Astena Holdings Co., Ltd.

COMPANY PROFILEThe Astena Group consists of companies in five businesssegments-Fine Chemicals; Health & Beauty Care,
Food; Medical; Industrial Chemicals; andSocial Impact Business-with Astena Holdings Co., Ltd.,the Group's holding company, at its core.
We will continue to invest in and develop new
businesses with the aim of pursuing sustainable growththrough ESG management.

Meaning of Our Company Name
"Astena " was co ined f ro m the Japane s e wo rd f o r "to mo rro w " ( ashit a )and "sustain a bl e . " The name ref lects o ur determ in a tio n to co nductbusiness , under o ur new manag e m en t and go v ernanc e structure ,in a way that ensure s a sustaina bl e and healthy f uturef o r bo th Astena Gro up' s stakeho ld e r s and o urselv es .
Meaning of Our Logo
With DNA as the mo tif ,o ur lo go ex pres s e s the balance
betwee n traditio n and pro gres siv e n e s s

Business Segments
Value Chain (Sales Map)
The Astena Group has a broad value chain, ranging from R&D to sales in five business segments, including Fine Chemicals.

【CMC R&D BU】
SPERA PHARMAJITSUBO

Health & Beauty
Care, Food

【Pharmaceutical BU】

IndustrialーChemicals

Manufacturingof ingredients

IWAKI SEIYAKUーDistribution【Pharmaceutical Ingredient BU】
SPERA NEXUS【Food ingredient BU】
Bohen-Kasei

MedicalFine Chemicals

R&D

Manufacturesof cosmetics
andfood ingredients

Ingredient
Manufacturers【Surface treatment
chemicals BU】
MeltexTokai Meltex
Overseas subsidiaries【Surface treatment
equipment BU】
Tokyo Kakoki

Product
manufacturing

Wholesale

RetailIWAKI SEIYAKUSAKURA FACTORY

Wholesalers of
medical Chemicals

Dispensing
pharmacies
Hospitals【Cosmetics BU】【Food ingredient BU】
IWAKI【Cosmetics BU】
APROS
Maruman H&B
AINS-LAB【Life Science BU】
IWAKI

Wholesale ofraw materials

Manufacturersof cosmetics
and foods

Wholesale ofraw materials【Pharmaceutical BU】【Pharmaceutical BU】

IWAKI SEIYAKUIWAKI SEIYAKUDispensing
pharmacies
Hospitals

PCB
Manufacturers
Electronic
component
manufacturers
Semiconductor
manufacturersーー【Specialty material BU】
Meltex※The social impact business is not included as it spans many fields.
※BU：business unit (Sales is calculated for accounting purpose.)

Wholesale ofspecialized
products【 Cosmetics BU】
IWAKI
APROS
Maruman H&B
Drugstores Pharmacies
Supermarkets
and mass retails

Business Segments

Fine
Chemicals
Segment

Our Fine Chemicals segment is built primarily on the CMC*1/CDMO*2 and procurement platform businesses, covering an extensive arrayof services in pharmaceutical development and manufacturing. Our CMC business provides high-level services, including the researchand development of ethical drugs suitable for the development stage, as well as the production of investigational APIs and drugs. The
CDMO business has facilities capable of making solid and injectable formulations for investigational drug production through tocommercial manufacturing. To produce injectable formulations, we observe containment standards equivalent to Category 5, complying
with the tri-polar PIC/S GMP regulations in Japan, the United States, and Europe. Using our procurement platform, we produce
commercial bulk (mass production) pharmaceuticals for generic drugs as well as contract manufacturing of intermediates and APIs for
new drugs. Our diverse, advanced high-volume manufacturing technologies are used to procure and sell raw materials, intermediates, andadditives from reliable manufacturers in Japan and overseas. In addition, leveraging our proprietary synthesis technology, we contribute to
new drug development in Japan through investments in venture companies for drug discovery incubation. We also conduct research anddevelopment, technology transfer, and licensing of peptide drug manufacturing processes that are environmentally friendly, of highquality, and cost effective.
*1 CMC: Chemistry, Manufacturing and Controls

Health &Beauty Care,
Food
Segment

MedicalSegment

Industrial
Chemicals
Segment

Social Impact
Business
Segment*2 CDMO: Contract Development and Manufacturing Organization

The Health & Beauty Care, Food segment primarily operates in the fields of cosmetics and processed foods, providing both raw
materials and consumer products. For the cosmetics industry, we sell unique cosmetic ingredients to both domestic andinternational companies, capitalizing on our originality. We also retail consumer products, including our in-house brand, throughe-commerce platforms and retail outlets to target the general consumer market. In the food industry, we specialize in supplying
raw materials for processed and functional foods to food companies, drawing on our extensive product range and information
resources. We also do contract processing, using our proprietary technology, and distribute consumer products to the wider
market. To meet our customers' challenges, we continually make improvements in the functions of every business area, as wedevelop new initiatives.
The Medical business segment develops, manufactures, and sells pharmaceuticals as well as cosmetics. These pharmaceuticals
include the development, manufacture, and sale of semisolid formulations such as ointments, creams, and lotions, as well as the
manufacture and sale of solid formulations, such as tablets and powders. In particular, for our flagship steroid-based topicalformulations we offer 10 ingredients and 25 products, while for our antifungal topical formulations we offer six ingredients and 12
products. We are providing varied ingredients and formulations for treating skin disorders, serving as the foundation for dermatologicalcare. Through our extensive experience in pharmaceutical manufacturing, rigorous manufacturing and quality control, as well as
information services conducted by medical representatives, we are committed to delivering pharmaceuticals that consumers can trust
to use safely and confidently. In addition, we offer the Navision DR brand of medical institution-exclusive cosmetics, which can also
be used before and after cosmetic procedures, as part of our cosmetic product lineup. We leverage our strong bonds with medical
professionals in dermatology to make cosmetic medicine feel more accessible, supporting people looking for improved skin condition.
Our Industrial Chemicals Segment provides high-quality, high-performance chemicals worldwide and focuses on R&D as well as
the development of manufacturing methods, with the aim of being a leading player in the field of surface treatment chemicals. For
the printed circuit board segment, we provide high-function via-fill plating chemicals and high-precision seed-layer etchants, mainly
for build-up substrates. For the electronic component segment, we provide tin plating chemicals adapted to MLCC materials. For
the semiconductor segment, we provide various chemicals for sensors and power modules. We are also working on development
to respond to new needs for automotive applications, which are expected to change greatly in the future. In addition, we also sellequipment and devices related to various kinds of plating, metal salts, chemical raw materials, and consumables, and provide
comprehensive solutions for chemicals and devices.

The Social Impact business segment is intended to resolve social issues. We are especially focused on the co-creation of new
businesses with local communities. In 2014, Astena Holdings formulated the Long-Term Vision for the creation of towns, people,
as well as jobs and policies. Our goal is to address social issues such as the rapid population decline, the aging of society, andthe survival of local communities. Awareness of social issues has increased as a result, but many issues remain. Our company isbased in Suzu City, Ishikawa Prefecture, near the tip of the Noto Peninsula. Together with local residents, we are developing
regional co-creation projects in primary industries, energy, tourism, human resources, and education, helping contribute to theconstruction of a recycling-oriented regional economy.

KASEI• Equity method affiliates

History
1914

Pharmaceutical wholesaler Iwaki Ichitaro Shoten is founded

2011

1937

Osaka Branch opens

2014

a financially independent spin-off

2019

1931
1939
1941
1950
1953
1954
1955
1962
1963
1964
1975
1986
1989
1994
2005

IWAKI SEIYAKUSHO is established (current IWAKI SEIYAKU CO., Ltd.)
Osaka Branch is launched as IWAKI YAKUHIN CO., Ltd.,2017

IWAKI ICHITARO SHOTEN is renamed IWAKI SHOTEN CO., Ltd.

2020

Meltex Inc. becomes a wholly-owned subsidiaryof IWAKI & CO., Ltd. via share exchange

IWAKI & CO., Ltd. celebrates 100th anniversary
Keitaro Iwaki becomes president of company
IW North Cube is completed

SPERA PHARMA, Inc. becomes a wholly-owned subsidiary(Capital:195,000 yen)

IWAKI SEIYAKU SAKURA FACTORY CO., Ltd. becomes an indirectly owned

Fukuoka Branch opens (current Fukuoka Office)A preparation company is established (currently IWAKI & CO., Ltd. )Toyama Branch opens (current Toyama Office)Maruman H&B CO., Ltd. becomes a wholly-owned subsidiary ofSale of imported ingredients starts

subsidiary

Nagoya Branch opens (current Nagoya Office)

SPERA NEXUS, Inc. is established

Kentaro Iwaki become president of company

IWAKI & CO., Ltd.

IWAKI SHOTEN CO., Ltd. is renamed IWAKI & CO., Ltd.

2021

Astena Heartful CO., Ltd. is establishedand is listed on the Second Section of the Tokyo Stock Exchange

Jitsubo CO., Ltd. becomes an indirectly owned subsidiary

Securities Exchange (Delisted in January 2004)

Some headquarters functions transferred to Suzu City, Ishikawa Prefecture

IWAKI & CO., Ltd. is listed on the Second Section of the Osaka

Renamed Astena Holdings CO., Ltd. and become a holding company

The Ingredient Chemicals, Chemicals, and Food Divisions are established

Oku Noto SDGs Investment Limited Partnership (Noto SDGs Fund) established

as a result of reorganization of the headquarters

IWAKI YAKUHIN is merged into IWAKI & CO., Ltd. as the Osaka Branch

2022

Osamu Iwaki becomes president of company

2023

Headquarters building is completed

IWAKI & CO., Ltd. is moved to the First Section of Tokyo Stock Exchange
2024

IWAKI RESERCH INSTITUTE CO., Ltd. changes name to Astena Minerva Inc.
Listing moved to prime section of Tokyo Stock Exchange
AINS-LAB INC. becomes an indirectly owned subsidiary

Ishikawa Zukan Co., Ltd. becomes an indirectly owned subsidiary.
AM Trading Co., Ltd. is established.

TUAT No. 1 Investment Limited Partnership (TUAT Fund) established
Satoshi Setoguchi becomes president of company

Fine Chemicals Segment
1941 Renamed Iwaki Shoten

1963 50th Anniversary celebration
at Sankei Hall

Health & Beauty Care, Food Segment
Medical Segment
Industrial Chemicals Segment
Social Impact Business Segment

1989 Headquarters building
is completed

2014 IWAKI & CO., Ltd.
Celebrates 100th anniversary

Message from the President

We extend our heartfelt condolences to the families of those who lost their lives and to
everyone affected by the 2024 Noto Peninsula Earthquake that struck the Noto region on
January 1. Our thoughts are with the victims of this disaster, and we sincerely pray for theswift recovery and reconstruction of the affected areas.
Ichitaro Iwaki, the founder of IWAKI & Co., Ltd., lost his wholesale drug business in the
Great Kanto Earthquake of 1923. Just two days later, he traveled alone to Doshomachi, Osaka,
to replenish his stock. Despite the surging pharmaceutical prices in Tokyo, Ichitaro steadfastly
stayed with fixed prices. In those days, Iwaki earned a reputation among partners andcustomers that amounted to: “If you want to buy medicines in Tokyo, Iwaki is the bestplace to go.” This story remains one of my favorite anecdotes about Astena.
A century later, in 2021, we seized the opportunity of transitioning to a holding company
structure, with our name changing from IWAKI & Co., Ltd. to Astena. As part of this transition,some corporate headquarters functions were moved to Suzu City, Ishikawa Prefecture,marking our rebirth as a new corporate group. Even today, our fundamental philosophy ofintegrity, confidence, contribution, change, and cooperation—highly valued by Ichitaro Iwaki—
remains deeply ingrained as the guiding principles for the actions of Group employees. We
have improved these principles with innovation and collaboration, forming the basis of
Astena’s behavioral guidelines known as SPIRIT.
As we celebrate our 110th anniversary in 2024, we are committed to continuing thelegacy of SPIRIT, passed down from Ichitaro Iwaki, and to maximizing the best use of
our management resources. Every employee will take the lead in activities aimed atcontributing to the happiness of our stakeholders.

Satoshi Setoguchi
President

2024/2

Fine Chemicals Segment

CMC R&D BU
Pharmaceutical Ingredient BU

The Fine Chemicals business segment deals primarily in the CMC/CDMO business and the

SPERA PHARMA, Inc.

procurement platform, offering services in a wide-ranging value chain of pharmaceutical

SPERA PHARMA is one of the leading integrated CMG R&D contractors in Japan, creating
high-level CMC solutions at every stage from R&D through to commercialization. SPERAPHARMA flexibly provides an array of services based on customers’ needs, including processdevelopment and manufacturing drug substances, drug development and manufacturing ofinvestigational drugs, and the development of varied analytical methods and quality testing.
These services are delivered based on the advanced technological skills, drug developmentknow-how, as well as the rich experience and achievements of SPERA PHARMA's highly
skilled researchers and technicians.

development and manufacturing, from raw ingredient procurement, CMC R&D and commercial
API production to commercial drug manufacturing.
＊CMC：Chemistry, Manufacturing and Control＊CDMO：Contract Development & Manufacturing Organization

Value Chain (Sales Map)
【CMC R&D BU】
SPERA PHARMAJITSUBO
R&D【Pharmaceutical Ingredient BU】
SPERA NEXUS

IWAKI SEIYAKUSAKURA
FACTORY

Wholesalersof medical
Chemicals

Dispensing
pharmacies
Hospitals

Manufacturingof ingredients

Product
manufacturing

Wholesale

RetailDistribution

CMC R&D BU
The CMC R&D BU (business unit) provides high-level services for R&D on ethical drugs suitable forthe development stage, as well as the production of APIs and investigational drugs. This unit also
takes on the development of manufacturing processes, technology transfer, and licensing of peptide
APIs.

Pharmaceutical Ingredient BU
The Pharmaceutical Ingredient BU possesses a diverse range of advanced mass production
technologies and handles the manufacturing of commercial APIs of generic drugs and contract
manufacturing of intermediates and APIs for new drugs. It also works with trusted manufacturers inand outside Japan to procure and sell generic APIs, other ingredients, intermediates, and additives
as a procurement platform business.

SPERA NEXUS, Inc.
SPERA NEXUS has a procurement platform that broadly meets the upstream needs of thepharmaceutical industry. It manufactures generic drug substances as in-house products, aswell as APIs and intermediates for new drugs, developed products, and chemical products
under contract. Its GMP-compliant facilities have a production capacity of 10 to 10,000L andturn out high-quality, cost-effective products. In addition to our own products, SPERA
NEXUS offers a wide range of other products to our customers made in and outside of Japan,
including APIs, raw materials, intermediates, and additives.

IWAKI SEIYAKU SAKURA FACTORY CO., LTD.
A contract pharmaceutical manufacturing company established in Sakura City, Chiba
Prefecture, in July 2020. This city is historically known for Dutch (Western) studies,alongside Nagasaki, its Western Japan counterpart. The company can produce dosage forms
including injectables (in compliance with tri-polar PIC/S GMP regulations in Japan, theUnited States, and Europe, with containment standards equivalent to Category 5), solids,
and topical formulations. The company has the production capacity and technologies forcontract manufacturing services related to pharmaceuticals, handling operations ranging
from investigational drugs to commercial production. The company’s numerous analytical
instruments, enable many types of analysis. As the main pharmaceutical manufacturing
plant of Astena Holdings, the Iwaki Seiyaku Sakura Factory will continue to improve facilities,
technologies, and quality.

Jitsubo CO., LTD.
Since being founded, in 2005, JITSUBO has specialized in peptide pharmaceutical R&D.
It utilizes Molecule Hiving , an original synthesis technology that enables environmentallyfriendly, high quality manufacturing at low cost. This technology is seeing increasing
adoption in the manufacturing of a broad range of peptide APls, including everythingfrom cosmetic products to active drug ingredients. With years of experience and an
outstanding research team, JITSUBO develops manufacturing processes for target peptides.
For commercialization, JITSUBO delivers requested peptide APls through collaborative
efforts with Switzerland‘s Bachem, one of the world’s leading peptide API manufacturing
CMOs with which JITSUBO has an exclusive technical cooperation partnership.

Company Profiles
Company Name SPERA PHARMA, Inc.

Company Name Jitsubo CO., LTD.

Address

17-85 Jusohonmachi 2-chome, Yodogawa-ku, Osaka 532-0024, Japan

Address

Business

CMC R&D and contract manufacturing of pharmaceutical products

Main Office(s)Headquarters

Established

April 2017

Representative

Keitaro lwaki, President & Representative Director

Main Office(s)Headquarters

Capital

310 million yen

Established

April 2005

Representative

Hideya Mizufune, Ph.D., CEO

Capital10 million yen

Company Name SPERA NEXUS, Inc.
Address

8-2, Nihonbashi Honcho 4-Chome, Chuo-ku, Tokyo 103-0023, Japan

Business

Manufacture and sale of active pharmaceutical ingredients andchemica products

Main Office(s)Head Office, Osaka Office, Toyama Office, Synthesis R&D Department,
Shizuoka Plant, North Cube (Kita-ku, Tokyo)

Established

July 2020

Representative

Eisuke Futagami, President & CEO

Capital

310 million yen

Company NameIWAKI SEIYAKU SAKURA FACTORY CO., LTD.

Address

2183-1 Teranosaku, Ota, Sakura-shi, Chiba Prefecture, Japan

Business

Manufacture of ethical drugs, allergen preparations and test agents

Main Office(s)Head Office Factory

Established

April 2020

Representative

Takashi Hirose, President & CEO

Capital

100 million yen

Life Science Research Center, 4-1 1-1-43 Suehiro-cho, Tsurumi-ku,
Yokohama-shi, Kanagawa-pref. 230-0045, Japan

Business

Development of peptide manufacturing process, Molecular Hiving ,Licensing of API manufacturing technology

Health & Beauty Care,
Food Segment

Cosmetics BU Food ingredient BULife Science BUThis segment focuses on sales of cosmetic and food ingredients; sales and introduction
support of cosmetics and health foods; and sales and introduction support of research
reagents, in-vitro diagnostic reagents, and medical devices.

Value Chain (Sales Map)
【Food ingredient BU】
Bohen-Kaseiー

R&D【Cosmetics BU】【Food ingredient BU】
IWAKI【Cosmetics BU】
APROS
Maruman H&B
AINS-LAB【Life Science BU】
IWAKI

Wholesale ofraw materials

Manufacturersof cosmetics
and foods

Distribution

Product
manufacturing

Manufacturesof cosmetics
and food
ingredients

Manufacturingof ingredients

Wholesale ofspecialized
products【Cosmetics BU】
IWAKI
APROS
Maruman H&B

Drugstores
Pharmacies
Supermarkets
and mass retails

Wholesale

RetailCosmetics BU
We select all kinds of materials from Japanese and overseas raw material manufacturers andsupply them to a wide range of users, including major manufacturers. Focused on sales ofcosmetic raw materials, we develop OEM and other related products, and produce and develop
cosmetic raw materials on consignment. In addition, APROS conducts mail-order sales of skincare
cosmetics, and AINS-LAB supports domestic and overseas customers who want to introduce
cosmetics into the domestic market.

Food ingredient BU
We sell natural seasonings such as yeast extracts and protein hydrolyzate from major
manufacturers outside Japan, agricultural products such as tomato powder, dehydrated potato,
and fruit juice powder, as well as Bohen-Kasei’s meat extracts, fruit juice powders, and vegetable
extracts to processed food manufacturers. We also offer contract processing based on our unique
technology. In the field of functional foods, we sell many functional food ingredients including ourown patented ingredients such as black vinegar dehydrated extract and calabash beauty powder
as well as our own planned products to health food manufacturers. In addition to ensuring safety,
security, and stable supply, we propose “value” focused on solving customers’ problems.

Life Science BU
Engaged in support businesses for drug discovery and in-vitro diagnostic reagents, medical devices,and regulatory matters.

IWAKI & CO., LTD
IWAKI & CO., LTD. is the core company of the Astena Group and has two main functions: a
B2B business; which sells food ingredients, functional food ingredients, and cosmetic
ingredients, and OEM contract manufacturing, etc.; and a direct marketing business, whichplans and sells mail-order cosmetics and engages in EC for various in-house products.
Through these two businesses, IWAKI will further refine wholesale and trading company
functions while continuing to explore for new value that we can offer to customers with theaim to provide “solutions to their problems” rather than “things.” Through this approach,IWAKI provides products and services that contribute to the health, beauty, and foodrequirements of customers.

APROS Co., Ltd.
APROS was founded in 2002 in Nihonbashi, Tokyo, as the IWAKI Group's mail-order cosmetics
sales company. Its business focuses on our in-house brand “cellfuture,” exemplified by Silky
Cover Oil Block, currently Japan’s most popular makeup base. APROS sells 26 skin careproducts and over 20 items of makeup products through mass media such as TV, the Web,magazines, and newspapers. As stated in its corporate philosophy, APROS is committed toproviding truly good products to people around the world, offering dreams, excitement, andhappiness with a new set of values that have never been seen before, and to helping createa society filled with joy. This is the vision under which the company conducts business.

Maruman H&B Co., Ltd.
Based on the concept of “creating reliable, high-quality products,” Maruman H&B has beendeveloping various products and placing them on the market. Through commodities suchas health foods, including Placenta and Propolis, household goods, including quit-smoking
products and sonic vibration toothbrushes, and its original cosmetics brand Pureal,
Maruman H&B strives to realize healthy and comfortable lives for people. Maruman H&B
will continue to respond to the needs of the super-aging society and aims to be a company
that continues to grow by accommodating the lifestyles of more people around the world.

AINS-LAB INC.
AINS-LAB provides consulting and other services to customers wishing to sell overseas
cosmetics and for overseas manufacturers who want to sell their products in theJapanese market. Our “cosmetics and quasi-pharmaceutical import agency” undertakes
licensing work on behalf of our customers’ pharmaceutical affairs and logistics departments.
Other services include cosmetics/quasi-pharmaceutical analysis and advertising expression
legality checks for cosmetics and quasi-pharmaceuticals. AINS-LAB offers wide
ranging one-stop support for business.

Bohen-Kasei Co., Ltd.

KASEI

＊Equity method affiliate

Bohen-Kasei manufactures and sells a wide range of natural food ingredients, includingchicken, beef, pork, and bonito seasonings in powder and paste forms as well as fruit
juice powders and vegetable extract powders.

Company Profiles
Company NameIWAKI & CO., LTD.

Company Name Maruman H&B Co., Ltd.

Address

8-2, Nihonbashi Honcho 4-Chome, Chuo-ku, Tokyo 103-0023, Japan

Address

Business

Sale of cosmetic raw materials and food ingredients; manufactureand sale of medical devices and in-vitro diagnostic reagents

Main Office(s)Chiyoda-ku, Tokyo 101-0048, Japan
Business

Head Office, Osaka Office, Toyama Office, Fukuoka Office,Tokyo Annex (Arakawa-ku,Tokyo)

Established

July 2020

Representative

Minoru Kadokura, Representative Director, Chairman & CEO(Shinji Omori, Director, President & COO)

Capital

300 million yen

Company NameAPROS Co., Ltd.

Address

Touka Bldg. 6F, 1-16-1 Ginza, Chuo-ku, Tokyo, 104-0061, Japan

Business

Manufacture and sale of cosmetics; manufacture and sale of healthfoods

Main Office(s)Headquarters

Established

April 2000

Representative

Tomoki Tatefuji, President & CEO

Capital90 million yen

Kandatsukasa-machi Building 2F, 2-12, Kandatsukasa-machi 2-chome,
Manufacture and sale of health foods, Paipo, household goods, andcosmetics

Main Office(s)Headquarters

Established

July 2018

Representative

Katsuhiko Mizota, President & CEO

Capital

100 million yen

Company Name AINS-LAB INC.
Address

1-17, 5-chome, Sakaemachi St., Chuo-ku, Kobe-shi, Hyogo Prefecture,
650-0023, Japan

Business

Manufacturing and sales of cosmetics/quasi-pharmaceuticals

Main Office(s)Head Office, Warehouse No. 4 (Nishinomiya City, Hyogo),
other warehouses permitted for tie-ups

Established

November 2010

Representative

Marie Taga, Managing Director

Capital1 million yen

Company Name Bohen-Kasei Co., Ltd. (*equity method affiliate)
Address

9-32 Nikura 7-Chome, Wako-shi, Saitama Prefecture, 351-0115, Japan

Business

Manufacture and sale of food product ingredients (natural seasonings,
dehydrated vegetables, dairy products, and fruit and tea processed
products) and other foods

Main Office(s)Head Office Factory

Established

April 1965

Representative

Masami Ito, President & CEO

Capital

180 million yen

Medical Segment

Pharmaceutical BU

This segment develops, manufactures, and sells pharmaceuticals and cosmetics. In
pharmaceuticals, we handle the development, manufacture, and sale of semi-solid
formulations such as ointments, creams, and lotions, as well as the manufacture andsale of solid formulations, such as tablets and powders. In cosmetics, we offer theNavision DR brand of medical institution-exclusive cosmetics, which can also be used
before and after cosmetic procedures.

IWAKI SEIYAKU CO., LTD.
Since being founded in 1931, Iwaki Seiyaku has primarily developed,
manufactured, and sold pharmaceuticals. In recent years, the company
has established a strong presence in topical formulations, commanding
the highest domestic market share due to an extensive product range.
At the same time, there are R&D and manufacturing divisions withintheValue Chain (Sales Map)
【Pharmaceutical BU】

IWAKI
SEIYAKU
R&D

Ingredient
manufacturers
Manufacturingof ingredients

KamataPlant

andmedicalrepresentatives

aredeployednationwide. In topical formulations, we manage the entire value chain
from formulation design to production and sales. In cosmetics, we
Ingredient
tradingcompanies
Distribution【Pharmaceutical BU】 【Pharmaceutical BU】

IWAKI
SEIYAKUIWAKISEIYAKU

Dispensing
pharmacies
Hospitals

Product
manufacturing

Wholesale

RetailPharmaceutical BU
We contribute to healthy skin through the development, manufacture, and sale of high-quality
topical formulations, as well as skin-friendly cosmetics.
In pharmaceuticals, we offer a wide range of products, particularly in our flagship steroid-based
and antifungal topical formulations, which include multiple active ingredients and formulations
not found in original pharmaceutical products. We also provide specialized knowledge andinformation through medical representatives and have a high market share in semisolid
formulations. In cosmetics, we offer the Navision DR brand of medical institution-exclusive
cosmetics, which can also be used before and after cosmetic procedures. We aim to makecosmetic medicine feel more accessible, supporting those who want to improve their skincondition and feel more confident about their appearance.

specialize in offering medical institution-exclusive cosmetics based on
beauty dermatology research. With the vision “to be the trusted leading
company of ointment and skin care,” Iwaki Seiyaku aims to contributeto people’s healthy skin.

Company Profiles
Company Name IWAKI SEIYAKU CO., LTD.
Address

8-2, Nihonbashi Honcho 4-Chome, Chuo-ku, Tokyo 103-0023, Japan

Business

Manufacture and sale of medical and general pharmaceuticals
as well as formulation design and contract manufacturing of topicalformulations

Main Office(s)Head Office, Kamata Office, etc.

Established

September 1948

Representative

Taisuke Nishimura, President & CEO(Keitaro Iwaki, Chairperson of Board of Directors)

Capital

210 million yen

Industrial Chemical
Surface treatment chemicals BU
Specialty
material
BU
Surfacetreatment equipment BU
Segment
Aiming to be a leading player in surface treatment chemicals, we are focusing on R&D
and the development of new manufacturing methods in four segments: printed circuitboards, electronic components, semiconductors, and automobiles. We also manufacture andsell equipment essential for printed circuit board production and provide comprehensive
solutions for chemicals and equipment.

ー【Surface
treatment
equipment BU】
Tokyo Kakoki

R&D

Manufacturingof ingredients

Meltex provides high value-added surface treatment chemicals. The
company responds to customers’ requests and conducts research anddevelopment based on its own consideration of the characteristics
required for the next generation. The electronics industry istransitioning to 5G and preparing for 6G. As the pace of change

Value Chain (Sales Map)
【Surface
treatment
Chemicals BU】
MeltexTokai Meltex
Overseassubsidiary

Meltex Inc.

accelerates, Meltex is providing global services with Group companies
in Hong Kong, China (Tianjin and Shenzhen), Taiwan, South Korea, and

PCB
Manufacturers【Specialty
material BU】
MeltexElectronic
component
Manufacturers

Thailand. Meltex is engaged in development based on the philosophyーー

Wholesale

Retailof contributing to society by resolving its customers’ problems andneeds.

Semiconductor
manufacturers

Distribution

Product
manufacturing

Takai Meltex Inc.
Tokai Meltex is an environmentally-friendly chemical manufacturing

Surface treatment chemicals BU

The surface treatment chemicals BU provides high-quality, high-performance chemicals globally in four
major market segments. For the printed circuit board segment, we provide high-performance via fill
plating chemicals and high-precision seed-layer etchants, mainly for build-up substrates, and are highly

plant that manufactures, recovers, and recycles alkaline etchants. The
high-quality copper sulfate produced here is highly regarded in themarket, including for semiconductor applications. The company aims toincrease the number of items manufactured to meet market needs.

regarded in the high value-added field. For the electronic component segment, we were quick to launcha neutral bath, focused on tin plating chemicals adapted to MLCC materials. It is widely used for passive
components in many countries due to its usability and characteristics. In the semiconductor segment,
we provide various chemicals for sensors and power modules. We are also working on development to
respond to the continually changing needs of the next generation for automotive applications, which are
expected to change greatly in the future.

Specialty material BU

Surface treatment equipment BU

We sell equipment and devices related to various kinds of plating, metal salts, chemical raw
materials, and consumables. In addition, Tokyo Kakoki Co., Ltd., a Group company, manufacturesand sells equipment essential for printed circuit board manufacturing, and provides comprehensive
solutions for chemicals and equipment.

Meltex Asia (Thailand) Co., Ltd.
Meltex Asia (Thailand) is a chemical manufacturing company in Thailand
owned by Meltex. The company has achieved global quality manufacturing andis gradually increasing the number of manufacturable items from a BCP
perspective. Meltex Asia (Thailand) supplies chemicals not only within Thailand
and to ASEAN countries, but also to China, South Korea, and Japan.

Company Profiles
Company Name Meltex Inc.

Company Name Meltex (HK) Ltd.

Address

8-2, Nihonbashi Honcho 4-Chome, Chuo-ku, Tokyo 103-0023, Japan

Address

Business

Manufacture and sale of surface treatment chemicals; manufacture

Main Office(s)Kwai Chung, N.T., Hong Kong.

and sale of chemicals for the electronics industry; design, construction

Business

Sale of surface treatment chemicals in Hong Kong and China

and sale of chemical equipment; analysis and recovery of chemicals

Main Office(s)Head Officeand metals; manufacture and sale of printed circuit board

EstablishedFebruary 1973

Manufacturing plants

Representative

Kazutaka Tajima, Chairman of the Board of Directors

Head Office, Customer Service Center (Saitama City, Saitama),

CapitalHK$7,600,000

Kumagaya Plant, etc.
Established

October 1960

Representative

Makoto Fujiwara, President & CEO (Katsumi Furuhashi, Board Chairman)

Capital

480 million yen

Company Name Tokai Meltex Inc.
Address

3-4-45 Obata, Yokkaichi City, Mie 510-0875, Japan

Business

Manufacture of surface treatment chemicals

Main Office(s)Head Office Factory

Established

July 1951

Representative

Masayoshi Goto, President & CEO

Capital42 million yen

Company Name Tokyo Kakoki Co., Ltd.
Address

Unit 1, 11/F, Millenium Trade Centre, 56 Kwai Cheong Rd,

Minamihara Industrial Estate, 14017-50, Nakaminowa, Minowa,
Kami-ina, Nagano 399-4601, Japan

Business

Manufacture and sale of printed circuit board manufacturing plants

Main Office(s)Head Office Factory,
Omiya Development Center (Saitama, Saitama Prefecture) etc.

EstablishedMay 1966

Representative

Makoto Fujiwara, President & CEO

Capital

300 million yen

Company Name Meltex Taiwan Inc.
Address

8F., No. 65, Sec. 1, Qingfeng Rd., Zhongli Dist., Taoyuan City 32056,
Taiwan (R.O.C.)

Business

Sale of surface treatment chemicals in Taiwan

Main Office(s)Head Office

Established

October 1994

Representative

Kazutaka Tajima, Chairman of the Board of Directors

Capital

NT$24,000,000

Company Name Meltex Asia (Thailand) Co., Ltd.
Address

Amata City Chonburi Industrial Estate Phase 8 700/831 Moo 6,
Tambol Nongtumlueng, Amphur Phanthong, Chonburi 20160, Thailand

Business

Manufacture and sale of surface treatment chemicals;
manufacture and sale of chemicals for the electronics industry

Main Office(s)Head Office Factory, Bangkok Office

Established

September 2013

Representative

Masahiko Yoshioka, President & CEO

Capital

THB202,000,000

Company Profiles
Company Name Meltex (Tianjin) Ltd.
Address

Unit 2407, The Exchange Tower 2, 189 Nanjing Road, Tianjin 300-051

Business

Sale of surface treatment chemicals in East and North China region

Main Office(s)Head Office

Established

June 2021

Representative

Kazutaka Tajima, Chairman of the Board of Directors

CapitalUS$2,030,000

Company Name Meltex Korea Co., Ltd.
Address

Gunpo IT VALLEY B-1905～6, Gosan-ro 148beon-gil 17, Gunpo-si,
Gyeonggi-do, Korea.

Business

Sale of surface treatment chemicals in South Korea

Main Office(s)Head Office

EstablishedMay 2014

Representative

Kenji Ikejima, President & CEO

Capital

KRW900,000,000

Company Name Tokyo Kakoki (Shanghai) Co., Ltd.
Address

No. 790 Pengfeng Road, Songjiang District, Shanghai, 201616 China.

Business

Manufacture and sale of printed circuit board manufacturing plants
in China

Main Office(s)Head Office

Established

January 2004

Representative

Makoto Fujiwara, Chairman of the Board of Directors

Capital

US$1,500,000

Social Impact Business Segment
Our Social Impact business segment addresses social issues. We particularly focus oncommunity co-creation projects where we collaborate with local communities to createbusinesses together. Based in Suzu City, Ishikawa Prefecture, at the tip of the Noto
Peninsula, we collaborate with the local community to develop co-creation projects in thefields of primary industries, energy, tourism, human resources, and education. Throughthese initiatives, we contribute to establishing a circular regional economy.

Astena Minerva Inc.
We changed the name of IWAKI RESEARCH INSTITUTE to reflect its identity as a company
that proposes and operates new businesses that solve social issues, and started operating as
Astena Minerva in December 2021. We will create synergies with the businesses invested in by
the Noto SDGs Fund (our group company), and develop businesses centered on primaryindustries, energy, human resources, and education.

POINT

Based in Suzu City, Ishikawa, we build cooperative relations with the local community,
discover local resources, and create new businesses that lead to the resolution of social issues.

It is important to achieve each goal while sharing a larger visionHigh value-added
local resources

Social impact
・Business
・Investmentcompanies
・BanksSustainable Village
Create a vibrant, happy
local community throughsustainable production
activities, decarbonization,and the resolution of social
issues.

・Local Residents
・Local businesses
・Consumers

Sustainable community
・Local government
・Administrative agencies
・Educational institutions

Projects we are implementing with the aim of constructinga recycling-oriented regional economy
Human resources & education projects
We cooperate with local companies, residents,and local governments to carry out projects
related to human resources and education sothat the leaders of the next generation canwork and thrive in the community.
Tourism and hometown tax payment projects
We are building a hometown tax payment
platform to support local governments increating supporters of the local community
andleadingsustainablecommunity
development.
Regional trading company projects
We review local resources, discover anddevelop products with low environmental
impact, and develop and market products that
contribute to the development of local
communities.

Investment projects
We invest in various businesses, focusing
on new ventures that will contribute to thedevelopment of local communities and havea social impact. We also create synergies
between the companies we invest in andour own businesses, which will contributeto the development of sustainable local
communities.
R&D projects
We conduct R&D into systems and technologies
that will reduce the environmental burden of
agriculture and livestock in cooperation witheducational institutions such as universities andother research institutes.

Ishikawa Zukan Co., Ltd.
Ishikawa Zukan, a company that provides human resource services, became a consolidated
subsidiary of Astena Minerva in December 2022. Aiming to increase the number of young
people working in Ishikawa Prefecture, we collaborate with other companies to revitalize thehuman resource market in the prefecture.

AM Trading Co., Ltd.
AM Trading was established in January 2023 as a company to conduct Astena Minerva’s
regional trading business.

Company Profile
Company Name Astena Minerva Inc.
Address177-3, Kitagata 4, Uedo-machi, Suzu-shi, Ishikawa-Prefecture.
927-1215, Japan

Business

Mainly involved in projects related to regional revitalization

Main Office(s)Headquarters

Established

December 2021

Representative

Utano Shimizu, President & CEO(Keitaro Iwaki, Chairperson of the Board of Directors)

Capital10 million yen

Company Name Ishikawa Zukan Co., Ltd.
Address177-3 Kitagata 4, Uedo-machi, Suzu-City, Ishikawa Prefecture,927-1215, Japan

Business

Provision of human resource services

Main Office(s)Head Office

Established

April 2022

Representative

Shintaro Tokuno, President & CEO

Capital10 million yen

Company Name AM Trading Co., Ltd.
Address177-3, Kitagata 4, Uedo-machi, Suzu-City, Ishikawa-Prefecture.
927-1215, Japan

Business

Regional trading business

Main Office(s)Head Office

Established

January 2023

Representative

Utano Shimizu, President & CEO

Capital10 million yen

OtherAstena Heartful Co., Ltd.

Company Name Astena Heartful Co., Ltd.

Astena Heartful began operations on June 1, 2021 as a company offering business

Address

8-2, Nihonbashi Honcho 4-Chome, Chuo-ku, Tokyo 103-0023, Japansupport and facility services within the Astena Group. Astena Heartful supports theBusiness

Astena Group business consignment

Main Office(s)Head Office

EstablishedMarch 2021

Representative

Nao Nakagoshi, President & CEO

Capital

3 million yen

Name

Oku Noto SDGs Investment Limited Partnership (Noto SDGs Fund)

Address

1-16 Musashi-machi, Kanazawa City, Ishikawa Prefecture,

frontline operations of the general affairs and business departments, which areessential pillars for the smooth functioning of each Group company. The objective is tobe a company where diverse individuals come together to create sustainable values andcontribute to society through the Astena Group.

Oku Noto SDGs Investment Limited Partnership (Noto SDGs Fund)
Focusing on Suzu City and the Noto region, the Noto SDGs Fund constructs models
to support companies that create sustainable businesses making effective use of

920-0855 Japan

local assets and resources and that operate businesses which contribute to SDGs.
The fund was founded in July 2017 to help bring about social change and the

PurposeInvestment in SDGs-contributing businesses primarily in the Noto region

achievement of SDGs in the Noto region. Astena Holdings has invested in the fundEstablished

July 2021

Name

TUAT No. 1 Investment Limited Partnership (TUAT Fund)

Address

Terrace Nihonbashi, 1-8-3 Nihonbashi-Honcho, Chuo-ku, Tokyo

as a limited partner.

TUAT No.1 Investment Limited Partnership (TUAT Fund)
The Tokyo University of Agriculture and Technology (TUAT) Fund was established in
January 2023, after deregulation allowed national universities to directly participate inprivate investment funds from April 2022. Astena Holdings has invested as a limited
partner and expects synergies with Astena Minerva. We expect investments to focus on
start-up companies that utilize research results in the field of agriculture (especiallyrecycling-oriented livestock farming that contributes to decarbonization, smart
agriculture, and sustainable food production).

103-0023, Japan
PurposeInvestment in startups in the agricultural field

Established

January 2023

Company Profile ( As of November 2023)
Company Name

Astena Holdings Co., Ltd.

Headquarters

8-2, Nihombashi Honcho 4-Chome, Chuo-ku, Tokyo
103-8403, Japan
Telephone：+81-3-3279-0481

Foundation

July 1914

Establishment

September 1941

Net Sales

51.9 billion yen (Fiscal year ended November 2023)

Paid in Capital

4,581 million yen

Number of Employees

Consolidated: 1,404

Main banks

Mizuho Bank, Ltd., Sumitomo Mitsui Banking
Corporation, MUFG Bank, Ltd., Sumitomo Mitsui Trust
Bank, Limited, Resona Bank, Limited,
and The Shizuoka Bank, Ltd.

Executives (As of February 2024)
President
Executive Vice President
Executive Vice President
Outside Director

Satoshi Setoguchi
Keitaro Iwaki
Takeshi Kawano
Yoshiyasu Ninomiya

Outside Director

Tsuneo Nagai

Outside Director

Mikiko Nagai

Outside Director

Katsura Sato

Audit & Supervisory Board Member

Toshimitsu Isobe

Audit & Supervisory Board Member

Hiroyuki Watanabe

Outside Audit & Supervisory Board Member

Takuji Akiyama

Outside Audit & Supervisory Board Member

Kazunori Furukawa