Mass Holding Change Report: Equity Change Due to Stock Merger and Capital Increase

The reporter (Deokyang Energen Co., Ltd.) and special relation (Wolf Co., Ltd.) each saw a decrease of 29,163,566 and 29,163,565 shares respectively due to a stock merger, then acquired 3,000,000 new shares each by participating in a third-party allotment capital increase. As a result, the number of shares held decreased by 26,163,566 and 26,163,565 shares respectively, but the holding ratio increased by 3.89%p each.

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