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<Shareholder Proposal>

Proposal

Election of an Investigator to Examine the Company’s Operations and Financial Condition pursuant to Article 316, Paragraph 2 of the Companies Act

Details of the Proposal

As set forth in the attached document titled “Request for Convening an Extraordinary General Meeting of Shareholders.” The shareholder proposal document is reproduced in their original form.

[Opinion of the Company’s Board of Directors on the Shareholder Proposal]

The Company’s Board of Directors opposes the Shareholder Proposal.

The Board of Directors of Kao Corporation considers the views of all stakeholders and is responsible for acting in the best interests of the Company and its shareholders.

From this perspective, the Board of Directors received a report on the results of its review of the points raised by the Requesting Shareholders and, following deliberation, determined that no facts have been identified that indicate any material deficiencies in the Company’s internal control system. Accordingly, the Company has determined that there is no need to conduct any additional investigation by external experts at this time.