Changes among Directors, Audit and Supervisory Board Members and Corporate Officers of the Shiseido Group　［ PDF : 229KB ］

（Translation）

Dear Sirs and Madams,

November 2, 2016

Changes among Directors, Audit & Supervisory Board Members and Corporate Officers of the Shiseido Group

We hereby announce the following changes of the Shiseido Group's executives effective January 1, 2017. Detailed responsibilities of Corporate Officers of Shiseido Company, Limited will be announced in December.

1. Shiseido Company, Limited

1. Retiring Representative Director and Retiring Corporate Officer (December 31, 2016)

   Name	Current Title	Note
   Toru Sakai	Representative Director Corporate Executive Officer President and CEO, Shiseido Japan Co., Ltd. Responsible for Japan Region	To become Director as of Jan.1, 2017 and retire from Director after the 117th ordinary general meeting of shareholders in late March 2017
   Takahiro Hayashi	Corporate Officer Chief Creative Officer Responsible for Advertising, Design and Corporate Culture	―

2. Promotion of Corporate Officers (Effective January 1, 2017)

   Name	New Title	Current Title
   Jun Aoki	Corporate Executive Officer	Corporate Officer
   Shigekazu Sugiyama	Corporate Executive Officer	Corporate Officer

   Name	*	Note
   Toru Sakai	Director	―
   Akio Harada	External Audit & Supervisory Board Member	―

3. Retiring Director and Retiring External Audit & Supervisory Board Member (Retiring after the 117th Ordinary General Meeting of Shareholders scheduled to be held in late March 2017*)

   Name	*	From Jan.1, 2017 to *
   Jun Aoki	Director * Corporate Executive Officer	Corporate Executive Officer
   Hiroshi Ozu	External Audit & Supervisory Board Member *	Refer to Appendix

4. New Director and External Audit & Supervisory Board Member (Subject to approval at the 117th Ordinary General Meeting of Shareholders scheduled to be held in late March 2017*)

5. Policy for the selection of board member candidates

   In the Company's articles of incorporation, the maximum number of board members is set at 12. Respecting this upper limit and in consideration of the Company's business portfolio and scale, an optimum number of directors is elected such that they are able to appropriately supervise the management.

   For external directors, the number is set at three or above to allow such members a certain degree of influence within the board. In addition, the Company has established the target of electing half or more of its directors from outside.

   For selecting external directors and Audit & Supervisory Board Members, high priority is given to independence. Our basic principle is that candidates of external directors and Audit & Supervisory Board Members are required to meet the Company's independence criteria, "Standards for Assessing the Independence of External Directors and Audit & Supervisory Board Members," as well as possess high independence in mental attitude.

   The Company is promoting drastic structural reforms and reconstruction of the business foundation aiming to recover growth under VISION 2020, a mid- to long-term strategy announced in December 2014. To accomplish these reform initiatives, it is necessary that external directors are well-versed in the Company's ongoing situation and activities, and continue to effectively supervise and support the management. In view of this, we have determined that Shoichiro Iwata and Tatsuo Uemura, two current external directors, are well-qualified for the above role, given that both of them entered their eleventh year since June 29, 2006 when

   they assumed their respective positions at the 106th general meeting of shareholders. Also, they both maintain a high degree of independence from the Company. We have therefore nominated Messrs. Iwata and Uemura to be re-elected as external directors at the 117th general meeting of shareholders.

6. Directors and Audit & Supervisory Board Members (Subject to approval at the 117th Ordinary General Meeting of Shareholders, Board of Directors Meeting and the Audit & Supervisory Board Members Meeting scheduled to be held in late March 2017*)

   【Directors】

   Name	*	From Jan.1, 2017 to *
   Masahiko Uotani	Representative Director President and CEO	Representative Director President and CEO
   Tsunehiko Iwai	Representative Director Executive Vice President	Representative Director Executive Vice President
   Jun Aoki	Director Corporate Executive Officer	Corporate Executive Officer
   Shoichiro Iwata	External Director	External Director
   Tatsuo Uemura	External Director	External Director
   Yoko Ishikura	External Director	External Director
   Kanoko Oishi	External Director	External Director

   【Audit & Supervisory Board Member】

   Name	*	From Jan.1, 2017 to *
   Yoshinori Nishimura	Audit & Supervisory Board Member (Full-time)	Audit & Supervisory Board Member (Full-time)
   Kyoko Okada	Audit & Supervisory Board Member (Full-time)	Audit & Supervisory Board Member (Full-time)
   Nobuo Otsuka	Audit & Supervisory Board Member (External)	Audit & Supervisory Board Member (External)
   Eiko Tsujiyama	Audit & Supervisory Board Member (External)	Audit & Supervisory Board Member (External)
   Hiroshi Ozu	Audit & Supervisory Board Member (External)	Refer to Appendix

7. Corporate Officers (Effective January 1, 2017)