On May 20, 2024, Keisei Electric Railway Co., Ltd. announced in its press release that Palliser Capital Master Fund Ltd had submitted a proposal for the General Meeting of shareholders to be held in June 2024. The proposal is as follows: Amendment to the Article of Incorporation regarding the formulation of capital allocation policy and management of investment securities. The request calls for reducing the ownership ratio of OLC (Oriental Land) shares, which generate only low dividends, to less than 15% in terms of voting rights, and to use the sale proceeds for investments that will lead to future growth, including improving services for railway business customers.

The company opposes the proposals for the following 5 reasons, (i) The Company operates businesses of a highly public nature, such as railways and buses, and due to the nature of these businesses, stability and sustainability are required, (ii) The relationship with OLC, which owns and operates Tokyo Disney Resort, which has grown into a national content, is a valuable asset that only our company can have, and could serve as the basis for creating future business opportunities, (iii) The relationship with OLC, which owns and operates Tokyo Disney Resort, which has grown into a national content, is a valuable asset, and could serve as the basis for creating future business opportunities, (iv) The shareholder proposal is a proposal aimed at selling the OLC shares held by the Company in the short term and reducing the ownership ratio to less than 15%, (v) The amendments to the articles of incorporation required by this shareholder proposal are likely to become a constraint on the Company's management towards increasing its corporate value over the medium to long term.