Notice of Summary of the Evaluation Results on the Effectiveness of Our Board of Directors

Overview of the Board of Directors Effectiveness Evaluation

Tsuruha Holdings Inc. is working to enhance the functions and effectiveness of the Board of Directors based on the Corporate Governance Code. As part of this initiative, a self-evaluation questionnaire was conducted with all Board members, and analysis and evaluation were performed with the cooperation of a third-party organization. The evaluation items cover five areas: Board composition and structure, operation and discussions, monitoring functions, support system and training, and dialogue with shareholders (investors).

Evaluation Results and Future Issues and Measures

The questionnaire results assessed that the Board’s effectiveness is mostly satisfactory; however, some challenges and room for improvement were recognized. Regarding issues identified in evaluations up to last year, efforts are underway to enhance discussions and promote investment considerations that balance economic and social value. Going forward, the company plans to improve the appropriateness of investments, including human capital, based on medium- to long-term strategies, enhance consistency with management challenges, further strengthen Board functions, and improve monitoring functions.