Issuance of 15B won Hybrid CB at 3,000 won conversion price (174.52% premium) to repay 25B won existing bonds

Decision to issue 15 billion won of 10th series unsecured private convertible bonds (hybrid equity securities) with conversion price of 3,000 won (174.52% premium over current price)
Purpose: Repayment of existing 7th and 8th series private bonds totaling 25 billion won (scheduled for May 22, 2026)
Potential conversion into 5 million shares (8.21% dilution); including existing CBs, maximum 10 million shares (17.85%)
Call option granted to largest shareholder JW Holdings (up to 4.5 billion won, convertible into 1.5 million shares, max stake 30.75%)
Coupon rate 4.70% (step-up by 0.50% after 5 years, further step-up if maturity extended), interest deferral allowed (compounding)
Maturity 30 years (2056), extendable by additional 30 years; no put option for bondholders

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