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Bank Sinopac Bank SinoPac Financial Statements for the Years Ended December 31, 2008 and 2007 and Independent Auditors’ Report INDEPENDENT AUDITORS’ REPORT The Board of Directors and Stockholders Bank SinoPac We have audited the accompanying balance sheets of Bank SinoPac as of December 31, 2008 and 2007, and the related statements of income, changes in stockholders’ equity and cash flows for the years then ended. These financial statements are the responsibility of the Bank SinoPac’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with the Rules Governing Auditing and Certification of Financial Statements of the Financial Industry by Certified Public Accountants and auditing standards generally accepted in the Republic of China. Those rules and standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Bank SinoPac as of December 31, 2008 and 2007, and the results of its operations and its cash flows for the years then ended, in conformity with Criteria Governing the Preparation of Financial Reports by Public Banks, requirements of the Business Accounting Law and Guidelines Governing Business Accounting relevant to financial accounting standards, and accounting principles generally accepted in the Republic of China. We have also audited the consolidated financial statements of Bank SinoPac and subsidiaries as of and for the years ended December 31, 2008 and 2007, on which we have issued an unqualified opinion thereon, respectively. February 19, 2009 Notice to Readers The accompanying financial statements are intended only to present the financial position, results of operations and cash flows in accordance with accounting principles and practices generally accepted in the Republic of China and not those of any other jurisdictions. The standards, procedures and practices to audit such financial statements are those generally accepted and applied in the Republic of China. For the convenience of readers, the auditors’ report and the accompanying financial statements have been translated into English from the original Chinese version prepared and used in the Republic of China. If there is any conflict between the English version and the original Chinese version or any difference in the interpretation of the two versions, the Chinese-language auditors’ report and financial statements shall prevail. - 1 - BANK SINOPAC BALANCE SHEETS DECEMBER 31, 2008 AND 2007 (In Thousands of New Taiwan Dollars, Except Par Value) 2008 2007 2008 2007 ASSETS Amount Amount % LIABILITIES AND STOCKHOLDERS’ EQUITY Amount Amount % CASH AND CASH EQUIVALENTS (Note 4) $ 14,923,761 $ 13,554,793 10 CALL LOANS AND DUE TO BANKS (Note 16) $ 39,155,198 $ 44,903,578 (13 ) DUE FROM THE CENTRAL BANK AND OTHER BANKS (Notes 5, 26 and 27) 90,569,206 147,868,608 (39 ) FINANCIAL LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS (Notes 2, 6 and 36) 16,918,491 10,157,510 67 FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS (Notes 2, 6, 7, 26, 27 and 36) 32,281,295 28,942,915 12 SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE (Notes 2, 7 and 26) 4,426,100 6,437,672 (31 ) SECURITIES PURCHASED UNDER AGREEMENTS TO RESELL (Notes 2 and 7) 2,598,782 4,024,177 (35 ) ACCOUNTS, INTEREST AND OTHER PAYABLES (Notes 2, 17 and 26) 24,438,371 20,937,385 17 ACCOUNTS, INTEREST AND OTHER RECEIVABLES, NET (Notes 2, 8, 25 DEPOSITS AND REMITTANCES (Notes 18 and 26) 795,088,535 793,459,982 - and 26) 36,507,900 37,182,609 (2 ) BANK DEBENTURES (Notes 2, 19, 26 and 36) 28,763,023 31,133,473 (8 ) DISCOUNTS AND LOANS, NET (Notes 2, 9, 26 and 36) 629,440,360 602,246,769 5 BONDS PAYABLE (Notes 2 and 19) 4,950,359 5,709,968 (13 ) AVAILABLE-FOR-SALE FINANCIAL ASSETS (Notes 2, 7, 10, 27 and 36) 23,628,091 110,506,001 (79 ) OTHER FINANCIAL LIABILITIES (Note 2) 779,569 984,669 (21 ) HELD-TO-MATURITY INVESTMENTS (Notes 2, 11, 26, 27 and 36) 115,762,458 2,678,079 4,223 OTHER LIABILITIES (Notes 2, 20, 24 and 25) 3,560,564 3,482,036 2 EQUITY INVESTMENTS - EQUITY METHOD (Notes 2, 12 and 30) 9,631,678 9,636,453 - Total liabilities 918,080,210 917,206,273 - OTHER FINANCIAL ASSETS, NET Unquoted equity instruments (Notes 2, 13, 26 and 36) 488,507 721,707 (32 ) STOCKHOLDERS’ EQUITY (Notes 2 and 21) Non-active market debt instruments (Notes 2, 7, 13 and 36) 432,841 3,479,450 (88 ) Capital stock, $10 par value, authorized 8,000,000 thousands Others (Notes 13, 27 and 36) 1,786,604 1,937,519 (8 ) shares; issued 4,481,847 thousand shares in 2008 and 4,585,197 thousand shares in 2007 44,818,469 45,851,972 (2 ) Other financial assets, net 2,707,952 6,138,676 (56 ) Capital surplus Additional paid-in capital 115,561 118,226 (2 ) PROPERTIES (Notes 2 and 14) Capital surplus from business combination 8,076,524 8,076,524 - Cost and revaluation increment Others 178 178 - Land 4,877,531 4,872,880 - Total capital surplus 8,192,263 8,194,928 - Buildings 4,589,528 4,385,598 5 Retained earnings Computer and machinery equipment 4,579,516 4,424,089 4 Legal reserve 6,435,486 6,927,060 (7 ) Transportation equipment 8,451 24,271 (65 ) Special reserve 282,977 282,977 - Total cost 14,055,026 13,706,838 3 Accumulated deficit (3,689,463 ) (491,574 ) 651 Less: Accumulated depreciation 5,128,998 4,862,756 5 Total retained earnings 3,029,000 6,718,463 (55 ) 8,926,028 8,844,082 1 Cumulative translation adjustments 27,956 (23,642 ) 218 Advances on acquisitions of equipment and construction in progress 206,802 230,950 (10 ) Unrealized losses on financial instruments (19,860 ) (535,996 ) (96 ) Net loss not recognized as pension cost (642,321 ) (648,249 ) (1 ) Net properties 9,132,830 9,075,032 1 Unrealized revaluation increment on land 1,030,154 1,030,154 - INTANGIBLE ASSETS (Notes 2 and 3) 155,736 170,054 (8 ) Total stockholders’ equity 56,435,661 60,587,630 (7 ) OTHER ASSETS (Notes 2, 15 and 25) 7,175,822 5,769,737 24 TOTAL $ 974,515,871 $ 977,793,903 - TOTAL $ 974,515,871 $ 977,793,903 - The accompanying notes are an integral part of the financial statements. - 2 - BANK SINOPAC STATEMENTS OF INCOME FOR THE YEARS ENDED DECEMBER 31, 2008 AND 2007 (In Thousands of New Taiwan Dollars, Except Earnings Per Share) 2008 2007 Amount Amount % INTEREST REVENUE (Notes 2 and 26) $ 48,464,096 $ 41,979,708 15 INTEREST EXPENSE (Note 26) 35,964,020 28,618,093 26 NET INTEREST 12,500,076 13,361,615 (6 ) NET REVENUES OTHER THAN INTEREST Commissions and fee revenues, net (Notes 2, 22 and 26) 2,746,944 4,165,689 (34 ) Losses from financial assets and liabilities at fair value through profit or loss (Notes 2 and 6) (4,208,854 ) (3,669,744 ) 15 Realized gains from available-for-sale financial assets (Notes 2 and 21) 298,264 2,319 12,762 Income from equity investments - equity method, net (Notes 2 and 12) 152,363 1,051,208 (86 ) Foreign exchange gain, net (Note 2) 1,463,459 1,617,812 (10 ) Impairment losses on assets (Note 2) (3,194,061 ) (2,383,952 ) 34 Gains from unquoted equity instruments 36,811 35,096 5 Recovery of bad debts 473,139 390,488 21 Rental revenues 145,582 141,557 3 Gains from convertible bond repurchased 113,061 - - Other net revenues (7,261 ) 416,059 (102 ) Total net revenues 10,519,523 15,128,147 (30 ) PROVISION FOR BAD DEBTS (Notes 2 and 9) 4,334,000 6,524,000 (34 ) OPERATING EXPENSES (Notes 2 and 23) Personnel expenses 6,367,956 5,965,280 7 Depreciation and amortization 555,516 622,319 (11 ) Others 3,294,968 3,400,945 (3 ) Total operating expenses 10,218,440 9,988,544 2 LOSS BEFORE INCOME TAX (4,032,917 ) (1,384,397 ) 191 INCOME TAX BENEFIT (Notes 2 and 25) 1,275,794 892,823 43 NET LOSS $ (2,757,123 ) $ (491,574 ) 461 2008 2007 After After Pretax Tax Pretax Tax EARNINGS PER SHARE (Note 21) Basic earnings per share $ (0.88 ) $ (0.60 ) $ (0.30 ) $ (0.11 ) The accompanying notes are an integral part of the financial statements. - 3 - BANK SINOPAC STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY FOR THE YEARS ENDED DECEMBER 31, 2008 AND 2007 (In Thousands of New Taiwan Dollars, Except Dividends Per Share) Capital Surplus (Notes 2 and 21) Retained Earnings (Note 21) Unrealized Capital Unappropriated Cumulative Gains (Losses) Net Loss Not Unrealized Capital Stock Additional Surplus from Earnings Translation on Financial Recognized as Revaluation Total Shares in Amount Paid-in Business (Accumulated Adjustments Instruments Pension Cost Increment on Stockholders' Thousands (Note 21) Capital Combination Others Total Legal Reserve Special Reserve Deficit) Total (Note 2) (Note 2) (Note 2) Land Equity BALANCE, JANUARY 1, 2007 4,585,197 $ 45,851,972 $ 118,226 $ 8,076,524 $ 178 $ 8,194,928 $ 6,280,113 $ 282,977 $ 2,156,490 $ 8,719,580 $ 1,890 $ 166,778 $ (155,953 ) $ 1,030,154 $ 63,809,349 Appropriation of 2006 earnings Legal reserve - - - - - - 646,947 - (646,947 ) - - - - - - Remuneration to directors and supervisors - - - - - - - - (22,043 ) (22,043 ) - - - - (22,043 ) Bonus to employees - - - - - - - - (226 ) (226 ) - - - - (226 ) Cash dividends - $0.3243 per share - - - - - - - - (1,486,979
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