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Disclosure Guidelines

Enacted on May 3, 2006
Revised on November 5, 2007
Revised on April 1, 2018

1. Disclosure Policy

1) To earn the trust and support of society, Kao Corporation ("Kao") is committed to timely, accurate and fair disclosure of information to its shareholders, investors and all other stakeholders.
2) Kao adheres strictly to the Japanese Corporation Law, the Financial Instruments and Exchange Law, regulations set down by Tokyo Stock Exchange, Inc., and other laws and regulations concerning disclosure. Kao discloses information promptly in accordance with these laws and regulations. In addition, Kao proactively discloses information of social relevance pertaining to the Kao Group.

2. Disclosure Method

1) Kao will disclose all information subject to relevant provisions concerning timely disclosure in the Securities Listing Regulations*1 ("Timely Disclosure Information") through TDnet*2 . Timely Disclosure Information will also be promptly posted on the Kao website.
2) In addition to Timely Disclosure Information, in case that Kao is providing material information relating to Kao's operations, business or assets that has not yet been made public and that would have a material impact on investment decisions, Kao will disclose it publicly on the Kao website according to section 27-36 of the Financial Instruments and Exchange Act simultaneously with the foregoing provision of information; provided, however, that when it is difficult to disclose such information simultaneously, in such case as an unintentional provision of information, Kao will disclose the same promptly thereafter.
3) Furthermore, depending on the purpose of the applicable law or regulation and the content of the disclosure, the Kao will disclose company information, including the information described in the above two subsections, through TDnet, Kao website, press conferences, presentation meetings, printed materials and other methods in a proper manner.

3. Internal Organizational Structure for Information Disclosure

Kao has established a Disclosure Committee to set the Kao Group's regulations for disclosure, develop an organizational structure and determine the appropriateness of information to be disclosed. (Please refer to the chart attached hereto)

4. Voluntary Restriction on Disclosure of Business Results

To ensure the fairness of disclosures and to prevent the leakage of information concerning business results, Kao refrains from commenting on or replying to any questions regarding business results from the day following the consolidated closing date for each quarter until the business results are officially announced.

5. Management on Information concerning Earnings Forecast

When Kao disclosed information concerning future earnings, Kao will explicitly state that these are goals and not expectations, that there might be a divergence between goals and actual earnings and that such information will not necessarily be updated unless required by law or regulation. Furthermore, Kao will disclose any key conditions for achieving such goals.

6. Information from Third Parties

The Kao Group assumes no responsibility for any forecasts or comments related to the Kao Group by any third parties. If Kao considers that it would not be appropriate to remain silent, it may take appropriate measures related to such third party forecasts or comments.

  1. *1 The "Securities Listing Regulations" under these guidelines shall mean the Securities Listing Regulations itself and related rules as established by the Tokyo Stock Exchange, Inc.
  2. *2 The online Timely Disclosure Network system provided by Tokyo Stock Exchange, Inc.

Chart regarding Timely Disclosure

image-01

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