The FSC granted conditional approval to Ruen Chen Investment Holding Co ( “Ruen Chen”) for its application for 97.57% equity acquisition of Nan Shan Life Insurance
Company ( “Nan Shan”). Under the condition, Ruen Chen has to make sure the value of the assets under the custody shoule be maintained at least at NTD 20 billion, in order to make sure that Ruen Chen and its key shareholders are able to inject capital to Nan Shan when needed. Recently, Ruen Chen submitted its application to the FSC
for replacing specific asset under the custody with NTD 16 billion cash and Ruen Chen and its key shareholders also issued the Letter of Undertaking on capital injection. The FSC granted consent to Ruen Chen for replacing the asset under the condition that the value of the assets under the custody be maintained at least at NTD 20 billion. In addition,the existing commitments made by Ruen Chen and its key shareholders remain unchanged and the FSC will continue to urge Ruen Chen to honor its commitments.