Estee Lauder 2009 Annual Report Download - page 117

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116 THE EST{E LAUDER COMPANIES INC.
(15) our ability to capitalize on opportunities for improved
efficiency, such as publicly-announced restructuring
and cost-savings initiatives, and to integrate acquired
businesses and realize value therefrom;
(16) consequences attributable to the events that are cur-
rently taking place in the Middle East, including terrorist
attacks, retaliation and the threat of further attacks
or retaliation;
(17)
the timing and impact of acquisitions and divesti-
tures, which depend on willing sellers and buyers,
respec
tively; and
(18) additional factors as described in our fi lings with the
Securities and Exchange Commission, including the
Annual Report on Form 10-K for the fi scal year ended
June 30, 2009.
We assume no responsibility to update forward-looking
statements made herein or otherwise.