As of June 30, 2026 Dear Sir/Madam, Company Name: Polaris Holdings Co., Ltd. Representative: President Yohei Taguchi Stock Code: 3010 (TSE Standard Market)

Relationships with controlling shareholders and organizational governance

This report explains the relationship with controlling shareholders related to the Star Asia Group and the status of ensuring independence aimed at strengthening our governance. Under the parent-company structure centered on Star Asia Group LLC, capital relationships through funds such as SAJP VI 3.0 LP are clarified, and the cross-appointments and secondment history of our directors are described in detail. Emphasis is placed on strengthening governance by establishing independent directors and forming an Audit and Supervisory Committee.

Transactions with controlling shareholders and minority shareholder protections

Regarding transactions with controlling shareholders, the report assesses and implements the rationality of transactions and the fairness of general terms. Policies for protecting minority shareholders are also described. Financing terms are determined reasonably considering market interest rates, and no guarantee fees are paid. Overall, the company maintains independence while leveraging Star Asia Group support for funding and business development.