Announcement Regarding Commencement of the Tender Offer for the Shares of Calsonic Kansei Corporation (Securities Code: 7248) by CK Holdings Co., Ltd.

[Translation] February 21, 2017

Company Name: Calsonic Kansei Corporation Representative: Hiroshi Moriya, President and CEO

(Securities Code: 7248, First Section of the Tokyo Stock Exchange)

Inquiries: Atsuhiko Akiyama, General Manager of

Financial Strategy & Planning Group, Global Finance Division

Tel: 048-660-2111

Company Name: CK Holdings Co., Ltd. Representative: William Janetschek, Representative

Director

Tel: 03-6268-6000

We wish to notify you that, as of today, CK Holdings Co., Ltd. has decided to commence the Tender Offer for the common stock of Calsonic Kansei Corporation on February 22, 2017 as scheduled, in the manner described in the attached press release.

End.

This release is issued by Calsonic Kansei Corporation (the target of the tender offer) at the request of CK Holdings Co., Ltd. (the offeror) under Article 30(1)(iv) of the Order for Enforcement of the Financial Instruments and Exchange Act.

Attachment: Press release titled "Announcement Regarding Commencement of the Tender Offer for the Shares of Calsonic Kansei Corporation (Securities Code: 7248) by CK Holdings Co., Ltd." dated February 21, 2017

February 21, 2017

Company Name: CK Holdings Co., Ltd. Representative: William Janetschek, Representative

Director

Tel: 03-6268-6000

CK Holdings Co., Ltd. ("Offeror") previously decided, as announced in the press release titled "Announcement Regarding the Tender Offer for the Shares of Calsonic Kansei Corporation (Securities Code 7248)" dated November 22, 2016 (the "Offeror's November 22, 2016 Press Release"), to acquire the common stock of Calsonic Kansei Corporation (Securities Code: 7248, First Section of the Tokyo Stock Exchange, Inc. (the "Tokyo Stock Exchange"); the company referred to as the "Target Company," and its common stock, "Target Company Shares") through a tender offer (the "Tender Offer") under the Financial Instruments and Exchange Act (Act No. 25 of 1948, as amended) (the "Act") once the procedures and steps to obtain the approvals required under various countries' competition laws and other related laws and regulations, including those of Japan, the U.S., China, the European Union, and Russia, were completed and the applicable waiting periods had lapsed and the other conditions precedent to the commencement of the Tender Offer (please refer to the section titled "(6) Material agreements regarding the Tender Offer" under "1. Purpose of the Tender Offer" below regarding such conditions precedent) under the Tender Agreement (defined below in the section titled "(1) Summary of the Tender Offer" under "1. Purpose of the Tender Offer") were satisfied (or waived by the Offeror).

As announced in the press release titled "Announcement Regarding Progress Toward the Tender Offer for the Shares of Calsonic Kansei Corporation (Securities Code: 7248)" dated February 3, 2017, all of the procedures and steps to obtain the approvals required under various countries' competition laws and other related laws and regulations, including those of Japan, the U.S., China, the European Union, and Russia, have been completed and the other conditions precedent have been satisfied. Therefore, on February 21, 2017, the Offeror decided to commence the Tender Offer on February 22, 2017 as part of a series of transactions aimed at making the Target Company a wholly-owned subsidiary of the Offeror (such transaction, the "Transaction") by acquiring all of the issued and outstanding Target Company Shares (excluding treasury shares held by the Target Company).

1. Purpose of the Tender Offer

2. Summary of the Tender Offer

The Offeror is a stock company (kabushiki kaisha) established on October 6, 2016, with the primary goal of supporting and managing the business activities of the Target Company following completion of the Tender Offer, through which it will acquire and hold the Target Company Shares. As of today, all issued and outstanding shares of the Offeror are owned by KKR CK Investment L.P., a limited partnership established under the laws of the Cayman Islands on February 24, 2016,

which is indirectly owned and operated as an investment fund by Kohlberg Kravis Roberts & Co. L.P. (together with its affiliates and other related entities, "KKR").

KKR's investment philosophy is to invest from a long-term perspective in partnership with the management of the acquired company. KKR partners with companies and management teams with outstanding potential and business foundations and leverages its various management resources, knowledge, and networks with the aim of creating industry leaders. Based on this philosophy, KKR focuses on carve-outs (business divestitures) of subsidiaries and business units from large corporations and supports their development as independent enterprises by supporting their organic growth (through utilizing existing management resources) and inorganic growth (through collaboration with or acquisition of other companies), increasing their profitability and improving their business processes. KKR has a track record of more than 50 carve-outs (business divestitures) and separation support cases globally.

Founded in 1976, KKR is a comprehensive asset management firm included among the world's leading private equity funds and is listed on the New York Stock Exchange. Since the opening of its Tokyo office in 2006, KKR has been actively investing in the Japanese market, with investment professionals from diverse backgrounds that possess an understanding of Japanese business practices. In 2010, KKR invested in Intelligence, Ltd., a provider of comprehensive HR services. In 2014, KKR supported the carve-out of Panasonic Healthcare Co., Ltd. ("PHC") from Panasonic Corporation, and subsequently through KKR's support PHC was able to acquire the diabetes care business from Bayer Aktiengesellschaft and affiliates of its subsidiary, Bayer HealthCare, in 2016, demonstrating KKR's capability in helping its Japanese portfolio companies carry out follow-on acquisitions of overseas enterprises. In 2015, KKR invested in Pioneer DJ, then a business unit of Pioneer Corporation, building on its track record of supporting the stand-alone growth of subsidiaries and business units of major Japanese companies.

As announced in the Offeror's November 22, 2016 Press Release, the Offeror planned to acquire Target Company Shares through the Tender Offer once the procedures and steps to obtain the approvals required under various countries' competition laws and other related laws and regulations, including those of Japan, the U.S., China, the European Union, and Russia, were completed and the applicable waiting periods had lapsed, and the other conditions precedent to the commencement of the Tender Offer (please refer to the section titled "(6) Material agreements regarding the Tender Offer" below regarding such conditions precedent) under the Tender Agreement (defined below) were satisfied (or waived by the Offeror). Since the issuance of the Offeror's November 22, 2016 Press Release, the Offeror has proceeded with the procedures and steps required under Japanese and foreign competition laws and other related laws and regulations to commence the Tender Offer. With regard to the share acquisition through the Tender Offer (the "Share Acquisition"), the Offeror has received, from the competition authorities in Japan, the U.S., China, the European Union, Russia, Mexico, and Brazil, a notice to the effect that a cease and desist order will not be issued, a document granting an early termination of the waiting period, a written decision not to conduct a detailed review together with a written approval of the Share Acquisition, a written approval of the Share Acquisition, a written statement

to the effect that approval is not necessary for the Share Acquisition, a notice approving the Share Acquisition, and a notice approving the Share Acquisition, respectively. As a result, all of the procedures and steps to obtain the approvals required under various countries' competition laws and other related laws and regulations, including those of Japan, the U.S., China, the European Union, and Russia, have been completed and the other conditions precedent to the commencement of the Tender Offer have been satisfied. Therefore, on February 21, 2017, the Offeror decided to commence the Tender Offer on February 22, 2017, as part of the Transaction by acquiring all of the issued and outstanding Target Company Shares (excluding treasury shares held by the Target Company) listed on the First Section of the Tokyo Stock Exchange.

As of November 22, 2016, the Offeror and the parent company of the Target Company, Nissan Motor Co., Ltd. ("Nissan") (which holds 111,163,990 shares, representing an ownership percentage (see Note) of 41.50% of the Target Company), have executed an agreement regarding the terms of the Tender Offer for all of the Target Company Shares held by Nissan (the "Tender Agreement"). For details of the Tender Agreement, please refer to the section titled "(6) Material Agreements regarding the Tender Offer" below.

Note: The ownership percentage, here and throughout this Press Release, has been calculated by dividing the number of Target Company Shares held by the applicable shareholder by 267,857,772 shares (the "Tender Target Shares") and rounding to the second decimal place, with the Tender Target Shares having been calculated as follows: (i) the 273,241,631 shares of the Target Company issued and outstanding as of December 31, 2016 (as stated in the 116th Fiscal Period Third Quarter Securities Report of the Target Company filed on February 10, 2017 (the "116th Fiscal Period Third Quarter Securities Report")) minus (ii) the 5,383,859 treasury shares held by the Target Company as of December 31, 2016 (as stated in the Target Company's Consolidated Financial Results for the Third Quarter of the Fiscal Year Ending March 31, 2017 (Japanese GAAP), released by the Target Company on February 10, 2017 ("the FY 2016 Third Quarter Financial Results")).

The Offeror has set 178,571,848 shares, or two-thirds of the Tender Target Shares, as the minimum number of shares to be purchased in the Tender Offer. If the total number of shares tendered by shareholders in the Tender Offer (the "Tendered Shares") is less than 178,571,848 shares, then the Offeror intends not to purchase any of the Tendered Shares. The Offeror has not set a limit on the maximum number of shares to be purchased in the Tender Offer, and if the total number of Tendered Shares exceeds the minimum threshold of 178,571,848 shares, the Offeror intends to purchase all of the Tendered Shares.

If the Offeror is unable to acquire all of the Target Company Shares (other than the treasury shares held by the Target Company) in the Tender Offer, then the Offeror intends to undertake a series of procedures as part of the Transaction to become the sole shareholder of the Target Company (for details, please refer to the section below titled "(4) Policy for organizational restructuring after the Tender Offer (matters relating to the 'Two-Step Acquisition')").