WF · Woori Financial Group Inc.

Woori Financial Group Inc. (WFG) has entered into a definitive share exchange agreement to acquire the remaining 24.66% of Tongyang Life Insurance Co., Ltd. that it does not already own. WFG currently holds 75.34% of Tongyang's outstanding shares. The transaction will be effected as a comprehensive share exchange under Korean law, with WFG issuing 8,696,875 new common shares to Tongyang's minority shareholders at an exchange ratio of 0.2521056 WFG shares per Tongyang share. The per-share exchange values are KRW 34,589 for WFG and KRW 8,720 for Tongyang. The share exchange date is set for August 11, 2026, subject to satisfaction of conditions including board and shareholder approvals, regulatory clearances, and no material adverse change. The transaction is intended to enhance corporate and shareholder value through improved management efficiency and faster strategy implementation. WFG's articles of incorporation will not be amended. The agreement includes provisions for termination if conditions are not met or if unavoidable circumstances arise.