Elliott Management Statement on Nippon Express Holdings, Inc.

Elliott Investment Management L.P. and Elliott Advisors (UK) Limited, which advise funds that together own approximately 6% of Nippon Express Holdings, Inc., have released a statement regarding their investment in the company.

Elliott's investment reflects their belief in the fundamental strength of Nippon Express as Japan's leading freight forwarder. They noted that despite the company's dominant position and strong competitive advantage, Nippon Express is undervalued compared to its peers. Closing this valuation gap will require significant actions, including a re-evaluation of the current M&A strategy, implementing measures to increase profitability, and adjusting the balance sheet for improved capital efficiency. Elliott expressed its intention to work constructively with Nippon Express to unlock value for all shareholders.

Elliott Investment Management L.P. manages approximately $79.8 billion in assets as of December 31, 2025. Founded in 1977, it is noted as one of the oldest funds under continuous management. The firm's investors include pension plans, sovereign wealth funds, endowments, foundations, funds-of-funds, high net worth individuals and families, and employees of the firm. Elliott Advisors (UK) Limited is an affiliate of Elliott Investment Management L.P.