Taewoong Logistics Co.,Ltd. announced a private placement of 6,290,619 registered convertible preferred stock, at an issue price of KRW 4,769 through third party allotment for gross proceeds of KRW 29,999,962,011 on April 27, 2023. The transaction included participation from Eugene Best Mezzanine P2 Independent Equity Investment Trust for 1,992,031 shares, Eugene Best Mezzanine P2 Independent Equity Investment Trust for 83,875 shares, Rhinos Smart Korea Mezzanine General Private Securities Investment Trust No. 2 for 503,250 shares, and other investors.

The preferred stock is a participating and cumulative and convertible into 6,290,619 common shares at conversion ratio of 1:1 with same conversion price as issue price of KRW 4,769 from May 9, 2024 to April 9, 2033.The securities to be issued in the transaction will be subject to a one year hold period from date of issuance. The transaction has been approved by the board of directors. The payment date is on May 8, 2023.