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to extend or arrange credit or to provide any other services.
1
2Q18 Performance Review
August 2018
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2
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.
Disclaimer
This slide is part of a presentation by China Development Financial Holding Corporation and/or its affiliates (together, “CDF”) and is intended to be viewed as part of that presentation.
The presentation has not been updated since it was originally presented, and does not constitute a commitment by any CDF entity to underwrite, subscribe for or place any securities or
to extend or arrange credit or to provide any other services.
3
Contents
SECTION 1 Business Overview 4
SECTION 2 China Life 8
SECTION 3 KGI Bank 15
SECTION 4 KGI Securities 31
SECTION 5 CDIB Capital Group 37
SECTION 6 Financial Highlights 47
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to extend or arrange credit or to provide any other services.
4
Business Overview1.
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The presentation has not been updated since it was originally presented, and does not constitute a commitment by any CDF entity to underwrite, subscribe for or place any securities or
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5
KGI Securities reported profit of NT$797mn in 2Q18 thanks to a rebound in the Taiex trading
turnover that boosted gains from the brokerage and investment business, as well as steady
fee income sources from wealth management and underwriting business
CDF – 2Q18 Results
CDIB Capital Group was the largest profit contributor
CDIB Capital Group contributed profit of NT$1,188mn in 2Q18
CDIB Capital Group’s unrealized gains amounted to NT$3.9bn as of the end of 2Q18
CDIB Capital Group will accelerate asset monetization and focus on asset management
business; assets under management exceeded NT$39.2bn as of the end of 2Q18
CDIB Capital Group
KGI Bank has been capitalizing on group resources to further reduce funding costs and
strengthen cross-selling synergies
As a result of more loan loss reserves (LLR) being provided for the expanding credit portfolio,
KGI Bank contributed profit of NT$804mn in 2Q18
KGI Bank reported NPL ratio of 0.20%, LLR coverage ratio of 1.27%, and NPL coverage ratio
of 643.7% as of June 30, 2018, compared with the industry average of 0.28%, 1.36%, and
492.8%, respectively
KGI Bank
KGI Securities
Note: 1. In addition to KGI Securities’ 9.63% stake in China Life, CDF successfully completed its tender offer to acquire 25.33% (or 880mn common shares) of China Life on September 13, 2017, thereby
becoming the largest shareholder of China Life; 2. Due to the purchase price allocation adjustment and the recognition of investment income on a pro-rata basis
China Life’s 2Q18 net profit was NT$2.6bn; CDF recognized investment income of NT$0.6bn
from China Life in 2Q182
First Year Premium (FYP) rose 82% YoY, driven by strong sales of foreign currency-
denominated products
China Life1
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6
Profit contribution by subsidiary under CDF, NT$mn
Note: 1. CDF’s net income excludes income attributable to non-controlling interests; 2. Investment income from KGI Bank, KGI Securities and China Life has been
adjusted for the purchase price allocation; 3. China Life’s 2Q18 net profit was NT$2.6bn, whilst CDF recognized an investment income of NT$0.6bn from China Life for
2Q18 due to the purchase price allocation adjustment and the recognition of investment income on a pro-rata basis
Profit contribution by subsidiary
CDIB Capital Group Contributed Most Profit in 2Q18 Among Subsidiaries
CDF – 2Q18 Net Profit
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7
Profit contribution by subsidiary
CDF – 2Q18 YTD Net Profit
Profit contribution by subsidiary under CDF, NT$mn
Note: 1. CDF’s net income excludes income attributable to non-controlling interests; 2. Investment income from KGI Bank, KGI Securities and China Life has been
adjusted for the purchase price allocation; 3. China Life’s net profit in 2Q18 YTD was NT$6.3bn, whilst CDF recognized an investment income of NT$1.7bn from China
Life for 2Q18 YTD due to the purchase price allocation adjustment and the recognition of investment income on a pro-rata basis
CDIB Capital Group Contributed Most Profit in 2Q18 YTD Among Subsidiaries
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to extend or arrange credit or to provide any other services.
8
China Life2.
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to extend or arrange credit or to provide any other services.
9
2014 2015 2016 2017 1H18
74.3 82.6 81.1
95.3 81.1
648.8
1,107.3
1,323.7 1,465.7
1,621.0
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2014 2015 2016 2017 1H18
CDF holds 34.96%
shares of China Life after
the completion
of the tender offer
2017
2015~2018
Ranked among the top 5% of
the Corporate Governance Evaluation
Awards for
4 consecutive years
2010Jointly invested
CCB Life with China Construction Bank
Acquired
Winterthur Taiwan
from AXA
2007
Acquired
PCA Life
2009
1963
Established
Listed on the
Taiwan Stock
Exchange
1995
2003Professional
management team joined
2008Avoid the subprime
turmoil during financial crisis
1H18
Acquired traditional policies
from Allianz Taiwan
2016
Included into
TWSE CG 100 Index
9
369%>300% 357%
303%350%
◆
◆
◆
◆
◆
Total assets
Surpassed
NT$1 trillion
2014
Total assets surpassed NT$1.6 trillion; maintains solid capital level for a long time
China Life – Performance Highlights
Shareholders’ equityNT$bn
RBC ratio1
Note: 1. Risk-based capital ratio
Total assetsNT$bn
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to extend or arrange credit or to provide any other services.
10
2014 2015 2016 2017 1H17 1H18
70.6 79.1 100.5
126.2
60.0 66.9
83.9 83.1
90.6
80.2
38.5
70.0
FYP Renewal premium
2014 2015 2016 2017 1H17 1H18
6.51
9.17 9.47
9.08
2.34
6.26
10
162.2154.5
191.1206.4
98.5
136.9
39%
Growth with sustainable profitability; significant growth in First Year Premium income in 1H18
China Life – Profitability & Growth Momentum
Net profits
NT$bn
Total premium
NT$bn
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to extend or arrange credit or to provide any other services.
11
1H17 1H18
1% 6%6%4%4%
17%6%
11%30%
25%
53%
37%
1H17 1H18
2%10%
22% 8%
13%35%
20%
22%16%
11%27%
14%
11
38.5 70.0 13.3 14.0
Strong sales of foreign-currency denominated products, and continues to promote traditional products
China Life – Product Mix
NT$bn
FYPNT$bn
FYPE1
Traditional2-regularForeign currency-regularTraditional2-singleForeign currency-singleInterest sensitive annuity & ULInvestment-link
Traditional2-regularForeign currency-regularTraditional2-singleForeign currency-singleInterest sensitive annuity & ULInvestment-link
Note: 1. FYPE (First Year Premium Equivalent) = 10% x single & flexible premium + 20% x 2-year premium payment term +…+ 50% x 5-year premium payment term + 100% x 6-year and more premium
payment term; 2. Traditional insurance product: including traditional life, interest sensitive life, health & accident insurance product
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to extend or arrange credit or to provide any other services.
12
1H17 1H18
35%25%
9%
3%
3%
10%
41% 55%
12% 7%
Broker
Bancassurance
Group
Financial Services
Agency
1H17 1H18
17% 14%
11%6%
3%
2%
60%72%
9% 6%
Broker
Bancassurance
Group
Financial Services
Agency
12
38.5 70.0 13.3 14.0
Provides diversified channels; bancassurance and agency are the major distributors
China Life – Distribution Channels
NT$bn NT$bn
FYP FYPE1
Note: 1. FYPE (First Year Premium Equivalent) = 10% x single & flexible premium + 20% x 2-year premium payment term +…+ 50% x 5-year premium payment term + 100% x 6-year and more premium
payment term
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to extend or arrange credit or to provide any other services.
1313
2017/6/30 2017/12/31 2018/6/30
(Unit: NT$bn) Amount Weight Amount Weight Amount Weight
Deposits and Short-term
investment38.5 3.0% 23.3 1.7% 39.2 2.6%
Domestic Fixed Income 210.5 16.3% 235.2 17.2% 210.7 13.9%
Domestic Equity 112.9 8.8% 120.3 8.8% 138.8 9.1%
Loans - Mortgage 1.9 0.2% 1.6 0.1% 1.4 0.1%
Loan - Policy 28.7 2.2% 29.9 2.2% 31.5 2.1%
Real Estate 31.6 2.4% 32.1 2.4% 32.4 2.1%
Foreign Deposits 22.5 1.7% 19.1 1.5% 17.0 1.1%
Overseas Fixed Income1 804.5 62.4% 861.4 63.1% 998.4 65.8%
Overseas Equity 38.6 3.0% 41.3 3.0% 48.3 3.2%
Total Investments 1,289.7 100.0% 1,364.2 100.0% 1,517.7 100.0%
Note: 1. Including OTC Listed Int‘l Bonds. Investment amount in OTC Listed Int’l Bonds in 1H17, 2017 and 1H18 were NT$320.6bn, NT$344.6bn, NT$405.0bn, respectively.
New money mostly deployed in overseas bonds, and increased domestic equity investment
China Life – Investment Portfolio
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14
2014 2015 2016 2017 1H18
3.48% 3.45% 3.35%3.25% 3.22%
4.21%
4.58%
4.11%3.73%
3.54%
14
Cost of liability further downed to 3.22%; maintains positive spread
China Life – Investment Spread
Cost of liability1
Investment yield
Note: 1. Reserve-based cost of liability
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15
KGI Bank3.
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16
KGI Bank – Profitability
Pre-provision operating profits (PPOP), NT$bn
Note: 2014 and 2015 were pro-forma figures, including corporate banking and global market
business transferred from CDIB Capital Group
2010
Profitability Affected By Increasing Provisions Coupled With Robust Loan Growth And Deferred Tax
Asset Write-offNet profit, NT$bn
Note: 2014 and 2015 were pro-forma figures, including corporate banking and global market
business transferred from CDIB Capital Group
Profitability affected by performance of global markets; loan growth remains strong
1.2
1.1Provision,
etc.
Deferred
Tax
Asset
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17
KGI Bank – Profitability (Cont’d)
ROAA, percent
ROAE, percent
Note: 2014 and 2015 were pro-forma figures, including corporate banking and global market
business transferred from CDIB Capital Group
Note: 2014 and 2015 were pro-forma figures, including corporate banking and global market
business transferred from CDIB Capital Group
Profitability Affected By Increasing Provisions Coupled With Robust Loan Growth And Deferred Tax
Asset Write-off
Profitability affected by performance of global markets; loan growth remains strong
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18
Consumer banking still accounts for the lion’s share of net revenue
KGI Bank – Net Revenue
(NT$mm) 2014 2015 2016 2017 2Q17 3Q17 4Q17 1Q18 2Q18
Consumer banking1 4,801 5,334 4,835 4,992 1,198 1,296 1,356 1,320 1,370
Corporate banking2 3,572 2,646 2,659 2,932 707 755 725 800 826
Global markets 1,487 2,442 2,935 3,087 622 880 778 40 4
Other 1,372 536 359 482 183 348 92 138 205
Total net revenue 11,232 10,958 10,789 11,493 2,710 3,279 2,950 2,298 2,404
(% of total) 2014 2015 2016 2017 2Q17 3Q17 4Q17 1Q18 2Q18
Consumer banking1 42.7 48.7 44.8 43.4 44.2 39.5 46.0 57.5 57.0
Corporate banking2 31.8 24.1 24.6 25.5 26.1 23.0 24.6 34.8 34.3
Global markets 13.2 22.3 27.2 26.9 23.0 26.8 26.4 1.7 0.2
Other 12.2 4.9 3.3 4.2 6.7 10.6 3.1 6.0 8.5
Total net revenue 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
Note: 1. Consumer banking includes cash cards, credit cards, personal loans and other unsecured consumer loans, and branch business (e.g., wealth management, mortgage loans, and emerging
corporate loans, etc.); 2. Corporate banking includes corporate banking, commercial banking and merchant banking; 3. 2014-2015 were the pro-forma figures post CDIB Capital Group business transfer
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19
Diversified loan portfolio with robust loan growth
KGI Bank – Loans
(NT$bn) 2014 2015 2016 2017 2Q17 3Q17 4Q17 1Q18 2Q18
Corporate loans 157.3 145.2 175.7 200.8 194.2 206.5 200.8 217.0 229.7
Large corporations 142.6 133.7 161.1 181.8 177.1 187.1 181.8 197.2 209.1
SMEs 14.8 11.6 14.5 19.0 17.1 19.4 19.0 19.8 20.6
Secured consumer loans 37.8 40.7 45.8 60.8 51.2 55.5 60.8 64.2 68.8
Mortgage 37.7 40.6 45.7 60.7 51.2 55.5 60.7 64.2 68.7
Others 0.1 0.1 0.0 0.0 0.0 0.0 0.1 0.0 0.0
Unsecured consumer loans 34.2 35.0 34.5 36.0 34.9 35.5 36.0 36.1 36.7
Cash card 16.9 16.2 15.0 14.5 14.7 14.6 14.5 14.2 14.1
Personal loans 17.3 18.8 19.5 21.5 20.3 20.9 21.5 21.9 22.5
Total loans 229.3 220.9 255.9 297.7 280.4 297.5 297.7 317.4 335.1
Credit card 2.5 2.7 2.7 2.7 3.0 2.8 2.7 2.7 3.3
AR/ forfaiting/ China advance 55.6 32.3 18.6 16.8 17.2 19.1 16.8 19.6 21.1
Guarantees 12.4 12.0 10.7 11.9 11.3 14.0 11.9 13.2 14.8
Total credit 299.7 268.0 287.8 329.1 311.8 333.5 329.1 352.9 374.2
Total loans YoY/ QoQ (%) 9.8 (3.6) 15.8 16.3 3.7 6.1 0.1 6.6 5.6
Total credit YoY/ QoQ (%) 7.4 (10.6) 7.4 14.3 3.2 6.9 (1.3) 7.2 6.1
Note: 2014-2015 were the pro-forma figures post CDIB Capital Group business transfer
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20
KGI Bank – Loans (Cont’d)
(% of total) 2014 2015 2016 2017 2Q17 3Q17 4Q17 1Q18 2Q18
Corporate loans
Large corporations 62.2 60.5 63.0 61.1 63.2 62.9 61.1 62.1 62.4
SMEs 6.4 5.2 5.7 6.4 6.1 6.5 6.4 6.2 6.1
Secured consumer loans
Mortgage 16.4 18.4 17.9 20.4 18.3 18.6 20.4 20.2 20.5
Others 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Unsecured consumer loans
Cash card 7.4 7.3 5.9 4.9 5.2 4.9 4.9 4.5 4.2
Personal loans 7.5 8.5 7.6 7.2 7.2 7.0 7.2 6.9 6.7
Total loans 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
Foreign currency loans 24.7 20.5 24.7 28.2 26.2 27.5 28.2 28.6 30.7
Note: 2014-2015 were the pro-forma figures post CDIB Capital Group business transfer
Diversified loan portfolio with robust loan growth
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21
KGI Bank – Corporate Banking Loan Book
Well-diversified loan portfolio with focus on service and technology industries
Loan Breakdown By Industry
Note: 1. 2014-2015 were pro-forma figures post CDIB Capital Group business transfer; 2. Excluding data from CDC Finance & Leasing Corp. Total consolidated assets of CDC Finance & Leasing Corp.:
NT$3,974mn as of Dec. 31, 2014, NT$4,668mn as of Dec. 31, 2015, NT$4,603mn as of Dec. 31, 2016 and NT$3,974mn as of Dec.31, 2017; 2017, NT$4,256mn as of Jun. 30, 2017, NT$4,123mn as of
Sept. 30, 2017, NT$3,974mn as of Dec. 31, 2017 and NT$3,926mn as of Mar. 31, 2018, NT$4,076mn as of Jun. 30, 2018
(% of total loan) 2014 2015 2016 2017 2Q17 3Q17 4Q17 1Q18 2Q18
Services 27.6 26.0 27.0 32.0 29.2 30.8 32.0 33.5 36.2
Information, communication, tech 23.6 29.5 26.2 24.7 26.7 25.8 24.7 23.4 23.2
Real estate 9.8 9.6 7.6 9.1 8.2 8.1 9.1 8.6 8.2
Plastics, rubber 10.9 9.4 8.4 7.9 7.7 8.3 7.9 8.1 7.2
Transportation 5.5 7.3 7.7 5.0 6.3 5.8 5.0 4.9 4.4
Energy 2.6 2.2 1.8 1.6 2.3 2.1 1.6 2.1 2.3
Textiles 1.1 1.3 2.1 2.0 2.7 2.2 2.0 2.3 2.2
Others 18.8 14.7 19.2 17.6 16.9 16.9 17.6 17.1 16.4
Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
Total loans (NT$bn) 157.3 145.2 175.7 200.8 194.2 206.5 200.8 217.0 229.7
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22
Deposit breakdown, percent; total deposits, NT$bn
Demand Deposit Ratio Has Been Gradually Increasing
A shifted deposit mix has reduced funding costs
KGI Bank – Deposits
Note: 2014-2015 were the pro-forma figures post CDIB Capital Group business transfer
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23
Loan-to-deposit ratio has started to improve
KGI Bank – Liquidity
Loan-to-deposit ratio (LDR), percent
Note: 2014-2015 were the pro-forma figures post CDIB Capital Group business transfer
Loan-To-Deposit Ratio Has Improved
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24
KGI Bank – Interest Spread & Net Interest Margin (NIM)
Overall interest spread, percent
Interest Spread Decreased Due to Rate Hikes in FCY Markets
NIM, percent
NIM Continues to Stay within a Steady Range Along with Increased Lending
Note: 2014-2015 were the pro-forma figures post CDIB Capital Group business transfer
Note: 2014-2015 were the pro-forma figures post CDIB Capital Group business transfer
Interest spread and NIM have been maintained within a stable range
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25
Non-performing loan ratio, non-performing loan coverage, percent
NPL Ratio & NPL Coverage Have Remained Stable
Asset quality remained intact
KGI Bank – Asset Quality
Loan loss reserve, NT$mn; loan loss reserve coverage (LLR), percent
Stable LLR Coverage
Note: 2014-2015 were the pro-forma figures post CDIB Capital Group business transfer
Note: 1. 2014-2015 were the pro-forma figures post CDIB Capital Group business transfer; 2. Banking peers’ loan loss reserve coverage was 1.36% as of December 31, 2017
Note: Banking peers’ loan loss reserve coverage was 1.36% as of June 30, 2018
Note: Peer average NPL ratio was 0.28% and peer average NPL coverage ratio was 492.8% as of
June 30, 2018
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26
Build strategic alliances and enhance client experience to increase credit card spending
KGI Bank – Credit Cards & Cash Cards
2014 2015 2016 2017 2Q17 3Q17 4Q17 1Q18 2Q18
Credit card
Credit cards in circulation ('000) 495 506 498 452 461 449 452 431 424
Active credit cards ('000) 194 211 198 192 193 192 192 192 193
Monthly spending per credit card (NT$) 1,638 1,900 2,124 2,314 2,434 2,289 2,230 2,392 2,816
Spending (NT$mn) 9,741 11,538 12,696 12,546 3,364 3,085 3,023 3,093 3,586
Credit card revolving (NT$mn) 1,300 1,153 1,102 1,081 1,070 1,069 1,081 1,057 1,059
Cash card
Cash cards with credit line ('000) 526 516 502 494 498 496 494 493 492
Cash cards with balances ('000) 365 355 343 335 338 337 335 333 332
Cash card loan outstanding (NT$mn) 16,899 16,187 14,986 14,516 14,679 14,579 14,516 14,184 14,118
This slide is part of a presentation by China Development Financial Holding Corporation and/or its affiliates (together, “CDF”) and is intended to be viewed as part of that presentation.
The presentation has not been updated since it was originally presented, and does not constitute a commitment by any CDF entity to underwrite, subscribe for or place any securities or
to extend or arrange credit or to provide any other services.
27
KGI Bank – Net Fee Income
Wealth management is the major source of net fee income
Net Interest Income & Net Fee Income
Note: 2014-2015 were the pro-forma figures post CDIB Capital Group business transfer
(NT$mn) 2014 2015 2016 2017 2Q17 3Q17 4Q17 1Q18 2Q18
Net interest income 9,237 7,327 5,763 6,385 1,625 1,660 1,695 1,778 1,825
Net fee income 1,769 1,861 1,927 2,017 456 538 524 588 588
(NT$mn) 2014 2015 2016 2017 2Q17 3Q17 4Q17 1Q18 2Q18
Wealth management 890 926 953 1,165 254 327 344 342 291
Loans 332 399 391 374 84 91 94 105 131
TMU 333 358 421 293 68 74 40 102 124
Cards 215 178 162 185 50 46 46 39 41
Net fee income 1,769 1,861 1,927 2,017 456 538 524 588 588
Net Fee Income Mainly Generated From Wealth Management
This slide is part of a presentation by China Development Financial Holding Corporation and/or its affiliates (together, “CDF”) and is intended to be viewed as part of that presentation.
The presentation has not been updated since it was originally presented, and does not constitute a commitment by any CDF entity to underwrite, subscribe for or place any securities or
to extend or arrange credit or to provide any other services.
28
Cost-to-income ratio, percent
Effective Control Over Expenses
Maintain reasonable cost-to-income ratio during business expansion
KGI Bank – Efficiency
Note: 2014-2015 were the pro-forma figures post CDIB Capital Group business transfer Note: A higher cost-to-income ratio in 1Q18 was due to trading and evaluation losses and the ratio should return to the reasonable range once the revenue improves
This slide is part of a presentation by China Development Financial Holding Corporation and/or its affiliates (together, “CDF”) and is intended to be viewed as part of that presentation.
The presentation has not been updated since it was originally presented, and does not constitute a commitment by any CDF entity to underwrite, subscribe for or place any securities or
to extend or arrange credit or to provide any other services.
29
Capital adequacy ratio, percent
Strong Capital Adequacy Ratio
Capitalization remains solid despite robust loan growth
KGI Bank – Capitalization
Tier-1 capital ratio, percent
Note: 2014-2015 were the pro-forma figures post CDIB Capital Group business transfer
Note: 2014-2015 were the pro-forma figures post CDIB Capital Group business transfer
This slide is part of a presentation by China Development Financial Holding Corporation and/or its affiliates (together, “CDF”) and is intended to be viewed as part of that presentation.
The presentation has not been updated since it was originally presented, and does not constitute a commitment by any CDF entity to underwrite, subscribe for or place any securities or
to extend or arrange credit or to provide any other services.
30
KGI Bank – Global Markets
(% of total market value) 2014 20154 2016 2017 2Q17 3Q17 4Q17 1Q18 2Q18
TW GB, municipal 66.0 52.8 74.3 55.3 61.3 57.1 55.3 52.6 52.4
TW negotiable CD +
commercial paper0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Foreign GB 0.0 0.0 7.3 0.0 0.5 0.0 0.0 0.9 0.9
TW corporate/ bond & bank
debenture0.0 0.0 0.0 0.0 0.0 0.0 0.0 1.1 1.2
Foreign corporate/ bond &
bank debenture29.0 39.9 14.7 40.0 34.5 38.3 40.0 43.9 43.6
Equity 5.0 7.3 3.7 4.6 3.7 4.6 4.6 1.6 1.9
Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
Total market value1 (NT$mn) 108,864 74,202 128,669 115,160 152,759 153,391 115,160 133,855 127,608
Total cost1 (NT$mn) 108,956 74,953 131,072 115,927 153,856 154,224 115,927 135,663 129,463
Unrealized profits2 (NT$mn) (92) (751) (2,403) (767) (1,095) (833) (767) (1,808) (1,855)
Realized profits3 (NT$mn) 2,089 3,612 2,714 2,801 985 921 603 282 373
Breakdown of Banking Book Portfolio (Market Value)
Note: 1. Excluding bank deposits, repos, bonds and financial assets recorded at trading book (including bond trading and derivatives); 2. Unrealized loss originated from higher bond yields and widening
credit spreads in European bonds; 3. Realized profits include dividends and interest received as well as realized gains on disposal; 4. 2014-15 are pro-forma figures post CDIB Capital Group business
transfer
Banking book portfolio is focused on high-quality government/ corporate bonds and
blue-chip stocks
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31
KGI Securities4.
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32
KGI Securities – Net Revenue
Brokerage commissions were the main revenue driver
Net revenue breakdown, NT$mn
Brokerage Commissions Were KGI Securities’ Main Revenue Driver In 2Q8
This slide is part of a presentation by China Development Financial Holding Corporation and/or its affiliates (together, “CDF”) and is intended to be viewed as part of that presentation.
The presentation has not been updated since it was originally presented, and does not constitute a commitment by any CDF entity to underwrite, subscribe for or place any securities or
to extend or arrange credit or to provide any other services.
33
KGI Securities – Net Revenue (Cont’d)
Brokerage business improved on a healthier stock market
(NT$mn) 2014 2015 2016 2017 2Q17 3Q17 4Q17 1Q18 2Q18
Net brokerage/ futures/ warrant commissions 6,932 8,159 6,208 7,733 1,701 2,124 2,289 2,294 2,256
Net underwriting fees 792 667 1,041 920 214 213 303 209 154
Net fees & commissions 7,724 8,826 7,248 8,652 1,915 2,337 2,591 2,503 2,409
Net interest income 2,806 2,398 1,899 1,869 461 467 518 479 524
Net investment income 2,098 2,246 3,368 6,699 636 5,309 903 137 1,158
Other revenue 452 577 1,050 1,609 160 333 357 380 (361)
Total net revenue 13,080 14,047 13,565 18,830 3,172 8,445 4,370 3,498 3,729
Note: The figures above included the contribution from overseas subsidiaries
Revenue Improved In 2Q18 Due To Higher Profit From Brokerage & Investment Business
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to extend or arrange credit or to provide any other services.
34
KGI Securities – Profit Breakdown
Profit generated by overseas subsidiaries and Taiwan operations both improved
(NT$mn) 2014 2015 2016 2017 2Q17 3Q17 4Q17 1Q18 2Q18
Taiwan 2,433 1,943 3,201 7,227 591 5,2691
1,233 694 872
overseas Subsidiaries 805 610 (718) 850 104 322 174 277 192
Hong Kong2 556 417 (1,044) 571 65 259 67 192 119
Thailand 249 192 327 279 39 63 107 84 74
Total 3,238 2,552 2,484 8,078 695 5,591 1,406 970 1,065
(% of total profits) 2014 2015 2016 2017 2Q17 3Q17 4Q17 1Q18 2Q18
Taiwan 75.1 76.1 128.9 89.5 85.1 94.2 87.6 71.5 81.9
overseas Subsidiaries
Hong Kong2
17.2 16.4 (42.1) 7.0 9.3 4.6 4.7 19.8 11.2
Thailand 7.7 7.5 13.2 3.5 5.6 1.1 7.6 8.7 6.9
Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
Profit Breakdown By Geographical Location
Note: 1. Including a one-off valuation gain of NT$3,834mn associated with KGI Securities’ stake in China Life in 3Q17; 2. Including Singapore and Indonesia subsidiaries
This slide is part of a presentation by China Development Financial Holding Corporation and/or its affiliates (together, “CDF”) and is intended to be viewed as part of that presentation.
The presentation has not been updated since it was originally presented, and does not constitute a commitment by any CDF entity to underwrite, subscribe for or place any securities or
to extend or arrange credit or to provide any other services.
35
KGI Securities – Brokerage & Margin Loans
Brokerage business provides a stable recurring income source
(NT$mn) 2014 2015 2016 2017 2Q17 3Q17 4Q17 1Q18 2Q18
Retail 3,265 2,722 2,196 3,226 670 952 974 880 1,011
Institutional 557 507 459 491 118 135 125 146 132
Total 3,822 3,229 2,655 3,717 787 1,087 1,100 1,026 1,143
Market share (%) 8.7 8.1 8.3 8.3 8.3 8.6 8.3 8.0 8.0
(NT$mn) 2014 2015 2016 2017 2Q17 3Q17 4Q17 1Q18 2Q18
KGIS Average Balance 26,375 23,675 18,771 21,622 17,610 18,230 20,074 20,245 20,913
Market share (%) 10.0 9.5 8.6 8.4 8.5 8.3 8.3 8.4 8.3
Breakdown Of Brokerage Commissions By Client Segment (Taiwan Only)
Margin Loans (Taiwan Only)
This slide is part of a presentation by China Development Financial Holding Corporation and/or its affiliates (together, “CDF”) and is intended to be viewed as part of that presentation.
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to extend or arrange credit or to provide any other services.
36
KGI Securities – Investment Portfolio
High-quality investment portfolio
(% of total) 2014 2015 2016 2017 2Q17 3Q17 4Q17 1Q18 2Q18
Fixed-income 69.9 68.5 56.3 65.9 49.8 69.8 65.9 68.7 68.7
Corporate bond & financial debenture 46.3 26.5 37.9 40.0 33.9 41.2 40.0 38.1 40.1
Convertible bond 11.1 9.7 7.3 7.4 6.9 7.1 7.4 5.6 5.4
Exchangeable bond 0.0 0.0 0.0 0.2 0.2 0.2 0.2 0.2 0.1
Government bond 12.5 32.2 11.1 18.4 8.8 21.2 18.4 24.8 23.2
Stocks 26.0 27.9 38.5 26.4 45.4 23.8 26.4 23.5 23.7
Others 4.0 3.6 5.2 7.7 4.8 6.4 7.7 7.8 7.5
Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
Total market value (NT$mn) 85,170 72,177 60,709 56,979 63,953 57,955 56,979 62,766 67,316
Note: 1. Includes hedged position for warrants; 2. Excludes overseas subsidiaries’ balance
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to extend or arrange credit or to provide any other services.
37
CDIB Capital Group5.
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to extend or arrange credit or to provide any other services.
38
CDIB Capital Group – Direct Investment Portfolio
2014 2015 2016 2017 2Q17 3Q17 4Q17 1Q18 2Q18
Principal investment (Market value) 65,052 53,809 48,354 43,070 47,652 45,835 43,070 41,326 37,548
Greater China (NT$mn) 44,473 39,855 34,866 30,702 33,674 32,183 30,702 29,108 23,634
International (NT$mn) 20,579 13,954 13,489 12,368 13,978 13,652 12,368 12,219 13,914
Total capital invested (NT$mn) 59,277 48,221 45,235 41,563 43,126 42,764 41,563 38,833 33,651
Greater China (NT$mn) 42,097 37,141 34,180 31,045 31,777 31,424 31,045 28,293 22,382
International (NT$mn) 17,180 11080 11,055 10,518 11,348 11,340 10,518 10,540 11,270
Unrealized profits (NT$mn) 5,775 5,587 3,119 1,507 4,526 3,071 1,507 2,493 3,897
Greater China (NT$mn) 2,376 2,714 685 (342) 1,897 760 (342) 814 1,252
International (NT$mn) 3,399 2,873 2,434 1,849 2,629 2,312 1,849 1,679 2,645
Monetization of direct investment portfolio will continue
This slide is part of a presentation by China Development Financial Holding Corporation and/or its affiliates (together, “CDF”) and is intended to be viewed as part of that presentation.
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to extend or arrange credit or to provide any other services.
39
Region Taiwan Greater China International
Fund nameCreative
Fund
Healthcare
Fund
Growth
Fund
Innovation
Fund
Ali
Fund
Hua Nan
Fund
Hua Dong
Fund
Asia Partners
Fund
Funds
Partners Fund
Fund size NT$1,500mn NT$1,750mn NT$4,540mn NT$840mn US$100mn RMB1,000mn RMB1,000mn US$405mn US$169mn
Vintage yearFebruary
2013
September
2014
May
2017
March
2017
May
2016
May
2014
April
2015
March
2014
July
2015
Shareholding1 39.8% 34.3% 33.3% 35.7% 0.0% 35.0% 30.0% 24.7% 0%
Investment
target
Digital content,
fashion brands,
media and
creative
tourism
Channels and
service
providers of
medical and
healthcare-
related
industries
Technology
and
manufacturing
companies
that intend to
focus on
“smart” and
“green”
technologies
Cloud service,
mobile
internet and e-
commerce
platforms
Supporting
Taiwanese
entrepreneurs
who intend to
distribute
products and
services via
Alibaba’s
ecosystem
Digital content,
consumption
and
healthcare
Consumption,
intelligent
machinery,
environmental
protection,
communicatio
ns and
internet
Taiwanese,
South Korean
and US
companies in
Asia-Pacific
region that
seek long-
term
prospects in
China
International
private equity
fund and
portfolio
CDIB Capital Group – Focusing On Asset Management
Continue to focus on fundraising
Note: 1. CDF and its subsidiaries’ ownership percentage
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to extend or arrange credit or to provide any other services.
40
CDIB Capital Group – Focusing On Asset Management (Cont’d)
Private-equity funds continue to bear fruit on steadily increasing portfolio valuation
Note: 1. A group of funds managed by CDIB Capital Group for global institutional investors; 2. Unrealized value was based on draft GP report; 3. Figures have been converted into New Taiwan dollars
using the exchange rate on the last day of each quarter; assets under management = undrawn capital + unrealized value; realized gains have been excluded from unrealized value
2014 2015 2016 2017 2Q17 3Q17 4Q17 1Q18 2Q18
Undrawn capital 1,097 802 560 324 417 384 324 312 312
Unrealized value 486 816 1,053 1,133 1,127 1,104 1,133 1,170 1,191
Assets under management 1,582 1,617 1,613 1,457 1,544 1,488 1,457 1,482 1,503
Undrawn capital 650 1,269 697 678 678 678 678 542 484
Unrealized value 225 705 1,625 1,133 1,380 1,217 1,133 1,289 1,266
Assets under management 875 1,974 2,322 1,811 2,058 1,895 1,811 1,831 1,750
Undrawn capital 0 0 0 714 678 657 714 719 690
Unrealized value 0 0 0 125 73 93 125 117 163
Assets under management 0 0 0 839 750 750 839 836 852
Undrawn capital 0 0 0 2,653 3,000 2,755 2,653 3,569 3,569
Unrealized value 0 0 0 942 500 744 942 1,046 1,157
Assets under management 0 0 0 3,595 3,500 3,499 3,595 4,615 4,726
Undrawn capital 363 258 190 485 751 485 485 434 416
Unrealized value 37 144 564 602 335 604 602 650 628
Assets under management 400 402 754 1,087 1,086 1,089 1,087 1,084 1,044
Undrawn capital 0 299 355 382 604 444 382 332 332
Unrealized value 0 95 364 658 438 596 658 762 763
Assets under management 0 393 719 1,040 1,042 1,040 1,040 1,095 1,095
Undrawn capital 61 254 134 67 61 66 67 67 63
Unrealized value 146 169 270 382 361 363 382 393 394
Assets under management 207 423 403 449 421 429 449 460 457
Undrawn capital 0 0 96 75 86 83 75 75 71
Unrealized value 0 0 4 25 15 17 25 25 33
Assets under management 0 0 100 100 100 100 100 100 104
Undrawn capital 0 29 29 29 29 29 29 29 29
Unrealized value 0 155 133 101 121 110 101 94 85
Assets under management 0 183 161 130 150 138 130 123 114
Undrawn capital 5,549 14,237 12,129 13,432 16,173 14,097 13,432 13,673 13,455
Unrealized value 5,518 13,407 20,070 24,260 21,661 23,470 24,260 25,103 25,764
Assets under management 11,067 27,644 32,199 37,692 37,834 37,568 37,692 38,776 39,220
NT$mn Creative Fund
NT$mn Healthcare Fund
NT$mn Innovation Fund
NT$mn Growth Fund
RMBmn Hua Nan Fund
RMBmn Hua Dong Fund
US$mn Asia Partners Fund
US$mn Ali Fund
US$mn Funds Partners Fund
NT$mn Total AUM
1
2
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The presentation has not been updated since it was originally presented, and does not constitute a commitment by any CDF entity to underwrite, subscribe for or place any securities or
to extend or arrange credit or to provide any other services.
41
Portfolio Breakdown
Note: 1. Banking-related strategic investment includes Taiwan Stock Exchange Corporation; 2. Venture capital-related business excluding cash held by venture capital-related strategic investment, i.e.,
CDIB Capital Management (Hong Kong) Corporation Limited, CDIB Private Equity (China) Corporation, CDIB Capital Creative Industries Limited, CDIB Capital Healthcare Ventures Limited, CDIB Capital
Innovation Accelerator CO., Limited, CDIB Capital Growth Partners L.P., CDIB Private Equity (Fujian) Enterprise (L.P.), CDIB Yida Private Equity (Kunshan) Enterprise (L.P.), CDIB & Partners Investment
Holding Corp., and CDIB Capital International Corp.
(NT$mn) 2014 2015 2016 2017 2Q17 3Q17 4Q17 1Q18 2Q18
Strategic investment 16,253 16,484 15,121 13,872 14,057 13,631 13,872 14,340 14,164
Banking-related1 9,944 8,843 6,278 2,953 3,721 3,088 2,953 3,145 3,294
Venture capital-related2 6,308 7,641 8,843 10,919 10,335 10,543 10,919 11,195 10,870
Direct investment 28,220 23,371 19,744 16,831 19,617 18,552 16,831 14,767 9,470
Total 44,473 39,855 34,866 30,702 33,674 32,183 30,702 29,108 23,634
(% of total, percent) 2014 2015 2016 2017 2Q17 3Q17 4Q17 1Q18 2Q18
Strategic investment 36.5 41.4 43.4 45.2 41.7 42.4 45.2 49.3 59.9
Banking-related1 22.4 22.2 18.0 9.6 11.1 9.6 9.6 10.8 13.9
Venture capital-related2 14.2 19.2 25.4 35.6 30.7 32.8 35.6 38.5 46.0
Direct investment 63.5 58.6 56.6 54.8 58.3 57.6 54.8 50.7 40.1
Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
Monetization of direct investment portfolio will continue
CDIB Capital Group – Greater China Portfolio
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to extend or arrange credit or to provide any other services.
42
CDIB Capital Group – Greater China Portfolio
High-quality portfolio with focus on growth sectors
Note: Excluding strategic investment
(% of direct investment, percent) 2014 2015 2016 2017 2Q17 3Q17 4Q17 1Q18 2Q18
PC & components 19.1 16.5 21.6 29.2 27.3 26.9 29.2 30.9 13.1
Consumer & services 30.9 43.5 35.4 26.6 29.4 28.9 26.6 29.6 46.4
Semiconductor 8.6 7.8 9.8 13.4 10.6 12.1 13.4 8.7 6.3
Industrial & manufacturing 22.9 14.8 15.5 12.7 15.1 14.2 12.7 13.6 17.9
Solar 5.0 4.7 3.9 6.8 4.4 5.6 6.8 9.0 8.9
Optical 4.4 3.1 2.7 3.9 2.9 3.0 3.9 1.4 0.4
Telecom 1.8 1.8 2.2 2.1 2.1 2.0 2.1 1.3 0.2
Financial 2.6 2.5 2.9 1.5 2.7 2.8 1.5 1.8 2.8
Others 4.6 5.3 6.0 3.7 5.5 4.5 3.7 3.7 4.0
Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
Portfolio Breakdown
This slide is part of a presentation by China Development Financial Holding Corporation and/or its affiliates (together, “CDF”) and is intended to be viewed as part of that presentation.
The presentation has not been updated since it was originally presented, and does not constitute a commitment by any CDF entity to underwrite, subscribe for or place any securities or
to extend or arrange credit or to provide any other services.
43
CDIB Capital Group – Greater China Portfolio
Portfolio valuation has been affected by market movement
(% of total, percent) 2014 2015 2016 2017 2Q17 3Q17 4Q17 1Q18 2Q18
Listed 32.0 22.4 25.5 34.1 30.8 31.2 34.1 27.9 11.5
Emerging 5.0 13.5 8.9 7.3 6.8 7.5 7.3 5.9 6.5
Unlisted 63.0 64.1 65.6 58.6 62.4 61.3 58.6 66.2 82.0
Total market value 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
Total market value (NT$mn) 44,473 39,855 34,866 30,702 33,674 32,183 30,702 29,108 23,634
Total capital invested (NT$mn) 42,097 37,141 34,180 31,045 31,777 31,424 31,045 28,293 22,382
Unrealized profits (NT$mn) 2,376 2,714 685 (342) 1,897 760 (342) 814 1,252
Market Value & Capital Invested - Greater China Portfolio
Note: Including strategic investment (excluding cash held by venture capital-related strategic investment) and direct investment
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to extend or arrange credit or to provide any other services.
44
CDIB Capital Group – Greater China Portfolio (Cont’d)
Portfolio valuation has been affected by market movement
(NT$mn) 2014 2015 2016 2017 2Q17 3Q17 4Q17 1Q18 2Q18
Divestment 3,432 1,801 1,324 1,693 292 (28) 312 (248) 187
Dividends 744 1,007 585 686 44 595 10 2 29
Equity pickup 1,970 441 443 175 85 23 1 154 (138)
Remuneration 65 30 51 50 13 21 8 2 2
Impairment (1,103) (920) (915) (902) (331) (67) (503) 0 0
Valuation gain/loss - - - - - - - 965 467
Realized profits 5,108 2,359 1,488 1,701 103 544 (173) 875 548
Unrealized profits 2,376 2,714 685 (342) 1,897 760 (342) 814 1,252
Realized & Unrealized Gains/ Losses - Greater China Portfolio
Note: Including strategic investment and direct investment
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45
CDIB Capital Group – International Portfolio
Portfolio value above par and further appreciation expected
(% of international portfolio, percent) 2014 2015 2016 2017 2Q17 3Q17 4Q17 1Q18 2Q18
Third-party funds 55.1 33.7 42.1 50.4 45.4 45.8 50.4 50.9 51.3
Direct investment and co-investment 44.9 66.3 57.9 49.6 54.6 54.2 49.6 49.1 48.7
Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
Total market value (NT$mn) 20,579 13,954 13,489 12,368 13,978 13,652 12,368 12,219 13,914
Total capital invested (NT$mn) 17,180 11,080 11,055 10,518 11,348 11,340 10,518 10,540 11,270
Unrealized profits (NT$mn) 3,399 2,873 2,434 1,849 2,629 2,312 1,849 1,679 2,645
Market Value & Capital Invested - International Portfolio
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to extend or arrange credit or to provide any other services.
46
CDIB Capital Group – International Portfolio (Cont’d)
Portfolio value above par and further appreciation expected
(NT$mn) 2014 2015 2016 2017 2Q17 3Q17 4Q17 1Q18 2Q18
Third-party funds 1,155 400 284 616 119 270 172 243 70
Direct investment and co-investment 238 883 672 1,916 586 130 1,200 450 707
Realized profits 1,393 1,283 957 2,532 705 400 1,372 693 776
Unrealized profits 3,399 2,873 2,434 1,849 2,629 2,312 1,849 1,679 2,645
Realized & Unrealized Gains/ Losses - International Portfolio
This slide is part of a presentation by China Development Financial Holding Corporation and/or its affiliates (together, “CDF”) and is intended to be viewed as part of that presentation.
The presentation has not been updated since it was originally presented, and does not constitute a commitment by any CDF entity to underwrite, subscribe for or place any securities or
to extend or arrange credit or to provide any other services.
47
Financial Highlights6.
This slide is part of a presentation by China Development Financial Holding Corporation and/or its affiliates (together, “CDF”) and is intended to be viewed as part of that presentation.
The presentation has not been updated since it was originally presented, and does not constitute a commitment by any CDF entity to underwrite, subscribe for or place any securities or
to extend or arrange credit or to provide any other services.
48
Financial Snapshots – CDF
Solid balance sheet with improving financial leverage
CDF (consolidated) 2013 2014 2015 2016 2017
Total assets (NT$bn) 647.9 917.6 866.7 892.2 2,392.5
Total net worth (NT$bn) 169.1 173.9 168.8 167.1 249.2
Total assets/ net worth (X) 3.8 5.3 5.1 5.3 9.6
Net profits (NT$bn)1 8.3 10.8 8.5 5.9 11.7
EPS (NT$/ share) 0.56 0.73 0.58 0.40 0.80
Book value per share (NT$/ share) 11.05 11.41 11.18 11.17 11.60
Cash dividend per share (NT$/ share) 0.40 0.60 0.50 0.50 0.60
Adjusted ROAE (%)2 5.3 6.5 5.1 3.6 7.1
ROAA (%) 1.4 1.4 1.0 0.7 0.8
Note: 1. Excluding profits attributable to non-controlling interests; 2. Adjusted ROAE excludes non-controlling interests; 3. IFRS-compliant for periods beginning on or after January 1, 2013
This slide is part of a presentation by China Development Financial Holding Corporation and/or its affiliates (together, “CDF”) and is intended to be viewed as part of that presentation.
The presentation has not been updated since it was originally presented, and does not constitute a commitment by any CDF entity to underwrite, subscribe for or place any securities or
to extend or arrange credit or to provide any other services.
49
Financial Snapshots – China Life
China Life (consolidated) 2013 2014 2015 2016 2017
First-year premium (NT$bn) 114.4 83.9 83.1 90.6 80.2
Total premium (NT$bn) 177.2 154.5 162.2 191.1 206.4
Investment income (NT$bn) 31.6 39.2 47.2 47.1 47.4
Net profits (NT$bn) 6.0 6.5 9.2 9.5 9.1
EPS (NT$/ share) 1.75 1.88 2.64 2.50 2.40
Total assets (NT$bn) 977.6 1,107.3 1,202.6 1,323.7 1,465.7
Total net worth (NT$bn) 62.5 74.3 82.6 81.1 95.3
ROAE (%) 9.0 9.5 11.7 11.6 10.3
ROAA (%) 0.7 0.6 0.8 0.8 0.7
Note: In addition to KGI Securities’ 9.63% stake in China Life, CDF successfully completed its tender offer to acquire 25.33% (or 880mn common shares) of China Life on September 13, 2017, thereby
becoming the largest shareholder in China Life
Solid operation results supported by sustainable business growth and enhanced recurringinvestment income
This slide is part of a presentation by China Development Financial Holding Corporation and/or its affiliates (together, “CDF”) and is intended to be viewed as part of that presentation.
The presentation has not been updated since it was originally presented, and does not constitute a commitment by any CDF entity to underwrite, subscribe for or place any securities or
to extend or arrange credit or to provide any other services.
50
Financial Snapshots – KGI Bank
Improving profit source
KGI Bank (consolidated) 2013 2014 2015 2016 2017
Total assets (NT$bn) 167.1 166.9 546.2 572.1 590.1
Total net worth (NT$bn) 18.3 18.9 57.9 58.9 61.4
Total assets/ net worth (X) 9.1 8.8 9.4 9.7 9.6
Net profits (NT$bn)1 3.1 2.4 5.2 3.8 3.2
EPS (NT$/ share) 2.00 1.55 1.13 0.83 0.69
Book value per share (NT$/ share) 12.01 12.36 12.57 12.79 13.33
CAR ratio (%) 13.6 12.9 15.0 13.2 14.2
ROAE (%) 18.1 10.6 9.2 6.6 5.32
ROAA (%) 1.9 1.0 0.9 0.7 0.5
Note: 1. Excluding profits attributable to non-controlling interests; 2. The adjusted ROAE, which excluded the impact derived from the reduction of deferred tax asset (NT1.2bn), rose to 7.3% in 2017; 3.
2015 was the pro-forma figures post CDIB Capital Group business transfer; 4. IFRS-compliant for periods beginning on or after January 1, 2013
This slide is part of a presentation by China Development Financial Holding Corporation and/or its affiliates (together, “CDF”) and is intended to be viewed as part of that presentation.
The presentation has not been updated since it was originally presented, and does not constitute a commitment by any CDF entity to underwrite, subscribe for or place any securities or
to extend or arrange credit or to provide any other services.
51
Financial Snapshots – KGI Securities
Leading securities firm in Taiwan with extensive network presence
KGI Securities (consolidated) 2013 2014 2015 2016 2017
Total assets (NT$bn) 242.2 284.5 274.5 274.4 277.0
Total net worth (NT$bn) 74.7 64.5 64.6 63.6 62.0
Total assets/ net worth (X) 3.2 4.4 4.2 4.3 4.5
Net profits1 (NT$bn) 4.0 3.2 2.6 2.5 8.2
EPS (NT$/ share) 0.87 0.75 0.67 0.68 2.48
Book value per share (NT$/ share) 14.92 16.10 16.13 17.22 19.4
CAR ratio (%) 371.0 343.0 339.0 329.0 296.0
ROAE (%) 5.6 4.8 4.2 3.9 13.3
ROAA (%) 1.8 1.3 0.9 0.9 2.9
Note: 1. Excluding profits attributable to non-controlling interests; 2. IFRS-compliant for periods beginning on or after January 1, 2013
This slide is part of a presentation by China Development Financial Holding Corporation and/or its affiliates (together, “CDF”) and is intended to be viewed as part of that presentation.
The presentation has not been updated since it was originally presented, and does not constitute a commitment by any CDF entity to underwrite, subscribe for or place any securities or
to extend or arrange credit or to provide any other services.
52
Financial Snapshots – CDIB Capital Group
Leading merchant bank in Taiwan with focus on private equity
CDIB Capital Group (consolidated) 2013 2014 2015 2016 2017
Total assets (NT$bn) 413.9 471.9 72.8 73.2 55.3
Total net worth (NT$bn) 114.4 114.0 69.6 70.1 53.1
Total assets/ net worth (X) 3.6 4.1 1.0 1.0 1.0
Net profits1 (NT$bn) 6.0 8.4 4.9 1.5 3.4
EPS (NT$/ share) 0.98 1.40 1.49 0.71 1.63
Book value per share (NT$/ share) 18.52 20.09 33.76 33.99 25.95
CAR ratio (%) 18.6 17.7 108.6 148.4 N/A
ROAE (%) 5.3 7.4 5.3 2.1 5.5
ROAA (%) 1.7 1.9 1.8 2.1 5.3
Note: 1. Excluding profits attributable to non-controlling interests; 2. IFRS-compliant for periods beginning on or after January 1, 2013
This slide is part of a presentation by China Development Financial Holding Corporation and/or its affiliates (together, “CDF”) and is intended to be viewed as part of that presentation.
The presentation has not been updated since it was originally presented, and does not constitute a commitment by any CDF entity to underwrite, subscribe for or place any securities or
to extend or arrange credit or to provide any other services.
53
Quarterly Financial Snapshots – CDF
Solid balance sheet with improving financial leverage
CDF (consolidated) 2Q17 3Q17 4Q17 1Q18 2Q18
Total assets (NT$bn) 929.1 2,365.4 2,392.5 2,533.8 2,700.4
CDIB Capital Group (NT$bn) 55.3 54.1 55.3 58.7 55.5
KGI Securities (NT$bn) 289.7 297.1 276.9 297.6 313.1
KGI Bank (NT$bn) 594.4 584.5 590.1 666.7 709.5
China Life (NT$bn) - 1,424.8 1,465.7 1,509.9 1,621.0
AMC2(NT$bn) 3.3 3.3 3.4 3.4 3.3
Total net worth (NT$bn) 164.5 238.1 249.2 246.1 230.1
Total assets/ net worth (X) 5.6 9.9 9.6 10.3 11.7
Net profits (NT$bn)1 1.7 5.4 2.7 3.3 2.8
CDIB Capital Group (NT$bn) 0.7 0.9 0.9 1.3 1.2
KGI Securities (NT$bn) 0.7 5.6 1.4 1.0 1.1
KGI Bank (NT$bn) 0.8 1.2 0.4 0.7 0.9
China Life (NT$bn) - 5.3 1.5 3.7 2.6
AMC (NT$mn) 5.4 8.1 74.0 31.7 11.9
EPS (NT$/ share) 0.12 0.37 0.19 0.23 0.19
Book value per share (NT$/ share) 10.99 11.22 11.60 11.70 11.1
Adjusted Annualized ROAE (%)2 4.2 13.4 6.6 7.7 6.7
Annualized ROAA (%) 0.7 1.3 0.6 0.9 0.6
Note:1. Net profits excluded non-controlling interests; 2. Adjusted annualized ROAE excludes non-controlling interests
This slide is part of a presentation by China Development Financial Holding Corporation and/or its affiliates (together, “CDF”) and is intended to be viewed as part of that presentation.
The presentation has not been updated since it was originally presented, and does not constitute a commitment by any CDF entity to underwrite, subscribe for or place any securities or
to extend or arrange credit or to provide any other services.
54
Quarterly Financial Snapshots – China Life
Continued asset growth driven by steady total premium income
China Life (consolidated) 2Q17 3Q17 4Q17 1Q18 2Q18
First-year premium (NT$bn) 17.1 20.5 21.1 30.6 39.4
Total premium (NT$bn) 48.4 54.9 53.1 65.8 71.1
Investment income (NT$bn) 11.9 15.9 12.3 12.1 13.2
Net profits (NT$bn) 2.3 5.3 1.5 3.7 2.6
EPS (NT$/ share) 0.61 1.39 0.39 0.97 0.68
Total assets (NT$bn) 1,382.4 1,424.8 1,465.7 1,509.8 1,621.0
Total net worth (NT$bn) 85.4 86.2 95.3 91.5 81.1
Note: 1. In addition to KGI Securities’ 9.63% stake in China Life, CDF successfully completed its tender offer to acquire 25.33% (or 880mn common shares) of China Life on September 13, 2017,
thereby becoming the largest shareholder in China Life
This slide is part of a presentation by China Development Financial Holding Corporation and/or its affiliates (together, “CDF”) and is intended to be viewed as part of that presentation.
The presentation has not been updated since it was originally presented, and does not constitute a commitment by any CDF entity to underwrite, subscribe for or place any securities or
to extend or arrange credit or to provide any other services.
55
KGI Bank (consolidated) 2Q17 3Q17 4Q17 1Q18 2Q18
Total assets (NT$bn) 594.4 584.5 590.1 666.7 709.5
Total net worth (NT$bn) 59.9 61.0 61.4 61.1 58.4
Total assets/ net worth (X) 9.9 9.6 9.6 10.9 12.1
Net profits (NT$bn)1 0.8 1.2 0.4 0.7 0.9
EPS (NT$/ share) 0.16 0.25 0.08 0.15 0.19
Book value per share (NT$/ share) 13.00 13.25 13.33 13.26 12.68
CAR ratio (%) 12.9 13.0 14.2 12.7 11.6
Annualized ROAE (%) 5.1 7.8 2.5 4.6 5.7
Annualized ROAA (%) 0.5 0.8 0.3 0.5 0.5
Note: 1. Excluding profits attributable to non-controlling interests
Quarterly Financial Snapshots – KGI Bank
Solid capitalization laying foundation for potential profit growth
This slide is part of a presentation by China Development Financial Holding Corporation and/or its affiliates (together, “CDF”) and is intended to be viewed as part of that presentation.
The presentation has not been updated since it was originally presented, and does not constitute a commitment by any CDF entity to underwrite, subscribe for or place any securities or
to extend or arrange credit or to provide any other services.
56
Quarterly Financial Snapshots – KGI Securities
Profitability has been affected by market volatility
KGI Securities (consolidated) 2Q17 3Q17 4Q17 1Q18 2Q18
Total assets (NT$bn) 289.7 297.1 276.9 297.6 313.1
Total net worth (NT$bn) 62.0 59.2 61.5 62.5 61.3
Total assets/ net worth (X) 4.7 5.0 4.5 4.8 5.1
Net profits (NT$bn) 1 0.7 5.6 1.4 1.0 1.1
EPS (NT$/ share) 0.20 1.65 0.48 0.32 0.33
Book value per share (NT$/ share) 16.83 18.65 19.39 19.73 17.89
Annualized ROAE (%) 4.5 36.9 9.5 6.4 7.0
Annualized ROAA (%) 1.0 7.6 2.0 1.4 1.4
Note: 1. Net profits excluded non-controlling interest
This slide is part of a presentation by China Development Financial Holding Corporation and/or its affiliates (together, “CDF”) and is intended to be viewed as part of that presentation.
The presentation has not been updated since it was originally presented, and does not constitute a commitment by any CDF entity to underwrite, subscribe for or place any securities or
to extend or arrange credit or to provide any other services.
57
Quarterly Financial Snapshots – CDIB Capital Group
Asset monetization has been affected by capital market movement
CDIB Capital Group (consolidated) 2Q17 3Q17 4Q17 1Q18 2Q18
Total assets (NT$bn) 55.3 54.1 55.3 58.7 55.5
Total net worth (NT$bn) 50.7 51.9 53.1 56.4 52.9
Total assets/ net worth (X) 1.1 1.0 1.0 1.0 1.0
Net profits (NT$bn)1 0.7 0.9 0.9 1.3 1.2
EPS (NT$/ share) 0.34 0.42 0.45 0.65 0.58
Book value per share (NT$/ share) 24.57 25.13 25.95 27.61 25.90
Annualized ROAE (%) 4.9 6.8 7.0 9.7 8.7
Annualized ROAA (%) 4.4 6.4 6.7 9.4 8.4
Note: 1. Net profits excluded non-controlling interests
This slide is part of a presentation by China Development Financial Holding Corporation and/or its affiliates (together, “CDF”) and is intended to be viewed as part of that presentation.
The presentation has not been updated since it was originally presented, and does not constitute a commitment by any CDF entity to underwrite, subscribe for or place any securities or
to extend or arrange credit or to provide any other services.
58
Steadily Increasing FINI HoldingsAs of June 30, 2018
Top 10 Shareholders Of CDF
1. Shin Wen Investment 4.35%
2. China Life Insurance 3.76%
3. Cathay Life Insurance 2.88%
4. Jing Kwan Investment 2.79%
5. Bank of Taiwan 1.92%
6. KGI Securities 1.89%
7.Vanguard Emerging Markets Stock Index Fund, A
series of Vanguard International Equity Index Funds1.61%
8. Government of Singapore 1.53%
9. Norges Bank 1.28%
10.
JPMorgan Chase Bank N.A., Taipei Branch in
custody for Vanguard Total International Stock Index
Fund, a series of Vanguard Star Funds
1.27%
Total 23.28%
Source: Taiwan Stock Exchange
FINI shareholdings, percent
Note: Shareholding percentage will be updated after the registration date of the Regular
Shareholders’ Meeting and ex-dividend each year
CDF Shareholding Structure
FINI holdings exceed 29.4%
Note: As of April 30 for 2014, April 14 for 2015, March 18 for 2016, April 18 for 2017, April 24 for 2018
This slide is part of a presentation by China Development Financial Holding Corporation and/or its affiliates (together, “CDF”) and is intended to be viewed as part of that presentation.
The presentation has not been updated since it was originally presented, and does not constitute a commitment by any CDF entity to underwrite, subscribe for or place any securities or
to extend or arrange credit or to provide any other services.
59
1st
2nd
3rd Coco Coco
DCF DCF DCF
Coco Coco
IPO PriceIndependent
Appraisal
DCF NAV NAV
IPO Candidate
Market priceIs the issuer
listed?
Early StageExpansion SurveillanceStable
Closing price on
the valuation date
* liquidity discount
factor1
Market price
Emerging Stocks
Valuation by stage of development2
Yes
Private Placement
Listed / OTC
Average monthly turnover in
the latest quarter > average median turnover of l isted
companies during the past one year?
Valuation on the
valuation date *
liquidity discount
factor1
Is a bench marking
price
available?
Is a binding price available in the next 3
months?
Fund-raising price or put option
Is a market price available in the past 3
months?
No
Yes
Yes
Yes Yes
Yes
YesYes
No
No No
No
No
No
No
Valuation Method
Valuation system co-developed with KPMG has improved transparency
Note 2: Stages of development
IPO
Candidate
The company has a qualified IPO
plan or has signed contracts with
recommended securities firms
Stable The company has main
operations >2 years with (1)
positive retained earnings for the
recent financial years, or (2) net
profits for the past 2 years
Expansion Main operations >2 years with net
loss for the recent financial years
Early Main operations <2 years
(excluding biotech companies still
in the R&D-phase)
Surveillance The company is in trouble (e.g.,
termination of operations or
liquidation)
Valuation
Method(s) Acronyms
DCF Discounted cash flow
Coco Competitor comparison
NAV Net asset value
Note 1: Based on
Black Scholes Model Daily
Average
Price
Range
This slide is part of a presentation by China Development Financial Holding Corporation and/or its affiliates (together, “CDF”) and is intended to be viewed as part of that presentation.
The presentation has not been updated since it was originally presented, and does not constitute a commitment by any CDF entity to underwrite, subscribe for or place any securities or
to extend or arrange credit or to provide any other services.
60
CDF & Principal Subsidiaries
Organization structure
CDF and principal subsidiaries
Oversea
Greater China Region
CDC Finance
& Leasing
Corp.
華開租賃
(76.04%)
CDIB
Private Equity
(Fujian) Co. Ltd.
華開(福建)股權
投資管理
(70%)
CDIB Yida
Private Equity (Kunshan)
Co. Ltd.
華創毅達 (昆山)
股權投資管理
(65%)
*** CCIC is engaged to manage CDIB
Global Markets Limited, CDIB Capital
Investment I, II Limited and CDIB Asia
Partners Limited
CDIB 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 Yida Private Equity Mgmt.
(Kunshan) Enterprise (Limited
Partnership)
昆山華創毅達股權投
資管理企業
(有限合夥企業) (65%)
CDIB Capital
International
(Hong Kong)
Corp. Ltd.
(100%)
CDIB Capital
International
(USA) Corp.
(100%)
CDIB Capital
International
(Korea) Corp.
(100%)
CDIB Capital
Asia Partners
Limited
(100%)
Chung Hwa
Growth 4 Asset
Mgmt. Corp.
中華成長四
資產管理
(100%)
CDIB Capital Innovation
Advisors Corp.
開發創新管理顧問
(60%)
CDIB Private Equity
(Hong Kong) Co. Ltd.
(100%)
CDIB Venture Capital
(HK) Corp. Ltd.
(100%)
**CDIB Private
Equity (China)
Corp. provides
advisory service
to general
partners of CDIB
Yida Private
Equity (Kunshan)
Co. Ltd./ CDIB
Private Equity
(Fujian) Co. Ltd.
CDIB
Private Equity (China) Corp.
中華開發股權投資管理
(100%)
CDIB Capital
International
Corp. (CCIC)
(100%)
CDIB Global
Markets Limited
(100%)
CDIB Capital
Investment
I, II Limited
(100%)
CDIB
International
Leasing Corp.
中華開發
國際租賃
(100%)
* CDIB Capital
Management
Corporation is
engaged to
manage CDIB
Venture Capital
Corporation
CDIB Capital
Management
Corporation
中華開發
資本管理顧問
(100%)
CDIB Venture Capital
Corporation
中華開發
創業投資
(100%)
CDIB
Management
Consulting
Corp.
中華開發
管理顧問
(100%)
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%)
China Development Asset Management Corp.
中華開發資產管理
China Development Financial Holdings
中華開發金控
CDIB Capital Group
中華開發資本
China Life
中國人壽
KGI Securities
凱基證券
KGI Bank
凱基銀行
56% 20% 58.34% 27.08%