Slight Downward Adjustment of Conversion Price, Limited Dilution Risk as Conversion Unlikely

J Steel Company Holdings adjusted the conversion price of its 4th unlisted convertible bond from 1,163 won to 1,162 won, a decrease of 1 won.
The adjustment is due to the decline in market price, effective April 15, 2026, without a board resolution.
Based on the total unconverted amount of 40 billion won, the number of convertible shares increased by 29,598 shares from 34,393,809 to 34,423,407, resulting in negligible dilution.
The current stock price (521 won) is significantly below the conversion price (1,162 won), making conversion unlikely and limiting short-term dilution risk.
[AI Summary]Despite the slight reduction in conversion price, the conversion price remains more than double the current stock price, making exercise of conversion rights highly improbable. Therefore, the risk to existing shareholder value is limited, and this disclosure is evaluated as a mild negative event close to neutral.