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May 18, 1998 in Social Responsibility News

SAMSUNG Publishes Interim Report on the Activities of Industrial Capital Attraction Team

SEOUL, Korea - May, 18, 1998 - Samsung's Industrial Capital Attraction Team has moved into high gear in its efforts to attract foreign investment. President, Jin-ku Kang of Samsung Electro-Mechanics Co. headed a team consisting of 15 affiliate company presidents, including presidents of Samsung Electronics Co., Samsung Display Devices Co., Samsung Corning Co., and Samsung Data Systems Co.

The Industrial Capital Attraction Team that is meeting with CEOs throughout the US is composed of two subgroups: one for the eastern half of the US and the other for the western half. President Jin-ku Kang headed for the East with eight other presidents, and President Jong-Yong Yun will be heading for the West with five other presidents.

The eastern region team met with chief executives of such companies as General Electric, Corning Incorporated, and Goldman, Sachs & Co. from May 11 to 15 and succeeded in securing their investment of US$1.3billion.
Samsung Electronics and these companies discussed a variety of issues including capital investment in Korea, establishment of joint companies, and cooperation in joint businesses

The western region team is scheduled to visit such companies as Hewlett-Packard, Silicon Graphics, and Microsoft from May 26 to June 2 and meet with the chairmen of these companies to discuss the sales of Samsung's real estate holdings, joint marketing efforts, and participation in Samsung's investment projects.

Samsung recognizes the necessity of industrial capital investment by foreign companies to pay off IMF-financed funds earlier than scheduled and to accomplish a successful restructuring of the companies. This recognition led to the formation of the Industrial Capital Attraction Team, which was designed to unify and thus focus the efforts of the entire management of Samsung, including Chairman, Kun-Hee Lee on the attraction of industrial capital.

Major Accomplishments of the Eastern Region Team

The eastern region team met witht the management of GE, including Chairman Jack Welch, and discussed the following issues:
.expansion of OEM production items from microwave to other home appliances such as air conditioners and refrigerators;
.financial support in relation to the export of telecommunications equipment;
.an increase in purchases of airplane engines and other related components;
.establishment of joint companies in lighting equipment and financial service
.the sale of equities of Samsung Medical Equipment.

With Goldman, Sachs & Co. Vice Chairman Robert Hurst and Corning Incorporated Chairman Roger J. Ackerman, the following issues were on the table:
.direct investment in the electronics sector;
.purchase of Samsung's real estate holdings;
.establishment of a joint company in a third country to produce and market optic fibers in an effort to expand the optic fiber businesses;
.joint efforts to develop optic fiber components;
.transfer of optic fiber technologies.

Agenda of the Western Region Team

The western region team plans to meet with Lewis Platt, chairman of Hewlett-Packard, Richard J. Belluzzo, chairman of Silicon Graphics, and Bill Gates, chairman of Microsoft to discuss the formation of strategic alliances in the following areas: the sale of buildings owned by Samsung; joint marketing contract to assist in the entry of "Single", a groupware developed by Samsung, into the Chinese market; a marketing partnership for virtual reality technologies; and investment in the establishment of an NT solution technology service center.

Samsung's Achievement in Attracting Investment

Samsung has already sold its heavy machinery manufacturing business and overseas affiliates for a total of $770 million. The first investment attraction team sent to Japan and Europe last March also secured a total of $580 million worth of capital investment contract. In addition, Samsung struck a deal with Clark of the US to srell its forklift manufacturing business for about $30 million.

Samsung expects its US Industrial Capital Attraction Team to attract a total of $1.3 billion in investments. It aims to encourage influential chief executives in the US to invest capital in Samsung by promoting the changed policy directions, newly amended laws and institutions, structural adjustment plans, and global alliance strategies of Korea.

Future Plans to Attract Foreign Capital

Based on the evaluation of the achievements made by this second investment attraction team, Samsung plans to send a similar team to the European Union and the Middle East to encourage investment by countries in those regions.

Jenny Chung
Corporate Communications
Samsung Electronics Co., Ltd.
Tel. (82-2-727-7692 / 7823)
Email: jhnee@samsung.co.kr

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