“Reform Action Plan” September Update Briefing Summary of Q&A Session

• Growth Strategy (Future Direction of the Group) Q: How to enhance the Group characteristics of Fuji Media Holdings?

  A: A distinctive feature of Fuji Media Holdings is our involvement across a wide range of content genres. Going forward, we will clearly define the genres in which we aim to create our own IP and identify the areas that need to be reinforced. Where internal resources are insufficient, we will actively leverage external resources.

  For example, in the fast-growing area of animation, our subsidiary david production is engaged in animation production. To further accelerate growth in this domain, we are exploring ways to collaborate and organize with external creators.

  We are also examining where in the value chain we are best positioned to generate profits. Traditionally, many of the Group's businesses have occupied the "midstream," which yields stable revenue, but we intend to strengthen both the upstream segment-closer to the source of content rights-and the downstream segment, which is more BtoC-oriented.

  Q: Timeframe for "short-term vision" and "future vision"

  A: For our short-term target of ROE 5-6%, shareholders' equity could be compressed even further below 650 billion yen depending on the progress of share buybacks. With profit levels, we may be able to achieve this target sooner than expected. This is by no means an unrealistic goal; based on our profit performance prior to the recent incident, we believe early achievement is within reach.

  On the other hand, regarding the achievement of ROE of 8% in our future vision, this will depend greatly on how quickly the results of growth investments become apparent. We will need to keep an eye on the balance with the further reduction of shareholders' equity in our assessments, and at this point in time, it is difficult to give a clear indication of precisely how many years this will take.

  Q: What is your outlook and expected levels for achieving the 8% ROE target by segment?

  A: We do not disclose ROE targets for individual segments; however, our objective is to raise ROE levels across all business segments to achieve the overall 8% target. We see flexibility to increase borrowings, with a target equity ratio of 50%, and plan to do so within the overall balance of the Group, not limited to Urban Development or Hotels & Resorts. By actively leveraging interest-bearing debt, we aim to generate stable medium- to long-term cash flows and improve ROE.

  The current low profit margin in the Media & Contents business remains our greatest challenge. As a content-driven company, it is crucial to clarify where and how we generate profits throughout the value chain-from upstream to downstream. Our goal is to establish a structure in which, when a single IP becomes a hit, the ripple effects can drive earnings across the entire business. Although the contents business is subject to high volatility, increasing the number of hit IPs is expected to raise profit margins overall.

  While the television advertising market is recovering as a whole, Fuji TV has not yet fully benefited from this recovery. Although there has been a clear recovery trend since October, we believe further improvement will require reforms to enhance the strength and competitiveness of Fuji TV's content and programs.

• Capital policy and capital allocation

A: We expect to divest over 100 billion yen in strategic shareholdings. In addition, we are considering the sale of businesses and other assets as potential sources of funding. With capital efficiency as a priority, we plan to sell low-efficiency or non-core assets and use the proceeds to help achieve our ROE targets. We are carefully evaluating which assets and to what extent divestments should be carried out, focusing on their contribution to capital efficiency and alignment with our 8% ROE target. There are several candidates across a variety of fields, and we are rigorously assessing whether they represent growth areas.

We are also reviewing appropriate levels of cash and deposits

and marketable securities and considering possible adjustments. If funding is still insufficient after these measures, we will also consider short-term borrowings as an additional option.

A: The sale of strategic shareholdings has been progressing at a very rapid pace, and we have already achieved half of our target. We will continue to move forward as quickly as possible toward reaching the 100 billion yen target, making carefully considered decisions in response to funding needs and other relevant factors.

Companies with which we have close relationships are also included as candidates for divestment. Capital efficiency will be our top priority when making divestment decisions.

A: As for our share price, we recognize the importance of achieving a PBR of at least 1 and have set an ROE target of 8% as a guideline to realize this. Achieving a PBR above 1 will send a clear message to the stock market, and we consider it our responsibility as management to pursue this goal.

A: We expect a recovery in operating cash flows to serve as the primary funding source. For FY2026, we anticipate that Fuji TV will see significant improvements in profits and operating cash flows as structural reforms progress, even if the rebound in advertising revenue is moderate. However, since certain projections cannot be finalized at this time, we are also considering the sale of businesses and assets as additional funding sources. We will allocate funds between growth investments and shareholder returns flexibly in response to future circumstances. Should growth investments not yield sufficient results, we will prioritize shareholder returns accordingly.

A: Growth investments are certainly a key driver, with these investments spanning a broad range of fields. In addition, we consider it essential to conduct a thorough review of our core businesses, streamlining and restructuring where appropriate to increase the profitability of our existing businesses. In the broadcasting business, we intend to raise profit margins through significant efficiency improvements, including reductions in infrastructure costs. Any businesses that cannot be made more efficient will also be subject to review. There may be substantial changes to our business portfolio going forward. In that light, we aim to indicate clearly how much growth investment will be allocated to which areas and the level of profit to be made from those investments.

A: Your understanding is correct. In the short term, we will work on increasing operational efficiency to steadily improve the profit margin. By raising the base profit margin, we will be able to realize the benefits of growth investments more quickly. In the short term, we will pursue the improvement of profit margin, and in the medium term, we will pursue both growth investment and business restructuring.

A: To expand global sales channels and strengthen content sales, we are undertaking a major review of our existing frameworks, budgeting approach, and organizational structure. We are shifting to a policy of managing profitability and investment efficiency on a content-by-content basis to maximize value. Whereas previously, content decisions were based almost entirely on broadcasting slots, we have adopted a content-first approach, now seeing broadcasting as just one of several distribution channels. Production budgets will also be increased when justified by projected returns and the potential for

maximizing value. The diversification of monetization methods and exit strategies will also take on greater importance. To this end, we have restructured and reinforced our distribution organization.

A: Much of the content being rolled out at Fuji TV uses existing IP, such as " Chiikawa " and " Puppet Sunsun, " which are broadcast on Mezamashi TV. Going forward, our aim is to develop original IP ourselves upstream and build a structure that will enable us to capture profits in various forms along the value chain.

We believe that our strong media reach provides us with a major advantage in promoting characters and expanding their market penetration. The development of original IP will be a key driver for future business expansion.