TOP Engineering Co., Ltd announced a private placement of Round 3 Domestic Bearer Type Interest Part No Guarantee Private Place Convertible Bonds for gross proceeds of KRW 10,000,000,000 on July 9, 2021. The transaction will include participation from new investors Eugene Investment & Securities Co.,Ltd. for KRW 3,000,000,000; Mirae Asset Securities Co., Ltd. for KRW 2,000,000,000; Focus Mezzanine Alpha Private Equity Trust No. 1 for KRW 600,000,000, Focus SY Fortress KOSDAQ Venture Specialized Investment Private Equity Trust No.

1 for KRW 800,000,000, Focus M KOSDAQ Venture Specialized Investment Private Equity Trust No. 1 for KRW 700,000,000, Focus N Mezzanine KOSDAQ Venture Specialized Investment Private Equity Trust No. 1 for KRW 300,000,000, and Focus New Deal Plus Professional Investment Private Equity Trust No.

1 for KRW 600,000,000, funds managed by Focus Asset Management Co., Ltd.; and C-Square Venture Investment Specialized Private Equity Trust No. 9 for KRW 300,000,000, C Square Mezzanine Plus Professional Investment Private Equity Investment Trust No. 21 for KRW 1,000,000,000, and C Square Mezzanine Plus Professional Investment Private Equity Trust No.

20 for KRW 700,000,000, funds managed by C Square Asset Management. The bonds will mature on July 13, 2026 and are being issued at par. The surface interest rate and coupon rate of the bonds is 0%.

The bonds will convert into 1,092,896 common shares at a conversion price of KRW 9,150. The conversion period of the bond will start from July 13, 2022 and end on June 13, 2026. The bonds are subject to a hold period of one year.

The payment date and subscription date of the transaction is July 13, 2021. The transaction has been approved by the board of directors of the company.