(the “Company”), at an extraordinary general meeting of shareholders held on June 10, 2022, resolved that the Company will implement the Company’s demerger plan (the “Demerger Plan”) and, pursuant to the Demerger Plan, divide the Company’s investment in the shares of Shindae Oil Industry Co. and all business units related thereto, and establish a new company (the “New Company”) with the name of Eco Management Korea Holdings Co. as the name of the demerged property by way of demerger.

Pursuant to the spin-off plan, we will cancel 509,049 common shares with a par value of KRW 10,000 each to reduce our capital stock of KRW 10,141,750,000 to KRW 5,051,260,000.

None of the Company’s liabilities prior to the spin-off will be transferred to the new company, and the new company will not be jointly and severally liable for the Company’s existing liabilities. The spin-off plan and the spin-off financial statements of the new company are available at the Company’s office for your review.

Creditors of the Company are requested to submit their objections to the Company between June 14, 2022 and July 15, 2022, the day after the date of this announcement, if they have any legitimate objections to the above plan and the reduction of the Company’s capital.

In addition, shareholders who hold shares of the Company are requested to submit all shares to the President of the Company from June 14, 2022 to July 15, 2022, the day after the date of this announcement.

June 13, 2022