News Release: Tokyo Individualized Educational Institute, Inc. (4745 TSE 1)
April 10, 2019

Concerning the Summary of Results of Board of Directors Efficacy Evaluation
The following is a summary of the results of our Board of Directors Efficacy Evaluation conductedbased on the efficacy evaluation for the Board of Directors outlined in the Tokyo Individualized
Educational Institute Basic Policy on Corporate Governance (*).

Description

1.

Method of evaluation
The nine Directors and Audit and Supervisory Board Members conducted anonymous
self-evaluations, through which they each applied a rating scale of 1 through 5 to evaluate various
categories, including the structure and management of the Board of Directors, and information
provision to Outside Directors. We also included a column for respondents to include their opinions.
After a board of independent Outside Directors consisting of two Outside Directors and two Outside
Audit and Supervisory Board Members summarized the results of the self-evaluation, the Board ofDirectors conducted an analyis and evaluation of its efficacy.

2. Analysis and evaluation results(1) Summary of analysis and evaluation results
Based on the following, our Board of Directors has assessed that it is functioning effectively.
1) Structure of the Board of Directors-The Board of Directors is comprised of 40% outside directors who have a diverse range ofexperience and expertise. At each Board of Directors meeting, outside directors engage in openand spirited deliberations.
-We will continue to ensure the diversity of the Board of Directors members and, in particular, work
to secure Board of Directors members with expertise in the fields of IT and finance.
2) Board of Directors management-There is no problem with the frequency of Board of Directors meetings, the scope of motions
deliberated, or materials provided for said motions. However, there is a problem with securing
time to allow for the prior evaluation of said materials.
-We continue to score high marks for the management of "matters for deliberation" related toimportant motions and will continue to maintain this high standard.

(2) Issues identified through analysis and evaluation results
The following matters were identified as issues to be addressed in order to further increase theefficacy of the Board of Directors.

1) At present, the structure of the Board of Directors is appropriate but, depending on environmental
changes or company growth, we will continue to deliberate member structure and the roles via
the Nomination & Compensation Committee, our discretionary advisory committee.
2) To improve the quality of deliberations by the Board of Directors, in addition to evaluating thecontent and nature of motions presented to the Board, we will evaluate ways to secure moretime for the prior evaluation of materials related to matters presented to the Board as well as
establish sufficient opportunities for the deliberation of motions.

3.

Future response
We will apply the above analysis and evaluation towards further improving Board efficacy and work
to improve identified issues.
Furthermore, we will consider improvements to evaluation methods and processes in order tofurther strengthen our governance structure.

(*) URL: https://www.tkg-jp.com/en/about/governance.html