June 14, 2022
Company Name: MARUI GROUP CO., LTD.

Representative Name: Hiroshi Aoi,President and Representative Director(Securities Code: 8252, Tokyo Stock Exchange,Prime Market)
Inquiries: Atsushi Nagasao,
General Manager, Management Planning Department(TEL: 03-3384-0101)

Third-Party Evaluation of the Effectiveness of the Board of Directors in FY2021
We have conducted our first third-party (Board Advisors Japan, Inc.) evaluation of the effectiveness ofour Board of Directors in the fiscal year 2021. Provided below is the results summary.
1. Purpose of the third-party evaluation
Our Corporate Governance Guidelines stipulate that an annual evaluation of the effectiveness ofthe Board of Directors be conducted to improve the functioning of the Board of Directors. Since
fiscal year 2015, we have conducted the evaluation based on a self-assessment questionnaire forall Directors and Audit & Supervisory Board members.
We had steadily worked to improve the effectiveness of the Board of Directors. However, in orderto objectively evaluate the effectiveness of the Board of Directors that promotes stakeholder
management, we had Board Advisors Japan, Inc. evaluate us this time, as it is highly
knowledgeable in such evaluations.
2. Evaluation methods
The specific methods used to evaluate the effectiveness of the Board of Directors in the fiscal year
2021 are as follows. Board Advisors Japan, Inc. evaluated us based on their experience in
conducting board effectiveness evaluations, and on their expertise in corporate governance.
(1) Questionnaire survey of all directors and Audit & Supervisory Board members(2) Third-party interviews with all directors and Audit & Supervisory Board members(approximately one hour per person)(3) Interviews with the Board of Directors Secretariat(4) Inspection of board meeting materials and minutes(5) Inspection of the minutes of each advisory committee meeting
3. Results summary
The results summary of the third-party (Board Advisors Japan, Inc.) evaluation is shown in theattached “MARUI GROUP CO., LTD. / Results Summary of the Board of Directors EffectivenessEvaluation for FY2021”.
Based on the evaluation results, the Board of Directors will discuss the issues raised. The detailsof our effectiveness evaluation initiatives will be disclosed in our Corporate Governance Report tobe submitted in early July.

■ Reference: Overview of Board Advisors Japan, Inc.

[Established]
November 2018
[CEO]
Hideaki Tsukuda[Main Businesses]
・A consulting firm providing corporate governance and leadership advisory services with themission to "Support aspiring leaders and contribute to the development of the Japanese
economy and society".
・Supporting corporate governance and management reform of client companies, mainly throughboard advisory, board effectiveness evaluation, external director recruitment, CEO succession
planning, executive assessment, executive coaching and development.

Attachment
Prepared by Board Advisors Japan, Inc.

MARUI GROUP CO., LTD. / Results Summary of the Board of Directors EffectivenessEvaluation for FY2021
1. Conclusion
It was confirmed that the Board of Directors (“Board”) of MARUI GROUP CO., LTD. is practicing
autonomous and co-creative governance, and that the Board's effectiveness is ensured in an
unparalleled manner.
- Governance rooted in corporate culture, including values and altruism, which overcome dichotomies,
is practiced.
- "Six Stakeholder Governance" aiming to create fundamental value is practiced.
- Although the Board includes directors representing specific shareholders, there are no concerns that
could lead to conflicts of interest, and the common interests of shareholders are being pursued.
2. "Strengths" that support the effectiveness of the Board
It was confirmed that the Board’s effectiveness is supported at a high level in a balanced manner by
the multiple “strengths” listed in (1) through (5) below.
(1) Exceptional management and executive structure- Constructive and confrontational discussions from a mid-to-long-term perspective are encouraged by
the President, who is also the chairman of the Board.
- Data collection and management by the executives is at a high-level.
(2) Insightful external directors- Expertise, observation, management perspective, and independence of spirit is demonstrated by theexternal directors as leading experts in their respective fields.
- External directors have a high regard for the Marui Group as led by the current president.
(3) Clear objectives of the Board- There is a clear understanding by all directors of the Board's purpose and the direction of realizing"stakeholder management".
- There is consistency in the purpose, composition, agenda, discussion, and operation of the Board.
(4) Devising the agenda of the Board meeting- Efforts are being made to narrow down the agenda as much as possible so that the Board meetings
are devoted to strategic discussions.
(5) Board meeting proceedings and vigorous discussions- Board meetings are being operated in a manner that encourages discussion.
- "Directors' camp" is effectively used to complement the quantity and quality of strategy discussions,and is highly regarded by all directors.

3. "Challenges" for further improvement of effectiveness
From the perspective of further improving the effectiveness of the Board, the following "challenges" (1)through (4) were pointed out.
(1) Ensuring quality and quantity of mid-to long-term strategy discussions- More time needs to be spent on specific discussions on achieving the impact goals of the mid-termbusiness plan, and on longer-term and strategic perspectives.
- The challenge is to get the Strategic Review Committee and the Sustainability Committee back on
track, and to channel the discussions of both committees back to the Board to further enhance
corporate value.
(2) Enhancing nomination function- The definitions of the role and scope of the Nominating and Compensation Committee, the personalqualities of the person being sought as the next president, procurement and training methods, and thelink to the CMA (Co-Creation Management Academy) are required.
(3) Enhancing compensation function- There is a need to deepen the discussion on the design of impact goals and ESG indicators, and thecompensation to executive officers below the vice president level and next-generation managers, andto consider the compensation function from the perspective of promoting excellent mid-career hires.
(4) Enhancing "strengths" that support the effectiveness- The current effectiveness of the Board relies heavily on the presence of the current president andexternal directors. Therefore, the challenges are to develop a system to carefully select a successor tothe current president who is one of the Company’s strengths, and to innovate the corporate culture.