Domestic care, deliver happiness for everywhere

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1 Domestic care, deliver happiness for everywhere

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3 3 Report Overview 5 Message from the Chairman 7 Corporate Social Responsibility and Stakeholder Communication Sustainability Governance I. Corporate Overview II. Brand, Products and Services III. Corporate Governance IV. Ethical Corporate Practices and Internal Controls Green Finance I. Building the No.1 Brand in Green Finance II. Green Product III. Digital Finance Age IV. Green Care Happy Workplace I. Talent Recruitment and Retention II. Talent Cultivation III. Talent Protection Social Harmony I. First Service II. Caring for Minorities III. Young Dreamers IV. Arts and Culture Independent assurance statement Global Reporting Initiative G4.0 Content Index GRI Financial Service Sector Supplement Content Index United Nations Global Compact Principles Content Index ISO Index Content Index

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5 Report Overview First Financial Holding Co., Ltd. (hereafter referred to as FFHC or "Our Company") not only provides the full-spectrum of financial products and services to facilitate financial transactions and investments by our customers. We also have a long history of fulfilling and promoting corporate social responsibility by giving back to society, improving labor rights and the quality of life and environment. We strive to fulfill our CSR in a more effective manner. To further emphasize the efforts and determination of FFHC and its subsidiaries (Our Group) in the economic, social, environmental and governance aspects of CSR as well as strengthen our communication with stakeholders and the general public, the "First Financial Holding Corporate Social Responsibility Report" (the "Report") was compiled. Reporting period The Report discloses the performance and actions of FFHC in the economic, social, environmental and governance aspects during (from January 1 to December 31, ). Some of the information goes back to 2012 and 2013 to illustrate differences or growth. Scope and Boundary The content of the Report encompasses First Financial Holdings and its 8 subsidiaries: First Bank, First Securities, First Securities Investment Trust, First-Aviva, First Financial Assets Management, First Consulting, First Venture Capital, and First P&C Insurance Agency. The disclosure of environment-related performance such as energy savings and power consumption covers the headquarters building (including First Financial Holding, First Bank's head office and corporate banking BU, First Venture Capital/Consulting, First P&C Insurance Agency), all First Bank branches throughout Taiwan, First Securities headquarters, and the offices of the First Securities Investment Trust, First-Aviva and First Financial Assets Management. It also covers a new addition in the form of the First Bank IT building. Disclosure of water and fuel consumption covers the headquarters building, First Bank branches throughout Taiwan, First Securities head office, as well as the offices of First Financial Assets Management, First Securities Investment Trust and First-Aviva. Disclosure on gas consumption mainly covers the headquarters building. The related statistics are calculated using internationally accepted standard units. All of the financial data are presented in NTD. This year, the Environmental Performance (Green P.5) section of the Report included changes to the scope and basis of calculations. Reporting principles This basis and framework of the Report is based on the Global Reporting Initiative (GRI) G4 guidelines. The content includes reference tables for the GRI/Financial Service Sector Supplement, UN Global Compact and ISO Social Responsibility Guidelines. We will continue to compile and publish this CSR report on an annual basis. The previous report was published in June,. The complete report is available for download and viewing by the general public on the First Financial Holding corporate website under the Corporate Social Responsibility section. 3

6 Report validation The Report has been verified by the British Standard Institution (BSI), an independent third-party certification body, as being in accordance with the AA 1000 validation standard and the GRI G4 guidelines in terms of materiality, inclusiveness and responsiveness. The content disclosed in the Report matches the core options of the GRI G4 guidelines. The independent assurance statement from BSI is included in the Appendix. Contact method Corporate Governance Section, Administration Department, First Financial Holdings Co., Ltd. Tel: Fax: Address: No. 30, Sec. 1, Chongqing S. Rd., Zhongzheng Dist., Taipei City Website: CSR Coporate Social Responsibility Report Verification Verified by the British Standard Institution SRA-TW-021 4

7 Message from the Chairman Chamkar Mon, and the Vientiane Branch opened in Laos. For First Financial Holding, this means further inroads into the Chinese and Southeast Asian markets. Since 2013 a series of food safety, environmental protection and industrial safety incidents in Taiwan has had a severe impact on society and the environment. CSR has become widely accepted set of values and the fulfillment of CSR offers the most powerful strategy for increasing business value and securing a competitive advantage. In, First Financial Holding followed the targets set by the CSR Committee in carrying action plans on corporate governance, green finance, happy workplace and social harmony. In corporate governance, we not only received the highest possible A++ rating in the Information Disclosure Evaluation but was also rated in the top 5% by the Taiwan Stock Exchange Corporation in its 1st Corporate Governance Evaluation of all listed and OTC companies. At the same time, to promote Since the first CSR report was published in 2011, First Financial Holding has continued to adopt global sustainability reporting guidelines for the authoring of the CSR report every year. The report discloses our Group's efforts and results in the Environment (E), Society (S) and Governance (G). It also assesses our direction and actions in sustainable development. Looking back on, despite the challenges of a rapidly changing financial market, the team effort from our employees in Taiwan and overseas helped us achieve a record profit for the group of NTD billion. To realize the vision of becoming a regional leading financial brand, we also successfully opened a branches in Chengdu and a sub-branch in the Shanghai Pilot Free Trade Zone, a leasing company in Xiamen, and received approval to establish our Xiamen branch. In Southeast Asia, the Phnom Penh Branch in Cambodia opened sub-branches in Tuol Kouk and green finance we led the industry in defining the "Green Financing Review Principles" in accordance with the "Equator Principles". Regardless of the loan amount, we review all corporate credit applications and also monitor disbursed loans. Declarations on compliance with social and environment-related regulations are also sought from corporate credit customers and vendors to avoid any direct or indirect impacts on the environment or society from loans or purchasing. Green purchasing, green energy and energy-saving industry loans as well as green services such as electronic statements and Internet banking saw major growth compared to 2013 as well. In, two of our existing buildings received the green building labeling. The electricity, water, fuel and gas savings as well as amount of recycled waste from our office and business activities all exceeded our annual targets and fulfilled our sustainable environment policy. Finance is a peoplecentric industry. From recruiting, cultivation, retention 5

8 through to protection, we have built up a comprehensive compensation, benefits and care system to create a happy workplace. This was recognized through inclusion in the Taiwan High Compensation 100 Index. At the same time, we care about our customers, look after minorities, support young entrepreneurship, small medium enterprises and regional development. We also sponsor and promote sports such as table tennis, tennis and weight-lifting. We have expanded our volunteering for minorities and lent our support to homegrown arts and culture. We strive to create a harmonious society and to reduce the social impact from the gap between the rich and the poor. For 2015, the domestic financial market must not only adapt to the internationalization of finances but is also faced with changes in the consumption habits of the mobile generation. Digital finance and social networking is now driving innovations and reforms in financial products and services. At the same time, environmental and social issues such as continued global economic growth, resource depletion, damage to soil and water ecologies as well as uneven distribution wealth all require attention. First Financial Holding has embraced a business strategy based around "Integrating Innovation - Teamwork First" to increase our overall business performance through "Transnational, Trans-department and trans-industry business integration" and "Innovative products and virtual/ physical channel services". We are also responding to the coming internationalization of finance and the Age of Digital Finance 3.0 by pushing for innovative reforms and information security in our electronic financial products and services. These will provide customers with even more secure and accessible services. Regulatory compliance will be strengthened along with background checks on local industries and companies in overseas markets. A loan alert system will be established for overseas units for the effective control operating risks. The compensation and benefits system will continue to be refined in order to meet our demand for talent. Climate change and environmental pollution are issues that every industry around the world must contend with. First Financial Holding is setting an example through energy-saving and carbon reduction. In 2015, we will aim to match on the magnitude of savings in electricity, water, fuel and gas. Seven existing buildings will receive the green building labeling. The scope of the green partnership will also be expanded. Oversea units processing credit applications must now fill out an "Equator Principles Assessment Form" while vendors must fill out the "Human Rights and Environmental Sustainability Loan Assessment Form". Fund and insurance companies that provide off-the-shelf products to the bank must also provide declarations on commitment to CSR fulfillment, or compile their own CSR Report. We will all work together to realize sustainable development. At the same time, activities such as volunteering and charity banquets is also putting the philosophy of total volunteering into practice. Gratitude, service, hope and growth will be incorporated into our employees' attitude to work. This will drive the sustainable development of the Group and help us become the No. 1 brand in green finance for social harmony and prosperity. Ching-Nain Tsai Chairman of First Financial Holding 6

9 Corporate Social Responsibility and Stakeholder Communication I. CSR Organization Structure First Financial Holding (FFHC) has long been committed to monitoring trends in society and fulfilling our corporate social responsibility (CSR), with significant effort invested towards promoting corporate governance, the development of a sustainable environment, and supporting charities. In 2011, the FFHC Board of Directors approved the establishment of a "CSR Committee" to improve the efficiency of CSR promotion efforts. The chairman of FFHC is also the chairman of the CSR Committee and its members are drawn from the general managers of the First Financial Group. Under the CSR Committee are working groups on "Corporate Governance", "Customer Care", "Employee Care", "Environmental Sustainability" and "Social Welfare". A dedicated unit is also assigned by each subsidiary for CSR communications, liaison and the provision of related information. The core team consists of 80 people (1 chairman, 8 committee members, 3 conveners, 5 executive directors, and 63 people split among the various working groups). The CSR Committee is administered by the Corporate Governance Section of the Administration Department and is responsible for the overall planning and promotion of CSR within the Group. The top-down approach ensures the effective and concrete implementation of CSR objectives. FFHC has defined a "CSR Policy" and "CSR Code of Conduct" (see the "Corporate Governance section of the corporate website at: governance/managerule.htm). "CSR Policy" defines our commitment to the fulfillment of our CSR on customers, employees, shareholders, community participation, charity, development of a sustainable environment, products and services, and ethical corporate management. The "CSR Code of Conduct" is the overarching guidelines on the economic, environmental and social risks and impacts of our company and our subsidiaries. It is aimed at realizing sustainable development through promotion economic, environmental and social progress. The "Corporate Governance Best - Practice Principles" was reviewed and passed by the Board of Directors in to strengthen sound governance at FFHC and our subsidiaries. First Financial Holding Corporate Social Responsibility Organization Chart Chairman (Chairman of FFHC) Committee Members (General Managers of FFHC and subsidiaries) Corporate Governance WG Customer Care WG Employee Care WG Environmental Sustainability WG Social Welfare WG Ethical corporate practice Organizational strategy Risk management Regulatory compliance Protection of shareholder rights Information transparency Internal control Product and service responsibility Protection of customers' data Protection of consumer rights Customer relations management Green product Employee compensation Employee welfare Competency management Employer/employee relations Education and training Employment environment Environmental sustainability policy Corporate carbon reduction management Green purchasing Environmental sustainability awareness Supply chain management Social welfare Community participation Charitable activities Corporate image 7

10 First Financial Holding CSR Milestones Establish CSR Committee Defined FFHC CSR Code of Conduct, Policy and organic regulations Published first CSR Report (2011) Set "No. 1 Brand in Green Finance" as the sustainable development target Presented with "Newcomer Award" in the Taiwan Corporate Sustainability Report Awards Received Commonwealth CSR Corporate Citizenship Award 2012 CSR Report certified by an independent certification body for the first time Received "Financial Excellence Award" from the Taiwan Corporate Sustainability Report Awards and the "Creative Communications Role-Model Award" in Corporate Sustainable Development Performance Promotion of the "Happiness Enterprise Declaration" signing event Revised the FFHC CSR Code of Conduct, Policy and organic regulations Defined the FFHC Corporate Governance Best-Practice Principles Received "Gold Award" and "Climate Leadership Award" from the Taiwan Corporate Sustainability Report Awards 2013 CSR Report given 14th place in the large enterprise division of the Commonwealth CSR Corporate Citizenship Awards 2. Operation of the CSR team The annual FFHC CSR targets and action plans start out with the compilation of related issues by each working group that are then discussed and revised internally before being submitted to the "CSR Committee" for review. Approved proposals are then announced for implementation. Progress on each target and action plan is then tracked and reviewed on a quarterly basis by the CSR administration unit. For each target not met, each working group must propose a concrete improvement plan to the CSR Committee. At the end of the year, CSR performance from the preceding year must be reported to the Board of Directors within four months. The CSR performance report was submitted to the Board of Directors in March, 2015, for their reference Corporate Social Responsibility Committee Review execution and evaluate improvement plan for unfulfilled targets CSR administration unit Track target completion on a quarterly basis Board of Directors Report CSR implementation results for the year 4 Corporate Social Responsibility Committee Evaluate annual targets and announce the implementation of action plans 3 CSR Committee Working Group Meeting Discuss and revise annual targets and draft action plans 2 CSR administration unit Compile the information submitted by each working group 1 CSR Working Groups Compile issues, draw up annual targets and draft action plans 8

11 3. Stakeholder identification and communication FFHC has a very diversified portfolio of financial services including banking, securities, investment trusts, insurance, venture capital, leasing and asset management. These correspond to a wide range of stakeholders and issues of concern as well. To promote better stakeholder communications, we embraced the spirit of the AA1000 Accountability Principle Standard by convening the CSR working groups on corporate governance, customer care, employee care, environmental sustainability and charity for joint discussion and identification of stakeholders. Group stakeholders were then divided into six categories based on the experiences of each business unit and the finance industry as shown on the right. A total of 50 CSR-related issues of concern to local and foreign government/non-government organizations, the finance industry and various stakeholders were compiled. These were discussed by the CSR working groups and a list of 33 drawn up. A stakeholder identification survey was then conducted among the CSR working group conveners, executive directors and members to give each issue of concern a score between 1 ~ 10 based the level of stakeholder interest and impact on our Group's operations. A score of 1 ~ 4 was of low importance, 5 ~ 7 was of moderate importance and 8 ~ 10 was of high importance. Issues of concern to shareholders and customers were weighted, and the convener, general, and meeting group members rated the different weightings. The relative priorities of the issues were then compiled into the "Materiality Analysis Matrix" for our Group's issues of concern. Once the CSR Committee had reviewed the major factors and their corresponding disclosure indicators, the various communication channels were defined, and good communication maintained with stakeholders. Stakeholder feedback was also used as a reference to review and adjust our business decisions as necessary. The identification procedure for issues of concern to our Group, the list of stakeholder communication channels and issues of concern, and materiality analysis matrix for issues of concern are shown below. Customers Shareholder/Investor/ Media/Analyst Employee/Union/ Retired employee Community/Non-profit organizations/nongovernment organizations/ Academics and experts Government and competent authorities Vendors (1) Identification procedure for issues of concern Regular review of implementation results with revisions and adjustments made as necessary in order to compile issues for next year. Compilation A total of 50 CSR-related issues of concern to local and foreign government/non-government organizations, the finance industry and various stakeholders were compiled. Review Improvement Identification Formulate CSR targets and action plans for the year based on the relative priorities of the issues of concern. Response Analysis Discussion by CSR working groups with a list of 33 issues of concern drawn up based on each working group's activities and actual contact with stakeholders. Analyze the 33 issues of concern then organize them according to level of stakeholder concern and impact on Group operations into the "List of communication channels and issues of concern" and "Materiality analysis matrix". 9

12 (2) Materiality analysis matrix for issues of concern After the 33 issues of concern listed by the CSR working groups after joint discussions have been scored a materiality matrix is drawn up with Y-axis being the level of stakeholder concern and X-axis being the impact on Group operations. The materiality analysis matrix revealed that stakeholder concern was low for 5 issues: "Bio-diversity", "Materials", "Security Practices", "Business Site Purchasing Practices" and "Transportation of Goods, Services and Employees". The issues with moderate/high level of concern or impact on the X and Y-axes were listed as major factors. Their management direction and implementation results are reported in the corresponding chapters of this report. Corporate Governance Regulatory compliance Customer satisfaction Level of stakeholder concern High Moderate Low Bio-diversity Materials Security practices Protection of customer privacy Risk management Product and service quality Business performance and profitability Honest taxpayer Human rights protection Charitable donations Complaints mechanism Industry support Supply chain management Community building Shareholder rights Training and development Fair and transparent purchasing Product risks Debt negotiation Greenhouse gas emissions management Energy-saving and carbon reduction Green purchasing Compensation and benefits Occupational safety and health Promotion of arts and sports Support for minorities Business site purchasing practices Transportation of goods, services and employees Ethical corporate practice Information disclosure Low Moderate High Impact on Group operations 10

13 (3) List of stakeholder communication channels and issues of concern Relevant Liable Persons Communication channel and frequency Issue of concern Employees Union Retired employees Shareholder Investor Media Analyst Customers Vendors 1. Employee complaint hotline, fax, /standing 2. Employee forum on internal website/standing 3. Morning/evening business unit meetings/ad hoc 4. Supervisor mailbox/standing 5. Sexual harassment complaint hotline, fax, /standing 6. Employer/employee meeting/monthly 7. Employee Welfare Committee, Labor Safety and Health Committee, Labor Pension Oversight Committee/Quarterly 8. Revision of collective bargaining agreement/every 3 years 1. Convening of general shareholder meeting, publication of annual report and CSR report / Yearly 2. Business performance report / Monthly and quarterly 3. Hosting of investor seminars / Quarterly 4. Videos of investor seminars are concurrently published on our corporate website for viewing by investors / Standing and retained for one year 5. Publication of corporate governance, investor seminar presentations, financial information, press releases and related investors affairs in both English and Chinese on the corporate website / Immediate 6. Telephone and of the spokesperson and investor relations department available from the corporate website's investor services section / Permanent 7. Stakeholder survey in the corporate website's CSR section / Permanent 8. Attend investor seminars at the invitation of securities brokers to communicate with investors / Ad hoc 9. Participate in the disclosure and corporate governance assessments conducted by the Securities & Futures Institute and Taiwan Corporate Governance Association / Yearly 1. All of our Group subsidiaries have customer complaint channels such as business units, customer service hotlines and on the website / Always 2. Conduct customer satisfaction surveys through telephone surveys, surveys, webpage or outside survey firm / Ad hoc 3. Accounts, latest financial information, event information etc. / Standing 4. Statement on Protection of Customers' Data / Ad hoc 5. Hosting of wealth management and investment seminars, customer relationship management / Ad hoc 1. Explicitly require vendors to conform to labor and environmental laws and regulations in purchasing requirements and contracts / At contract signing 2. Transparency of tender information and publication on corporate website / Ad hoc Compensation and benefits Training and development Occupational safety and health Human rights protection Complaints mechanism Business performance and profitability Risk management Corporate governance and ethical corporate practice Information disclosure Shareholder rights Product and service quality Product risks Protection of customer privacy Debt negotiation Customer satisfaction improvement Complaints mechanism Fair and transparent purchasing Green purchasing Complaints mechanism Supply chain management 11

14 Relevant Liable Persons Communication channel and frequency Issue of concern Community Non-profit organization Non-government organization Academics and experts Government and competent authorities 1. Hosting of art exhibitions and concerts / Regular 2. Hosting of blood drives, beach clean-up, mountain clean-up, health seminar and greet-the-dawn events Ad hoc 3. Sponsorship of tennis, table tennis, swimming, road run, baseball and other sporting activities / Ad hoc 4. Charity volunteer activities such as donations and show of support / Ad hoc 1. Participate in seminars, symposiums and public hearings hosted by the competent authorities / Ad hoc 2. Compliance with the relevant laws and policies of the competent authorities and cooperate with their monitoring and inspections / Ad hoc 3. Disclose business-related information on the Market Observation Post System and corporate website / Ad hoc 4. Participate in Earth Day and Meat-Free Day movement, and the promotion of environmental protection through advertising screens and tickers at business units Charitable donations Support for minorities Promotion of arts and sports Community building Regulatory compliance Honest taxpayer Energy-saving, carbon reduction and greenhouse gas emissions management Industry support (4) Issues of Concern and Major Factors Issue of concern Business Performance and Profitability Honest Taxpayer Shareholder Rights Information Disclosure Support for Minorities Industry Support Energy-saving and Carbon Reduction Greenhouse Gas Emissions Management/ Grievance Mechanisms G4 Major Factors Corresponding page in Management Direction Economy/Economic Performance P19-20 Economic/Indirect Economic Impact P87 Internal/ External A,B/C A,B/C,G A,B/C,G A,B/ C,D,E,F,G A,B/F,G A,B/F,G Environment/Energy P43 A,B/F,G Environment/Emissions Environment/Environmental Grievance Mechanisms P43 A,B/F,G Green Purchasing Environment/Overall P49 A,B/E,F,G Compensation and Benefits Society/Employment Society/Equal Remuneration for Women and Men P61 A,B/C,G Report chapter Sustainability Governance - Corporate Governance Sustainability Governance - Corporate Overview Sustainability Governance - Corporate Overview Sustainability Governance - Corporate Governance Social harmony Caring for Minorities Green Finance - Green Product, Social Harmony - Young Dreamers Green Finance - Building the No. 1 Brand in Green Finance Green Finance - Building the No. 1 Brand in Green Finance Green Finance - Building the No. 1 Brand in Green Finance Happy Workplace Talent Recruitment and Retention 12

15 Issue of concern Human Rights Protection/ Grievance Mechanisms Supply Chain Management/ Grievance Mechanism Occupational Health and Safety Training and Development Community Building Charitable Donations Promotion of Arts and Sports Ethical Corporate Practice Fair and Transparent Purchasing Regulatory Compliance G4 Major Factors Society/Employment Society/Investment Society/Non-discrimination Society/Child Labor Society/Forced or Compulsory Labor Society/Indigenous Rights Society/Assessment Society/Labor Practices Grievance Mechanisms Society/Non-discrimination Society/Child Labor Society/Forced and Compulsory Labor Society/Human Rights Grievance Mechanisms Society/Occupational Health and Safety Corresponding page in Management Direction Internal/ External P72-73 A,B/C,F,G P49 P76 A,B/E,G A,B/C,G Society/Training and Education P70 A,B/D,G Society/Local Communities P87 A,B/F,G Society/Anti-corruption P35 A,B/C,D,G A,B/E,G Report chapter Happy Workplace Talent Protection, Green Finance - Building the No. 1 Brand in Green Finance Green Finance - Building the No. 1 Brand in Green Finance Happy Workplace Talent Protection Social Harmony - Caring for Minorities, Social Harmony - Young Dreamers, Social Harmony - Arts and Culture Sustainability Governance - Ethical Corporate Practices and Internal Controls Green Finance - Building the No. 1 Brand in Green Finance Sustainability Governance - Ethical Corporate Practices and Internal Controls Risk Management Society/Social Compliance P36 A,B/C,D,F,G Corporate Sustainability Governance - Governance Corporate Governance Customer A,B/C,D Social harmony - Satisfaction Society/Product and Service Labeling P81 First service Debt Negotiation A,B/D,G Product and service quality Product Risks Protection of Customer Privacy Society/Product and Service Labeling Society/Product Responsibility Compliance P56 A,B/C,D A,B/C,D,G Society/Customer Privacy P56 A,B/C,D,G Green finance - Digital Finance Age Green finance - Digital Finance Age Internal A Head office B Subsidiaries External C Shareholder/Investor/Media/Analyst D Customers E Vendors F Community/Non-profit organization/non-government organization/academics and experts G Government and competent authorities 13

16 (5) Accolades Company Name First Financial Holding First Financial Holding First Financial Holding First Financial Holding First Financial Holding First Financial Holding First Financial Holding First Financial Holding First Financial Holding Award description Received "Gold Award" and "Climate Leadership Award" at the Taiwan Top 50 Corporate Sustainability Report Awards from the Taiwan Institute for Sustainable Energy Winner of the "Insurance Dragon and Phoenix Award" for three successive years from the Risk Management Insurance and Finance Foundation Headquarters building awarded No. 1 for exceptional energy-saving performance at the "Ministry of Economic Affairs Excellence in Energy-Saving Performance Competition" Received distinction award in the private enterprise division of the "Taipei City Environmental Education Awards" 14th Place in the large enterprises category of the Commonwealth Magazine Corporate Citizenship Awards. Received the A++ rating during the 2013 and Information Disclosure Evaluation Ranked in the top 5% of the Corporate Governance Assessment Program Chosen for inclusion in the "Taiwan High Compensation 100 Index" Headquarters building awarded the "Certified Excellent Breastfeeding Room" by the Taipei City Government Department of Health "Gold Award" and "Climate Leadership Award" at the Taiwan Top 50 Corporate Sustainability Report Awards Distinction award from the Taipei City Environmental Education Awards No. 1 for Excellence in Energy-saving Performance Awards Five awards including "Bank of Excellence for Small and Medium Enterprise Loans" from the Financial Supervisory Commission Insurance Dragon and Phoenix Award A++ rating for information disclosure etc. First Bank Presented with five awards from the Financial Supervisory Commission including "Bank of Excellence for Small and Medium Enterprise Loans", "Special Award for Balancing Regional Development through Small and Medium Enterprise Loans", "A-Grade Bank for Creative Industry Loans", "Participation Award for School and Community Financial Education", and "Award for Continued Participation in Anti-money Laundering and Counter Terrorist Financing". 14

17 Company Name First Bank First Bank First Bank First Bank First Bank First Bank First Bank First Bank First Bank First Bank Award description Presented with "Credit Guarantee Partnership Award", "Direct Guarantee Award", "Young Entrepreneur Support Award", and "Young Entrepreneur Assistance Award" by the Small and Medium Enterprise Credit Guarantee Fund "Best Growing Organization Award" presented to Shanghai Branch by the Shanghai Banking Association Achieved certification for both "ISO Information Security Management System" and "ISO Information Security Service Management System" Presented with the "Golden Quality Award - Credit Card Data" from the Joint Credit Information Center for three straight years IT building receives grand prize in the "Small and Medium Enterprise Power Saving Competition" IT building received No. 2 in the green building category of the Taipei City "Golden Energy- Saving Award" and Distinction in Division A of the Industrial and Commercial Property category "ISO Greenhouse Gas Inventory System" certification achieved by 15 branches including Anhe bank Presented with award of excellence from the "Power-Saving Service Industry Event" by the New Taipei City Government Presented with certificate of appreciation from the New Taipei City Government for purchasing green power Internet Banking for the Disabled receives AA-rating for Web Accessibility Service Best Corporate Social Responsibility Award 15

18 Company Name First Securities First Securities Investment Trust First-Aviva First-Aviva Award description Achieved latest "ISO 27001:2013 Information Security Management" international certification Presented with certificate of appreciate for "Face Equality Supporting Enterprise" from the Sunshine Social Welfare Foundation Presented with the "Best CSR Award" by Risk Management Insurance and Finance Foundation Recognized for excellent performance in the "Increasing National Insurance Coverage Program" of the Financial Supervisory Commission for 6 straight years (12 times) First-Aviva First in the industry by the Financial Ombudsman Institution for a "claims complaint rate" of 0% 16

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20 Sustainability Governance Cultivating the Asia-Pacific ac and Stre ngthening n n Serv ices The Chengdu branch, Shanghai Pilot Free Trade Zone sub-branch and Xiamen leasing company as well as the Chamkar Mon and Tuol Kouk sub-branches in Cambodia opened in, and the Vientiane branch in Laos opened on March 31, 2015, followed developments among Taiwanese businessmen and the developing economic opportunities in Asia-Pacific. Sustainability Governance From "cross-border integration" and "cross-business integration" to cross-channel, cross-border and virtual/physical channel integration, we are continuing to focus on the value chain integration of Asia- Pacific sites to expand our business and corporate value. Management n re sults s and economic perf ormance In our company's paid-in capital amounted to NTD billion with consolidated assets of NTD 2.36 trillion, and a net worth of NTD billion. Consolidated profit/loss was NTD billion with net income of NTD billion and net earnings after tax of NTD billion. The Return on Average Assets (ROAA) in was 0.61%, Return on Average Equity (ROAE) was 9.53% and Earnings Per Share (EPS) was NTD This increased by 22.0%, 20.0% and 28.8% compared to 2013 respectively. Stren ngthening n corporate governance and enforc ing transpare r ncy In we received the highest rating of "A++" from the 12th Information Disclosure Evaluation. We also ranked in the top 5% of the 1st TWSE Corporate Governance Evaluation. The defining of the "Corporate Governance Best-Practice Principles" and amendment of "CSR Code of Conduct", "CSR Policy" and "Regulations Governing the Organization of the CSR Committee" have helped to ensure that our efforts in governance, the environment and social responsibility are in line with international trends. Our directors have altogether accumulated hours of learning on corporate governance-related courses. Attendance of the Board of Directors, Audit Committee and Remuneration Committee have averaged 96%, 88% and 100% respectively. Impro ving re gulatory compliance ce and re fining internal contro ols Our company along with our banking, securities and insurance subsidiaries have all set up dedicated independent compliance units to improve control over compliance risks due to the diversity of innovative financial products and increase in overseas sites. In, an assessment of corruption risks was conducted by all group subsidiaries. Anti-corruption training was also organized for all employees to enforce the three layers of internal controls. There were no punitive actions levied against us for corruption or violation of fair trading laws. 18

21 Corporate Overview Rapid changes in the world economic situation (the strong U.S. dollar after the end of the QE policy, drop in commodity and oil prices, the expansion of loose currency policies in the Euro-zone and Japan, and geopolitical risks in the Middle-East) have led to increased uncertainty over future economic outlook. Taiwanese banks are now rushing to set up offices or make acquisitions in China and Southeast Asia. The competition for the business of Taiwanese companies has therefore spread overseas. Non-financial institutions (such as third-party payment processors) and new cash flow payment methods are now encroaching on the traditional territory of the financial industry. The coming of Digital Finance 3.0 Age means rigorous challenges on talent cultivation, IT security and the development of new businesses. The values of CSR have now gained widespread acceptance. The role of the financial industry in the finance supply chain as well as its responsibilities are now important issues in CSR. 1. Cultivation of the Asia-Pacific and the First Team Our Group aims to become the most representative financial institution in Asian Chinese-speaking circles as well as a regional financial institution. With the support of the competent authorities, we accelerated our overseas strategy and have launched four waves of expansion since 2010: Wave 1 was the establishment of the Shanghai branch; Wave 2 was the establishment of the Chengdu branch, FCB International Leasing (Suzhou) and Chengdu Leasing; Wave 3 was the application to establish village banks in Henan Province. Once the Cross-Strait Agreement on Trade in Services is passed, we plan to establish at least three village banks at first then a total of 12 banks within the next 2 to 3 years; Wave 4 was launched in 2013 Q4. It includes the establishment of the Shanghai Pilot Free Trade Zone sub-branch, Xiamen branch and Xiamen leasing. The Chengdu branch, Shanghai Pilot Free Trade Zone subbranch, Xiamen leasing company, and the Chamkar Mon and Tuol Kouk sub-branches in Cambodia opened in, the Vientiane branch in Laos opened, and the Xiamen branch in March and April Our Group now has a established presence in Shanghai, Chengdu, and Xiamen within the Greater China region, and in SE Asia countries such as Vietnam, Cambodia, and Laos. This effectively creates an Asia-Pacific financial silk road that stretches from Northeast Asia to the Indochina Peninsula that closely follows developments by Taiwanese companies and economic development opportunities in the Asia-Pacific. Apart from the success in overseas expansion, we have increasingly focused on "integration" as our business strategy in recent years. The "cross-border integration" of domestic and overseas sites of the past has become in "cross-business integration" aimed at increasing the value of customer relations. With "cross-border integration", our cross-border service platform and referral mechanism have given us a competitive advantage over our competitors. In "cross-business integration" however, the integration of institutional and individual finance successfully created a competitive advantaged not based on price. In 2015, this was expanded into deeper services for six key customer segments (small and medium enterprises, foreign exchange, wealth management, consumer finance, foreign currency deposits and salary accounts). We are now the industry leader on electronic, Internet and mobile financial services. A variety of electronic financial services are being developed to bring about the integration of the financial interfaces for mobile and virtual channels. By developing digital/mobile channels and combining them with the strengths of the existing business model to cultivate a virtual/physical customer experience model. Customer data is also integrated for precision marketing in order to become a benchmark financial institution for "technology, humanity and happiness". The business strategy for 2015 will therefore encompass "cross-channel, cross-border and virtual/physical channel integration". We will continue to focus on value chain integration of Asia-Pacific sites and connecting with local opportunities. At the same time, we will seek to grow our business and corporate value, making "expansion in size and reinforcing of strengths" our basic group business strategy in Sustainability Governance 19

22 Features Channel integration ion Asia-Pacific c link China strategy Sustainability Governance Winning of Commonwealth CSR Corporate Citizenship Award is only highlight for public-owned bank Leading the financial industry in CSR fulfillment Launch of OSU securities business AMC business diversification bears fruit Expanding to foreign venture capital investments Integrated marketing delivers record profits Trans-national brokering profits continue to grow Successful introduction of Insurance Specialist co-marketing model for insurance Towards Finance Group Organization and Business Performance The gradual recovery of the global economy and the rise of regional free trade agreements have created a new round of co-opetition in inter-regional trade. Our Group is continuing to strengthen our overseas presence and leveraging our extensive overseas sites to optimize our ability to engage in cross-regional finance. The regional business platform is being refined to realize the gains of our overseas presence as soon as possible and this will be translated into positive changes to our profit structure. Vientiane Bank Branch approved and expected to open in 2015 Q1 Group's Asia-Pacific strategy nearing completion on Indo- China Peninsula Transnational platform boosts synergies from domestic and overseas sites Together with close collaboration with other Group subsidiaries and the First Bank on integrated marketing strategies, this will create a non-price-based competition advantage that differentiates us from our competitors. The Group's assets and net earnings after tax will therefore reach its highest point since the financial crisis. In our company's paid-in capital amounted to NTD billion with consolidated assets of NTD 2.36 trillion, and a net worth of NTD billion. Consolidated profit/loss was NTD billion with net income of NTD billion, net earnings after tax of NTD billion and earnings per share (EPS) of NTD First financial institution to establish 3 branches and 3 leasing companies in China Chengdu bank branch and Shanghai Free Trade Zone branch open for business Xiamen bank branch scheduled to open in first half of 2015 Xiamen leasing company opened 82.72% Sort by revenue source (Fig. 1) Analysis of business distribution 85.01% By region (Fig. 2) 21.73% -4.44% 9.36% 4.46% 1.17% Net interest income Net fees and commissions Other net income Taiwan Asia Americas Other 20

23 By industry (Fig. 3) % 4.58% % 3.63% Bank Securities Insurance Other Note: The First-Aviva subsidiary experienced a surge in insurance costs due to savings insurance policies becoming due. This forced other net income (Fig. 1) and insurance net income (Fig. 3) into the negative. Once the net adjustment for insurance liability reserves was counted however, the company's consolidated profit/ loss for was NTD -92 million, an improvement on the 2013 results of NTD -211 million. Sustainability Governance 21

24 Organizational Relationship Chart First Commercial Bank Share Ratio: 100 % Shareholding: 7,585,900,000 shares Original investment: NTD 94,289,806,000 First Commercial Bank (U.S.A.) Share Ratio: 100 % Shareholding: 7,000,000 shares Original investment: USD 70,000,000 First Securities Inc. Share Ratio: 100 % Shareholding: 640,000,000 shares Original investment: NTD 5,303,851,000 FCB Leasing Co., Ltd. Share Ratio: 100 % Shareholding: 300,000,000 shares Original investment: NTD 3,000,023,000 FCBL Capital Int'l (B.V.I.) Ltd. Share Ratio: 100 % Shareholding: 60,050,000 shares Original investment: USD 60,050,000 Sustainability Governance First Financial Holding Co., Ltd. First Securities Investment Trust Co., Ltd. Share Ratio: 100 % Shareholding: 60,000,000 shares Original investment: NTD 1,061,461,000 First Financial Assets Management Co., Ltd. Share Ratio: 100 % Shareholding: 145,000,000 shares Original investment: NTD 1,450,000,000 First Venture Capital Co., Ltd. Share Ratio: 100 % Shareholding: 180,000,000 shares Original investment: NTD 1,800,000,000 First Insurance Agency Co., Ltd. Share Ratio: 100 % Shareholding: 5,000,000 shares Original investment: NTD 50,000,000 First Capital Management Inc. Share Ratio: 100 % Shareholding: 10,000,000 shares Original investment: NTD 89,304,000 FSC Asia Investment Limited Share Ratio: 100 % Shareholding: 1,000,000 shares Original investment: USD 1,000,000 FCB International Leasing Ltd. Share Ratio: 100% Original investment: USD 30,000,000 FCB Lease (Xiamen) Ltd. Share Ratio: 100% Original investment: USD 30,000,000 First Financial Management Consulting Co., Ltd. Share Ratio: 100 % Shareholding: 2,000,000 shares Original investment: NTD 20,000,000 First Property & Casualty Insurance Agency Co., Ltd. Share Ratio: 100 % Shareholding: 300,000 shares Original investment: NTD 3,000,000 First Worldsec Securities Limited Share Ratio: 100 % Shareholding: 66,000,000 shares Original investment: NKD 66,000,000 First Financial Assets Management (B.V.I.) Ltd. Share Ratio: 100% Original investment: USD 30,000,000 First Financial Leasing (Chengdu) Ltd. Share Ratio: 100% Original investment: USD 30,000,000 First-Aviva Life Insurance Co., Ltd. Share Ratio: 100 % Shareholding: 114,750,000 shares Original investment: NTD 1,147,500,000 22

25 3. Operating Regions and Countries FFHC Headquarters is located at No. 30, Sec. 1, Chongqing S. Rd., Taipei City. It has both local and overseas offices in Taiwan, Americas (U.S., Canada), China/Hong Suzhou, Xiamen), Southeast Asia (Singapore, Vietnam, Thailand and other under-developed regions: Myanmar, Cambodia, Laos), Northeast Asia (Japan), Europe (U.K.), and Oceania (Guam, Australia). The Group has 8,886 employees in total. Kong/Macao (Hong Kong, Macao, Shanghai, Chengdu, Our Group's Overseas Presence Region Business type (Sites) Current sites Bank: Los Angeles Bank, New York Branch, Vancouver Branch, Toronto Branch; Americas Bank(11) First Commercial Bank (U.S.A.) branch and its 7 sub-branches including the Alhambra Branch, City of Industry Branch, Silicon Valley Branch, Irvine Branch, Asia China/ Hong Kong /Macao Bank (6) Securities (2) Leasing (3) Arcadia Branch, Artesia Branch and Fremont Branch. Bank: Hong Kong Branch, Macao Branch, Shanghai Branch, Shanghai Pilot Free Trade Zone Sub-branch, Chengdu Branch, Xiamen Branch (opened in April 2015) Securities: First Worldsec, First Worldsec Shanghai Office Leasing: First Finance Lease (Chengdu), FCB International Leasing (Suzhou), FCB Lease (Xiamen) Bank: Singapore Branch, Ho Chi Minh Branch, Hanoi City Branch, Bangkok Office, Sustainability Governance Southeast Asia Bank (11) Yangon Office, Phnom Penh Branch and its Chorm Chaov Sub-branch, Olympic Sub-branch, Chamkar Mon Sub-branch, Tuol Kouk Branch, Vientiane Branch (opened in March ) Northeast Asia Bank (1) Bank: Tokyo Branch Europe Bank (1) Bank: London Branch Oceania Bank (2) Bank: Guam Branch, Brisbane Branch Total 37 sites First Bank is the second largest bank in Taiwan in terms of branch count and has 190 business locations throughout Taiwan. Our operations cover both urban and rural regions, and sites are chosen with consideration to the local social and environmental impact. In remote regions such as Nantou, Pingtung, Hualien, Taitung and Penghu we have a total of 11 offices and automatic teller machines (ATM) that can provide the full spectrum of financial services at any time. First Securities has 17 subsidiaries and 131 securities counters throughout Taiwan. In remote regions such as: Penghu, Nantou and Pingtung, we have a total of 6 offices for providing "personalized" investment services to the First Bank Branches in Taiwan Taipei City Taoyuan City Hsinchu City Keelung City Hsinchu County New Taipei City Miaoli County Taichung City Yilan County Nantou County Changhua County Hualien County Yunlin County Chiayi City Chiayi County Penghu County Tainan City Taitung County Kaohsiung City Pingtung County general public. 23

26 4. Shareholder Structure Our company's shareholder structure as of April 28, 2015, is shown in the chart below Individuals 35.94% Government Agencies 19.44% Financial Institutions 14.16% Sustainability Governance Foreign Institutions and Foreigners 24.18% Other Corporations 6.28% Year 2013 Assets 2,355,708,683 2,263,385,352 Total liabilities 2,201,332,129 2,122,179,199 Management Performance Shareholder rights 154,376, ,206,153 Profit or loss after tax 14,084,936 10,888,641 Employee welfare expenses 13,801,099 12,889,229 Average employee welfare expenses 1, , Return on Assets (%) Profitability Return on Ordinary Shareholders' Equity (%) Profit Margin (%) Earnings per Share (NTD) Note 1: Profit or loss after tax and earnings per share does not include non-controlling interests. Note 2: The financial data and ratios were all prepared in accordance with IFRS. Note 3: Employee welfare expenses were calculated against the "Taiwan High Compensation 100 Index". Note 4: Earnings per share for 2013 already retroactively adjusted for the influence factor of capitalized earnings. 24

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