(the “Company”) has decided to proceed with the following capital reduction with the approval of the sole shareholder at the extraordinary general meeting of shareholders held on August 26, 2022. Creditors who have any objections to the following capital reduction of the Company are requested to report them to the headquarters of the Company within one month from the date of publication of this announcement, and shareholders who hold shares of the Company or rights holders are requested to submit their shares to the headquarters of the Company within one month from the date of publication of this announcement.

To cancel 155,024 shares out of 1,014,175 issued shares of the Company.

Reduction of our capital stock from KRW 10,141,750,000 to KRW 8,591,510,000.

■ In consideration for the reduction in capital pursuant to the above share cancellation, we will grant to our shareholders (i) 1,050,877 shares of Shindae Refinery Industry Corporation (“Shindae”), all of the issued shares of Shindae held by us as of the date of this announcement, and (ii) all of the additional shares of Shindae to be acquired by us by participating in the capital increase of up to KRW 55,044,460,287 to Shindae prior to the effectiveness of this capital reduction.

August 26, 2022.