Shiseido Annual Report 2003

Index

1. Profile
THE SHISEIDO WAY

2.
Management's Message

3. Financial Highlights

4.
Shiseido's “Five Missions” for Improving Corporate Value

5.
Shiseido Group Brand Portfolio

6.
Business Review and Strategies

7.
Global Network

8.
Financial Section

• Six-Year Summary

• Management's Discussion and Analysis

• Consolidated Financial Statements

• Notes to the Consolidated Financial Statements

• Report of Independent Accountants

9.
Corporate Information

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.

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