SoftBank and NAVER have entered into the Joint Venture Agreement with respect to the Business Integration, and have broadly agreed on the organization and operation of LINE (hereinafter, the JV), which will be a joint venture company, whose only shareholders will be SoftBank and the NAVER Offerors, for the purpose of holding ZHD shares. There will be five directors for the JV, of which three will be appointed by SoftBank and the remaining two will be appointed by NAVER. There shall be two representative directors for the JV, of which SoftBank and NAVER will each appoint one.

Immediately after the Business Integration, the board of directors of the JV will be composed of Ken Miyauchi and Kazuhiko Fujihara, each appointed by SoftBank, Hae Jin Lee and In Joon Hwang, each appointed by NAVER, and one more person to be separately appointed by SoftBank. Of these directors, Ken Miyauchi will assume the position of Representative Director and President of the JV and Hae Jin Lee will assume the position of Representative Director and Chairperson of the Board of the JV.