Bain's announcement of yesterday comes as no surprise - it is a well-trodden path seen in other tender offers to encourage opposing minority shareholders to tender at the original offer price. We continue to firmly believe for the reasons outlined in our letter dated 19th March 2026 that the current offer materially undervalues MCJ. We therefore also continue to encourage other shareholders not to tender unless fairer terms are offered for minority shareholders.

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This press release ("Document") has been issued by Maven Investment Partners Ltd, Hong Kong Branch ("Maven"). The Document is for discussion and informational purposes only. The views expressed herein represent the opinions of Maven as of the date hereof. Maven reserves the right to change or modify any of its opinions expressed herein at any time and for any reason and expressly disclaims any obligation to correct, update or revise the information contained herein or to otherwise provide any additional materials. Nothing within this Document promotes, or is intended to promote, and may not be construed as promoting, Maven.

All of the information contained herein is based on publicly available information with respect to MCJ Co., Ltd. (the "Company"), including public announcements, filings and disclosures made by the Company and other sources, including information derived or obtained from filings with regulatory authorities and from third parties, as well as Maven's analysis of such publicly available information. Maven has relied upon and assumed, without independent verification, the completeness and accuracy of all information and data available from public sources, and no representation or warranty is made that any such data or information is accurate. Maven recognises that there may be confidential or otherwise non-public information with respect to the Company that could lead the Company or others to disagree with Maven's conclusions, and could also alter the opinions of Maven were such information known to it.

Save for the historical information in this Document, the information and opinions set out herein constitute forward-looking statements, including projections and estimates prepared with regard to, among other things, the value of the Company's securities, debt or any other related financial instruments that are based upon or relate to the value of securities of the Company (collectively, "Company Securities"), the Company's anticipated operating performance, general economic and market conditions and other future events. You should be aware that all forward-looking statements, estimates and projections are inherently uncertain and subject to significant economic, competitive, and other uncertainties and contingencies and have been included solely for illustrative purposes. In light of the significant uncertainties inherent in the estimates, projections and forward-looking statements included herein, the inclusion of such information should not be regarded as a representation as to future results or that the objectives and strategic initiatives expressed or implied by such forward-looking statements will be achieved. Actual results may differ materially from the information contained herein due to reasons that may or may not be foreseeable. There can be no assurance that the Company Securities will trade at the prices that may be implied herein, and there can be no assurance that any estimate, projection or assumption herein is, or will be proven, correct. Maven will not undertake and specifically disclaims any obligation to disclose the results of any revisions that may be made to any forward-looking statements herein to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

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