July 29, 2003 in Social Responsibility News

Other Major Management Issues: High Court Verdict on the Pending Lawsuit

1. Parties involved in lawsuit:
a. Plaintiff – Manchester Securities Corp.
b. Defendant – Samsung Electronics Co., Ltd.

2. Release date of verdict: 7/28/2003

3. Court jurisdiction: Suwon Court

4. Verdict:
a. The AGM resolution dated February 28, 2002, which removed the Article 8-5 of Samsung Electronics Articles of Incorporation (AOI) is found to be ineffective.
b-1. Counter lawsuits filed and ruled favor of defendant is no longer valid.
b-2. All counter lawsuits filed by Samsung Electronics should be rejected
c. All court fees should be paid by defendant

5. Ground for verdict:
Altering the articles of association regarding deleting of article 8-5 (article related to the auto-conversation of the preferred shares to common shares) relates to the case when the matter causes damage to preferred shareholders, and, thus, becomes effective only following the approval of AGM composed of preferred shareholders.


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