PURPOSE: To obtain a graft copolymer having rubber-like properties and improved transparency by the graft copolymn. of an epichlorohydrin polymer with an acrylic vinyl monomer.

CONSTITUTION: 100 pts.wt. main-chain polymer which is an epichlorohydrin polymer having a wt.-average mol.wt. of 100,000 to 2,000,000 and recurring units of the formula (x and n are each a rational no. and an integer, respectively, which satisfy the conditions: 10-5<x<0.4 and 0.05<nx<0.9; y is a rational no. which satisfies the condition: 0≤y<0.8, provided that the main-chain polymer is a random copolymer when y≠0; R1 is H or methyl; and R2 is H or a 1-6C alkyl) is subjected to graft copolymn. with 50-200 pts.wt. (meth)acrylic ester in the presence of 0.05-20 pts.wt. radical polymn. initiator at 30 to 100°C while using a solvent in such an amt. as to provide a main-chain polymer concn. of 0.1 to 20g/dl.