▲ SK Innovation held the 60^th anniversary ceremony at the Korea Chamber of Commerce and Industry, Seoul, on Oct 13, 2022 (KST). SK Group Chairman Chey Tae-won (center), SK Group Executive Vice Chairman Chey Jae-won (6th from right), Chairman of SK SUPEX Council Cho Dae-sik (5th from right), SK Innovation Vice Chairman Kim Jun (5th from left), SK Innovation Chairman of the Board of Directors Kim Jong-hoon (6th from left) and other representatives are declaring SK Innovation’s new vision “All Time Net Zero” at the ceremony.

2022 marks the 60^th year of SK Innovation since its establishment as the first oil company in South Korea in 1962. At the ceremony held on October 13 (KST), the company unveiled a new vision so called “All Time Net Zero”, a declaration that goes beyond the previously announced “achieving Net Zero by 2050” target. Beside the main event on SK Innovation’s foundation day, the management, members, and partners of the companies have also been participating in various activities to celebrate its 60 years of business.

| An exhibition full of memories

A commemorative exhibition was set up at the same location where the main ceremony was held for visitors to share the memories of SK Innovation’s 60 years of history. The exhibition, which displayed items collected from both former and current members of the company, offered a glimpse of not only the past challenges that SK Innovation had overcome to become an integrated energy and petrochemical company, but also the future path it will take.

▲ (Left) SK Innovation photo zone at SK Innovation’s 60^th anniversary commemorative exhibition hall held at the Korea Chamber of Commerce and Industry, Seoul on Oct 13, 2022 / (Right) The first zone of SK Innovation commemorative exhibition

In the first exhibition zone, visitors could see the actual items used by former and current members of the company as well as the history of SK Innovation promotion videos. Corporate documents and brochures that recorded the important moments of 60 years of history, including the company’s establishment in 1962, the acquisition of Sunkyung in 1980, and the launch of the SK Innovation affiliate system in 2011, attracted attention. Also, there were items that show traces of changes over the last 60 years, including SK Innovation Ulsan Complex member’s uniforms, their business cards, and ID cards.

▲ (Left) Previous uniforms of Ulsan CLX staff displayed at the first exhibition zone / (Right) History of the SK Innovation members’ business cards

The plaque that commemorates SK Innovation’s first 2-million-hour accident-free record, which was awarded in 1974, showed the company’s long-time philosophy that emphasizes safety. In addition, the company’s former and current members could take a trip down memory lane, looking around personnel notification and command documents and work journals in the 1960s, documents on the establishment of Daedeok Institute (now SK Innovation Institute of Environmental Science & Technology) in 1989, and minutes of the board of directors from the 1980s to the 2000s. On walls of the exhibition hall, they also could see at a glance the history of SK Innovation’s promotion videos that have been loved by the people since its Yukong period.

▲ (Upper left) SK Innovation’s 10th Anniversary memorial plaque (made in 1972) and the 2-million-hour accident-free memorial plaque (made in 1974) / (Upper right) Council Proceedings / (Lower) Graphic walls that show SK Innovation’s commercial videos through the years

The second exhibition zone was filled with SK Innovation’s footsteps and aspirations to transform into a green energy and materials company. When entering the exhibition hall, the first thing that caught visitors’ eyes was a number-shaped object commemorating the company’s 60^th anniversary. On the LED screen located right behind it, a documentary video about late chairman Chey Jong-hyon’s declaration 40 years ago regarding the vision of Yukong becoming an integrated energy and petrochemical company was shown. The video also shows a part of the board meeting in 1980, through which viewers can see how SK Innovation was already paying attention to “green energy.” Furthermore, the late chairman emphasizes that while producing and distributing energy, the company should secure the technology to coexist with the environment for a sustainable future as well.

▲ SK Innovation’s 60^th Anniversary objet dipsplayed in the 2nd exhibition zone, and the LED screen that shows a documentary film about SK Innovation’s history

▲ The documentary film that shows a record of the late chairman Chey Jong-hyon giving speech to members of SK Innovation in the past

On one side of the LED screen, there was a model of the Yukong Planner, an oil tanker that SK Innovation self-transported for energy security. On the other side, there was SK Innovation’s first oil refining process No.1 CDU (Crude Distillation Unit) Revamp Case Plot Plan drawing. No. 1 CDU has been operating smoothly since its completion in December 1963, producing major products from the refinery until now. On the left and right walls of the second zone, the history of SK Innovation over the last 60 years was displayed in written text message, and important historical items were placed right below.

▲ From upper left, clockwise: a miniature of ‘Yukong Planner, SK Innovation’s first oil refiing process No.1 CDU plan drawing, SK Innovation’s history and records displayed in the second zone of SK Innovation’s 60^th Anniversary commemorative exhibition hall

All the event attendees, including current and former executives, shared valuable time by examining historical documents displayed at the commemorative exhibition hall. They sympathized with the path that SK Innovation has taken and the direction it will take, and showed their support for the next leap of the company.

▲ (Left) SK Group Chairman Chey Tae-won and Vice Chairman of SK Innovation Kim Jun take a tour around the commemorative exhibition hall / (Right) SK Group Executive Vice Chairman Chey Jae-won and former president of SK Inc. Nam Chang-woo greet each other at the exhition hall

| All Time Net Zero vision declaration

At the ceremony, which is the main event of the day, all of the guests gathered to celebrate SK Innovation’s 60^th anniversary and the announcement of the company’s new vision for future. The ceremony was attended by SK Group Chairman Chey Tae-won, SK Group Executive Vice Chairman Chey Jae-won, Chairman of SK SUPEX Council Cho Dae-sik, SK Inc. Vice Chairman Jang Dong-hyun, SK Innovation Vice Chairman Kim Jun, SK Innovation Chairman of the Board Kim Jong-hoon, and 300 internal and external stakeholders of SK Group and SK Innovation, including representatives of partner companies and social enterprises. Former executives of SK Inc., SK Energy, and SK Innovation were also invited to the ceremony.

▲ SK Innovation 60^th Anniversary ceremony held at the Korea Chamber of Commerce and Industry, Seoul, on Oct 13, 2022.

At the ceremony, SK Group Chairman Chey Tae-won mentioned that SK Innovation’s 60 years of history “perfectly coincides with the industrial history of South Korea.“ He also explained the reason SK Innovation changed its main colors from red and white in the past into “green” is that it aims to be “a better company” in solving carbon issue.

Chairman Chey also took ESG as a key strategy of the next 60 years that SK Innovation will unfold and the meaning of it. According to his definition, E (environment) means the responsibility that SK Innovation must take, for it has run business that emitted carbon; S (society) emphasizes the relationship between people and human-centered management; and G (governance) is about partnership and collaborative relationship.

In particular, Chairman Chey thanked the members of the partner companies who attended the ceremony and concluded, “You all are our companion and hope we will create happiness together.”

▲ SK Group Chairman Chey Tae-won gives celebration speech at SK Innovation’s 60^th Anniversary ceremony on Oct 13, 2022.

SK Innovation Vice Chairman and CEO Kim Jun, who welcomed the guests at the event, also announced the company’s new vision titled “All Time Net Zero”. All Time Net Zero is SK Innovation’s declaration to offset all carbon emitted since the company was founded until 2062, the 100th anniversary of its founding. This is SK Innovation’s ambitious goal and new promise that is beyond the previously revealed “2050 Net Zero” target, which aims to offset the company’s emissions from 2019 to 2050.

The declaration was announced by not only Vice Chairman Kim Jun, who entered the company in 1987, but also two new members who started working at SK Innovation in July this year. They emphasized that “All Time Net Zero is a promise to pass on a sustainable world to future generations while fulfilling the responsibilities of previous generations. The new employees pledged, “We will try our best to achieve All Time Net Zero and become a greater driving force that moves the world in the future.” Vice Chairman Kim Jun continued by pledging that “SK Innovation will not stop taking on challenges until the day when everyone can be happy and live in a sustainable world.”

Chairman of SK Group Chey Tae-won, SK Innovation Chairman of the Board Kim Jong-hoon, SK Innovation Chairman of Labor Union Lee Seong-hun, and representatives of partner companies who attended the ceremony also declared their support and commitment to reach All Time Net Zero altogether.

▲ SK Innovation Vice Chairman Kim Jun (center) declares “All Time Net Zero” vision at the company’s 60^th Anniversary ceremony

In addition, “Happy Elephant,” which was renewed from Yu-kong Elephant soccer team’s 40-years-ago mascot into SK’s new character with an eco-friendly concept, made a surprise appearance at the event while holding hands with two children, whose parents are members of SK Innovation.

The Happy Elephant, a character with a mission to decarbonize the world to make everyone happy, delivered a congratulatory message to anticipate the new 60 years of SK with the children. “I hope this world is filled with no masks, no floods, but only forests,” and “I wish SK Innovation and its affiliates stay healthy even at the 100th and 200th anniversaries,” said the two children.

▲ Happy Elephant, SK Innovation’s new character who will make people happy and Earth sustainable, is celebrating the 60^th anniversary of SK Innovation with the children, whose parents are members of SK Innovation.

| Diversified events for the members, communities, and partners

On the same day, various events for the company’s members such as catering and photo zone were held in all domestic business sites (Seoul, Seosan, Jeungpyeong, etc.) of SK Innovation to celebrate the 60^th anniversary of the company together.

▲ (Left) The photozone that shows the 60 years of SK Innovation’s history inside the commemorative exhibition held at in Seorin Building, Seoul, on Oct 13. / (Right) Rice cake catering for the company members to celebrate SK Innovation’s 60^th Anniversary

As 2022 is a significant year that marks SK Innovation’s milestone for a new beginning, the company has held various activities and campaigns not only on the foundation day but also over the last few months.

From September 28 to October 4, SK Innovation delivered the GO Happy Truck that brings beverages and snacks to 4,400 employees of 96 partner companies in Ulsan, Incheon, Seosan, and Jeungpyeong as a token of appreciation. In particular, Choi Yun-seok, CEO of SK Incheon Petrochem, served as a “one-day barista” to deliver beverages and refreshments in person to the members of business partners, showing sincere gratitude of SK Innovation’s management towards those who have been growing with the company.

SK Energy also runs a special pub in October to commemorate the 60^th anniversary. The pop-up pub is decorated as an experimental cultural space that reinterpreted the 60-year history of Korea’s first oil refinery in a modern sense. It has been attracting many visitors of various generations.

▲ (Left) On Oct 4, Choi Yun-seok, CEO of SK Incheon Petrochem (center inside the truck) serves as a “one-day barista” at the GO Happy Truck to deliver snacks and beverages to the members of SK Innovation’s business partners. / (Right) SK Engergy runs a special pub in Seoul to celebrate its 60^th anniversary from Oct 5 to 31.

In addition, on September 26, SK Innovation held a tree planting event to create ‘SK Ulsan Forest of Happiness’ at Ulju-gun, Ulsan, South Korea. Together with Ulsan Metropolitan City and Ulju-gun, the company will plant 180,000 Sargent’s cherry trees in 60 ha of forests in Ulju-gun, which was partly damaged by a big wildfire accident in 2020. This afforestation program represents SK Innovation’s gratitude towards Ulsan and the local residents that have been supporting SK Innovation and growing with the company for 60 years.

Previously, in August, SK Innovation and The Korea Entrepreneurship Foundation also held an academic symposium on the topic of “SK Innovation’s innovation and growth story” at SK Seorin Building, Seoul, South Korea. At the symposium, the foundation announced its analysis results on how SK Innovation has evolved into a “Green Energy & Materials Company” today with key strategies like “Big Picture” and “Deep Change.”

▲ (Left) SK Innovation held a planting event to create the ‘SK Ulsan Forest of Happiness’ in Ulju-gun, Ulsan, on September 26. From left: Head of SK Innovation CLX Yoo Jae-young, Governor of Ulju-gun Lee Sun-geol, Mayor of Ulsan Metropolitan City Kim Doo-gyeom, Vice Chairman of SK Innovation Kim Jun, Chairman of SK Innovation Labor Union Lee Song-hun, and CEO of SK Energy Cho Kyong-mok are taking commemorative picture. / (Right) On August 30, the Korea Entrepreneurship Foundation held a symposium in Seorin Building, Seoul, about “SK Innovation’s innovation and growth story”. The participating professors are having a discussion session after the presentation.

SK Innovation, Korea’s first oil refining company, has been constantly taking challenges and innovating to bring positive changes to the world over the past 60 years. With the new vision “All Time Net Zero, the company will write a new history in which everyone can be happy in a sustainable world.

Please look forward and support our new history, our new 60 years.