18725 136 2008 3

4 6 8 10 16 18 24 40 41 6 42 43 54 59 75 76 77 CSR 30 34 38

200620072008 3 4.27,235 26.9635 1.68.8 ROE2.69.2 1234.0 1 2006 2007 2008 2008/2007 2008 670,957 694,594 723,485 +4.2% $7,220,409 38,879 50,005 63,465 +26.9 633,383 14,436 25,293 35,460 +40.2 353,892 671,842 739,833 675,864 8.6% $6,745,150 387,613 403,797 399,739 1.0 3,989,411 1 2 34.4 60.9 86.1 +41.4% $0.86 2 906.1 940.8 946.2 +0.6 9.44 30.0 32.0 34.0 +6.3 0.34 5.8% 7.2% 8.8% ROE 3.9 6.6 9.2 3 105.1 52.6 108.8 1. 2008 3 311100.20 2. 11 1 3. = ** 4 2008

% 6,242 6,398 6,710 6,946 7,235 635 500 375 389 8.8 265 7.2 5.8 6.0 4.1 04 05 06 07 08 04 05 06 07 08 355 275 253 144 (89) 04 05 06 07 08 ROE 1 1 % 7.6 6.6 9.2 64.9 34.4 60.9 86.1 22.0 24.0 30.0 32.0 34.0 3.9 (2.4) 04 05 06 07 08 (21.5) 04 05 06 07 08 04 05 06 07 08 2008 3 2008 3 % % % 36.4 2.9 3.1 28.4 68.5 60.7 14.3 7.8 14.2 26.2 14.8 6.6 52.4 63.7 32.4 29.4 27.5 26.0 2,248 1,972 1,757 1,624 36.5 2,643 04 05 06 07 08 2008 5

60.7 68.5 TSUBAKI 2.9 3.1 6 2008

36.4 28.4 SHISEIDO 2008 7

20072008 33 2005 4 3 2 2007 2007 4.27,23526.9 6358.8 40.2355 3 8 ROE 9.2 39 8 2008

3 3 10 3 103 20103 3 32010 10ROE1 2 60 2008 6 25 2008 9

3 3 3 3 2005 43 3 3 3 2008 410 3 10 2008

3 3 1 2 103 2010 1 2 3 101 12ROE15 ROE 10 3 3 1 2 3 2005 2008 2011 2014 2017 10 1512% ROE 15% 2008 11

12 2008 3 101 3 3 3 3 2010 10ROE 1 2 34 5 1 2 3 3 1 2 3 3 CSR No.1

13 2008 10 3 US 100 155 14.5 20108,000 40 20 No.1 P18 P23 P24 P29 3 4 5%40% 10% 1 2 : : ROE: 7,235 2010 2009 2008 2007 10% 8.8%

3 3 2008 4 2008 SAP 2 CSR CSR CSRP30 P33P34 P37 3110 ROE 9.2 2003 12 2006 10 6 60 20071 234 2008 14 2008

1650 7 M&A 3 2007 3 3 3 P16 P17 2008 15

16 2008

90 100 1919 70 1916 1917 1918 1921 1915 2007NY 45 200841 1,000 45 IFSCC2211 7 4 2 IFSCC 1 BC 3 BC 12 42 BC BC 2008 17

3100 3 No.13 18 2008

4,443 4,453 4,534 4,476 4,390 389 255 343 369 431 8.0% 3.3% 3.4% 11.8% 22.7% 85.3% 04 05 06 07 08 3 04 05 06 07 08 3 50.8% 2005 3100 3 2007 P43 P53 3 20072008 3 32007 1.9 3 2004 99 692004 5.7%9.74.0 TSUBAKI 2008 19

3 3 3 4 5100 327 216 5 221 3 & 2008 2007 NT 32005 2007 32008 2010 & d 1 2 20 2008

3 2008 2007 321 6 5 21 2008 21

3 2 2 100 3 3 3 2008 4 2007 100 2 100% 22 2008

1 3 2 1 2 51,000R&D 2005 11 2008 23

3 3 24 2008

1,611 1,745 1,963 2,243 2,637 104 179 14.0% 23.0% 04 05 06 07 08 3 7 28 (12) 04 05 06 07 08 3 63.0% 86.0% 3 3 2007 P43 P53 3 2007 2007 30 10.7 3 2004 502004 0.46.76.3 36 2008 25

3 3 2 3 2 3 BOP 68 26 2008

3 2007 3 ZEN 2008 4 14 10 ZEN 2008 27

20102 5,000 20 30 10 20 2011 3 31 3 3 1999 2000 2001 2002 2003 2004 2005 2006 2007 1 28 2008

3 3 SHISEIDO BEAUTY WAY 3 2008 OJT 3 6 4 100,000m 2 2009 1012 3 No.1 2009 12 15 5R&D 2008 6 2008 29

CSR CSR CSR CSR 2008 3 CSR 2008 3 CSR 9 7 CSR 2007 13 ISO14001 CSR SHISEIDO 30 2008

31 2008 136 2006 shiseido art egg CSRCSR 2008 http://www.shiseido.co.jp/csr/ 2006 6 OJT10 2008 3 CSR 300 CSR QOL

3,600 83,000 1949 2007 200810 69,300m 2 10 2008 7,000 1 132 9 3 2008 32 2008

2007 230 15 220 1 2007 1919 3,000 5,000 1934 88 2007 2007 2008 33

34 2008 2 8 200791 1 2007 14 98 93 CEO COO 1 2006 2 6 2

2008 46 2 3 200714 94 92 2004 2005 2008 6 20083 2 0.1 2007 4 12008 3 310.1 0.1 2008 35

2007 9 2 5 3 ( ) 1. 891989 6 29 30 1052005 6 29 10 2. 1082008 6 25 2007 77 120 CSR CSR 222 26 85 33 308 120 120 38 38 381 26 85 33 466 1 2008 4 THE SHISEIDO WAY THE SHISEIDO CODE 36 2008

2 2008 33 1. 2. 3. 4. 2 2008 37

2008 6 25 1970 2003 2005 CEO COO CSR 1971 2001 2003 2004 2007 2008 IR 1971 2003 2005 2006 2008 1971 2002 2004 2006 1 1979 2004 2006 2007 2008 1969 2003 2006 1997 2000 2006 1997 2003 2006 38 2008

1971 2006 1973 2001 2007 2004 2005 2 1992 1996 2008 1988 2007 3 4 4 4 4 4 2008 6 25 2008 3 31 1 2 3 4 2008 39

40 2008 2008 3 31 2 65 3 100 10 30 100 250 100 100 403,070 28,000 15,300 25,000 247,473 36,295 5,200 2,400 7,000 17,760 19,374 353,006 418,271 94,300 123,000 1,154,588 100 100 11,600 % 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 92.6 72.6 65.0 33.0 50.0 51.0 96.9 99.3 100.0 1. 2. 10050 3. ( )

6 42 43 54 59 75 2008 41

6 2003 32008 3 2 2 2 EBITDA 3 4 1 5 5 % 2 ROA% ROA % 26 ROE% % 7 % % 8 1 1 1 1 2003 2004 2005 2006 2007 2008 2008 621,250 170,702 403,459 47,089 66,827 24,496 663,403 55,117 44,291 99,408 364,728 58.0 844.7 20.0 419,580 7.6 3.7 7.3 7.0 53.3 30.0 0.28 34.5 53.2 25,202 24.7 624,248 166,299 420,471 37,478 82,341 27,541 626,730 47,678 18,480 66,158 385,336 64.9 903.7 22.0 414,723 1. 2008 3 311100.20 2. 2005 3ROA 2006 3 3. EBITDA 4. 1 5. 11 1 6. ROA 7. * * 8. * * 6.0 4.3 6.0 7.6 59.8 18.2 0.18 33.9 51.2 24,839 25.1 639,828 168,636 444,663 26,529 29,043 (8,856) 701,095 25,213 69,114 94,327 369,957 (21.5) 866.5 24.0 414,219 4.1 (1.3) 4.3 (2.4) 51.2 22.1 0.26 24,184 26.5 670,957 176,884 455,194 38,879 58,963 14,436 671,842 12,786 69,492 82,278 387,613 34.4 906.1 30.0 412,855 5.8 2.1 5.9 3.9 55.7 8.6 0.22 87.2 105.1 25,781 26.0 694,594 185,533 459,056 50,005 78,036 25,293 739,833 66,144 61,694 127,838 403,797 60.9 940.8 32.0 412,572 7.2 3.6 7.4 6.6 52.5 30.6 0.32 52.6 52.6 27,460 25.3 723,485 186,466 473,554 63,465 94,960 35,460 675,864 38,653 24,566 63,219 399,739 86.1 946.2 34.0 407,696 8.8 5.0 9.4 9.2 56.6 39.1 0.16 39.5 108.8 28,793 25.1 $7,220,409 1,860,938 4,726,088 633,383 947,705 353,892 $6,745,150 385,758 245,170 630,928 3,989,411 $0.86 9.44 0.34 $0.25 42 2008

2007 3 3 4.2%723,485 26.9% 63,4658.8% 3 8% 40.2%35,460 2007 3 306 2007 3 30832007 4 1 2007 3 31 5% 5% 5 59 2. 4.2%1.9% 723,485 % 8,000 60 6,000 45 4,000 30 2,000 0 15 0 2004 2005 2006 2007 2008 6,242 6,398 6,710 6,946 7,235 26.0 27.5 29.4 32.4 36.5 4,618 4,641 4,737 4,698 4,592 1,624 1,757 1,972 2,248 2,643 0.5%186,466 0.925.8% 3.2% 473,554 0.7 65.4% 0.722.9% 0.2 21.4% 0.2 21.1% 2008 43

26.9%63,4651.6 8.8% 8% (%) % 30 70 29 69 28 68 27 67 26 66 25 65 24 64 23 63 2004 2005 2006 2007 2008 % 800 10 600 400 26.6 26.4 26.4 26.7 25.8 67.4 69.5 67.8 66.1 65.4 7.5 5 37.2% 65,525 33.4%25,570 40.1%1.139.0% 36.3%4,495 40.2%35,460 60.986.1 ROE 6.6%2.6 9.2% 200 0 2004 2005 2006 2007 2008 375 265 389 500 635 6.0 4.1 5.8 7.2 8.8 2.5 0 ROE % 400 12 300 9 200 6 2,239 2,060 288 1,095 1,649 149 3,102 ROE 100 0 (100) 1.9%439,021 2004 2005 2006 2007 2008 275 (89) 144 253 355 7.6 (2.4) 3.9 6.6 9.2 3 0 (3) 44 2008

2.5% TSUBAKI 9 TSUBAKI s 8.9% 15.8% EX 17.0%43,130 9.7% 17.6%10.7% 263,703 18.0% 10.8% BPI Za 1 14.8% 9.6% Qi 71.1%17,874 6.7% 8.6%20,761 2008 45

2008 11.1%1,995 5.0% % 2.2%460,714 16.3%31,785 7,500 5,000 2,500 0 7.7% 2004 2005 2006 2007 2008 8.7 5.7 7.5 8.1 9.7 (0.8) 0.4 1.4 4.6 6.7 (2.4) (0.2) 2.4 4.9 5.0 2004 2005 2006 2007 2008 4,443 4,453 4,534 4,476 4,390 1,611 1,745 1,963 2,243 2,637 188 200 213 227 208 6,242 6,398 6,710 6,946 7,235 2004 2005 2006 2007 2008 389 255 343 369 431 (12) 7 28 104 179 (9) (1) 10 22 20 9.3%56,559 42.2%3,994 6.6% 17.4%103,775 BPI 2007 ZEN 42.4%8,986 16.9% 23.0%102,437 430% 41.6%15,880 46 2008

2004 2005 2006 2007 2008 4,653 4,670 4,757 4,712 4,607 435 431 460 517 566 724 798 856 884 1,038 430 499 637 833 1,024 1,589 1,728 1,953 2,234 2,628 2004 2005 2006 2007 2008 262 125 240 273 318 (4) (2) 9 28 40 30 50 54 63 90 53 65 77 112 159 79 113 140 203 289 % 2004 2005 2006 2007 2008 5.4 2.6 4.8 5.5 6.5 (0.8) (0.3) 1.7 4.7 6.1 4.0 6.1 6.0 6.8 8.3 12.2 12.9 12.0 13.4 15.5 4.6 6.2 6.7 8.6 10.4 3,000 2,000 1,000 0 2004 2005 2006 2007 2008 458 443 475 540 593 681 749 804 793 928 485 565 693 915 1,121 1,624 1,757 1,972 2,248 2,643 1.5 132,4882.2 63,219 500 2 2.6 S&P S & P A1 A P-1 A-1 2008 5 31 200718A1 2008 5 20 A1 S&P 200729S&P AA1 2008 47

S&P 8.6%675,864 4.2%357,707 2008 3TSUBAKI 2007 53 500 15.4% 122,861 15.9%144,358 17,274 SAP 2.4%50,938 17.8%276,125 50.5%63,219 500 MTN 7,868 20101.12% MTN 1.0%399,739 35,460 13,46424,450 5.4 946.2 52.5%4.1 56.6% ROA ROA % 8,000 10 6,000 7.5 4,000 5 2,000 2.5 0 4,000 3,000 2,000 1,000 0 24,866120,394 2004 2005 2006 2007 2008 6,267 7,011 6,718 7,398 6,759 6.0 4.3 5.9 7.4 9.4 2004 2005 % 100 75 2006 2007 2008 3,853 3,700 3,876 4,038 3,997 662 943 823 1,278 632 50 0.50 25 0.25 0 2004 2005 2006 2007 2008 59.8 51.2 55.7 52.5 56.6 0.18 0.26 0.22 0.32 0.16 0 1.00 0.75 0 48 2008

2006 218 (126) (300) 890 2007 694 (185) 18 1,453 5,87675,308 12,680 5,803 27,747 3 2008 753 (58) (959) 1,204 1,837 95,883 3MTN 57,83724,450 800 600 400 200 0 2004 2005 2006 2007 2008 471 524 218 694 753 337 300 275 286 277 5 9.7%14,566 0.3 2.0% 4,059 8,465 TSUBAKI TSUBAKI CSR BM QOL EX 2008 49

1,676 NP 366 200 % 4 150 3 100 2 50 1 0 0 2004 2005 2006 2007 2008 176 168 165 161 146 2.8 2.6 2.5 2.3 2.0 2009 32011 3 2009 3 SAP 7,3001% 6502%3602% 2009 3 GDP 1% 100155 14.5 60% 12 341717 1,00024,450 52.6%108.8% 3 2006 32008 3 50 2008

51 2008 9 2009 3 125 50 2008 2008 6 25 1 2 THE SHISEIDO CODE 3 M&A 4 M&A 5 70 36.5% 3 2009 32011 3 40% 6 18,976 9,470

7 8 9 CSR 10 11 2005 2004 JIS 12 BCP 200627 2006 6 25 106 2008 6 25 108 2008 4 30 2005 2006 32008 3 2009 32011 3 52 2008

53 2008 % 40%10%ROE % 108 2008 4 30 50% 30% 50% 50%

20072008 3 31 1 2007 2008 2008 36 34 65,453 85,544 67,413 65,075 $ 672,784 649,451 104,578 25 104,603 111,072 44 111,116 1,108,503 439 1,108,942 (1,304) 103,299 (1,495) 109,621 (14,920) 1,094,022 5 8 73,891 32,344 12,677 68,486 29,455 17,657 683,493 293,962 176,218 373,208 357,707 3,569,930 16 46 7 8 6 62,173 1,428 32,630 10,241 11,837 26,938 38,377 1,404 35,159 10,419 10,944 26,558 383,004 14,012 350,888 103,982 109,222 265,050 145,247 122,861 1,226,158 16 6 186,342 174,853 361,195 168,343 135,975 304,318 1,680,070 1,357,036 3,037,106 (244,498) 116,697 (201,624) 102,694 (2,012,216) 1,024,890 52,370 2,569 40,290 1,374 402,096 13,713 171,636 144,358 1,440,699 16 23,103 26,639 22,194 28,744 221,497 286,866 49,742 50,938 508,363 739,833 675,864 $ 6,745,150 54 2008

6 1 6 8 6 7 8 1 2007 2008 2008 4,456 61,688 56,525 1,173 57,698 53,016 10,026 8,686 11,703 122 1,377 19,069 227,841 61,694 38,643 350 4,145 3,363 108,195 336,036 4,704 33,949 57,294 1,040 58,334 56,108 9,030 7,945 12,417 110 888 4 22,500 205,989 24,566 38,302 350 3,797 3,121 70,136 276,125 $ 46,946 338,812 571,797 10,379 582,176 559,960 90,120 79,292 123,922 1,098 8,862 40 224,551 2,055,779 245,170 382,255 3,493 37,894 31,148 699,960 2,755,739 9 10 1,200,000,000 20072008 3 31 424,562,3532007 3 31 410,000,0002008 3 31 11,730,2352007 3 31 5,794,0222008 3 31 64,507 70,294 255,410 (16,896) 373,315 64,507 70,258 248,921 (11,197) 372,489 643,782 701,178 2,484,241 (111,746) 3,717,455 13,744 (233) 1,561 15,072 52 15,358 403,797 739,833 5,274 (57) 4,764 9,981 154 17,115 399,739 675,864 52,635 (569) 47,545 99,611 1,537 170,808 3,989,411 $6,745,150 2008 55

200620072008 3 17 12 17 4 1617 7 8 1 2006 2007 2008 2008 670,957 176,884 494,073 455,194 38,879 1,878 (1,413) 494 61 519 (93) 3,408 (1,601) (12,404) (2,703) 2,513 (9,341) 29,538 12,274 (27) 12,247 17,291 694,594 185,533 509,061 459,056 50,005 2,169 (1,881) 86 58 143 (20) (28) 1,987 (1,253) (4,598) (1,102) 2,200 (2,239) 47,766 13,660 5,515 19,175 28,591 723,485 186,466 537,019 473,554 63,465 2,977 (1,882) (1,649) 149 422 3,097 (96) 948 (1,102) (1,151) (598) (1,083) 2,028 2,060 65,525 16,507 9,063 25,570 39,955 $7,220,409 1,860,938 5,359,471 4,726,088 633,383 29,710 (18,782) (16,457) 1,487 4,211 30,908 (958) 9,461 (10,998) (11,487) (5,968) (10,808) 20,240 20,559 653,942 164,741 90,449 255,190 398,752 (2,855) (3,298) (4,495) (44,860) 14,436 25,293 35,460 $ 353,892 1 34.4 34.4 30.0 60.9 60.7 32.0 86.1 85.7 34.0 1 $0.86 0.86 0.34 412,855 412,572 407,696 56 2008

200620072008 3 2005 3 31 424,562 64,507 70,258 242,342 (14,434) 8,003 (11,672) 10,953 2006 3 31 14,436 (11,571) (15) (417) (7) (2,725) 10,276 4,918 2,761 2006 3 31 424,562 64,507 70,258 244,768 (17,159) 18,279 (6,754) 13,714 2007 3 31 25,293 (6,186) (133) (6,601) (174) 36 263 (1,557) (4,535) (233) 8,315 52 1,644 2007 3 31 424,562 64,507 70,294 255,410 (16,896) 13,744 (233) 1,561 52 15,358 2008 3 31 35,460 (13,464) (491) 90 (22,307) (14,562) (126) (27,880) 28,006 (114) (8,470) 176 3,203 102 1,757 2008 3 31 410,000 64,507 70,258 248,921 (11,197) 5,274 (57) 4,764 154 17,115 1 2007 3 31 424,562 $643,782 $701,537 $2,549,002 $(168,623) $137,166 $(2,325) $15,579 $ 519 $153,273 2008 3 31 353,892 (134,371) (4,900) 898 (222,624) (14,562) (1,257) (278,244) 279,501 (1,138) (84,531) 1,756 31,966 1,018 17,535 2008 3 31 410,000 $643,782 $701,178 $2,484,241 $(111,746) $ 52,635 $ (569) $47,545 $1,537 $170,808 2008 57

200620072008 3 1 2006 2007 2008 2008 29,538 26,415 731 12,404 (43,879) 2,703 1,118 (206) 587 (123) 1,166 (1,878) 1,413 (61) (519) 93 (1,807) 2,223 (4,319) 663 (6,176) 7,921 28,007 1,873 (2,540) (5,528) 21,812 (1,468) 3,912 (383) 3,052 (4,767) 11,183 (20,096) 4,159 (2,504) (4,871) (1,690) 833 (12,640) (10,049) 8,612 (12,890) (2,731) (11,560) (1,208) (133) (29,959) 1,768 (19,019) 108,281 (247) 89,015 47,766 27,876 741 4,598 1,102 (2,018) (501) 3,734 122 (31) 2,506 (2,169) 1,881 (58) (143) 28 (734) 20 1,542 216 (3,756) (2,362) 3,147 83,507 2,151 (2,269) (13,958) 69,431 (4,519) 1,668 (1,354) 370 (1,725) 9,842 (20,558) 4,161 (2,878) (5,122) 132 1,500 (18,483) 854 25,927 (10,977) 298 (12,794) (1,672) 201 1,837 1,930 54,715 89,015 1,530 145,260 65,525 27,068 785 1,151 1,083 598 (2,940) 245 (779) 947 (12) (559) 284 (2,977) 1,882 (149) (422) 96 154 (3,097) (7,589) 3,954 6,179 (1,841) 1,736 91,322 2,897 (1,925) (16,986) 75,308 (7,093) 1,515 (1,525) 896 (3,349) 9,741 (17,449) 18,711 (5,399) (4,899) 92 2,411 545 (5,803) 260 2,657 (61,219) (22,216) (13,462) (1,982) 79 (95,883) 1,536 (24,842) 145,260 (24) 120,394 $ 653,942 270,140 7,834 11,487 10,808 5,968 (29,341) 2,445 (7,774) 9,451 (120) (5,579) 2,834 (29,710) 18,782 (1,487) (4,211) 958 1,537 (30,908) (75,739) 39,461 61,667 (18,373) 17,325 911,397 28,912 (19,211) (169,521) 751,577 (70,788) 15,120 (15,220) 8,942 (33,423) 97,216 (174,142) 186,736 (53,882) (48,892) 918 24,062 5,439 (57,914) 2,595 26,517 (610,968) (221,717) (134,351) (19,780) 788 (956,916) 15,329 (247,924) 1,449,701 (240) $1,201,537 58 2008

59 2008 1. 2008 3 311100.20 2. 1 2008 3 31962006 3 31972007 3 31100 912006 3 31932007 3 3192222006 3 3152007 3 3128 2008 3 31 32006 3 3152007 3 315 2 2 2008 1 312007 4 12008 1 3110 P40 12 31 519 2 3 2 3 2007 3 3062007 3 30832007 4 1

60 2008 2007 3 31 5% 5% 5 6876,856405 4,042 4 10 5 5 6 20 1 7 1 8 9 1 11 1 10 11 12

61 2008 2007 3 2007 33,636 2,145 13 2007 3 14 2007 3 42005 11 29 2007 3122 15 2007 3 16 10 10 2004 3 422007 4 13 1 17 2004 3 31 2004 3 2004 3 31 2004 3 422007 4 13 18 19 20

21 22 3 23 2002 8 9 2006 3 2006 3124 2611376,223 24 2007 35 2005 12 9 8 2005 12 9 25 2007 32003 10 31 7 2005 12 27 10 2006 12 22 26 2007 38 2005 12 27 11 2006 5 31 2007 352 45 27 2007 31 2006 8 11 2 2006 8 11 28 2007 3 20 2006 9 82007 3 1,376507337 62 2008

29 2006 3 2006 3 2006 3 2007 7 4 14 Q&A 2007 11 6 3. 20072008 3 31 1 2007 2008 2008 65,453 67,413 $ 672,784 85,544 65,075 649,451 150,997 132,488 $1,322,235 3 (4,121) (9,679) (96,596) 3 (1,616) (2,415) (24,102) 145,260 120,394 $1,201,537 2007 3 1,707 904 (790) (236) (555) (20) 1,010 (878) 132 2008 3 1 4,411 $ 44,022 522 5,209 (3,754) (37,465) (653) (6,517) 0 0 (53) (529) 2,379 23,743 2,852 $ 28,463 (1,923) (19,191) 929 $ 9,272 2008 63

2008 3 1 3,449 $ 34,421 6,367 63,543 (4,660) (46,507) (4,236) (42,275) 38 379 (18) (180) (61) (609) 723 7,216 1,602 $ 15,988 (120) (1,198) 1,482 $ 14,790 4. 20072008 3 31 2007 11,077 34,127 23,072 22 8,532 8,509 4 27 1,100 1,285 185 20,709 43,921 23,261 49 2008 9,505 18,976 9,603 133 4,500 4,024 6 390 1,615 1,627 13 92 15,620 24,627 9,622 615 1 2008 $ 94,860 $189,381 $95,838 $1,328 44,910 40,160 60 3,892 16,118 16,237 130 918 $155,888 $245,778 $96,028 $6,138 20072008 3 31 1 2007 2008 2008 17,822 11,142 $111,198 3,669 2,456 24,511 82,305 65,227 650,968... 103,796 78,825 $786,677 200620072008 3 1 2006 2007 2008 2008 14,235 10,212 13,682 $136,547 519 310 2,109 21,047 167 1,687 16,836 64 2008

2008 3 31 1 1 15,206 $151,757 15 2,111 21,068 510 128 1,277 10 4,000 39,920 5. 20072008 3 31 21,445 $214,022 1 2007 2008 2008 48,346 41,365 $412,824 14,218 15,421 153,902 3,991 4,304 42,954 7,336 7,396 73,813 6. 73,891 68,486 $683,493 20072008 3 314,456 4,70446,94620072008 3 31 5.31% 4.25% 20072008 3 31 1 2007 2008 2008 11.66% 3,820 27,100 $270,459 15.14% 34,547 4,566 45,569 3 2007 50.40% 50,000 4 2010 31.12% 20,000 20,000 199,601 2007 2008* 15,015 6,849 68,353... 123,382 58,515 $583,982 1 (61,688) (33,949) (338,812)... 61,694 24,566 $245,170 2008 34.01% 4.05% 2008 3 312008 4 1 3 31 1 2009 33,949 $338,812 2010 20,000 199,601 2011 2012 2,283 22,784 2013 2,283 22,785 2014 58,515 $583,982 2008 3 31 1 19,058 $190,200 15,200 151,696 1,512 15,090 1,242 12,395 37,012 $369,381 2008 3 31 1 1 27,100 $270,459 2008 65

7. 2004 9 2004 10 20072008 3 31 1 2007 2008 2008 (190,449) (195,564) $(1,951,736) 190,405 173,532 1,731,856 (44) (22,032) (219,880) * 1,083 932 9,301 5,010 27,973 279,172 (9,157) (7,136) (71,218) * (1,482) (1,351) (13,483) (4,590) (1,614) $ (16,108) 32,630 35,159 350,888 (37,220) (36,773) $ (366,996) 200620072008 3 1 2006 2007 2008 2008 7,606 7,876 7,862 $ 78,463 4,304 4,546 4,646 46,367 (5,983) (7,328) (7,614) (75,988) * 108 113 113 1,128 5,367 3,069 2,843 28,373 (2,124) (2,125) (2,021) (20,169) 9,278 6,151 5,829 $ 58,174 17 20072008 3 312.5%20072008 3 31 4.0% 20072008 3 311,4231,52915,259 66 2008

8. 2006 20072008 341.0% 200620072008 3 1005 20072008 3 31 1 2007 2008 2008 8,944 9,020 $ 90,020 10,731 8,244 82,275 8,981 7,909 78,932 6,465 6,572 65,589 9,845 5,651 56,397 4,980 5,401 53,902 4,613 4,868 48,583 812 777 7,754 1,129 409 4,082 7,745 4,947 49,372 64,245 53,798 536,906 (10,931) (8,839) (88,213) 53,314 44,959 $448,693 9,526 3,674 $ 36,666 1,636 1,869 18,653 1,256 12,535 1,101 1,063 10,609 518 288 2,874 497 211 2,106 13,278 8,361 $ 83,443 40,036 36,598 $365,250 9. 2008 3 31 1531,527 2007 3 31 2008 4 1 10. 2006 5 1 21 10%25% 25% 10% 25% 2008 67

1 2 3 421 5 11 2008 3 312008 6 25 6,871 68,573117.00.17 2007 11 714,562,353 11. 2008 3 31 ➀ 2002 6 27 2002 7 16 578,000 578,000 253,000 253,000 1,669 2004 7 12012 6 26 ➁ 2003 6 27 2003 7 31 878,000 878,000 181,000 181,000 1,287 2005 7 12013 6 26 ➂ 2004 6 29 2004 7 26 2004 11 30 2005 3 9 1,004,000 16,000 78,000 1,098,000 749,000 749,000 1,427 1,419 1,445 2006 7 12014 6 28 2004 12 12007 11 30 2005 4 12008 3 31 68 2008

➃ 2005 6 29 2005 7 28 2005 7 28 408,000 261,000 316,000 258,000 1 1,481 2008 7 12011 6 30 2007 7 12015 6 28 2005 10 27 2005 11 7 2006 3 8 11,000 1,851,000 63,000 2,594,000 3,000 705,000 21,000 1,303,000 1,865 1,896 2,012 2005 11 12008 10 31 2007 7 12010 6 30 2006 4 12009 3 31 ➄ 2006 6 29 2006 8 23 9,000 9,000 1 2008 7 12011 6 30 2006 8 23 2006 8 23 2006 8 23 12,000 67,000 74,000 162,000 12,000 67,000 74,000 162,000 1 2,300 2,300 2008 7 12011 6 30 2008 8 12016 7 30 2008 8 12016 7 30 ➅ 2007 6 26 2007 8 23 2,000 2,000 1 2008 7 12011 6 30 2007 8 23 2007 8 23 2007 8 23 15,000 81,000 78,000 176,000 15,000 81,000 78,000 176,000 1 2,615 2,615 2008 7 12011 6 30 2009 8 12017 7 30 2009 8 12017 7 30 12. 200620072008 316,452 16,13314,566145,369 13. 20072008 3 110 9493842419 14. 2008 69

200620072008 3 1 2006 2007 2008 2008 ➀ 1 4,166 2,788 3,335 $ 33,284 1 8,107 4,161 4,050 40,419 12,273 6,949 7,385 $ 73,703 15 14 $ 140 103 9 $ 90 5,371 3,688 3,229 $ 32,226 5,371 3,681 3,220 $ 32,136 7 8 $ 80 27,187 15,155 22,012 $ 219,681 (14,914) (8,206) (14,627) (145,978) (15) (14) (140) 12,273 6,934 7,371 $ 73,563 0 1 2006 2007 2008 2008 ➁ 1 1,619 1,324 1 2,939 2,046 4,558 3,370 1,930 1,999 1,596 $15,928 1,757 1,740 1,380 $13,772 345 203 165 $ 1,647 9,442 8,784 (5,164) (5,584) 4,278 3,200 200620072008 3 1 2006 2007 2008 2008 ➀ 1 3,797 1,629 2,260 $22,555 1 27,505 4,454 6,514 65,010 31,302 6,083 8,774 $87,565 ➁ 1 212 210 1 394 381 606 591 70 2008

15. 20072008 3 31 2007 1,317 (334) (334) 2,382 2,382 (35) (35) 2008 2,283 2,283 (107) (107) 1 2008 $22,784 $22,784 $(1,068) $(1,068) 16. 200620072008 3 1 2006 214 2,597 2,356 919 3,357 2,961 12,404 2007 1,389 699 1,159 143 407 801 4,598 2008 939 161 51 1,151 2008 $ 9,371 1,607 509 $11,487 17. 1* 1 2008 71

200620072008 3 * 2 * 3 * 3 * 4 * 3 * 5 * 5 * 5 453,360 5,131 458,491 424,231 34,260 238,456 15,040 4,840 14,991 196,331 379 196,710 193,875 2,835 211,346 6,595 6,360 8,578 21,266 19,293 40,559 39,577 982 53,335 5,360 1,256 5,028 2006 670,957 24,803 695,760 657,683 38,077 503,137 26,995 12,456 28,597 (24,803) (24,803) (25,605) 802 168,705 (23) (52) 29 670,957 670,957 632,078 38,879 671,842 26,972 12,404 28,626 * 2 * 3 * 3 * 4 * 3 * 5 * 5 * 5 447,557 6,232 453,789 416,919 36,870 243,882 14,362 2,115 12,150 224,320 1,347 225,667 215,222 10,445 229,795 7,617 1,255 8,739 22,717 23,113 45,830 43,585 2,245 77,993 6,519 1,228 5,463 2007 694,594 30,692 725,286 675,726 49,560 551,670 28,498 4,598 26,352 (30,692) (30,692) (31,137) 445 188,163 (23) 14 694,594 694,594 644,589 50,005 739,833 28,475 4,598 26,366 * 2 * 3 * 3 * 4 * 3 * 5 * 5 * 5 * 2 * 3 * 3 * 4 * 3 * 5 * 5 * 5 439,021 6,471 445,492 402,362 43,130 229,202 14,133 1,080 14,756 $4,381,447 64,581 $4,446,028 4,015,589 $ 430,439 $2,287,445 $ 141,048 $ 10,778 $ 147,265 263,703 1,771 265,474 247,600 17,874 248,443 8,944 51 12,261 $2,631,766 17,675 $2,649,441 2,471,058 $ 178,383 $2,479,471 $ 89,261 $ 509 $ 122,365 20,761 19,487 40,248 38,253 1,995 58,822 4,630 20 2,649 2008 1 2008 $207,196 194,481 $401,677 381,766 $ 19,911 $587,046 $ 46,208 $ 200 $ 26,437 723,485 27,729 751,214 688,215 62,999 536,467 27,707 1,151 29,666 $7,220,409 276,737 $7,497,146 6,868,413 $ 628,733 $5,353,962 $ 276,517 $ 11,487 $ 296,067 (27,729) (27,729) (28,195) 466 139,397 3 72 $ (276,737) $ (276,737) (281,387) $ 4,650 $1,391,188 $ 30 $ 719 723,485 723,485 660,020 63,465 675,864 27,710 1,151 29,738 $7,220,409 $7,220,409 6,587,026 $ 633,383 $6,745,150 $ 276,547 $ 11,487 $ 296,786 1 32007 3 3 2 2006 32007 3 2 2007 3 72 2008

2006 32007 3 3 2008 3200731 5% 5% 5 6226,208 55549990 4 142,3411,420,569 5 2 200620072008 3 * 1 * 2 * 2 * 3 * 1 * 2 * 2 * 3 * 1 * 2 * 2 * 3 * 1 * 2 * 2 * 3 475,654 21,072 496,726 472,699 24,027 309,980 471,205 22,116 493,321 465,986 27,335 337,971 460,714 25,898 486,612 454,827 31,785 306,576 $4,597,944 258,463 $4,856,407 4,539,192 $ 317,215 $3,059,641 46,016 8,476 54,492 53,562 930 59,547 51,730 8,139 59,869 57,060 2,809 59,428 56,559 9,007 65,566 61,572 3,994 56,765 $564,461 89,890 $654,351 614,491 $ 39,860 $566,517 85,573 3,870 89,443 84,065 5,378 84,696 88,364 4,335 92,699 86,388 6,311 95,801 103,775 5,092 108,867 99,881 8,986 105,720 $1,035,679 50,819 $1,086,498 996,816 $ 89,682 $1,055,090 2006 63,714 84 63,798 56,131 7,667 65,383 2007 83,295 112 83,407 72,195 11,212 74,131 2008 102,437 154 102,591 86,711 15,880 86,557 1 2008 $1,022,325 1,537 $1,023,862 865,379 $ 158,483 $ 863,842 670,957 33,502 704,459 666,457 38,002 519,606 694,594 34,702 729,296 681,629 47,667 567,331 723,485 40,151 763,636 702,991 60,645 555,618 $7,220,409 400,709 $7,621,118 7,015,878 $ 605,240 $5,545,090 (33,502) (33,502) (34,379) 877 152,236 (34,702) (34,702) (37,040) 2,338 172,502 (40,151) (40,151) (42,971) 2,820 120,246 $ (400,709) $ (400,709) (428,852) $ 28,143 $1,200,060 670,957 670,957 632,078 38,879 671,842 694,594 694,594 644,589 50,005 739,833 723,485 723,485 660,020 63,465 675,864 $7,220,409 $7,220,409 6,587,026 $ 633,383 $6,745,150 1 2007 3 2006 32007 3 2008 73

2 2008 32007 3 31 5% 5% 5 6876,856 3 142,3411,420,569 3* 200620072008 3 1 2006 2007 2008 2008 47,527 53,969 59,333 $592,146 80,395 79,326 92,785 925,998 69,319 91,503 112,146 1,119,221... 197,241 224,798 264,264 $2,637,365 29.4% 32.4% 36.5% 36.5% 18. 1 2007 12 26 2008 4 24 2 4038,000 100% 3 100,000m 2 21,400m 2 4038,000 2008 12 2009 10 12 74 2008

20082007 3 31 2006 3 31 2006 6 29 20082007 3 31 2 282007 3 31 17 12007 3 31 2008 3 31 1 KPMG AZSA & Co. 2008 6 25 Report of Independent Auditors 2008 75

2008 3 31 33,075 410,000,0005,794,022 22,505 5.48 21,226 5.17 20,467 4.99 19,073 4.65 15,118 3.68 13,112 3.19 12,079 2.94 11,382 2.77 10,211 2.49 9,747 2.37 5,794 5.17% 2.00% 46.23% 1.41% 28.08% 17.08% 3,500 22,000 3,000 18,000 2,500 2,000 14,000 10,000 1,500 1,000 500 0 60,000 40,000 20,000 0 05/04 06/04 07/04 08/03 2007 2008 30.94 28.08 17.52 17.08 41.91 46.23 1.65 2.00 5.22 5.17 2.76 1.41 2007 2008 1.25 1.41 96.52 96.32 0.47 0.48 0.12 0.11 1.64 1.65 0.00 0.00 80 60 40 20 0 (20) 20.9 63.7 39.3 30.6 3.0 2.5 2.0 1.5 1.0 1.5 1.6 2.4 2.5 2.8 1.8 1.6 1.6 1.7 1.4 1.2 1.0 0.8 0.6 1.4 1.3 1.3 (40) (60) (80) 65.8 04/03 05/03 06/03 07/03 08/03 0.5 0.0 04/03 05/03 06/03 07/03 08/03 0.4 0.2 0.0 04/03 05/03 06/03 07/03 08/03 1 1 1 76 2008

2008 3 31 104-0061 5 5 03-3572-5111 1872 9 17 1927 6 24 64,506,725,140 3,497 28,793 3 31 6 4911 105-8574 33 1 CUSIP: 824841407 1:1 SSDOY The Bank of New York Mellon 101 Barclay Street New York, NY 10286, U.S.A. 105-8310 6 2 IR 03-6218-5544 irmail@to.shiseido.co.jp http://www.shiseido.co.jp/ http://www.shiseido.co.jp/e/ 2008 77