headquarter (HQ) in driving their IR (Investors Relation) program to release company information beyond what is required of laws to all of shareholders and investors. In doing so, while maintaining our management accountability, we are trying to release this information in timely manner to (HQ), and supporting their efforts in improving transparency of the management and to enhance shareholder and investor understanding of our business activity.

(2) We shall collect information broadly and use all of those at our discretion and shall put it together effectively for HQ to communicate with our shareholders and investors.

1) Disclosure of Management Information

We shall, through Clarion HQ, disclose management information on our operations and financial situations to shareholders and investors in an accurate and timely manner . We shall convey our Corporate Philosophy and Management Policies to them clearly and definitely. We shall listen comments and criticisms against the information disclosed in a sincere manner.

(1) With the aim of impartial and transparent corporate activities, we shall, based on the facts, release accurate and timely information about our products and technologies, business details, financial situation and service activities to the community, to those who have a relationship with our company.

(2) Each employee shall be conscious that he or she plays a part of public relations. Each employee will also aggressively support the company’s release of information to the best of their ability.

(3) In preparation for releasing of information in adequate and timely manner, every document and information which come from each of the departments in-charge shall always be made accurately and honestly based on the facts.

(4) We shall take all criticism by our shareholders and customers seriously, and promptly relay such information to the appropriate department.

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