Flashlight Capital Sends Letter to Samsung’s Jay Lee: Do Not Interfere

• Asks Samsung’s Executive Chairman to Respect the Independence of the Five Boards
• Requests Shareholder Registers of Five Samsung Affiliates to Contact Their Shareholders
• Awaits Response by September 23 to August 27 Offer

SINGAPORE--(BUSINESS WIRE)-- Flashlight Capital Partners Pte. Ltd. (“Flashlight Capital”) announced today that it has requested to inspect and copy the shareholder registers of the five Samsung Group affiliates that collectively hold a 20.6% stake in S-1 Corporation (KRX: 012750) (“S-1” or the “Company”): Samsung SDI, Samsung Life, Samsung Card, Samsung Securities and Samsung Fire & Marine.

On August 27, Flashlight Capital offered to acquire Samsung Group’s entire 20.6% stake in S-1 for KRW 906.6 billion, or KRW 116,000 per share. Flashlight Capital argued that there is no strategic rationale for Samsung’s lithium battery and financial-services affiliates to continue holding shares in a security company given the absence of meaningful business synergies. The five boards have until September 23 to respond.

“With access to the shareholder registers, we will be able to communicate directly with the shareholders of these five companies,” said Sanghyun Lee, Managing Partner of Flashlight Capital. “These shareholders have a direct interest in ensuring that their boards properly evaluate our offer and make the decision that best serves shareholder interests. We intend to reach as many of them as possible.”

Lee also sent a letter to Jay Y. Lee, Executive Chairman of Samsung Electronics, urging him not to interfere in the five boards’ consideration of Flashlight Capital’s offer and to allow each board to exercise its independent judgment.

“The decision belongs to the boards of these five companies and, ultimately, to their shareholders,” Lee said. “We ask Chairman Lee to respect their independence and allow them to make that decision free from interference.”

About Flashlight Capital

Flashlight Capital Partners Pte. Ltd. was founded by Sanghyun Lee, former Head of Korea at The Carlyle Group, where he led the 2014 acquisition of S-1 rival ADT Caps (later renamed SK Shieldus) and its sale to SK Telecom in 2018. In 2022, the firm launched an activist campaign at KT&G.

For more information, please visit www.FlashlightCap.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260908831126/en/

[email protected]

Source: Flashlight Capital Partners Pte. Ltd.

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