Compliance Declaration

The Lion Group's strong reputation for trustworthiness has been built through decades of hard work by its employees. The trust the Group enjoys has been a key driver of its growth and development. As our operating environment continues to undergo profound changes, we strongly believe that it is necessary to clearly lay out the principles that anchor our behavior, which we have honed over years of operations, in a Code of Conduct. We must create and maintain a framework that will ensure that each and every person working in the Lion group understands and is able to carry out their responsibilities.

Compliance means obeying laws and regulations as well as maintaining a strong ethical grounding in order to satisfy the expectations and needs of customers and other stakeholders while fulfilling our role as a public entity. We regard ethics as meaning, broadly, doing what is right. In concrete terms, we see this as rooted in being honest, observing social mores, not antagonizing others, and thinking of others as we think of ourselves. Based on this understanding, we established the Lion Group Charter for Corporate Behavior in 2003.

We have updated the Lion Group Charter for Corporate Behavior in light of changes in society. The Behavioral Guidelines contained therein now more clearly define our stance with regard to providing safe, secure products and services, addressing environmental issues and other topics.

We hereby once again declare our commitment to upholding the Lion Group Charter for Corporate Behavior and ensuring that the Company is useful and valuable to society.

January 1, 2008