Announced by Cathay Financial Holdings, on behalf of Cathay Venture Capital Co., Ltd., the institutional director changed it's representative.

2006-08-08

1.Date of occurrence of the change:2006/08/08 2.Name and resume of the replaced person:Minghue Wu, Chairman of San Ching Engineering Co., Ltd. 3.Name and resume of the replacement:Jenho Chang, Vice president of Cathay capital Management Co., Ltd. 4.Reason for the change:Institutional director, Cathay Real Estate Co., Ltd., changed it's representative. 5.Number of shares held by the new director or supervisor at the time of appointment:(Cathay Real Estate holds) 37,500,000 shares. 6.Original term (From __________ to __________):2004/09/01~2007/08/31 7.Effective date of the new appointment:2006/08/08 8.Rate of change of directors/supervisors of the same term:0% 9.Any other matters that need to be specified:none