REG - Samsung Electronics - Transaction with Affiliate Company

Samsung Electronics CoAnnouncement

14/02/2023 09:15

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RNS Number : 8711P  Samsung Electronics Co. Ld  14 February 2023

Transaction with Affiliate Company

 

The Board of Directors of Samsung Electronics Co., Ltd. (KS005930, KS005935,
SMSN, SMSD)("SEC"), on February 14, 2023, authorized the following
related-party transaction with an affiliated company.

 

Purchase of a product liability insurance policy from Samsung Fire &
Marine Insurance Co., Ltd.

-    Purchase of a product liability insurance policy to cover SEC from
liabilities in connection with property damage or bodily injuries, caused by
defect in SEC's products, to a third party

□ Major transaction terms

 Insurer                      Samsung Fire & Marine Insurance Co., Ltd.
 Application date             April 1, 2023
 Type of insurance            Product Liability
 Insurance premium            KRW 9,500 million
 Insurance benefit            -
 Insurance period             April 1, 2023-March 31, 2024 (1 year)
 Total insurance premium      KRW 9,500 million
 Insurance coverage           Liability for property damage or bodily injuries to a third party caused by
                              defect in SEC's products
 Method of insurance payment  Lump sum
 Interest rate (%)            -

Other information:

ž The total amount for insurance premium is subject to changes in currency
exchange rates

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

ž 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 than 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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