• Value enhancement plan addresses key factors inhibiting Taiheiyo’s share price and recommendations to unlock over 90% upside for all shareholders
• Presentation first unveiled at the 2025 13D Monitor Active-Passive Investor Summit and now public for all stakeholders

Palliser Capital (“Palliser”), a top 10 shareholder of Taiheiyo Cement Corporation (“Taiheiyo”) with an interest of more than 3%, today published a comprehensive presentation on the opportunities available to unlock significant value at Taiheiyo. To ensure market transparency and respond to requests from shareholders and other stakeholders, Palliser published the presentation first delivered by James Smith, Palliser Founder and Chief Investment Officer, at the October 2025 13D Monitor Active-Passive Investor Summit.

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As a leading Pacific Rim cement producer with the largest market share in Japan and a significant, highly profitable U.S. business through its subsidiary CalPortland, Taiheiyo is trading at a persistent and material discount to both U.S. cement peers and its intrinsic value. Despite Taiheiyo’s superior profitability and returns profile, the company’s share price reflects a JPY391bn (US$2.6bn) “Value Gap” to its intrinsic value, representing over 90% potential upside.

In Palliser’s view, the factors driving this value gap are readily solvable and, if remedied, could deliver substantial value to shareholders. Palliser’s Value Enhancement Plan includes:

• Conducting a comprehensive strategic review to unlock the full JPY444bn (US$2.9bn) value of CalPortland, including options such as a straight sale or U.S. IPO, to ensure that the true value of Taiheiyo’s premier U.S. assets is reflected in the company’s share price;
• Monetizing JPY126bn (US$0.8bn) of real estate assets and JPY135bn ($0.9bn) of investment securities, representing ~60% of current market cap, to unlock capital for growth investments or share buybacks, in line with Tokyo Stock Exchange expectations for capital efficiency; and
• Implementing a best-in-class capital allocation framework to ensure the highest-returning utilization of capital, with clear ROIC targets above cost of capital and a robust shareholder returns policy.

Full details of the presentation are outlined in the accompanying attachment.

About Palliser Capital

Palliser Capital is a global multi-strategy fund. 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.

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