1、Annual Securities Report(Report pursuant to Article 24.paragraph(1)of the Financial Instruments and Exchange Act)(The 124th Fiscal Year)from January 1,2023 to December 31,2023Shiseido Company,Limited(E00990)This document was prepared based on the Shiseido Company,Limiteds Annual Securities Report in

2、 Japanese.In the event of any discrepancy between this translated document and the Japanese original,the original shall prevail.The accompanying consolidated financial statements,non-consolidated financial statements and internal control report are audited by KPMG AZSA LLC.Table of Contents Page The

3、 124th Fiscal Year Annual Securities Report Cover 1 Part I Information on the Company 2 1.Overview of the Company 2 1 Key Financial Data and Trends .2 2 History 5 3 Description of Business 7 4 Information on Subsidiaries and Associates.9 5 Employees 11 2.Overview of Business 13 1 Management Policy,M

4、anagement Environment,and Issues to Be Addressed.13 2 Sustainability Approach and Measures .15 3 Business and Other Risks.26 4 Managements Analysis of Financial Position,Operating Results and Cash Flows.39 5 Material Contracts.50 6 Research and Development Activities 50 3.Equipment and Facilities 53

5、 1 Overview of Capital Expenditures 53 2 Major Equipment and Facilities 54 3 Plans for New Additions or Disposals of Facilities .57 4.Corporate Information on the Company.58 1 Information on the Companys Share 58 2 Acquisition of Treasury Stock.66 3 Dividend Policy 67 4 Corporate Governance 68 5.Fin

6、ancial Information 107 1 Consolidated Financial Statements 108 2 Non-Consolidated Financial Statements 191 6.Basic Information Related to Stock Administration.211 7.Reference Information on the Company 212 1 Information on the Parent Company of the Company 212 2 Other Reference Information .212 Part