• Value Enhancement Plan addresses key drivers of Ajinomoto’s valuation disconnect and sets out a clear, actionable pathway to unlock over 70% upside for shareholders
• Presentation highlights Ajinomoto as “The Most Under‑Monetised AI Infrastructure Monopoly,” underscoring significant under-appreciated pricing upside of Ajinomoto Build-up Film (“ABF”)

Palliser Capital (“Palliser”), a top 25 shareholder of Ajinomoto Co., Inc. (“Ajinomoto” or the “Company”), today published a comprehensive presentation outlining the opportunities available to unlock significant long‑term value at Ajinomoto.

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To promote market transparency and respond to growing interest from shareholders and other stakeholders, Palliser has made public a detailed presentation titled “Maximising the Value of Ajinomoto – The Most Under‑Monetised AI Infrastructure Monopoly.” The presentation sets out Palliser’s assessment of Ajinomoto’s unique strategic positioning within the global AI supply chain, the structural drivers of its persistent undervaluation, and the tangible steps required to drive a material re‑rating of the Company’s equity.

Despite owning one of the most critical materials technologies underpinning global AI infrastructure, Ajinomoto currently trades at a significant valuation discount to its ABF substrate customers. Resolving the drivers of this valuation disconnect could unlock well over 70% upside to the current share price and support sustained long‑term value creation in the interests of all stakeholders. The Ajinomoto Value Enhancement Plan outlines three highly actionable initiatives:

• Establish the Functional Materials business as a standalone reporting segment, materially improving disclosure and transparency to enable investors to properly assess the competitive moat, growth trajectory, and intrinsic value of the ABF franchise;
• Increase ABF pricing by over 30%, capturing the economics of ABF’s monopoly‑grade, mission‑critical role in global AI infrastructure while having a negligible impact on customer economics; and
• Restructure the Frozen Food business to achieve a ROIC above 8%, in line with Japanese and U.S. peers, through portfolio rationalisation, pricing and mix optimisation, and improved asset efficiency.

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

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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