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
REPORT OF INDEPENDENT AUDITORS
TO THE BOARD OF DIRECTORS AND
SHAREHOLDERS OF SAMSUNG ELECTRONICS CO., LTD.
Samil PricewaterhouseCoopers is the Korean member firm of PricewaterhouseCoopers. “PricewaterhouseCoopers” refers to the network of member
firms of PricewaterhouseCoopers International Limited, each of which is a separate and independent legal entity.
We have audited the accompanying consolidated balance sheets of Samsung Electronics Co., Ltd. and its subsidiaries (collectively referred to
as the “Company”) as of December 31, 2008 and 2007, and the related consolidated statements of income, changes in equity and cash flows
for the years then ended, expressed in Korean won. These financial statements are the responsibility of the Company’s management. Our
responsibility is to express an opinion on these financial statements based on our audits. We did not audit the financial statements of certain
subsidiaries including Samsung Card Co., Ltd., whose financial statements represent 21% and 20% of the consolidated total assets as of
December 31, 2008 and 2007, respectively, and 25% and 24% of the consolidated total sales for the years then ended, respectively. Those
statements were audited by other auditors whose reports thereon have been furnished us, and our opinion expressed herein, insofar as it
relates to the amounts included for those companies, is based solely on the reports of the other auditors.
We conducted our audits in accordance with auditing standards generally accepted in the Republic of Korea. Those standards require that
we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits and the reports of the other auditors provide a reasonable basis for our opinion.
In our opinion, based on our audits and the reports of the other auditors, the consolidated financial statements referred to above present fairly,
in all material respects, the financial position of Samsung Electronics Co., Ltd. and its subsidiaries as of December 31, 2008 and 2007, and
the results of their operations, the changes in their equity and their cash flows for the years then ended in conformity with accounting
principles generally accepted in the Republic of Korea.