REG - Samsung Electronics - Transaction with Affiliate Company

Samsung Electronics CoAnnouncement

29/11/2024 07:45

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RNS Number : 1755O  Samsung Electronics Co. Ld  29 November 2024

Transaction with Affiliate Company

 

Samsung Electronics Co., Ltd. (KS005930, KS005935, SMSN, SMSD) ("SEC"), on
November 29, 2024, announced that its Board of Directors has authorized the
following related-party transactions with affiliated companies.

 

Purchase of retirement pension policy from Samsung Life Insurance

- To ensure the stability of retirement benefit management and enhance overall
profitability of the pension policy.

 Insurer           Samsung Life Insurance
 Policy premium    KRW 36.0 billion
 Type of policy    Retirement Pension Policy - Defined Contribution
 Terms of payment  Installment payments
 Insurance         Pay retirement benefit at the time of retirement
 Other             -  The insurance period ends on the contract end date

                   -  Policy premiums are estimated amounts for the financial year 2025; actual
                   amounts may differ

                   -  Separate from the foregoing total premium amount for Samsung Life
                   Insurance, an estimated KRW 289.8 billion in retirement benefits from its
                   defined benefits plan is expected be transitioned to its defined contribution
                   plan during FY25, although the actual amount may differ

 

Purchase of retirement pension policy from Samsung Securities

- To ensure the stability of retirement benefit management and enhance overall
profitability of the pension policy.

 Insurer           Samsung Securities
 Policy premium    KRW 57.5 billion
 Type of policy    Retirement Pension Policy - Defined Contribution
 Terms of payment  Installment payments
 Insurance         Pay retirement benefit at the time of retirement
 Other             -  The insurance period ends on the contract end date

                   -  Policy premiums are estimated amounts for the financial year 2025; actual
                   amounts may differ

                   -  Separate from the foregoing total premium amount for Samsung Securities,
                   an estimated KRW 886.1 billion in retirement benefits from its defined
                   benefits plan is expected be transitioned to its defined contribution plan
                   during FY25, although the actual amount may differ

 

Revised) Purchase of retirement pension policy from Samsung Securities

- To modify the information disclosed on November 30, 2023 as the estimated
policy premium for financial year 2024 increased by more than 20% from a year
ago(KRW 24.8 billion → 31.8)

 Insurer           Samsung Securities
 Policy premium    KRW 31.8 billion
 Type of policy    Retirement Pension Policy - Defined Contribution
 Terms of payment  Installment payments
 Insurance         Pay retirement benefit at the time of retirement
 Other             -  The insurance period ends on the contract end date

                   -  Policy premiums are estimated amounts for the financial year 2024; actual
                   amounts may differ

                   -  Separate from the foregoing total premium amount for Samsung Securities,
                   an estimated KRW 590.8 billion in retirement benefits from its defined
                   benefits plan is expected be transitioned to its defined contribution plan
                   during FY24, although the actual amount may differ

 

Sale of real estate to Samsung SDS

 

 Transaction time        December 2024
 Transaction amount      KRW 21.5 billion
 Purpose of transaction  Sale of land and building
 Other                   -  The transaction date is the expected date of the contract closing.

                         -  The transaction amount was determined based on an average of appraised
                         values submitted by appraisal corporations.

                         -  The information above may be changed.

 

Other Information:

ž Number of Independent Directors present at the Board of Directors meeting:
6

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 or equal to KRW 10
billion and the counterparty is a financial affiliate of the party required to
make the disclosure.

 

 

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