Business Plan and Growth Potential
Explanatory Material
Premier Anti-Aging Co., Ltd.
Tokyo Stock Exchange Growth 4934
October 30, 2023

01

Corporate Overview

02

Market Environment

03

Characteristics and Strengths

04

FY2023 Results and FY2024 Forecast

05

Growth Strategy

06

Risk Information

07

Appendix© 2023 Premier Anti-Aging Co., Ltd.

2

01 Corporate Overview© 2023 Premier Anti-Aging Co., Ltd.

3

01 Corporate Overview

Company Profile
Name

Premier Anti-Aging Co., Ltd.

Established

December 2009

Head office

Toranomon Hills Mori Tower 8F, 1-23-1 Toranomon, Minato-ku, Tokyo

Board
members

Kiyoshi Matsuura, President
Yoichiro Ito, Director and Managing Executive Officer, CFO
Takuyuki Fukumoto, Independent Outside Director
Sakiko Sakai, Independent Outside Director
Motoyasu Ishihara, Independent Audit and Supervisory Board Member
Akira Ide, Independent Audit and Supervisory Board Member
Yosuke Kondo, Independent Audit and Supervisory Board Member
Takahiro Toya, Executive Officer
Keigo Uemura, Executive Officer
Kiyoshi Iwakawa, Executive Officer
Yuka Uehara, Executive Officer

Consolidated
number of
employees

252 (as of July 31, 2023)

Line ofbusiness

Planning, development, import/export, mail-order/EC, wholesale
and retail business of cosmetics and health food products

Group
companies

Premier Wellness Science Co., Ltd.
Premier Anti-Aging (Shanghai) Co., Ltd.
Venex Co., Ltd.
© 2023 Premier Anti-Aging Co., Ltd.

4

01 Corporate Overview

Establishment of the New Corporate Identity (CI)✓ In formulating our medium-term management plan, we redefine our slogan, purpose, and promise
SloganPurposeLogo

Promises© 2023 Premier Anti-Aging Co., Ltd.

5

01 Corporate Overview

Corporate History© 2023 Premier Anti-Aging Co., Ltd.

6

01 Corporate Overview

Business Model
Business model
Fabless Manufacturing- We have built a nationwide network of OEM
manufacturers and select the optimal OEM
production system for each product.
- We specialize in core operations such as
product development and marketing, while
outsourcing logistics, manufacturing, and mostcall center operations.
Strengths- Established a business model based onsubscription sales model, product planningand marketing capabilities.
Management capital

A business model that fully utilizes
management capital such as financial capital,
brand capital, human capital, social andrelationship capital, etc.
Materiality issues in sustainability
Five materiality issues selected from theperspectives of “pursuing wealth brought
about by anti-aging” and “corporate
foundations that support growth” support
growth.

© 2023 Premier Anti-Aging Co., Ltd.

7

01 Corporate Overview

Key Brands and Sales Composition Ratio✓ Skin care brands “DUO” and “CANADEL” and hair care brand “clayence” drove sales

SKIN CARESKIN CARE✓ Main brand since our founding.
Has driven sales for ourcompany as a pioneer in thecleansing balm market.
✓ Launched February 2010.

Sales composition
ratio*265％✓ Offering 30 SKUs*1✓ Being nurtured as the second
key brand after DUO.
Addresses needs ofcontemporary womenby saving time.
✓ Launched April 2019.
✓ Offering 7 SKUs*1

Sales composition
ratio*2

21％

HAIR CARE✓ Applying brand nurturing know-how gained throughDUO and CANADEL.
✓ Home hair care brand that
Sales composition
focuses on young generation
ratio*2with graying hair.
✓ Launched March 2022.
✓ Offering 12 SKUs*1

9％*1: SKU refers to the number of regular products as of July 31, 2023, excluding limited editions and different sizes *2: Calculated based on FY2023 net sales.

© 2023 Premier Anti-Aging Co., Ltd.

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01 Corporate Overview

Net sales by channel✓ Our mainstay mail order/EC sales, which we have been engaged in since our founding, account for 69.3% of sales in FY2023✓ Wholesale sales, which are responsible for sales to retail stores such as variety shops, account for 21.4% of sales. Number of delivery storesexpanded to approximately 18,000 stores(Millions of yen)
12,000Net sales by channel
Mail order/EC
Wholesale

Others (including overseas subsidiary)

10,000

8,000

35%
25%
18%
27%

16%

33%
28%

6,000

26%

32%

17%

18%

4,000

17%

25%

23%
16%

22%

21%

2,000

13%

76%

13%
82%

76%

4Q

1Q

81%

75%

2Q

3Q

62%

78%

78%
68%

64%

68%

67%

77%
65%

67%

3Q

4Q

76%

85%

85%

1Q

2Q

Mail order/EC

70%
71%

Wholesale

21%

0
3Q

FY2019FY2020

4Q

1Q

2Q

3Q

FY2021

4Q

1Q

2Q

3Q

FY20224Q

1Q

2Q

FY2023© 2023 Premier Anti-Aging Co., Ltd.

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01 Corporate Overview

Characteristics of Main Sales Channels✓ Mail order sales are characterized by high unit sales per sales, while wholesale sales are characterized by quick turnaround

Mail order sales

Wholesales sales

Accumulated profit＋

Accumulated profit

Mail order sales =Value of end-userpurchase amount＋Wholesale sales =Amount sold to wholesalers＋＋

Recovery period0

New customer
acquisition costs

Period0－＋PeriodAcquisition period andrecovery period0－－High unit price of sales
due to no intermediary margin

Profits are generated from thestart of the transaction© 2023 Premier Anti-Aging Co., Ltd.

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01 Corporate Overview

Total Number of Mail-order/EC Customers✓ The number of members supporting the subscription sales model has steadily increased, with the total number of members
exceeding 3.8 million
Total number of mail order/EC customers(People)4,500,000

4,000,000

3,500,000

3,000,000

2,500,000

2,000,000

1,500,000

1,000,000

500,000

0
1Q

2Q

3Q
FY2020

4Q

1Q

2Q
3Q
FY2021

4Q

1Q

2Q

3Q
FY2022

4Q

1Q

2Q

3Q
FY20234Q© 2023 Premier Anti-Aging Co., Ltd.

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01 Corporate Overview

Number of cross-selling customers✓ Active CX promotions underly ongoing rise in cross-selling ratio

Number of customers who subscribe to two or more products and the relevant ratio
Number of customers who subscribe to two or more products
Ratio of customers who subscribe to two or more products

14.2%

9.7%

100,000 people

1Q

2Q

3Q

FY2020

4Q

1Q

2Q

3Q
FY2021

4Q

1Q

2Q

3Q
FY2022

4Q

1Q

2Q

3Q

4Q

FY2023

Note: The number of customers who subscribe to two or more products refers to customers who are purchasing two or more product categories (e.g., balms and serums) on a regular basis.

© 2023 Premier Anti-Aging Co., Ltd.

12

01 Corporate Overview

Advertising supporting marketing✓ Promoting acquisition of new customers using performance-based digital marketing✓ Efficient execution of advertising through media mix effects combined with mass marketing✓ Advertising expenses decreased in FY2023 as we prioritized eliminating financial concerns and reducing
customer acquisition costs
Advertising expense ratio to sales(Millions of yen)

YoY
(22.1)%

33,911

26,400Advertising expenses/net sales

38.1％ ➡
YoY
(33.4)%

12,9208,598

Others
TVCM

Others

広告宣伝費
Ad
expenses

FY2022(-5.5 pts)

Customer acquisition costs/net sales

23.4％ ➡

18.9％(-4.5 pts)

TVCM

CAC

売上高
Net
sales

32.6％

CAC

売上高
Net
sales

広告宣伝費
Ad
expenses

FY2023© 2023 Premier Anti-Aging Co., Ltd.

13

01 Corporate Overview

Performance Trends✓ Aggressive investment of capital acquired through DUO's growth to expand business scale at an early stage
Net Sales
40,000Operating profit margin (%)

IPO(Oct. 2021)

Plan

Past management theme
16.0%

14.0%
35,00012.0%
30,00010.0%
25,0008.0%

20,000

6.0%

1. Continued growth of DUO brandand cultivation of new brands
2. Sales growth through expansion of Channel(wholesale and overseas)

4.0%
15,0002.0%
10,000
0.0%
5,000
-2.0%

0

3. Expansion of SKU lineups for each brand to meet
diverse needs
4. Establish an organizational foundation that canwithstand rapid expansion-4.0%

FY2020

FY2021

FY2022

FY2023

FY2024© 2023 Premier Anti-Aging Co., Ltd.

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02 Market Environment© 2023 Premier Anti-Aging Co., Ltd.

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02 Market Environment

Market Size of the Domestic Cosmetics Market✓The domestic cleansing market, which includes balms, totaled 137.6 billion yen in 2022

H/B foods
market(functional
foods) 1,065.1
billion yen*Supplements

Cosmetics
MakeupSkin Care
Face wash
Powder

MakeupCleansing
Balm

Foam
Solid soap

Skin care market
1,307.7 billion yen

Toner
Cleansing market
137.6 billion yen

Moisturizer

Hair care

Face wash market
126.0 billion yen

All-in-one

Shampoo

Cosmetics market
2,931.0 billion yen(of which the
men’s market is159.3 billion yen)

Conditioner

Moisturizing

Booster

Scalp care

Whitening

Whitening

Color treatment

UV whitening
Emulsion

Moisturizing
Essence

All-in-one market
135.6 billion yen

Hair care/hair makeup
market 662.0
billion yen
Note: Gray circles indicate the markets, and red boxes represents our products.
Source: "Cosmetics Marketing Handbook 2023 No. 1", "Cosmetics Marketing Handbook 2023 No. 3", "H/B Foods Marketing Handbook 2023 <Overview>" by Fuji Keizai*H/B foods markets are estimates for 2022

© 2023 Premier Anti-Aging Co., Ltd.

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02 Market Environment

Domestic Market Size for Cosmetics and Skin Care
✓ Domestic cosmetics market, which continued to grow moderately through 2019, declined significantly with COVID-19✓ Moderate recovery continues in 2023 due to the reduction of COVID-19 to a Category 5 infectious disease
Trends in the domestic market size for cosmetics and skin care
Skin care
Cosmetics market excluding skin care(100 million yen)

COVID-19
Outbreak

35,00030,00025,000Cosmetics market
excluding skin care
CAGR 1.41%

20,000(2015-2023)
15,00010,000Skin care market
CAGR 0.88%

5,000(2015-2023)
0
2015

2016

2017

2018

Source: “Cosmetics Marketing Handbook 2023 No. 3” by Fuji Keizai

2019

2020

2021

2022

2023

2024

2025

(Estimate)(Forecast)(Forecast)© 2023 Premier Anti-Aging Co., Ltd.

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02 Market Environment

Domestic Market Size for Cleansing✓ Domestic cleansing market plummeted due to disappearance of inbound demand caused by COVID-19✓ The market expanded again in 2021 as the positioning of cleansing products changes from makeup remover to skin careproducts
Trends in the domestic market size for cleansing(100 million yen)
COVID-19
Outbreak

1,600

1,400

1,200

1,000

800

600

120.7 billion yen→147.5 billion yen
22％UP（2014-2019）

128.2 billion yen →140.2 billion yen
9%UP（2020-2023）

400

200

0
2014
2015
2016
2017
Source: “Cosmetics Marketing Handbook 2023 No. 1” by Fuji Keizai

2018

2019

2020

2021

2022

2023
(Estimate)2024(Forecast)

2025(Forecast)© 2023 Premier Anti-Aging Co., Ltd.

18

02 Market Environment

Domestic Market Size for All-in-one Cosmetics✓ A product that promotes the ability to complete skin care after washing face with just one item

✓ Market is expanding slowly
Trends in the domestic market size for all-in-one cosmetics（100 million yen）

1,400

1,380

1,360

1,340

1,320

131.2 →138.0 billion yen
5%UP（2020-2023）
1,300

1,280

1,260
2020
Source: “Cosmetics Marketing Handbook 2023 No. 1” by Fuji Keizai

2021

2022

2023
（Estimate）© 2023 Premier Anti-Aging Co., Ltd.

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02 Market Environment

Domestic Market Size for Hair Color and Female Scalp Care
✓ The hair color market remains strong from 2022 onwards, with the entry of highly convenient color treatments for gray hair
✓ The female scalp care market has expanded rapidly since the COVID-19 outbreak due to increased time at home andheightened awareness of scalp care
Trends in the domestic market size for hair color

Trend in the domestic market size for female scalp care（100 million yen）

（100 million yen）

2,000

700

1,800
600
1,600
500

1,400
1,200

400
1,000
300

800

148.2→166.1 billion yen
12％UP（2020-2023）

600

200

32.0→56.2 billion yen
76％UP（2020-2023）

400

100
200
0
2014

2015

2016

2017

2018

2019

2020

Source: “Cosmetics Marketing Handbook 2023 No. 2” by Fuji Keizai

2021

2022

2023

2024

2025

（Forecast）（Estimate）（Forecast）

0
2014
2015
2016
2017
2018
2019
2020
Source: “Cosmetics Marketing Handbook 2023 No. 2” by Fuji Keizai

2021

2022
2023
2024
2025
（Forecast）（Estimate）（Forecast）© 2023 Premier Anti-Aging Co., Ltd.

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02 Market Environment

Domestic Market Size for Functional Food and Recovery Wear
✓ The functional food market has been performing well due to increasing demand for health since the COVID-19 outbreak✓ The recovery market is expected to grow approximately 3.6 times from 2019, and the rest solution (clothing) is expected to
grow approximately 6.5 times
Trends in the domestic market size for functional foodDomestic market size for recovery wear

（100 million yen）

12,000Total recovery market

10,0003.9 ⇒ 14.1trillion yen

8,000（2019）（2030）

6,000

Recovery market (clothing)

4,000

1.0075→1.0882 trillion yen
8％UP（2020-2023）

86.7 ⇒ 564.2billion yen

2,000

0
2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

（Forecast）（Estimate）
Source: “H/B Foods Marketing Handbook 2023 <Overview>" by Fuji Keizai*Rest Week Promotion Secretariat: "In collaboration with the Kanagawa Prefecture Meibyou Industry ResearchGroup, we estimate the market size of the three elements of health, ``recovery,'' for the first time in Japan.
The recovery market in 2030 will be worth 14.1 trillion yen."© 2023 Premier Anti-Aging Co., Ltd.

21

02 Market Environment

Brand Share for Cleansing (Balm type) and All-in-one Cosmetics✓ Established a competitive position with cleansing (balm type) by DUO and all-in-one by CANADEL
All-in-one

Cleansing (Balm type)
Premier Anti-

A

70.5%

Aging

16.7%

A

4.7%

B

B

3.8%

C

5.3%

C

3.3%

D

5.2%

D

2.2%

E

E

2.1%

F

1.7%

F

G

1.2%

G

2.3%

H

1.1%

H

2.3%

I

1.0%

I

2.2%

Source: “Cosmetics Marketing Handbook 2023 No. 1” Cleansing <Balm: Brand Share> 2022 by Fuji Keizai

7.6%

4.5%

Prmier Anti-

4.3%

Aging

3.5%

Source: “Cosmetics Marketing Handbook 2023 No. 1” Moisture <All-in-one: Brand Share> 2022 by Fuji Keizai© 2023 Premier Anti-Aging Co., Ltd.

22

03 Characteristics and Strengths© 2023 Premier Anti-Aging Co., Ltd.

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03 Characteristics and Strengths

Management Assets
In the process of growth, we have built some assets that will serve as the foundation of our business going forward

Our Management Assets
1. Brand Portfolio
DUO , CANADEL and clayence leading the way, we’ve launched numerous new brands
Sales from brands other than DUO represent about 35%

2. Diverse Channels Centered on Wholesale
Achieved a multi-faceted channel combining both online sales and wholesale
Successfully created a model seamlessly linking brands originated online to their next
growth stage in wholesale

3. Membership Assets
A foundation supporting our sustainable growth. We are grateful to our over 3.8 million
members, enabling continuous dialogue with highly responsive customers for new productdevelopment and improvements to existing products

4. Platform Evolution (Entry into New Area & Cross-branding)Acquired the recovery wear brand Venex
Launched new inner-care brands SINTO and X
Continued growth in cross-utilization between brands© 2023 Premier Anti-Aging Co., Ltd.

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03 Characteristics and Strengths

Assets 1. Brand Portfolio
We have proposed various Unique Values and solutions in the field of Anti-Aging

Skin Care

Skin Care

Recovery
Wear

Inner Care

Hair Care

Inner Care

Men’s
Skin Care

Skin Care© 2023 Premier Anti-Aging Co., Ltd.

25

03 Characteristics and Strengths

Assets 2. Channel / 3. Membership / 4. Platform
Steadily built up each asset as a foundation for growthDiverse Channels
Centered on wholesale

Membership Assets

Platform Evolution

Expanding channels as a mechanism toMemberships for each brand haveContinued growth of cross-use among

create brands and grow into major

accumulated and grown into a large

brands and categories. Entry into new

players through mail order.

membership base for the Company as abusiness areas.

whole.

Ratio of cross-selling customers

Ratio of non-mail order sales to total
sales

2019

19
%

+37%

2023

2019

26

1.4

%

million

6.3
2023

2.7x

2023

2019

Number of membership3.8
million

14.2

+125%

%

%

New business areas total sales

2023

2019

0yen

400

New

million yen+© 2023 Premier Anti-Aging Co., Ltd.

26

03 Characteristics and Strengths

Structural Reforms
Progress in addressing issues from FY2023 to FY2024
Issues

Initiatives

1. Emphasis on sales expansion measures,
assuming the continuation of rapid growth.

•

2. Brakes on the traditional growth model
centered on new acquisitions due to theintensifying market competition for DUO.

••

Reinforce DUO brandRebalanced new acquisitions and increased
investment in continuing customers

3. Organizational communication loss
resulting from rapid expansion.

•

Improve information distribution within theorganization combined with evaluation
Organizational culture penetration project

4. Insufficient penetration of core values andthe mid-to-long term vision within theorganization.

•
•

•

•

Developing KPIs other than sales, such as investment
discipline
Reduce Financial Concerns incurred as a result of past

Establishment of new corporate identity
Establishment of mid-term management plan androlling planning© 2023 Premier Anti-Aging Co., Ltd.

27

04 FY2023 Results and FY2024 Forecast© 2023 Premier Anti-Aging Co., Ltd.

28

04 FY2023 Results and FY2024 Forecast

Review of FY2023 Financial Results✓ Competition in the cleansing market continued to intensify, and there was no halt to the decline in sales of the mainstay DUO. In addition,
we recorded valuation losses on inventory and temporary losses due to merger of a subsidiary in 3Q and 4Q. As a result, the Company’s
forecasts were revised downward twice, and the Company fell into the red for the first time since going public✓ (Reasons for 1Q revision) DUO's sales forecast was revised downward due to intensifying competition in the cleansing market, and
CANADEL and clayence's sales will also be lower than initial plans due to restraint in advertising investment in consideration of the online
advertising environment. Although gross profit will decrease significantly due to the decline in sales, we will carry out company-wide costreforms by strategically managing advertising expenses and reviewing the cost structure such as logistics costs✓ (Reasons for 3Q revision) DUO's new acquisition measures did not have the expected effect and remained low, and clayence's newacquisitions also slumped. In addition to a decline in gross profit due to the decline in sales, we recorded valuation losses on retained
inventory of some products in order to maintain a strong financial position and solidify the foundation for future growth✓ Compared to the revised plan announced in 3Q, both sales and profits were almost as planned(Millions of yen)

FY2022
ActualFY2023
Initial Plan

FY2023 1Q
Revised Plan

FY2023 3Q
Revised Plan

FY2023
ActualIncrease/
Decrease vsFY2022

Percentage
ChangeNet sales

33,91137,00030,00026,50026,400(7,511)(22.1%)

Operating profit/loss

2,414

3,000

1,500

(720)

(611)

(3,026)-

Ordinary profit/loss

2,572

2,985

1,520

(710)

(631)

(3,203)-

Profit/loss attributable toowners of parent

1,424

1,820

820

(720)

(733)

(2,158)-© 2023 Premier Anti-Aging Co., Ltd.

29

04 FY2023 Results and FY2024 Forecast

FY2023 Results (operating profit change factors) and FY2024 Forecast✓ Finish addressing financial and organizational concerns by FY2024, advance company-wide reforms, and prepare a starting point for re-growth

Analysis of FY2023 Operating profit/loss fluctuation factors
Measures for financial
soundness• Valuation loss due toinventory optimization• Alleviating financial
concerns (including
reviewing some new
businesses)• Merger of PWS, etc.

Increase

2Q

3Q

Decrease

Return to profitability in FY2024(Millions of Yen)

Profit/loss

4Q

Net sales 26 billion yen
Operating profit margin 0.4%
• Maintain sales atcurrent level• Promote structuralreforms and invest for2025 and beyond• Address financial andorganizational
concerns by FY2024© 2023 Premier Anti-Aging Co., Ltd.

30

04 FY2023 Results and FY2024 Forecast

Balance Sheet✓ Significantly reduced inventory and improved financial position. Equity ratio maintained above 60%(Millions of yen)

FY2022

FY2023

Increase/(decrease)12,30012,135(165)(1.3%)

ＬCurrent assets

11,516

9,229(2,287)(19.9%)L Inventories

4,361

1,909

(2,451)(56.2%)

783

2,905

2,121

270.8%

3,952

4,525

573

14.5%

3,220

3,016

(204)

(6.3%)

731

1,509

777

106.2%

Total net assets

8,348

7,609

(738)

(8.8%)

Total liabilities andnet assets

12,30012,135(165)(1.3%)

Equity ratio（％）

67.9％

62.7%

－

(5.2pts)

Total assets

ＬNon-current assets

Total liabilities
ＬCurrent liabilities
ＬNon-current liabilities

Percentagechange* Inventories = Finished goods + Raw materials and supplies© 2023 Premier Anti-Aging Co., Ltd.

31

04 FY2023 Results and FY2024 Forecast

Review of FY2023 Brand Strategy✓ Sales of CANADEL and clayence increased, but sales of DUO decreased due to intensified competition✓ Newly entered the inner care business and recovery business
DUO✓ Achieved No. 1 in cleansing sales*¹ for 4 consecutive years✓ Some success as we sought new customer acquisition throughMermaid Balm, produced in collaboration with Disney, and tomeet inbound tourism demand with Matcha (green tea) Balm
✓ Strengthen measures around beauticians and influencers.

CANADEL✓ Gained customer support for the redeveloped quasi-drug
product “Premier Lift” released to mail order/EC channels in 4Q✓ Complete lineup with three quasi-drug products, “PremierBarrier Fix”, “Premier White” and “Premier Lift” to deal withcustomer concerns from all directions

Initiate a communication shift for a better understanding ofproduct value
clayence✓ Expanded to retail and distributed to 8,000 stores. Achieved
No. 1 spot in sales of coloring treatments*² within one year oflaunch. Sales exceed 2 billion yen✓ Began test marketing of “Clay Spa Quick Color”, a foaming

New brands✓ Launched "X" and "SINTO" brands from newly entered innercare business✓ Venex, the recovery business acquired through acquisition,
posted its highest earnings since founding

grey hair color treatment (quasi-drug product ) and a scalp

care series✓ Develop as a comprehensive hair care brand＊¹TPC Marketing Research Corp. survey into market share ranking by cleansing brand (Target period: April 2019-March 2023/
Survey period: June 2023)＊² “Survey on hair color treatment” (sales by brand) TPC Marketing Research Corp. (target period: July to December 2022)© 2023 Premier Anti-Aging Co., Ltd.

32

04 FY2023 Results and FY2024 Forecast✓ Sales Trends of DUO and CANADEL✓ Shift from balms to oil-based products continues, as does outflow to low-price products, causing a downward trend in sales of DUO✓ Sales of CANADEL lower than forecast due to tighter competition in the “all-in-one” market but higher than last year
Quarterly net sales of DUO

Quarterly net sales of CANADEL(Millions of yen)

(Millions of yen)
Mail order / EC

Wholesale

Mail order / EC

Other

Wholesale

Other

4Q

2Q

2,000

10,000

1,800

9,000

1,600

8,000

1,400

7,000
6,000

1,200

5,000

1,000

4,000

800

3,000

600

2,000

400

1,000

200

0
1Q

2Q

3Q

FY2021

4Q

1Q

2Q

3Q

FY2022

4Q

1Q

2Q

3Q

FY2023

4Q

0
1Q

2Q

FY2021

3Q

1Q

3Q

FY2022

4Q

1Q

2Q

3Q

4Q

FY2023© 2023 Premier Anti-Aging Co., Ltd.

33

05 Growth Strategy© 2023 Premier Anti-Aging Co., Ltd.

34

05 Growth Strategy

Overview of Medium-term Management Plan
✓ After undergoing structural reforms, we'll advance our growth strategies to return to a sustained growth2024-2027+BeyondReturn tosustained growth
Reducing Financial
Concerns
Structural reforms

2027

40 Billion yen
OPM 10 %+Equity ratio 50%+
ROE 12-15%

2024
26 Billion yen
Return to
profitability

Phase1

FY2024Mid-to-long term
VisionProgress to
Anti-Aging Company
100 Billion yen*

SloganPurposeCreate original products andservices of unique valuethat untether people from theirage and brighten their lives.

Phase2

FY2025

FY2026FY2027*This financial KPI serves as a guiding principle for our company’s mid-to-long term management objectives and does not represent a specific plan.

© 2023 Premier Anti-Aging Co., Ltd.

35

05 Growth Strategy

Four-Year Business Plan Overview
Finish structural reforms in FY2024. Return to sustained growth in the latter 3 years
Consolidated
operating profit margin

Consolidated net sales
Exceed 40 billion yen
Aim for record-high sales
40
billionyen

At the same time,
operating profit margin of at least 10%
FY2027
Sales: 40 billion yen+
OP margin: 10%+

Sales
keep

( FY2025-2026 is Image )FY2024FY2025

FY2026FY2027

FY2024( FY2025-2026 is Image )FY2025

2025
|
2026

Through FY2024, we arecommitted to our reform
guidelines, strengthening existing
brands and investing in new
business.

2027

We are meeting our financial KPIs,
establishing a foundation forgroup-wide growth, andprogressing towards becoming an
Anti-Aging company.

10%+

CAGR
15%+

profitability2024

We will continue from FY2023 toreduce financial concerns andadvance structural reforms.
At the same time, we'll focus onrevisiting our strengths and invest
energy into preparations for
returning to sustained growth.

FY2026FY2027© 2023 Premier Anti-Aging Co., Ltd.

36

05 Growth Strategy

Growth Image & Segment Sales✓ Grow our three main brands and build on them to create new growth areas
Four-Year Growth Image

Developing new growth fields in anti-aging through partnership strategies•

New Area•

We're making the most of our businessassets and moving ahead with partnershipstrategies, like JV and M&As, to tap into
new growth fields.
Developing second and third new growthareas such as recoveryware

New Areaapprox. 6 billion yen

New Brands & Venex•

We're grooming brands we see as the next big growthareas.

•

Venex is ramping up its marketing with help from thegroup. As a leader in recovery wear, we are looking for it
to grow beyond our company’s usual growth rate.

New Brands
approx. 5 billion yen

Three Major Brands: Foundation for Our Growth••

DUO is focusing on boosting its top brand in the market,
rolling out high-value new products, and expanding
globally.

CANADEL and clayence are focusing on strengthening
their unique positions and upping their profitability.

Major Brands
approx. 29 billion yen© 2023 Premier Anti-Aging Co., Ltd.

37

05 Growth Strategy

Prerequisite Plans for Sales Growth (1)✓ Steadily increase sales of major brands
Prerequisite plans for sales growthThree Major Brands: Foundation for Our Growth(Reference)
Major Brands
FY2023
approx. 25 billion yen

CAGR
3%+

Major Brands
approx. 29 billion yen

Market Growth [2020 – 2023 (estimate) CAGR]*
Cleansing: 3.0% All-in-one: 1.7% Hair Color: 3.9%
＊ The Company calculation based on data from “Cosmetics Marketing Handbook 2023 No 1 & No 2” by Fuji Keizai✓ Develop new products to drive growth in
the cleansing balm market✓ Overseas expansion✓ Re-strengthen brand value and aim for
growth in line with the market✓ Develop new products that pursue
added functional value beyond the allin-one capability✓ Expand product lineup including haircolor for gray hair and scalp careseries✓ Strengthen CRM and promote crossbrand use✓ Expand more into adjacent markets
like the women's scalp sector✓ Aim for growth above the market✓ Aim for growth above the market© 2023 Premier Anti-Aging Co., Ltd.

38

05 Growth Strategy

Prerequisite Plans for Sales Growth (2)✓ Aiming to build solid sales in new growth areas
Prerequisite plans for sales growth

New Brands & Venex
New Brands & Venex
FY2023
approx. 1.5 billion yen

New Brands & Venex
approx. 5 billion yen✓ Developing brands for growthmarkets such as men's skin care,high-concentration vitamin C,
and inner care

✓ Expand sales as a market
leader and established brand in
the recovery market, which is
expected to grow rapidly✓ Expanding growth through digitaland mass marketing strategies✓ Strengthen group collaboration
through mass and digitalmarketing strategies✓ Aim for growth above the market

New Area

New Area
FY2023New business, etc.

New Areaapprox. 6 billion yen✓ We have entered the new field of hair care with clayence, achieving salesof over 2 billion yen in the first year since its launch, and achieved No. 1
in color treatment sales*. We also have successfully entered the recovery
market through the acquisition of Venex. Leveraging our successful trackrecords, we will expand into new areas with potential for new growth
related to anti-aging through in-house development, M&A, and alliances.
✓ Targeting fields such as medical, wellness tourism, insurance & financial
services, fitness exercise, real estate, beauty personalized care, etc.
＊ “Survey on hair color treatment” (sales by brand) TPC Marketing Research Corp. (target period: July to December 2022)© 2023 Premier Anti-Aging Co., Ltd.

39

05 Growth Strategy

Three Strategies✓ We aim to achieve growth by integrating three strategies

Brand Strategy

Channel Strategy

Principle : Commit to Unique Value

Collaborative Strategy© 2023 Premier Anti-Aging Co., Ltd.

40

05 Growth Strategy

Brand Strategy: DUO / CANADEL✓ Aim to further strengthen brands that embody Unique Value
Skin care
Market in Japan•

Unique
•

Mar
ket

•
•

While there was a decline due to the impact of the novel coronavirus, the demand for makeup has gradually shown signs ofrecovery due to increased inbound demand and more opportunities to go out. However, with the increase in time spent at home anda limited interaction lifestyle, the recovery and growth remain constrained. Given the deflationary impact and the altered lifestylemaking beauty expenditures challenging, there's a pressing need to carve out new markets such as those aimed at men or seniors.

Not just for removing makeup, our product leaves the skinmoisturized and radiant.
We are a pioneering brand in the cleansing balm market.
The cleansing balm market is witnessing intensifiedcompetition as numerous similar products are launched.
Due to aggressive price competition, the overall market size ison a slight decline.

Strategy•

In the all-in-one market primarily for those over 60, we'vemanaged to carve a new niche supported by the 40-50 age
group, owing to our high-quality and stylish branding.

•

The all-in-one market, having moved past its rapid growthphase, continues to grow at a steady rate.
The 'all-in-one' category strongly resonates with the senior
and time-saving comprehensive product segment, though its
functional positioning isn't always clearly defined.

UniqueMar
ket•

Strategy

01

02

03

01

02

03

We aim for areinvigoration ofbrand value, refining
its added value evenfurther.

We're leading thecharge in thedevelopment of new
products to drive
growth in the cleansing
balm market.

We're embarking ona challenge to
become a global
brand, with anemphasis on
overseas expansion.

We continually strive
to bolster our uniqueposition primarily forthe 40-50 age
demographic

We are focusing on
improving our profit
structure andreinforcing brandcross-use.

We are driving thedevelopment of new
products that pursue
added functional
value beyond the allin-one capability.

© 2023 Premier Anti-Aging Co., Ltd.

41

05 Growth Strategy

Brand Strategy: clayence / New Brands / Venex✓ Aiming to discover, create, and nurture brands that embody Unique values
New Brands•

Unique

•

•

Mar
ket

•

A haircare brand that combines the beauty benefits of clay
with science, envisioned as a "Clay Spa" for hair and scalp
aging care.
Developed by hair professionals, it offers easy andbeautiful gray hair coloring and a series for fundamental
scalp care targeting thinning hair.
The market for gray hair color treatments is expected to
grow with the aging trend. Post-COVID, there's a shift
from self-use to salon treatments. Scalp care follows asimilar trend.
Due to its growth with direct sales brands, there's a surge
in entries by direct sales players, intensifying competition
for acquisition ads.

ComingSoon
UniqueWe're launching unique brands for male skincare, high-concentration
Vitamin C, inner care, and other growth markets, targeting Anti-Aging
platforms.

Strat
egy

Following our brand development model, we efficiently nurture brands
by selecting channels based on their growth stage. We aim to expand
into mass advertising and other channels for growth investment.

Group Company• The Pioneer in recovery wear, embraced by top athletes andUniqueStrategy
01

02

03

We're amplifying
our message on theallure of the "clay"
ingredient and its
user experience.

Expanding more
into adjacentmarkets like thewomen's scalp
sector.

Broadening our
product lineup tooffer a phasedexperience forusers and promote
cross-usage.

celebrities.
• Using PHT fibers containing nano-platinum (patented) in all items.
• A high-value-added manufacturer, has earned certification as a
general medical device.

Mar
ket

The recovery market is growing. Major manufacturers and DtoC brands
are entering, but amid fierce competition, we consistently expand as amarket-leading high-brand, offering proven functionality based onevidence.

Strat
egy

01 Solidify our high-end recovery position and increase customer
touchpoints.
02 Strengthen group collaboration through mass ant digital marketing.

© 2023 Premier Anti-Aging Co., Ltd.

42

05 Growth Strategy

Channel Strategy✓ Implement strategies optimized for the changing environment of each channel
Mail order / EC

WholesaleMarketWhile the DtoC/EC market grows, risingcompetition from more entrants has
intensified. With diverse customer
values and media, ad costs have surged.
In this challenging environment,
acquiring new customers and retaining
existing subscribers become crucial.

Overseas

Market
The retail market overall shows sluggish
growth, affected by deflation. However,with inbound tourism rebounding,drugstores grow. Our brand doesn't
always fit the main retail price range,
but we collaborate with retailers for
optimization.

StrategyMarketWith the domestic inbound market
reviving, we aim to focus on key
countries and regions. However, given
the ongoing instability, the futureremains uncertain.

Strategy•

Strategy
•

•

•

•

Shift to a subscription-based sales
structure; enhance CRM for
improved retention and LTV.

•

Leverage multi-brand strategy andbolster cross-brand sales to raisecustomer value.

•

Strengthen member community
initiatives in planning and marketing.

•

Shift from sell-in to sell-out;strengthen collaboration withretailers.
Optimize customer touchpoints
based on POS data to boost average
store sales.
Intensify joint marketing efforts withretailers.

Concentrate on regions like China,
Taiwan, and Southeast Asia,
represented by Singapore.
Emphasize brand localization incollaboration with local partners,
mainly through cross-border EC.

New channel
Strategy
Collaborate with other companies to
explore optimal channels tailored tobrand stages and customer segments,
like department stores, clinics etc.
© 2023 Premier Anti-Aging Co., Ltd.

43

05 Growth Strategy

Collaborative Strategy : M&A and alliances✓ Developing into new growth areas related to Anti-Aging with collaboration
Basic approach to collaboration

Basic approach to Capital Utilization

With the aim of establishing an Anti-Aging platform, we will utilize
and strengthen the managerial assets owned by our company

While maintaining the group's financial stability, we
operate strictly based on various rules.

• Brand Portfolio• Diverse Channels Centered on wholesale
Assets• Membership Assets• Platform (Cross–using)Utilization

We fully utilize all of the managerial
assets built by our company todiscover and promote collaboration
opportunities.

• Maintain a capital adequacy ratio of 50%

Rules

Strengthening

Maximize co-creation for theestablishment of an Anti-Aging
platform.

• Maintain an ROE level of 12-15%• Establish strict operating rules for M&As andnew investments

M&A Case•

On January 31, 2023, we acquired all shares andVenex joined the group.

•

Growing well ahead of the pre-M&A business plansince we advanced thorough the PMI phase by
sharing group resources.
© 2023 Premier Anti-Aging Co., Ltd.

44

05 Growth Strategy

Cost Structure Improvement✓ Progressively improving the cost structure, aiming to reach an operating profit margin of over 10% by FY2027
Ratio of major cost items to sales FY2024→FY2027
Operating Profit
margin 10%+
Operating profit

COGS

Fixed Costs
10%

20%

15%

Cost of Goods
Variable Costs

Basic approach to improvement of Cost

34%

(Organization, Outsourcing, IT System)
Considering that we have already been developing anorganization and infrastructure based on the businessscale anticipated for FY27, we will enhance overall
organizational productivity and streamline systeminfrastructure.

Advertising expenses

Variable Cost

40%

Advertisingexpenses

Advertisingexpenses（Advertising, Customer Relations）
56%

Fixed Costs
25%

Fixed cost

While we anticipate improved investment efficiency inpromotional expenses, taking into account the balance
between acquiring new members and investing in existingones, we don't set any reduction target considering theseas necessary investments for growth.

Cost of Goods & Other Variable Costs
Maintainorganization & infra

FY2024

Anticipate gradual cost
reductions

FY2027（Logistics, payroll, etc. ）Recognizing environmental changes, we are committed torigorous cost control and optimization of deliveries,
aiming for steady reductions.

© 2023 Premier Anti-Aging Co., Ltd.

45

05 Growth Strategy

Basic Sustainability Policy✓ In April 2023, we established the "Basic Sustainability Policy," which describes our group's basic approach tosustainability～Enabling unique pathways through life～
Untether time.
As humanity approaches the era of 100-year live spans,
we aim to create a world where every individual canpursue new challenges with confidence and curiosity,
free from preconceived notions of age and gender.
Working together with our stakeholders, we will thinkoutside the square to provide unique value that canchange the world, addressing social issues for a brighter,sustainable future.

© 2023 Premier Anti-Aging Co., Ltd.

46

05 Growth Strategy

Materiality and Goals✓ Identified five materiality as themes that should be prioritized to improve corporate value and set initiatives andtargets
Theme

Materiality

Contribution to
global environmental
conservation

Pursuit ofprosperity thatanti-aging brings

Important Issues
Contributions to resource recycling
and circular economy
Initiatives for and contributions to a
decarbonized society

Pursuing anorganizational
culture whose
members grow up
togetherDeveloping human resources who
strive to create value and continue
to grow

Improving well-being

Realization of mental and physicalhealthPursuit of premier anti-aging quality
Providing uniquevalue

Collaboration with suppliers

Corporate
foundations that
support growth

Developing and strengthening
corporate governance systems
Strengthening
governanceThorough risk management andcomplianceProtection of information security
and privacy

Initiatives

KPI

TargetTarget year

Environmentally friendly paper usage rate

100%

Every fiscal year
end

Reduction rate for Scope 1 and 2

50% reduction（Compared to July2023）

End of July 2027

Improving employee engagement

Engagement scores

10% improvement（Compared to July2023）

End of July 2027

Further enhancement of thenurturing environment toward anorganization that nurtures andfosters each other

Review of training system and expansion oftraining content accordingly

Implement the matterslisted on the left

Every fiscal year
end

Promoting health support for
employees

Obtain Health Management Certification

To be continuously
selected

Every fiscal year
end

Number of people with anti-aging
qualifications

More than 30 new
holders

End of July 2027

Expansion of systems to promote anti-aging

Implement the matterslisted on the left

End of July 2027

Participation in social activities that promoteanti-aging

Implement continuously

Every fiscal year
end

Develop a procurement policy thatincorporates elements ofsustainability

Procurement policy development

Disclose procurement
policyEnd of July 2024

Enhance disclosure andtransparency related to corporate
governanceConsider and promote the matters listed on
the left―

Compliance and information
security training participation
rates

Attendance rate

100%

Use of environmentally friendly paper

Reduction of CO2 emissions

Spreading anti-aging among
employees―

Every fiscal yearend

© 2023 Premier Anti-Aging Co., Ltd.

47

05 Growth and Strategy

Progress to an Anti-Aging Company✓ Aiming to be an Anti-Aging company demanded in the 100-year life era

Understandingof Society & Era

Corporate
Identity

FY27
TargetWe are entering an era termed the "100-year life", where average and healthy life expectancies areextending worldwide. As society embraces this unprecedented longevity, the meaning of age evolves
with time. We believe that the most crucial element for maximizing societal happiness is for individuals
to maintain their curiosity and continue to challenge themselves in society.

SloganPurposePromiseCommit to Unique Value
Return to sustained growth

Anti-Aging Company+Beyond
Progress to an
Anti-Aging
Company

Unique brands responsible for addressing challenges across the Anti-Aging sector converge to create aplatform trusted by those who, freed from the constraints of time, continue to take on challenges.
(Imagining the expansion in the Anti-Aging sector)
Inner care, recovery, regenerative medicine, wellness tourism, sleep and exercise, long-term societal engagement, finance, insurance, etc.

© 2023 Premier Anti-Aging Co., Ltd.

48

05 Growth Strategy

Collaborative strategy to become an Anti-Aging Company
Amidst these irreversible trends, we aim to grow as a platform for solving Anti-Aging challenges
FY27
Return to sustained growth

By realizing collaboration across broader industries andchannels, unique businesses and brands addressing
comprehensive Anti-Aging challenges will gather, building aplatform that people trust.

While establishing our foundation, weplan to grow our existing businessportfolio and simultaneously create
new businesses through collaboration.

New
Collaboration

Brand Portfolio

Anti-Aging
Plat form

Diverse Channels
Centered
on wholesale

Hair Care
Business

3

Inner
Care
Business

4

RecoveryBusiness

Membership
AssetsAnti-Aging
Market & Customer
Insight Data

New
Collaboration

New
Brand

１ 2
Skin Care
Business

１ 2
Skin Care
Business＋Beyond
Progress to an Anti-Aging Company

Management Assets

Hair Care
Business

3

Inner
Care
Business

New
Brand

Anti-Aging
Platform

4

New
ChannelRecoveryBusiness

Platform(Cross-Using)GlobalChannel© 2023 Premier Anti-Aging Co., Ltd.

49

06 Risk Information© 2023 Premier Anti-Aging Co., Ltd.

50

06 Risk Information

Risk Information✓ The major risk factors and countermeasures are listed below
Major risk factors*

Major Risks

Dependence on
specific brands
and products

In the cleansing market, to which the Group‘s main product, “The
Cleansing Balm,” belongs, the main types of cleansing formulations
used to be oils, gels, and creams. However, the Group launched a new
formulation, balm-type “The Cleansing Balm,” and has been actively
promoting sales in order to develop a new market. In response to thistrend, competitors have recently begun selling balm-type products one
after another. If the Group is unable to maintain its superiority due tointensified market competition, the Group's business and performance
may be affected.

Risks related tolaws andregulations

The Group is subject to legal regulations including the Act on Quality,
Efficacy and Safety Assurance of Drugs and Medical Devices, the Act
on Specified Commercial Transactions, and the Act Against
Unjustifiable Premiums and Misleading Representations. In addition,
under the Act on Prevention of Unjustifiable Premiums and Misleading
Representations, based on the designation by Cabinet Office Ordinance
No. 19 (March 28, 2023), new stealth marketing regulations wasintroduced from October 1 of the same year. In the future, if there are
any unpredictable changes or new establishments in these related laws
and regulations, it may affect the Group's business and performance.

Risks related tobusiness
environment

In the mail-order cosmetics market in which the Group operates, if theGroup is unable to maintain the competitiveness of its products due toinsufficient responses to changes in consumer values, needs, andpurchasing behavior, and the introduction of new products fromcompeting companies, and if the Group is unable to take effective
countermeasures against changes in the business environment, it may
affect the Group’s business and performance.

Occurrence
Likelihood

MediumHigh

Low

ImpactCountermeasures

High

In addition to the standard "The Cleansing Balm," theGroup offers various types of "The Cleansing Balm"
tailored to customers' skin concerns, such as "TheCleansing Balm Black Repair," which is specialized fortroubles with clogged pores. The Group is aiming toretain more customers by expanding this strategy.

Low

The Group strives to strengthen and maintain its legal
compliance system by collaborating with lawyers andspecialized consultants and educating employees tokeep up-to-date with information on revisions to these
related laws and changes in the external environment.

MediumIn addition to actively promoting the development of new
products and promotional measures utilizing SNS andapplications, the Company strives to maintain thecompetitiveness of its products by viewing
communications with customers at its call centers as anopportunity to constantly explore potential needs andapply those needs to product development.

* Major risk factors are excerpts from the "Business and Other Risks" section of the Company's Annual Securities Report.

© 2023 Premier Anti-Aging Co., Ltd.

51

07 Appendix© 2023 Premier Anti-Aging Co., Ltd.

52

07 Appendix

Situation by Brand: DUO✓ The core brand since inauguration, DUO continues to drive sales as the pioneer in the cleansing balm market

DUO is an aging care brand with the concept of“nourishing the skin from its foundation,”created under the policy of developing highly

effective products by combining naturalingredients that are kind to the skin, body andnature with advanced science based ondermatology.
We currently have 30 SKUs* centering on
cleansing balm.
Major cosmetics awards granted in the first half of 2023

MAQUIA
September issue
Everyone's Best
Cosmetics
2023 first half
Just dropping it is notenough!
Cleansing category
First place

upPLUS July issue
Cosmetics recommended bybeauty connoisseur STAFF &discerning buyers
Skin care category cleansing
First place+4 more awards*The SKU figure refers to the number of regular products as of July 31, 2023, excluding limited items and different sizes.

© 2023 Premier Anti-Aging Co., Ltd.

53

07 Appendix

Situation by Brand: CANADEL✓ Being fostered as the second brand following DUO, CANADEL focuses on the busy modern women’s needs for spending lesstime on skin care

Based on the concept of “continuously pursuing

beauty, being true to oneself, and enjoying life,”
CANADEL is a highly advanced aging carebrand launched in April 2019 to address thechanging skin care needs of mature consumers.
Four types of all-in-one creams and eye cream
are currently available, taking in mind thelifestyles of modern women proactively living
busy daily lives. We currently have 7 SKUs*
centering on all-in-one cosmetics.
Major cosmetics awards granted in the first half of 2023

ESSE July issue
Beauty Trend Award 2023
Gel/Oil Department

LEE August issue
LEE Best Cosmetics 2023
First Half
Positive Aging Award+3 more awards*The SKU figure refers to the number of regular products as of July 31, 2023, excluding limited items and different sizes.

© 2023 Premier Anti-Aging Co., Ltd.

54

07 Appendix

Situation by Brand: sitrana✓ A cosmetics brand for sensitive skin with cica substance*1 in all products, sitrana targets the Chinese market

Featuring a unique anti-pollution capability,
the sitrana products protect the skin fromdryness that causes skin irritation and suchexternal stimuli as air pollution anddirt/grime. The cica substances*1 under our
original blending help fix the damaged skinand facilitate users to attain their ideal skin.

Major cosmetics awards granted in 2022

MAQUIA September Issue
Everyone's Best Cosmetics
Maquia Influencers
BEST COSMETICSBAILA August issue
Best Cosmetics Grand Prize
for Working 30s
in the first half of 2022
Skin Care Category Award+4 more awards*1: Cica refers to the substance extracted from a plant called Centella asiatica.

© 2023 Premier Anti-Aging Co., Ltd.

55

07 Appendix

Situation by Brand: clayence✓ A home hair care brand that focuses on young generation with graying hair, clayence was developed by applying the brandnurturing know-how gained through DUO and CANADEL•

A hair care brand inspired by a clay spa,clayence was created by combining thepower of clay and cutting-edge science toprovide hair and scalp treatment whilecoloring gray hair. With calming aroma on
top of carefully selected clay and beauty
substances, the product transforms tedioushair care into luxurious time at the spa. We
currently have 12 SKUs*.
Major cosmetics awards granted in the first half of 2023

LEE August issue
LEE Best Cosmetics
2023 first half
Beauty sage’s beloved
cosmetics category
Hair carean・an No. 2337
announcement! Spring 2023
an・an Mote Cosmetics Award
Hair care categoryAward for lasting beautiful
color without dryness+1 more awards*The SKU figure refers to the number of regular products as of July 31, 2023, excluding limited items and different sizes.

© 2023 Premier Anti-Aging Co., Ltd.

56

07 Appendix

Situation by Brand: DUO MEN✓ With DUO men, we newly entered the fast-growing men’s cosmetics market by taking advantage of the high awareness of
DUO brand

While staying true to DUO’s brand concept of“Beauty is reborn from skin care,” we took a close
look at skin problems and damage specific for men

from the viewpoint of ecological and biologicalscience. DUO MEN offers secure and effective skincare requiring only a few easy steps, allowing all men

living busy lives to continue skin care in an enjoyable
way. We currently have 5 SKUs*.
Major cosmetics awards granted in the first half of 2023

Fine March issue
Attract men with your appearance
5th Fine Men's Beauty Award!
Sunscreen category
First place

FINEBOYS August issue
17th FINEBOYS
Men's Beauty Award
Facial cleanser category
First place+1 more awards*The SKU figure refers to the number of regular products as of July 31, 2023, excluding limited items and different sizes.

© 2023 Premier Anti-Aging Co., Ltd.

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07 Appendix

Situation by Brand: SINTO/X✓ Developing two inner care brands based on the development philosophy of “response with results”

Based on the idea that bodily sensations are the essence of
supplements, we adopted the same DDS technology as in the
medical field. Thoroughly sticking to the "experience" of theingredients, we aim to renew the relationship between the body andthe ingredients from the area of "penetration". It is a health care
supplement for adults who enjoy aging that pursues a highexperience with a high amount of compounding (high compounding)and high absorption and high penetration type (liposomes).

Aiming to support the creation of an ideal body, it wasborn under the lead of a food health instructor certified
by the Japan Health and Nutrition Food Association. We
propose optimal supplements (functional foods) thatmatch the two styles of “those who want to incorporate
exercise” and “those who want to improve their eating
habits” to support body fat reduction.

We currently have 2 SKUs*.

We currently have 2 SKUs*.

Major cosmetics awards granted in the first half of 2023
MORE August issue
MORE Best Cosmetics
Inner care category
for the first half of 2023
First place

MAQUIA August issue
MAQUIA Best Cosmetics
Inner care category
for the first half of 2023
2nd place+9 more awards*The SKU figure refers to the number of regular products as of July 31, 2023, excluding limited items and different sizes© 2023 Premier Anti-Aging Co., Ltd.

58

07 Appendix

Situation by Brand: C+mania✓ A high-concentration vitamin skin care brand for “consumers with high beauty information literacy” who pursue reliable
effects

An “aggressive” vitamin skin care brandthat focuses on high purity, highpenetration, and high concentration,with carefully selected vitamin C fromover 70 types and add α that enhances
C.
Based on the concept of "enjoying

vitamin C for maniacs", we aim topropose skin care products with highimmediate effect in order to maximize
the power of vitamin C.
We currently have 3 SKUs*.

*The SKU figure refers to the number of regular products as of July 31, 2023, excluding limited items and different sizes.

© 2023 Premier Anti-Aging Co., Ltd.

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07 Appendix

Venex’s Brand: VENEX✓ As a pioneer in the recovery field, Venex has developed products using fabrics made with its unique patented technology

Based on the concept of"maximizing the self-healing
power that humans have," wepropose clothing for recovery.
With our proprietary special fiber"PHT (Platinum HarmonizedTechnology)" and a noncompression design that does
not constrict the body, it

supports high-quality recovery
just by wearing it.

We currently have 86 SKUs*.

*The SKU figure refers to the number of regular products as of July 31, 2023, excluding limited items, different sizes and colors.

© 2023 Premier Anti-Aging Co., Ltd.

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07 Appendix

Situation by Brand : Ko
✓ A brand with CBD (cannabidiol) as a key ingredient, which has a wide range of usefulness in beauty and health

Focusing on the humanendocannabinoid system (ECS) andcircadian rhythm. The key ingredient

CBD (cannabidiol) supports daily
rhythms and helps maintain a healthy
mind and body. To ensure the safety

and transparency of CBD raw
materials, we have introduced a
traceability system that allows

inspection, identification, andtracking through a combination of lot
number and serial number identifiers.
We currently have 3 SKUs*.

*The SKU figure refers to the number of regular products as of July 31, 2023, excluding limited items and different sizes.

© 2023 Premier Anti-Aging Co., Ltd.

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07 Appendix

Situation by Brand : Reinca✓ A skin care brand that uses a unique stem cell extract as a core ingredient created through joint research with the Universityof Tokyo

Based on the brand concept of“Facing the source of skin andsensibility with the power of SKIN &SENSE science,” we advocate skincell care born from advanced skinresearch and care for the five senses
that pursues the comfort of physicalsensations.
We have developed a brand based on
our original dental pulp stem cell
culture supernatant "ENGY Stem S",
which was successfullycommercialized through joint
research with the University of Tokyo.
We currently have 5 SKUs*.

*The SKU figure refers to the number of regular products as of July 31, 2023, excluding limited items and different sizes.

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Disclaimers and Notes on Forecasts and Projections✓ The document and information provided in our results briefing include forward-looking statements,
which are based on our current expectations, forecasts and assumptions involving risks. As such,there are uncertainties that may cause actual results to practically differ from what are described insuch statements.
✓ These risks and uncertainties include general industry and market conditions as well as generaldomestic and international economic conditions such as interest rate and currency exchange rate
fluctuations.

✓ The Company considers cosmetics market trends to be a major risk that may materially impact its
growth and execution of business plans. However, the Company endeavors to mitigate such risks andmaintain the competitive edge of its products by actively conducting promotions and understanding
customers’ potential needs to reflect on product planning. For other types of risks, please refer to the“Business Risks, etc.” as highlighted in our Securities Report.
✓ We plan to disclose an update to this document in the future, approximately October after the closingof this fiscal year.
Contact: Corporate Communication Division

E-mail ：ir@p-antiaging.co.jp© 2023 Premier Anti-Aging Co., Ltd.

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