(May 28, 2004, Taipei) SinoPac Holdings is proud to announce that two subsidiary corporations - Bank SinoPac and SinoPac Securities have been awarded“Best Emerging Market Banks 2004 - Taiwan”by Global Finance and "Best Domestic Equity House”by Asiamoney magazine. This is the first time these two key members of SinoPac Holdings were simultaneously recognized by the international financial media.

The selection of “Best Emerging Market Banks 2004 - Taiwan”by Global Finance was based on input from analysts, business executives, and financial consultants. Top performers by region from fourteen countries were evaluated based on asset growth, profit, strategic relationships, customer service, competitive pricing and product innovation.

Emerging markets started to attract international attention following the recent upturn of the global economy. By identifying banks in each region that have a significant competitive edge, Global Finance provides a performance benchmark for those who wish to explore business opportunities in challenging markets. With steady growth, execution capability, innovative products and Pacific Rim coverage, Bank SinoPac stands ready to provide comprehensive financial services to institutions and individuals throughout the region.

We are also pleased to learn of SinoPac Securities' designation as“Best Domestic Equity House”in Taiwan by Asiamoney. Following a 40% drop in the Taiwan stock market in 2002, the years following were most difficult years for brokerage houses. Nevertheless, SinoPac Securities' performance exceeded those of its competitors, and the company maintained its position as market leader in IPO underwriting and capital raising. In 2003, SinoPac Securities underwrote NT$11 billion of IPO/capital raising transactions, equivalent to a very high 15% market share for that year. Concurrently, Bank SinoPac led several underwriting projects covering ECBs and GDRs, equivalent to NT$331 Million. SinoPac Securities also assisted a number of publicly-listed and OTC companies on stock-related issues.

SinoPac Securities' underwriting profits rose to NT$599 million alone in 2003. Total underwriting revenue during the past five years exceeds most of our competitors, demonstrating the professionalism and expertise of SinoPac Securities' underwriting teams. Another factor for our success is the importance of product innovation throughout SinoPac Holdings. As the first domestic securities firm to issue ECBs with minus yield rates for clients, SinoPac Securities was responsible for issuing NT$4 billion of convertible bonds for Yang Ming Marine Transport, and, despite the scale of capital sought, this issuance resulted in a most surprising twenty-fold oversubscription from investors both at home and from abroad. SinoPac Securities is also exploring corporate finance services for the Greater China region, and has assisted several overseas Taiwan companies listing on the main Hong Kong Stock Exchange or the Growth Enterprise Market.

Paul Lo, CEO of SinoPac Holdings, said,“We are very honored to receive the recognition from Global Finance and Asiamoney for our subsidiaries Bank SinoPac and SinoPac Securities. It confirms the synergy inherent within the SinoPac Group. This recognition also validates our organizational strategy initiated in January 2004 of adopting a customer-oriented, functional management framework that integrates platforms of bank, securities and other affiliate units to achieve greater value and profit creation for clients, shareholders, and employees of the SinoPac Group”.

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