Notice: Announcement of Third-Party Allocation of New Shares

Since our board of directors resolved to increase capital through third-party allocation at the board meeting held on February 10, 2022, we hereby announce the allocation of new shares to persons other than shareholders as follows.

• under –

1. Type of shares: Convertible Preferred Shares (CPS)
2. Total number of shares: 13,159 shares
3. Amount per week: 500 won
4. Issue price per week: 190,000 won
5. Due Date: March 22, 2022
6. Method of acquiring new shares

: In accordance with Article 418 of the Commercial Act and Article 10, Paragraph 2 of the Articles of Incorporation of this company, the right to subscribe to new shares of existing shareholders is excluded and all new shares are assigned to a third party.

7. Financial institution for deposit payment: Woori Bank Seocho Nam Branch
8. Other details regarding the issuance of new shares are left to the CEO, and this paid-in capital increase schedule is subject to change due to adjustments by the Company or related organizations.

February 10, 2022

PuzzleAI Co., Ltd.

6th floor, Seocho Peace Building, 22 Banpo-daero, Seocho-gu, Seoul

CEO Kim Yong-Sik (Seal omitted)