Tranche Update on Cape Industries Ltd.'s Equity Buyback Plan announced on May 9, 2023.

CAPE INDUSTRIES LTD., formerly SOCIAL MEDIA NINETY NINE LTD., is a Korea-based company engaged in the manufacture of cylinder liners. The Company produces cylinder liners, such as new shipping cylinder liners and replacement cylinder liners for large vessel main engines. The Company’s products include MAN B&W type and SULZER type cylinder liners. The Company distributes its products to engine manufacturers and shipbuilders in domestic and overseas markets. The Company’s main customers include Doosan Engine, China Engine Builder, Wartsila and STX. In addition, the Company is involved in the online game development and warehouse rental businesses. On August 8, 2014, the Company’s stake in the Changhae Ethanol Co., Ltd decreased to 0%.