Sustainability-Linked Bonds

Outline of the Bonds

Name	Shiseido Company, Limited 13th Unsecured Bonds (ranking pari passu solely with other bonds) (Sustainability-Linked Bonds)
Issuance amount	20 billion yen
Interest rate	0.450% per annum
Maturity	5 years
Terms decision date	December 2, 2022
Issue date	December 8, 2022
Redemption date	December 8, 2027
KPI	KPI1：CO₂ emissions (Scope1 + Scope2) KPI2：A ratio of female leader ^*1
SPTs	SPT1：Carbon neutrality by 2026 ^2 SPT2：A ratio of female leaders in Japan of 40% by January 1, 2026 ^3
Bond characteristics	Characteristics of the Bonds may vary depending on Shiseido’s performance against the SPTs. If Shiseido fails to achieve both SPTs, an amount equivalent to 0.1% of the issuance amount will be donated to a public interest incorporated association, public interest incorporated foundation or international organization working for environmental preservation, empowerment of women or gender equality. A recipient will be decided through necessary resolutions on or after the observation date for the SPTs. If Shiseido fails to achieve either of the SPTs, an amount equivalent to 0.05% of the issuance amount will be donated.
Rating	A3 (Moody’s Japan K.K.)

*1：Shiseido Group in Japan
*2：Including emissions credits purchase
*3：Scope: Shiseido Group in Japan

Third-Party Opinion on Alignment

Shiseido formulated the Sustainability-Linked Bond Framework (“the Framework”) that has obtained the third-party opinion from Japan Credit Rating Agency Ltd. to the effect that the Framework complies with the Sustainability-Linked Bond Principles 2020 of the International Capital Market Association (ICMA) and the Sustainability Linked Bond Guidelines 2022 of the Ministry of the Environment of Japan.

Sustainability-Linked Bond Framework［PDF：654KB］

Third-Party Opinion from Japan Credit Rating Agency, Ltd.［PDF：798KB］