News Releases 2006

Notice of the Dissolution of a Subsidiary

March 23, 2006
Kuraray Co., Ltd.

Kuraray announces the dissolution of subsidiary company Kuraray Finance America, Inc. A resolution to dissolve the subsidiary was decided upon at a meeting of the Board of Directors of Kuraray Co., Ltd. held on March 23, 2006.

1. Summary of the consolidated subsidiary

Company Name Kuraray Finance America, Inc.
Address c/o Kuraray Holdings U.S.A., Inc. 101 East 52nd Street, 26th Fl.
New York, NY.10022 U.S.A.
Representative Hideo Ohi
Established December 10, 1996
Capital US $1,000
End of fiscal period March 31
Primary shareholders Kuraray Holdings U.S.A., Inc., 100%
Business activities Financing operations for the Kuraray Group in the U.S.A.

2. Reason for dissolution

This subsidiary has accomplished the purposes for which it was established, and no future role is anticipated.

3. Schedule

March 2006: Resolution for dissolution
March 2006: Liquidation complete

4. Effect on performance

The dissolution of this subsidiary will have no impact on the consolidated performance of Kuraray Co., Ltd.