ISS Recommends vote FOR an independent director nominee proposed by IBK and endorsed by Flashlight Capital, and vote AGINST all three management nominees

Flashlight Capital Partners Pte. Ltd (“Flashlight Capital”), a shareholder of KT&G Corporation (KRX: 033780) (“KT&G” or the “Company”), today announced that Institutional Shareholder Services Inc. (“ISS”), a leading independent proxy advisory firm, has recommended the Company's shareholders vote FOR a board candidate endorsed by Flashlight Capital at the Company’s 2024 Annual General Meeting of Shareholders (the “General Meeting”). ISS also recommended a vote AGAINST ALL three management nominees.

Sanghyun Lee, Managing Partner of Flashlight Capital, commented: "We are pleased that ISS has recognized the urgent need for shareholder-driven change at KT&G. We encourage our fellow shareholders to waste no time and vote today, FOR director nominee Mr. Shon, (Item 3.3), and vote AGAINST KT&G’s proposed nominees (Items 3.1, 3.2 and 4).

Sanghyun Lee also said, “the board director election at the upcoming KT&G AGM will use cumulative voting, and we recommend shareholders to consolidate their votes in support of the director nominee Mr. Shon (Item 3.3). Simply, please vote FOR item 3.3., and vote AGAINST all other management nominees (Items 3.1, 3.2 and 4).”

FOREIGN SHAREHOLDERS WILL ENCOUNTER EARLY VOTING DEADLINES WITH SOME AS EARLY AS MARCH 14, 2024. THE VOTING DEADLINES SET BY THE VOTING AGENTS ARE NOT THE OFFICIAL VOTING DEADLINES SET BY THE COMPANY.

IF YOU ARE UNABLE TO VOTE BECAUSE YOU HAVE MISSED THE INTERNAL VOTING DEADLINE OF YOUR VOTING PROVIDER – OR IF YOU HAVE QUESTIONS ABOUT HOW TO VOTE – PLEASE CONTACT GEORGESON AT ASIA.ENGAGEMENT@GEORGESON.COM.

About Flashlight Capital

Flashlight Capital Partners Pte. Ltd is an investment management firm founded by the Carlyle Group’s former Head of Korea, Sanghyun Lee. Flashlight Capital is dedicated to strengthening corporate governance and enacting transformative change to its portfolio companies, and launched KT&G campaign since 2022. For more information about Flashlight Capital, please visit www.FlashlightCap.com.

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