Hibiki Path Advisors (“Hibiki” or “We”), a value-oriented engagement investor, sent Letter of Inquiry to the Board of Directors and Special Committee of Mandom CORPORATION (4917) on 15 September 2025 regarding its recently announced MBO (Management Buy-Out) transaction.

This document does not constitute an offer, recommendation or solicitation to buy or sell any security or enter into any other transaction. Hibiki does not purport to provide any investment, financial, legal or other expert advice or recommendation in this document.

English：Letter of Inquiry to Mandom CORPORATION

English：BUSINESS WIRE press release

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