December 22, 2023
Open House Group Co., Ltd

Summary of the Analysis and Evaluation Resultsof the Overall Effectiveness of the Board of Directors

Open House Group Co., Ltd (hereafter referred to as "the Company") is committed to ensuring swift
and precise decision-making by the Board of Directors, recognizing future challenges for its
implementation, and conducting an analysis and evaluation of the overall effectiveness of the Board ofDirectors in accordance with our Corporate Governance Basic Policy. At the recent Board of Directors
meeting, an analysis and evaluation of the overall effectiveness of the Board of Directors for the fiscalyear ending in September 2023 (the 27th term, hereinafter referred to as "this fiscal year") was conducted,and have compiled the results. This report provides an overview of the findings and results of thisanalysis and evaluation.

1.

Method of Analysis and Evaluation
We conducted a named survey consisting of the following items, including issues recognized during

the fiscal year ended September 2022 (26th fiscal year, hereinafter referred to as the "previous year"), for
all nine directors and all three auditors. The survey, which consisted of 50 questions on a five-point scale
and included open-ended questions, covered a range of topics, including issues identified as challenges in
the previous fiscal year. The responses were collected and then analyzed by the Board of Directors. This
analysis served as the basis for discussions and a self-evaluation of the effectiveness of the Board ofDirectors.

Ⅰ. Composition of the Board of Directors(1) Role and responsibilities of the Board of Directors(2) Composition and scale of the Board of Directors(3) Use of optional committees

Ⅱ. Status of the Convening and Operation of the Board of Directors(1) Advance dispatch and explanation of Board of Directors materials(2) Necessity and sufficiency of the information presented(3) Number of items for deliberation, frequency of meetings, planning of schedules(4) Duration of deliberation, method of deliberation, attendance and status of executives’ remarks(5) Utilization of Outside Directors and support system

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Ⅲ. Significant individual topics of discussion(1) Risk management and compliance system for strengthening group governance(2) Initiatives related to sustainability and ESG(3) Labor management and improvement of customer satisfaction(4) Succession planning

2.

Overview of Evaluation Results
As a result of the deliberations at the Board of Directors meeting held in December 2023, theevaluation of the survey items was overall high, leading to the conclusion that the effectiveness of theBoard of Directors is high. The summary of the evaluation results and reasons for each survey item are asfollows.

Ⅰ. Composition of the Board of Directors(1) Role and responsibilities of the Board of Directors
A. Evaluation result
Generally good.
B. Reason
Under the structure of a pure holding company, it was confirmed that the roles and responsibilities ofthe Board of Directors are clearly shared among the officers, and that the delegation of authority to themanagement team based on these roles and responsibilities is being appropriately carried out.
Opinions were expressed hoping for improvements in the standards and monitoring methods regarding
delegation of authority, and this item has been recognized as an issue for future consideration. At present,
there are no concrete problems, and the majority of opinions positively evaluated this item.
Based on these facts, we evaluated this item as generally good.
(2) Composition and scale of the Board of Directors
A. Evaluation result
Good.
B. Reason
The number of directors, balance of skills and diversity, and the number, ratio, concurrent positions andcontributions of outside directors were confirmed to be appropriate.
In addition, for this item, generally positive opinions were expressed throughout.
Based on these facts, we evaluated this item as good.
(3) Use of optional committees
A. Evaluation Results
Generally good.
B. Reasons2Regarding the Nomination and Remuneration Committee (*), a discretionary committee established bythe Company, it has been verified that the committee is adequately executing its roles and responsibilities,
with its assembly and operations being conducted appropriately.
Feedback was received expressing the desire for further enhancements in the committee’s operations.
This feedback was acknowledged as an area for future deliberation. However, there are currently nospecific issues associated with this aspect, and the majority of feedback received was positive.
Based on these facts, we evaluated this item as generally good.
(*) The Company operates the Nomination and Remuneration Committee as one of the "optionalcommittees" that constitute the corporate governance structure of the entire Group. This committee hasroles and responsibilities such as nomination of key officers and the determination of directors’
remuneration amounts.

II. Status of the convening and operation of the Board of Directors(1) Advance dispatch and explanation of Board of Directors materials
A. Evaluation Results
Good.
B. Reasons
It was confirmed that the advance dispatch of the materials for the Board of Directors' meetings is
generally appropriate, and the pre-briefing session conducted prior to the board meetings is deemedsignificant. Overall, positive opinions were expressed on this item including the view that improvements
have been seen from the previous fiscal year.
Based on these facts, we evaluated this item as good.
(2) Necessity and sufficiency of the information presented
A. Evaluation Results
Generally good.
B. Reasons
It was confirmed that the content and volume of the materials presented to the Board of Directors are
generally appropriate, and the system for officers to smoothly access additional information and materials
is generally well prepared.
While there were opinions expressed anticipating further enhancements in the system for accessing
information and materials, this item will be acknowledged as a topic for future discussions. However, it
was determined that no specific issues are currently arising in this regard. Additionally, the majority offeedback were positive, noting improvements observed from the previous fiscal year.
Based on these facts, we evaluate this item as generally good.

(3) Number of items for deliberation, frequency of meetings, planning of schedules

3A. Evaluation result
Good.
B. Reason
It was confirmed that the number of items for discussion at the Board of Directors’ meeting, thefrequency of meetings, the planning of the annual schedule, and the timing of agenda items wereappropriate. In addition, overall positive opinions were expressed on this item.
Based on these facts, we evaluate this item as good.

(4) Duration of deliberation, method of deliberation, attendance and status of executives’ remarks
A. Evaluation result
Generally good.
B. Reason
It was confirmed that the deliberation time of the board of directors' meeting, the status of discussions,and the creation of the minutes were appropriate.
Although there were opinions expressed expecting further ingenuity in the organic connection between
the pre-briefing session and the board of directors' meeting, this item will be recognized as a discussion
for the future. However, including this item, no specific problems are currently arising in this regard, andthe majority of opinions were positive.
Based on these facts, we evaluate this item as generally good.
(5) Utilization of Outside Directors and support system
A. Evaluation result
Good.
B. Reason
It was confirmed that opportunities and systems for Outside Directors to obtain necessary information
are appropriately secured, and the connection between outside directors and Audit & Supervisory Board
Members/internal audit departments is appropriately secured. In addition, overall positive opinions wereexpressed on this item.
Based on these facts, we evaluated this item as good.

III. Significant individual topics of discussion(1) Risk management and compliance system for strengthening group governance
A. Evaluation result
Generally good.
B. Reason
The Board of Directors has been found to conduct necessary discussions and supervision on major
business risks and the company-wide risk management system. It also exercises necessary oversight for4transactions involving conflicts of interest and transactions between related parties. An objective andtransparent procedure is ensured for determining executive compensation. The internal audit department
has an appropriate system in place to report directly to the Board of Directors. As for the internal controlof overseas subsidiaries, given its importance, opinions were expressed expecting further improvements.
This will be recognized as an issue for future consideration, but including this point, no specific problems
have arisen at present, and the majority of opinions were positive.
Based on these facts, we evaluated this item as generally good.

(2) Initiatives related to sustainability and ESG
A. Evaluation result
No significant issues.
B. Reason
It was confirmed that the Board of Directors conducts necessary discussions and supervision on matterssuch as the basic policy on sustainability and ESG, initiatives related to human capital management andgender, and disclosure of information related to sustainability and ESG.
On the other hand, opinions were expressed expecting further improvements on these matters, as wellas pointing out the need for more discussion and supervision on initiatives related to climate change andrespect for human rights in the supply chain.
Based on these facts, while no significant issues are seen in the current situation for this item, it has
been recognized as a challenge for the future.

(3) Labor management and customer satisfaction improvement
A. Evaluation results
No significant issues.
B. Reason
It was confirmed that the Board of Directors conducts necessary discussions and supervision on matterssuch as the overall labor management of the Group, prevention of misconduct and scandals by employees,
and improvement of customer satisfaction.
On the other hand, opinions were expressed pointing out the need for further discussion andsupervision on initiatives related to improving employee motivation and retention, and responses todisputes and complaints related to customers.
Based on the facts, while no significant issues are seen in the current situation for this item, it has beenrecognized as a challenge for the future.

(4) Succession PlanA. Evaluation Result5

No significant issues.
B. Reason
The Board of Directors has been confirmed to be conducting timely and appropriate personnelevaluations for securing suitable personnel as successors, as well as supervising them. However, there
were opinions pointing out issues regarding the state of discussions on the succession plan.
Based on these factors, it has been recognized that there are no significant issues in this item at present,
but it has been recognized as an issue for the future.

3.

Status of Initiatives Based on the Results of the Previous Fiscal Year
The Company conducted a survey on the effectiveness evaluation of the Board of Directors in theprevious fiscal year as well. The evaluation of the survey items was generally high, and no significant
problems were identified. However, some items were recognized as challenges, or opinions werepresented to expect improvements. In this fiscal year, the Company has carried out initiatives to enhanceand review these matters. The results of the survey on the status of these initiatives are as described in theaforementioned "2. Overview of Evaluation Results".

4.

Future Challenges and Responses
Future challenges and responses: Based on the above evaluation results, the Board of Directors willcontinue to have discussions aimed at improving the identified challenges and will strive to further
strengthen corporate governance.

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