JGGC’s unaudited consolidated balance sheet as of June 30, 2023; and

GLAAM’s unaudited consolidated statement of financial position as of June 30, 2023.

JGGC’s unaudited consolidated statement of operations for the six months ended June 30, 2023; and

GLAAM’s unaudited consolidated statement of comprehensive income for the six months ended June 30, 2023.

the final redemption gives effect to the redemption of 20,874,996 JGGC Class A Ordinary Shares in connection with the Extension Amendment and presentation assumes that no additional JGGC Class A ordinary shares are redeemed subsequent to September 27, 2023.

5,750,000 JGGC Class B Ordinary Shares (or 75% of such shares), which excludes the 1,916,667 JGGC Class B Ordinary Shares (or 25% of such shares) subject to vesting or forfeiture, have been converted into an equal number of JGGC Class A Ordinary Shares immediately prior to the consummation of the Business Combination; and

no New PubCo Converted Warrants or New PubCo Founder Warrants are exercised;

no GLAAM Options or options of New PubCo are exercised for equity securities of GLAAM or New PubCo;

no New PubCo Earnout RSRs vest and no Earnout Shares are issued;

no equity or debt financings (including any PIPE Investments) are entered into prior to consummation of the Business Combination in connection with any Financing Arrangements or otherwise;

99.5%(20,962,443/21,065,932) of GLAAM’s Shareholders will partake in the Business Combination and exchange their direct or indirect equity interests in GLAAM for New PubCo Ordinary Shares;

the CB does not convert into New PubCo Ordinary Shares; and

Transaction Expenses will not exceed $30 million.

JGGC Public Shareholders

JGGC Rights Holders

JGGC Initial Shareholders

GLAAM Founders

Other GLAAM Shareholders⁽²⁾

Total

Assumes that no currently outstanding Public Shares are redeemed in connection with the Business Combination other than JGGC’s redemption and GLAAM’s Redemption (approved by JGGC on August 11, 2023 and September 27, 2023 and by GLAAM on August 10, 2023).

Pro forma number of JGGC’s ordinary shares held by other GLAAM shareholders was calculated by multiplying the number of Other GLAAM Shareholders by the GLAAM Exchange Ratio.

Total number of GLAAM shares⁽¹⁾

Option

GLAAM Founders

Debt to equity conversion⁽²⁾

GLAAM’s redemption

Other GLAAM Shareholders after redemption

(before redemption: 21,065,932 shares)

GLAAM Exchange Ratio

Pro forma number of JGGC’s ordinary shares held by other GLAAM shareholders

The total number of GLAAM shares includes the number of options(517,605).

With regards to Debt to equity conversion, please refer to Note 4.

Accounts

Assets

I. Current Assets

Cash and cash equivalents

Trade receivables, net

Other current financial assets

Prepayments and other short-term assets

Inventories, net

Current income tax

II. Non-current Assets

Long-term trade receivables

Non-current financial assets

Investments accounted for using the equity method

Property, plant and equipment, net

Intangible assets, net

Deposits

Deferred income tax assets

Other non-current assets

Marketable securities held in Trust Account

Total Assets

Liabilities

I. Current Liabilities

Trade payables

Other payables

Current portion of lease liabilities

Other current liabilities

Short-term borrowings

Convertible bond

Product warranty provision

Current portion of long-term liabilities

Current tax liabilities

Accounts

II. Non-current Liabilities

Other non-current payables

Pension and other employee obligations

Long-term borrowings

Non current lease liabilities

Other non-current liabilities

Derivative warrant liabilities

Class A ordinary shares

Total Liabilities

Equity

I. Share capital

Share capital

II. Additional paid-in and other capital

Additional paid-in and other capital

III. Other components of equity

Treasury stock

Changes in equity from equity method

(negative) Changes in equity from equity method

Stock options

Gains (loss) on sale of treasury stock

Other capital surplus

IV. Accumulated other comprehensive income

Foreign currency translation differences for foreign operations

V. Retained earnings (deficit)

Unappropriated retained earnings (deficit)

VI. Non-controlling interest

Non-controlling interest

Total equity

Total liabilities and equity

Accounts

Revenue

Cost of sales

Gross profit/(loss)

Selling and administrative expenses

Operating profit/(loss)

Finance income

Finance costs

Other income

Other expenses

Profit before tax

Corporate income tax benefit

Net profit for the year

Other comprehensive income

Total comprehensive profit(loss)

Basic weighted average shares outstanding

Basic net income per share ^(*)

With regards to basic weighted average shares outstanding, please refer to Note 3.

Accounts

ASSETS

Current assets:

Cash and cash equivalents

Prepayments and other short-term assets

Prepaid expenses

Receivable

Other current financial assets

Total current assets

Non-current assets:

Marketable securities held in Trust Account

Other non-current assets

Total Assets

LIABILITIES, ORDINARY SHARES SUBJECT TO POSSIBLE REDEMPTION, AND SHAREHOLDERS’ DEFICIT

Current liabilities:

Accounts payable

Due to related party

Accrued expenses

Other payables

Total current liabilities

Non-current liabilities:

Deferred underwriting fees payable

Derivative warrant liabilities

Class A ordinary shares subject to possible redemption, $0.0001 par value; [23,000,000] shares at redemption value

Total liabilities

COMMITMENTS AND CONTINGENCIES

Class A ordinary shares subject to possible redemption, [23,000,000] shares at redemption value

SHAREHOLDERS’ DEFICIT

Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 7,666,667 shares issued and outstanding

Accumulated deficit

Total shareholders’ deficit

Total Liabilities, Ordinary Shares Subject to Possible Redemption, and Shareholders’ Deficit

Reflects the reclassification adjustments to align JGGC’s unaudited historical balance sheet as of June 30, 2023 balances with the presentation of GLAAM’s unaudited historical statement of financial position as of June 30, 2023. These reclassifications have no impact on total liabilities or total assets.

Reflects the U.S. GAAP to IFRS conversion adjustment related to the reclassification of JGGC’ historical mezzanine equity (Class A ordinary shares subject to possible redemption) into non-current liabilities.

Accounts

Revenue

Cost of sales

Gross Profit/(Loss)

Selling and administrative expenses

Operating loss

Finance income

Gain on marketable securities (net), dividends and interest, held in Trust Account

Change in fair value of derivative warrant liabilities

Loss before tax

Net loss for the year

Reflects the reclassification adjustment to align JGGC’s unaudited historical statement of operations for the six months ended June 30, 2023 with the presentation of GLAAM’s unaudited historical statement of comprehensive income for the six months ended June 30, 2023. This reclassification has no impact on total loss from operations.

Pro forma adjustments on JGGC’s cash balance as of June 30, 2023 was derived from as follows:

Balance of marketable securities in trust account

Amount redeemed

Additional increase in JGGC trust account

Pro forma adjustments on JGGC’s cash balance as of June 30, 2023

Represents the impact of the Transactions, accounted for as a reverse recapitalization, on the cash balance of JGGC.

Cash balance of GLAAM prior to the Proposed Transaction

Cash balance of JGGC prior to the Proposed Transaction

Total cash prior to the Proposed Transaction

Pro forma adjustments:

JGGC cash held in Trust Account

Payment of deferred underwriting fee

Payment to redeeming JGGC public shareholders

Remaining interest earned from the JGGC Trust Account

Payment to redeeming other GLAAM shareholders

Total pro forma adjustments

Proposed Transaction accounting adjustments:

Payment of historic GLAAM transaction costs accrued

Payment of incremental GLAAM transaction costs

Payment of historic JGGC transaction costs accrued

Payment of incremental JGGC transaction costs

Proposed Transaction pro forma accounting adjustments under Other current liabilities for zero balance of Cash and cash equivalents

Total Proposed Transaction pro forma accounting adjustments

Pro forma cash balance

Represents the amount of the restricted investments and cash held in the Trust Account upon consummation of the Transactions (See Note 2(a)).

Represents the waived deferred underwriting fees which incurred as part of the IPO committed (See Note 2(c)(i)).

Represents the amount paid to public stockholders who are assumed to exercise redemption rights under the Final Redemption.

Represents the remaining interest earned from the JGGC Trust Account of $438,767 from June 30, 2023 until closing. (See Note 2(c)(v)).

Represents cash that has not yet been paid due to redemption of GLAAM’s 103,489 shares. It is currently recorded in the Pro forma adjustments as Treasury stock of $(558,210) and Other payables of $558,210. (See Note 2(c)(vi)).

Includes an aggregate of $19.8 million paid to three investors (each, an “Investor”) at Closing pursuant to their respective non-redemption agreements (the “Non-Redemption Agreements”), dated November 13, 2023, by and between JGGC and each Investor on behalf of certain funds, investors, entities or accounts that are managed, sponsored or advised by each such Investor or its affiliates. Pursuant to each Non-Redemption Agreement, each Investor agreed to rescind or reverse any previously submitted redemption demand of the JGGC Class A Ordinary Shares held or to be acquired by such Investor, provided the Company returned cash to such Investor upon Closing in an amount so as to provide the Investor with an investment price of $1.00 per share.

Represents payment of transaction costs incurred by GLAAM recognized in the unaudited historical statement of financial position as of June 30, 2023 (See Note 2(c)(ii)).

Represents payment of the estimated incremental GLAAM transaction costs (See Note 2(c)(ii)).

Represents payment of transaction costs incurred by JGGC recognized in the unaudited historical statement of financial position as of June 30, 2023 (See Note 2(c)(iii)).

Represents payment of estimated direct and incremental JGGC transaction costs (See Note 2(c)(iii)).

Represents proposed transaction Pro Forma accounting adjustments under Other current liabilities to result in zero balance of Cash and cash equivalent. The following amount will be paid as Proposed Transaction Cost in the future. (see Note 2(c)vii)

Represents proposed transaction Pro Forma accounting adjustments under Other current liabilities to result in zero balance of Cash and cash equivalent. The following amount will be paid as Proposed Transaction Cost in the future. (see Note 2(c)vii).

Represents transaction costs incurred as part of the Transactions:

$8,050,000 of deferred underwriters’ fees incurred in connection with JGGC’ IPO. However, on February 24, 2023, and March 21, 2023, JGGC received a formal letter from each of Barclays Capital Inc. and Citigroup Global Markets Inc., respectively, formally waiving any entitlement to its respective portion of the deferred underwriting discount which amounts to a combined value of $8,050,000.

The total estimated incremental transaction costs related to the Transactions incurred by GLAAM is $14,793,683, of which $953,502 has been recognized in GLAAM’s unaudited historical financial statements, and $13,840,181 is recognized as an adjustment to the GLAAM pro forma balance sheet as an increase in current liabilities and a corresponding increase in GLAAM accumulated deficit. The total estimated incremental transaction costs are reflected as an adjustment to the unaudited pro forma condensed combined balance sheet as a reduction of cash and cash equivalents with a corresponding decrease in current liabilities (See Note 2(b)(vi) and Note 2(b)(vii)). These transaction costs are not expected to have a recurring impact.

The total estimated direct and incremental transaction costs related to the Transactions incurred by JGGC is $14,058,015, of which $3,849,068 has been recognized in JGGC’s unaudited historical financial statements. The remainder of $10,208,947 is recognized as an adjustment to the JGGC pro forma balance sheet as an increase in current liabilities and a corresponding increase in JGGC’ accumulated deficit. This includes $5,000,000 directly attributable to the equity issuance related to the Transactions incurred by JGGC. The total estimated incremental transaction costs are reflected as an adjustment to the unaudited pro forma condensed combined balance sheet as a reduction of cash and cash equivalents with a corresponding decrease in current liabilities (See Note 2(b)(viii) and Note 2(b)(ix)). These transaction costs are not expected to have a recurring impact.

Due to the Debt to Equity Conversion (as defined in Note 4), dated August 1, 2023 that took effect on August 16, 2023, $2,607,325 of other payables was converted to $141,702 of share capital and $2,465,623 of additional paid-in and other capital (See Note 4).

Represents the remaining interest earned from the JGGC Trust Account of $438,767 from June 30, 2023 until closing.

Represents cash that has not yet been paid due to redemption of GLAAM’s 103,489 shares. It is currently recorded in the Pro forma adjustments as Treasury stock of $(558,210) and Other payables of $558,210.

Represents proposed transaction Pro Forma accounting adjustments under Other current liabilities to result in zero balance of Cash and cash equivalent. The following amount will be paid as Proposed Transaction Cost in the future.

Gives effect to the redemption of 20,874,996 JGGC Class A Ordinary Shares in connection with the Extension Amendment. This was calculated as follows. $243,233,857(Class A ordinary shares balance as of June 30, 2023) x 20,874,996(Redeemed shares)/23,000,000(Total Class A ordinary shares) = $220,761,121

Class A ordinary shares balance as of June 30, 2023(A)

Shares redeemed(B)

Total Class A ordinary shares(C)

Pro forma adjustments on JGGC’s Class A ordinary shares as of June 30, 2023 (D=AxB/C)

Represents reclassification of JGGC’s Class A ordinary shares subject to possible redemption under the Final Redemption from non-current liabilities into $213 JGGC Class A share capital and $22,472,523 additional paid in capital in connection with the Transactions.

Issuance date: March 23, 2023

Maturity date: March 23, 2024

Conversion price @ KRW 9,200

CB amount issued: KRW 2,500,000,000 (As of June 30, 2023, $1,868,507)

When becomes exercisable: 3 months after the issuance date

Agreement date: August 1, 2023

Effective Date: August 16, 2023

Equity amount: KRW 1,575,224,000

Issuing price @ KRW 9,200

Number of shares issued: 171,220 shares

Agreement date: August 1, 2023

Effective date: August 16, 2023

Equity amount: KRW 1,715,064,000

Issuing price @ KRW 9,200

Number of shares issued: 186,420 shares