Cautionary Statement With Respect to Forward-Looking Statements In these documents, statements other than historical facts are forward-looking statements that reflect our plans and expectations. These forward-looking statements involve risks, uncertainties and other factors that may cause our actual results and achievements to differ from those anticipated in these statements. 1. THE SHISEIDO WAY 2. Highlights 3. Shiseido Group Brand Portfolio 4. Management's Messge 5. Business Strategies 6. Research and Development 7. Together with Society 8. Global Network 9. Financial Section • Six-Year Summary • Management's Discussion and Analysis • Consolidated Financial Statements • Notes to the Consolidated Financial Satements • Reort of Independent Accountants 10. Corporate Information

PDF VERSION REQUIRES ACROBAT READER				GET ACROBAT READER
	The first half 588K (1~8 heads)		The second half 128K (9~10 heads)