Joint Venture Between EcoPro, SK On, and Ford Motor Company

In order to build and strengthen a relationship in manufacturing business of EV battery cathode materials, EcoPro BM Co., Ltd., Ford Motor Company and SK On Co., Ltd. have agreed to enter into a Joint Venture Agreement, pursuant to which the parties are to incorporate, invest and subscribe for shares in EcoPro CAM Canada, L.P., a joint venture company organized under the laws of the Québec, Canada through their respective subsidiaries (the “Transaction”).

The aggregate amount of the investment collectively made by the parties for the Transaction is USD 512,233,644 (approximately 680 billion in KRW), and EcoPro BM Co., Ltd. will acquire 51% shares in the joint venture company. Ford Motor Companyand SK On Co., Ltd, the joint venture partners of EcoPro BM Co., Ltd., are one of the global leading automobile manufacturers and a leading domestic conglomerate that supplies EV batteries to the world's leading automobile manufacturers, respectively. Through the Transaction, EcoPro BM Co., Ltd. has secured diversity in its customer portfolio and a stable supply chain for its EV battery materials.

Representing EcoPro BM Co., Ltd., Lee & Ko has provided efficient and timely advice on all aspects of the Transaction including structure and timeline of this Transaction as well as leading the review of requirements for approval from the Korean Minister of Trade, Industry and Energy for export of National Core Technology and the procedure for obtaining the approval. This Transaction is an on-going matter, and the initial capital contribution process for each party is expected to be completed within the First half of 2024.