Change of largest shareholder

What happened

Changhae Ethanol / Change of Largest Shareholder / (2026.09.30) Change of Largest Shareholder

1. Details of the change Before change: Largest shareholder, etc.: Lim Seong-woo and 4 others; Shares held: 2,491,992; Ownership ratio: 27.11% After change: Largest shareholder, etc.: Lim Woo-seok and 4 others; Shares held: 2,491,992; Ownership ratio: 27.11%

2. Reason for the change Change of largest shareholder due to a gift from the existing largest shareholder - Donor: Lim Seong-woo, 1,521,188 shares - Donee: Lim Woo-seok, 1,521,188 shares - Whether due to acquisition of forfeited shares: No - Whether the transferred shares are subject to a mandatory holding period: No

3. Purpose of the equity acquisition: not applicable - Method of financing the acquisition: own funds (KRW): not applicable; borrowed funds (KRW): not applicable; lender: not applicable; borrowing period: not applicable ~ not applicable; collateral details: not applicable - Plans for appointment/dismissal of officers after the acquisition: not applicable

4. Date of change: 2026-09-30 5. Date of confirmation of the change: 2026-09-30

6. Other matters for reference in investment decisions - This is a disclosure of a change in the largest shareholder due to a gift between the existing largest shareholder and a related party, and there is no change in the number of shares, number of persons, or composition of the largest shareholder, etc. - The above ownership ratio is the ratio to the total number of issued shares with voting rights. - The above date of change and date of confirmation of change are the dates of the inter-account transfer due to the gift. ※ Related disclosures: not applicable

[Detailed changes] Name (corporation/association/other organization name): relationship; before change: shares (shares), ownership ratio (%); after change: shares (shares), ownership ratio (%); note Lim Seong-woo: largest shareholder before the change; before: 2,146,720 shares, 23.36%; after: 625,532 shares, 6.81%; note: donor Lim Woo-seok: largest shareholder after the change; before: 168,066 shares, 1.83%; after: 1,689,254 shares, 18.38%; note: donee Lim Ji-seon: related party of the largest shareholder before the change; before: 100,000 shares, 1.09%; after: 100,000 shares, 1.09%; note: related party before/after the change Lee Yeon-hee: related party of the largest shareholder before the change; before: 9,140 shares, 0.10%; after: 9,140 shares, 0.10%; note: related party before/after the change Bohae Maesil Farm Co., Ltd.: related party of the largest shareholder before the change; before: 68,066 shares, 0.74%; after: 68,066 shares, 0.74%; note: related party before/after the change

[Matters concerning the largest shareholder after the change (individual)] 1. Basic information on the individual Name: Lim Woo-seok Nationality: Republic of Korea

- Officer career history of the individual Name: Lim Woo-seok; Company name: Changhae Ethanol; Listing status: listed (KOSDAQ); Delisting date (for a delisted company): not applicable; Position: CEO; Date of joining: 2010-10-14; Date of leaving: not applicable; Note: date of joining is the individual's first date of joining the company

- History as largest shareholder of a listed company Name: Lim Woo-seok; Company name: Changhae Ethanol; Listing status: listed (KOSDAQ); Delisting date (for a delisted company): not applicable; Period as largest shareholder: start date 2026-09-30; end date: not applicable; Note: not applicable

2. Relationship between the listed company and the largest shareholder (individual): CEO

3. Transaction history between the listed company and the largest shareholder (individual) over the most recent 3 years (excluding routine transactions) Category: Transaction details; Current year: not applicable; Prior year: not applicable; Year before that: not applicable