TOKYO--(BUSINESS WIRE)--Hibiki Path Advisors (�Hibiki� or �We�), a value-oriented engagement investor, sent our formal letter to the board of Star Mica Holdings Co. Ltd (2975), E�Grand Co. Ltd (3294), and Intellex Co. Ltd (8940) respectively with request measures to revamp corporate value on 24 November 2022.

Above three companies have been the major players in second-hand Condominium revitalization and sales business since early days. Through their respective and unique business wisdom, they have contributed to the Japanese housing market by expanding the supply of quality assured and reasonably priced second-hand condominiums.

While we have an extremely optimistic view in terms of expansion of the second-hand condominium market due to the ongoing up-trend for a sustainability-based consumption, we are dissatisfied with the current stock price valuation of these three companies that are currently classified as �emerging real estate firms�. We believe that it is necessary for them to respectively improve capital policies and IR measures as well as to also consider dynamic measures or ideas that goes beyond the level of individual companies. As such, we have proposed the following recommendations for each of the three companies.

1. Changed of branding to focus on "Sustainable Housing (Condominium)"
2. Examination of Strategic Alliance between Different Groups
3. Consideration of Single or Joint MBOs

We are open to discussing our recommendations with a wider audience, not only with the management of each company but also with other shareholders and business associates. We hereby publish the letter sent to the companies on 24 November 2022.

Letter to Star Mica Holdings Co. Ltd.

Letter to E�Grand Co. Ltd.

Letter to Intellex Co. Ltd.

Contacts

Hibiki Path Advisors Pte. Ltd.

Chief Investment Officer

Yuya Shimizu

www.hibiki-path-advisors.com
[email protected]