Regarding Shareholder Statement

On April 3, Oasis Management Company Ltd. (hereinafter referred to as “Oasis Management”), an investment management and a shareholder of our company, released a statement regarding our management strategies and other matters.

Kao’s Board of Directors and leadership team are focused on delivering long-term shareholder value through our previously announced strategic plans. The materials released by Oasis Management do not acknowledge the active portfolio management and structural reforms we have been successfully executing, as outlined in our most recent quarterly results at fiscal year end 2023. Through our K27 mid-term plan, Kao is pursuing global growth by investing in our strongest brands. We continue to engage directly and constructively with Oasis and all our shareholders and welcome fresh perspectives to enhance our value proposition and deliver superior returns. Kao remains committed to executing our K27 mid-term plan and act in the best interests of our Company, our employees and our shareholders as we continue on the strategic path set forth by management.