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October 11, 2022

Model Solution to expand its capabilities with IPO on KOSDAQ
Becomes first among South Korean prototype companies to be listed on the KOSDAQ on October 7 CMF technology and rapid process capabilities to serve more than 500 global customers Securing future growth engines by developing own brand and expanding business models Seoul, Korea, October 7, 2022- Model Solution, a subsidiary of Hankook & Company Group (formerly Hankook Tire Group), became the first Korean prototype company to be listed on the KOSDAQ. Through the IPO, Model Solution plans to accelerate the development of its future growth engines. Founded in 1993, Model Solution is a total solution provider that serves the entire product development stage from design to prototypes, precision Computer Numerical Control (CNC) machining, tooling & molding, and contract manufacturing for various sectors including electronics, medical devices, consumer goods, robotics and automotive. The company has been taking its first official steps to going public on the KOSDAQ starting from passing the preliminary examination of listing requirements in July, followed by submitting a registration statement and forecasting demands from investors; both general and institutional. In specific, the demand forecast conducted on September 19th and 20th recorded a high competition rate of 1,725.78 to 1, proving the company’s popularity. The competition among non-institutional investors also heated up on September 26th and 27th. The IPO was oversubscribed by 1,514.8 times, and subscription deposits totaled KRW 5.1124 trillion. As a result, the issue obtained the title of a blue-chip stock. The final public offering price was set at KRW 27,000, the upper end of the issued price band, to keep market-friendly conditions. Approximately KRW 27 billion was raised in total. Model Solution provides a one-stop business solution to help customers realize various ideas by implementing top quality technology. By providing its unique Color, Material, and Finish (CMF) design and adhering to its rapid production process, the company has served more than 500 global customers including Google, Amazon, Tesla, Samsung, and Hyundai Motors. Since being acquired by Hankook & Company in 2018, Model Solution has shown continuous growth in sales to record an average operating profit margin of 14% until last year. The sales numbers for the previous year were reported as KRW 61.1 billion and the operating profit KRW 8.9 billion, which is a growth of 9.8% and 32.1% from 2020, respectively. The sales for the first half of this year logged KRW 32.2 billion. Through the IPO, Model Solution plans to secure future growth engines in order to make a quantum leap leading the industry as an innovative manufacturing company. The company plans to first develop its own hardware brand. As part, the Augmented Reality (AR) Head Mounted Display (HMD) prototype that was developed in the previous year will undergo pilot testing to be mass-produced and commercialized by 2023. Furthermore, Hankook & Company, its holding company, will provide additional support by making additional investments through its accelerator program in the case Model Solution discovers innovative companies to collaborate with. Meanwhile, to build upon the momentum, Model Solution has established a new integrated operation center in Ojeong Industrial Complex in Bucheon, Korea. This will help increase the company’s business scope as a total solution provider, and respond to contract manufacturing demands from global customers. Model Solution has also created a new business division, the Contract Manufacturing Business Division, to oversee contract manufacturing of low-to-medium volume production of finished products. It started operating since March in the new Bucheon integrated operation center. Since July, the Tooling & Molding Division has also been transferred to the new Bucheon center to start operating. In the first quarter of 2023, the company plans to complete the transfer of the Precision CNC Machining Division. This sequential transfer is expected to create synergy with all business divisions. Through this expansion, Model Solution will now operate a total of three business locations and one global sales base. This includes the existing two operation facilities for prototype production in Doksan-dong, Seoul, and the integrated operation center in Bucheon for tooling & molding and contract manufacturing, and North American sales base located in Silicon Valley, U.S. In addition, the company is planning the establishment of new sales bases in the East of U.S and Germany to increase its presence in the global market. “In order to stay ahead of industry trends, we will continue to expand its business portfolio by employing new business models, and adopting latest technologies such as Augmented Reality to the products. We are also preparing ourselves to secure customers in new fields such as medical devices, robotics, and aerospace,” says Byungil Woo, CEO of Model Solution. ,
May 10, 2022

“Role Models”, a story of Model Solution featured in Business Focus Magazine
“Role Models”, a story of Model Solution featured inBusiness Focus Magazine ◦ An article on visions and capabilities of ModelSolution was published by Business Focus Magazine on January 6, 2022. Model Solution demonstrates the company's changes in business portfolio and capabilities through anarticle of the magazine. Model Solution provides high-quality solutionsincluding product design, high fidelity appearance models, precision CNC machining,quick-turn tooling, injection molding and contractmanufacturing. Model Solution is the chosen partner not only for professional industrialdesigners but also start-up founders with plenty of ideas but who havedifficulties implementing them into actual products. To both start-ups andestablished entrepreneurs, Model Solution offers a one-stop production platformand system. Model Solution is the company that makes its clients' visions a reality, butnow they are beginning to realisetheir own visions and becoming a role model for other companies. January 2022 Edition, Business Focus Magazine (Model Solution's article from page 122 to 127)Reprint of Model Solution Article Please click the images above to go to digital magazine and article where you can check the new visions and capabilities of Model Solution.
February 03, 2022

Model Solution Unveiled Two Innovative Products at CES 2022
Model Solution Unveiled Two Innovative Products at CES 2022 ◦ Model Solution participated in the world's largest IT and electronic fair "CES 2022" for the second consecutive year. Model Solution is an innovative total solution service provider specialized in hardware business from product design to mass production. In addition, Model Solution operates a Hardware Accelerator program that supports planning, design, development, prototypes, and mass production for Start-up companies with future-oriented and creative ideas. CES was held only online last year due to COVID-19, but this year, it also be held offline, and Model Solution operated its own exhibition booth. Model Solution unveiled two innovative products through this year's exhibition. AR HMD(Augmented Reality Head Mounted Display), which made a debut at CES 2021 in a prototype version, was showcased as a functional product in CES 2022. Model Solution collaborated with Zinnotech, an AR software engineering company, to develop and mass produce the device. AR HMD is an AR device specialized for industrial use and is manufactured with a focus on usability to provide an easy and continuous comfortable fit. Considering the field of vision is of the utmost importance in industrial sites, the positioning of the optical module and shape of the body were carefully designed. AR HMD is currently working on a project so that it can be used in Hankook Tire's global factory. In order to safely and efficiently perform fieldwork based on AR HMD, a wearable device, a POC program that integrates S/W solutions is used AR monitoring, AR safety, and AR remote reflecting the field situation. The device will serve as a helper to improve productivity, increase work efficiency, and strengthen the safety of workers. The orchestration for the design of simple and intuitive usability began in early stage, which resulted in receiving one of the world’s prestigious design awards, iF Design Award 2021. In addition, Model Solution introduced the world's first new concept motion player "XTA" produced in collaboration with GAMA, a motion simulator platform engineering company. This is a motion platform product where you can enjoy reality content optimized for the Metaverse era at home. Along with GAMA, Model Solution developed a new concept of motion player that can be used at home and named it XTA. XTA offers various entertainment contents from racing games to movies, videos, music, and live sports stream in 2 or 3 degrees of freedom (DoF) which indicates the degree of possible movement through three dimensional space. This allows one to enjoy have an immersive virtual experience geared by virtual reality motion platform technology. In the future, it will continue to promote the excellence of domestic technology to world-class global companies. Various attempts are being made on AR, VR, and HMD (Head Mounted Display) technologies that have recently been in the spotlight, and business areas are being expanded in all processes from product development to mass production in the future.

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