Notice Regarding Misconduct and Dismissal of Representative Directors of Our Subsidiary (STRIVE, Inc.)

It has come to our attention that misconduct has been committed by the representative directors of STRIVE, Inc. (hereinafter "STRIVE"), a wholly-owned subsidiary of GREE Holdings, Inc. (Headquarters: Minato-ku, Tokyo; Chairman and Representative Director: Yoshikazu Tanaka; hereinafter "the Company"). As a result of internal investigations and legal assessments by external counsel, we have confirmed serious compliance violations, including actions that may incur criminal liability. Accordingly, we hereby announce that we have dismissed the two representative directors as follows.

Note

1. Overview of Personnel Changes

Name: Yusuke Amano Before Change: Representative Director and President, STRIVE, Inc. After Change: - Disciplinary Action: Dismissal Date of Change: March 30, 2026

Name: Tatsuo Tsutsumi Before Change: Representative Director, STRIVE, Inc. After Change: - Disciplinary Action: Dismissal Date of Change: March 30, 2026

2. Reasons for Dismissal Based on the circumstances described in Section 3 below, the Company has determined that the following misconduct and compliance violations occurred:

(1) Fraudulent Registration Application with False Content In January 2026, it was discovered that an application for a change in registration had been filed with the Legal Affairs Bureau, stating that Yusuke Amano (hereinafter "Mr. Amano") and Tatsuo Tsutsumi (hereinafter "Mr. Tsutsumi") had resigned as directors of STRIVE effective December 31, 2025. The Company believes that this registration application was filed using a false letter of resignation as an attachment. Based on legal assessments by external counsel, we have received an opinion that this registration application may constitute an attempted crime of making an untrue entry in an original of a notarized deed (Article 157, Paragraphs 1 and 3 of the Penal Code). Although the registration application was filed in Mr. Amano's name by a STRIVE employee under his instructions, the employee had no authority to file such a registration as the directors had not actually resigned. Consequently, the application was later withdrawn by a STRIVE employee under Mr. Amano's instructions.

(2) Complete Non-Compliance with Approval Procedures The registration application mentioned in (1) above was carried out without the knowledge or consent of other STRIVE directors or the Company, and contained information different from what was discussed at the STRIVE Board of Directors meeting. We have determined this to be a serious compliance violation that cannot be overlooked by a listed company group.

(3) Misconduct Involving Employees The aforementioned misconduct involved Mr. Amano and others abusing their positions as representative directors to issue improper instructions to a STRIVE employee. Because the employee complied with the improper instructions of Mr. Amano and others without seeking appropriate guidance from the Company or other STRIVE directors, the employee has been subject to disciplinary action as of today, following a review by the company's disciplinary committee. The act of forcing subordinates to participate in misconduct for one's own purposes, leading to their severe punishment, is extremely selfish and malicious, and is behavior that cannot be tolerated from the top management of a listed company group.

(4) Breach of Contractual Obligations to the Company and STRIVE Mr. Amano and Mr. Tsutsumi were under an obligation to provide prior notice when resigning as directors of STRIVE, as stipulated in a memorandum of understanding concluded with the Company and STRIVE. This case constitutes a violation of that obligation, which we have also determined to be a serious compliance violation that cannot be overlooked by a listed company group.

3. Background On December 23, 2025, Mr. Amano and Mr. Tsutsumi submitted letters of resignation to the Company and STRIVE, stating they would resign as representative directors and directors of STRIVE effective December 31, 2025, or alternatively, effective March 31, 2026. However, under a separate memorandum of understanding concluded between the Company, STRIVE, Mr. Amano, and Mr. Tsutsumi, a notice period of at least three months prior to the resignation date is required for Mr. Amano and Mr. Tsutsumi to resign as representative directors and directors of STRIVE. Therefore, the Company had no intention of accepting the resignation effective December 31, 2025, and immediately informed them of this. Consequently, the expression of intent to resign by Mr. Amano and Mr. Tsutsumi did not take effect. Nevertheless, without going through any STRIVE Board of Directors resolutions or the approval procedures stipulated in the Company Group's approval authority regulations, Mr. Amano and Mr. Tsutsumi instructed a STRIVE employee to file an application for a change in registration on January 19, 2026, stating that they had resigned as directors of STRIVE effective December 31, 2025 (hereinafter "the Registration Application"), under the name of "Representative Director Yusuke Amano." They subsequently withdrew the application on February 12, 2026 (hereinafter "the Withdrawal"). The resignation letters attached by Mr. Amano and Mr. Tsutsumi for the Registration Application stated that they were resigning as representative directors and directors of STRIVE effective December 31, 2025. These letters differed from the resignation letters submitted to the Company and STRIVE on December 23, 2025. The Company was unaware of the existence of the resignation letters attached to the Registration Application, and in light of the circumstances and the content of the letters submitted on December 23, 2025, we believe that the resignation letters attached to the Registration Application did not objectively exist by December 31, 2025. Based on the above, the Company and STRIVE consider the series of actions from the filing of the Registration Application to the Withdrawal to be an attempt to register based on false documents, and we believe these actions may incur criminal liability. Furthermore, these actions were taken without the knowledge of other STRIVE directors or the Company and violated the aforementioned memorandum of understanding. From a governance perspective, we believe this constitutes a serious compliance violation. Until now, the Company and STRIVE have been mindful of the impact on the investment recovery of the investors in the funds managed by STRIVE (STRIVE III Investment Limited Partnership and AT-2 Investment Limited Partnership). We have sought explanations from Mr. Amano and Mr. Tsutsumi regarding the circumstances of the Registration Application and attempted to discuss the possibility of continuing operations after April 1, 2026. However, STRIVE, as a group company of a listed company, prioritizes compliance above all else. Therefore, pursuant to a resolution at today's extraordinary general meeting of shareholders, Mr. Amano and Mr. Tsutsumi have been dismissed as representative directors and directors of STRIVE.

4. Future Actions We are continuing our investigation into this matter and will promptly disclose any new facts that come to light. Following this incident, we are also re-examining the internal control and governance structure of STRIVE. If any additional misconduct is confirmed, we will disclose it as necessary. We are considering taking both criminal and civil legal action regarding this matter.

5. Future Fund Management Regarding the future management of the STRIVE III Investment Limited Partnership and the AT-2 Investment Limited Partnership, we will consult with stakeholders, with the premise of ensuring proper operation in accordance with compliance standards.

6. Impact on Business Performance We believe the impact of this matter on the Company's consolidated financial results will be minor at this time. We will promptly announce any matters that require disclosure in the future.

We apologize for the concern this has caused to all involved parties. As a listed company group, we will continue to take appropriate measures.