TOKYO -- Kao's Board of Directors and management team strive to increase shareholder value from a long-term perspective based on our business strategy. For the purpose of enhancing our corporate value, we are committed to engaging directly and constructively with all our stakeholders and welcome new perspectives to address challenges.

Kao adheres to a robust selection process to ensure an optimal composition of the Board of Directors. As announced in the December 12 press release, this fiscal year, the selection of candidates was deliberated over a period of more than six months by the Board of Directors and the Committee for Examination of Nominees for Directors and Audit & Supervisory Board Members. The candidates for Directors and Audit & Supervisory Board Members were announced on December 2 to coincide with the announcement of the new Executive Officer structure.

The announced individuals are proposed candidates and do not preclude proposals from other shareholders. Following our company's selection process, we are currently conducting the appropriate evaluation for the director candidates proposed by certain shareholders.

Kao will remain committed to ensuring fair disclosure of information to all stakeholders.