Dear Shareholders

To Our Stakeholders, Accompanying Us on Our Beauty Quest

President and CEO, AMOREPACIFIC Corporation Kyung-Bae Suh

Countless paths lie in front of us all. The ones we choose moment by moment determine the course of our lives. Therefore people are constantly agonizing over where to go next and how to get there.

Corporations are like this, too. We are pondering our next course of action at all times in the interest of sustainability. AMOREPACIFIC has determined that "Asian Beauty" is a unique value that we can offer to our customers around the world and thereby sustain our operation. In the process, we strive to make a "more beautiful world" in which more people can enjoy greater beauty and happiness.

We spent 2009 soundly establishing the AMOREPACIFIC Way, our future direction in which to practice sustainability management. Our new vision for sustainability management was announced at the company's 64th anniversary celebration. In front of our stakeholders of all types, I promised our commitment to a sustainable approach that fosters respect for nature, people and the corporation as we fulfill our mission of "Asian Beauty Creator." In that role we aim to introduce Asian beauty methods to the entire world.

In addition, we have published this Sustainability Report, 'Creating a Beautiful life', to disclose how well we have lived up to that promise during the past year.

AMOREPACIFIC's sustainability management program pursu -ed five strategic directions in 2009: First was to continue improving product safety and innovating for sustainability so that we earn greater trust from customers and new growth opportunities. Second, we strove to minimize environmental impact at every stage of our operations. Third, our work environments were improved to make AMOREPACIFIC a place where employees truly want to work. Fourth, we dealt fairly with our business partners in the interest of long-term partnerships. Finally, CSR activities best suited to our competencies were undertaken to advance along with our local communities.

Going forward, AMOREPACIFIC will continue to follow these five strategic directions in a bid to "build a handsome respect for nature, people and the company." Nature is the matrix within which diverse stakeholders can all dream of a sustainable future and usher in an era of healthy change. Thus we shall fulfill our role as the Asian Beauty Creator, imparting beauty and well-being to customers inside and outside Korea.

Thank you.

Chairman & CEO AMOREPACIFIC Group Suh Kyung-Bae