kuraray


News Releases 2007

Notice Concerning Effectuation of Countermeasures (Takeover Defense) in Response to a Large-Scale Purchase of Kuraray Shares and Appointment of Special Committee Members

June 20, 2007
Kuraray Co., Ltd.

Kuraray Co., Ltd. (the "Company") announces that countermeasures (takeover defense) in response to a large-scale purchase of Kuraray shares (the "Plan") have become effective as of today. The Plan, the introduction of which was decided at the Board of Directors' meeting held on April 26, 2007, has been approved by a majority of voting rights of the shareholders present at the Company's Ordinary Shareholders' Meeting held today.

The Company also decided, at the meeting of its Board of Directors held after the closing of the said Ordinary Shareholders’ Meeting, (i) to establish a Special Committee to act as a body independent of the Board of Directors for the purpose of ensuring rationality and fairness in implementing the Plan, and (ii) to formally appoint the following three persons, who were preliminarily selected on May 16, 2007, as the members of the Special Committee..

Toshimitsu Kitagawa Outside corporate auditor of the Company and standing member of the Company's Management Advisory Council
Attorney at law and Professor of Kansai University School of Law
Hiroo Onodera Outside corporate auditor of the Company
Advisor on Financial and Economic Matters, Prefectural Committee for Financial Services Information of Tokyo
Teruyuki Ouchi Standing member of the Company's Management Advisory Council
Attorney at law

For details of the Plan, please refer to the News Release dated April 26, 2007 titled "Introduction of Countermeasures (Takeover Defense) in Response to a Large-Scale Purchase of Kuraray Shares (Summary)" available on the Company's website:
http://www.kuraray.co.jp/release/2007/070426_01.html