Note: This document has been translated from a part of the Japanese original for reference purposes only. In the event ofany discrepancy between this translated document and the Japanese original, the original shall prevail.

Securities identification code: 7823
June 5, 2024
(Commencement date of measures for electronic provision: May 24, 2024)

To our shareholders:

Yoshikata Igarashi
Chairman and President
ARTNATURE INC.
3-40-7 Yoyogi, Shibuya-ku, TokyoNOTICE OF THE 57TH ORDINARY GENERAL MEETING OF
SHAREHOLDERS
This is to notify you of the 57th Ordinary General Meeting of Shareholders of ARTNATURE INC. (the“Company”), which will be held as described below.
In convening this general meeting of shareholder, the Company has taken measures for electronic provision,and posted matters subject to measures for electronic provision on the Company’s website under the title“Notice of the 57th Ordinary General Meeting of Shareholders.”
Please access the Company’s website below, and select “Stock Information” and “General Meeting of
Shareholders” in that order to see the relevant information listed under the title “General Meeting of
Shareholders.”
Company's website

https://www.artnature.co.jp/ir/english/

In addition to the Company’s website, the matters subject to measures for electronic provision are also postedon the website of the Tokyo Stock Exchange (TSE). If you are unable to access the Company’s website,please access the following TSE’s website, enter the Company name or the Company’s securities
identification code in “Issue name (company name)” or “Code,” and click “Search,” select “Basic information”
and “Documents for public inspection/PR information” in that order to see them.
TSE’s website
https://www2.jpx.co.jp/tseHpFront/JJK020010Action.do?Show=Show
If you are unable to attend the meeting in person, you may exercise your voting rights by either of thefollowing methods. After reviewing the Reference Documents for the General Meeting of Shareholders
posted as matters subject to measures for electronic provision, please exercise your voting rights no later than
6:30 p.m. on Thursday, June 20, 2024 (Japan Standard Time).
1. Date and Time: Friday, June 21, 2024, at 10:00 a.m. (Japan Standard Time)The reception starts at 9:00 a.m.
2. Venue:

Kiku-no-ma, the fourth floor of Hilton Tokyo
6-6-2 Nishi Shinjuku, Shinjuku-ku, Tokyo

3. Purposes:
Items to be reported:
1. Business Report and Consolidated Financial Statements for the 57th Term (from April 1, 2023 toMarch 31, 2024) as well as the results of audit of the Consolidated Financial Statements by the
Accounting Auditor and the Board of Auditors
2. Non-Consolidated Financial Statements for the 57th Term (from April 1, 2023 to March 31, 2024)
Item to be resolved:
Proposal 1:

Appropriation of surplus

Proposal 2:

Election of nine (9) Directors-1-General information
If you will be attending the meeting in person, please submit the enclosed voting form to reception staff at
the venue.
If the need arises for the revision of any matters subject to measures for electronic provision, the revised
matters will be posted on each of the designated websites of the Company and TSE.
In accordance with applicable laws and regulations and the provisions of Article 15 of the Company’s Articles
of Incorporation, the Company sends a document which does not include certain part of matters subject tomeasures for electronic provision. “Status of items such as stock acquisition rights,” “System for ensuring
the appropriateness of business and an overview of the operating status of said system,” “Notes toConsolidated Financial Statements” and “Notes to Non-Consolidated Financial Statements” are posted on
the Company’s website and TSE’s website, and are not included in this Notice. Therefore, any missing clause
numbers in this Notice sent to you do not indicate errors. In addition, the page numbers in this Notice aredifferent from those given in the matters subject to measures for electronic provisions. Your understandingis highly appreciated in advance.
We would also like to invite you to attend the shareholders’ gathering to be held at the same venue after theclose of the general meeting of shareholders.
Exercising voting rights by proxy:If exercising voting rights by proxy, another shareholder of the Company with voting rights can attend themeeting as your proxy. However, please note that the voting form and a document testifying to their authority
to act as proxy must be submitted together with the registered seal certificate for the signature or seal on a
document testifying to their authority to act as proxy and a copy of the proxy’s passport, driver’s license,
health insurance certificate, or other document verifying the identity of the shareholder.
Notification method when exercising voting rights diversely:
If you plan to exercise your voting rights in a non-uniform way, please inform the Company of this intention
with the reason in writing at least three (3) days prior to the date of the general meeting of shareholders.

-2-Reference Documents for the General Meeting of Shareholders
Proposal 1:

Appropriation of surplus

The Company proposes appropriation of surplus as follows:
1. Matters related to year-end dividends
The Company believes that returning profits to shareholders is one of its most important management
issues. Our basic policy is to provide stable dividends to shareholders while strengthening our businessfoundation and financial structure and augmenting internal reserves for future business expansion. In
addition, the Company has adopted a dividend policy of striving to increase dividends in line withconsolidated performance (increase in increments of 1 yen), based on a consolidated payout ratio of 40%
or higher and with the current level (annual dividend of 28 yen) as the minimum limit, and setting theconsolidated payout ratio to 50% or higher until the Company achieves an ROE of over 10%.
Based on this basic policy and dividend policy and in light of a comprehensive assessment of earnings inthis fiscal year, the Company proposes year-end dividends of ¥14 per common share for the 57th Term.
(1) Type of dividend property
Cash(2) Allocation of dividend property to shareholders and total amount thereof¥14 per common share of the Company
Total amount of dividends: ¥464,701,454(3) Effective date of distribution of dividends of surplus
June 24, 2024

-3-

Proposal 2:

Election of nine (9) Directors

In the nine (9) Directors elected in the Company’s general meeting of shareholders held on June 23, 2022,
one member resigned on June 22 last year, and the terms of office of all the other eight (8) Directors will
expire at the conclusion of this general meeting. Therefore, in order to strengthen the management structure,
the Company proposes the election of nine (9) Directors.
The candidates for Directors are as follows:No.

1

Current position in the Company or
position outside the Company

Name

Reelection

Attendance atBoard ofDirectors
meetings

Yoshikata Igarashi

Chairman and President

16/16

16/16

2

Reelection

Hisakazu Moriyasu

Senior Managing Director,
Senior Corporate Officer andExecutive General Manager of
Men’s Marketing Headquarters

3

Reelection

Keisuke Igarashi

Managing Director

16/16

4

Reelection

Isao Naito

Managing Director

16/16

16/16

5

Reelection

Hisayuki Kawazoe

Director,
Senior Corporate Officer andExecutive General Manager of
Production Headquarters

6

New candidate

Sayuri Shigematsu

Senior Corporate Officer andExecutive General Manager ofLadies’ Marketing Headquarters－

7

Reelection

Maya Nakayama

OutsideIndependent

Director

16/16

8

Reelection

Takafumi Kiyonaga

OutsideIndependent

Director

16/16

9

Reelection

Yukiko Matsuoka

OutsideIndependent

Director

16/16

-4-

No.

Name
(Date of birth)

Career summary, position and responsibilities in the Company(Significant concurrent positions outside the Company)
Apr. 1967

Participated in the wig business run by thelate Saburo Akutsu, founder of the Company(predecessor of the Company)

June 1967

Joined the Company at establishment

Oct. 1977

Established ARTNATURE KANSAI INC.,
President of ARTNATURE KANSAI INC.

Oct. 1981

Established ARTNATURE SHIKOKU INC.,
President of ARTNATURE SHIKOKU INC.

Apr. 2000

President of the Company

Aug. 2000

President of ARTNATURE TOKYO INC.

Mar. 2001

President of ARTNATURE CHIBA INC.

Number of theCompany’s
shares owned

President of ARTNATURE KOTO INC.
Yoshikata Igarashi(August 1, 1941)<Reelection>
1

Sept. 2002

Chairman of EUROTECH HAIR SYSTEMS,
INC. (currently ARTNATURE
PHILIPPINES INC.)

Feb. 2004

Chairman of BICOL HAIR EXPORTCORPORATION

July 2007

Chairman and President of the Company

Aug. 2015

Chairman, President, and Senior Corporate
Officer, General Manager of Publicity
Department of the Company

Apr. 2016

Chairman and President of the Company(present position)

6,177,940[Significant concurrent positions outside the Company]
Chairman of ARTNATURE MANUFACTURING
PHILIPPINES INC.
Chairman of ARTNATURE LANDHOLDINGPHILIPPINES INC.
Director of ARTNATURE (SHANGHAI) INC.
Chairman of ARTNATURE SINGAPORE PTE. LTD.
Chairman of ARTNATURE MALAYSIA SDN. BHD.
Chairman of ARTNATURE (THAILAND) CO., LTD.
Chairman of ARTNATURE BANGLADESH LTD.
Reasons for nomination as candidate for Director
Yoshikata Igarashi is extremely knowledgeable about the Company’s operations, having become familiar witha variety of its divisions over his many years with the Company since its foundation. He has also displayedstrong leadership in his management role at the Company owing to his extensive experience as an executive
and wide-ranging knowledge of the hair solutions industry. We have therefore nominated him forreappointment as a Director.

-5-

No.

Name
(Date of birth)

Hisakazu Moriyasu(November 15, 1958)
2

Career summary, position and responsibilities in the Company(Significant concurrent positions outside the Company)
May 1991

Joined ARTNATURE KANSAI INC.

Apr. 2005

General Manager of Store Marketing
Department of the Company

Apr. 2008

Corporate Officer, Deputy Executive General
Manager of Marketing Headquarters of theCompany

Apr. 2009

Senior Corporate Officer, Executive General
Manager of Marketing Headquarters of theCompany

June 2009

Director and Senior Corporate Officer,
Executive General Manager of Marketing
Headquarters of the Company

Apr. 2011

Director and Senior Corporate Officer,
Executive General Manager of Men’sMarketing Headquarters of the Company

Apr. 2012Managing Director and Senior Corporate
Officer, Executive General Manager of
Men’s Marketing Headquarters andExecutive General Manager of Ladies’
Marketing Headquarters of the Company

Aug. 2015

Managing Director and Senior Corporate
Officer, Executive General Manager ofMarketing Headquarters of the Company

Aug. 2017

Senior Managing Director and SeniorCorporate Officer, Executive General
Manager of Marketing Headquarters of theCompany<Reelection>

Feb. 2024

Number of theCompany’s
shares owned

127,000

Senior Managing Director and SeniorCorporate Officer, Executive General
Manager of Men’s Marketing
Headquarters of theCompany (present
position)[Significant concurrent positions outside the Company]
Director of ART MIKAWAYA INC.
Reasons for nomination as candidate for Director
Hisakazu Moriyasu has been involved in both Men’s and Ladies’ operations of the Company for many years.
Having served as Executive General Manager of Marketing Headquarters since 2009, he possesses extensive
experience and insight in his management role in the Company’s marketing. We have therefore nominated him
for reappointment as a Director.

-6-

No.

Name
(Date of birth)

Keisuke Igarashi(December 8, 1971)
3

Career summary, position and responsibilities in the Company(Significant concurrent positions outside the Company)
Dec. 1998

Joined ARTNATURE KANSAI INC.

Oct. 2007

General Manager of Publicity Department of
the Company

Apr. 2008

Corporate Officer, General Manager of
Publicity Department of the Company

June 2008

Director, General Manager of Publicity
Department of the Company

May 2009

Director and Senior Corporate Officer,
General Manager of Publicity Department of
the Company

Oct. 2010

Director and Senior Corporate Officer,
General Manager of Publicity Department
and General Manager of Channel
Development Section of the Company

Apr. 2012Managing Director of the Company

Apr. 2013

Managing Director and Senior Corporate
Officer, General Manager of Publicity
Department of the Company

Aug. 2015

Managing Director of the Company (present
position)<Reelection>

Number of theCompany’s
shares owned

989,200[Significant concurrent positions outside the Company]
President of AI CORPORATION Ltd.
Reasons for nomination as candidate for Director
Keisuke Igarashi has extensive experience with and insight into the Company’s operations, having served as
General Manager of the Publicity Department, an important strategic division of the Company, since 2007 andbeing responsible for regional consolidation as part of his role in charge of Marketing Headquarters since 2015.
We have therefore nominated him for reappointment as a Director.

-7-

No.

Name
(Date of birth)

Isao Naito(July 28, 1959)

Career summary, position and responsibilities in the Company(Significant concurrent positions outside the Company)
Apr. 1982

Joined Fuji Bank, Limited (currently Mizuho
Bank, Ltd.).

May 2006

General Manager of Atsugi Branch ofMizuho Bank, Ltd.

May 2009

Joined the Company, Senior Manager ofCorporate Planning Department of theCompany Corporate Officer, General
Manager of Corporate Planning Departmentof the Company

Apr. 2012

Senior Corporate Officer, Executive General
Manager of Administration Headquarters andGeneral Manager of Corporate Planning
Department of the Company

June 2012

Director and Senior Corporate Officer,
Executive General Manager of
Administration Headquarters and General
Manager of Corporate Planning Departmentof the Company

Apr. 2013

Director and Senior Corporate Officer,
Executive General Manager of Business
Administration Headquarters and General
Manager of Corporate Planning Departmentof the Company

Jan. 2014

Director and Senior Corporate Officer,
Executive General Manager of Business
Administration Headquarters, General
Manager of Corporate Planning Department,
and General Manager of Personnel
Department of the Company

Apr. 2016

Managing Director and Senior Corporate
Officer, and General Manager of Personnel
Department of the Company

Aug. 2016

Managing Director of the Company (present
position)<Reelection>
4

Number of theCompany’s
shares owned

100,000[Significant concurrent positions outside the Company]
Director of NAO-ART Corp.
Reasons for nomination as candidate for Director
Isao Naito has extensive experience with and insight into the Company’s operations. He has served as General
Manager of the Corporate Planning Department, the department responsible for the Company’s businessstrategy, since joining the Company in 2009, assumed additional duties as Executive General Manager of
Administration Headquarters in 2012, and took charge of overseas operations in 2016. We have therefore
nominated him for reappointment as a Director.

-8-

No.

Name
(Date of birth)

Career summary, position and responsibilities in the Company(Significant concurrent positions outside the Company)
Nov. 1995
Apr. 2002
Oct. 2003
July 2004
July 2007

Hisayuki Kawazoe(December 24, 1958)<Reelection>
5

Number of theCompany’s
shares owned

Joined ARTNATURE CHUBU INC.
General Manager of Marketing
Administration Department, Marketing
General Headquarters of the Company
General Manager of Murakami ProductCenter of the Company
Deputy Executive General Manager of
Production Headquarters of the Company
Executive General Manager of Production
Headquarters of the Company

Apr. 2008

Senior Corporate Officer, Executive General
Manager of Production Headquarters of theCompany
June 2009
Director and Senior Corporate Officer,
Executive General Manager of Production
Headquarters of the Company (present
position)[Significant concurrent positions outside the Company]
President of ARTNATURE MANUFACTURING
PHILIPPINES INC.

34,000Vice Chairman of ARTNATURE LANDHOLDINGPHILIPPINES INC.
Vice Chairman of ARTNATURE BANGLADESH LTD.
Reasons for nomination as candidate for Director
Hisayuki Kawazoe has extensive experience with and insight into the Company’s operations. He possesses
detailed knowledge of global production networks as President of the Company’s manufacturing subsidiary in
the Philippines, an important base for the Group’s production strategy, while serving as Executive General
Manager of Production Headquarters since 2007. We have therefore nominated him for reappointment as a
Director.

-9-

No.

Name
(Date of birth)

Career summary, position and responsibilities in the Company(Significant concurrent positions outside the Company)
Nov. 1994
Apr. 2008
Apr. 2010

Apr. 2017

Sayuri Shigematsu(March 11, 1964)

June 2018<New candidate>
6

Apr. 2023

Joined ARTNATURE INC.
General Manager of Ladies’ Planning
Department of the Company
Corporate Officer, Deputy Executive
General Manager of JO Marketing
Headquarters and General Manager of
JO Planning Department of theCompany
Corporate Officer, Deputy Executive
General Manager of Jullia Olger
Marketing Headquarters and General
Manager of Jullia Olger Planning
Department of the Company
Corporate Officer, Deputy Executive
General Manager of Marketing
Headquarters and General Manager ofJullia Olger Marketing Department of theCompany

Number of theCompany’s
shares owned

17,800Senior Corporate Officer, Deputy Executive
General Manager of Marketing
Headquarters of the Company

Feb. 2024

Senior Corporate Officer, Executive
General Manager of Ladies’ Marketing
Headquarters of the Company (present
position)[Significant concurrent positions outside the Company]
Director of NAO-ART Corp.
Director of ART MIKAWAYA INC.
Director of ARTNATURE (SHANGHAI) INC.
Reasons for nomination as candidate for Director
Sayuri Shigematsu served as Deputy Executive General Manager of the ready-made ladies’ product division
since 2010, Deputy Executive General Manager of Marketing Headquarters since 2018, and Executive
General Manager of Ladies’ Marketing Headquarters since 2024. Having been involved with the development
and marketing of ladies’ products for many years, she has extensive experience with and insight into theCompany’s operations. We have therefore nominated her for appointment as a Director.

- 10 -

No.

Name(Date of birth)

Career summary, position and responsibilities in the Company(Significant concurrent positions outside the Company)

Number of theCompany’s
shares owned

Sep. 1985
Apr. 1991

7

8

Joined National Australia Bank Limited
Joined Lorecos K.K. (currently Nihon L'Oréal
K.K.)
Maya Nakayama
Oct. 1993
Wella Japan Co., Ltd. (currently HFC Prestige(September 2, 1960)
Japan Godo Kaisha)
July 1998
Estée Lauder K.K. (currently ELC Japan<Reelection>
–
K.K.)
Sep.
2008
Director
of
ELC
Japan
K.K.
<Outside Director>
Sep. 2010
Managing Director of ELC Japan K.K.
Apr. 2022
Part-time lecturer of Keio University Graduate<Independent Officer>
School of Business Administration (present
position)
June 2022
Director of the Company (present position)
Reasons for nomination as candidate for Outside Director and expected roles
Maya Nakayama was engaged in the management of international companies and gained a wealth ofexperience and a high level of knowledge and insight as a management expert. The Company has nominatedher for reappointment as an Outside Director because we expect that she will contribute to the Company’s
management with such expertise, and that her oversight of business execution by Corporate Officers andothers from an independent perspective will strengthen the Board’s supervisory function.
Apr. 1995
Registered as Lawyer
Takafumi Kiyonaga
Apr. 1995
Joined Yada Law Office (currently Nozomi(October 19, 1967)
Sogo Attorneys at Law) (present position)
Feb. 2017
Auditor of KACHI SYSTEM PRODUCTS<Reelection>(present position)–
June 2022
Director of the Company (present position)<Outside Director>[Significant concurrent positions outside the Company]
Auditor of KACHI SYSTEM PRODUCTS<Independent Officer>
Reasons for nomination as candidate for Outside Director and expected roles
The Company has nominated Takafumi Kiyonaga for reappointment as an Outside Director because we expectthat he will contribute to the Company’s management with his expert knowledge and wealth of practicalexperience built up over many years as a lawyer, and that his oversight of business execution by Corporate
Officers and others from an independent perspective will strengthen the Board’s supervisory function.

- 11 -

No.

Name(Date of birth)
Yukiko Matsuoka(July 7, 1968)<Reelection><Outside Director>

9Notes:<Independent Officer>

Career summary, position and responsibilities in the Company(Significant concurrent positions outside the Company)
Joined CHUO Shinko Audit Corporation
Registered as Certified Public Accountant
Joined Sakai Tax Accounting Office
Established Yukiko Matsuoka Certified
Public Accountant Office (present position)
Mar. 2019
President of Palisade Co., Ltd. (present
position)
June 2022
Director of the Company (present position)[Significant concurrent positions outside the Company]
President of Palisade Co., Ltd.

Number of theCompany’s
shares owned

Apr. 1991
Aug. 2001
Oct. 2013
Jan. 2017–

Reasons for nomination as candidate for Outside Director and expected roles
The Company has nominated Yukiko Matsuoka for reappointment as an Outside Director because we expectthat she will contribute to the Company’s management with her expert knowledge and wealth of practicalexperience built up over many years as a certified public accountant, and that her oversight of businessexecution by Corporate Officers and others from an independent perspective will strengthen the Board’s
supervisory function.
1. There is no special interest between the candidates for Directors and the Company.
2. Keisuke Igarashi is the President of AI CORPORATION Ltd., but there is no business relationship between AI
CORPORATION Ltd. and the Company.
3. Maya Nakayama, Takafumi Kiyonaga, and Yukiko Matsuoka are candidates for Outside Directors.
4. Maya Nakayama, Takafumi Kiyonaga, and Yukiko Matsuoka currently serve as Outside Directors of the Company.
At the conclusion of this meeting, their terms as Outside Directors will have been two (2) years.
5. The Company has entered into limited liability agreements with Maya Nakayama, Takafumi Kiyonaga, and Yukiko
Matsuoka that limit the liability for damages to the minimum liability amount stipulated by laws and regulations. If
their reelection is approved in the general meeting of shareholders, the Company plans to continue these agreementswith them.
6. The Company has notified the Tokyo Stock Exchange that Maya Nakayama, Takafumi Kiyonaga, and Yukiko
Matsuoka are Independent Officers in line with the regulations of the said Exchange. If their reelection is approved,
the Company plans to reappoint them as Independent Officers.
7. The Company has entered into a directors and officers liability insurance contract stipulated in Article 430-3,
Paragraph 1 of the Companies Act with an insurance company to insure all Directors of the Company. The
insurance premium is fully paid by the Company. The insurance contract covers damages and litigation expenses
in the event that a claim for damages is made against the insured during the insurance period as a result of executionof their duties as Directors. If the candidates assume the office of Director, they will be included as the insured
under the said insurance contract. The Company plans to renew the insurance contract during their term of office.

- 12 -

Skill matrix of the candidates for Director
Corporate
management/
Strategy

NameFinance/
Accounting

Legal affairs/
Compliance/
Riskmanagement

Internationality/Globalbusiness

Sales/
MarketingTechnology/
Research anddevelopment

Industryknowledge/
experience○○

Yoshikata Igarashi○

Hisakazu Moriyasu

○

○

○

Keisuke Igarashi

○

○

○

Isao Naito

○

○

○
○

Hisayuki Kawazoe○

Sayuri Shigematsu○

Maya Nakayama

○

○

○

○

○

○

Takafumi Kiyonaga○

Yukiko Matsuoka
Notes:○

1. Up to three skills are marked for each candidate for Director.
2. The list above does not represent all the skills that the candidates possess.

Criteria to determine whether candidates have the skills
SkillsRequired expertise and experience

Corporate management/Strategy

Knowledge, insight, capabilities, and rich experience in corporate management
and corporate planning

Finance/Accounting

Knowledge, insight, capabilities, and rich experience in finance and accounting

Legal affairs/Compliance/Risk management

Knowledge, insight, capabilities, and rich experience in legal affairs,
compliance, and risk management

Internationality/Global businessKnowledge, insight, capabilities, and rich experience in international business

Sales/Marketing

Knowledge, insight, capabilities, and rich experience in sales, marketing,advertising, and promotion

Technology/Research and development

Knowledge, insight, capabilities, and rich experience in manufacturing
technology, research and development, and product management

Industry knowledge/experience

At least five years of industry experience- 13 -