Baring Asia Announces Successful IPO; Investee Company, Depo Auto Parts, Floats on Taiwan Stock Exchange.

Business Editors

HONG KONG--(BUSINESS WIRE)--March 29, 2004

Baring Private Equity Partners Asia (Baring Asia) today announced that investee company, Depo Auto Parts Industry Company ("Depo" or the "Company"), the world's largest after-market auto lights maker, completed a successful initial public offering on the Taiwan Stock Exchange on March 17, 2004.

Based in Taiwan, Depo develops, manufactures, and distributes automobile lamps for the generic aftermarket. Since its founding in 1978, Depo has grown to a successful business with over US$150 million in sales, US$29 million of net profit, 1,100 employees and 700 customers in over 100 countries around the world. It is the most profitable auto parts company in Taiwan.

Despite the recent political uncertainty surrounding the presidential election, which resulted in an overall 5 percent decrease in the Taiwan Stock Exchange index, Depo's share price has performed well in aftermarket trading, increasing over 20 percent from its listing price.

Depo has grown its revenues and profits at a compound annual growth rate of over 40 percent for the past three years. Baring Asia was attracted to the secular growth trend in the generic replacement parts industry, which sell at a significantly lower price as compared to the OEM parts. Depo has a dominant market position in an industry which is experiencing strong demand in the US and Europe.

Mr. Jean Eric Salata, Managing Partner of Baring Asia, said, "This is a solid company with very high entry barriers. We were attracted to this industry as we see generic aftermarket products continuing to penetrate the overall replacement market, based on their superior price-quality offering, supported by a favorable regulatory environment and fundamental market demand. We have been very impressed by the company's history of consistent growth and profitability under the leadership and the dedication of Chairman Hsu. Depo, in our view, represents an excellent example of an Asian based company that has established market leadership globally."

About Baring Private Equity Partners Asia

The Baring Asia Private Equity Fund II and the Baring Asia Private Equity Fund are funds managed by Baring Private Equity Partners Asia. Baring Private Equity Partners Asia has over US$560 million in capital committed to investment in Asia. Baring Private Equity Partners Asia specialises in providing expansion capital to rapidly growing middle market companies in Asia Pacific that require capital for expansion, recapitalisation or founders' liquidity. Baring Asia has offices in Hong Kong, Singapore, Shanghai, Delhi, Bombay and San Francisco and has 20 investment professionals on its investment team.

About Depo Auto Parts Industry Company

Depo Auto Parts Industry Company develops, manufactures, and distributes replacement lamps for automobile (front lamps, rear lamps, side signal lamps, high-mounted brake lamps, and fog lamps) under its own labels of "Depo" and "Lucid". The Company has 4 factories in Taiwan, complete with R&D facilities and photometric laboratories, and is ISO-9001, ISO-9002, and QS-9000 certified. The Company's products meet all relevant local regulatory requirements such as E-Mark for its export to Europe and SAE/DOT for products exported to the United States.