Hua Nan Financial Holdings Co., Ltd. (Taiwan, China)

Hua Nan Financial Holdings Co., Ltd. (HNFHC) was established by Hua Nan Commercial Bank Ltd. (HNCB) and EnTrust Securities Co., Ltd. (EnTrust) through a share swap on December 19, 2001. HNCB and EnTrust exchanged stocks with HNFHC at ratios of 1:1 and 1.2821:1, respectively, with 1 representing HNFHC's share. Thus, HNCB and EnTrust became HNFHC's wholly owned subsidiaries. The shares of HNCB and EnTrust then ceased to be traded on the Taiwan Stock Exchange (TSE) and the over-the-counter exchange (OTC exchange), respectively, and HNFHC became listed on the TSE. EnTrust was renamed Hua Nan Securities Co., Ltd. (HNSCC) in June 2003. On December 26, 2002, HNFHC acquired 57.49% equity interest (230,000,000 shares) in Central Bills Finance Corporation (CBF) for $2,300,000 thousand, which was approved by the Ministry of Finance (MOF) and related authorities. Since HNCB, a wholly owned subsidiary of HNFHC, also holds 42.41% shares of CBF, HNFHC and HNCB therefore holds a total of 99.90% of CBF's shares. CBF was renamed Hua Nan Bills Finance Corporation (HNBF) in July 2003. On August 15, 2003, South China Insurance Co., Ltd. (SCIC) and Hua Nan Investment Trust Corporation (HNITC) became wholly owned subsidiaries of HNFHC through a share swap at ratio of 1.1794:1 and 0.37376:1 (with 1 representing HNFHC's share), respectively. HNITC was formerly the EnTrust Investment Trust Corporation before July 2003. To better integrate the group's resources, HNBF was merged with HNCB on 23rd of May, 2008. In addition, Hua Nan Managed Futures ceased operation at the end of March, 2008. As of end of 2007, HNFHC has 7 subsidiaries, including HNCB, Hua Nan Securities, South China Insurance, Hua Nan Investment Trust, Hua Nan Venture Capital, Hua Nan Management Consulting Company and Hua Nan Asset Management Company. As of the end of 2008, HNFHC boasts an asset of NT$1,710 billion, an common stock of NT$60.9 billion, 9,539 employees, and 283 domestic and 10 overseas branches and offices. By developing banking, insurance, securities and asset management businesses, HNFHC would be able to provide comprehensive and first-class financial services while maximizing shareholders value. Having a diversified growth engines and synergies achieved within the group, HNFHC will be on track to become a leading financial holding company in Taiwan.