HiteJinro CEO Inseop Jang: "We Will Foster New Businesses and Achieve Global Results"

74th Regular Shareholders' Meeting Held on the 26th
Amendment to Introduce Cumulative Voting System Rejected Due to Lack of Quorum

Inseop Jang, CEO of HiteJinro, stated on the 26th, "This year, we will strive to enhance long-term corporate value by proactively and precisely responding to the market, improving internal management efficiency, and strengthening organizational capabilities."

HiteJinro shared its management plan for this year with shareholders at the 74th regular shareholders' meeting held at 9 a.m. on the same day at the Maeheon Yoon Bonggil Memorial Hall in Seocho-gu, Seoul.

Last year, HiteJinro recorded sales of 2.4986 trillion won, down 3.9% from the previous year, and operating profit of 172.3 billion won, a decrease of 17.2% year-on-year. CEO Jang assessed, "Amid a more uncertain management environment than ever, due to the global economic slowdown, stagnation in the liquor market, contraction in consumption, and intensified competition, we saw somewhat disappointing results last year."

CEO Jang emphasized, "We are continuing our efforts this year to actively seek opportunities to secure new growth engines and to leap forward as a company capable of sustainable growth."

He added, "Through profitability-focused management, we are not only improving internal efficiency and enhancing the competitiveness of our core businesses, but also pursuing a strategy to discover new growth potential in global markets and future new businesses and nurture them into new business areas. Based on the brand trust and quality competitiveness built up in the domestic market, we are pioneering global markets to achieve strong results overseas as well."

CEO Jang further stated, "Moving forward, rather than being swayed by short-term volatility, we will prioritize strengthening competitiveness and achieving sustainable growth as our top management objectives."

Meanwhile, at the shareholders' meeting, a proposed amendment to the articles of incorporation to introduce the cumulative voting system was rejected. According to HiteJinro, this agenda item required a special resolution, which is subject to a restriction on voting rights exceeding 3%, but it was voted down due to a lack of quorum. Under the revised Commercial Act, the introduction of the cumulative voting system will become mandatory starting September 10 of this year.

Additionally, other items, including ▲approval of the financial statements and cash dividends (700 won per common share, 750 won per preferred share), ▲amendments to the articles of incorporation to reflect the revised Commercial Act, ▲amendments to the articles of incorporation to enhance operational efficiency, ▲appointment of outside directors as members of the Audit Committee, and ▲approval of the limit on directors' remuneration, were all approved as originally proposed.