Message from the Chief Executive Officer

The past decade has seen a period of intense growth in Taiwan's equity markets and securities industry. With the liberalization and internationalization of Taiwan's financial markets, National Securities & Finance Group (NSFG) is growing in diverse ways to keep pace with the rapid expansion.

In close touch with National Electric Group's spirit of reliability and stability, NSFG has always prided itself on providing friendly and professional service to investors. Through our highly capable staff, we have built a reputation with our clients and within this industry as being trustworthy, fair, and dependable. We are very satisfied with our success to date, but are never content to rest upon our laurels. We will continue to strive to provide even better client service.

At NSFG, we have realized that our success would not be possible without the peace and prosperity of Taiwan's society. As a sign of our gratitude to all those who have helped to build Taiwan into what it is today and to those who are working to improve our society, we established the NSFG Foundation in 1996. We feel it is our social responsibility to develop our dynamic society. In March 1998, as part of Taiwan's first Wen-Shin Awards for the Arts, the Executive Yuan's Cultural Development Committee bestowed the Silver Award upon NSFG for its contributions to local arts and culture groups. In 1999, NSFG was awarded the National Charity Prize by the Republic of China (R.O.C.) Charity Association. In 2000, NSFG was awarded the Special Contribution Prize by Taiwan's SFC. These are affirmation of NSFG's efforts.

Looking ahead, NSFG will integrate all our operations to provide more efficient and comprehensive services to our valued clients. Based in Taiwan, we will be looking for both domestic and international alliances to expand our global network and thereby improve our services. With the continued integration of the world economy, we will continue to build upon our success in Taiwan and develop our international businesses so we can realize our goal of becoming a first class international financial services group.