Shiun-Tung Investment Co

Shiun-Tung Investment Co., Ltd. (SICL) (100%-owned by MHC)

Shiun-Tung Investment Co., Ltd., a Taiwan-based investment company, was acquired by Mabuhay Holdings Corporation on March 4, 1999. It has a substantial amount of investments in First Steamship Co., Ltd., a medium-sized shipping company listed in the Taiwan Stock Exchange. SICL was incorporated on August 20, 1993. MHC acquired said company for the purpose of increasing its shareholding in First Steamship Co., Ltd.