The case:

1. 1

   Dong-A has great assets

   A consumer health business led by Bacchus that has earned a 12% operating margin and a return on equity above 30% for twelve years, the best among Korean OTC peers.

2. 2

   These assets should make Dong-A worth 3x today

   Valued on their own results, intrinsically or against Dongkook and global consumer health peers, Dong-A is worth about 261,200 KRW per share.

3. 3

   Instead, the discount keeps widening

   Over the last decade Dong-A's price to book has halved while the KOSPI tripled shareholders' money.

4. 4

   Bad governance led to bad allocation, and bad allocation to a widening discount

   Dong-A has put capital into its worst-performing businesses and kept dividends low, with no buybacks since 2020, while its shares traded far below fair value.

5. 5

   Five changes would fix it

   Each is a Board decision that can be made at or before the March 2027 AGM. We have asked the Board to respond in writing by December 4.

6. 6

   Why Korea should care

   The National Pension Service and Dong-A's employee stock ownership association together own 18% of the company. Better returns mean more capital to innovate, grow and hire.