CLIM and Whitebox Release Presentation Detailing the Need to Vote FOR the Shareholder Proposals at Samsung C&T’s Upcoming Annual Meeting

Outlines Key Benefits of the Increased Dividend and Share Repurchase Program, Which Will Help Narrow Samsung C&T’s Steep Trading Discount Relative to NAV

Highlights That the Two Shareholder Proposals are Fully Aligned with Global Institutional Investors’ Policies Which Encourage Publicly Traded Companies to Balance Returns with Growth

Visit www.UnlockSCTValue.com to Download a Copy of the Presentation and Obtain Information About the Investor Group’s Value-Enhancing Shareholder Proposals

NEW YORK & LONDON & SEOUL, South Korea–(BUSINESS WIRE)–ANDA Asset Management Co., Ltd. (“ANDA”), City of London Investment Management Company Limited (“CLIM”), Whitebox Advisors LLC (“Whitebox”) and other long-term shareholders (collectively, the “Investor Group,” the “Group” or “we”) are significant shareholders in Samsung C&T Corporation (KRX: 028260) (“SCT” or the “Company”), with collective ownership in excess of 1% of the Company’s common shares. Today, CLIM and Whitebox released a presentation detailing the two value-enhancing shareholder proposals (the “Shareholder Proposals”) submitted for consideration at the Company’s March 15, 2024 Annual General Meeting of Shareholders (the “Annual Meeting”).

The Investor Group’s Shareholder Proposals will pave the way for SCT’s share price to reflect the true value of its assets. They include:

• Proposal #1: Increase Dividend Distribution. The distribution of a dividend of KRW 4,500 per common share and KRW 4,550 per preferred share to be paid in respect to FY 2023 [Agenda Item 1-2-2].

• Proposal #2: Share Repurchase Program. The allocation of KRW 500 billion to a share repurchase program during FY 2024 [Agenda Item 3].

Key benefits of the Shareholder Proposals include:

• Enhanced Shareholder Returns: A share repurchase program, coupled with an improved dividend payout, would increase the total shareholder yield to ~6% and help reduce the Company’s steep trading discount to Net Asset Value (“NAV”).¹

• Sign of Willingness to Address the Discount: The Shareholder Proposals would pave the way for SCT’s share price to reflect the true value of its assets and signal the Company’s commitment to further capital allocation and corporate governance enhancements. The rise in SCT’s share price following the publication of our proposals, and recently fueled by expectations of Korean corporate governance reforms, indicate investors are encouraged by the prospect of the Company taking action to unlock the value currently trapped in its shares.

• Disciplined Capital Allocation: The Shareholder Proposals contemplate a capital allocation framework that appropriately balances investment for future growth with shareholder returns, and ensures capital is systematically allocated to the highest return opportunities. This approach would help reduce the discount and position the Company for future success by allocating a portion of free cash flow from operations to buying back shares for as long as the discount remains elevated.

• Improved Intrinsic Value: The proposed share repurchase program enhances the Company’s earnings and intrinsic value per share by reducing the total number of shares outstanding and capitalizing on the opportunity presented by the wide discount. For example, shares repurchased at a ~60% discount to NAV produce an immediate return of 150%.

• Opportunities for Future Growth: Our proposals do not preclude the Company from investing for the future. We estimate that approximately 25% of free cash flow will remain available for reinvestment in new growth initiatives, allowing capital expenditures to rise by more than KRW 350 billion per annum.

The Investor Group encourages all stakeholders to visit www.UnlockSCTValue.com to download a copy of the presentation, share their views and sign up for important updates.

FOREIGN SHAREHOLDERS WILL ENCOUNTER EARLY VOTING DEADLINES – WITH SOME AS EARLY AS MARCH 5, 2024. THE VOTING DEADLINES SET BY THE VOTING AGENTS ARE NOT THE OFFICIAL VOTING DEADLINES SET BY THE COMPANY.

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About ANDA

ANDA Asset Management Co., Ltd. is a leading asset management firm that invests across both traditional and alternative assets in Korea. Founded in 2011 and based in Seoul, ANDA’s investment philosophy is grounded in proprietary research, capital growth and preservation with a focus on delivering superior, long-term returns for our investors.

About CLIM

CLIM is a UK headquartered asset management firm, established in 1991. CLIM is a long-term investor in global markets via closed-end funds and other securities using a value-based approach exploiting anomalies between price and intrinsic value. CLIM has a strong focus on corporate governance and regularly engages with portfolio companies to enhance shareholder value.

About Whitebox

Whitebox Advisors LLC is a multi-strategy alternative asset manager that seeks to generate optimal risk-adjusted returns for a diversified base of public institutions, private entities and qualified individuals. Founded in 1999, Whitebox invests across asset classes, geographies, and markets through the hedge fund vehicles and institutional accounts we advise. The firm maintains offices in Minneapolis, Austin, New York, London and Sydney.

¹ Based on the Company’s closing share price of KRW 129,500 as of 28 Dec 2023. Under the Shareholder Proposals, the dividend yield will rise to 3.5% (vs 2.0%) while the buyback program will allow 2.4% of total shares outstanding to be repurchased.

Contacts

Longacre Square Partners

Charlotte Kiaie / Bela Kirpalani, +1 646-386-0091

SCTInvestorGroup@longacresquare.com