Kakao Adjusts Stock Options Due to Treasury Share Cancellation – Slight Increase in Exercise Price

Due to treasury share cancellation, stock option grant decreased by 173 shares (from 2,314,910 to 2,314,737), exercise price increased by 81 won (25,405→25,486 won)
Total outstanding options after grant: 6,115,899→4,459,563 shares (reflecting cancellations/exercises)
Fair value per option: 7,964 won (Black-Scholes model, expected life 3.1 yrs, volatility 36.67%, risk-free rate 1.71%)
Treasury share cancellation is a positive shareholder return action