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Cathay Conning Asset Management Limited (“CCAM”) Names Mark Konyn as CEO

HONG KONG and HARTFORD, CT, USA May 2, 2012 CCAM, a provider of innovative asset
management solutions to institutional and insurance investors in the Asia Pacific region, today announced
the appointment of Dr. Mark Konyn as Chief Executive Officer. Dr. Konyn will lead the strategic
expansion of CCAM, drawing upon the global investment expertise and intellectual capital from the U.S.,
European, and Asian investment centers.

CCAM offers a range of global asset management capabilities, and plans to expand into Asian equities
and fixed income based upon a reputation for servicing investors seeking liability driven and risk and
return targeted strategies. CCAM is owned by Cathay Financial Holding Co., Ltd. (TWSE: 2882), a
leading financial services provider, and Conning, one of the largest global asset managers focused in the
insurance industry.

“I am delighted that Mark will lead our Asia Pacific business. His significant experience in asset management and in Asia, combined with Conning’s resources and Cathay’s exceptional reputation, will provide a differentiated suite of investment products and services to institutional clients in the region and to our clients globally,” stated Woody E. Bradford, President and Chief Executive Officer of Conning. “Mark is a highly respected asset management professional in Asia,” stated C.K. Lee, President of Cathay Financial Holdings. “We look forward to his leadership of CCAM and to providing differentiated asset management products and services to institutional clients as we build out our investment capabilities in Asia.”

“I am looking forward to working with a global team that has tremendous intellectual capital and investment expertise. The combination of risk and capital management along with proven investment management capability provides CCAM with a strong platform, and I am excited to leverage the resources of the group to build a significant business in Asia Pacific,” said Dr. Konyn.

Dr. Konyn, who has been working and living in Asia for the past 22 years, will be based in Hong Kong. He joins CCAM from RCM, a subsidiary of Allianz Global Investors, where he held a number of leadership positions over 15 years. He was most recently Chief Executive Officer for Asia Pacific with responsibility for developing the group’s regional business. Dr. Konyn established his reputation as an international leader in asset management by driving a number of the group’s initiatives in Asia and globally, including building the businesses in Hong Kong, Singapore, Australia, Japan, and serving as the group’s Chairman in Taiwan. Dr. Konyn expanded the business to over US$20bn of client assets, and established the group’s Asia asset management capabilities in both the European and the US markets.

Prior to joining RCM, Dr. Konyn was Head of Asia Regional Institutional Business with Fidelity Investments Hong Kong, and represented Asia business interests in the Middle East. He moved to Hong Kong in 1989, and served as Director of Business Planning and Investment with Prudential Assurance Co. Ltd. where he developed the strategic expansion plans for Asia. He thereafter was named Director and Head of Marketing for Indosuez Asia Investment Management, Ltd., where he marketed investment management services globally. Dr. Konyn started his career in London as a Senior Quantitative Investment Analyst with Prudential Portfolio Managers Ltd. He holds a Ph.D. in Risk Analysis, a First Class Bachelor of Science Honours Degree from the London Metropolitan University, was a Research Fellow at University College London, and holds a Diploma in Investment Management from the London Business School. He is a Fellow of the Royal Statistical Society and is a committee member of the FTActuaries policy group.

About Cathay Financial Holding Co., Ltd.
Cathay Financial Holding Co., Ltd. (www.cathayholdings.com.tw) is the largest financial holding company in Taiwan and a leading provider of financial products and services. The company’s primary subsidiaries include Cathay Life Insurance, Cathay United Bank, Cathay Century Insurance, Cathay Securities Investment Trust and Cathay Securities. As of December 31, 2011, the company had total assets of over US$166 billion and over 12 million customers. In recent years, Cathay Financial Holdings has also increased its presence in Asia, including establishing life insurance, property & casualty insurance and banking operations in China and Vietnam.

About Conning
Conning (www.conning.com) is a leading asset manager for the insurance industry, with almost US$88 billion in assets under management as of December 31, 2011 through its global investment centers and Goodwin Capital Advisers subsidiary. For more than 25 years, Conning has built its asset management business to meet the investment and financial needs of insurers and other liability driven investors. The company’s unique combination of asset management, risk and capital management solutions and insurance research helps clients achieve their financial goals through customized business and investment strategies. Founded in 1912, Conning is headquartered in Hartford, Connecticut, with additional offices in New York, London, Dublin, Cologne and Hong Kong.