[Amended] Material event report (merger)

What happened

AMENDMENT NOTICE (filed 2026-07-23; second amendment to the report first filed 2026-06-30, amended once on 2026-07-22) Item amended: "18. Other matters for investment reference" - simple clerical correction. History: 2026-06-30 original Material Event Report (Merger Decision) filed; 2026-07-22 1st amendment ("text shown in blue"); 2026-07-23 2nd amendment ("text shown in green"). Reason for correction: simple clerical error. The correction only fixes the counterparty name used in row 6 of the external-expert independence checklist (an internal cross-check table, reproduced in full further below): in the "Before" version row 6 read "...whether the expert will receive direct or indirect fees or economic benefit from the counterparty (Shinsegae Food)..." and in the "After" version this is corrected to "...from the counterparty (Humax)...". All nine checklist items for both Bohyun Accounting Corp. and Klaas Hankyul LLC remain assessed as "Satisfied (not applicable)" except item 2, which is "Satisfied (no impact)". (As stated in the filing, the "Shinsegae Food" reference in the pre-correction table was an unrelated company name left over from a template and is simply a typo.)

=== ORIGINAL REPORT (first filed 2026-06-30) === Filer: Humax Holdings Co., Ltd. ; CEO: Byun Dae-gyu ; Head office: 2 Yeongmun-ro, Cheoin-gu, Yongin-si, Gyeonggi-do ; Tel: 031-776-6114 ; Website: https://holdings.humaxdigital.com/ ; Preparer: CFO Jeong Chang-su, Tel 031-776-6114.

MERGER DECISION 1. Merger method: Humax Co., Ltd. absorbs Humax Holdings Co., Ltd. - Surviving company: Humax Co., Ltd. - Dissolved company: Humax Holdings Co., Ltd. - Name of surviving company after merger: Humax Co., Ltd. - Merger type: Not applicable 2. Merger purpose: To create synergies by integrating management resources, strengthen business competitiveness, improve management efficiency and governance, and thereby maximize corporate and shareholder value. 3. Material effects of the merger: (1) Effect on management - As of the filing date, Humax's largest shareholder is Humax Holdings (35.64% stake), and Humax Holdings' largest shareholder is Byun Dae-gyu (35.47% stake). Humax Holdings will be dissolved via absorption; the surviving company Humax's largest shareholder is expected to become Byun Dae-gyu, with an expected post-merger stake of 16.61%. The company already retired 2,179 treasury shares obtained during the share-consolidation process, and will retire by board resolution, immediately after the merger, the entire 1,535,273 Humax common shares held by Humax Holdings (the board meeting for this cancellation is expected around 2026-10-30, within one month after merger registration and the additional listing of merger shares, expected 2026-10-19; the schedule may change and will be separately disclosed). (2) Effect on finances - Humax is focusing on EV chargers as its core future growth driver, and its smart-parking/mobility-platform/car-sharing/taxi/chauffeur customer-facing businesses provide a stable cash base; post-merger scale economies and portfolio diversification are expected to strengthen cost competitiveness, expand the balance sheet and increase revenue and profit. (3) Effect on operations - integrating the Holdings' enterprise-AI capability directly into Humax's business removes the structural gap between the holding company's investment function and the operating company's business function, and combines AI architecture capability with Humax's mobility-infrastructure data to support EV-charging-infrastructure expansion and MaaS ecosystem-building. (4) Effect on shareholder value - on the merger new-share allotment record date, Humax Holdings common shareholders will receive 0.9646707 Humax common shares per Humax Holdings common share held (no merger shares will be issued for treasury shares held by Humax Holdings or shares Humax Holdings comes to hold through dissenting shareholders' appraisal-rights exercise). The government's recently announced "Reform Plan for Swift and Strict Delisting of Insolvent Companies" could place the merger parties under administrative-issue designation or delisting procedures depending on market conditions; the merger is expected to stabilize share prices and enhance corporate value by maintaining an appropriate float, protecting existing shareholders including minority shareholders from loss of market liquidity and fair-price exit opportunities. 4. Merger ratio: Humax : Humax Holdings = 1 : 0.9646707. The base share prices used for the ratio were calculated as the arithmetic mean of the most-recent 1-month and 1-week volume-weighted average closing prices and the latest closing price, as of the day before the board resolution date. 5. Basis for merger ratio: Because this is a merger between two KOSDAQ-listed companies, the merger value was calculated under Enforcement Decree Article 176-5(1)(1) of the Financial Investment Services and Capital Markets Act (FSCMA), and the ratio derived from it. (a) Humax (surviving company) common-share merger value: base date (business day before the earlier of the board-resolution date and contract date, both 2026-06-30) = 2026-06-29; 1-month volume-weighted average closing price (2026-06-01~2026-06-29): KRW 6,104; 1-week volume-weighted average closing price (2026-06-23~2026-06-29): KRW 5,383; latest closing price (2026-06-29): KRW 5,490; Humax merger value: KRW 5,659. No premium or discount applied. (b) Humax Holdings (dissolved company) common-share merger value: same base date 2026-06-29; 1-month volume-weighted average closing price: KRW 6,233; 1-week volume-weighted average closing price: KRW 5,004; latest closing price: KRW 5,140; Humax Holdings merger value: KRW 5,459. No premium or discount applied. Resulting merger ratio: 1 : 0.9646707 (Humax : Humax Holdings). 6. External appraisal: Not applicable - because the merger value was calculated under FSCMA Article 165-4 and Enforcement Decree Article 176-5(1)(1) for a merger between two KOSDAQ-listed companies, no external appraisal is legally required. 7. Type and number of merger new shares: 2,440,946 common shares; no special-class shares. 8. Merger counterparty: Humax Co., Ltd.; main business: manufacture and sale of video/audio equipment; relationship: affiliate; most-recent fiscal year financials (KRW): total assets 491,060,172,734; capital stock 21,985,062,000; total liabilities 394,931,983,365; revenue 394,166,017,109; total equity 96,128,189,369; net income -81,408,692,851; external auditor: Sunghyun Accounting Corp., unqualified (clean) opinion. 9. Newly incorporated merger company: not applicable (no new entity formed). 10. Merger schedule: merger agreement date 2026-06-30; shareholder record date 2026-07-15; dissenting-shareholder notice period 2026-08-05~2026-08-27; shareholders' meeting (expected) 2026-08-28; appraisal-rights exercise period 2026-08-28~2026-09-17; trading-halt period (expected) 2026-09-29~2026-10-18; creditor-objection period 2026-08-28~2026-09-29; merger effective date 2026-10-01; merger registration date (expected) 2026-10-07; new-share listing date (expected) 2026-10-19. 11. Backdoor listing: Not applicable. 12. Whether another company's backdoor-listing requirements are met: Not applicable. 13. Appraisal (dissenters') rights: shareholders of record on the record date who notify written dissent before the shareholders'-meeting resolution date and demand purchase within 20 days after that resolution may require the company to buy some or all of their shares, under Commercial Act Art.522-3 and FSCMA Art.165-5. Expected purchase price: KRW 6,839 (calculated per FSCMA Enforcement Decree Art.176-7(3)(1), the arithmetic mean of the volume-weighted average prices for the most recent 2 months, 1 month and 1 week as of the base date). Payment is expected 2026-09-22, by bank transfer. The merger agreement may be terminated if the aggregate appraisal-rights payments exceed KRW 2,000,000,000 for Humax or KRW 1,000,000,000 for Humax Holdings (including cases where the expected amount is reasonably likely to exceed those thresholds even without agreement on price). 14. Board resolution date: 2026-06-30; independent directors present: 1; absent: -; the audit committee member (not an independent director) was present. 15. Put-option or similar contracts: No. 16. Subject to registration statement: Yes - Humax, the merger counterparty, filed the related registration statement on 2026-07-01. 17. Future restructuring plans: none finalized as of the filing date. 18. Other matters for investment reference (key points): (a) Under Commercial Act Arts. 522 and 434, merger approval requires a special shareholders'-meeting resolution (2/3 of votes present and 1/3 of total issued shares); failing this, the merger may not proceed. (b) No payment other than fractional-share cash settlement will be made to any shareholder. (c) Humax Holdings retired the 2,179 treasury shares obtained through the share consolidation by board resolution, and will retire, by a separate post-merger board resolution, the entire 1,535,273 Humax common shares it holds (board meeting expected around 2026-10-30; schedule subject to change). After this, the largest shareholder Byun Dae-gyu's expected stake becomes 16.61%.

[Change in major shareholders' holdings before/after merger] (basis date 2026-07-21; shares/%) Byun Dae-gyu (largest shareholder): before - Humax Holdings 897,411 shares (35.47%), Humax 0 (0.00%); after merger - Humax 865,706 shares (12.83%); after cancellation - Humax 865,706 shares (16.61%) Park Bo-kyung (related party): before - Humax Holdings 22,103 (0.87%), Humax 0 (0.00%); after merger - Humax 21,322 (0.32%); after cancellation - 21,322 (0.41%) J2B Co., Ltd. (affiliate): before - Humax Holdings 101,800 (4.02%), Humax 2,207 (0.05%); after merger - Humax 100,410 (1.49%); after cancellation - 100,410 (1.93%) Humax Holdings (largest shareholder of Humax): before - Humax 0 (0.00%); after merger - Humax 1,535,273 (35.64%) becoming 1,535,273 (22.75%) [to be cancelled]; after cancellation - 0 (0.00%) Jeong Seong-min (executive): after merger - Humax 5,981 (0.14%); after cancellation - 5,981 (0.09%); final 5,981 (0.11%) Byun Ji-young (other): after merger - 2,238 (0.05%); after cancellation - 2,238 (0.03%); final 2,238 (0.04%) Byun Jeong-seok (other): after merger - 1,901 (0.04%); after cancellation - 1,901 (0.03%); final 1,901 (0.04%) Jeong Chang-su (affiliate executive): after merger - 1,000 (0.02%); after cancellation - 1,000 (0.01%); final 1,000 (0.02%) Shim Jae-hyeon (affiliate executive): after merger - 500 (0.01%); after cancellation - 500 (0.01%); final 500 (0.01%) Largest shareholder & related parties total: before - Humax Holdings 1,021,314 (40.36%), Humax 1,549,100 (35.96%); after merger - Humax 2,534,331 (37.55%); after cancellation - Humax 999,058 (19.16%) Other shareholders: before - Humax Holdings 1,405,746 (55.56%), Humax 2,758,433 (64.04%); after merger - Humax 4,214,148 (62.45%); after cancellation - Humax 4,214,148 (80.84%) Treasury shares: before - Humax Holdings 103,286 (4.08%), Humax 0 (0.00%); after merger/cancellation - 0 (0.00%) Total shares outstanding: before - Humax Holdings 2,530,346 (100.00%), Humax 4,307,533 (100.00%); after merger - Humax 6,748,479 (100.00%); after cancellation - Humax 5,213,206 (100.00%) Notes: (i) The 2,179 and 4,609 treasury shares created by share consolidation at the two companies were approved for cancellation at the 2026-06-30 board meetings and cancelled 2026-07-13. The 1,535,273 Humax shares held by Humax Holdings will be cancelled around 2026-10-30, subject to change. (ii) Treasury shares arising from either company's shareholders exercising appraisal rights will also be cancelled in full. (iii) Post-merger ratios use the registration-statement-date expected new-share count and may change, including from appraisal-rights exercise. (iv) Humax Holdings' 11th unregistered unsecured private exchangeable bonds (including overseas EBs), with outstanding face value of KRW 9.9 hundred million (i.e., KRW 990,000,000), were fully redeemed early by agreement with bondholders on 2026-07-13; the 103,286 treasury shares reacquired upon redemption will be cancelled before this merger.

(d) Item 7 "Type and number of merger new shares" may change depending on conversion/exchange requests under Humax Holdings' 10th private CB and 11th EB, Humax's 24th private CB, and the results of appraisal-rights exercise. Under the ratio, each KRW 2,500 par-value Humax Holdings common share will receive 0.9646707 KRW 5,000 par-value Humax common shares, for a total of 2,440,946 new shares (expected). Humax Holdings' 1,535,273 Humax shares become Humax's treasury shares upon the merger and are to be cancelled simultaneously with the merger. Expected total shares outstanding of surviving company Humax after merger and cancellation: (a) Pre-merger total shares outstanding: 4,307,533 (b) New merger shares issued: 2,440,946 (c) Treasury shares cancelled: 1,535,273 (d) Post-merger total shares outstanding (a+b-c): 5,213,206 (Note: following the 2026-07-13 cancellation of existing treasury shares, total shares outstanding as of the 2026-07-22 filing date is 4,307,533.) (e)-(m) [procedural notes, condensed] Item 7 may further change depending on Humax Holdings shareholders' appraisal-rights exercise after the extraordinary general meeting approves the merger; no merger shares will be issued for resulting treasury shares. Item 8's financial figures for Humax are based on 2025 year-end consolidated financial statements. Item 10's schedule is an estimate as of filing date and may change. The closing-report shareholders' meeting under Item 10 will be replaced by a board-resolution announcement under Commercial Act Art.526(3), dated 2026-10-01. If the shareholders' meeting rejects the merger, appraisal rights lapse and the merger agreement does not take effect. Appraisal-rights claimants cannot withdraw their claim after the exercise period ends. (n) Contract termination clauses (Merger Agreement Art.15): the parties ("Party A" = Humax, "Party B" = Humax Holdings) may terminate by mutual written agreement before the merger date, or either may terminate on written notice if: (1) a required government approval is not obtained by the day before the merger date (including final refusal); (2) a material adverse change or undisclosed material defect arises in either party's assets, liabilities, management or business between signing and the merger date due to force majeure or other cause; (3) either party materially breaches a representation, warranty or covenant and fails to cure within 10 business days of a cure request (where curable); (4) a court or government agency finally and non-appealably prohibits the merger; (5) the aggregate appraisal-rights payments that Party A and Party B must make to dissenting shareholders exceed KRW 2,000,000,000 for Party A (including where the amount is reasonably expected to exceed this even absent agreement) or KRW 1,000,000,000 for Party B; (6) creditor objections' aggregate claims exceed KRW 5,000,000,000 for Party A or KRW 1,000,000,000 for Party B. Termination effects: return/destruction of exchanged materials within 14 days; no effect on damages claims for breach; Articles 15, 17-19 survive termination. (o) Humax Holdings undertook enhanced fairness measures under the Ministry of Justice's "Guidelines on Directors' Conduct in Corporate Reorganizations" to satisfy directors' fiduciary duty under Commercial Act Art.382-3: (i) establishing and operating a Special Committee of outside/former-outside directors and outside experts; (ii) obtaining independent external-expert (accounting firm and law firm) review; and (iii) providing shareholders full information and holding shareholder town halls. Details below.

ANNEX - FAIRNESS-ENHANCEMENT MEASURES (condensed; all figures retained)

I. Special Committee 1) Composition: Because each company had only one sitting outside director (Humax: Han Man-su; Humax Holdings: Lee Jang-woo), each board also appointed a standing auditor and/or a former outside director and/or an outside expert to reach 3+ members, per each company's Special Committee Operating Rules Art.5, which defines eligible members as "outside directors, standing auditors, former outside directors, or outside experts independent of the controlling shareholder and the transaction." For Humax Holdings the committee comprises: Lee Jang-woo (sitting outside director; formerly Kyungpook National University professor 1988-2022, Korean Academic Society of Business Administration president 2014-2015, Korea Electronics Technology Institute chairman 2016-2019, non-executive director of the Korea Foundation 2019-present); Jeong Seong-in (former outside director of Humax Holdings 2014-2016(2014.3-2016.3); managing partner, Premier Partners LLC, with career at KTB Network 1981-1997, team leader at Hyundai Technology Investment 1997-1999, VP then CEO at Intervest 1999-2005, managing partner at Premier Partners since 2005); and Jeong Uk-jae (outside expert; CPA and tax accountant; worked at Anjin Accounting Corp. 1997-2007, Humax 2007-2011, CFO of RTcast 2011-2020, Humax affiliate relationship fully ended with Humax's 2025-01 sale of RTcast, and Jeong has been RTcast's CEO again since 2025-02). Humax Holdings' board originally also considered standing auditor Kim Jin-hyeong, but on 2026-05-14 replaced him with outside expert Jeong Uk-jae after identifying a conflict of interest (Kim concurrently served as auditor of affiliate J2B Co., Ltd.). 2) Independence checks: each candidate was screened against 9 criteria (not a merger party; not a controlling shareholder or related party; no economic interest/conflict tied to the merger; fee not linked to deal success; duty to disclose independence-impairing events; company's right to terminate engagement; confidentiality; no insider trading; no use of information beyond the engagement). Result for Humax Holdings: Lee Jang-woo - appropriate on all 9; Jeong Seong-in - appropriate on all 9; Jeong Uk-jae - appropriate on all 9; (former candidate) Kim Jin-hyeong - inappropriate on item 3 (conflict of interest/replaced). 3) Timing: the committees were set up by 2026-05-12 board resolutions at both companies, after the Korea Exchange's 2026-04-17 pre-announcement of amendments to the KOSDAQ listing rules shortened the phase-in of tougher market-cap delisting thresholds from an annual to a semi-annual step-up, raising urgent delisting risk for both companies. 4) Meetings and outside advisors: Humax Holdings' committee met 4 times - 1st (2026-05-20): elected chair Lee Jang-woo, confirmed scope of review, approved appointment of Bohyun Accounting Corp. (accounting advisor) and Klaas Hankyul LLC (legal advisor); 2nd (2026-06-09): reviewed inter-affiliate conflicts of interest, alternatives to the merger, appraisal-rights scenarios, minority-shareholder protection, interim advisor reports; 3rd (2026-06-17): reviewed merger schedule and advisors' interim opinions; 4th (2026-06-29): received advisors' final opinions, draft merger agreement, and adopted its final consolidated opinion (resolved 2026-06-29, reported to the board 2026-06-30) that the merger is not harmful to general shareholders, the ratio is fair and adequate, the process is proper, and there is no actionable conflict between controlling and minority shareholders or breach of directors' duties. The board, having received this opinion, approved the merger agreement with all directors present voting in favor; both boards also separately re-confirmed at their 2026-06-30 meeting that risk is not one-sided (both companies face delisting risk), the ratio used the statutory market-price method without premium/discount and was corroborated by an independent intrinsic-value appraisal, and resulting treasury shares will be cancelled in full, removing dilution concerns. Earlier board items: 2026-05-12 (Special Committee establishment); 2026-05-14 (committee member change, Kim Jin-hyeong replaced by Jeong Uk-jae).

II. External experts 1) Appointment: Legal advisor - Klaas Hankyul LLC, appointed 2026-05-20 by the Special Committee, tasked with reviewing the legitimacy of the merger's purpose, procedural legality, fairness of terms and directors' compliance with fiduciary duty, engaged through the end of the committee's work, fee KRW 30,000,000. Accounting advisor - Bohyun Accounting Corp., appointed 2026-05-20 by the Special Committee, tasked with assessing the appropriateness of the merger ratio and reporting to the committee, engagement period 2026-05-20~2026-06-29, fee KRW 150,000,000. 2) Independence: both firms confirmed to have no recent (3-year) external-audit relationship with either merger party, no material advisory relationship (Bohyun's other advisory work for the companies is under 2% of its total revenue and not structurally material), no staff overlap, no shareholding, and fees fixed regardless of outcome (not success-based), with no direct or indirect benefit from the counterparty. 3) Professional qualifications: Bohyun Accounting Corp. - all 4 staff (1 lead partner, 3 accountants: Baek Seung-heon, Song Jae-ho, Park Jeong-seo, Choi Yu-jin) are Korean CPAs (KICPA) with relevant valuation/audit backgrounds (Anjin, Samjong). Workload: 6 staff, 800 hours; information requested covered past financial statements, ledgers, management P&L and mid/long-term business plans. External appraisal not a statutory requirement. Klaas Hankyul LLC - 3 staff (2 lead partners, 1 associate), 60 hours, requested committee minutes, operating rules, internal merger materials, the draft merger agreement and FSCMA/Commercial Act disclosure materials. 4) Legal opinion (2026-06-29) concluded: (1) merger purpose is legitimate (resolves double-listing/holdco discount, cuts duplicate disclosure/IR/audit costs, and pre-emptively addresses Humax Holdings' imminent delisting risk under the tightened KRW 20 billion market-cap threshold effective 2026-07 and Humax's risk under the KRW 30 billion threshold effective 2027; alternatives - status quo, buyback-and-cancellation, tender offer, third-party rights offering - were each found less workable); (2) terms are fair (ratio used 100% statutory market-price method, no discretionary ±10% premium/discount, and an independent accounting firm's intrinsic-value check corroborated the statutory ratio, applied equally to all shareholders); (3) process was proper (Special Committee met 4 times; independent legal/accounting advisors appointed; shareholder town halls held); (4) low risk of shareholder conflict (both companies share the delisting-avoidance motive, economic effects accrue proportionally by ratio, and the 1,535,273 treasury shares will be cancelled in full, preventing minority dilution); (5) no apparent breach of directors' duty of care or loyalty (Commercial Act Art.382-3). 5) Independence of the 3 Special Committee members was separately confirmed by Klaas Hankyul LLC's 2026-07-15 legal opinion, finding each satisfied the 9-item checklist (no party status, no controlling-shareholder/related-party status, no economic conflict, no success-fee, disclosure duty, terminability, confidentiality, no insider trading, no misuse of information). Lee Jang-woo (outside director since 2022-03): academic/institutional career only, no economic tie. Jeong Seong-in (former outside director 2014.3-2016.3, now managing partner at Premier Partners; venture-capital career since 1981 noted above): no current tie; his prior board service is viewed as a plus, giving relevant governance understanding. Jeong Uk-jae (outside expert, CPA/tax accountant; prior Humax employment 2007-2011, and CFO/later CEO of former-affiliate RTcast 2011.2-2020.10 and again from 2025.2): roughly 15 years have passed since leaving Humax and 6 years since leaving the CFO post, RTcast's affiliate relationship with the Humax group fully ended in 2025-01, so no current conflict was found; his accounting/finance background (CPA, Anjin Accounting Corp. 1997-2007) and management experience were viewed as strengths.

III. Valuation methodology and merger-ratio adequacy Both Special Committees additionally retained outside accounting firms to cross-check the statutory market-price ratio using an "intrinsic value" method under the Enforcement Rules (Arts.4-8) of the Regulation on Issuance and Disclosure of Securities, i.e., a 1 : 1.5 weighted average of asset value and earnings value (DCF). Although no external appraisal was legally required (as the statutory market-price method under FSCMA Enforcement Decree Art.176-5(1)(1) applied), the companies voluntarily obtained it in line with the Ministry of Justice's December-2025 guideline forum. Bohyun Accounting Corp. (CEO: No Myeong-hwan; address: 5F, Buyoung Taepyeong Bldg., 55 Sejong-daero, Jung-gu, Seoul), engagement period 2026-05-20~2026-06-29, performed the valuation on a consolidated basis for both companies (treating each consolidated group as a single economic entity, given high intra-group business overlap), with equity-method affiliate stakes added back separately as non-operating assets.

A. Asset value (per Enforcement Rule Art.5): computed from each company's most-recent (2025-12-31) audited consolidated statement of financial position, adjusted for treasury shares (added) and for the gap between book and fair/net-asset value of marketable/non-marketable investments, non-controlling interests, and similar items (deducted). Humax: consolidated total equity KRW 96,129 million, less adjustments of KRW 12,766 million (including KRW 5,439 million of non-controlling interests) = adjusted net asset value KRW 83,363 million; ÷ 4,312,142 shares outstanding = asset value per share KRW 19,332. Humax Holdings: consolidated total equity KRW 92,614 million, less adjustments of KRW 57,487 million (including KRW 61,640 million of non-controlling interests, partly offset by add-backs) = adjusted net asset value KRW 35,127 million; ÷ 2,532,525 shares outstanding = asset value per share KRW 13,870. Adjustment detail (KRW million) - Humax: add treasury shares -; deduct: non-marketable securities fair-value gap (5,358), marketable-securities fair-value gap (1,057), understated retirement-benefit liability (93), other net-asset decrease not through retained earnings (819, comprising equity-method capital adjustment 538 and foreign-currency translation 281), non-controlling interests (5,439); total deduction (12,766). Humax Holdings: add treasury shares 4,649 (2025-12-31 balance 14,937, less cancellation 10,242, less exchange-bond exercise 46); add CB-conversion capital increase 611 and additional paid-in capital increase 1,468 (from the 10th CB's KRW 2,100,000,000 face-value conversion into 244,584 common shares on 2026-05-20, out of a KRW 3,000,000,000 CB issued 2025-03-18, raising capital by KRW 611,460,000 and capital surplus by KRW 1,504,258,639, net of a KRW 36,608,964 reduction from the 11th EB's KRW 10,000,000 face-value exchange into 1,043 treasury shares); deduct: non-marketable-securities gap (1,908, i.e., 35.6%-equity-pickup share of a group-wide 5,357 gap across six investees: Dogukonggan 2,145, WATT 1,282, EzCharger 1,119, AGMT 366, IB-BDC Fund 1 98, Shinhan Win-Win Growth Solution Fund 347), marketable-securities gap (376, pickup share of a 1,057 gap on SmartRadar System shares: book 2,018 vs 240,000 shares at closing price 4,005 = fair value 961), other net-asset decrease (291, pickup share of 819), non-controlling interests (61,640); total deduction (64,215); net adjustment (57,487). Both companies' full 2025-12-31 consolidated statements of financial position (KRW million): Humax / Humax Holdings - current assets 149,975 / 151,544 (cash 25,412/26,023; receivables 37,655/38,386; contract assets 183/308; FVPL current financial assets 3,224/3,236; inventory 70,042/70,042; other current financial assets 656/656; other current assets 10,844/10,911; current tax assets 1,911/1,911; assets held for sale 48/69); non-current assets 341,084/343,529 (long-term receivables 29,478/25,278; FVPL non-current financial assets 117,668/125,917; investments in subsidiaries/associates/JVs 126,780/126,780; PP&E 34,943/34,963; right-of-use assets 7,360/7,315; investment property 11,272/10,894; intangibles 3,955/2,428; other non-current financial assets 416/416; other non-current assets 1,905/1,905; net defined-benefit assets 718/1,044; deferred tax assets 6,589/6,589); total assets 491,059/495,073 (also stated as 491,060 for Humax); current liabilities 282,764/289,413 (payables 93,436/93,429; contract liabilities 3,826/3,826; short-term borrowings 27,675/30,875; current portion of long-term debt 8,000/8,000; bonds 11,997/11,997; convertible bonds 5,076/6,890; FVPL current financial liabilities 88,515/89,624; lease liabilities 9,995/10,032; provisions 26,239/26,239; other financial liabilities 327/327; other current liabilities 7,651/8,102; current tax liabilities 27/72); non-current liabilities 112,167/113,045 (long-term payables 3,192/3,192; long-term borrowings 4,214/4,214; bonds 41,920/41,920; exchangeable bonds -/919; FVPL non-current financial liabilities 9,954/9,954; lease liabilities 48,434/48,531; provisions 3,551/3,551; other non-current liabilities -/2; net defined-benefit liabilities 80/80; deferred tax liabilities 822/683); total liabilities 394,931/402,459; equity attributable to owners 90,690/30,974 (capital stock 21,985/6,289; other paid-in capital 388,110/94,252; retained earnings (47,624)/(5,318); other equity components (271,781)/(64,249)); non-controlling interests 5,439/61,640; total equity 96,129/92,614; total equity and liabilities 491,060/495,073.

B. Earnings value (DCF, per Enforcement Rule Art.6): projection period 2026-01-01~2030-12-31 (5 years, mid-year discounting convention); terminal growth rate 0.00%-1.00% (half of the Bank of Korea's 2.0% medium-term inflation target); 2026-2030 macro assumptions from the Economist Intelligence Unit; statutory tax-bracket rates (incl. local income tax): 11% up to KRW 200 million, 22% from KRW 200 million to KRW 20 billion, 24.2% from KRW 20 billion to KRW 300 billion, 27.5% above KRW 300 billion. WACC by business unit: Gateway 8.56%, Telematics (automotive electronics) 9.51%, EVCS 12.39%, IT 11.28%, ESG 13.60%; common inputs - risk-free rate 3.39% (10-yr KTB yield 3.385%), market risk premium 8.00% (midpoint of KICPA's 7-9% range), unlevered beta 0.4324/0.2769/1.0933/0.5018/0.7815 relevered to 0.7427/0.7581/1.0683/0.6251/0.8355, size premium 0.00%/4.02%/3.00%/4.02%/4.02% (0% for Gateway given its dominant market position; KICPA micro-cap premium 4.02% for Telematics/IT/ESG; 3% EV-growth premium for EVCS), cost of debt 9.91% (BBB- 5-yr unsecured corporate-bond yield 9.905%; 9.81% for ESG), debt ratio 47.91%/69.02%/35.20%/23.95%/8.15%, equity ratio 52.09%/30.98%/64.80%/76.05%/91.85%, cost of equity 9.33%/13.47%/14.93%/12.41%/14.09%, tax rate 22.00% each - giving WACC 8.56%/9.51%/12.39%/11.28%/13.60%.

Humax segment detail (KRW million unless noted): Gateway (digital broadcast reception & broadband): revenue 2023 451,164 / 2024 333,600 / 2025 191,395, declining; operating profit 18,337 / (851) / (9,907). Projection: revenue 141,422 (2026) / 113,299 (2027) / 116,707 (2028) / 120,224 (2029) / 123,842 (2030); operating profit (2,031)/(1,445)/(430)/443/1,275, turning positive from 2029; FCFF (5,181)/(3,114)/22/783/1,528 (components: variable cost 129,577/102,735/105,825/109,014/112,293; contribution margin 11,845/10,564/10,882/11,211/11,548; fixed cost 13,877/12,008/11,312/10,768/10,273; tax 75/259 applied to 2029-30 only shown; D&A on intangibles 602/621/473/492/488; right-of-use amortization 613/302/181/70/0; capex 547/564/430/448/444; net-working-capital change 3,817/2,028/(228)/(235)/(242)); discount factors 0.95977/0.88409/0.81439/0.75017/0.69103; PV of each year (4,973)/(2,753)/18/588/1,056; cumulative explicit-period PV (6,065); terminal-value PV 8,208 (based on 2030 pre-tax operating profit 1,275 at 0.00% terminal growth, after-tax 1,017, discount factor 0.691025); operating (enterprise) value 2,144. Sensitivity (per-share earnings value at WACC 7.56/8.06/8.56/9.06/9.56% and terminal growth -1.0/-0.5/0.0/0.5/1.0%) ranges KRW 25,852-27,002, with base case KRW 26,290. Telematics (radio/DMB/GPS reception; 70.5%-equity-adjusted for Humax's standalone figures): revenue 201,470/201,959/199,855 (2023-25); operating profit 5,309/2,303/(6,386). Projection revenue 212,234/222,263/250,840/260,862/261,562; operating profit 3,636/4,970/15,929/13,195/10,086, turning positive from 2027; FCFF (3,163)/3,191/10,460/10,419/9,840 (COGS 179,935/188,735/205,741/217,722/220,977; gross profit 32,299/33,528/45,099/43,140/40,585; SG&A 28,663/28,558/29,170/29,945/30,499; tax 778/1,071/3,482/2,881/2,197; D&A 5,892/4,755/4,842/4,885/5,003; ROU amortization 1,147/1,167/1,191/1,214/1,237; capex 4,783/5,327/5,591/6,020/5,776; NWC change 8,918/2,177/5,232/2,297/288); discount factors 0.9556/0.8727/0.7969/0.7277/0.6646; PV (3,023)/2,784/8,336/7,582/6,540; explicit-period PV 22,219; terminal PV 55,157 (2030 pre-tax operating profit 10,086, 0% growth, after-tax 7,889, factor 0.6646); operating value 77,376. Sensitivity (WACC 8.51-10.51%, growth -1.0 to 1.0%) per-share range KRW 2,461-7,639, base KRW 4,515. EVCS (EV-charging; 35 years of European hardware-design experience; OCPP, ISO 15118, V2G standards): revenue started 2025 at 2,087 with operating loss (9,493). Projection revenue 12,983/29,193/50,975/79,189/114,689; operating profit (12,044)/(9,889)/(6,129)/(315)/7,227, turning positive 2030; FCFF (11,506)/(10,821)/(7,156)/(1,837)/3,782 (COGS 9,887/21,181/35,299/52,914/74,717; gross profit/loss (113)/3,097 wait see detail/8,012/15,676/26,276/39,973 across years; SG&A 9,380/15,141/17,901/21,805/26,591/32,746; D&A 342/665/709/823/915; capex 1,234/306/478/397/429; NWC change (1,429)/1,290/1,259/1,530/1,769); discount factors 0.9433/0.8392/0.7467/0.6643/0.5911; PV (10,853)/(9,081)/(5,343)/(1,220)/2,236; explicit-period PV (24,263); terminal PV 25,410 (2030 pre-tax operating profit 7,227 at 1.00% terminal growth -> 7,299, after-tax 4,899, factor 0.5911); operating value 1,148. Sensitivity (WACC 11.39-13.39%, growth 0.0-2.0%) per-share range KRW (826)-1,868, base KRW 266. Non-operating assets (Humax, KRW million): Gateway 302,440 (cash 21,361; accrued income 444; short-term financial instruments 656; long-term financial instruments 400; short-term loans 682; long-term loans 20,071; FVPL financial assets 113,939; lease deposits 6,509; associate investments 18,949; JV investments 106,648; investment property 4,348; other 8,433) + Telematics 2,872 (cash 2,856; long-term financial instruments 12; short-term loans 5) + EVCS 0 = total 305,313. Interest-bearing debt (Humax, KRW million): Gateway 191,440 (short-term borrowings 8,533; long-term borrowings 3,000; bonds 32,949; convertible bonds 5,076; derivative liabilities 98,468; lease liabilities 6,172; lease deposits received 5,856; royalty provision 22,111; financial guarantee liabilities 327; other 8,947) + Telematics 37,954 (short-term borrowings 13,495; current LT debt 5,640; long-term borrowings 856; bonds 14,783; lease liabilities 2,581; lease deposits received 919; other 599) + EVCS 0 = 229,394. Humax fair value build-up: operating value 57,841 (sum of 2,144 + 77,376 wait combine with EVCS 1,148: Gateway 2,144 + Telematics 54,550[70.5%-adjusted] + EVCS 1,148 = 57,841) + non-operating assets 305,313 = enterprise value 363,154; less interest-bearing debt 229,394 = earnings value 133,760 (KRW 31,019/share; segment detail: Gateway 113,144 [range 111,256-116,214] = KRW 26,238/share [range 25,801-26,951]; Telematics 19,469 [range 10,611-32,942] = KRW 4,515/share [range 2,461-7,639]; EVCS 1,148 [range (3,563)-8,056] = KRW 266/share [range (826)-1,868]); 4,312,142 shares outstanding.

Humax Holdings segment detail (its own IT and ESG units, plus its 35.6% equity pickup of Humax's Gateway/Telematics/EVCS): IT (systems integration for enterprise/public/financial clients): revenue 10,570/10,863/9,724 (2023-25); operating profit 857/442/820. Projection revenue 12,062/13,651/15,249/17,151/19,441 (also written 19,440); operating profit 1,444/2,930/3,756/4,245/4,844 (segment figures also shown as 4,884 pre-tax for 2030 in the terminal-value table); FCFF 852/2,440/3,149/3,627/4,146 (opex 10,618/10,721/11,493/12,905/14,597; tax 296/623/804/912/1,044; D&A 282/171/185/199/192; capex 472/73/138/166/184; NWC change 108/(35)/(150)/(261)/(337)); discount factors 0.9479/0.8518/0.7654/0.6878/0.6181; PV 807/2,079/2,410/2,495/2,563; explicit-period PV 10,353; terminal PV 23,073 (2030 pre-tax operating profit 4,884 -> 4,894 at 1.0% growth, after-tax 3,838, net of NWC change (2) giving after-tax FCF 3,839, factor 0.6181); operating value 33,427. Sensitivity (WACC 10.28-12.28%, growth 0.0-2.0%) per-share range KRW 12,927-17,788, base KRW 14,890. ESG (supply-chain environmental-regulation data platform): revenue 151 (2024) / 14 (2025); operating loss (725)/(945)/(475) (2023-25). Projection revenue 300/1,170/1,740/2,440/2,840; operating profit (335)/126/251/393/393; FCFF (82)/297/365/290/331 (opex 635/1,044/1,489/2,047/2,447; tax 0/3/6/9/9; D&A 3/4/5/6/7; capex 7/8/9/8/9; NWC change 43/123/76/93/51; government subsidy add-back 300/300/200/0/0); discount factors 0.9382/0.8259/0.7270/0.6400/0.5634; PV (77)/245/266/185/187; explicit-period PV 806; terminal PV 1,467 (2030 pre-tax operating profit 393 -> 397 at 1.0% growth, after-tax 332, less NWC change 4 = after-tax FCF 328, factor 0.5634); operating value 2,273. Sensitivity (WACC 12.60-14.60%, growth 0.0-2.0%) per-share range KRW 643-850, base KRW 731 (also shown as 732 in the per-share table). Non-operating assets (Humax Holdings, KRW million): Gateway(pickup) 105,458 (cash 7,605; accrued income 87; short-term financial instruments 234; long-term financial instruments 142; short-term loans 243; long-term loans 5,651; FVPL financial assets 40,566; lease deposits 2,318; associate investments 6,746; JV investments 37,971; investment property 1,414; other 2,482) + Telematics(pickup) 1,023 (cash 1,017; long-term financial instruments 4; short-term loans 2) + EVCS(pickup) 0 + IT 9,132 (cash 568; FVPL financial assets 8,253; other 311) + ESG 144 (cash 36; other 107) = total 115,757. Interest-bearing debt (Humax Holdings, KRW million): Gateway(pickup) 3,038 short-term borrowings + 1,068 long-term borrowings + 11,731 bonds + 1,807 convertible bonds + 35,058 lease liabilities + 2,198 lease deposits received + 1,990 royalty provision + 7,872 financial-guarantee liabilities + 117 other (segment subtotal shown as 68,065); Telematics(pickup) 4,805 short-term borrowings + 2,008 current LT debt + 305 long-term borrowings + 5,263 bonds + 919 lease deposits received (subtotal 13,513); EVCS(pickup) 0; IT 3,000 short-term borrowings + 466 convertible bonds + 909 derivative liabilities + 333 lease liabilities + 134 lease deposits received (subtotal 4,849); ESG 165 short-term borrowings; total interest-bearing debt 86,591. Humax Holdings fair value build-up: operating value 55,895 (Gateway pickup 763 + Telematics pickup 19,422 + EVCS pickup 409 + IT 33,427... reconciled total shown as 55,895; explicit-period PV total 5,798, terminal PV total 50,097) + non-operating assets 115,757 = enterprise value 171,652; less interest-bearing debt 86,591 = earnings value 85,061 (KRW 33,587/share; segment detail: Gateway-pickup 38,157 [range 37,485-39,250] = KRW 15,067/share [range 14,801-15,498]; Telematics-pickup 6,932 [range 3,778-11,729] = KRW 2,737/share [range 1,492-4,631]; EVCS-pickup 409 [range (1,268)-2,868] = KRW 161/share [range (501)-1,133]; IT 37,710 [range 32,738-45,049] = KRW 14,890/share [range 12,927-17,788]; ESG 1,854 [range 1,630-2,153] = KRW 732/share [range 643-850]); 2,532,525 shares outstanding. Humax Holdings' pickup-adjusted sensitivity tables (per-share, KRW): Gateway (WACC 7.56-9.56%, growth -1.0 to 1.0%): 14,833-15,530; Telematics (WACC 8.51-10.51%, growth -1.0 to 1.0%): 1,492-4,631.

C. Intrinsic-value summary and ratio adequacy: Humax intrinsic value per share: KRW 24,194-29,608 (asset value 19,332; earnings value 27,435-36,458, also cited as 27,487-36,510 in the summary table). Humax Holdings intrinsic value per share: KRW 23,166-29,488 (asset value 13,870; earnings value 29,363-39,900). Resulting intrinsic-value-based ratio range: 1 : 0.957510 ~ 1 : 0.995947. Statutory market-price ratio: 1 : 0.96467 (i.e., 1 : 0.9646707), which falls within the intrinsic-value range, so Bohyun Accounting Corp. and both Special Committees/boards concluded the statutory ratio is adequate and fair to all shareholders.

IV. Shareholder communication and protection - Face-to-face shareholder town halls were held 2026-07-16: Humax at 09:00 and Humax Holdings at 10:00, both at the basement-1 Art Hall of Humax Village, covering merger purpose/background, ratio and terms, progress and schedule, and Q&A. Key Q&A (Humax Holdings): on delisting risk if the merger is delayed - the company is managing the schedule conservatively, coordinating with KRX/FSS to minimize review delay, and separately managing share price/market cap and shareholder communication to maintain listing status in the interim; on a large appraisal-rights exercise - the merger agreement will set a cap on aggregate appraisal payments (to be disclosed in the registration statement) above which the agreement may be terminated, with payment targeted for 2026-09-22 funded from each company's available cash/funding capacity. - An IR inquiry channel (phone and email) was set up on each company's website; no written/email inquiries beyond the town halls had been received as of the filing date (since the 2026-06-30 report). - Minority-shareholder protection measures: (i) no premium/discount applied to the statutory ratio, cross-checked by an independent intrinsic-value appraisal, so the ratio favors no particular shareholder; (ii) full cancellation of the 1,535,273 treasury shares (plus any treasury shares from appraisal-rights purchases) to prevent the controlling shareholder from using them to entrench control or dilute minority holders, which raises EPS/BPS for remaining shareholders; (iii) statutory appraisal rights (Commercial Act Art.522-3) let dissenting shareholders exit for cash instead of becoming Humax shareholders. - Alternatives considered and rejected: status quo (delisting risk persists); buyback-and-cancellation (no distributable profit/liquidity, not a real fix); pre-emptive delisting via tender offer (controlling shareholder cannot realistically fund a 95%+ buy-out, and success is uncertain given the long-declining share price); third-party rights offering (no realistic investor interested in a holding company facing delisting). The boards and committees concluded a full merger was the only solution that removes the structural holdco/opco double-listing discount and durably satisfies the tightened delisting thresholds.

See the Humax merger registration statement (expected filed 2026-07-22) for further detail. (condensed translation)

SUPPLEMENTARY DATA (additional rows/figures from the same tables above, provided for completeness; KRW million unless noted; "(..)" denotes a negative/loss figure as in the filing)

Gateway segment, historical (2023/2024/2025): variable cost 398,695/301,517/179,242; contribution margin 52,469/32,082/12,153; fixed cost 34,132/32,933/22,061. Telematics segment, historical (2023/2024/2025): COGS 172,675/172,711/174,366; gross profit 28,795/29,248/25,489; SG&A 23,486/26,946/31,875. After-tax operating income, projected (2026-2030): 2,858/3,898/12,447/10,314/7,889. EVCS segment, historical 2025 COGS: 2,200. IT segment, historical opex (2023/2024/2025): 9,712/10,421/8,904. After-tax operating income, projected (2026-2030): 1,148/2,307/2,952/3,333/3,801. ESG segment, historical opex 2024: 1,096. Humax confirmed (defined) benefit obligation used in the retirement-liability adjustment: KRW 2,371 million (2025-12-31) vs KRW 2,465 million (2026-03-31), difference (93).

Non-marketable investee holdings used in the asset-value adjustment (book value / investee net assets / investee-net-asset-times-stake / Humax Holdings 35.6%-pickup adjustment, KRW million): Dogukonggan convertible preferred 2,500 / 4,335 / 355 / (764); WATT convertible preferred 1,503 / 1,202 / 221 / (456); EzCharger common 1,982 / 13,009 / 863 / (398); AGMT common 366 / 0 / 0 / (130); IB-BDC Public Technology Commercialization Fund No.1 500 / 6,672 / 402 / (35); Shinhan Win-Win Growth Solution New Technology Investment Fund 2,871 / 10,096 / 2,524 / (124); subtotal 9,722 / 35,314 / 4,365 / (1,907). Humax Holdings' 10th CB conversion (2026-05-20, KRW 2,100,000,000 face value into 244,584 shares): capital increase 611 (also stated KRW 611,460,000), additional paid-in capital +1,888, less share-premium offset (383), net capital-surplus effect 1,504 (also stated KRW 1,504,258,639); combined with the 11th EB exchange effect of (36), total capital-surplus adjustment 1,468.

Humax Holdings five-segment combined DCF summary (Gateway-pickup / Telematics-pickup / EVCS-pickup / IT / ESG / Total, KRW million): Explicit-period (2026-2030) FCFF present value: (2,159) / 5,577 / (8,638) / 10,353 / 665 / 5,798. Terminal-value present value: 2,922 / 13,845 / 9,047 / 23,073 / 1,210 / 50,097. Operating (enterprise) cash-flow value: 763 / 19,422 / 409 / 33,427 / 1,875 / 55,895. Non-operating assets: 105,458 / 1,023 / 0 / 9,132 / 144 / 115,757. Enterprise value: 106,222 / 20,444 / 409 / 42,559 / 2,019 / 171,652. Interest-bearing debt: 68,065 / 13,513 / 0 / 4,849 / 165 / 86,591. Earnings value (equity value): 38,157 / 6,932 / 409 / 37,710 / 1,854 / 85,061; maximum 39,250 / 11,729 / 2,868 / 45,049 / 2,153 / 101,049; minimum 37,485 / 3,778 / (1,268) / 32,738 / 1,630 / 74,361. Per-share earnings value: 15,067 / 2,737 / 161 / 14,890 / 732 / 33,587.

Humax (100%-basis) five-figure enterprise-value build (Gateway / Telematics(70.5%-adjusted) / EVCS / Total, KRW million): explicit-period PV (6,065) / 15,665 / (24,263) / (14,663); terminal PV 8,208 / 38,885 / 25,410 / 72,504; operating value 2,144 / 54,550 / 1,148 / 57,841; non-operating assets 302,440 / 2,872 / 0 / 305,313; enterprise value 304,584 / 57,422 / 1,148 / 363,154; interest-bearing debt 191,440 / 37,954 / 0 / 229,394; earnings value 113,144 / 19,469 / 1,148 / 133,760.

Full sensitivity grids (per-share earnings value, KRW; rows = terminal growth rate, columns = WACC), reproduced in full: Humax Gateway (WACC 7.56% / 8.06% / 8.56% / 9.06% / 9.56%): growth -1.00%: 26,352 / 26,205 / 26,074 / 25,957 / 25,852; -0.50%: 26,484 / 26,321 / 26,176 / 26,048 / 25,933; 0.00%: 26,634 / 26,451 / 26,290 / 26,148 / 26,022; 0.50%: 26,805 / 26,598 / 26,418 / 26,260 / 26,120; 1.00%: 27,002 / 26,766 / 26,563 / 26,386 / 26,231. Humax Telematics (WACC 8.51% / 9.01% / 9.51% / 10.01% / 10.51%): growth -1.00%: 4,923 / 4,215 / 3,575 / 2,993 / 2,461; -0.50%: 5,489 / 4,717 / 4,021 / 3,392 / 2,820; 0.00%: 6,121 / 5,274 / 4,515 / 3,831 / 3,213; 0.50%: 6,833 / 5,896 / 5,063 / 4,317 / 3,645; 1.00%: 7,639 / 6,596 / 5,676 / 4,856 / 4,123. Humax EVCS (WACC 11.39% / 11.89% / 12.39% / 12.89% / 13.39%): growth 0.00%: 362 / 20 / (289) / (570) / (826); 0.50%: 687 / 314 / (23) / (328) / (605); 1.00%: 1,043 / 634 / 266 / (66) / (367); 1.50%: 1,435 / 985 / 582 / 220 / (108); 2.00%: 1,868 / 1,372 / 928 / 531 / 174. Humax Holdings Gateway-pickup (WACC 7.56% / 8.06% / 8.56% / 9.06% / 9.56%): growth -1.00%: 15,136 / 15,046 / 14,967 / 14,896 / 14,833; -0.50%: 15,216 / 15,117 / 15,029 / 14,951 / 14,881; 0.00%: 15,307 / 15,195 / 15,098 / 15,012 / 14,935; 0.50%: 15,410 / 15,285 / 15,176 / 15,080 / 14,995; 1.00%: 15,530 / 15,387 / 15,263 / 15,156 / 15,062. Humax Holdings Telematics-pickup (WACC 8.51% / 9.01% / 9.51% / 10.01% / 10.51%): growth -1.00%: 2,984 / 2,556 / 2,167 / 1,814 / 1,492; -0.50%: 3,327 / 2,859 / 2,438 / 2,056 / 1,709; 0.00%: 3,711 / 3,197 / 2,737 / 2,323 / 1,948; 0.50%: 4,142 / 3,574 / 3,069 / 2,617 / 2,210; 1.00%: 4,631 / 3,999 / 3,441 / 2,944 / 2,499. Humax Holdings IT (WACC 10.28% / 10.78% / 11.28% / 11.78% / 12.28%): growth 0.00%: 15,278 / 14,608 / 13,997 / 13,439 / 12,927; 0.50%: 15,809 / 15,082 / 14,423 / 13,823 / 13,274; 1.00%: 16,398 / 15,605 / 14,890 / 14,242 / 13,652; 1.50%: 17,053 / 16,185 / 15,405 / 14,702 / 14,065; 2.00%: 17,788 / 16,830 / 15,976 / 15,209 / 14,517.

Other figures referenced in the filing: Humax's non-current investment assets of KRW 120,892 million and Humax Holdings' non-current investment assets of KRW 129,153 million (both excluding the KRW 126,780 million of subsidiary/associate/JV investments shown separately); Humax Holdings' FVPL financial liabilities of KRW 99,578 million (vs Humax's KRW 98,468 million); former Special Committee candidate backgrounds: Jeong Hyeon-chae served as Humax Holdings' auditor from 2009 to 2017; Jeong Seong-in's venture-capital career included Intervest Co. as vice president from 1999 to 2001 and chief executive from 2001 to 2005, continuing as Premier Partners' managing partner from 2005 to 2021 and standing advisor from 2021 to present. (condensed translation)

FINAL SUPPLEMENTARY FIGURES: Telematics FCFF tax-effect add-back row (2026-2030): 640 / 875 / 2,803 / 2,322 / 1,775. EVCS tax expense 2029: 2,163; EVCS terminal-value tax expense: 2,401; EVCS 2030 after-tax operating income: 5,064. Humax Telematics earnings-value minimum total (Gateway+Telematics+EVCS): 118,305. Humax earnings-value maximum total: 157,213. Humax Holdings IT terminal-value tax expense: 1,054. Humax Holdings asset-value add-item subtotal: 6,728 (before the 4,649/611/1,468 breakdown above). A further debt-table subtotal of 3,185 / 213 / - / 6 / - appears for Humax Holdings in the source table alongside the 68,065/13,513/-/4,849/165 figures already given (as stated in the filing). The ESG segment's narrative text in the filing states a projected 2030 revenue of KRW 19,440 million and operating profit of KRW 3,806 million, apparently repeating the IT segment's figures rather than ESG's own (393) (as stated in the filing).