KEYEAST.Co.,Ltd. announced a private placement of series 4 Bearer type no interest, no guarantee convertible bonds for gross proceeds of KRW 10,000,000,000 and 104,773 common shares at a price of KRW 12,466 per share for total gross proceeds of KRW 1,306,100,218; for aggregate proceeds of 11,306,100,218 on March 16, 2022. The transaction will include participation from A-One Mezzanine Step-Up Specialized Investment Criminal Investment Trust, a fund managed by NH Investment & Securities Co., Ltd. KRW 300,000,000, A-One Master Mezzanine Specialized Investment Criminal Investment Trust, a fund managed by NH Investment & Securities Co., Ltd. for KRW 400,000,000, A1 Signature Mezzanine Specialized Investment Criminal Investment Trust, a fund managed by NH Investment & Securities Co., Ltd. for KRW 500,000,000, One Grace Mezzanine Specialized Investment Criminal Investment Trust, a fund managed by KB Securities Co., Ltd. for KRW 400,000,000, A1 Bright Mezzanine General Private Equity Trust, a fund managed by KB Securities Co., Ltd for KRW 1,400,000,000, GBA The banks 3 general private equity trust, a fund managed by KB Securities Co., Ltd. for KRW 2,000,000,000, Jace Investment Advisory Co., Ltd for KRW 2,500,000,000, BNK Securities Co., Ltd., Investment Arm for KRW 1,500,000,000 and Leading Investment & Securities Co., Investment Arm for KRW 1,000,000,000. The bonds will carry no interest rate and will mature on March 18, 2027.

The bonds are 100% convertible into 794,975 shares at an conversion price of KRW 12,579. The bonds will start conversion from March 18, 2023 and will end on February 18, 2027. The transaction is expected to close on March 30, 2022.

The transaction was approved by the board of directors of the company. The common shares are subject to restriction of 1 year.