2Q15 Performance Review

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1 August Q15 Performance Review 1

2 Disclaimer This presentation has been prepared by China Development Financial Holding Corporation and/or its affiliates (together, CDF or the Group ) for the exclusive use of the party to whom CDF delivers this presentation to ( Recipient ). The information in this presentation should be considered in the context of the circumstances prevailing at the time of its presentation and has not been, and will not be, updated to reflect material developments which may occur after the date of this presentation. The slides forming part of this presentation have been prepared solely to support discussion about the Group with the Recipient. This presentation also contains information and statistics relating to the banking and related industries. The Group has derived such information and data from unofficial and independent sources, without independent verification. The Group cannot ensure that these sources have compiled such data and information on the same basis or with the same degree of accuracy or completeness as are found in other industries. You should not place undue reliance on statements in this presentation regarding the banking and related industries. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of any information or opinion contained herein. None of the Group, or any of their respective directors, officers, employees, agents or advisers shall be in any way responsible for the contents hereof, or shall be liable for any loss whether directly or indirectly arising from use of the information contained in this presentation or otherwise arising in connection therewith. This presentation has been prepared on a confidential basis solely for the use and benefit of the Recipient. Distribution of this presentation to any person other than the Recipient is unauthorized. This material must not be copied, reproduced, distributed or passed to others at any time, in whole or in part, without the prior written consent of the Group. 2

3 Contents SECTION 1 Business Overview 4 SECTION 2 CDIB 8 SECTION 3 KGI Securities 17 SECTION 4 KGI Bank 23 SECTION 5 Financial Highlights 39 3

4 1. Business Overview 4

5 2Q15 Results KGI Bank was the largest profit contributor Summary and Highlights CDIB The investors of the 22 funds that CDIB divested in April are entitled to all distributions received by CDIB from June 30, 2014 to March 31, 2015, and CDIB s pretax loss NT$72mn in 2Q15 reflected the reversal of capital gains coupled with divestment, amounting to NT$597mn Influenced by the turmoil in international capital markets and Taiwan s sluggish economic growth outlook, unrealized gains declined to NT$5,838mn as of June 30, 2015 KGI Bank 1 In 2Q15 KGI Bank contributed pretax profits of NT$1,556mn. Post the business transfer on May 1, 2015, KGI Bank is currently undergoing the consolidation phase, aiming to further reduce the funding cost, and increase cross-selling synergies In 2Q15 KGI Bank reported an NPL ratio of 0.33% and an NPL coverage ratio of %, compared with industry average of 0.25% and %, respectively KGI Securities Buoyed by solid brokerage commission income and the increasing return from oversea operations (mainly in Hong Kong), pretax profit from KGI Securities totaled NT$1,284mn in 2Q15, up 72.0% YoY Note: 1. Cosmos Bank was renamed KGI Bank on January 2,

6 2Q15 Net Profits - CDF Profit contribution by subsidiary KGI Bank was the Most Profitable Subsidiary in 2Q15 Profit contribution by subsidiaries under CDF, NT$mn Note: 1. CDF s net income excludes income attributable to non-controlling interests; 2.The board of CDF approved the share swap with Cosmos Bank on February 10, 2014, and subsequently a special shareholders meeting approved the share swap on April 8, Cosmos Bank became a 100%-owned subsidiary of CDF upon the completion of the share swap on September 15, 2014, and was renamed KGI Bank effective on January 2, 2015; 3. CDIB transferred its corporate banking and global financial markets business to KGI Bank on May 1, 2015; 4. Investors of the 22 funds are entitled to all distributions received by CDIB from June 30, 2014 to March 31, 2015, and negative investment income from CDIB in 2Q15 reflected the reversal of capital gains coupled with divestment, amounting to NT$597mn 6

7 January June 2015 Net Profits - CDF Profit contribution by subsidiary KGI Bank was the Most Profitable Subsidiary in January June 2015 Profit contribution by subsidiaries under CDF, NT$mn Note: Excluding income attributable to non-controlling interests 7

8 2. CDIB 8

9 Principal Investment Transforming into Asset Management Multiple private equity fundraising plans have succesfully attainted external funds Asset Under Management Q14 3Q14 4Q14 1Q15 2Q15 Principal investment 65,867 66,590 73,384 65,052 70,478 65,471 65,052 65,395 57,394 Greater China (NT$mn) 51,283 50,462 53,946 44,473 51,339 46,396 44,473 45,624 42,026 International (NT$mn) 14,584 16,128 19,438 20,579 19,140 19,075 20,579 19,771 15,368 CDIB CME Fund Size ,500 1,500 1,500 1,500 1,500 1,500 Invested capital (NT$mn) Market value (NT$mn) CDIB Healthcare Fund Size ,750-1,750 1,750 1,750 1,750 Invested capital (NT$mn) Market value (NT$mn) China East Fund Size Invested capital (RMB mn) Market value (RMB$mn) China South Fund Size ,000-1,000 1,000 1,000 1,000 Invested capital (RMB mn) Market value (RMB$mn) Asia Partners Fund Size Invested capital (US$mn) Market value (US$mn) Note: 1. CDIB Creative, Media, Entertainment Fund was established in 1Q13, and CDIB and its subsidiaries hold 39.8% of the shares; 2. CDIB Healthcare Fund with a size of NT$1.75 bn was established on August 27, 2014, and CDIB and its subsidiaries hold 34.3% of the shares; 3. China East Fund had a first close at RMB 0.90bn with CDIB's subsidiaries holding 30.0% of the shares, and expected to have its second close at RMB 1bn by year-end 2015; 4. China South Fund has raised RMB 1bn with CDIB's subsidiaries holding 35.0% of the shares; 5. Asia Partners Fund had raised US$384mn in the end of 2Q15, and had its final close at US$405mn on July 31, 2015, with CDIB s subsidiaries holding 24.7% of the shares 9

10 Principal Investment Greater China Portfolio Portion of the banking-related investment has been transferred to KGI Bank Portfolio Breakdown (NT$mn) Q14 3Q14 4Q14 1Q15 2Q15 Strategic investment 13,150 13,382 15,390 16,253 15,769 16,516 16,253 16,850 15,912 Banking-related 1 8,856 8,873 9,891 9,944 9,977 10,277 9,944 10,142 8,577 Venture capital-related 2 4,294 4,509 5,499 6,308 5,792 6,239 6,308 6,708 7,335 Direct investment 38,132 37,080 38,556 28,220 35,570 29,881 28,220 28,774 26,114 Total 51,283 50,462 53,946 44,473 51,339 46,396 44,473 45,624 42,026 (% of total, percent) Q14 3Q14 4Q14 1Q15 2Q15 Strategic investment Banking-related Venture capital-related Direct investment Total Note: 1. Banking-related strategic investment includes Taiwan Stock Exchange Corporation, Taiwan Futures Exchanges, China Development Asset Management, CDIB Management Consulting Corp., Taiwan Financial Asset Service Corporation, and the latter two have been transferred to KGI Bank on May 1, 2015; 2. Revised figures exclude cash held by venture capital-related strategic investment, which includes: CDIB Private Equity (Hong Kong) Corp. Ltd., CDIB Venture Capital (HK) Corp. Ltd., CDIB CME Fund. Ltd., CDIB Healthcare Fund. Ltd., CDIB & Partners Investment Holding Corp., and CDIB Capital International Corp. 10

11 Principal Investment - Greater China Portfolio High-quality portfolio with focus on growth sectors Portfolio Breakdown (% of direct investment) Q14 3Q14 4Q14 1Q15 2Q15 Consumer & services Industrial & manufacturing PC & componenets Semiconductor Solar Optical Financials Telecom Others Total Note: Excluding strategic investment 11

12 Principal Investment - Greater China Portfolio All investments are marked to market monthly Market Value & Capital Invested - Greater China Portfolio (% of total) Q14 3Q14 4Q14 1Q15 2Q15 Listed Emerging Unlisted Total market value Total market value (NT$mn) 51,283 50,462 53,946 44,473 51,339 46,396 44,473 45,624 42,026 Total capital invested (NT$mn) 55,763 51,404 48,409 42,097 46,133 42,803 42,097 42,333 40,211 Unrealized profits (NT$mn) (4,480) (942) 5,536 2,376 5,206 3,594 2,376 3,291 1,815 Note: Including strategic investment (excluding cash held by venture capital-related strategic investment) and direct investment 12

13 Principal Investment - Greater China Portfolio Portfolio valuation was affected by market movement Realized & Unrealized Gains/Losses - Greater China Portfolio (NT$mn) Q14 3Q14 4Q14 1Q15 2Q15 Divestment 2,629 1,514 2,776 3,432 1, Dividends 1, Remuneration Equity-pick up ,878 1, Impairment (508) (200) (1,134) (1,103) (735) (248) (92) (3) (73) Realized profits 4,399 2,790 4,350 5,108 1,035 1,302 1, Unrealized profits (4,480) (942) 5,536 2,376 5,206 3,594 2,376 3,291 1,815 Note: Including strategic investment and direct investment 13

14 Principal Investment - International Portfolio Portfolio valued above par and expects further appreciation Market Value & Capital Invested - International Portfolio (% of international portfolio) Q14 3Q14 4Q14 1Q15 2Q15 Third-party funds Direct investments and co-investments Total Total market value (NT$mn) 14,584 16,128 19,438 20,579 19,140 19,075 20,579 19,771 15,368 Total capital invested (NT$mn) 14,199 15,203 17,438 17,180 15,991 16,021 17,180 16,568 11,346 Unrealized profits (NT$mn) ,999 3,399 3,148 3,054 3,399 3,203 4,022 14

15 Principal Investment - International Portfolio International portfolio proved resilient Realized & Unrealized Gains/Losses - International Portfolio (NT$mn) Q14 3Q14 4Q14 1Q15 2Q15 Third-party funds , (377) Direct investments and co-investments (11) Realized profits 651 1,243 1,288 1, (353) Unrealized profits ,999 3,399 3,148 3,054 3,399 3,203 4,022 Note: Investors of the 22 funds are entitled to all distributions received by CDIB from June 30, 2014 to March 3, 2015, and international portfolio s realized losses from third-party funds in 2Q15 reflected the reversal of capital gains coupled with divestment, amounting to NT$597mn 15

16 Principal Investment - International Portfolio Well-balanced international portfolio Direct Investment Growth Capital Balanced Buyouts Turnarounds Venture Capital 16

17 3. KGI Securities 17

18 Net Revenue Brokerage commission was the main revenue driver in 2Q15 Brokerage Was KGI Securities Main Revenue Driver in 2Q15 Net revenue breakdown, NT$mn 18

19 Net Revenue (Cont d) Brokerage commission & trading income was affected by capital market movements (NT$mn) Q14 3Q14 4Q14 1Q15 2Q15 Net brokerage commissions 8,681 6,808 6,170 6,932 1,672 1,813 1,783 1,663 2,501 Net underwriting fees Net fees & commissions 9,617 7,643 6,769 7,724 1,794 2,074 1,969 1,833 2,667 Net interest income 3,210 2,459 2,250 2, Net investment income (293) 3,679 3,974 2, ,039 1,135 Other revenue Total net revenue 13,108 14,039 13,325 13,080 3,354 3,129 3,669 3,548 4,656 Note: 1. CDF purchased an 81% share in KGI Securities on the open market in mid Following completion of share conversion on January 18, 2013, KGI Securities became a wholly-owned subsidiary of CDF. CDF s two securities subsidiaries, KGI Securities and Grand Cathay Securities Corp., officially merged on June 22, 2013; 2. Above figures include oversea subsidiaries contribution 19

20 Profits Breakdown Profits benefited from solid regional presence Profits Breakdown by Geographical Location (NT$mn) Q14 3Q14 4Q14 1Q15 2Q15 Taiwan 1,853 1,200 3,059 2, Overseas Subsidiaries Hong Kong (31) Thailand Total 1,983 1,568 4,017 3, ,034 1,386 (% of total profits) Q14 3Q14 4Q14 1Q15 2Q15 Taiwan Overseas Subsidiaries Hong Kong (1.6) Thailand Total Note: Including KGI Securities and Grand Cathay Securities Corp. from

21 Brokerage & Margin Loans Brokerage business provides a stable recurring income source Breakdown of Brokerage Commission by Client Segment (Taiwan Only) (NT$mn) Q14 3Q14 4Q14 1Q15 2Q15 Retail 3,814 2,858 2,704 3, Institutional Total 4,600 3,428 3,254 3,822 1, Market Share (%) Margin Loans (Taiwan Only) (NT$mn) Q14 3Q14 4Q14 1Q15 2Q15 Balance 35,840 23,576 23,227 26,348 26,652 27,536 25,566 27,022 26,626 Market Share (%)

22 Investment Portfolio High-quality investment portfolio (% of total) Q14 3Q14 4Q14 1Q15 2Q15 Fixed income Corporate bond & financial debenture Convertible bond Exchangeable bond GB Stocks Others Total Total market value (NT$mn) 62,085 56,155 62,077 85,170 79,522 75,899 85,170 72,974 74,364 Note: 1. Includes hedged position for warrants ; 2. Excludes oversea subsidiaries balance 22

23 4. KGI Bank 23

24 KGI Bank Profitability Improving financial performance Improving Profitability Net profits, NT$bn 2010 Note: were KGI Bank standalone figures Earnings per share, NT$ Note: 2Q14-1Q15 red bars were KGI Bank standalone figures, with 1Q15 orange bar being the proforma figure post CDIB business transfer, and 2Q15 red bar excluding CDIB figures during April Note: 2012 EPS was relatively high due to the computation based on the weighed average of outstanding shares although a capital reduction by 46.54% took place at the year end Note: 2Q14-1Q15 red bars were KGI Bank standalone figures, with 1Q15 orange bar being the proforma figure post CDIB business transfer, and 2Q15 red bar excluding CDIB figures during April 24

25 KGI Bank Profitability (Con t) Improving financial performance Improving Profitability ROAA, percent Note: were KGI Bank standalone figures ROAE, percent Note: 2Q14-1Q15 red bars were KGI Bank standalone figures, with 1Q15 orange bar being the proforma figure post CDIB business transfer, and 2Q15 red bar excluding CDIB figures during April Note: were KGI Bank standalone figures Note: 2Q14-1Q15 red bars were KGI Bank standalone figures, with 1Q15 orange bar being the proforma figure post CDIB business transfer, and 2Q15 red bar excluding CDIB figures during April 25

26 KGI Bank Net Revenues Consumer banking accounted for approximately 40% of the net revenues (NT$mm) Q14 3Q14 4Q14 1Q15 2Q15 Consumer Banking 1 3,906 4,190 4,152 4,801 1,192 1,289 1,150 1,067 1,199 Corporate Banking 1,756 1,948 2,913 3, Global Financial Markets (776) 757 1,434 1, Other 939 1,186 1,956 1, Total Net Revenues 5,825 8,081 10,456 11,232 2,658 3,453 2,627 2,683 2,859 (% of total) Q14 3Q14 4Q14 1Q15 2Q15 Consumer Banking Corporate Banking Global Financial Markets (13.3) Other Total Net Revenues Note: 1. Consumer banking includes cash cards, credit cards, personal loans, car loans, AMC, and branch business (e.g., wealth management, mortgage loans, and micro business loans, etc.); and 2Q14-1Q15 were the pro-forma figures post CDIB business transfer 26

27 KGI Bank Loans A growing focus on secured consumer loans and corporate loans (NT$bn) Q14 3Q14 4Q14 1Q15 2Q15 Corporate Loans Large corporations SMEs Secured Consumer Loans Mortgage Others Unsecured Consumer Loans Cash card Personal loan SF & others Total Loans Credit card AR/ Forfaiting/ China advance Guarantees Total Credit Total loan YoY / QoQ (%) (2.0) 0.5 (2.8) Total credit YoY / QoQ (%) (0.1) (1.8) (3.6) Note: and 2Q14-1Q15 were the pro-forma figures post CDIB business transfer 27

28 KGI Bank Loans (Cont d) A growing focus on secured consumer loans and corporate loans (% of total) Q14 3Q14 4Q14 1Q15 2Q15 Corporate Loans Large corporations SMEs Secured Consumer Loans Mortgage Others Unsecured Consumer Loans Cash card Personal loan Sales finance & others Total Loans Foreign currency loans Note: 1. Disclosed since 2012; and 2Q14-1Q15 were the pro-forma figures post CDIB business transfer 28

29 Corporate Banking - Loan Book Well-diversified portfolio with a focus on service and technology industries Loan Breakdown by Industry (% of total loan) Q14 3Q14 4Q14 1Q15 2Q15 Services Information, communication, tech Plastics, rubber Real estate Transportation Energy Textiles Others Total Total loans (NT$mn) 114, , , , , , , , ,357 Note: and 2Q14-1Q15 were pro-forma figures post CDIB business transfer; 2. Excluding data from CDC Finance & Leasing Corp. Total consolidated assets of CDC Finance & Leasing Corp.: NT$3,336mn as of Dec. 31, 2011, NT$3,851mn as of Dec. 31, 2012, NT$4,050mn as of Dec. 31, 2013, and NT$3,974mn as of Dec. 31, 2014; NT$4,144mn as of Jun. 30, 2014, NT$3,952mn as of Sept. 30, 2014, NT$3,974mn as of Dec. 31, 2014, NT$4,089mn as of Mar. 31, 2015, and NT$4,207mn as of June. 30,

30 KGI Bank Deposits A decreasing trend in NTD time deposit reduced funding cost Strong Growth of Foreign Currency Deposits Deposit breakdown, percent; total deposits, NT$bn Note: and 2Q14-1Q15 were the pro-forma figures post CDIB business transfer 30

31 KGI Bank Liquidity Foreign-currency loan-to-deposit ratio has been declining recently Stable Growth in Foreign-Currency Deposit Led to a Notable Decrease in Foreign-currency LDR² Loan-to-deposit ratio (LDR), percent Note: and 2Q14-1Q15 were the pro-forma figures post CDIB business transfer; 2. Loan-to-deposit ratio 31

32 KGI Bank Interest Spread and Net Interest Margin Interest spread and net interest margin stabilized in the past few quarters Dwindling Cash Card Business Coupled with Decline in Time Deposit Result in Steady Interest Spread Overall interest spread, percent Note: and 2Q14-1Q15 were the pro-forma figures post CDIB business transfer Net Interest Margin Maintains Steady Net interest margin, percent Note: and 2Q14-1Q15 were the pro-forma figures post CDIB business transfer 32

33 KGI Bank Asset Quality Asset quality remained intact NPL Ratios and NPL Coverage Remained Stable Non-performing loan ratio, non-performing loan coverage, percent Note: and 2Q14-1Q15 were the pro-forma figures post CDIB business transfer; 2. The relatively high non-performing loan ratio and low non-performing loan coverage ratio in 2011 were primarily due to exposure to the Prince Motors Group Better LLR Coverage than Banking Peers Loan loss reserve, NT$mm; loan loss reserve coverage, percent Note: and 2Q14-1Q15 were the pro-forma figures post CDIB business transfer; 2. Banking peers loan loss reserve coverage was 1.28% in 2014 Note: 1. Banking peers loan loss reserve coverage was 1.29% in 2Q15 33

34 KGI Bank Net Fee Income Wealth management accounted for over half of the net fee income Net Interest Income & Net Fee Income (NT$mn) Q14 3Q14 4Q14 1Q15 2Q15 Net interest income 5,510 6,083 8,230 9,237 2,309 2,330 2,254 2,038 1,934 Net fee income 1,291 1,441 1,657 1, Net Fee Income Breakdown¹ (NT$mn) Q14 3Q14 4Q14 1Q15 2Q15 Wealth management Cards Loans TMU Others 21 (18) (2) (34) (8) (1) (5) 9 (1) Total 1,291 1,441 1,657 1, Note: 1. Included TMU; and 2Q14-1Q15 were the pro-forma figures post CDIB business transfer; 3. Disclosed net fee income instead of fee income starting 2Q15 34

35 KGI Bank Credit Cards and Cash Cards KGI Bank is the market leader in cash-card business Q14 3Q14 4Q14 1Q15 2Q15 Credit Card Credit cards in circulation ('000) Active credit cards ('000) Monthly spending per credit card (NT$) 1,516 1,677 1,638 1,638 1,813 1,594 1,593 1,488 2,304 Spending (NT$mn) 10,951 10,791 10,153 9,741 2,731 2,381 2,368 2,230 3,453 Credit-card revolving (NT$mn) 1,668 1,551 1,388 1,300 1,352 1,298 1,300 1,283 1,264 Cash Card Cash cards with credit line ('000) Cash cards with balances ('000) Cash-card loans outstanding (NT$mn) 22,639 20,440 18,460 16,899 17,436 17,210 16,899 16,236 15,984 35

36 KGI Bank Efficiency Increasing efficiency Declining Cost-income Ratio Due To Strict Cost Control Cost-income ratio, percent Note: and 2Q14-1Q15 were the pro-forma figures post CDIB business transfer 36

37 KGI Bank Capitalization Solid capitalization Strong Capital Adequacy Ratio Capital adequacy ratio, percent Note: and 2Q14-1Q15 were the pro-forma figures post CDIB business transfer Tier-1 capital ratio, percent Note: and 2Q14-1Q15 were the pro-forma figures post CDIB business transfer 37

38 Global Financial Markets Focus on high-quality government/corporate bonds and blue-chip stocks Portfolio Breakdown (Market Value) (% of total market value) Q14 3Q14 4Q14 1Q15 2Q15 TW GB, municipal TW Negotiable CD + Commercial paper Foreign GB TW corporate, CB & CBO¹ Foreign corporate & CMO² Equity Total Total market value 3 (NT$mn) 60,525 66,971 89, ,864 82, , , , ,159 Total cost 3 (NT$mn) 60,343 66,589 90, ,956 82, , , , ,346 Unrealized profits 4 (NT$mn) (871) (92) (143) (564) (92) 794 (188) 6 Realized profits 5 (NT$mn) 880 1,268 1,390 2, Note: 1. Collateralized Bond Obligation; 2. Collateralized Mortgage Obligation; 3. Excluding bank deposits, repos and financial assets at fair value through profit & loss (including sovereign debts, FX, IRS, etc.); 4. Unrealized losses were partially offset by the realized disposal gains as well as interest income from hedging; 5. Realized profits before funding costs & operating expenses; and 2Q14-1Q15 were CDIB standalone figures, with 2Q15 being the pro-forma figures post CDIB business transfer; 6. Excluding the business transfer effect that increased the total cost, the unrealized profits would have been NT$540mn in 2Q15 38

39 5. Financial Highlights 39

40 Financial Snapshots - CDF A solid balance sheet with the lowest leverage amongst FHCs in Taiwan CDF (Consolidated) Total assets (NT$bn) Total net worth (NT$bn) Total assets/net worth (X) Net profits (NT$bn) EPS (NT$/share) Book value per share (NT$/share) Cash dividend per share (NT$/share) ROAE (%) ROAA (%) Note: 1. Excluding profits attributable to non-controlling interests; 2. IFRS-compliant for periods beginning on or after January 1,

41 Financial Snapshots - CDIB A leading merchant bank in Taiwan with focus on private equity CDIB (Consolidated) Total assets (NT$bn) Total net worth (NT$bn) Total assets/net worth (X) Net profits 1 (NT$bn) EPS (NT$/share) Book value per share (NT$/share) CAR Ratio (%) ROAE (%) ROAA (%) Note: 1. Excluding profits attributable to non-controlling interests; 2. IFRS-compliant for periods beginning on or after January 1,

42 Financial Snapshots KGI Securities A leading securities firm in Taiwan with extensive network presence KGI Securities (Consolidated) Total assets (NT$bn) Total net worth (NT$bn) Total assets/net worth (X) Net profits 1 (NT$bn) EPS (NT$/share) Book value per share (NT$/share) CAR Ratio (%) ROAE (%) ROAA (%) Note: 1. Excluding profits attributable to non-controlling interests; 2. CDF purchased an 81% share in KGI Securities on the open market in mid Following completion of share conversion on January 18, 2013, KGI Securities became a wholly-owned subsidiary of CDF. CDF s two securities subsidiaries, KGI Securities and Grand Cathay Securities Corp., officially merged on June 22, net profits included full-year earnings of KGI Securities and Grand Cathay Securities Corp.; 3. IFRS-compliant for periods beginning on or after January 1,

43 Financial Snapshots KGI Bank Improving profitability and solid capitalization KGI Bank (Consolidated) Total assets (NT$bn) Total net worth (NT$bn) Total assets/net worth (X) Net profits 1 (NT$bn) (3.4) (0.3) EPS (NT$/share) (2.10) (0.16) Book value per share (NT$/share) CAR Ratio (%) ROAE (%) (23.9) (2.1) ROAA (%) (2.6) (0.2) Note: IFRS-compliant for periods beginning on or after January 1,

44 Quarterly Financial Snapshots - CDF Profitability was affected by market volatility CDF (Consolidated) 2Q14 3Q14 4Q14 1Q15 2Q15 Total assets (NT$bn) CDIB (NT$bn) KGI Securities (NT$bn) KGI Bank(NT$bn) Total net worth (NT$bn) Total assets/net worth (X) Net profits (NT$bn) CDIB (NT$bn) KGI Securities (NT$bn) KGI Bank (NT$bn) EPS (NT$/share) Book value per share (NT$/share) Annualized ROAE (%) Annualized ROAA (%) Note: 1. IFRS-compliant for periods beginning on or after January 1, 2013; 2. ROAE and ROAA are annualized; 3. Net profits, ROAE and ROAA excluded non-controlling interests 44

45 Quarterly Financial Snapshots - CDIB Profitability was affected by market volatility CDIB (Consolidated) 2Q14 3Q14 4Q14 1Q15 2Q15 Total assets (NT$bn) Total net worth (NT$bn) Total assets/net worth (X) Net profits (NT$bn) EPS (NT$/share) Book value per share (NT$/share) Annualized ROAE (%) Annualized ROAA (%) Note: 1. IFRS-compliant for periods beginning on or after January 1, 2013; 2. ROAE and ROAA are annualized; 3. Net profits, ROAE and excluded non-controlling interests; 4. CDIB has completed the business transfer on May 1,

46 Quarterly Financial Snapshots KGI Securities Profitability was affected by market volatility KGI Securities (Consolidated) 2Q14 3Q14 4Q14 1Q15 2Q15 Total assets (NT$bn) Total net worth (NT$bn) Total assets/net worth (X) Net profits (NT$bn) EPS (NT$/share) Book value per share (NT$/share) Annualized ROAE (%) Annualized ROAA (%) Note: 1. IFRS-compliant for periods beginning on or after January 1, 2013; 2. Including prior interests under joint control; 3. ROAE and ROAA are annualized; 4. Net profits, ROAE and ROAA excluded non-controlling interest 46

47 Quarterly Financial Snapshots KGI Bank Improving profitability and solid capitalization KGI Bank 2Q14 3Q14 4Q14 1Q15 2Q15 Total assets (NT$bn) Total net worth (NT$bn) Total assets/net worth (X) Net profits 1 (NT$bn) EPS (NT$/share) Book value per share (NT$/share) CAR Ratio (%) ROAE (%) ROAA (%) Note: 1. IFRS-compliant for periods beginning on or after January 1, 2013; 2. ROAE and ROAA are annualized; 3. 1Q15 was the pro-forma figures post CDIB business transfer 47

48 CDF Shareholding Structure FINI holding exceeds 20% Steadily increasing FINI Holding FINI holding, percent Top 10 Shareholders of CDF As of June 30, Hsing Wen Investment Co., Ltd 4.29% 2. China Life Insurance Co., Ltd. 3.71% 3. Fubon Life Insurance Co., Ltd 3.01% 4. Jing Kwan Investment Co., Ltd 2.75% 5. KGI Securities Co., Ltd 2.00% Source: Taiwan Stock Exchange 6. Standard Chartered Bank in custody for Vanguard Emerging Markets Stock Index Fund, 1.72% 7. Government of Singapore 1.65% 8. Cathay Life Insurance Co., Ltd 1.42% 9. Bank of Taiwan 1.36% 10. Bureau of Labor Funds 1.11% Total 23.02% Note: As of April 30 for , and as of April 14 for 2015 Note: FINI s shareholding percentage will be updated after the registration date in April and July each year 48

49 Valuation Methods Valuation system co-developed with KPMG improves transparency Private Placement No Listed / OTC No Yes Yes Is the issuer listed? Closing Price Yes Emerging Stocks Yes No Average monthly turnover in the latest Is a quarter > average No benchmarking median turnover of price available? listed companies during the past one year? Yes No Yes No Valuation on Is a market price the valuation available in the No date * liquidity discount factor 1 past 3 months? Closing price on the valuation date * liquidity discount factor 1 Note1: Based on Black Scholes Model Is a binding price available in the next 3 months? Yes Yes No Market price Fund-raising price or put option No No Valuation by stage of development* * Stages of development IPO Candidate Stable Expansion Early Surveillance IPO Candidate Stable Expansion Early Stage Surveillance The company has a qualified IPO plan or has signed contracts with recommending securities firms The company has main operations > 2 years with (1) positive retained earnings for the recent financial years, or (2) net profit for the past 2 years Main operations > 2 years with net loss for the recent financial years Main operations < 2 years (excluding biotech companies still in the R&D-phase) The company is in trouble (e.g., termination of operations or liquidation) Valuation Method(s) 1 st IPO Price DCF DCF DCF Independent Appraisal 2 nd DCF Coco Coco NAV NAV 3 rd Coco Coco ** Acronyms DCF Discounted Cash Flow Coco Competitor Comparison NAV Net Asset Value 49

50 CDF & Principal Subsidiaries Well-balanced organization structure Organization Chart China Development Financial Holdings 中 華 開 發 金 控 China Development Industrial Bank 中 華 開 發 工 銀 KGI Securities 凱 基 證 券 KGI Bank 凱 基 銀 行 CDIB Private Equity Corporation 中 華 開 發 工 銀 科 技 顧 問 (100%) * CDIB Private Equity Corporation provides advisory service to CDIB Venture Capital Corporation CDIB Venture Capital Corporation 中 華 開 發 創 業 投 資 (100%) China Development Asset Management Corp. 中 華 開 發 資 產 管 理 (100%) China Venture Management Inc. 開 發 科 技 顧 問 (100%) CDIB Strategic Venture Fund, Ltd. 中 瑞 創 投 (100%) ROC Strategic Company Ltd. 中 亞 創 投 (100%) CDIB Management Consulting Corp. 中 華 開 發 管 理 顧 問 (100%) CDIB Private Equity (Hong Kong) Corp. Ltd. (100%) CDIB Venture Capital (HK) Corp. Ltd. 中 華 開 發 股 權 投 資 ( 香 港 ) (100%) *** China Development Asset Management Corp. provides advisory service to its subsidiaries ****China Venture Management Inc. provides advisory service to CDIB CME Fund, Ltd., CDIB Strategic Venture Fund Ltd., and ROC Strategic Company Ltd. CPEC Huachuang Private Equity (Kunshan) Co. Ltd. 華 創 毅 達 ( 昆 山 ) 股 權 投 資 管 理 (65%) CDIB Private Equity (China) Corp. 中 華 開 發 股 權 投 資 管 理 (100%) CPEC Huakai Private Equity (Fujian) Co. Ltd. 華 開 ( 福 建 ) 股 權 投 資 管 理 (70%) Development Industrial Bank Asset Mgmt. Corp. 開 發 工 銀 資 產 管 理 (100%) Chung Hwa Growth 3 Asset Mgmt. Corp. 中 華 成 長 三 資 產 管 理 (100%) Chung Hwa Growth 4 Asset Mgmt. Corp. 中 華 成 長 四 資 產 管 理 (100%) CDIB Capital International Corp. (CCIC) (100%) CDIB Global Markets I, II, III Limited (100%) CDIB Capital Investment I, II Limited (100%) CDIB International Leasing Corp. 中 華 開 發 國 際 租 賃 (100%) CDC Finance & Leasing Corp. 華 開 租 賃 (76.04%) **CDIB Private Equity (China) Corp. will provide 93% 5% advisory service 20% 56% CPEC Huachuang Private Equity Mgmt. (Kunshan) Enterprise (Limited Partnership) 昆 山 華 創 毅 達 股 權 投 資 管 理 企 業 ( 有 限 合 夥 )(65%) to General Partners of CPEC Huakai Private Equity (Fujian) / CPEC Huachuang Private Equity (Kunshan) / China North Fund CPEC Huachuang Private Equity Mgmt. (Fujian) Enterprise (Limited Partnership) 華 創 ( 福 建 ) 股 權 投 資 管 理 企 業 ( 有 限 合 夥 )(70%) CDIB Capital (Hong Kong) Corp. Ltd. (100%) ***** CCIC provides advisory service to CDIB Global Markets I, II Limited, CDIB Capital Investment I, II Limited, and CDIB Capital Asia Partners Limited CDIB Capital (USA) Corp. (100%) CDIB Capital International (Korea) Corp. (100%) CDIB Capital Asia Partners Limited (100%) Oversea 50

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