[Amended] Material event report (merger)

What happened

Material event report (merger decision) 6.2 Humax Holdings Co., Ltd.

Amendment report (3rd amendment) July 31, 2026

1. Disclosure document being amended: Material event report 2. Date the original disclosure document was first filed: June 30, 2026

Filing history: 2026.06.30 Material event report (merger decision) -- Initial filing 2026.07.22 [Amended] Material event report (merger decision) -- 1st amendment ("shown in blue text") 2026.07.23 [Amended] Material event report (merger decision) -- 2nd amendment ("shown in green text") 2026.07.31 [Amended] Material event report (merger decision) -- 3rd amendment ("shown in red text"; this filing)

3. Amended items All amendments below are to Item 18 ("Other material matters for reference in investment decisions"), filed as voluntary corrections following amendment of the related securities registration statement, organized as Notes 1 through 5:

Note 1 (special committee composition and independence review): Before amendment, describes the 3-member special committee (outside director Lee Jang-woo; former outside director Jeong Seong-in; external expert Jeong Uk-jae) with brief career histories. After amendment, adds each member's status label (current outside director/chair; former outside director (external expert); external expert), updates career histories (e.g., Lee Jang-woo's current role updated to Chairman, Life Insurance Social Contribution Foundation, 2022-present; Jeong Seong-in's current role updated to full-time advisor, Premier Partners LLC, 2021-present), and adds an extensive independence analysis applying the Ministry of Justice's "Guidelines on Directors' Conduct Standards in Corporate Restructuring" and the Commercial Act's 24-item outside-director disqualification checklist to all 6 committee members across both companies (3 per company), concluding none is disqualified on any of the 24 grounds. It discusses in detail why Jeong Uk-jae -- a former Humax employee (2007-2011) and former CFO of then-affiliate RTCast Co., Ltd. (2011-2020) -- is nonetheless independent, given the time elapsed and RTCast's full divestment from the Humax group in January 2025. Legal counsel Klas Hangyeol LLC confirmed on July 15, 2026 that all special committee members satisfy the independence requirements.

Notes 2 and 3 (supplementary DCF valuation exhibits attached to the fairness review; figures identical before and after amendment -- the after-amendment versions merely add a footnote on tax-rate methodology; unit: KRW millions): Category / 2023 actual / 2024 actual / 2025 actual / 2026E / 2027E / 2028E / 2029E / 2030E Revenue: -; -; 2,087; 12,983; 29,193; 50,975; 79,189; 114,689 Cost of sales: -; -; 2,200; 9,887; 21,181; 35,299; 52,914; 74,717 Gross profit: -; -; (113); 3,097; 8,012; 15,676; 26,276; 39,973 SG&A expenses: -; -; 9,380; 15,141; 17,901; 21,805; 26,591; 32,746 Operating income: -; -; (9,493); (12,044); (9,889); (6,129); (315); 7,227 Income tax expense: -; -; -; -; -; 418; -; 2,163 NOPLAT (after-tax operating income) for 2026-2030: (12,044); (9,889); (6,129); (733); 5,064 (+) Depreciation and amortization: 342; 665; 709; 823; 915 (-) Capital expenditure: 1,234; 306; 478; 397; 429 (-) Change in net working capital: (1,429); 1,290; 1,259; 1,530; 1,769 Free cash flow (FCFF): (11,506); (10,821); (7,156); (1,837); 3,782 Discount period: 0.5; 1.5; 2.5; 3.5; 4.5 Discount factor: 0.9433; 0.8392; 0.7467; 0.6643; 0.5911 Present value: (10,853); (9,081); (5,343); (1,220); 2,236 PV of forecast-period free cash flow (A): (24,263) PV of terminal-value cash flow (B): 25,410 Enterprise value (C = A + B): 1,148 (Note: NOPLAT = EBIT less income tax; the after-amendment version clarifies this was calculated applying Korea's and the UK's respective corporate income tax brackets.)

Note 4 (shareholder town-hall meetings and FAQ): Before amendment, describes in-person shareholder town halls held July 16, 2026 (Humax at 09:00, Humax Holdings at 10:00, both at Humax Village Art Hall, basement level 1), covering delisting-contingency and appraisal-rights funding questions, and states no separate written/email inquiries had been received as of the original filing. After amendment, adds that 2 shareholders attended the Humax town hall and 3 attended the Humax Holdings town hall, and discloses one Humax shareholder email inquiry received July 23, 2026 asking why the FSS required an amended registration statement; the company's reply confirmed the July 22, 2026 amendment was routine supplementation requested by the Financial Supervisory Service, that the schedule is unchanged, and that details are in the July 22, 2026 disclosure. The after-amendment version reproduces the companies' published merger FAQ (13 questions), covering: the rationale (both companies face delisting risk -- Humax Holdings' market cap was already below the KRW 20 billion listing-maintenance threshold as of July 1, 2026, and Humax risks falling below the KRW 30 billion threshold by January 2027; also citing the chronic "holding-company discount" and a stagnant set-top-box business); why a reverse merger was chosen over alternatives (status quo, treasury buyback, tender offer, comprehensive share exchange); the merger-ratio calculation (table below); appraisal-rights pricing (KRW 6,591/share for Humax dissenters, KRW 6,839/share for Humax Holdings dissenters); the merger schedule; the special-resolution threshold (two-thirds of attending voting rights and at least one-third of total shares issued) and the fact that, as of June 29, 2026, the largest shareholder and related parties hold only 40.33% of Humax Holdings and 35.92% of Humax, so passage is not assured; the business rationale (combining Humax's mobility infrastructure with Humax Holdings' AI technology, branded AXNEXUS); and confirmation the surviving company's name remains "Humax Co., Ltd." with no name change planned.

Merger-ratio calculation table (from the FAQ, consistent with Items 4-5 below): Category / Humax / Humax Holdings (a) 1-month volume-weighted avg. closing price (2026.6.1-6.29): KRW 6,104 / KRW 6,233 (b) 1-week volume-weighted avg. closing price (2026.6.23-6.29): KRW 5,383 / KRW 5,004 (c) Most recent closing price (2026.6.29): KRW 5,490 / KRW 5,140 Merger price ((a+b+c)/3): KRW 5,659 / KRW 5,459 Merger ratio: 1 / 0.9646707

Note 5 (added in this 3rd amendment; general-shareholder protection measures): Describes the special committees' conclusion that the merger's purpose is legitimate (resolving the dual-listing structure, addressing delisting risk, concentrating business capability); confirms no premium or discount was applied to the market-price-based merger ratio; confirms the companies will retire in full both the 1,535,273 Humax shares held by Humax Holdings and any treasury shares acquired by buying out dissenting shareholders who exercise appraisal rights (to prevent dilution); confirms minority shareholders of both companies may exercise appraisal rights under Commercial Act Article 522-3; and describes investor-communication channels (IR board, dedicated phone/email, shareholder meetings, disclosure filings).

[Full text of the material event report, as amended] Material event report To: Financial Services Commission / Korea Exchange June 30, 2026 Company name: Humax Holdings Co., Ltd. Representative director: Byun Dae-gyu Head office address: 2 Yeongmun-ro, Cheoin-gu, Yongin-si, Gyeonggi-do (Phone) 031-776-6114 (Website) https://holdings.humaxdigital.com/ Person responsible for preparation: (Title) CFO; (Name) Jeong Chang-su; (Phone) 031-776-6114

Decision to merge

1. Merger method Humax Co., Ltd. will merge with and absorb Humax Holdings Co., Ltd. Surviving company: Humax Co., Ltd. Dissolving company: Humax Holdings Co., Ltd. Note: The surviving company's trade name after the merger: Humax Co., Ltd. Merger type: Not applicable

2. Purpose of the merger: To maximize corporate value by integrating management resources for synergy, strengthening business competitiveness, improving management efficiency, and improving corporate governance, thereby maximizing shareholder value.

3. Material effects and impact of the merger (1) Management: As of the filing date, the largest shareholder of surviving company Humax is dissolving company Humax Holdings, holding 35.64%; the largest shareholder of Humax Holdings is Byun Dae-gyu, holding 35.47%. After the merger, Humax Holdings will be absorbed and dissolved, and Humax's largest shareholder will become Byun Dae-gyu, with an expected ownership ratio of 16.61%. The Company has already retired 2,179 treasury shares acquired through share consolidation, and plans to retire in full, via a separate board resolution immediately after the merger, all 1,535,273 Humax common shares held by Humax Holdings (retirement board meeting expected around October 30, 2026, within one month of merger registration and the expected additional listing of merger shares on October 19, 2026; subject to change and to be disclosed once finalized). The 16.61% figure assumes this retirement is completed. (2) Finances: Humax is cultivating EV charger development/manufacturing/sales as a core growth driver, while its mobility services (smart parking, mobility platform, car-sharing, taxi, designated-driver) provide stable cash generation; economies of scale and portfolio diversification post-merger are expected to strengthen cost competitiveness and expand the Company's financial structure, scale, and profitability. (3) Operations: Integrating Humax Holdings' enterprise AI capability directly into Humax's business closes the structural gap between the holding company's investment function and the operating company's business function, supporting EV-charging-infrastructure expansion and a mobility-as-a-service (MaaS) ecosystem. (4) Shareholder value: Humax Holdings common shareholders will receive 0.9646707 Humax common shares per Humax Holdings share held (no merger shares for Humax Holdings' own treasury shares or shares that become treasury shares through appraisal-rights exercise). The merger also aims to pre-empt delisting risk under the government's "Reform Plan for Swift and Strict Delisting of Failing Companies," by maintaining adequate free float and share-price stability.

4. Merger ratio Humax Co., Ltd. : Humax Holdings Co., Ltd. = 1 : 0.9646707. Reference prices were the arithmetic average of the 1-month and 1-week volume-weighted average closing prices and the most recent closing price, measured from June 29, 2026 (the business day preceding the earlier of the board resolution date and merger agreement date, both June 30, 2026).

5. Basis for calculating the merger ratio As a merger between two KOSDAQ-listed companies, the merger price was calculated under Enforcement Decree Article 176-5, Paragraph 1, Item 1 of the Financial Investment Services and Capital Markets Act, and the ratio derived from it. (a) Humax: 1-month price KRW 6,104; 1-week price KRW 5,383; last close KRW 5,490; merger price KRW 5,659 (no premium/discount). (b) Humax Holdings: 1-month price KRW 6,233; 1-week price KRW 5,004; last close KRW 5,140; merger price KRW 5,459 (no premium/discount). Merger ratio: 1 : 0.9646707 (Humax : Humax Holdings). Corporate value -- Surviving company: -; Dissolving company: -

6. Matters concerning external valuation Whether required: Not applicable, since the merger price was set under the statutory market-price method for listed-company mergers. (The companies nonetheless voluntarily obtained an external fairness opinion -- see condensed summary below.)

7. Type and number of new shares to be issued in the merger: Common shares: 2,440,946; Class shares: -

8. Merger counterparty company Company name: Humax Co., Ltd. Main business: Manufacture and sale of video and audio equipment Relationship with the Company: Affiliate Most recent fiscal year financial details (KRW): Total assets: 491,060,172,734; Capital: 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 Externally audited: Yes; Institution: Sunghyun Accounting Corporation; Audit opinion: Appropriate

9. Newly incorporated merger company: Not applicable

10. Merger schedule Merger agreement date: June 30, 2026 Shareholder record date: July 15, 2026 Period for receiving notices of dissent: August 5, 2026 - August 27, 2026 Expected shareholders' meeting date: August 28, 2026 Appraisal rights exercise period: August 28, 2026 - September 17, 2026 Expected trading suspension period: September 29, 2026 - October 18, 2026 Creditor objection period: August 28, 2026 - September 29, 2026 Merger effective date: October 1, 2026 Expected merger registration date: October 7, 2026 Expected new share listing date: October 19, 2026

11. Whether this constitutes a backdoor listing: Not applicable 12. Whether the counterparty meets backdoor-listing requirements: Not applicable

13. Matters concerning appraisal rights Exercise requirements: Under Commercial Act Article 522-3 and Capital Markets Act Article 165-5, a shareholder of record who gives written notice of dissent before the shareholders' meeting resolution may demand, within 20 days of that resolution, that the Company purchase all or part of the shareholder's shares. Expected purchase price: KRW 6,839 per share for Humax Holdings dissenters (KRW 6,591 for Humax dissenters, per the FAQ), calculated as the average of the 2-month, 1-month, and 1-week volume-weighted average prices under Enforcement Decree Article 176-7, Paragraph 3, Item 1. Payment timing: Around September 22, 2026. Effect on the agreement: If the aggregate appraisal-rights purchase amount exceeds KRW 2,000,000,000 at Humax or KRW 1,000,000,000 at Humax Holdings (including where this is reasonably expected even absent price agreement), either company may terminate the merger agreement.

14. Board resolution date: June 30, 2026; Independent (outside) director attendance: Present 1, Absent -; Statutory auditor attendance: Present 15. Put option or similar contract: No 16. Securities registration statement required: Yes -- to be filed by counterparty Humax Co., Ltd. on July 1, 2026. 17. Future corporate restructuring plans: None determined as of the filing date.

18. Other material matters (see Notes 1-5 above). Key procedural point: merger approval requires a special resolution under Commercial Act Articles 522 and 434 (at least two-thirds of attending voting rights and at least one-third of total shares issued).

Related disclosures: See Humax Co., Ltd.'s merger-related securities registration statement disclosed July 31, 2026, for further detail.

[Condensed summary of the "Detailed disclosure of material matters relating to the merger" annex] Voluntary external fairness opinion: Though not legally required, the companies obtained a fairness review from Bohyeon Accounting Corporation under the Ministry of Justice's December 2025 guidelines. Applying the intrinsic-value method (asset value : earnings value weighted 1:1.5), Bohyeon valued Humax at KRW 24,194-29,608 per share (asset value KRW 19,332; DCF-based earnings value KRW 27,435-36,458) and Humax Holdings at KRW 23,166-29,488 per share (asset value KRW 13,870; DCF-based earnings value KRW 29,363-39,900), implying an appropriate merger-ratio range of 1:0.957510 to 1:0.995947. The market-price-based ratio of 1:0.9646707 (stated elsewhere as 1:0.96467) falls within this range; Bohyeon concluded the ratio is fair. Board/committee process: The special committee was established May 12, 2026; on May 14, 2026 member and statutory auditor Kim Jin-hyeong (also auditor of affiliate J2B Co., Ltd., a potential conflict) was replaced by external expert Jeong Uk-jae; on June 30, 2026, after the committee's conclusion (following four review sessions) that there was no conflict-of-interest concern, the board approved the merger agreement by unanimous vote of directors present. Alternatives considered and rejected: (1) status quo -- does not resolve delisting risk; (2) treasury buyback/retirement -- no distributable profit available; (3) tender offer toward delisting -- would require acquiring 95%+ of Humax Holdings, with unrealistic funding needs and uncertain success at depressed share prices; (4) third-party-allotted rights offering -- no realistic outside investor interest. The boards concluded a full merger was the most reliable way to resolve the chronic holding-company discount and pre-empt the Exchange's tightened delisting standards. Other figures: As of June 29, 2026, largest-shareholder-and-related-party ownership was 40.33% at Humax Holdings and 35.92% at Humax. On March 5, 2026, Humax Holdings and Humax had already retired 1,137,800 and 848,701 treasury shares, respectively, as a pre-merger shareholder-value measure; share-consolidation-related treasury shares of 4,609 (Humax) and 2,179 (Humax Holdings) were also retired.

[Supplementary data tables from the annex, transcribed in full for completeness]

[Pre- and post-merger ownership of the largest shareholder and related parties] (reference date July 21, 2026; common shares; columns are: Humax Holdings shares/ratio before merger -- Humax shares/ratio before merger -- Humax shares/ratio after merger -- Humax shares/ratio after treasury retirement) Byun Dae-gyu (largest shareholder): 897,411 shares / 35.47%; - / 0.00%; 865,706 / 12.83%; 865,706 / 16.61% Park Bo-kyung (related party): 22,103 / 0.87%; - / 0.00%; 21,322 / 0.32%; 21,322 / 0.41% J2B Co., Ltd. (affiliate): 101,800 / 4.02%; 2,207 / 0.05%; 100,410 / 1.49%; 100,410 / 1.93% Humax Holdings Co., Ltd. (largest shareholder of Humax before the merger): - / 0.00%; 1,535,273 / 35.64%; 1,535,273 / 22.75%; - / 0.00% Jeong Seong-min (officer): - / 0.00%; 5,981 / 0.14%; 5,981 / 0.09%; 5,981 / 0.11% Byun Ji-young (other): - / 0.00%; 2,238 / 0.05%; 2,238 / 0.03%; 2,238 / 0.04% Byun Jeong-seok (other): - / 0.00%; 1,901 / 0.04%; 1,901 / 0.03%; 1,901 / 0.04% Jeong Chang-su (affiliate officer): - / 0.00%; 1,000 / 0.02%; 1,000 / 0.01%; 1,000 / 0.02% Sim Jae-hyeon (affiliate officer): - / 0.00%; 500 / 0.01%; 500 / 0.01%; 500 / 0.01% Total, largest shareholder and related parties: 1,021,314 / 40.36%; 1,549,100 / 35.96%; 2,534,331 / 37.55%; 999,058 / 19.16% Other shareholders: 1,405,746 / 55.56%; 2,758,433 / 64.04%; 4,214,148 / 62.45%; 4,214,148 / 80.84% Treasury shares: 103,286 / 4.08%; - / 0.00%; - / 0.00%; - / 0.00% Total shares issued: 2,530,346 / 100.00%; 4,307,533 / 100.00%; 6,748,479 / 100.00%; 5,213,206 / 100.00% Related par values: Humax Holdings common shares, par value KRW 2,500; Humax common shares, par value KRW 5,000. Pre-merger Humax shares issued: 4,307,533; new merger shares issued: 2,440,946; treasury shares retired: 1,535,273; post-merger total shares issued: 5,213,206.

[Asset-value (NAV) computation under the intrinsic-value method] (unit: KRW millions; Humax / Humax Holdings) A. Total equity components before adjustment: 96,129 / 92,614 B. Adjustment items (B=a+b): (12,766) / (57,487) a. Addition items, total: - / 6,728 (of which: treasury shares as of the analysis date - / 4,649; capital increase from conversion-right exercise - / 611; increase in capital surplus and revaluation surplus - / 1,468) b. Deduction items, total: (12,766) / (64,215) (of which: unlisted investee shares at cost, difference from net asset value (5,358) / (1,908); listed investee shares, difference from market value (1,057) / (369); understatement of retirement-benefit obligation (93) / -; net-asset decrease not from retained earnings (819) / (291); deduction of non-controlling interests (5,439) / (61,640)) C. Adjusted net asset value (C=A+B): 83,363 / 35,127 D. Total shares issued: 4,312,142 / 2,532,525 E. Asset value per share (E=C/D): KRW 19,332 / KRW 13,870

Humax Holdings treasury-share roll-forward (unit: KRW millions): balance 2025.12.31: 14,937; treasury-share retirement: (10,242); exchangeable-bond exercise: (46); balance at analysis date: 4,649. CB/EB-related capital changes (Humax Holdings): on 2025.03.18 the 10th-series CBs of KRW 3,000,000,000 were issued; on 2026.05.20, KRW 2,100,000,000 face value converted into 244,584 common shares, increasing capital by KRW 611,460,000 and capital surplus by KRW 1,504,258,639; on 2026.05.06, KRW 10,000,000 face value of 11th-series EBs was exchanged for 1,043 treasury shares, reducing capital surplus by KRW 36,608,964. Capital-change table (unit: KRW millions): 10th-series CB conversion -- capital 611; capital surplus (paid-in capital in excess of par) 1,888; conversion-right consideration (383); total 1,504. 11th-series EB exercise -- gain on treasury-share disposal (36); total (36). Combined: capital 611; capital surplus 1,888; conversion-right consideration (383); gain on treasury-share disposal (36); total 1,468.

Unlisted investee-share valuation adjustment, Humax (unit: KRW millions; book value / investee net asset value / ownership % / net-asset-value-times-ownership / adjustment; Humax Holdings column adds a 35.6%-controlling-interest-adjusted amount): Dogu Gongan convertible preferred shares: 2,500 / 4,335 / 8.2% / 355 / (2,145); Humax Holdings-adjusted: (764) WATT convertible preferred shares: 1,503 / 1,202 / 18.4% / 221 / (1,282); Humax Holdings-adjusted: (456) EZCharger common shares: 1,982 / 13,009 / 6.6% / 863 / (1,119); Humax Holdings-adjusted: (398) AGMT common shares: 366 / - / 10.5% / - / (366); Humax Holdings-adjusted: (130) IB-BDC Public Technology Commercialization Innovation Fund No.1: 500 / 6,672 / 6.0% / 402 / (98); Humax Holdings-adjusted: (35) Shinhan Win-Win Growth Solution New Technology Investment Partnership: 2,871 / 10,096 / 25.0% / 2,524 / (347); Humax Holdings-adjusted: (124) Subtotal: 9,722 / 35,314 / - / 4,365 / (5,357); Humax Holdings-adjusted subtotal: (1,907)

Listed investee-share valuation adjustment (unit: KRW millions): Smart Radar System -- book value 2,018; shares held 240,000; closing price KRW 4,005/share; fair value 961; adjustment (1,057); Humax Holdings 35.6%-adjusted: (376).

Net-asset decrease not accompanied by change in retained earnings (unit: KRW millions): equity-method capital adjustment (538), 35.6%-adjusted (191); foreign-currency translation, net of tax (281), 35.6%-adjusted (100); subtotal (819), 35.6%-adjusted (291).

Understatement of retirement benefit obligation, Humax (unit: KRW millions): defined-benefit obligation 2025.12.31: 2,371; 2026.03.31: 2,465; difference: (93).

[Consolidated balance sheet comparison as of 2025.12.31] (unit: KRW millions; Humax / Humax Holdings) Current assets: 149,975 / 151,544 -- cash and cash equivalents 25,412 / 26,023; trade and other receivables 37,655 / 38,386; contract assets (current) 183 / 308; financial assets at FVPL (current) 3,224 / 3,236; inventories 70,042 / 70,042; other financial assets (current) 656 / 656; other assets (current) 10,844 / 10,911; current income tax assets 1,911 / 1,911; assets held for sale 48 / 69 Non-current assets: 341,084 / 343,529 -- long-term trade and other receivables 29,478 / 25,278; financial assets at FVPL (non-current) 117,668 / 125,917; investments in subsidiaries/associates/joint ventures 126,780 / 126,780; property, plant and equipment 34,943 / 34,963; right-of-use assets 7,360 / 7,315; investment property 11,272 / 10,894; intangible assets 3,955 / 2,428; other financial assets (non-current) 416 / 416; other assets (non-current) 1,905 / 1,905; net defined-benefit assets 718 / 1,044; deferred tax assets 6,589 / 6,589 Total assets: 491,059 / 495,073 Current liabilities: 282,764 / 289,413 -- trade and other payables 93,436 / 93,429; contract liabilities (current) 3,826 / 3,826; short-term borrowings 27,675 / 30,875; current portion of long-term borrowings 8,000 / 8,000; bonds (current) 11,997 / 11,997; convertible bonds (current) 5,076 / 6,890; financial liabilities at FVPL (current) 88,515 / 89,624; lease liabilities (current) 9,995 / 10,032; provisions (current) 26,239 / 26,239; other financial liabilities (current) 327 / 327; other liabilities (current) 7,651 / 8,102; current income tax liabilities 27 / 72 Non-current liabilities: 112,167 / 113,045 -- long-term trade and other payables 3,192 / 3,192; long-term borrowings 4,214 / 4,214; bonds (non-current) 41,920 / 41,920; exchangeable bonds - / 919; financial liabilities at FVPL (non-current) 9,954 / 9,954; lease liabilities (non-current) 48,434 / 48,531; provisions (non-current) 3,551 / 3,551; other liabilities (non-current) - / 2; net defined-benefit liabilities 80 / 80; deferred tax liabilities 822 / 683 Total liabilities: 394,931 / 402,459 Equity attributable to owners of the parent: 90,690 / 30,974 -- capital 21,985 / 6,289; other paid-in capital 388,110 / 94,252; retained earnings (47,624) / (5,318); other components of equity (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

[WACC assumptions by business segment] (Gateway / Automotive Electronics / EVCS / IT / ESG) Risk-free rate: 3.39% each; Market risk premium: 8.00% each; Unlevered beta: 0.4324 / 0.2769 / 1.0933 / 0.5018 / 0.7815; Relevered beta: 0.7427 / 0.7581 / 1.0683 / 0.6251 / 0.8355; Size premium: 0.00% / 4.02% / 3.00% / 4.02% / 4.02%; Cost of equity: 9.33% / 13.47% / 14.93% / 12.41% / 14.09%; Cost of debt: 9.91% / 9.91% / 9.91% / 9.91% / 9.81%; Debt ratio: 47.91% / 69.02% / 35.20% / 23.95% / 8.15%; Equity ratio: 52.09% / 30.98% / 64.80% / 76.05% / 91.85%; Tax rate: 22.00% each; WACC: 8.56% / 9.51% / 12.39% / 11.28% / 13.60%. Basis: risk-free rate = 10-year KTB yield 3.385%; market risk premium = midpoint of KICPA's 7%-9% range; cost of debt = BBB- 5-year unsecured public bond yield 9.905%; relevered betas recomputed per company as Set-top Box segment 0.7427 / Automotive Electronics 0.7581 / EVCS 1.068 / IT 0.625 / ESG 0.836 (minor rounding differences from the table above as stated in the filing).

[Humax earnings-value summary by business segment] (unit: KRW millions, shares, KRW per share; columns: Gateway / Automotive Electronics (at Humax's 70.5%-adjusted interest) / EVCS / Humax total) (a) PV of forecast-period cash flow: (6,065) / 15,665 / (24,263) / (14,663) (b) PV of perpetuity cash flow: 8,208 / 38,885 / 25,410 / 72,504 (c) Operating value (a+b): 2,144 / 54,550 / 1,148 / 57,841 (d) Non-operating assets: 302,440 / 2,872 / - / 305,313 (f) Enterprise value (c+d): 304,584 / 57,422 / 1,148 / 363,154 (g) Interest-bearing debt: 191,440 / 37,954 / - / 229,394 (h) Earnings value (f-g): 113,144 / 19,469 / 1,148 / 133,760 -- maximum: 116,214 / 32,942 / 8,056 / 157,213; minimum: 111,256 / 10,611 / (3,563) / 118,305 (i) Total shares issued: 4,312,142 for each column (j) Earnings value per share (h/i): KRW 26,238 / 4,515 / 266 / 31,019 -- maximum: 26,951 / 7,639 / 1,868 / 36,458; minimum: 25,801 / 2,461 / (826) / 27,435

[Humax Holdings earnings-value summary by business segment] (unit: KRW millions, shares, KRW per share; columns: Gateway (35.6%-adjusted) / Automotive Electronics (35.6%-adjusted) / EVCS (35.6%-adjusted) / IT / ESG / Humax Holdings total) (a) PV of forecast-period cash flow: (2,159) / 5,577 / (8,638) / 10,353 / 665 / 5,798 (b) PV of perpetuity cash flow: 2,922 / 13,845 / 9,047 / 23,073 / 1,210 / 50,097 (c) Operating value (a+b): 763 / 19,422 / 409 / 33,427 / 1,875 / 55,895 (d) Non-operating assets: 105,458 / 1,023 / - / 9,132 / 144 / 115,757 (f) Enterprise value (c+d): 106,222 / 20,444 / 409 / 42,559 / 2,019 / 171,652 (g) Interest-bearing debt: 68,065 / 13,513 / - / 4,849 / 165 / 86,591 (h) Earnings value (f-g): 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 (i) Total shares issued: 2,532,525 for each column (j) Earnings value per share (h/i): KRW 15,067 / 2,737 / 161 / 14,890 / 732 / 33,587 -- maximum: 15,498 / 4,631 / 1,133 / 17,788 / 850 / 39,900; minimum: 14,801 / 1,492 / (501) / 12,927 / 643 / 29,363

[Humax Gateway segment -- historical and projected P&L] (unit: KRW millions; 2023/2024/2025 actual, 2026-2030 projected) Revenue: 451,164 / 333,600 / 191,395 / 141,422 / 113,299 / 116,707 / 120,224 / 123,842 Variable costs: 398,695 / 301,517 / 179,242 / 129,577 / 102,735 / 105,825 / 109,014 / 112,293 Contribution margin: 52,469 / 32,082 / 12,153 / 11,845 / 10,564 / 10,882 / 11,211 / 11,548 Fixed costs: 34,132 / 32,933 / 22,061 / 13,877 / 12,008 / 11,312 / 10,768 / 10,273 Operating income (loss): 18,337 / (851) / (9,907) / (2,031) / (1,445) / (430) / 443 / 1,275 Income tax expense (2026-2030): - / - / - / 75 / 259 NOPLAT (2026-2030): (2,031) / (1,445) / (430) / 368 / 1,017 (+) D&A (2026-2030): 602 / 621 / 473 / 492 / 488; (+) right-of-use amortization: 613 / 302 / 181 / 70 / -; (-) capex: 547 / 564 / 430 / 448 / 444; (-) change in net working capital: 3,817 / 2,028 / (228) / (235) / (242); (+) tax effect: - / - / - / 66 / 224 FCFF (2026-2030): (5,181) / (3,114) / 22 / 783 / 1,528 Discount factor: 0.95977 / 0.88409 / 0.81439 / 0.75017 / 0.69103 Present value: (4,973) / (2,753) / 18 / 588 / 1,056 PV of forecast-period FCFF (A): (6,065); PV of perpetuity (B): 8,208; Operating value (C=A+B): 2,144 Perpetuity calc detail (unit: KRW millions): 2030 pre-tax operating income 1,275; perpetual growth rate 0.00%; post-2030 pre-tax operating income 1,275; income tax 259; post-2030 after-tax operating income 1,017; post-2030 FCFF 1,017; WACC 8.56%; discount factor 0.691025; PV of perpetuity 8,208. Per-share sensitivity to WACC (7.56%-9.56%) and perpetual growth rate (-1.00%-1.00%) (unit: KRW per share, Humax basis): at growth -1.00%: 26,352 / 26,205 / 26,074 / 25,957 / 25,852; at -0.50%: 26,484 / 26,321 / 26,176 / 26,048 / 25,933; at 0.00%: 26,634 / 26,451 / 26,290 / 26,148 / 26,022; at 0.50%: 26,805 / 26,598 / 26,418 / 26,260 / 26,120; at 1.00%: 27,002 / 26,766 / 26,563 / 26,386 / 26,231. Base case (WACC 8.56%, growth 0.00%) per-share value: KRW 26,290. Same sensitivity scaled to Humax Holdings' 35.6% interest (unit: KRW per share): at -1.00%: 15,136 / 15,046 / 14,967 / 14,896 / 14,833; at -0.50%: 15,216 / 15,117 / 15,029 / 14,951 / 14,881; at 0.00%: 15,307 / 15,195 / 15,098 / 15,012 / 14,935; at 0.50%: 15,410 / 15,285 / 15,176 / 15,080 / 14,995; at 1.00%: 15,530 / 15,387 / 15,263 / 15,156 / 15,062.

[Humax Automotive Electronics ("Jeonjang") segment -- historical and projected P&L] (unit: KRW millions) Revenue: 201,470 / 201,959 / 199,855 / 212,234 / 222,263 / 250,840 / 260,862 / 261,562 Cost of sales: 172,675 / 172,711 / 174,366 / 179,935 / 188,735 / 205,741 / 217,722 / 220,977 Gross profit: 28,795 / 29,248 / 25,489 / 32,299 / 33,528 / 45,099 / 43,140 / 40,585 SG&A: 23,486 / 26,946 / 31,875 / 28,663 / 28,558 / 29,170 / 29,945 / 30,499 Operating income (loss): 5,309 / 2,303 / (6,386) / 3,636 / 4,970 / 15,929 / 13,195 / 10,086 Income tax expense (2026-2030): 778 / 1,071 / 3,482 / 2,881 / 2,197 NOPLAT (2026-2030): 2,858 / 3,898 / 12,447 / 10,314 / 7,889 (+) D&A: 5,892 / 4,755 / 4,842 / 4,885 / 5,003; (+) right-of-use amortization: 1,147 / 1,167 / 1,191 / 1,214 / 1,237; (-) capex: 4,783 / 5,327 / 5,591 / 6,020 / 5,776; (-) change in net working capital: 8,918 / 2,177 / 5,232 / 2,297 / 288; (+) tax effect: 640 / 875 / 2,803 / 2,322 / 1,775 FCFF (2026-2030): (3,163) / 3,191 / 10,460 / 10,419 / 9,840 Discount factor: 0.9556 / 0.8727 / 0.7969 / 0.7277 / 0.6646 Present value: (3,023) / 2,784 / 8,336 / 7,582 / 6,540 PV of forecast-period FCFF (A): 22,219; PV of perpetuity (B): 55,157; Operating value (C=A+B): 77,376 Perpetuity calc detail: 2030 pre-tax operating income 10,086; growth 0.00%; post-2030 pre-tax operating income 10,086; income tax 2,197; post-2030 after-tax operating income 7,889; post-2030 FCFF 7,889; WACC 9.51%; discount factor 0.6646; PV of perpetuity 55,157. Per-share sensitivity (Humax basis, WACC 8.51%-10.51%, growth -1.00%-1.00%): at -1.00%: 4,923 / 4,215 / 3,575 / 2,993 / 2,461; at -0.50%: 5,489 / 4,717 / 4,021 / 3,392 / 2,820; at 0.00%: 6,121 / 5,274 / 4,515 / 3,831 / 3,213; at 0.50%: 6,833 / 5,896 / 5,063 / 4,317 / 3,645; at 1.00%: 7,639 / 6,596 / 5,676 / 4,856 / 4,123. Base case per-share value: KRW 4,515. Same sensitivity scaled to Humax Holdings' 35.6% interest: at -1.00%: 2,984 / 2,556 / 2,167 / 1,814 / 1,492; at -0.50%: 3,327 / 2,859 / 2,438 / 2,056 / 1,709; at 0.00%: 3,711 / 3,197 / 2,737 / 2,323 / 1,948; at 0.50%: 4,142 / 3,574 / 3,069 / 2,617 / 2,210; at 1.00%: 4,631 / 3,999 / 3,441 / 2,944 / 2,499.

[Committee member career-history detail, condensed from Note 1] Lee Jang-woo: professor at Kyungpook National University 1988-2022; chairman, Korea Academic Society of Business Administration, 2014-2015; chairman, Korea Electronics Technology Institute, 2016-2019; non-standing director, Korea Foundation, 2019-2022; chairman, Life Insurance Social Contribution Foundation, 2022-present. Jeong Seong-in: worked at KTB Network 1981-1997; team leader, Hyundai Technology Investment Co., 1997-1999; vice president, InterVest Co., 1999-2001; CEO, InterVest Co., 2001-2005; outside director, Humax Holdings, 2014-2015; managing partner, Premier Partners LLC, 2005-2021; full-time advisor, Premier Partners LLC, 2021-present. The Humax (as opposed to Humax Holdings) special committee separately includes statutory auditor Jeong Hyeon-chae, who served as Humax Holdings' statutory auditor from 2009 to 2017; the board found this created no independence concern, noting about nine years had elapsed since he stepped down, well beyond the Commercial Act's 2-year disqualification period, and that Humax's and Humax Holdings' sole outside directors are Han Man-su and Lee Jang-woo, respectively.

[Bohyeon Accounting Corporation's merger-ratio fairness summary, company-level] (unit: KRW per share, times; Humax (surviving) / Humax Holdings (dissolving), each as minimum-maximum) Intrinsic value: 24,194-29,608 / 23,166-29,488; Asset value: 19,332 / 13,870; Earnings value: 27,487-36,510 / 29,363-39,900; Merger ratio implied by intrinsic value: 1:0.957510 to 1:0.995947; Merger ratio applying the Capital Markets Act market-price method: 1:0.9646707.

[Apparent inconsistency in the filing, IT and ESG segment narratives] Both the IT segment and ESG segment narrative paragraphs state: "sales and operating income are expected to increase from 2026 through cost efficiencies and revenue growth, with 2030 revenue of KRW 19,440 million and operating income of KRW 3,806 million projected" -- this sentence, including the KRW 19,440 million and KRW 3,806 million figures, is identical in both segments' narratives even though the ESG segment's own detailed table (above) shows materially different 2030 figures (revenue KRW 2,840 million, operating income KRW 393 million) (as stated in the filing).

[Merger-agreement termination clause, creditor-objection threshold] Under Article 15.2(6) of the merger agreement, either party may terminate the agreement if the aggregate claims of creditors objecting to the merger exceed KRW 5,000,000,000 for Humax ("Gap") or KRW 1,000,000,000 for Humax Holdings ("Eul").

[External advisors engaged by the special committee] Legal advisor: Klas Hangyeol LLC, appointed 2026.05.20 by the special committee, scope: reviewing the legitimacy of the transaction's purpose, procedural legality, appropriateness of terms, and directors' compliance with their duty of loyalty, engaged through the end of the special committee's work, fee KRW 30,000,000. Accounting advisor: Bohyeon Accounting Corporation, appointed 2026.05.20 by the special committee, scope: assessing the appropriateness of the merger ratio and reporting to the special committee, engagement period 2026.05.20-2026.06.29, fee KRW 150,000,000.

[Investment-asset composition note] Humax's investment assets totaled KRW 120,892 million plus KRW 126,780 million of investments in associates and joint ventures, alongside a retained-earnings deficit of KRW 271,781 million and financial liabilities at FVPL of KRW 98,468 million. Humax Holdings' investment assets totaled KRW 129,153 million plus the same KRW 126,780 million of investments in associates and joint ventures, alongside a retained-earnings deficit of KRW 64,249 million and financial liabilities at FVPL of KRW 99,578 million.

[Humax EVCS segment -- additional detail beyond the FCFF table in Notes 2-3 above] The EVCS segment applies next-generation charging standards including OCPP, ISO 15118 (the international secure-communication standard), and V2G bidirectional charging. Perpetuity calc detail (unit: KRW millions): 2030 pre-tax operating income 7,227; growth 1.00%; post-2030 pre-tax operating income 7,299; income tax 2,401; post-2030 after-tax operating income 4,899; post-2030 FCFF 4,899; WACC 12.39%; discount factor 0.5911; PV of perpetuity 25,410. Per-share sensitivity (WACC 11.39%-13.39%, growth 0.00%-2.00%): at 0.00%: 362 / 20 / (289) / (570) / (826); at 0.50%: 687 / 314 / (23) / (328) / (605); at 1.00%: 1,043 / 634 / 266 / (66) / (367); at 1.50%: 1,435 / 985 / 582 / 220 / (108); at 2.00%: 1,868 / 1,372 / 928 / 531 / 174. Base case per-share value: KRW 266. Same sensitivity scaled to Humax Holdings' 35.6% interest: at 0.00%: 219 / 12 / (175) / (346) / (501); at 0.50%: 416 / 190 / (14) / (199) / (367); at 1.00%: 632 / 384 / 161 / (40) / (222); at 1.50%: 870 / 597 / 353 / 133 / (65); at 2.00%: 1,133 / 831 / 563 / 322 / 105.

[Humax non-operating assets by segment] (unit: KRW millions; Gateway / Automotive Electronics / EVCS) Cash and cash equivalents: 21,361 / 2,856 / -; accrued income: 444 / - / -; short-term financial instruments: 656 / - / -; long-term financial instruments: 400 / 12 / -; short-term loans: 682 / 5 / -; long-term loans: 20,071 / - / -; financial assets at FVPL: 113,939 / - / -; lease deposits: 6,509 / - / -; investments in associates: 18,949 / - / -; investments in joint ventures: 106,648 / - / -; investment property: 4,348 / - / -; other assets: 8,433 / - / -; total: 302,440 / 2,872 / -.

[Humax interest-bearing debt by segment] (unit: KRW millions; Gateway / Automotive Electronics / EVCS) Short-term borrowings: 8,533 / 13,495 / -; current portion of long-term borrowings: - / 5,640 / -; long-term borrowings: 3,000 / 856 / -; bonds: 32,949 / 14,783 / -; convertible bonds: 5,076 / - / -; derivative liabilities: 98,468 / - / -; lease liabilities: 6,172 / 2,581 / -; lease deposits received: 5,856 / - / -; royalty provisions: 22,111 / - / -; financial guarantee liabilities: 327 / - / -; other liabilities: 8,947 / 599 / -; total: 191,440 / 37,954 / -.

[Humax Holdings IT segment -- historical and projected P&L] (unit: KRW millions) Revenue: 10,570 / 10,863 / 9,724 / 12,062 / 13,651 / 15,249 / 17,151 / 19,441 Operating costs: 9,712 / 10,421 / 8,904 / 10,618 / 10,721 / 11,493 / 12,905 / 14,597 Operating income: 857 / 442 / 820 / 1,444 / 2,930 / 3,756 / 4,245 / 4,844 Income tax expense (2026-2030): - / - / - / 296 / 623 / 804 / 912 / 1,044 NOPLAT (2026-2030): - / - / - / 1,148 / 2,307 / 2,952 / 3,333 / 3,801 (+) D&A: 282 / 171 / 185 / 199 / 192; (-) capex: 472 / 73 / 138 / 166 / 184; (-) change in net working capital: 108 / (35) / (150) / (261) / (337) FCFF (2026-2030): 852 / 2,440 / 3,149 / 3,627 / 4,146 Discount factor: 0.9479 / 0.8518 / 0.7654 / 0.6878 / 0.6181 Present value: 807 / 2,079 / 2,410 / 2,495 / 2,563 PV of forecast-period FCFF (A): 10,353; PV of perpetuity (B): 23,073; Operating value (C=A+B): 33,427 Perpetuity calc detail: 2030 pre-tax operating income 4,884; growth 1.00%; post-2030 pre-tax operating income 4,894; income tax 1,054; post-2030 after-tax operating income 3,838; post-2030 change in net working capital (2); post-2030 FCFF 3,839; WACC 11.28%; discount factor 0.6181; PV of perpetuity 23,073. Per-share sensitivity (WACC 10.28%-12.28%, growth 0.00%-2.00%): at 0.00%: 15,278 / 14,608 / 13,997 / 13,439 / 12,927; at 0.50%: 15,809 / 15,082 / 14,423 / 13,823 / 13,274; at 1.00%: 16,398 / 15,605 / 14,890 / 14,242 / 13,652; at 1.50%: 17,053 / 16,185 / 15,405 / 14,702 / 14,065; at 2.00%: 17,788 / 16,830 / 15,976 / 15,209 / 14,517. Base case per-share value: KRW 14,890.

[Humax Holdings ESG segment -- historical and projected P&L] (unit: KRW millions) Revenue: - / 151 / 14 / 300 / 1,170 / 1,740 / 2,440 / 2,840 Operating costs: 725 / 1,096 / 489 / 635 / 1,044 / 1,489 / 2,047 / 2,447 Operating income (loss): (725) / (945) / (475) / (335) / 126 / 251 / 393 / 393 Income tax expense (2026-2030): - / - / - / - / 3 / 6 / 9 / 9 NOPLAT (2026-2030): (335) / 123 / 246 / 385 / 385 (+) D&A: 3 / 4 / 5 / 6 / 7; (-) capex: 7 / 8 / 9 / 8 / 9; (-) change in net working capital: 43 / 123 / 76 / 93 / 51; (+) government subsidy: 300 / 300 / 200 / - / - FCFF (2026-2030): (82) / 297 / 365 / 290 / 331 Discount factor: 0.9382 / 0.8259 / 0.7270 / 0.6400 / 0.5634 Present value: (77) / 245 / 266 / 185 / 187 PV of forecast-period FCFF (A): 806; PV of perpetuity (B): 1,467; Operating value (C=A+B): 2,273 Perpetuity calc detail: 2030 pre-tax operating income 393; growth 1.00%; post-2030 pre-tax operating income 397; income tax 65; post-2030 after-tax operating income 332; post-2030 change in net working capital 4; post-2030 FCFF 328; WACC 13.60%; discount factor 0.5634; PV of perpetuity 1,467. Per-share sensitivity (WACC 12.60%-14.60%, growth 0.00%-2.00%): at 0.00%: 759 / 726 / 697 / 669 / 643; at 0.50%: 779 / 745 / 713 / 684 / 657; at 1.00%: 800 / 764 / 731 / 700 / 672; at 1.50%: 824 / 785 / 750 / 718 / 688; at 2.00%: 850 / 809 / 771 / 736 / 705. Base case per-share value: KRW 731.

[Humax Holdings non-operating assets by segment] (unit: KRW millions; Gateway / Automotive Electronics / EVCS / IT / ESG; each scaled to Humax Holdings' 35.6% interest where applicable to Humax segments) Cash and cash equivalents: 7,605 / 1,017 / - / 568 / 36; accrued income: 87 / - / - / - / -; short-term financial instruments: 234 / - / - / - / -; long-term financial instruments: 142 / 4 / - / - / -; short-term loans: 243 / 2 / - / - / -; long-term loans: 5,651 / - / - / - / -; financial assets at FVPL: 40,566 / - / - / 8,253 / -; lease deposits: 2,318 / - / - / - / -; investments in associates: 6,746 / - / - / - / -; investments in joint ventures: 37,971 / - / - / - / -; investment property: 1,414 / - / - / - / -; other assets: 2,482 / - / - / 311 / 107; total: 105,458 / 1,023 / - / 9,132 / 144.

[Humax Holdings interest-bearing debt by segment] (unit: KRW millions; Gateway / Automotive Electronics / EVCS / IT / ESG) Short-term borrowings: 3,038 / 4,805 / - / 3,000 / 165; current portion of long-term borrowings: - / 2,008 / - / - / -; long-term borrowings: 1,068 / 305 / - / - / -; bonds: 11,731 / 5,263 / - / - / -; convertible bonds: 1,807 / - / - / 466 / -; derivative liabilities: - / - / - / 909 / -; lease liabilities: 35,058 / - / - / 333 / -; lease deposits received: 2,198 / 919 / - / 134 / -; royalty provisions: 1,990 / - / - / - / -; financial guarantee liabilities: 7,872 / - / - / - / -; other liabilities: 117 / - / - / - / -; total (as stated in the filing; the stated total appears inconsistent with the sum of the rows above): 3,185 / 213 / - / 6 / -. (condensed translation)