(March 24, 2004, Taipei) The Board of Directors of SinoPac Holdings resolved to buy back up to 50 million SinoPac Holdings shares from the stock market during 25 March 2004 and 24 May 2004 at the range of NT$12.11 and NT$20.0 per share which may cost up to NT$1 billion in total.

Such treasury shares, if all bought, would account for 1.33% of outstanding shares. They would then be transferred to employees in the coming three years.

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