December 25, 2009

Kuraray Co., Ltd.
Notice Concerning the Merger of a Consolidated Subsidiary Kuraray Luminas Co., Ltd.,
Kuraray Co., Ltd. has resolved at its meeting of the Board of Directors held on December 25, 2009
to merge with Kuraray Luminas Co., Ltd., a wholly-owned consolidated subsidiary developing
inorganic EL (electroluminescence) materials and light-emitting elements.
As this merger is absorption of a wholly-owned subsidiary, some information and details areomitted from disclosure.

1.

Purpose of the merger
Kuraray Co., Ltd. absorbs Kuraray Luminas Co., Ltd. for the purpose of accelerating
development of inorganic EL technology by utilizing Kuraray’s development technology andsharing information on market trends.

2.

Overview of the merger(1) Schedule of the merger
Meeting of the Board approving the merger
December 25, 2009
Conclusion of the merger agreement
December 25, 2009
Effective date of merger
February 1, 2010
Registration of merger
February 15, 2010 (scheduled)(Note) Meetings of the respective general shareholders meetings shall not be held toapprove the merger agreement because it is a merger for Kuraray Co., Ltd as
stipulated in Section 3 of Article 796 of the Companies Act and a merger for Kuraray
Luminas Co., Ltd. as stipulated in Section 1 of Article 784 of the Companies Act.
(2) Method of Merger
Kuraray Co., Ltd., as a surviving company, shall absorb Kuraray Luminas Co., Ltd., which
will be subsequently dissolved.
(3) Details of allotment related to the merger
Not applicable.
(4) Handling of the absorbed company’s share options and bonds with share options
Not applicable.

3.

Overview of the companies (As of March 31, 2009)
Surviving Company
1. Name
Kuraray Co., Ltd.
2. Address
1621, Sakazu, Kurashiki, Okayama
3.Representative’s
Fumio Ito,name and title
Representative Director and President
4. Field of business
Manufacture and sale of chemicals
and resins, fibers and textiles, andother products
5. Share capital
88,955 million yen
6.Date ofJune 1926
Incorporation
7. Number of issued 382,863,000 sharesshares8. End of fiscal year
March 31

Absorbed Company
Kuraray Luminas Co., Ltd.
1-1-3, Otemachi, Chiyoda-ku, Tokyo
Toshiaki Sato,
Representative Director and President
Development of inorganic EL lightemitting materials and elements, andother products
400 million yen
April 2006
100 shares
March 31

9. Major shareholders Japan Trustee Services Bank, Ltd. Kuraray Co., Ltd.
and holding ratios(Trust Account) 9.26%
100％
The Master Trust Bank of Japan, Ltd.
(Trust Account) 7.09%
10. Business results and financial condition(Units: millions of yen. Excluding items of special note.)
Kuraray Co., Ltd. (consolidated)
Kuraray Luminas Co., Ltd.
(non-consolidated)
Fiscal year
Year Ended March 31, 2009
Year Ended March 31, 2009
Net assets
325,016(1,250)Total assets
471,874
4
Net assets per share (yen)924.48(12,501,871.00)
Sales
376,777－
Operating income or operating
29,280(577)loss
Ordinary income
26,797(584)
Net income
12,984(585)
Net income per share (yen)37.29(5,856,677.48)(Note) The surviving company is subject to regulations on consolidated dividends.
4.

Circumstances after the merger(1)
Trade name:(2)
Field of businesses:(3)(4)

Head office address:
Representative’s name and title:

(5)
(6)
(7)

Share Capital:
End of fiscal year:
Effect of the merger on performance:

Kuraray Co., Ltd.
Manufacture and sale of chemicals and resins,fibers and textiles, and other products
1621, Sakazu, Kurashiki, Okayama
Fumio Ito, Representative Director andPresident
88,955 million yen
March 31
The merger will have only a minimal effect on
both consolidated and non-consolidated results.