Shareholder Activist Opposes Capital Reduction and Board's Director/Auditor Nominations

Solicitor Kim Jeong-hyeok (head of CCS Shareholder Action, holding 28,188 common shares, 0.055%) recommends voting against the following items at the June 5, 2026 general meeting:
Opposed items: Agenda 2 (capital reduction to cover deficit), Agenda 7 (election of directors proposed by board: Kim Jun-ho, Park Jin-sook, Hwang Shin-yong), Agenda 8 (election of auditor proposed by board: Hyun Ki-yong).
The capital reduction shifts losses from management failure to shareholders, potentially harming shareholder value.
Court order (Cheongju District Court Chungju Branch 2026Kahap513) mandates inclusion of shareholder-proposed items: director Choi Soo-il, outside director Kim Dong-hyun, auditor Kim Shin-myung.
Other agenda items (charter amendment, compensation limits) left to shareholder discretion.