EXICURE INC

The Company can convert the Bonds into common stock of KC Creation at a price of 901 KRW ($0.63) per share. The conversion ratio will initially be one hundred percent (100%) of the Bond’s face value. At the initial conversion ratio, the number of shares will equal the Bond’s face value divided by the conversion price. The conversion price can be adjusted in certain situations, including issuance of new securities below market price, certain corporate actions, including mergers or capital reductions, significant change of market price, or automatically every three months based on the recent stock price. Conversion rights can be exercised from April 30, 2026 (one year after issuance) until March 31, 2028 (one month before maturity) through KC Creation’s designated agent.