Palliser Capital Publishes Presentation Highlighting Value Opportunity at WUS Taiwan

• Presentation highlights WUS Taiwan as “The Most Undervalued AI PCB Player,” underscoring the under-recognised value of its AI-exposed PCB platform and its 11.3% stake in WUS Kunshan
• Despite these incredible fundamentals, WUS Taiwan is trading at a substantial discount of over 70% to its net asset value (“NAV”) – its widest discount in five years

LONDON--(BUSINESS WIRE)--Palliser Capital (“Palliser”), a 4.3% shareholder of WUS Printed Circuit Co., Ltd. (Ticker: 2316 TT) (“WUS Taiwan” or the “Company”), today published a comprehensive presentation outlining the opportunities available to unlock significant long-term value at WUS Taiwan.

To promote market transparency and facilitate engagement with WUS Taiwan senior management, Palliser has made public a detailed presentation titled “Maximising the Value of WUS Taiwan – The Most Undervalued AI PCB Player”. The presentation sets out Palliser’s assessment of WUS Taiwan’s attractive strategic positioning within the global AI PCB supply chain and the strategic options available to drive a material re-rating of the Company’s valuation.

Despite owning a high-quality AI PCB platform and an 11.3% stake in WUS Printed Circuit (Kunshan) (Ticker: 002463 CH) (“WUS Kunshan”) — a holding that Palliser believes is worth more than three times WUS Taiwan’s current market capitalisation — WUS Taiwan currently trades at a discount to NAV of over 70%, its widest discount in five years. Based on Palliser’s analysis, even a partial normalisation of WUS Taiwan’s NAV discount toward the level of its closest peer could imply over 169% upside to WUS Taiwan’s current share price, while a broader re-rating of the Company’s valuation multiple toward peer levels could imply over 400% upside.

Palliser’s presentation outlines the following highly actionable value enhancement initiatives:

• Establish an independent Value Enhancement Committee comprising a majority of outside directors, supported by independent financial, tax and legal advisors, to conduct a comprehensive strategic review focused on maximising corporate value;
• Enhance investor communication and disclosure, including the provision of comprehensive English-language investor relations materials and quarterly updates aligned with Taiwanese disclosures, to more effectively communicate WUS Taiwan’s turnaround progress, growing AI data centre PCB exposure, and underlying intrinsic value to the market; and
• Evaluate credible strategic options, including potential monetisation of some or all of WUS Taiwan’s 11.3% stake in WUS Kunshan — with proceeds potentially deployed toward growth capex, R&D and shareholder returns — as well as a potential privatisation of WUS Taiwan at a fair price to facilitate business optimisation and a future exit at a valuation more reflective of its intrinsic value.

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

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.

ⁱ Any and all market data contained or referred to herein is as of close of trading on the Taiwan Stock Exchange on 28 May 2026 unless otherwise stated.