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Flashlight Capital Comments on Outcome of KT&G's General Meeting
[March 28, 2023]

Flashlight Capital Comments on Outcome of KT&G's General Meeting

Flashlight Capital Partners Pte. Ltd ("Flashlight Capital"), a meaningful shareholder of KT&G Corporation (KRX: 033780) ("KT&G" or the "Company"), today issued the following statement regarding its proposals put forth at the Company's 2023 Annual General Meeting of Shareholders (the "General Meeting").

Sanghyun Lee, Managing Partner of Flashlight Capital, commented:

"We thank our fellow shareholders for their thoughtful engagement and support during our campaign for improved value-creating change at KT&G. Over the past few months, we aimed to shine a light on issues that have negatively affected the Company's performance, including KT&G's disregard for transparency, poor capital management and deficient governance - all of which we sought to rectify with our shareholder proposals at this year's General Meeting. We are also grateful to leading proxy solicitor Institutional Shareholder Servces, Inc. for recommending in favor of all our proposals.

Ultimately, we are disappointed by the results of the General Meeting and believe that today is a bad day for corporate governance in Korea. We are, however, encouraged that a majority of unaffiliated and foreign shareholders voted for our proposals to cancel the Company's treasury shares, increase the share buyback program and elect our independent nominees to KT&G's Board of Directors. Looking ahead, we intend to remain a long-term significant shareholder of KT&G and will continue to engage constructively with shareholders and the Company to drive positive change through whatever means necessary."

About Flashlight Capital

Flashlight Capital Partners Pte. Ltd is an investment management firm founded by Carlyle Group's former Head of Korea, Sanghyun Lee. Based in Singapore, Flashlight Capital's investment philosophy is grounded in improving corporate governance and unlocking long-term value at its portfolio companies. For more information about Flashlight Capital, please visit

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