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Declaration of Ethical Management

Company 2003-09-05

58th Founding Anniversary Commemoration Ceremony Pledge for Unlimited Business Responsibility in Performance AMOREPACIFIC Corp. is holding an “Ethical Management Symposium” on September 5 at Amorepacific Corporation Learning & Development Center using the slogan “Ethical Management! 21st Century New Unlimited Business Responsibility in Performance.” Amorepacific will hold Ethical Management Symposium at its 58th founding anniversary commemoration, 10 years after the symposium was first held. The symposium will be attended by 500 people including president Suh Kyung-bae, along with representatives and staff of each subsidiary, outstanding employees of business partners and customers, continuous employees of ten years, and those working in foreign departments. Amorepacific is run under the three management ideologies of “Service to Humanity, Respect for Humanity and Creation of the Future,” and through this upcoming Ethical Management Symposium, all current employees will pledge to live by honest and responsible attitudes and respond to change through fair and transparent management system, and contribute to the social progress of society, by meeting up to the social responsibility of the company through rational management. The ethical management of Amorepacific will kick off through this September 5 symposium, and involve the participants by pledging them to ethical conduct and ethical management campaigns until the yearend. The basic infrastructure and participatory action of the employees will be established in 2004 through implementing training for all employees, an internal system of exposure for misconduct, a system for evaluating oneself, and running a homepage for ethical management. Finally, an ethical management system rating the performance of every individual will be officially implemented and the results duly reflected within the company in 2005. Amorepacific will kick off the first ethical management campaign by encouraging employees not to give or receive gifts. Clean corporate image and ethical business organizational culture will be built and promoted, while espousing co-existence and co-prosperity with business partners and customers, thereby making ethical management a common goal and spreading it throughout the company. All the employees will start by neither giving nor receiving gifts until September 20 with business related people, and should one have received it inadvertently, he will personally report it to “Gifts Management Center” where the gifts will be collectively put on auction and turned into cash and donated for goodwill business. Thus ethical management will be realized through co-existence and co-prosperity by establishing a fair and transparent business tradition as a new corporate culture. The core of the Amorepacific’s ethical management is to practice “customer love” as the priority of all value judgment and behavior, and realize abundant human life and social progress by making “social sacrifice,” and establish “co-existence and co-prosperity” through fair and transparent trade with business partners which will lead to mutual trust and cooperation in seeking a common progress. Since Amorepacific declared “Unlimited Responsibility Principle” on its 48th founding day, in September 10 years ago, Amorepacific with one heart and mind realized customer satisfaction and development of key goods, while practicing environmentally friendly and transparent management. Since that day, the company has won “Green Energy Corporation Award,” “Environment Management Award,” “Economic Justice Corporation Award,” and “2002 Korea Top Corporation Award.”