Whitebox Advisors Comments on LG Corporation�s Unwillingness to Commit to Promptly Releasing Voting Results From Upcoming General Meeting

Believes All Shareholders � Including Large Domestic Institutions in South Korea – Should Take LG’s Apparent Resistance to Transparency Into Account When Making a Determination Regarding the Proposed Spin-Off

Reiterates Intent to Vote AGAINST the Spin-Off, Which Whitebox Believes is Poorly-Conceived and Weakens LG

Reminds Shareholders That ISS and Glass Lewis Recommend Voting AGAINST the Proposed Spin-Off

NEW YORK & LONDON–(BUSINESS WIRE)–Whitebox Advisors LLC (together with its affiliates, “Whitebox” or “we”), a long-term shareholder of LG Corporation (KRX: 003550) (“LG” or the “Company”), today expressed its disappointment with the Company’s refusal to commit to promptly releasing the voting results from its General Meeting of Shareholders scheduled to be held on March 26, 2021 (the “General Meeting”) in response to a request made by Whitebox.

As a reminder, Whitebox previously announced its intent to vote AGAINST the proposed spin-off of a newly created holding company comprised of LG’s direct and indirect holdings in LG Hausys, LG MMA, Silicon Works, LG International and Pantos (the “Spin-Off”) at the Company’s General Meeting. Whitebox’s opposition to the ill-conceived transaction and its various concerns related to the Company’s lagging corporate governance have been validated by leading independent proxy advisory firms Institutional Shareholder Services Inc. (“ISS”) and Glass, Lewis & Co., LLC (“Glass Lewis”). Both ISS and Glass Lewis recommend that shareholders vote AGAINST the Spin-Off.

Simon Waxley, Head of Equity at Whitebox, commented:

“Given the potential for an extremely close vote on the Spin-Off at LG’s General Meeting, we are deeply dismayed by the Board of Directors’ unwillingness to commit to promptly disclosing voting results beyond whether a proposal passed or not. This type of intransigence is persisting despite Whitebox’s thoughtful and well-reasoned request that the General Meeting’s voting results be made public in a prompt manner in accordance with acceptable corporate governance practices. Yet again, it seems that there is a large gap between LG’s public statements and its actions when it comes to corporate governance and its treatment of minority shareholders. We believe withholding information that is frequently provided by other international companies, such as Samsung Electronics Co., Ltd., completely contradicts LG’s recent claims of wanting to improve shareholder communication and enhance its environmental, social and governance efforts. We hope shareholders – particularly large domestic institutions – take LG’s seeming resistance to transparency into account when making determinations regarding the Spin-Off and other questionable actions taken by the Company.

To be clear, Whitebox wants to see LG transform into a stronger, well-governed conglomerate that delivers enduring value for all shareholders and stakeholders. We believe that in order for this to occur, LG must begin prioritizing better corporate governance, honest investor communication and the implementation of a credible, transparent capital management policy that can help bridge the Company’s staggering trading price discount to net asset value. We hope the rejection of what we view as a self-serving and value-destructive Spin-Off is the first step in this direction.”

As a reminder, shareholders can visit www.ABetterLG.com for more information.

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About Whitebox

Whitebox is a multi-strategy alternative asset manager that seeks to generate optimal risk-adjusted returns for a diversified base of public institutions, private entities and qualified individuals. Founded in 1999, Whitebox invests across asset classes, geographies, and markets through the funds, vehicles and institutional accounts we advise. The firm manages approximately $5.5 billion in assets and maintains offices in Minneapolis, Austin, New York, London and Sydney.

Disclaimer

This communication should not be construed as asking or soliciting shareholders of the Company to authorize Whitebox or any third party to exercise their voting rights on their behalf with respect to the proposals to be presented to shareholders of the Company at the 2021 General Meeting of Shareholders (the “Meeting”). Whitebox is by no means soliciting or requesting other shareholders to grant or deliver their proxies to Whitebox for the Meeting.

Contacts

For Investors:

Georgeson

Cas Sydorowitz / Nicholas Laugier, +44 (0) 207 019 7002

cas.sydorowitz@georgeson.com / nicholas.laugier1@georgeson.com

For Media:

Profile

Greg Marose / Charlotte Kiaie / Bela Kirpalani, 347-343-2999

whitebox@profileadvisors.com