3D Investment Partners Releases Investor Presentation to Support Capital Allocation Review at Seibu Holdings

Commends Seibu’s Capital Allocation Review Committee for Its Efforts to Maximize Net Asset Value per Share

Releases Presentation Regarding Seibu’s Challenges and Opportunities

Encourages the Committee to Seek and Consider Investor Perspectives and Incorporate Investor Feedback into the Medium-Term Management Plan

TOKYO--(BUSINESS WIRE)--3D Investment Partners Pte. Ltd. (“3D” or “we”), an independent investment management firm providing discretionary investment services to a fund that is a shareholder of Seibu Holdings, Inc. (“Seibu” or the “Company”) (9024.T), released an investor presentation regarding the market’s perspectives on Seibu’s challenges and opportunities to maximize corporate value through enhanced capital discipline (the “Presentation”).

The full Presentation can be found here: https://www.3dipartners.com/engagement/presentation-on-seibu-capital-allocation-en-202610.pdf

The Market’s Perspectives on Seibu

Seibu’s competitive advantage lies in its ownership of real estate in urban and resort locations with substantial potential for value enhancement. This is a distinctive strength that Seibu’s competitors cannot easily replicate. The Company itself has positioned NAV growth through reinvestment in these properties as a central feature of its equity story.

Over the last few years, Seibu has implemented a series of initiatives to enhance corporate value—announcing its asset-light strategy in 2021, monetizing its Kioicho property in 2024 and disclosing NAV per share and committing to NAV growth in 2025. In fact, Seibu's NAV per share has grown at an average annual rate of 12.5% over the five years since 2021, significantly exceeding the company's cost of equity of 7.2% as disclosed in May 2024. These initiatives have been positively received by the market. Despite these efforts, however, the Company’s share price continues to trade at a substantial discount to NAV per share.

Seibu’s persistent valuation discount reflects the market’s perception of the complexity of the Company’s integrated ownership-and-operation business model and its shortcomings in areas that are essential to generating consistent NAV growth. Notably, Seibu has a limited track record of investing in real estate development that contributes to NAV growth, and the Company has not provided a quantitative explanation for how past NAV growth was achieved, nor a roadmap for how it expects to create NAV growth in the future.

Expectation of the Seibu’s Capital Allocation Review Committee

In July 2026, in preparation for the formulation of its next medium-term management plan for fiscal years 2027 through 2029, Seibu established a Capital Allocation Review Committee (the “Committee”) to conduct an evaluation of the Company’s capital allocation and develop a set of investment priorities and a plan to maximize NAV per share. The Committee comprises nine members, six of whom are independent of management: four independent outside directors (Director Masafumi Tsujihiro (Chairperson), Director Atsumi Arima, Director Yuichi Ikeda, and Director Saeko Arai) and two outside experts (Mr. Nobumichi Hattori and Mr. Atsushi Toda).

We welcome the formation of the Committee and commend the Board of Directors and management team for their focus on capital discipline and NAV growth. We expect that the Committee’s review will be appropriately comprehensive, unconstrained by convention or internal relationships and—importantly—informed by shareholder input.

We understand that the Committee intends to solicit perspectives from market participants regarding the Company’s capital allocation, capital structure, performance, strategy and other critical topics. We trust that the Company will ask necessary and searching questions, guided by a genuine interest in receiving unvarnished investor feedback.

3D’s Investor Presentation

To that end, we have prepared a detailed presentation describing the market’s perspectives and evaluations regarding Seibu’s challenges and opportunities. The purpose of the Presentation is to help other Seibu's shareholders and market participants understand the Company's challenges and potential, thereby supporting their engagement with the Committee.

We value our relationship with Seibu and stand ready to assist the Committee to help make its deliberations as productive as possible. We look forward to continuing our constructive dialogue with the Company as we work towards our mutual aim of maximizing corporate value.

About 3D Investment Partners Pte. Ltd.

3D Investment Partners Pte. Ltd. is an independent asset management firm based in Singapore established in 2015, that conducts Japan-focused value investing. Our investment philosophy emphasizes medium- to long-term value creation through compounding capital growth, and we place importance on partnerships with management teams who share the common goal of achieving long-term returns.

Disclaimer

This press release, including annexes, is provided for informational purposes only and does not constitute an offer to purchase or sell any securities or investment products, nor does it constitute professional or investment advice. This press release should not be relied on by any person for any purpose and is not, and should not be construed as investment, financial, legal, tax or other advice.

3D Investment Partners Pte. Ltd. and its affiliates and related persons (“3DIP”) believe that the current market price of Seibu does not reflect its intrinsic value. 3DIP acquired beneficial and/or economic interests based on its own belief that Seibu securities have been undervalued and provide an attractive investment opportunity and may in the future beneficially own, and/or have economic interests in, Seibu securities. 3DIP intends to review its investment in Seibu on a continuing basis and, depending upon various factors including, without limitation, Seibu's financial position and strategic direction, the outcome of any discussions with Seibu, overall market conditions, other investment opportunities available to 3DIP, and the availability of Seibu securities at prices that would make the purchase or sale of Seibu securities desirable, 3DIP may, from time to time (in the open market or in private transactions), buy, sell, cover, hedge, or otherwise change the form or substance of any of its investments (including any investment in Seibu securities) to any degree in any manner permitted by any applicable law, and expressly disclaims any obligation to notify others of any such changes.

3DIP provides no representation or warranty, either expressed or implied, in relation to the accuracy, completeness, or reliability of the information contained herein (including content or quotes from news coverage or other third-party public sources (“Third-Party Materials”)), nor is it intended to be a complete statement or summary of the securities, markets, or developments referred to herein. 3DIP expressly disclaims any responsibility or liability for any loss whatsoever arising from any use of, or reliance on, this press release or its contents as a whole or in part by any person, or otherwise whatsoever arising in connection with this press release. 3DIP hereby expressly disclaims any obligation to update or provide additional information regarding the contents of this press release or to correct any inaccuracies in the information contained in this press release.

3DIP hereby expressly states that, by reason of the expression of its own evaluations, estimates, and opinions or otherwise engaging in dialogue with shareholders through this press release, it has no intention or agreement to be treated as a joint holder (kyodo hoyu sha) under the Financial Instruments and Exchange Act of Japan, a closely related party (missetsu kankei sha) under the Foreign Exchange and Foreign Trade Act with other shareholders, or has no intention to permit 3DIP or any third party to exercise by proxy the voting rights held by other shareholders, or to accept any authority to represent other shareholders in relation to the exercise of their voting rights, and has no intention to solicit, encourage, induce or require any person to cause other shareholders to represent such voting rights.

3DIP does not have the intention to make a proposal, directly or through other shareholders of Seibu, to transfer or abolish the business or assets of Seibu and/or Seibu group companies at the general shareholders’ meeting of Seibu. 3DIP does not have the intention or purpose to engage in any conduct which constricts the continuing and stable implementation of the businesses of Seibu and/or Seibu group companies.

This press release may include Third-Party Materials. Permission to quote from Third-Party Materials in this press release may neither have been sought nor obtained. The content of the Third-Party Materials has not been independently verified by 3DIP and does not necessarily represent the views of 3DIP. The authors and/or publishers of the Third-Party Materials are independent of, and may have different views of 3DIP. Quoting Third-Party Materials in this press release does not imply that 3DIP endorses or concurs with any part of the content of the Third-Party Materials or that any of the authors or publishers of the Third-Party Materials endorses or concurs with the any views expressed by 3DIP on the relevant subject matter. The Third-Party Materials may not be representative of all relevant news coverage or views expressed by other third parties on the stated issues.

This press release has been prepared based on constructive dialogue with Seibu and publicly available information (3DIP has not conducted any separate verification) and does not claim to be complete, timely, or comprehensive. 3DIP has not received any inside information as defined by Japan’s Financial Instruments and Exchange Act (“Inside Information”) or any material information under the Fair Disclosure Rule (“Material Information”), and this press release does not contain any Inside Information or Material Information.

In respect of information that has been prepared by 3DIP (and not otherwise attributed to any other party) and which appears in the English language version of this press release, in the event of any inconsistency between the English language version and the Japanese language version of this press release, the meaning of the Japanese language version shall prevail unless otherwise expressly indicated.

This press release sets out, by way of illustration, certain issues concerning Seibu’s considerations and decisions, and the views of 3DIP are not limited to those described herein. In addition, the opinions expressed by 3DIP in this press release do not constitute definitive conclusions regarding Seibu’s considerations or decisions, nor do they limit in any way the legal claims or arguments that 3DIP may assert.