Company Name AZ-COM Maruwa Holdings Co., Ltd.

Overview of the Board of Directors' Effectiveness Evaluation

Maruwa Holdings conducted an evaluation of its Board of Directors' effectiveness for fiscal year 2025 using an external organization’s online questionnaire. The overall assessment was that the Board functions appropriately. Improvements were observed in strengthening monitoring of the mid-term management plan and overseeing governance of group companies, which were issues identified in the previous fiscal year. Moving forward, the company aims to enhance the focus of discussions and to strengthen the review of investment and M&A proposals, thereby reinforcing the supervisory functions of the Board.

Future Initiatives and Corporate Strategy

Maruwa Holdings plans to continuously improve the effectiveness of its Board by enriching discussions on key management issues and deepening the review process of investment proposals. Specifically, the company will enhance criteria for selecting agenda items, improve information provision, and strengthen monitoring of key projects to achieve sustainable growth and increased corporate value.