June 3, 2024
Overview of Evaluation Results Concerning Effectiveness of the Board of Directors in FY2024.3
As a part of its efforts to enhance corporate governance, Asahi Holdings, Inc. (the “Company”) has
been continuously working on analysis and evaluation of the effectiveness of the Board of Directors andconsideration of measures to improve effectiveness. The Company has completed the analysis andevaluation for the fiscal year ended March 31, 2023 and discloses the overview of the results asdescribed below.
Note that the analysis and evaluation method and the method of disclosing the overview of evaluation
results are also described in “ARE Holdings Corporate Governance Policies”.
1. Analysis and evaluation method for the fiscal year ended March 31, 2024
Questionnaire survey sheets with evaluation items for each of the following six evaluation categories
were distributed to all directors, including Directors who are Audit and Supervisory Committee
Members, and the answers were collected from all Directors. The evaluation results were reported andthen discussed at the Board of Directors meeting.
[Evaluation categories in the questionnaire](1) Discussion of corporate strategies and other broad directions(2) Environmental development supporting appropriate risk-taking(3) Fulfillment of highly effective supervision(4) Appropriate communication with shareholders, etc.
(5) Composition of the Board of Directors(6) Operation of the Board of Directors meetings
2. Overview of evaluation results for the fiscal year ended March 31, 2024
The overview of evaluation results concerning effectiveness of the entire Board of Directors is as
described below.
(1) Discussion of corporate strategies and other broad directions
In addition to Board of Directors Meetings, a committee was established to discuss and review midto long-term plan and aspiration by sufficiently focusing on management strategies.
(2) Environmental development supporting appropriate risk taking
Major matters and high-risk businesses should be shared and discussed at board meetings andmanagement conferences on a regular basis.
(3) Fulfillment of highly effective supervision
Continue opinion exchange between outside directors, executive directors and executive officers as
it is good opportunities to discuss the status of execution of duties.
(4) Appropriate communication with shareholders, etc.
While voluntary disclosures are posted on the company website, further effective use of systems
such as TDnet should be considered in order to reach a wider audience including potential individual
shareholders.
(5) Composition of the Board of Directors
Aside from the standard training done at a desk, directors are provided with many opportunities todeepen their understanding of the company through interacting with on-site employees andrecognize their work environment. Some examples include tours of factories and facilities,
participation in general employee meetings, and networking events with female employees called
Asahi Cheer-up Meeting.
(6) Operation of the Board of Directors meetings
For major matters or anything that may involve major changes to the business, it is expected thatbriefings and clear indications of the intent to discuss them are provided prior to and at boardmeetings.

3. Measures for improving effectiveness
The Company will further strive to improve effectiveness of operation of the Board of Director andenhance its corporate governance by the following measures:
・Aim for effective discussions between executive and outside directors by regularly sharing
appropriate information about the execution status of duties.
・ For matters that can potentially have a major impact on management, necessary resources should
be prepared to enable proper risk assessment which will help discussions to be more active.
Contact: ARE Holdings, Inc.
General & Legal Affairs Dept.
Sapia Tower 11F, 1-7-12 Marunouchi, Chiyoda-ku Tokyo, Japan 100-0005+81-3-6270-1818
https://www.asahiholdings.com/english/