Samsung Electronics Co. Ld Transaction with Affiliate Company (3991H)

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RNS Number : 3991H

Samsung Electronics Co. Ld

27 July 2023

Transaction with Affiliate Company

Samsung Electronics Co., Ltd. (KS005930, KS005935, SMSN, SMSD) on July 27, 2023, announced that its Board of Directors authorized the following related-party transaction with an affiliated company.

Purchase of Mobile device insurance policy from Samsung Fire & Marine Insurance

Major transaction terms

 
 Insurer                  Samsung Fire & Marine Insurance 
 Application date         August 2023 
                         -------------------------------------------- 
 Type of insurance                    Mobile device insurance 
                         -------------------------------------------- 
 Insurance premium                    KRW 5.91 billion 
                         -------------------------------------------- 
 Insurance benefit                    - 
                         -------------------------------------------- 
 Insurance coverage       1 year from the application date 
  period 
                         -------------------------------------------- 
 Total insurance          KRW 5.91 billion 
  premium 
                         -------------------------------------------- 
 Insurance coverage       Smartphone liability (for models designated 
                           by SEC) 
                         -------------------------------------------- 
 Method of insurance      Installments in accordance with the 
  payment                  application date 
                         -------------------------------------------- 
 Interest rate            - 
  (%) 
                         -------------------------------------------- 
 Purpose of transaction   To comprehensively insure against the 
                           risks and potential losses caused by 
                           unpredictable accidents associated 
                           with SEC's mobile devices 
                         -------------------------------------------- 
 

Other information:

- The application date refers to the date on which the Company purchases a mobile device insurance policy, and the Company plans to complete the purchase in August 2023.

- The total amount for insurance premium is an estimate, and such amount may change in relation to the number of smartphones sold.

- Number of Independent Directors present at the Board of Directors Meeting: 6 (100% attendance)

- Attendance of Audit Committee: Y

This disclosure is in accordance with the Korean Fair Trade Act, which mandates that a company must

disclose financial and real estate transactions in the event the value of such a transaction is greater or

equal to KRW 5 billion and the counterparty is a financial affiliate of the party required to make the

disclosure.

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July 27, 2023 03:15 ET (07:15 GMT)