The company has effectively accepted only two of three of the committee’s director nominees and thereby violated Korean law.

We believe such a decision, without justifiable reason, infringes our statutory right to submit shareholder proposals.

We are prepared to allow you to demonstrate this or a greater value to us and would consider increasing our acquisition price if you are able to do so.

You have flatly refused to listen to any of the proposals that we have made.

The company’s ability to designate the number of directors up for election … disenfranchises shareholders.

We made our commitment to KT&G because we are confident in the strong potential of this company. If the CEO is not willing to consider our proposals as investors, we have no choice but to...