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July 22, 2004 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: July 21, 2004
3. Court jurisdiction: Seoul High 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 Counter lawsuits filed and ruled favor of defendant is no longer valid.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:
a. Regarding original lawsuit – Shareholder resolution that possesses pros and cons for preferred shareholders are subject to win an approval from a special shareholder meeting for preferred shareholders.
b. Regarding counter lawsuit – The defendant does not have a right to file lawsuit to confirm the removal of the articles from AOI.
6. Others:
- The above verdict states that the AGM resolution that removed an article from the Company’s AOI on the issue of preferred shares bearing a conversion right to common shares 10 years after the issuance date is not effective since the resolution was not approved at the special shareholder meeting for the preferred shareholders.
- Since the Company has not issued any preferred shares since 1997, no current preferred shares bear conversion rights.
- The existing preferred shares were all issued before 1997, therefore, the verdict will have no impact on the current preferred shares and its holders.
7. Date of the related disclosure: August 07, 2003

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