DN Automotive NAV Valuation Analysis

• According to our NAV valuation analysis, it suggests NAV per share of 25,624 won for DN Automotive which is 35% higher than current price.

• We assumed DN Automotive's estimated post IPO stake of DN Solutions (72.2% stake) would be worth about 4 trillion won.

• We used a very large holdco discount rate of 70%. DN Automotive is not a pure holdco company but a quasi holding company.

DN Automotive NAV Valuation Analysis

According to our NAV valuation analysis, it suggests NAV per share of 25,624 won for DN Automotive which is 35% higher than current price. We assumed the following in our valuation:

• DN Solutions - We assumed a post-IPO investment stake of DN Automotive's stake of 72.2%. DN Automotive currently has an indirect stake of 90.32% in DN Solutions (through its 100% stake in GMT Holdings). We have assumed a post IPO stake of 72.2% (dilution due to IPO offering). We also assumed 5.5 trillion won in market cap for DN Solutions. Thus, DN Automotive's post IPO stake of DN Solutions would be worth about 4 trillion won.