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Press Release

Cosmos Bank Announces Successful Completion of Recapitalization

December 28, 2007

SAG and GE's investment of NT$29.7 billion to strengthen capital base and position for future growth

Taipei, Taiwan - Cosmos Bank, Taiwan (Cosmos) today announced that its recapitalization has completed successfully. An affiliate of S.A.C. Private Capital Group (SAC PCG) and an affiliate of GE Money (NYSE: GE) have injected new capital of approximately US$ 900 million (NT$29.7 billion) into Cosmos Bank. In addition, approximately US$400 million (NT$13 billion) of outstanding debt have been partially converted by bondholders of Cosmos into Cosmos equity and partially redeemed by cash.

Under the terms of the recapitalization plan, SAC PCG has acquired a 58.5% fully diluted stake in Cosmos through subscription for newly issued convertible preferred shares and convertible bonds at an aggregate price of approximately US$650 million (NT$21.45 billion).

GE Money has invested an additional amount of approximately US$250 million (NT$8.25 billion) in newly issued common shares and convertible bonds, translating into a fully diluted shareholding of 23.2%. In addition, the conversion of approximately NT$13 billion of debt to equity and cash has allowed pre-existing bondholders to acquire an 11.5% stake in Cosmos on a fully diluted basis.

President of Cosmos Bank C.C. Hu said, "I would like to express my deepest gratitude to government, shareholders and employees for their continued support and effort. With SAC PCG and GE Money invested in Cosmos' future together, I strongly believe that Cosmos will be able to capitalize on its strengths, obtain new skills, and become one of the leading niche consumer banks in Taiwan."

Under the joint agreement between SAC PCG and GE Money, Mr. Simon Williams, an Executive Partner with SAC PCG, has been appointed as Chairman of Cosmos while Mr. C.C. Hu remains as President. SAC PCG and GE Money have obtained seven seats and two seats, respectively, on the Board of Directors, demonstrating their commitments to sharing leadership responsibilities in the future.

Commenting on the deal completion, Mr. Williams said "We are excited about the opportunity to invest in Cosmos and help build the business. We believe this is an excellent opportunity for SAC PCG in Asia, as it fits well with SAC PCG's expertise and long term operating philosophy. We are very pleased to be partnering with GE Money, and we look forward to working toward a bright future for Cosmos."

Mr. Yoshiaki Fujimori, President & CEO, GE Money Asia, said, "There have been significant improvements in Cosmos' operations since our initial investment despite the difficulties in the industry. The completion of the recapitalization plan will enable us to position the Bank for long term sustainable growth and underscores our confidence in the Taiwan market, Cosmos Bank, and our partners."

About SAC PCG
S.A.C. Private Capital Group is a private equity affiliate of S.A.C. Capital Advisors, LLC. Founded in 1992, S.A.C. is a multi-strategy asset management firm.

About GE Money
With more than $190 billion in assets, GE Money, the consumer financial services unit of GE, is a leading provider of credit services to consumers, retailers, and auto dealers in 55 countries around the world. GE Money, based in Stamford, Connecticut (USA), offers a range of financial products, including private label credit cards, personal loans, bank cards, auto loans and leases, mortgages, corporate travel and purchasing cards, debt consolidation and home equity loans, and credit insurance. More information can be found at http://global.gemoney.com.

About GE
GE (NYSE: GE) is Imagination at Work -- a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, and media content, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at www.ge.com.

About Cosmos Bank
Established in 1992, Cosmos Bank has grown to become a leading financial services provider and a pioneer in consumer finance products in Taiwan. Cosmos Bank operates a strong distribution network throughout Taiwan, which includes 63 branches, 9 corporate centers, nearly 200 auto lending machines, and over 400 ATMs and ADMs (Auto Deposit Machines). In 2006, GE Money made a strategic investment in Cosmos Bank. GE supports the Bank with both its strategic and day-to-day efforts to become a leading niche bank offering commercial banking services to entrepreneurs and small and medium enterprises and consumer banking services for employees, families and friends. For more information about Cosmos Bank, visit www.cosmosbank.com.tw.

For media inquiries, please contact:

KL Shih
Cosmos Bank
Tel: +886-935-457-721

Ogilvy PR
Fupei Wang
Tel: +886-3725-1207

Claire Chang
Tel: +886-3725-1209

Ani Rahardjo


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