Convertible Bond Exercise: 79,465 Shares (0.65% of Shares Outstanding) — Cheonbo

Summary

Holders of the 6th private placement convertible bonds exercised conversion rights on three dates (April 30, May 18, and June 1), converting approximately KRW 3.46 billion in principal into 79,465 new shares at a conversion price of KRW 43,541. The new shares represent 0.65% of the current 12,180,680 shares outstanding and will be listed on May 15 and June 12. After this exercise, KRW 101.9 billion of the original KRW 200 billion 6th-series CB remains unconverted, with potential dilution of up to 2,340,322 additional shares. Continued conversions create ongoing overhang and dilution risk for existing shareholders.

Historical Impact

9 past Conversion Right Exercise · ≈ 8-K events at Cheonbo

Median +5d

-8.30%

Range

-19.69% to +0.20%

Positive outcomes

2/9

Filed	P₀	P₊₅	+5d
Apr 29, 2026	₩66,300	₩60,800	-8.30%
Apr 29, 2026	₩66,300	₩60,800	-8.30%

Full Translation

Exercise of Convertible Bond Conversion Rights 1. Cumulative shares from exercise of conversion rights (shares) (excluding previously reported share quantities): 79,465 - Total shares issued (shares): 12,180,680 - Ratio to total shares issued (%): 0.65 2. Subject to KFTC (Korea Fair Trade Commission) reporting: Not applicable 3. Other matters for investment reference: - The total shares issued and the ratio to total shares issued above do not include the current cumulative exercised share quantity. - The 'listing date or scheduled date' in the 'Daily Conversion Request Details' below may change according to the schedule of related institutions. Related Disclosures: 2026-04-29 Exercise of conversion rights 2026-04-29 Exercise of conversion rights 2026-04-22 Exercise of conversion rights 2026-03-18 Exercise of conversion rights 2026-01-29 Exercise of conversion rights 2026-01-07 Exercise of conversion rights 2025-12-24 Exercise of conversion rights 2025-12-12 Exercise of conversion rights 2025-12-10 Exercise of conversion rights 2024-11-28 Decision on issuance of convertible bonds (6th series) 2024-11-27 Decision on issuance of convertible bonds (6th series) Daily Conversion Request Details: - Request date: 2026-04-30 | Series 6 | Bearer unregistered coupon unsecured private placement convertible bond | Request amount: KRW 310,038,147 | Conversion price: KRW 43,541 | Shares issued: 7,120 | Listing date or scheduled date: 2026-05-15 - Request date: 2026-05-18 | Series 6 | Bearer unregistered coupon unsecured private placement convertible bond | Request amount: KRW 2,100,000,000 | Conversion price: KRW 43,541 | Shares issued: 48,230 | Listing date or scheduled date: 2026-06-12 - Request date: 2026-06-01 | Series 6 | Bearer unregistered coupon unsecured private placement convertible bond | Request amount: KRW 1,050,000,000 | Conversion price: KRW 43,541 | Shares issued: 24,115 | Listing date or scheduled date: 2026-06-12 Convertible Bond Balance: - Series: 6 - Total face value at issuance (electronically registered): KRW 200,000,000,000 - Unconverted bond balance as of report date: KRW 101,900,000,000 - Conversion price: KRW 43,541 - Convertible shares: 2,340,322