P.21 Message from the CFO (4)

Message from the CFO

Medium-Term Business Plan 2026 Establishment of a foundation as a core pillar of

the Akasaka Entertainment City Project

We established the “Akasaka Creative Foundation” as one of the core pillars of the Akasaka Entertainment City Project, which aims to transform Akasaka into a hub and source of entertainment and creativity where people can experience the “best moments.” The foundation’s directors include represen- tatives of companies with ties to Akasaka, while its councilors include Ikuko Akasaka, the first geisha to receive the Order of the Rising Sun, Gold and Silver Rays; Hiroko Kuniya, a Trustee of Tokyo University of the Arts; and Hiroshi Suzuki, Professor at the Graduate School of Public Policy, The University of Tokyo. The board of directors began meeting in October 2025 to dis- cuss what kinds of activities can contribute to the development of creativity. In January 2026, the foundation launched its official website and called for applications for its FY2025 grant programs. Following review by the selection committee, four projects were selected and implemented. These projects repre- sent a steady step toward building Akasaka into a creative plat- Transforming “Akasaka” into “AKASAKA,” a destination full of appeal for people around the world Establishment of the Foundation Reducing disparities in access to creative experiences and discovering young talent Enhancing the brand value of Akasaka as a hub for creative collaboration and expression Implementing initiatives and events that bring vibrancy and enhance the value of the district form where tradition and the future converge. Applications for the FY2026 grant programs have already opened, and we will continue to publish updates on the foundation’s activities on its website as they become available.

Our policy on responding to takeover proposals for company shares

On May 14, we disclosed our decision to renew for one year our “Policy on Responding to Takeover Proposals for Company Shares,” which is intended to make our Policy known to po- tential acquirer groups in advance. As a certified broadcasting holding company, TBS Holdings maintains the Policy based on the belief that a certain degree of independence is required to preserve both the public nature of a broadcaster and the neutrality of a news organization. However, we do not view possible acquisitions of a controlling stake negatively. At the same time, as abusive activism is recognized as a material issue of high priority in the capital markets, we must be prepared to counter large-scale acquisitions aimed at pursuing short-term profits that could impede our strategy to grow into a content group and undermine our corporate value. We therefore concluded that, at this point, maintaining the Policy remains a necessary and appropriate measure. In accordance with the Corporate Governance Code, and to enhance fairness and ensure objectivity, we have also changed the composition of the Special Committee for Appraising Corporate Value so that it consists solely of outside directors. We do not intend to maintain the Policy on Responding to Takeover Proposals for Company Shares indefinitely. We believe that enhancing corporate value and raising the share price through the “Updated MTBP2026” and the next MTBP will maximize the interests of our stakeholders and serve as the most effective response to abusive activism. We will continue to carefully review the Policy at meetings of the Board of Direc- tors and other appropriate forums, and will take prompt action when we determine that it is no longer necessary. The next MTBP is currently being formulated to serve as a turning point in addressing the issues raised by the capital mar- kets. By setting out the future direction of the TBS Group under VISION 2030 and beyond, we aim to ensure that not only our shareholders but all stakeholders have a better understanding of the group we aspire to become and, ultimately, that this is appropriately reflected in our share price. 21