Palliser Capital Commends the Initial Reduction in Keisei’s OLC Stake; Looks Forward to Working with Keisei Management on Further Steps to Unlock Value

LONDON–(BUSINESS WIRE)–Palliser Capital (“Palliser”), the eighth largest shareholder of Keisei Electric Railway Co., Ltd. (9009 JT) (“Keisei” or the “Company”) with a stake of 1.6% commends Keisei’s decision to reduce the size of its stake in the Oriental Land Company (“OLC”) and is encouraged that the capital released will be used to bolster shareholder returns and fund strategic and growth initiatives.

Palliser believes this marks a pivotal change in the strategic direction of the Company, but that further action is needed to resolve the accounting distortion that arises from maintaining an outsized stake in OLC, which masks Keisei’s true price-to-book ratio that remains materially below 1.0x.

Palliser looks forward to continuing its ongoing constructive engagement with Keisei’s management team to implement additional near-term measures to unlock the Company’s intrinsic value for all its stakeholders, including further OLC disposals, enhanced capital allocation, and improved corporate governance and investor communication.

Full details of Palliser’s presentation on unlocking and catalyzing growth at Keisei are available at https://www.businesswire.com/news/home/20231017540912/en/Palliser-Capital-Responds-to-Media-Article-Regarding-Investment-in-Keisei-Electric-Railway.

About Palliser Capital

Palliser Capital is a global multi-strategy fund based in London. Our value-oriented investment philosophy is applied to a broad range of opportunities across the capital structure with a focus on situations where positive change and value enhancement can be achieved through thoughtful, constructive and long-term engagement with companies and across a range of different stakeholder groups. Palliser Capital is the eighth largest Keisei shareholder with a stake of 1.6%.

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Prosek Partners

Brian Schaffer / Kiki O’Keeffe

Pro-PalliserKER@Prosek.com