• Management has committed to taking meaningful steps to address value gap
• Plan is aligned with key strategies identified in Palliser’s value enhancement plan

Palliser Capital (“Palliser”), a global multi-strategy fund with a top 15 shareholding in Japan Post Holdings Co. Ltd (“JPH”), today responded to JPH’s new Group Medium-Term Management Plan, “JP Plan 2028”.

Palliser commends JPH for its constructive engagement with shareholders and the commitments it has outlined in its new Group Medium-Term Management Plan, which include:

• Improvements to transparency and accountability – Clearer disclosure on capital allocation, the strength of its core balance sheet, and enhanced segment-level accountability.
• Focus on profitability and capital efficiency – A clear step-up in ROE ambition and reassessment of cost of equity, alongside a stronger focus on profitability and structural reform of the core postal and post office business to ensure long-term sustainability and continued provision of universal services.
• Enhanced shareholder return policy – Introduction of a structured shareholder return framework, including a minimum 50% TSR target with a plan of progressive dividends and ongoing share repurchases.
• Real estate value unlock – Elevation of real estate as a core earnings pillar with expanded strategy including a plan to develop an asset recycling model and enhance disclosures.

James Smith, Founder and CIO of Palliser, said, “The new JPH plan is a meaningful move in the right direction. Successful execution on these commitments will significantly help to address the Company’s persistent valuation discount and increase corporate value. We support JPH’s increased focus on capital efficiency and shareholder value creation. We also appreciate their openness to shareholder feedback and look forward to continuing our constructive engagement with the Company.”

About Palliser Capital

Palliser is an alternative investment manager that applies a value-oriented, event-driven philosophy to investing across a range of distinct yet complementary strategies on a global basis 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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