Announcing the new directors for Cathay Venture Capital Inc., subsidiary of the company.

2008-04-09

1.Date of occurrence of the change:2008/04/09 2.Name and resume of the replaced person:None 3.Name and resume of the replacement:Directors 1.Nominated by Cathay Financial Holding Co., Ltd,Shun-yu Chuang, Manager of Cathay Life Insurance Co., Ltd. 2.Nominated by Cathay Financial Holding Co., Ltd, Chuan-Yen Hu, Senior Vice President of Cathay Capital Management Inc. 4.Reason for the change:election to make up the vacancy of directors 5.Number of shares held by the new director or supervisor at the time of appointment:1.Nominated by Cathay Financial Holding Co., Ltd, Shun-yu Chuang:22,500,000 shares. 2.Nominated by Cathay Financial Holding Co., Ltd, Chuan-Yen Hu: 22,500,000 shares 6.Original term (from __________ to __________):2007/06/07~2010/06/06 7.Effective date of the new appointment:2008/04/09~2010/06/06 8.Rate of turnover of directors/supervisors of the same term:N.A. 9.Any other matters that need to be specified:none