Decision to sell own convertible bonds

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Secern AI / Decision to Sell Own Convertible Bonds / (2026.08.11) Decision to Sell Own Convertible Bonds (4th Series)

Decision to Sell Own Convertible Bonds

1. Type of bonds: Series 4, unregistered, non-interest-bearing, unsecured, privately placed convertible bonds 2. Bond issue date: 2024-04-29 3. Bond issuance method: Private placement 4. Bond maturity date: 2029-04-29 5. Total face (electronically registered) value of bonds (KRW): 12,500,000,000 6. Details of the pre-maturity acquisition of the bonds to be sold - Face (electronically registered) value of the bonds to be sold (KRW): 2,874,000,000 - Acquisition amount (KRW): 2,931,985,536 - Circumstances of acquisition: Acquisition before maturity following the 5th exercise of the call option under the bond subscription agreement 7. Sale decision date: 2026-08-11 8. Sale amount - Amount (KRW): 2,612,658,210 - Basis of calculation: Determined through negotiation with the buyers 9. Scheduled date of receipt of sale proceeds: 2026-09-14 10. Purpose of sale: Securing operating funds 11. Conversion details - Conversion ratio (%): 100 - Conversion price as of report date (KRW/share): 4,036 - Type of shares to be issued upon conversion: Common stock - Number of shares: 712,090 - Ratio to total shares outstanding (%): 4.96 - Conversion request period: Start 2026-09-14; End 2026-09-14 12. Subject to Fair Trade Commission reporting: Not applicable 13. Other matters material to investment decisions (a) The "5. Total face (electronically registered) value of bonds" above is the face value total at the time of initial issuance of the Series 4 unregistered, non-interest-bearing, unsecured, privately placed convertible bonds. (b) The "6. Details of the pre-maturity acquisition of the bonds to be sold" above refers to the bonds the company acquired on April 29, 2026 by exercising the call option under the bond subscription agreement for the 5th time; the acquisition amount is the face value of the acquired bonds plus an amount based on the call-option exercise price calculation (the call yield). (c) The bonds subject to this sale are the full face value of the above-acquired bonds, KRW 2,874,000,000; the details by buyer are as follows, under identical contract terms. 1. Buyer (1): Korea Workhub Net Co., Ltd.; Face value: KRW 1,916,000,000; Sale amount: KRW 1,741,773,363 2. Buyer (2): Huckleberry Pin Investment Association; Face value: KRW 958,000,000; Sale amount: KRW 870,884,847 (d) The "7. Sale decision date" above is both the board resolution date and the date the convertible bond sale and purchase agreement was signed. (e) The "9. Scheduled date of receipt of sale proceeds" above is the scheduled date for payment of the balance; the payment schedule is as follows: 1. Scheduled down-payment (10%) payment date: August 11, 2026; Scheduled payment amount: KRW 261,265,821 2. Balance (90%) -- calculated as such, and the 304,506 new shares from the third-party-allotted rights offering scheduled to be paid in on August 13, 2026 were excluded from the calculation because they remain unissued as of the report date (as stated in the filing). (h) The "11. Conversion price as of report date" above is the price as adjusted on January 29, 2026; if the conversion price is adjusted in the future under the bond's issuance terms, the number of shares to be issued upon conversion and their ratio to total shares outstanding may change.

[Matters Concerning Buyers] Buyer: Korea Workhub Net Co., Ltd. - Relationship with the company or largest shareholder: - - Basis of selection: Selected considering the investor's payment capacity and investment intent, in order to achieve management objectives and raise funds promptly - Transaction history/plan within 6 months before and after the sale decision: - - Face value of bonds purchased (KRW): 1,916,000,000 - Note: 66.67

Buyer: Huckleberry Pin Investment Association - Relationship with the company or largest shareholder: - - Basis of selection: Selected considering the investor's payment capacity and investment intent, in order to achieve management objectives and raise funds promptly - Face value of bonds purchased (KRW): 958,000,000 - Note: 33.33

* If a buyer is the largest shareholder of the issuing company or a related party thereof, "[Where Buyers Include the Company's Largest Shareholder or a Related Party]" is additionally stated. In addition, if any buyer is a corporation, investment association, or other organization, "[Where Buyers Include a Corporation or Organization]" is additionally stated. (Except where, as an entity subject to external audit, the exercise of rights attached to the bond does not make the issuer's largest shareholder.)

[Where Buyers Include a Corporation or Organization - Where the counterparty does not become the largest shareholder (non-audited corporation, non-audited organization)] (1) Basic information on the corporation or organization Name: Korea Workhub Net Co., Ltd. Number of investors: 4 Representative director (representative partner): Oh Hyeon-woong, 20% Managing partner: Oh Hyeon-woong, 20% Largest shareholder (largest investor): Heo Jeong-rye, 40% * States the shareholding ratios of the corporation's or organization's representative director, managing partner, and largest shareholder.

(2) Key financial information of the corporation or organization for the most recent fiscal year (Unit: KRW million) Fiscal year: 2025, settlement month: December Total assets: 613 Revenue: 0 Total liabilities: 538 Net income: 3 Total equity: 74 External auditor: Not applicable Capital: 60 Audit opinion: Not applicable

* If the largest shareholder (largest investor) of the entity that becomes the largest shareholder is itself a corporation or organization, its basic information must also be stated in forms (1) and (2) above, and if it is an association, forms (1) through (5) must additionally be stated.

Name: Huckleberry Pin Investment Association Number of investors: 2 Representative director (representative partner): Gong Seung-geon, 70% Managing partner: Gong Seung-geon, 70% Largest shareholder (largest investor): Gong Seung-geon, 70% Fiscal year: -; Settlement month: - Total assets: -; Revenue: -; Total liabilities: -; Net income: -; Total equity: - External auditor: Not applicable; Capital: -; Audit opinion: Not applicable