NP and Wysiwyg Studios Merger: Treasury Stock Cancellation and Stock Split, Fairness Measures Implemented

Merger ratio 1:0.5774514 (0.5774514 NP shares per Wysiwyg share)
Post-merger cancellation of 9,140,776 NP shares held by Wysiwyg (reducing shares to 132,793,677, improving EPS/BPS)
5:1 stock split after merger (par value from KRW 100 to 500, estimated price ~KRW 3,575, avoiding penny stock delisting)
Intrinsic value per independent valuations: NP KRW 645~861 (Hanmi), 671~881 (Hanul); Wysiwyg KRW 446~455 (Hanmi), 437~447 (Hanul)
Market price-based merger ratio falls within intrinsic value fair range, confirming fairness
Special committees established ex-post (Apr 30, 2026) comprising 2 outside directors and 2 external experts
Three directors with conflicts abstained from voting; independent external advisors (Hanmi Accounting, L.A.B. Partners) engaged
Appraisal rights prices: Wysiwyg KRW 459, NP KRW 750 (exercise period May 29–Jun 18, 2026)
Merger date Jul 14, 2026; new shares listing expected Aug 14, 2026 (after revision)
Contract termination condition: if aggregate appraisal exercise exceeds KRW 3 billion, parties may terminate

Filing: [Correction of Description] Report On Major Matters (Decision On Company Merger)
Company: WYSIWYG Studios (299900)
Submission: WYSIWYG Studios Co., Ltd.
Receipt: 05-14-2026