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Kao Completes Acquisition of Kanebo Cosmetics

Kao Corporation acquired 14 million shares of Kanebo Cosmetics' common stock from Kanebo, Ltd. to complete the acquisition of all Kanebo Cosmetics' issued and outstanding stock. Sixty-two million Class C shares of Kanebo, Ltd. held by Kanebo Cosmetics were transferred to Trinity Investment Co., Ltd. As a result, cross-shareholdings between Kanebo, Ltd. and Kanebo Cosmetics were eliminated. In addition, all rights to the Kanebo brand held by Kanebo, Ltd. were transferred.