<div id="readability-page-1">Believes $11.25 per ADS Significantly Undervalues the Company PORTSMOUTH, N.H., May 04, 2026 (GLOBE NEWSWIRE) -- Four Tree Island Advisory LLC, a top-10 shareholder of DoubleDown Interactive Co., Ltd. ( DDI ) based on public information, today called on the special committee of DDI’s Board of Directors (the “Special Committee”) to reject DoubleU Games Co., Ltd.’s (“DoubleU Games”) proposal to acquire the remaining publicly held ADSs for $11.25 per ADS. We believe the proposed transaction materially undervalues DDI and fails to reflect both the Company’s current operating performance and its forward earnings power. Our position is based on the following: 1. The $11.25 per ADS offer effectively assigns negligible value to DDI’s operating business. Based on current cash balances and sustained free cash flow generation, we estimate the implied enterprise value of the offer to be approximately $36 million assuming a June 30th closing, and approaching zero under a later closing scenario. In effect, the proposal values only DDI’s balance sheet cash and assigns little to no value to the underlying business. 2. DoubleU Games’ own prior acquisitions of DDI securities highlight the inadequacy of the current offer. In October of 2021, DoubleU Games acquired shares at $18 per ADS, implying an enterprise value of approximately $695 million and a valuation of 6.0x EBITDA. The current proposal represents an approximate 95% reduction in implied enterprise value and a multiple of roughly 0.25x EBITDA. 3. DDI is a meaningfully stronger business today than in 2021: <ul><li> <ul type="circle"><li>EBITDA has increased more than 22% (from $116.5 million in 2021 to $142.4 million in 2025). </li><li>The Company has expanded through the acquisitions of SuprNation (2023) and WHOW Games (2025).</li><li>Litigation risk has been substantially reduced through the 2023 class action settlement and subsequent operational changes. </li></ul> </li></ul> 4. The proposed transaction would generate significant economic benefits for the Company’s controlling shareholder DoubleU Games, which already owns ~67.1% of DDI’s outstanding shares, including estimated cost savings exceeding $5 million annually from eliminating public company expenses and consolidating operations. These synergies are not being shared with minority shareholders. 5. Comparable company analysis further underscores the valuation gap. Playtika Holding Corp., the only relevant U.S.-listed peer, currently trades at approximately 4.6x EV/EBITDA – far above the implied 0.25x multiple in DoubleU Games’ proposal. <div>6. Independent research supports a substantially higher valuation for DDI. Published price targets include $23 (Texas Capital Securities), $21 (Wedbush) and $16 (Roth Capital).</div> While we agree with DoubleU Games that DDI represents a valuable strategic asset, the current proposal woefully fails to reflect that value. The Special Committee has a fiduciary duty to minority shareholders to fully assess these considerations and reject the current offer that effectively captures the Company’s cash while attributing de minimis value to its operating business and future prospects. To assist the Special Committee in the discharge of its fiduciary duties, we call on it to conduct an independent appraisal of the business with the assistance of unconflicted financial and legal advisors. Any proposal put forth for minority shareholder approval must fully and fairly reflect the Company’s intrinsic value. We understand that we are not alone in our concerns and encourage our fellow minority shareholders to express their views to the Special Committee as well. The Company’s investor relations representatives can be reached at IR@doubledown.com and DDI@jcir.com. Contact Four Tree Island Advisory LLC info@fourtreeislandadvisory.com (603) 427-8053 Image: https://www.globenewswire.com/newsroom/ti?nf=OTcxMjYxMiM3NTgxNzIyIzIzMDgzODk= Image: https://ml.globenewswire.com/media/NTA1NTJkN2MtMTBlOS00ODlhLTk1YzMtMzdhNjA1NDY4NWQxLTEzMTk5MzktMjAyNi0wNS0wNC1lbg==/tiny/Four-Tree-Island-Advisory-LLC.png Source: Four Tree Island Advisory LLC</div>

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Four Tree Island Advisory LLC，作为 DoubleDown Interactive 的重要股东，敦促公司的特别委员会拒绝 DoubleU Games 以每个 ADS 11.25 美元的收购提议，称该提议低估了公司。他们认为该报价对 DDI 的运营几乎没有价值，指出与之前的收购相比，隐含企业价值显著下降。该顾问强调了 DDI 财务表现的改善，并呼吁进行独立评估，以确保任何提议反映公司的真实价值。他们鼓励少数股东向委员会表达他们的担忧

Four Tree Island Advisory Urges Special Committee of DoubleDown Interactive to Reject Controlling Shareholder DoubleU Gamesâ Inadequate Takeover Proposal

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Four Tree Island Advisory 敦促 DoubleDown Interactive 的特别委员会拒绝控股股东 DoubleU Games 提出的不充分的收购提议