IPO Valuation & Financing Model

($ USD in Millions Except Per Share Values in $ as Stated, ₩ in Millions Except Per Share Values in ₩ as Stated)

IPO Transaction Assumptions:

USD to KRW FX Rate: 1,025.96 Deal & Expense Assumptions:

Underwriting Discount: 5.0% Funds Raised in IPO:

IPO Pricing Discount: 15.0%
SEC Filing & Registration Fees:
Primary Share %: 75.0% Printing Fees:
Secondary Share %: 25.0% Accounting & Legal Fees:
Miscellaneous / Other Fees:
Greenshoe Provision %: 15.0% Total Fees:
Primary Allocation %: 75.0%
Forward Year 1 Revenue:
Issuer - Existing Shares: 66.914 Forward Year 1 EBITDA:
Forward Year 1 Net Income:

Filing Range - 1-Year Forward P / E M

Forward Year 1 P / E Multiple at Trading: Units 17.5 x 20.0 x

Forward Year 1 Net Income: $M $ 175.9 $ 175.9

Implied Post-Money Equity Value @ Trading: $M 3,079.1 3,518.9

Pricing Discount %: % 15.0% 15.0%

Pricing Discount Amount: $M 401.6 459.0

Implied Post-Money Equity Value @ Pricing: $M 2,677.4 3,059.9

Issuer - Existing Shares Outstanding: M Shares 66.914 66.914

Implied Offering Price per Share: $ as Stated $ 25.07 $ 30.78

Post-Transaction Shares Outstanding Calculations:

Primary Shares Issued in IPO: M Shares 39.9 32.5
Secondary Shares Sold in IPO: M Shares 13.3 10.8
Total Shares Issued or Sold in IPO: M Shares 53.2 43.3

Total Shares Issued or Sold in Base Deal: M Shares 46.3 37.7

Total Overallotment Shares: M Shares 6.9 5.6

Pro-Forma Shares Outstanding, Post-IPO: M Shares 106.8 99.4

Primary Shares Issued - Basic Offering: M Shares 34.7 28.2

Primary Shares Issued - Overallotment: M Shares 5.2 4.2

Secondary Shares Sold - Basic Offering: M Shares 11.6 9.4

Secondary Shares Sold - Overallotment: M Shares 1.7 1.4
Deal Size & Gross and Net Proceeds to Issuer:

Base Deal Size (Primary + Secondary): $M $ 1,159.4 $ 1,159.4

Plus: Total Overallotment: $M 173.9 173.9
Total Offering Size: $M 1,333.3 1,333.3

Gross Primary Proceeds: $M 1,000.0 1,000.0

Less: Underwriting Discount: $M (50.0) (50.0)
Less: Deal-Related Fees: $M (10.0) (10.0)
Net IPO Proceeds to Issuer: $M 940.0 940.0

Implied Pre-Money Equity Value: $M 1,677.4 2,059.9

% Company Sold in IPO: % 37.3% 32.7%

Valuation Multiples @ Pricing and Trading:

Implied Post-Money Equity Value @ Trading: $M $ 3,079.1 $ 3,518.9

Less: Net IPO Proceeds: $M (940.0) (940.0)
Less: Cash & Cash-Equivalents: $M (158.1) (158.1)
Less: Equity Investments: $M - -
Less: Other Non-Core Assets, Net: $M - -
Less: Net Operating Losses: $M - -
Plus: Total Debt: $M 29.4 29.4
Plus: Noncontrolling Interests: $M - -
Implied Post-Money Enterprise Value @ Trading: $M 2,010.4 2,450.3

Implied Post-Money Equity Value @ Pricing: $M 2,677.4 3,059.9

Implied Post-Money Enterprise Value @ Pricing: $M 1,608.8 1,991.3

Implied Forward P / E Multiple at Pricing: x 15.2 x 17.4 x

Implied Forward P / E Multiple at Trading: x 17.5 x 20.0 x

Implied Forward EV / EBITDA Multiple at Pricing: x 6.4 x 8.0 x

Implied Forward EV / EBITDA Multiple at Trading: x 8.0 x 9.8 x

Implied Forward EV / Revenue Multiple at Pricing: x 3.3 x 4.1 x

Implied Forward EV / Revenue Multiple at Trading: x 4.2 x 5.1 x
es in ₩ as Stated)

$ in Millions ₩ in Millions

$ 1,000.0 ₩ 1,025,960

$ 1.5 ₩ 1,539
1.0 1,026
6.0 6,156
1.5 1,539
$ 10.0 ₩ 10,260

$ 484.0 ₩ 496,519
249.7 256,229
175.9 180,514

e - 1-Year Forward P / E Multiples

22.5 x 25.0 x

$ 175.9 $ 175.9
3,958.8 4,398.7

15.0% 15.0%
516.4 573.7

3,442.4 3,824.9

66.914 66.914
$ 36.50 $ 42.22

27.4 23.7
9.1 7.9
36.5 31.6

31.8 27.5
4.8 4.1

94.3 90.6

23.8 20.6
3.6 3.1

7.9 6.9
1.2 1.0
$ 1,159.4 $ 1,159.4
173.9 173.9
1,333.3 1,333.3

1,000.0 1,000.0
(50.0) (50.0)
(10.0) (10.0)
940.0 940.0

2,442.4 2,824.9
29.0% 26.1%

$ 3,958.8 $ 4,398.7
(940.0) (940.0)
(158.1) (158.1)
- -
- -
- -
29.4 29.4
- -
2,890.1 3,330.0

3,442.4 3,824.9
2,373.8 2,756.3

19.6 x 21.7 x
22.5 x 25.0 x

9.5 x 11.0 x
11.6 x 13.3 x

4.9 x 5.7 x
6.0 x 6.9 x
IPO Valuation & Financing Model - Alternate Version Based on Shares Issued and Offering Pr
($ USD in Millions Except Per Share Values in $ as Stated, ₩ in Millions Except Per Share Values in ₩ as Stated)

IPO Transaction Assumptions:

USD to KRW FX Rate: 1,025.96 Expense Assumptions:

SEC Filing & Registration Fees:
Underwriting Discount: 5.0% Printing Fees:
IPO Pricing Discount: 15.0% Accounting & Legal Fees:
Miscellaneous / Other Fees:
Primary Shares Issued: 30.000 Total Fees:
Secondary Shares Sold: 10.000
Forward Year 1 Revenue:
Greenshoe Provision %: 15.0% Forward Year 1 EBITDA:
Primary Allocation %: 75.0% Forward Year 1 Net Income:

Issuer - Existing Shares: 66.914

Filing Range - Offering Prices:

Offering Price per Share: Units $ 25.00 $ 30.00

Primary Shares Issued: M Shares 30.000 30.000

Secondary Shares Sold: M Shares 10.000 10.000
Total Shares Issued or Sold in Base Deal: M Shares 40.000 40.000

Overallotment - Primary Shares Issued: M Shares 4.500 4.500

Overallotment - Secondary Shares Sold: M Shares 1.500 1.500
Total Overallotment: M Shares 6.000 6.000

Issuer - Existing Shares Outstanding: M Shares 66.914 66.914

Plus: Total Primary Shares Issued: M Shares 34.500 34.500
Pro-Forma Shares Outstanding, Post-IPO: M Shares 101.414 101.414

Post-Money Equity Value @ Trading and @ Pricing:

Implied Post-Money Equity Value @ Pricing: $M $ 2,535.4 $ 3,042.4

Pricing Discount %: % 15.0% 15.0%

Pricing Discount Amount: $M 380.3 456.4

Implied Post-Money Equity Value @ Trading: $M 2,915.7 3,498.8

Deal Size & Gross and Net Proceeds to Issuer:

Base Deal Size (Primary + Secondary): $M $ 1,000.0 $ 1,200.0

Plus: Total Overallotment: $M 150.0 180.0
Total Offering Size: $M 1,150.0 1,380.0

Gross Primary Proceeds: $M 862.5 1,035.0

Less: Underwriting Discount: $M (43.1) (51.8)
Less: Deal-Related Fees: $M (10.0) (10.0)
Net IPO Proceeds to Issuer: $M 809.4 973.3

Implied Pre-Money Equity Value: $M 1,672.9 2,007.4

% Company Sold in IPO: % 34.0% 34.0%

Valuation Multiples @ Pricing and Trading:

Implied Post-Money Equity Value @ Trading: $M $ 2,915.7 $ 3,498.8

Less: Net IPO Proceeds: $M (809.4) (973.3)
Less: Cash & Cash-Equivalents: $M (158.1) (158.1)
Less: Equity Investments: $M - -
Less: Other Non-Core Assets, Net: $M - -
Less: Net Operating Losses: $M - -
Plus: Total Debt: $M 29.4 29.4
Plus: Noncontrolling Interests: $M - -
Implied Post-Money Enterprise Value @ Trading: $M 1,977.6 2,396.9

Implied Post-Money Equity Value @ Pricing: $M 2,535.4 3,042.4

Implied Post-Money Enterprise Value @ Pricing: $M 1,597.3 1,940.5

Implied Forward P / E Multiple at Pricing: x 14.4 x 17.3 x

Implied Forward P / E Multiple at Trading: x 16.6 x 19.9 x

Implied Forward EV / EBITDA Multiple at Pricing: x 6.4 x 7.8 x

Implied Forward EV / EBITDA Multiple at Trading: x 7.9 x 9.6 x

Implied Forward EV / Revenue Multiple at Pricing: x 3.3 x 4.0 x

Implied Forward EV / Revenue Multiple at Trading: x 4.1 x 5.0 x
ssued and Offering Price
es in ₩ as Stated)

$ in Millions ₩ in Millions
$ 1.5 ₩ 1,539
1.0 1,026
6.0 6,156
1.5 1,539
$ 10.0 ₩ 10,260

$ 484.0 ₩ 496,519
249.7 256,229
175.9 180,514

ng Range - Offering Prices:

$ 35.00 $ 40.00

30.000 30.000
10.000 10.000
40.000 40.000

4.500 4.500
1.500 1.500
6.000 6.000

66.914 66.914
34.500 34.500
101.414 101.414

$ 3,549.5 $ 4,056.6

15.0% 15.0%
532.4 608.5

4,081.9 4,665.1
$ 1,400.0 $ 1,600.0
210.0 240.0
1,610.0 1,840.0

1,207.5 1,380.0
(60.4) (69.0)
(10.0) (10.0)
1,137.1 1,301.0

2,342.0 2,676.6
34.0% 34.0%

$ 4,081.9 $ 4,665.1
(1,137.1) (1,301.0)
(158.1) (158.1)
- -
- -
- -
29.4 29.4
- -
2,816.1 3,235.4

3,549.5 4,056.6
2,283.7 2,626.9

20.2 x 23.1 x
23.2 x 26.5 x

9.1 x 10.5 x
11.3 x 13.0 x

4.7 x 5.4 x
5.8 x 6.7 x