Netmarble Plans to Sell 2.6% Stake in HYBE Through PRS (Price Return Swap)

• After the market close on 9 May, Netmarble announced that it plans to sell 2.6% stake in HYBE for 219.9 billion won.

• The transaction is based on PRS (price return swap) basis. Previous to this deal, Netmarble sold 2.5 million shares (about 6%) of HYBE shares in November 2023.

• We continue to remain negative on HYBE including on this deal involving Netmarble's plan to sell additional 2.6% stake in HYBE.