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  "documentTitle": "Keisei Electric Railway (9009)",
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  "authorName": "Palliser",
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  "presentationDate": "2025-04-23 00:00:00",
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  "notes": "This is a formal disclosure/disclaimer page from an accounting firm regarding the scope and limitations of their work.",
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      "text": "Kind regards,",
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      "text": "6. Independence\n\nWe are an independent accounting firm having sufficient knowledge, capacity, experience, etc. in respect of relevant Japanese accounting treatment in order to prepare the proforma consolidated financial statements of KER as requested by Palliser. We have no conflict of interest with KER, OLC and Palliser that should be described, taking into consideration the prescription of the Certified Public Accountants Act in Japan.",
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      "text": "7. Qualifications\n\nThe Procedures have been performed based on publicly available information as well as certain assumptions described herein. This does not mean that the Procedures conform to generally accepted audit standards or any generally accepted review standards, which are for the purpose of reporting an audit opinion or results of a review of financial statements. Further, the Procedures have been performed for the purpose of preparing certain proforma financial statements of KER, rather than for the purpose of preparing the financial statements of KER in accordance with the Japanese generally accepted accounting principles. Therefore, we are not able to provide any conclusion or assurance regarding the financial statements of KER in accordance with the Japanese generally accepted accounting principles. Moreover, while we have performed the Procedures in good faith, some calculations are based on estimates and assumptions which are not confirmed with public disclosure, and the results in the proforma consolidated financial statements may be different from what it should have been if the investment in OLC were treated as available-for-sale securities at KER. Had we conducted an audit or carried out review procedures on KER's financial statements based on generally accepted audit or generally accepted review standards, there is a possibility that additional items may have been identified and reported on.\nThe Procedures have been performed based on requests and instructions from Palliser, and we do not assume any responsibility for any actions taken by any party. Further, we are not responsible for providing comments based upon any update, change or revision etc. to be made in respect of Japanese generally accepted accounting principles etc. after the date of this letter.",
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      "text": "Page 5 | 5",
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      "kind": "title",
      "text": "PROFORMA CONSOLIDATED FINANCIAL STATEMENTS OF KEISEI ELECTRIC RAILWAY CO., LTD, IN WHICH KER WOULD TREAT THE INVESTMENT IN ORIENTAL LAND CO., LTD. (\"OLC\") AS AVAILABLE-FOR-SALE SECURITIES, RATHER THAN INVESTMENT IN AN AFFILIATED COMPANY",
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