About Polaris
As the leading brand for financial innovation and specializes in Great China Capital market, the growth of Polaris Financial Group (PFG) was centered around Polaris Securities, which was established in 1988. To date, the group has total assets exceeding NT$300 billion, and its business covers Polaris International Securities Investment Trust, Polaris MF Global Futures etc. It offers ¡§trans-regional¡¨ and ¡§trans-platform¡¨ high quality services to investors in Asia.

Pioneer of Online Trading
PFG has successfully redefined the financial market through financial innovation. It introduced E-Winner in 1998, the first online trading platform in Taiwan to incorporate stocks, futures, and options. E-Winner has dominated the market of online trading for almost ten years and is the most widely used brokerage software in Taiwan.

In 2002, PFG introduced an options online trading platform well ahead of the industry in aimed at simplifying options trading for Taiwan index futures and modularing trading strategies. Not only did this breakthrough lead to imitations by many competitors, Taiwan has become world's third largest options exchange while its futures ranks among world's top twenty derivative exchanges.

Multidimensional wealth management services
In November 2005, wealth management in Taiwan was officially under government supervision in an attempt to ensure consistency in service quality among banks and wealth managers. PFG thus revolutionized the present wealth management structure with the introduction of Taiwan¡¦s first online wealth management platform, Smart FP, to provide world-class professional wealth management services to retirees and investors.

The Smart FP system focuses on customized financial analysis and the privacy and freedom of personal financial management. To maximize the performance of its wealth management, PFG cooperated with Russell Investment Group, the world¡¦s largest pension investment institution, to launch the introduction of the world renowned Multi-manager Funds to provide investors long-term retirement planning services.

Leader ETF and Asset Management
PFG's leadership not only lies in innovative brokerages, but also in the introduction of new financial products. In 2003, Polaris International Securities Investment Trust (PISIT) obtained the authority to issue Taiwan's first ETF. The Polaris Taiwan Top 50 Tracker Fund (TTT) was successfully marking new world records including the shortest preparation taken to public listing, the largest initial offering, and undergoing the most amended regulations. TTT has become an investment target to foreign investors.

The establishment of the TTT marks a big step forward in the globalization and diversification of Taiwanese funds. It was accredited the Most Innovative Product in Taiwan by Asia Asset Management Magazine , a world renown financial media. PISIT is not only a ETF specialist , it commands over 90% of total ETF-invested assets in Taiwan. ¡§P-shares¡¨ is the brand name for offering a comprehensive line of ETF and will be listed on overseas stock exchange.

Innovator of Financial Engineering
The Polaris name is associated with financial innovation in Taiwan. Other than being the pioneer of Taiwan¡¦s financial innovation and devoting to new product designs, PFG has also established leadership position in financial engineering. PFG is also a leading house of equity derivatives and is the largest market-maker of index futures and options. The futures proprietary trading division of Polaris MF Global Futures is the top investment performer in Taiwan¡¦s futures market.

In asset management, Polaris International Securities Investment Trust (PISIT) has an exclusive quantitative investment division called P-MAX who provides quantitative investment services to corporate customers and introduces diverse financial products for investors. Currently PISIT is the first asset management company in Taiwan with an exclusive quantitative investment R&D department.

Dominate of Options & Futures
Eying the potential growth of derivatives, PFG has been aggressively promoting the futures and options trading platforms. The transaction volume of domestic futures has grown by more than 90% over the last three years, commanding a 15.7% market share. The transaction of options was even more promising, growing from the initial 6,000 units to over 1 million units in 2007. Together with volumes from market-maker , PFG commands a 20% market share in domestic options.

Polaris MF Global Futures is the largest futures broker and as the leading broker for both domestic and offshore markets in Taiwan. It gained recognition of the CME Group in 2004 for its strong analytical talents and robust risk management, and was qualified as the first gold market-maker in Asia. Currently, Polaris MF Global Futures has not only secured the leadership in domestic and offshore futures markets for five consecutive years, but is also the first futures broker-dealer to be listed over the OTC.

Strong Great China Corporate Finance Presence
The underwriting business opportunities have always fall into the hands of international investment banks, at year 2000, since the set-up of Polaris Capitals in year 2000, combine with Polaris Securities Capital Market, Polaris Securities (Hong Kong) Limited, and Polaris Securities (Shanghai) Co., pave a way for Polaris Financial Group to enter international capital market and investment banking business, in merely 7 years, it has accomplished several number one records in the market.

At year 2003, successfully raised 104 million USD for SAMPO Corporation through GDR, and it is the first Taiwan securities brokerages houses to be the lead underwriters; at year 2006, Polaris Capital successfully assist HannStar Board International Holdings Limited to be listed on the Hong Kong Stock Exchange, with 10 times over subscriptions by the international investors, and 312 times over subscriptions by the local public offerings, and combine capital raised for $78 million USD, breaking the record for the Taiwanese enterprise to raise capital at IPO stage in Hong Kong, Polaris¡¦ remarkable performances at the international capital market, not only proven that Polaris has comprehensive clienteles base and also its innovation, professional management and corporate reputations has set up new role model for Taiwan securities houses to transform into investment bank.

Visionary Global Expansion
Being Taiwan's leader of innovative financial products, PFG¡¦s highest brand value and competitive advantage lies in ¡§cultivating the local financial market with a global vision¡¨. The spirit of globalization is not merely establishing overseas branches, but exporting our product designs. With offices in Hong Kong, Beijing, Shanghai and Guangzhou, working closely together ,Polaris Securities has established a truly unique Greater China presence. This is an unrivalled advantage both deal flows and fund flows. Going forward, PFG will establish its presence where capitals accumulation, such as New York, London, Vietnam, Singapore and Abu Dhabi, and striving forward for its global deployment.

• Introduction to Polaris Securities
  Established in 1988, Polaris Securities (TSE Code 2854) is a leader of online trading and financial innovation . With over twenty years of dedication to the innovation of the finance industry, Polaris Securities introduced E-Winner in 1998, the first online trading platform in Taiwan to incorporate stocks, futures, and options. ahead of its competitors, and was the first qualified warrant issuer in Taiwan. Backed by a stable growth in earnings, Polaris Securities is the first securities brokerage company to be listed in 1996 and is the largest independent securities company.
  
  Traditional securities brokerage companies who mainly derive revenue from brokerage, Polaris Securities involves in a wide range of businesses through six divisions: brokerage, international finance, investment market, financial market, capital market, and wealth management. In the brokerage business, Polaris Securities ranks among the top three brokers of the local stock market and overseas sub-brokerage business. It remained as the leader of online trading.
  
  Polaris is the largest issuer of NTD denominated structured products. As a pioneer of derivatives, Polaris is the largest market-maker of index futures and options. Whether it is structured notes, warrants, or REITs, Polaris Securities has set the record for the highest value issued, most diverse products, and fastest license approval.
  
  Polaris Corporate Finance team is the leading arranger of Greater China placement deals to global private equity and hedge funds. . In 2005, Polaris Securities successfully supported the public listing of HannStar Board in Hong Kong, and raised a record-breaking US$74 million of capital, the highest amount ever raised by a Taiwanese company in Hong Kong in 2006. In 2003, it successfully assisted Sampo for the issuance of global depository receipts (GDR) and raise US$104 million. With offices in Hong Kong, Beijing, Shanghai and Guangzhou, working closely together ,Polaris Securities has established a truly unique Greater China presence. This is an unrivalled advantage both deal flows and fund flows.
  
  Wealth management is one of Polaris Securities' most important business in recent years. In addition of becoming one of the first few Taiwanese securities brokers to be granted a wealth management license, Polaris Securities introduced the first online wealth management system¡XSmart FP. In 2005, it introduced into Taiwan the Multi-manager Funds from Russell Investment Group, an investment portfolio diverse in management style, asset types, and fund managers, which received overwhelming feedback. With the approval of money trust and marketable securities trust businesses to securities brokers, Polaris Securities expects to incorporate its competitive advantages in financial innovations and technological financial management, achieve great successes in wealth management that improves overall business and group profitability.
  
  
• Introduction Polaris MF Global Futures (TSE Code: 6023)
  Established in 1997, Polaris MF Global Futures (abbreviated hereafter as PMF) was the first publicly traded FCM (Futures Commission Merchants) in Taiwan with an average profit per share and shareholder equity surpassing all financial stocks. The principal activities of PMF cover a wide range of brokerage businesses that include domestic and offshore futures products, consulting, managed futures and futures trust business.
  
  PMF retains the leadership in Taiwan¡¦s futures market as the most successful FCM due to its solid and thriving performances in domestic and international broking business, dealer market performance and the size of its deposit amount. PMF also prides itself as the unique professional trader with the ability of offering global research resources and multinational IT platforms. Riding on PMF¡¦s successes, MF Global ¡V the world¡¦s largest futures broker which was floated on NYSE in 2007, becomes a shareholder of the company. PMF is the first futures broker-dealer to be listed over the OTC in 2007.
  
  In Taiwan, PMF boasts 102 sales channels and partners and maintains 15 percent of market share in the local futures market, 20 percent in the local options and dealer market and 30 percent in the global futures market. The combination of which consolidates the strength of PMF¡¦s business model in successfully displaying the advantages of a single-point sales of physical channels and the eased of virtual channels.
  
  On the global stage, PMF maintains partnership with over 30 international futures exchanges. Armed with accurate analytical power and well-planned risk control mechanisms, PMF became the first qualified gold market maker in Asia for the CME Group. PMF possesses the broadest scope of capabilities in servicing products from commodities, energy, foreign exchange, stock indices, bonds and even transactional tools from the OTC market with its well-built support base from operations to research resources.
  
  Futures traded on Taiwan¡¦s financial market comprises a meager 0.73 times of over-the-counter trade at present. Against the global backdrop whose market is trading at 1.76 times, it is estimated that growth in Taiwan¡¦s futures market has the potential to double its growth. Further, when the futures trust business is formally introduced onto the Taiwan¡¦s financial stage, the estimated market scale is valued at over $200 billion. PMF has proven itself with its vision in taking the business overseas as well as establishing a wealth management platform. As the industry leader, the success story of Polaris MF Global will undeniably continue to play a dominant role in the Taiwan¡¦s futures market.
  
  
• Introduction Polaris International Securities Investment Trust
  Established in 1992, Polaris Investment Trust is one of the top three asset management companies and the largest ETF(Exchange Traded Funds) issuer in Taiwan. By the end of 2007, we have a comprehensive line of 22 public offered funds which include: equities funds, bond funds, balanced funds, global equities funds, global fund of funds, ETF and REITs funds, our total AUM has increased by 10.9% in the year 2007, far beyond the overall domestic AUM growth.
  
  In the discretionary account management business, we developed a customized service for our institutional investors, which we provide customized quantitative solutions and investment allocation that pursue the best NTD return while combining different asset classes in order to provide products that focus on ¡§Absolute Return¡¨ and ¡§Target Return¡¨.
  
  Differ from the rest of the fund houses in Taiwan, which only focus in fund raising, Polaris SITC introduced ¡§P-shares¡¨ and ¡§P-Max¡¨ as sub-brandings in order to differentiates us from the industry. These 2 sub-brandings focus on dedicated financial products, asset management technologies and quantitative management modules. Thus, making Polaris SITC that has the best R&D capability in Taiwan.
  
  ¡§P-shares¡¨ is the only full dimension ETF wealth management brand in Taiwan that offers a wide range of services including, ETF product design and issuance, investment management, SBL, market making, investment consultant and asset allocation. P-shares offer a comprehensive line of ETF that covers from Cap Weighting, High-Dividend, Regional Oversea, Thematic, Leverage and Short ETF, while AUM capturing over 90% of the ETF AUM in Taiwan.
  
  ¡§P-MAX¡¨ has the largest team of quantitative researcher in Taiwan that provides a 360-degrees quantitative strategy solution. Consolidating resources from equities, fixed-income, derivatives and index investments within Polaris SITC and provide an asset allocation called ¡§Overall Portfolio¡¨ with well control risk management using quantitative method.
  
  Polaris SITC not only continues on the development of domestic market, but also strife for expansion on the global market as well. Other than transferring the successful experience in product development, PSITC will develop its own branding in Asia to become a specialist of indexing, quantitative and active asset management.
  
  
• Introduction to Polaris Capital
  Polaris Capital was founded at the height of the global digital revolution in early 2000 to leverage off growth in the Asia Pacific region. We believe that investment prospects for companies in the Region, particularly Greater China, hinge on how ready they are to embrace and integrate the transforming forces of the knowledge-based economy.
  
  Polaris Capital's management team is composed of experienced professionals from Hong Kong, Taipei and Shanghai in the fields of corporate finance, stockbroking and research. All senior members of our team have extensive working experience with leading multinational corporations.
  
  Our management team aspires to create a corporate culture of success. Our sole performance yardstick is the core competence to deliver the best products and services to our customers. We are building a new investment-banking group without the disadvantages of being part of a commercial banking giant.
  
  Polaris Capital has become the premier Greater China investment bank serving small to medium sized corporate clients. By leveraging the Management Team's unique Greater China cross-border networking experience supplemented by Internet technology, Polaris Capital Group offers significant value-added to corporate issuers, potential investors and business corporations.
  
  Our objective is "Build to Last". Polaris aims at further consolidating our position as a boutique investment bank with a solid revenue base and cash flow. This is our base from which we strive for better shareholders' returns.
  
  
• About Polaris Research Institute
  Founded in April 2004, the Polaris research Institute (PRI) is a legal entity integrating general economic research. Financially supported by the Polaris Financial Group (PRG, Bloomberg Ticker: 2854 TT), it is the first economic and finance think tank supported by private financial corporations in Taiwan.
  
  Headed by President Liang Kuo-Yuan, a known econometrician with a Ph.D. from Duke, the PRI has three research teams dedicated to the research of regional economies, interest and exchange rates, and the commodity markets. The focus of the regional economies and interest and exchange rates teams include the forecast of Taiwan economy and other major country¡¦s survey, interrelation analysis of international business cycles, judgment of political/economic events, transmission mechanism analysis, and analysis of equinity prices, interest rates, commodity prices and exchange rates volatility. To date, the PRI has completed the Taiwan macroeconometric forecast model, stock market cycle and sector rotation model, and a prototype of the exchange rate forecast model.
  
  Given the increasingly rapid changes in the prices and fundamentals of the commodity markets, the PRI established the commodity market research team to study the market supply/demand and price trends of crude oil, industrial and precious metals, agricultural and soft commodities. The focus is establishing the links between business cycle predictions and fundamentals changes in commodity markets, analyzing commodity price volatility, and the effects of emerging market developments on commodity prices. Among other accomplishments, in 2005 the team predicted the rise of crude oil prices to over US$100/b, way ahead of competitors in the industry. Currently, the PRI has published multiple reports on crude oil price, industrial and precious metal prices, and perspectives on agricultural commodity prices.
  
  The PRI publishes reports on a routine basis covering global, regional and individual economies, interest/exchange rates and commodity prices. It also provides timely analysis on the effects of major political/economic events on Taiwan and global economies. As the primary consultant agency of PRG in the Greater China area and cornerstone in PRG¡¦s global development, the PRI aim to assist investors to stay aware on the risk of change in economic environments and timely adjust their investment strategies. In addition, on a quarterly basis, PRI hosts the Taiwan Economic Prospect press conference to report the results of PRI¡¦s continued observation on changes in the economic growth paths of Taiwan and other parts of the world. Over the years, the PRI has established as a leading research institute with increasing influence among the media, academia, business entities and government finance and economic agencies with reliable accuracy on predicting the twists and turns and changes in the economic trends of Taiwan.