SK HERCULES SET A CEILING OF 2.5% FOR THE CONVERSION OF SHARES TO ADR IN THE UNITED STATES

ON 23 JULY, SK HERCULES SET A TOTAL CEILING OF 2.5 PER CENT OF THE COMPANY ' S TOTAL ISSUED STOCK TO CONVERT THE SOUTH KOREAN EXCHANGE STOCK TO A UNITED STATES STOCK DEPOSIT CERTIFICATE (ADR). THIS $26.5 BILLION ADR ISSUE HAS EXHAUSTED ALL CONVERSIONS AND INVESTORS CANNOT EXCHANGE THEIR KOREAN SHARES FOR ADR UNLESS EXISTING ADR HOLDERS FIRST EXCHANGE US STOCK CERTIFICATES BACK TO KOREAN-OWNED STOCKS. THE SK HERCULES ADR HAS A LONG-STANDING PREMIUM ON SOUTH KOREAN-LISTED SHARES, WITH CONVERSION LIMITS OR LONGER-TERM SPREADS。