On behalf of our subsidiary Cathay Securities Corp., we announce that the Board of Directors resolved to release directors from non-competition restrictions.

2008-03-19

1.Date of the board of directors resolution:2008/03/19 2.Name and title of the managerial officer with permission to engage in competitive conduct:Andrew Ming-Jian Kuo/Independent Director 3.Items of competitive conduct in which the officer is permitted to engage: To engage in business that are within or similar to the business scope of Cathay Securities Corp., 4.Period of permission to engage in the competitive conduct:Within period serving as director of Cathay Securities Corp. 5.Circumstances of the resolution (please describe the results of the voting under Article 32 of the Company Act):All directors passed the resolution. 6.If the permitted competitive conduct is business of a mainland China area enterprise, the name and title of the managerial officer (if it is not business of a mainland China area enterprise, please enter ”not applicable” below):@not applicable 7.Company name of the mainland China area enterprise and the officer's position in the enterprise:not applicable 8.Address of the mainland China area enterprise:not applicable 9.Business items of the mainland China area enterprise:not applicable 10.Degree of effect on the Company's finances and business:None 11.If the managerial officer has invested in the mainland China area enterprise, the monetary amount of the officer's investment and the officer's shareholding ratio:None 12.Any other matters that need to be specified:None