Independent Assurance Statement
To readers of 2025 MCNEX ESG Report
Introduction
Korea Management Registrar (KMR) was engaged to conduct an independent assurance of 2025 MCNEX ESG Report for the year ending December 31, 2025. The preparation, information and internal control of the report are the sole responsibility of MCNEX’s the management. KMR’s responsibility is to comply with the agreed engagement and express an opinion to MCNEX’s management.
Subject Matter
The reporting boundaries included the performance and activities of sustainability-related organizations as described in MCNEX’s report:
2025 MCNEX ESG REPORT
Reference Standard
GRI Standards 2021
Assurance criteria
KMR applied the quality management system in accordance with ISO 17029 and KMR EDV 01, and carried out the verification in accordance with the assurance criteria of AA1000AS v3 and KMR’s proprietary SRV1000. Under AA1000AS v3, we assessed the adherence to the four principles presented in AA1000AP:2018—Inclusivity, Materiality, Responsiveness, and Impact—and evaluated the reliability and quality of the data and information using. Under SRV1000, we conducted a multidimensional review aimed at zero data errors, applying expert judgment to determine the materiality criteria.
ISO 17029 : 2019, ISO 14065 : 2020, AA1000AS v3 : 2020 (AccountAbility), AA1000AP : 2018 (AccountAbility), SRV 1000 : 2022 (KMR), KMR EDV 01 : 2024 (KMR)
Levels of assurance/materiality: AA1000AS v3 – Type 2/moderate, limited/ not set
Scope of assurance
The information subject to verification in the sustainability report is as follows.
GRI Standards 2021 reporting principles
Universal Standards
- GRI 2 General Disclosures 2021
- GRI 3 Material Topics 2021
Topic Specific Standards
- GRI 101: Biodiversity(101-1, 101-2, 101-4, 101-5),
- GRI 201: Economic Performance(201-1, 201-2), GRI 203: Indirect Economic Impacts(203-1), GRI 204: Procurement Practices, GRI 205: Anti-corruption,
GRI 206: Anti-competitive Behavior,- GRI 302: Energy, GRI 303: Water and Effluents(303-1, 303-2, 303-3), GRI 305: Emissions, GRI 306: Waste, GRI 308: Supplier Environmental
Assessment,- GRI 401: Employment, GRI 402: Labor/Management Relations, GRI 403: Occupational Health and Safety, GRI 404: Training and Education, GRI 405:
Diversity and Equal Opportunity, GRI 406: Non-discrimination, GRI 407: Freedom of Association and Collective Bargaining, GRI 408: Child Labor,
GRI 409: Forced or Compulsory Labor, GRI 413: Local Communities(413-1), GRI 414: Supplier Social Assessment, GRI 415: Public Policy, GRI 416:
Customer Health and Safety, GRI 417: Marketing and Labeling, GRI 418: Customer Privacy
As for the reporting boundary, the engagement excludes information external to MCNEX, such as financial information and greenhouse gas emissions data.
KMR's Approach
Our Assurance Team undertook the following activities for the agreed scope of assurance using the standard outlined above:
Evaluating the appropriateness of the reference standard used as a basis for preparing sustainability information and the reliability of the materiality assessment process and its findings;
Conducting inquiries to understand the data management and control environment, processes, and information systems (the effectiveness of controls was not tested);
Evaluating the appropriateness and consistency of the methodology for estimation (note that the underlying data was not tested and KMR has not made any estimates);
Visiting the headquarters, determining visit sites based on the site’s contribution to sustainability and the possibility of unexpected changes since the previous period and sampling data, and carrying out due diligence on a limited number of source records at the sites visited;
Interviewing people in charge of preparing the report;
Considering whether the presentation and disclosures of sustainability information are accurate and clearly defined;
Identifying errors through comparison and check against underlying information, recalculation, analyses, and backtracking; and
Evaluating the reliability and balance of information based on independent external sources, public databases, and press releases.
Limitations and Recommendations
The absence of generally accepted reporting frameworks or well-established practices on which to draw to evaluate and measure non-financial information allows for different measures and measuring techniques, which can affect comparability between entities. Therefore, our assurance team relied on professional judgment. In a limited assurance engagement, the scope of the risk assessment procedures and the subsequent procedures performed in response to the assessed risks are limited than in a reasonable assurance engagement. Our assurance team conducted our work to a limited extent through inquiries, analysis, and limited sampling based on the assumption that the data and information provided by MCNEX are complete and sufficient. To overcome these limitations, we confirmed the quality and reliability of the information by referring to independent external sources and public databases, such as DART and the National GHGs Management System (NGMS).
Conclusion and Opinion
Based on the document reviews and interviews, we had several discussions with MCNEX on the revision of the Report. We reviewed the Report’s final version in order to make sure that our recommendations for improvement and revision have been reflected. We found that the report was prepared in accordance with the criteria presented by MCNEX, and nothing comes to our attention to suggest that the evidence obtained regarding its content is insufficient to provide a basis for our opinion. Our opinion on the principles is as follows:
Inclusivity
MCNEX has developed and maintained different stakeholder communication channels at all levels to announce and fulfill its responsibilities to the stakeholders. Nothing comes to our attention to suggest that there is a key stakeholder group left out in the process. The organization makes efforts to properly reflect opinions and expectations into its strategies.
Materiality
MCNEX has a unique materiality assessment process to decide the impact of issues identified on its sustainability performance. We have not found any material topics left out in the process.
Responsiveness
MCNEX prioritized material issues to provide a comprehensive, balanced report of performance, responses, and future plans regarding them. We did not find anything to suggest that data and information disclosed in the Report do not give a fair representation of MCNEX’s actions.
Impact
MCNEX identifies and monitors the direct and indirect impacts of material topics found through the materiality assessment, and quantifies such impacts as much as possible.
Reliability of Specific Sustainability Performance Information
In addition to the adherence to AA1000AP (2018) principles, we have assessed the reliability of sustainability performance data, including economic, environmental, and social performance data. We interviewed the in-charge persons and reviewed information on a sampling basis and supporting documents as well as external sources and public databases to confirm that the disclosed data is reliable. Any intentional error or misstatement is not noted from the data and information disclosed in the Report.
KMR’s Competence, Independence, and Quality Control
Korea Management Registrar (KMR) is a verification body for the Republic of Korea Emissions Trading Scheme (K-ETS), accredited to ISO/IEC 17029:2019 (Conformity Assessment - General principles and requirements for validation and verification bodies), ISO 14067, the additional accreditation criteria ISO 14065, and ISO/IEC 17021:2015 (Requirements for bodies providing audit and certification of management systems). Additionally, KMR maintains a comprehensive quality control system that includes documented policies and procedures of the KMR EDV 01:2024 (ESG Disclosure Assurance System) based on ISO/IEC 17029 requirements and compliant with IAASB ISQM1:2022 (International Standard on Quality Management 1 by the International Auditing and Assurance Standards Board). Furthermore, KMR adheres to the ethical requirements of integrity, objectivity, professional competence and due care, confidentiality, and professional behavior in accordance with the IESBA Code:2023 (International Code of Ethics for Professional Accountants). Our assurance team consists of sustainability experts. Other than providing an independent assurance, KMR has no other contract with MCNEX and did not provide any services to MCNEX that could compromise the independence of our work.
Limitations of Use
This assurance statement is made solely for the management of MCNEX for the purpose of enhancing an understanding of the organization’s sustainability performance and activities. We assume no liability or responsibility for its use by third parties other than the management of MCNEX. As this assurance statement may be subject to revision after the assurance date below, we recommend verifying whether this is the latest version.
June 26, 2026
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