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Transcription

1 3~4 ( ) ( ) ( ) ( ) ( ) ( h t t p :// n e w m o p s. t s e. c o m. t w ( h t t p :// w w w. j p m r i c h. c o m. t w ) ( )

2 (02) (02) (02) (02) A (03) (03) (04) (04) (06) (06) (07) (07) service.jpmrich@jpmorgan.com (02) (02) ( ) JF Asset Management ( (852) ( ) ( ) ( ) (02) ( )

3 3 3 7 ( ) ( ) ( ) 7 9 ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 20 ( ) ( ) ( ) ( ) ( ) ( ) 22 ( ) ( ) ( ) ( )

4

5 ( ) ( ) ( ) ( ) ( ) ( ) 1. ( ) 2. ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( N A S D A Q ( ) ( ) 3

6 ( ) ( ) 1. ( ) ( ) ( N A S D A Q ( ) 2. ( ) ( ) ( ) ) ( ) ( ) ( ) ( ) ( ) ) ( ) 5. ( ) ( ) 1. 4

7 2. ( ) ( ) ( ) ( ) ( 1 ) ( ) ( 2 ) ( ) ( ) 0 1.5% 0 1.0% 0 0.8% % 0 1% 0 0.5% 5

8 ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( 0. 1 %) ( ) ( ) ( %) ( ) 6

9 ( % ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 1. ( ) 2. ( )

10 ( ) ( ) (1) A. B. C. D. ( 2 ) (3) ( ) 8

11 ( ) 3 4 ( ) ( ) ( ) 1. (1) ( a d v i s o r ) ( ) (2) ( a d v i s o r ) ( ) ( ) (3) ( ) (4) ( ) ~ 2011~ 2008/12~ 2008~ 2003~ 2005~ ~ ~ ~ ~1998 9

12 2003~ 3. ( ) ( 1 ) ( 2 ) ( 3 ) ( ( 4 ) ( / ( ) ( 5 ) ( 6 ) 10

13 ( ) ( ) JF (JF Asset Management L i m i t e d ) ( J. P. Morgan Asset Management) ( ) J F ( )

14 ( ) ( ) ( )

15 ( 1 ) Standard & Poor's Corp. B B B ( ) (2) Moody's Investors Service Baa2 ( ) (3) Fitch Ratings Ltd. BBB ( ) ( 4 ) t w B B B ( ) ( 5 ) BBB(twn) ( ) ( 6 ) B a a 2. t w ( ) ( ) 1. (1) A. B. a. b. 13

16 c. d. C. D. E. (2) A. B. C. D. ( ) E. 2. ( ) 1. (1) i. 14

17 ii. (2) i. ii. iii. iv. ( i i ) ( i i i ) 2. (1) (2) i. ii. ( ) ( ) ( ) 15

18 ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( M B S ) ( A B S ) (1) (2) ( ) 16

19 (3) (Prepayment Risk) (Refinancing) (4) (5) 4. (1) (2) (3) ( ) ( E T F ) ( ) 17

20 ( ) (1) 4 (2) ( ) 1. ( 1 ) (2) A. a. ( ) b. B. C. 18

21 19 D. ( 3 ) ( ) 2. ( ) ( ) ( ) % 0 1.0% 0 0.5% % 300 ( ) % 500 ( ) 0 0.8%

22 2. ( 1 ) ( 2 ) ( ) ( ) ( ) ( ) 1. ( ) 2. ( ( ) 1 ) 3. ( ( ) 2 )

23 ( ) ( ) 1. ( 1 ) ( 2 ) 2. ( ) ( ) ( ) (1) (2) (3) (4) 3. ( ) ( ) ( ) ( ) 21

24 ( ) 1. (1) (2) (3) 2. ( 1 ) (2) ( 3 ) ( ) ( ) 1. ( 1 ) ( % ) ( 2 ) ( % ) ( 3 ) ( 1 ) ( 2 ) 2. ( 1 ) ( 2 ) A. B. C. ( 3 ) ( 4 ) 22

25 ( 5 ) ( 6 ) ( ) ( ) 3. ( %) ( %) 2% ( ) 0.1% (1) (2) ( ) ( ) ( 81 ) ( 9 1 ) ( 99 ) (1) (2) 2. ( 1 ) 23

26 ( 2 ) (3) ( 1 ) 10% ( 2 ) 10% ( 3 ) 10% (4) ( 5 ) ( 1 ) ( 2 ) 27 ( 3 ) 24

27 ( ) 1. ( 1 ) (2) (3) (4) (5) ( 6 ) (7) 2. ( 1 ) ( 2 ) ( 3 ) ( ) 3. (1) (2) (3) ( ) ( ) 1. ( 1 ) (2) ( 3 ) ( ) 2. 25

28 ( 1 ) (2) (3) (4) (5) ( 6 ) 3. (1) (2) (3) ( 4 ) (5) (6) (7) ( 8 ) 4. ( 1 ) (2) A. a. ( ) b. c. 26

29 d. e. f. ( ) g. ( ) ( ) B. C. D. E. F. G. H. A. E. G. 27

30 (3) 12/22 12/23 12/24 12/25 12/26 ( ) (1) A. B. C. D. E. F. G. H. I. J. ( 2 ) ( 3 ) 3. ( ( ) 1 ) ( ) 28

31 ( ) ( ) (%) $ $ ( )

32 $ 1, ( ) ( ) $ 2,

33 ( ( ) ( ) ) (%) China Mobile Housing Development Finance Samsung Electronics , CIA de Bebidas das , Amer Pref ADR 1% 31

34 ( ) (%) Fed Rep of Brazil 8.5% 05/01/ Bundesrep Deut 4.75% 04/07/ France OAT 4.25% 25/04/ UK Treasury 6% 07/12/ HKSAR Govt 5.125% 01/08/14 (RegS) HK Mortgage 3.5% 04/08/ Mexican Bds Desarr Fix 7.75% 12/ Poland Govt No % 24/10/ Poland Govt No % 25/10/ Russia 7.85% 10/03/18-RegS Thailand Govt 5.85% 31/03/ US Treasury 5.25% 15/11/ Rep South Africa NoR % 03/ Malaysian Govt No % 11/ Malaysian Govt No % 09/ US Treasury 2.625% 15/08/ Petronas Cap 5.25% 12/08/19-RegS Kredit fuer Wied 2.05% 16/02/ Bank of China HK 5.55% 11/2/20-RegS Dev Bank Of Japan 2.3% 19/3/26-Intl Rabobank Nederland 1.85% 12/04/ General Elec Cap 2% 22/02/ Morgan Stanley 5.5% 02/10/ % 32

35 ( ) ( ) ( ) % ( ) % N/A ( ) ( ) ( ) % 1.88% 1.75% 1.74% 1.84% ( ) 33

36 ( ) 1. ( ) ( )

37 2. ( ) % % ( 855,046,377 1,107,094,308 ) ( ) $ 955,915, $ 1,496,308, ( 17,091,458 )( ) ,174, ( 1,352,467,914 2,347,842,089 ) ( ) 1,505,153, ,476,250, ( 315,820, ,960,491 ) ( ) 324,358, ,668, ( ) ,909, ( ) 135,282, ,181, ( ) 22,093, ,239, ,593, ,964, ,083, , ( ) 220, , ,451, ,640, ,957,151, ,859,351, ,257, ,377, ( ) 3,754, ,106, ( ) 375, , , , ( ) 27, ,025-5,474, ,964, , ,943, ,577, $ 2,930,208, $ 4,784,774, ,060, ,144,021.1 $ $

38 3. ( ) $ 40,690,350 $ 44,787, ,800, ,197,695 30,465, ,988, ,688,045 88,241, British American Tobacco (M)(CDS) 5,529,681 6,780, CNOOC Ltd 30,116,734 37,963, China Mobile 26,920,244 23,372, Li & Fung 22,306,826 35,236, China Construction Bank 'H' 22,151,382 18,558, China Merchants Bank 'H' 21,494,221 41,830, AIA Group 21,190,596 16,166, Ping An Insurance (Group) 'H' 19,456,755 33,947, Tsingtao Brewery 'H' 14,413,277 16,217, Anhui Conch Cement 'H' 12,936,871 25,630, Tingyi (Cayman Islands) Hldgs 10,670, Hang Lung Properties 9,819,581 16,188, Wumart Stores 'H' 5,120,728 6,062, China Resources Enterprise - 17,419, Tencent Hldgs - 15,043, Esprit Hldgs - 10,512, ,597, ,151, Housing Development Fin (DEMAT) 40,297,458 65,221,

39 Infosys Ltd (DEMAT) $ 27,026,216 $ 45,656, Bharti Airtel 18,121,907 23,285, ACC Ltd 11,241,856 14,297, Jindal Steel & Power 6,266,487 13,364, United Spirits 4,807,349 15,888, Ambuja Cements (DEMAT) 3,327,374 4,500, Reliance Capital (DEMAT) - 11,009, ,088, ,224, Astra Intl 23,963,081 20,500, Bank Rakyat Indonesia Persero 14,241,642 18,314, Unilever Indonesia 8,410,113 9,203, ,614,836 48,018, Samsung Electronics 49,819,339 45,835, Hyundai Motor 22,460,688 22,855, Hyundai Mobis 21,092,686 36,579, E-MART Co 11,040, POSCO 9,356,156 15,246, Shinsegae Co - 22,360, KT & G - 17,130, ,769, ,008, CIA de Bebidas das Amer Pref ADR 30,417,932 29,994, Banco Santander- Chile ADR 22,860,151 21,867, Tenaris SA ADR 13,222,089 21,595, Ultrapar Participacoes ADR 10,022, New Oriental Education ADR 9,873,374 17,738, Cemex SA ADR - 7,800, ,396,274 98,997, Magnit OJSC GDR (Reg S) 16,381,026 31,142,

40 Orascom Construction Ind GDR (RegS) $ 6,284,369 $ 13,835, ,665,395 44,978, Sberbank of Russia ADR (GR List) 14,888, Sberbank of Russia GDR (Reg S) - 36,978, ,888,781 36,978, OTP Bank 5,920,124 13,104, Walmart de Mexico 'V' 24,563,074 30,023, Grupo Financiero Banorte 'O' 14,330,444 29,600, America Movil 'L' - 15,845, ,893,518 75,470, Vale SA Pref 'A' 36,614,920 62,916, Petroleo Brasileiro (Petrobras) Pref 30,903,237 52,899, Itau Unibanco Hldg Pref 23,470,927 33,180, Cielo SA 15,122,150 13,737, OGX Petroleo e Gas Participacoes 13,947,494 27,148, Weg SA 5,741,735 7,513, All America Latina Logistica (Uts) - 12,741, ,800, ,137, MTN Group 19,392,742 28,650, African Bank Investments 13,200,474 21,900, Impala Platinum Hldgs 11,477,762 31,329, Massmart Hldgs 9,433,236 24,369, Shoprite Hldgs 8,356, Firstrand Ltd 8,309,792 10,609, Bidvest Group 5,248, RMB Hldgs 4,516,356 9,546, Naspers Ltd 'N' - 15,777, ,935, ,183,

41 Oriflame Cosmetics SDR $ - $ 13,350, Turkiye Garanti Bankasi 20,278,058 40,087, KOC Hldg 5,848,903 10,595, ,126,961 50,683, ,915,544 1,496,308, NII Hldgs - 19,174, ,174, ,915,544 1,515,482, JGB No299 (10Yr) 1.3% 20/03/19 62,001,649 88,917, JGB No311 (10Yr) 0.8% 20/09/20 11,778,307 18,219, ,779, ,137, Korea Treasury No % 10/03/15 13,560, HKSAR Govt 5.125% 01/08/14 (RegS) 65,542,769 66,524, HK Mortgage 3.5% 04/08/14 39,490,411 39,347, ,033, ,871, Australian Govt No % 15/5/21 18,021, Australian Govt No % 12/13-37,615, Queensland Try No13G 6% 14/08/13-31,627, ,021,345 69,243,

42 US Treasury 5.25% 15/11/28 $ 133,525,381 $ 128,864, UK Treasury 6% 07/12/28 100,445,164 89,305, Bank of England 2.375% 3/12(RegS) - 154,975, ,445, ,280, Bundesrep Deut 4.75% 04/07/34 109,263, ,128, Bundesschatzanw 1.5% 15/03/13 39,995, Bundesrep Deut No5 3.25% 04/07/15 30,161,874 43,329, ,421, ,457, France OAT 4.25% 25/04/19 112,295, ,631, France OAT 3.75% 25/04/17 72,101, ,864, ,396, ,496, Sweden Kingdom Of 6.75% 05/05/14-15,410, Denmark Kingdom Of 6% 15/11/11-11,425, Spain Kingdom Of 4.1% 30/07/18 46,306,758 98,753, Belgium Kingdom Of No % 09/20-52,056, Mexican Bds Desarr Fix 8% 19/12/13-26,193, Rep Of S Africa NoR % 12/26-16,440, ,490,239 1,309,631,

43 China Overseas Fin 5.5% 11/20- RegS $ 14,278,831 $ Deutsche Bahn Fin 1.65% 01/12/14 72,932, ,785, CRH Finance 7.375% 28/05/14 42,941, ,873, ,785, ,152, ,785, BHP Billiton Fin 4.125% 05/05/11-164,508, Standard Chart plc 3.85% 04/15-RegS 55,626,595 55,908, Bank of China HK 5.55% 11/2/20(RegS) 31,369,837 31,658, General Elec Cap 2% 22/02/17 101,580, ,422, Morgan Stanley 5.5% 02/10/17 18,204,010 20,766, ,784, ,188, Rabobank Nederland 1.85% 12/04/17 103,178, ,423, Rabobank Nederland 5.125% 27/10/14 10,275,386 31,003, ,454, ,426, Kredit fuer Wied 2.05% 16/02/26 84,246,546 78,914, Kredit fuer Wied 3.375% 18/08/17-30,297, ,246, ,211, Dev Bank Of Japan 2.3% 19/3/26-Intl 73,957,199 89,544,

44 Depfa ACS Bank 1.65% 20/12/16 $ - $ 77,473, Nordic Inv Bank 1.7% 27/04/17 42,072,126 39,902, European Inv Bk 4.125% 07/12/17-50,008, ,072,126 89,911, ,510, ,833, ,505,153,372 2,476,250, Canada Govt Of 3.5% 01/06/20 30,205,746 28,358, Canada Govt Of 3.75% 01/06/19 17,009,879 64,333, ,215,625 92,691, US Treasury 4.625% 15/02/17 71,855,786 68,399, US Treasury 4.5% 15/02/16 66,533,057 68,024, US Treasury 3.37% 30/11/12 31,159,028 64,052, US Treasury 2.625% 15/08/20 29,393,614 43,253, US Treasury 3.625% 15/08/19-120,735, ,941, ,464, ,157, ,156, Petronas Cap 5.25% 12/08/19(RegS) 78,200,891 81,511, ,200,891 81,511, ,358, ,668, ,829,511,373 3,014,918, ,785,426,917 4,530,401,

45 $ - $ 99,909, ,282, ,181, ,498,506 25,281, $ 2,930,208,185 $ 4,784,774, % 43

46 4. ( ) % % $ 4,784,774, $ 5,588,696, ( ) 30,054, ,984, ( ) 78,682, ,830, , ,736, ,866, ( ) 55,921, ,883, ( ) 5,592, ,888, ( ) 2,147, ,207, , , ,976, ,572, ,759, ,294, ,345, ,922,214, ( 2,351,173,440) ( 80.24) ( 3,911,073,957) ( 81.74) ( ) 71,022, ,099, ( ) ( ) ( 170,121,498) ( 5.80) 118,917, ( ) ( 21,571,349) ( 0.74) ( 24,167,704) ( 0.51) ( ) ( 78,827,921) ( 2.69) ( 123,206,048) ( 2.57) $ 2,930,208, $ 4,784,774,

47 5. ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 10 b p s ( ) 45

48 10 b p s ( ) ( ) 20 b p s ( ) 20 b p s 20 b p s ( )

49 0.46%~0.48% USD 3,750,918 $113,544,030 USD 1,818,014 $ 55,209,457 JPY 83,835 32,984 JPY 83,835 31,390 EUR ,571 EUR ,961 ZAR 604 2,265 ZAR 598 2,747 KRW 48,744 1,281 KRW 47,992 1,284 21,274,611 73,298, , ,000 $135,282,762 $129,181,130 (1.5%) (0.15%) ( ) ( ) ( ) ( ) ( ) ( ) $ 50 $ 19,999 $ 55,921,308 $ 78,883,410 $ 27,373 $ 38,056 47

50 $ 113,591,131 $ 55,255,839 $ - $ 2 $ 3,754,437 $ 6,106,362 $ 27,400 $ 120,025 ( ) ( ) $ 55,572, $ 216,597,249 $ 80,417, $ 314,151,553 1,402,380, ,747,400 2,375,899, ,603,798 11,992, ,269,507 18,901, ,039,100 11,226, ,833,824 15,716, ,279,128 9,155, ,142,376 14,685, ,976,382 48

51 ( ) ( ) 49

52 ( ) ( ) ( ) ) (%) 100 Citigroup 112, , , Deutsche 53, , , UBS 7, , ,480 7 Mitsubishi 208, ,583 0 Morgan Stanley 9, , , ~12 Deutsche 8, , , JP Morgan 30, , , HSBC 52, , , Mitsubishi 194, ,655 0 Citigroup 94,889 92, , ( ) ( ) 50

53 3 ( ) ( ) ( ) ( 1 ) (2) ( 3 ) ( 4 ) (5) ( 6 ) ( 7 ) 9. 51

54 52 18~ ~20 ( ) ( ) ( ) ( ) ( ) ( ) ( ) 7. ( ) ( ) 22~23 22~25 ( ) ( ) ( ) ( )

55 53 ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( )

56 54 ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 1. (1) (2) (3) (4) 2. 3.

57 55 ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 3~4 20~21 ( ) ( ) 1. 2.

58 ( 1 ), (2) A. B. ( ) A. B. ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 1. 56

59 ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 57

60 58 ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 25 ( ) ( ) ( ) 1. 2.

61 ( ) ( ) ( ) ( ) 59

62 ( ) ( ) ,000, ,000,000 30,000, ,000,000 ( ) ( ) ( ) ,416,170, ( JF2,648,553,817 ) ( 1,941,448,198 JF JF ) ( 512,431,666 JF JF ) G2 1,128,988,388 ( JF 7,304,123,197 ) ( JF 1,763,068,456 ) ,850,976, ,621,403, ,908,333 1,261,676,634 3,338,827,657 3,137,502,879 2,253,761,059 5,747,745,508 4,126,369,424 60

63 3. (1) ,500,000 (2) , 5 0 0, (3) , 2 0 0, (4) , 000 (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) , 0 0 0, , 5 0 0, , , , 000 3, 000, , 370, 000 1, 500, 000 3,600,000 1, 000 JF ASEAN MANAGEMENT LIMITED 1, 000 JF UNIT TRUST MANAGEMENT LIMITED 7, 000 JF INVESTOR SERVICES LIMITED 61

64 (17) (18) (19) (20) (21) (22) , 000 JFIM (KOREA) LIMITED 10, 000 JF ASSET MANAGEMENT INTERNAT I O N A L LIMITED 10, 000 JF ASSET MANAGEMENT LIMITED JF UNIT TRUST MANAGEMENT L I M I T E D 1, 000 J F ASSET MANAGEMENT INTERNATIONAL LIMITED JF Funds Limited JF Asset Management Limited 10,000 JF Asset Management International Limited 11,000 JFIM (KOREA) Limited 1,000 JF Investor Services Limited 7,000 JF Asean Management Limited 1,000 JPMorgan Funds (Asia) Limited JPMorgan Asset Management (Asia) Inc. 4. ( ) , ,000 % JPMorgan Asset Management (Asia) Inc. 30, % 62

65 63 ( ) (6 ) (12 ) (5 ) (13 ) (13 ) (83 ) (5 ) (35 ) (2 ) (5 ) (5 ) (18 ) (10 ) (3 )

66 2. ( 1 ) (2) (3) (4) (5) (6) (7) (8) (9) (10) ( 11 ) ( 1 2 ) (13) (14) ( 1 5 ) 64

67 ( ) ( ) ( ) (%) 99/01/25 EMBA ( ) ( ) ( ) 101/02/01 ( ) 101/02/01 ( ) 101/02/01 ( ) 101/02/01 New Jersey Institute of Technology, Engineering Management ( ) ( ) 65

68 ( ) (%) 101/02/01 ( ) 101/02/01 ( ) 101/02/01 ( ) 98/02/01 ( ) 100/02/01 The University of Reading ( ) 101/02/01 ( ) 99/10/01 ( ) 101/04/01 ( ) ( ) 101/05/09 Pace University, Master of Science ( ) Man Investments-Associate Director 66

69 ( ) (%) 98/02/01 ( ) 99/07/01 The University of Buckingham, Economics ( ) ( ) 96/02/01 ( ) 100/01/18 The University of Westminster, Marketing Management ( ) ( ) ( ) 100/11/01 ( ) ( ) ( ) ( ) ( ) ( ) 100/11/1 ( ) ( ) 67

70 ( ) (%) 100/11/01 ( ) ( ) ( ) ( ) ( ) 68

71 ( ) ( )

72 ( ) ( ) ( ) JPMorgan Asset Management (Asia) Inc. JPMorgan Funds (Asia) Limited % ( ) ( ) ( ) ( ) ( JF ) , ,057, ( JF , ,549, ) ( JF , ,059, ) ( JF , ,335, ) ( JF , ,437, ) ( JF ) , ,326, ( JF , ,444, ) ( JF ) , ,438, ( JF , ,043, ) , ,062, ( JF ) , ,229, ( JF , , ) , , ( JF ) , ,473, ( JF , ,759, ) , ,518, ( JF , , ) , ,441, ( , , JF - ) - ( , , JF - ) , , , , ( JF , , ) , ,531, , ,040,

73 ( ) ( ) ( JF , ,154, ) , ,416, ( JF , ,648, ) , ,941, ( JF JF ) , , ( JF JF ) G , ,128, ( JF , ,304, ) ( JF , ,763, ) , ,850, , ,621, , , , ,261, , ,338, , ,137, , ,253, , ,747, , ,126, , ,927,

74 ( ) ( ) (101) ( )

75 ( ) % % ( ) $2,246,588, $1,868,360, ( )154,279, ,122, ,166,528-8,095, ,408,033, ,060,578, ,000,000-7,000, ,778, ,100, ( 356,593,764) (12) ( 340,983,396) (13) 251,184, ,117, ,000, ,000, ,258, ,745, ,672, ,914, ,750, ,055, ,681, ,715,465 9 $2,931,900, $2,526,411, $ 1,365,418 - $ 1,060,203 - ( ) 335,688, ,634, ,914, ,955, , ,748-4,212,073-4,068, ,438, ,470, ,245, ,245, ,672, ,914, ,866,262-1,609, ,221, ,239, ,000, ,000, ,000, ,833,669-1,718, ,805, ,445, ,373, ,653, ,438,665, ,160,354, ,184,678, ,752,171, $2,931,900, $2,526,411,

76 ( ) % % $1,656,913, $1,780,168, ,300, ,199, ,806,214, ,912,367, (1,245,084,199)( 69) (1,280,903,424)( 67) 561,129, ,464, ,632,237-1,155, ,983, ,731, ,688-14,688, ,113, ,321, ,996,872 1 ( 182,275) ( 7,140,484)( 1) - - ( 6,340,070) ( 13,662,829)( 1) ,788, ,461, ( 133,397,031)( 7) ( 133,860,603)( 7) $ 432,391, $ 513,600, $ $ $ $

77 ( ) $ 300,000,000 - $ 202,118,733 $ - $ 734,733,870 $1,236,852, ,326,589 - ( 29,326,589) ,653,177 ( 58,653,177) ,600, ,600,735-1,718, ,718, $ 300,000,000 $ 1,718,278 $ 231,445,322 $ 58,653,177 $1,160,354,839 $1,752,171, $ 300,000,000 $ 1,718,278 $ 231,445,322 $ 58,653,177 $1,160,354,839 $1,752,171, ,360,074 - ( 51,360,074) ,720,147 ( 102,720,147) ,391, ,391, , , $ 300,000,000 $ 1,833,669 $ 282,805,396 $ 161,373,324 $1,438,665,819 $2,184,678,208 75

78 ( ) $ 432,391,201 $ 513,600,735 36,152,180 35,559, ,275 ( 12,688) 115,391 1,718,278 29,842,973 ( 9,022,610) 928, ,756 ( 10,758,350) ( 11,527,727) ( 694,633) ( 5,705,829) ( 493,506) 751, , ,994 ( 8,946,319) 40,921,765 ( 29,041,269) 36,858, , ,976 10,758,350 11,527, , , ,142, ,869,877 ( 61,417,765) ( 21,843,495) 15,835 47,211 ( 21,513,013) ( 14,174,996) ( 82,914,943) ( 35,971,280) 378,227, ,898,597 1,868,360,999 1,288,462,402 $ 2,246,588,061 $ 1,868,360,999 $ 163,626,439 $ 101,956,547 76

79 ( ) , 000, ( ) 1. ( 1 ) (2) (3) ( 4 ) 2. (1) (2) (3) (4) ( ) ( ) ( ) ( ) 77

80 ( ) ( ) ( ) ( ) % %( %) 10 % 4 % ( ) ( ) ( ) % ( ) ( ) JPMorgan Chase & Co. JPMorgan Chase & Co. ( ) 1. 78

81 87 ( ) 10 % ( ) ( ) 39 ( 96 ) 052 ( ) ( ) ( ) 100 ( ) JPMorgan Chase & Co. ( )( ) ( ) JF Asset Management Limited JPMorgan Asset Management(UK) Limited ( ) ( ) 79

82 ( ) ( ) ( ) (%) (%) $114,783,097 6 $ 85,181, JF Asset (%) (%) Management Limited $ 70,880,053 4 $ 41,476, (%) (%) $ 1,906, $ 1,322, JF Asset (%) (%) Management Limited $139,392, $144,909, JPMorgan Asset Management (UK) Limited 10,086, ,232, ,851,981 8 $219,710, $243,761, (%) (%) $ 312,840 - $ 312,840-80

83 (%) (%) $ 1,679,080 - $ (%) (%) $ 111,465,635 9 $115,158, ,211 - $ 111,465,635 9 $115,200, (%) (%) $ 26,053, $ 26,565, JF Asset (%) (%) Management Limited $ 4,372,056 3 $ 5,692, $1,700,000,000 $1,700,000, %~ $2,955,240 $ 43, % 99 $1,400,000,000 $1,400,000, %~ $ 816,977 $ 37, JF Asset % (%) (%) Management Limited $ 8,890,488 3 $ 10,288,831 3 JPMorgan Asset Management (UK) Limited 974,

84 10,763, ,145,280 3 $ 20,629,208 6 $ 19,434, (%) (%) $ 27,000,000 8 $ 30,000, (%) (%) JPMorgan Chase & Co. $ 34,086, $ 40,943, $ 40,000 $ 40,000 53,599,755 89,819, ,948, ,501,068 1,770,000,000 1,470,000,000 $2,246,588,061 $1,868,360, % ~ % 0.10%~0.25% $ 126,748,179 $ 152,001,037 27,287,004 31,927,843 76,202 54, , ,704 $ 154,279,278 $ 184,122, $7,000, % $7,000, % $ 113,739,584 $ 113,739,584 78,779,788 78,779,788 57,651,678 57,651, ,485, ,941,212 1,411,944 1,411,944 82

85 88,375,886 64,903, , , ,778, ,100,736 ( 356,593,764) ( 340,983,396) $ 251,184,815 $ 226,117,340 $ 25, 000, $ 25, 000, $ 50, 000, %~0.52% 0.14%~0.21% , , 149 U S $ US$ $ 20, 242, 685 $ 65, 576, 671 $ 34, 086, 930 $ 40, 943, $ 1, 833, 669 $ 1, 718, ( ) ($ 1,519,068) ($ 258,242) ($ 4,422,045) ($ 751,748) $ 2,361,519 $ 401,458 $ 1,801,323 $ 306, ,672,537 22,554, ,914,187 20,725,412 83

86 34,086,930 5,794,778 40,943,960 6,960, ,245,025 33,361, ,245,025 33,361, ,438 63,824 $365,366,011 62,112,221 $361,279,933 61,417,588 ( 33,361,654) ( 33,361,654) $ 28,750,567 $ 28,055, $ 133,397,031 $ 133,860,603 1,188,139 8,306,598 - ( 3,352,517) ( ) ( 285,617) 78,954 ( 59,385,527) ( 34,938,343) $ 74,914,026 $ 103,955, $ 507,625,900 $ 386,782, (%) % $1,438,665,819 $1,160,354, ( ) % $2,338,487 $2,322, % $11,050,667 $8,914,552 84

87 1. 10 % 2. 50% 3. ( ) ( ) 20 % 20 % 100 % ( ) $ 51,360,074 $ 29,326,589 $ - $ - 102,720,147 58,653, $154,080,221 $ 87,979,766 $ - $ $ 359, 521 $205, ( ) 10 % $ 480,949,816 $ 499,061, ,674, ,416,769 19,875,077 16,495,829 85

88 13,596,468 11,423,062 28,803,687 31,725,546 36,152,180 35,559,199 ( ) JF % ( JF ) JF % ( JF ) JF % ( JF ) JF % ( JF ) JF % ( JF ) JF % ( JF ) JF % ( JF ) JF % ( JF ) JF % ( JF ) % ( ) JF % ( JF ) JF % ( JF ) % ( ) JF % ( JF ) JF % ( JF ) % ( ) JF % ( JF ) % ( ) JF % ( JF ) % ( ) JF % ( JF ) % ( 35 ) 86

89 % ( ) % ( ) JF % ( JF ) % ( ) JF % ( JF ) JF % ( JF ) JF % ( JF ) G % ( G2 ) JF % ( JF ) JF % ( JF ) % ( ) % ( ) % ( ) % ( ) % ( ) 1. JF Asset Management Limited 35 G 2 ( ) 2. ( ) ( ) ( ) 87

90 50 % ( ) ( ) JPMorgan Asset Management Limited JPMorgan Taiwan Fund ( ) JPMorgan Asset Management (UK) Limited ( ) $24,053, ( ) $2,533,539,876 $ - $2,533,539,876 50,000,000-50,000,000 54,258,357-54,258, ,852, ,852,406 88

91 $2,174,397,437 $ - $2,174,397,437 50,000,000-50,000,000 32,745,344-32,745, ,633, ,633,220 ( 1 ) ( 2 ) (3) (1) (2) (3) (4) IFRSs ( ) 102 (IFRSs) 89

92 IFRSs ( ) IFRSs I F R S s ( ) I F R S s I F R S s IFRSs I F R S s IFRSs IFRSs IFRSs 5. IFRS IFRSs IFRS IFRSs IFRSs ( ) 90

93 ( ) 100 ( ) ( ) ( ) 100% 100% - 100% 100% - 100% 100% (%) 31% 33% -6%

94 ( ) 50 % ( ) 50 %

95 1 20 (02) A (03) (04) (07) (06) ( ) (02) (02) (02) (02) (02) (02) (02) (02) (02) (04) (02) (02) (02) (02) (02) (02) (02) (02) (06) (02) (04) (02) (07) (04) (02) (02) (02) (07) (02) (02) (02) (02) (02)

96 7 51 (02) (02) (02) (02) (02) ( ) (02) (02) (03) ( ) (02) ~6 (02) ( ) 7 28 (02) (02) (02) (02) A (03) (04) (07) (02) (06) (02) ( ) ( ) ( ) ( ) 38 (04) (02) (02) (02) (02) (02) ( ) (02)

97 95

98 96

99 ( ) ( ) ( ) ( ) 97

100 ( ) 1. ( ( ) ) 2. ( ) 1. ( ( ) ) 2. ( ) ( ) 1. (1) (2) ( 3 ) (4) (5) (6) (7) (8) (9) (10) 2. ( ) (1) JPMorgan Asset Management (Asia) Inc JPMorgan Asset Management (Asia) Inc JPMorgan Asset Management (Asia) Inc JPMorgan Asset Management (Asia) Inc (2) (3) 5. 98

101 ( ) ( 1 ) ( 2 ) (3) ( ) ( ) ( ) (Risk Review Committee, RRC) (Investment Director) ( C o m p l i a n c e ) ( M i d d l e Office) (Legal) (Risk Management) 1. (1) (2) 2. ( 1 ) ( 2 ) ( 3 ) (4) ( 5 ) (6) ( 7 ) (8) / (9) (10) 99

102 ( ) ( ) ( ) ( ) ( ) ( ) ( ) 100

103 101 ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( )

104 102 ( ) ( ) ( ) ( ( )

105 103 ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( )

106 104 ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( )

107 105 ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( )

108 106 ( ) ( ) ( ) ( ) ( ) ( ) ( )

109 ( ) ( ) ( ) ( ) ( 1 ) ( 1 ) ( 2 ) ( 2 ) ( 3 ) ( 3 ) ( 4 )) ( 4 ) ( 5 ) ( ( ) ) 107

110 108 ( ) ( ) ( ) ( ( ) ( ) ( )

111 1. ( ) ( ) ( 2. ( ) ( ) ( ) ) ( N A S D A Q ) ( ) ( ) ( / / / ) ( ) ( ) ( ) ( ) ( / ) ( ) ( ) ( ) ) ( ) 109

112 110 ( )

113 111 ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( )

114 112 ( ) ( ) ( ) ( ) ( ) ( ) ( )

115 ( ) ( ) ( ) ( ) ( ) ( ) 1. Standard & Poor's C o r p. BBB ( ) 2. M o o d y ' s I n v e s t o r s S e r v i c e Baa2 ( ) 3. Fitch Ratings Ltd. B B B ( ) 4. twbbb ( ) 5. BBB(twn) ( ) 6. Baa2.tw ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 113

116 ( %) (%) 114

117 115 ( % ) ( ) ( ) ( ) ( ) ( ), ( % ) ( ) ( ) ( )

118 116 ( ) ( ) ( ) ( )

119 117 ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( )

120 118 ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( )

121 119 ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( )

122 120 ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( )

123 121 ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( )

124 ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 122

125 123

126 ( ) ( ) ( ) ( ) 124

127 125

128 ( ( ) ) ( ( ) ( N A S D A Q ) ( N A S D A Q ) ( ) 96 4 ( ) )

129

130 ( ) ( ) ( ) ( ) 1. 2.

131 129 ( ) ( ) ( ) ( ) ( ) ( ) ( ) 3. 1.

132 130 ( ) ( ) ( ) ( ( ) ( ) ( ) ( 2. 3.

133 131 ) ( ) ( ) )

134 97 ( ( ) ) ( ( ) ) ( ) ( ) ( ( ) ) ( ( )) ( N A S D A Q )( N A S D A Q ) ( ) ( ) 132

135 ( )~( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( )~( ) ( ) ( ( ) ) ( ) ( ) ( ) ( ) 133

136 100 ( ( ) ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ) ( ) ( ) (

137 ( ) % 135

138 ( ) ( ) ( ) ( ) ( ) 2

139 137 ( ) ( )

140 ( ( ) ) ( ( ) ( N A S D A Q ) ( N A S D A Q ) ( ) ( ) ) ( )

141 139 ( ) ( ) :

142 ( ) ( % % % % % % 5.41% 4.97% 3.86%) 1. (1) ( ) (2012) ( ) 3,286,500 (BRL) BBB( ) (10 ) 2, (2011) (YOY) 0.87%(2012Q3) (10 ) ( ) PMI 51.1( ) (YOY) 5.53%( ) ( S e l i c ) , 560 3, % 2, 262 4, % % 80 ( I B G E ) % % ( P M I ) % % % I P C A % GDP( ) 11, , , (1) Bloomberg TAITRA IMF ( A n f a v e a ) , % % , % , % 85 8, , % ( I P I )

143 1, 000 C C 2, 000 C C % 1, 000 C C % 2, 000 C C 1. 6 % % 11% 5.9% ( F i a t ) , 300 ( V W ) 70 3, 900 ( G M ) ( 63 2, 200 ) ( F o r d ) ( 31 4, 000 ) ( R e n a u l t 1 9 4, 300 ) , % 1 8, % 6 5, % (2) , % 14 4, % % % 19 5, % , , , , (Santa Catarina) , 404 (Espirito Santo) 7 2, , , 800 9, 479 8, , 685 (Rio Grande do Sul) , , % (H.S.Code 8452) 2 2, 785 ( H. S. C o d e 8444 ) 7, % (3) ( S i n d i p e c a s ) , , % 111 3, % % , 671 ( %) ( 57.53%) , 739 ( , % %)

144 6, 106 ( % %) 1 7 9, 823 ( % %) , 396 ( %) , % 15 2, ( - N C M ) 13 1, ( ) 9 1, ( ) 11 2,874 TAITRA 3. ( ) ( 1 ) M T 599 M T : 00 6 % (IOF Ta x ) A D R / G D R 1. 5 % (IOF Ta x ) % (IOF Tax) (2) (3) (4) Bloomberg 1. (1) ( ) 1, (2012) ( ) 3,689,631 (CNY) AA-( ) (10 ) 7, (2011) (YOY) 7.4%(2012Q3) (10 ) 3, ( ) PMI 50.6( ) (YOY) 2%( ) W TO ( ) 10 % % C P I 2. 0 %( B l o o m b e r g / 12 ) % 7. 4 %( 2012 Q 3 ) 2012 Q 4 142

145 7. 5 % % ~ 8. 0 % 2.0%~3.0% GDP( ) 4, , , Bloomberg (IMF) TAITRA 2. (1) 2012 A ( ) % ( %) ( %) ( %) % B % 6250 ( 1498 ) % C ( ) % % % D % % 0.28 E % (2) %

146 % % % (3) % % % 3 G G G 18.0% % 3. ( ) (QFII) ( 1 ) ( 2 ) ( 3 ) Q F I I 20 % 20% ( 4 ) ( ) (5) ( 6 ) Q F I I Bloomberg 1. (1) ( ) (2012) ( ) 471,090 BBB( ) (10 ) (2011) (YOY) 4.28%(2012Q3) (10 ) 50.68( ) PMI 49.5( ) (YOY) 5.6%( ) 144

147 % 1. 0 % 1. 7 % 3. 2 % % 2. 8 % % % 3% 6% % 3. 2 % % 12 K a g i s o ( P M I ) % % % 5% GDP( ) 7, , , (1) Bloomberg TAITRA IMF 55 % Anglo Platinum N o r i l s k Nickel Impala Platinum % , , 991 1, 600-1, %( 218 ) % % % , (2) 1995 M I D P 2 0 % B M W D a i m l e r - C h r y s l e r G M F o r d F i a t N i s s a n To y o t a V W ( N a a m s a ) 2011 ( ) 53 2, , % , , %

148 49 2, , 241 N a a m s a , , % B e n z F o r d To y o t a N i s s a n B M W V W 25 % 15 % 30 25% 20% (3) (Sheet Metal Forming) ( 15 % ) 2011 ( H S CODE ) 1, 769 5, 539 ( ) 38 7, 917 ( 5 5, 400 ) % E l e c t r a M i n i n g A f r i c a P r o - P l a s A f r i c a E l e c t r a M i n i n g A f r i c a S p e c i a l i z e d U F I Pro-Plas Africa 25 ( 3. 5 ) TAITRA 3. ( ) Bloomberg 1. (1) ( ) 1,223.17(2012) ( ) 1,237,062 (INR) BBB-( ) (10 ) 1,826.81(2011) (YOY) 2.8%(2012Q3) (10 ) ( ) PMI 54.7( ) (YOY) 9.9%( ) % 19 % 36 % 38 % ( ) 146

149 5 ( 1, 000 ) 53, , % ( ) % ( P M I ) ( G D P ) 5. 7 % 5. 9 % 10 6 % % GDP( ) 46,117 53,331 60, (1) Bloomberg TAITRA IMF 30 ( F D A ) % 3, H I V 90 % (FDA) MCA TGA & COS F D A R a n b a x y G S K (2) % Hindustan Machine To o l (HMT) 32% ( 4. 8 ) ( 3 ) 46 % ( 1, 800 ) % 670 ( ) % 147

150 903 ( 1 8 ) 641 ( 1 3 ) 41% 80% (3) 2, 000 ( F O R D ) ( TO Y O TA ) ( M I T S U B I S H I ) ( H O N D A ) ( R E N A U LT ) B M W (MERCEDES BENZ) 11 (Society of India Automobile Manufacturers, SIAM) , % ( 2012 ) ( 10 ) % 45 3, , , , , % 2, % AMTEK SONA MAHINDRA BHARAT FORGE TAITRA 3. ( ) (1) (2) (3) (4) Bloomberg 148

151 1. (1) ( ) 50.01(2012) ( ) 38,230 (KRW) A+( ) (10 ) 1, (2011) (YOY) 0.1%(2012Q3) (10 ) ( ) PMI 50.1( ) (YOY) 1.4%( ) ( G D P ) 8 0 % 2010 ( + ) G D P 87.9% (Free Trade Agreement FTA) A A 2012 G D P 2.5% % G D P 3 % 9 4 % % 3. 3 % % 2. 7 % ( H S B C ) 12 ( P M I ) GDP( ) 20, , , (1) Bloomberg TAITRA IMF HSBC K O S P I 22 % L E D G D P 3 % ( S a m s u n g E l e c t r o n i c s ) D R A M NAND Flash S R A M I C ( D D I ) ( L F D ) (LCD TV) 2009 (HP) (2) K O S P I 20 % 149

152 ( H y u n d a i M o t o r ) % (3) K O S P I 17 % % ( H y u n d a i Heavy Industries) R o w a n % 3. ( ) ( 1 ) ( M O F E ) (2) ( 3 ) ( N o n - R e s i d e n t Cash Account opened Exclusively for Securities Investments) Bloomberg 1. (1) ( ) (2012) ( ) 3,787,425 (USD) AA+( ) (10 ) 15,075.68(2011) (YOY) 3.1%(2012Q3) (10 ) 49.61( ) ISM 50.7( ) (YOY) 1.8%( ) I S M 2009 I S M

153 I S M I S M % % (QE) GDP( ) 46, , , (1) Bloomberg TAITRA IMF % ( A e r o s p a c e Industry Association, AIA) , , 653 2, , % ( ATA ) 14 % 2.6% (2) ( To y o t a ) 2 ( H o n d a ) (Light Tr u c k )

154 6 0 % 8 (cash for c l u n k e r s ) % , , % 2011 (3) (American Chemistry Council) 2010 ( s h i p m e n t ) 8. 8 % , , % 23 % (US Department of Commerce) , 300 2, 040 TAITRA 3. ( ) Bloomberg 1. (1) ( ) (2012) ( ) 137,822 (EUR) AAA( ) (10 ) 3,607.36(2011) (yoy) 0.9%(2012Q3) (10 ) 38.45( ) PMI 46( ) (yoy) 2.1%( ) % 2 5, % % 1. 1 %( 2010 ) 0. 4 %( 2009 ) % % 9. 5 % % % , 100 4, % , ,

155 % % % 18.7% (IFO Business Climate Index) G D P 0. 9 % % J P M o r g a n % % GDP( ) 40, , , (1) Bloomberg TAITRA IMF ( V D M A ) ( 2011 ) % % ( + 14 %) % % 94 8, , ( 23 ) 5 32 % 38 % V D M A (2) ( Z V E I ) ( 2012 ) % 1 20 % 1 4 % (- 6 %) 1 10 % 5 % 13 % 2 % 1, 780 9% (3) ( V D A ) ( 2011 ) % 1 0 % 1 6 % 24 4, , %

156 % % 2 5, TAITRA 3. ( ) Bloomberg 1. (1) ( ) 29.17(2012) ( ) 33,252 (2011) NA (Ringgit) (10 ) (2011) (YOY) 5.1%(2011) (10 ) (2011) PMI NA (YOY) 3.2% (2011) % 2010 % ( 2011 ) ( 4, ) ( % 6, % 5, % 1, % , 328 ( ) % GDP( ) 8, , , (1) Bloomberg TAITRA IMF % 5. 2 % ,

157 %( %) (2) % 8. 8 % 6. 2 % %( %) 5. 9 % , % % (3) % % 3. ( ) 4. Bloomberg 1. (1) ( ) 7.173(2012) ( ) 414 (HKD) AAA( ) (10 ) (2011) (YOY) 1.3%(2012Q3) (10 ) ( ) PMI 51.7( ) (YOY) 3.7%( ) G D P 7. 1 % 2011 G D P 2. 8 % G D P 5. 0 % G D P 0. 7 % 1. 2 % 1. 3 % ~ 2 % ( 1. 5 %) 4. 5 % % % % % % 155

158 % % GDP( ) 31, , , (1) Bloomberg TAITRA IMF % ( H S B C ) ( P E ) % % ( Bloomberg, ) (2) % (Hutchison Whampoa Limited) 3, ( B l o o m b e r g, ) 13 O r a n g e ( O r a n g e ) 280 O r a n g e (, ) (3) % 2, ( 10 ) ( Bloomberg, ) 3. ( ) Bloomberg 156

159 1. (1) ( ) (2012) ( ) 145,870 (JPY) AA-( ) (10 ) 5, (2011) (YOY) 0.5%(2012Q3) (10 ) ( ) PMI 45( ) (YOY) -0.2%( ) ( G D P 3. 4 % G D P 5. 7 %) GDP 0.5% GDP 3.5% % % 0.5% GDP( ) 42, , , (1) Bloomberg TAITRA IMF % ( FANUC CORP. ) ( C N C ) 386 (2) %

160 % % 7. 8 % ( To y o t a ) E c o - C a r (3) % F a m i l l y m a r t 800 Fast Retailing U N I Q L O G. U ( ) Bloomberg 1. (1) ( ) ( ) , , (2) ( ) (DAX) , ,

161 (3) The World Federation of Exchanges,Bloomberg (4) ( ) (5) (BOVESPA) T+3 CATS (BOVESPA Index) 2. (1) (2) (%) ( ) NA ( ) ( ) ,716 2, ,169 1,411 1,311 1, ( ) , , , , , , , (3) (%) ( ) World Federal of Stock Exchanges,Bloomberg (4) ( ) 159

162 ( ) (5) 9:30~11:30 13:30~15:00 A 10% B 10 % S T 5 % A T + 1 B <T+0 > B < T + 3 > 3. (1) ( ) ( ) ,062 1, (2) (3) The World Federation of Exchanges, Bloomberg (4) ( ) (5) (JSE) 9:00 14:00 ( ) (COMPOSITE) , , ,563 2,883 (%) ( ) NA 5 160

163 4. (1) ( ) ( ) ,034 5,112 1,632 1,007 1,626 2, (2) (3) The World Federation of Exchanges, Bloomberg (4) 5% (5) 09:55~ 03: ( ) 5. (1) (2) ( ) , , (%) ( ) ( ) ( ) , ,528 9, , (3) ( ) , , , , (%) (%) The World Federation of Exchanges, Bloomberg 161

164 (4) 20 % (5) , :30~11:30;13:00~15:00 6. (1) ( ) ( ) ,371 2,220 13,394 11,796 NA NA 6,856 NA (2) ( ) , , ,795 18, The World Federation of Exchanges, Bloomberg (3) ( ) (4)

165 (5) ( N Y S E ) ( A M E X ( N A S D A Q ) ( ) 9:30~16:00 ( 1 ) (2) ( 1 ) ( 2 ) 10 ( 1 ) (2) (3) 3 S&P (1) ( ) ( ) ,430 1,185 24,839 22,463 12, (2) The World Federation of Exchanges, Bloomberg (3) ( ) ( ) (DAX) , , ,628 1, (4) 163

166 (5) 9:30~16:30 Xetra 8. (1) ( ) ( ) (2) The World Federation of Exchanges, Bloomberg (3) ( ) (4) ( ) A. 10 % B. (5) 9:00~12:30 14:30~17:00 SCORE 9. (1) (2) The World Federation of Exchanges, IMF, Bloomberg (3) ( ) ( ) , , ( ) ( ) ,244 1,326 2,711 2, ( ) , , , ,

167 (4) ( ) ( S F C ) % 5 (5) (1) ( ) ( ) ,281 2,280 3,828 3, ,873.48,695.6 (2) The World Federation of Exchanges, Bloomberg (3) ( ) ( ) , , , , (4) 165

168 (5) 9:00~11:00 12:30~15:00 Q U I C K REUTER BLOOMBERG 50 1, ( ) ( ) 21 ( ) ( ) ( ) ( 13~15 ) 166

169 ( ) c a l l p u t (Maturity) (Maturity) ( ) 1. ( ) ( )

170 5. 6. ( ) ( ) 1 7. ( ) ( ) 8. ( ) ( ) ( ) (1) (2) ( 3 ) ( 4 ) ( ) (5) (6) (7) ( 8 ) ( ) ( ) ( ) ( ) ( ) 1. ( ) 168

171 ( ) 2. ( ) ( ) 1 3. ( ) ( ) 10 b p s ( ) 10 b p s ( ) ( ) ( ) ( ) (1) ( 2 ) ( 3 ) ( 4 ) ( 5 ) ( ) ( ) ( ) ( ) ( ) ( 1 ) 169

172 20 b p s ( ) 20 b p s 20 b p s A. ( M a t u r i t y ) 1 1 c a l l p u t B. ( A ) ( A - A + A) ( B ) ( C ) (2) ( ) 2 3. ( ) ( ) ( ) ( ) ( ) ( ) 170

173 ( ) 1. ( ) 2. ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 3 ( ) ( ) ( ) ( ) ( ) ( ) ( ) 171

174 172

175