2016 First Half Briefing September 2016 Disclaimer This document is provided by Cathay Financial Holding Co., Ltd. (the "Company"). Except for the num

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1 2016 First Half Briefing September 2016 Disclaimer This document is provided by Financial Holding Co., Ltd. (the "Company"). Except for the numbers and information included in the Company's financial statements, the information contained in this document has not been audited or reviewed by any accountant or independent expert. The Company makes no express or implied representations or warranties as to the fairness, accuracy, completeness, or correctness of such information or opinions. This document is provided as of the date herein and will not be updated to reflect any changes hereafter. The Company, its affiliates and their representatives do not accept any responsibility or liability for any damage caused by their negligence or any other reasons, nor do they accept responsibility or liability for any loss or damages arising from the use of this document or the information contained herein or anything related to this document. This document may contain forward-looking statements, including but not limited to all statements that address activities, events or developments that the Company expects or anticipates to take place in the future based on the projections of the Company toward the future, and various factors and uncertainness beyond the Company's control. Therefore, the actual results may differ materially from those contained in the forward-looking statements. This document is not and cannot be construed as an offer to purchase or sell securities or other financial products or solicitation of an offer. This document may not be directly or indirectly reproduced, redistributed or forwarded to any other person and may not be published in whole or in part for any purpose. 2

2 Agenda Introduction of FHC Business Overview Overseas Expansion Business Performance Summary United Bank Life Century s CSR Efforts M&A Key Highlights Appendix 3 FHC: largest FHC, comprehensive products FHC Chairman: Mr. Hong-Tu Tsai President: Mr. Chang-Ken Lee 100% 100% 100% 100% 100% United Bank Century Life Asset Management Securities Venture Indovina Bank (50%) CUBC Bank (100%) Century (China) (49%) Century (Vietnam) (100%) Life (China) (50%) Life (Vietnam) (100%) Securities Investment Trust (100%) Conning Asia Pacific Limited (100%) Conning Asset Management (100%) Futures (100%) CDBS-CAM (33%) One of the largest private banks in terms of total assets No. 2 credit card issuer The largest brokerage settlement bank 2 nd biggest nonlife insurer Market share in total premium income: 13.0 (). No. 1 life insurer in terms of total assets and total premium Market share in total premium: 20.9% (). Largest AUM among asset managers in Taiwan Qualified QFII to invest in China Pursue business opportunity from QDII of China Investment banking, brokerage, and prop trading businesses Strong underwriting and capital raising platform Diversified products and services 4

3 s earnings accelerates as life turnarounds (NT$) EPS & ROE (NT$ BN) Profit contribution CUB Life % EPS 10.9% ROE % % 14.0% 12.9% 12.0% 10.0% 8.0% 6.0% FY12 FY13 FY14 FY15 FHC Life CUB % % CUB Life - FY12 FY13 FY14 FY15 0.0% 16% 53% 64% 66% Note: (1) FY13 figures do not reflect the impact from applying fair value method on investment property. (2) Since FHC has more subsidiaries other than Life and CUB, besides, due to affiliate transactions, the FHC net income might not equal to the sum of Life and CUB s. (3) EPS has been adjusted for stock dividend (stock split). 82% 50% 36% 32% FY12 FY13 FY14 FY15 5 Market leader in Taiwan s FIG sector Largest listed financials group by market capitalization and assets. Ranking of total asset (US$bn) Privately owned Government-run Fubon Taiwan CTBC Mega Cooperative Shin Kong Hua Nan First Taishin Note: Total assets as of June 30, 2016 Ranking of market cap (US$bn) R Privately owned Government-run Fubon Mega CTBC First Hua Nan Cooperative E.SUN Yuanta CDF Note: Market capitalization as of Aug.31,

4 FHC Net income & EPS Net income Adjusted EPS (NT$) % Impact to net income from fair value method on investment property (1) 31% % 57.9 Impact to EPS from fair value method on investment property 4.58 (1) FY13 FY14 FY15 FY13 FY14 FY15 Note: (1) FY13 figures reflected the impact from applying fair value method on investment property, starting 2014/1/1. The impact to FY13 net income and EPS of FHC was NT$9.0BN and NT$0.74, respectively. (2) EPS has been adjusted for stock dividend (stock split). 7 FHC Financial results of subsidiaries Net income of primary subsidiaries ROE % 15.3% 12.1% 6.2% 17.9% 4.5% 13.5% 10.3% 18.6% 13.1% CUB Life Century SITE Securities FHC CUB Life Century SITE FY14 FY15 FY14 FY % 12.9% 14.5% 12.1% 12.7% 12.3% 10.5% 11.4% 10.7% 11.4% CUB Life Century SITE Securities FHC CUB Life Century SITE 8

5 Agenda Introduction of FHC Business Overview Overseas Expansion Business Performance Summary United Bank Life Century s CSR Efforts M&A Key Highlights Appendix 9 Business overview United Bank Delivered 13% loan growth with benign credit quality Fee income grew by 9% YoY, wealth management fee grew by 19% Continued to expand overseas business; planned to open Shenzhen branch in 2H16 Life Continued value-driven strategy; FYPE grew by 53% YoY, VNB grew by 38% YoY Allocated 59% investment overseas; pre-hedging recurring yield continued to improve Maintained solid capital adequacy, RBC ratio reached 288% Century Premium income grew by 16% YoY Market share reached 13%, maintained No.2 market position Offshore business continued to grow SITE Ranked No.1 in terms of AUM, which amounted to NT$442BN Received Market Award - Taiwan by Asia Investors in 2015 and Taiwan Fund Award by Taiwan Futures Exchange, Lipper and Smart in 2016 Securities Each business line grow steadily; sub-brokerage business ranked No.1 in the industry Deepened digital technology applications and broaden clients base 10

6 FHC Book value & BVPS Book value Impact to book value from fair value method on investment property BVPS (NT$) Impact to BVPS from fair value method on investment property FY13 FY14 FY15 FY13 FY14 FY15 Note: FY13 figures reflected the impact from applying fair value method on investment property 11 Agenda Introduction of FHC Business Overview Overseas Expansion Business Performance Summary United Bank Life Century s CSR Efforts M&A Key Highlights Appendix 12

7 FHC in South East Asia China Vietnam Cambodia Hong Kong Singapore Malaysia Laos Philippines Thailand Myanmar Indonesia Bank 6* Life P&C 26 2 Asset Mgt 1 1 Securities 1 1 Note: Footprints in Thailand, Myanmar and Indonesia are representative offices. CUB obtained the approval to set up Shenzhen branch. Myanmar Laos Thailand Vietnam Cambodia Philippines Malaysia Banking - Vietnam: Business performed steadily with solid financial performance and superior asset quality - Cambodia: Owns most footprints among Taiwanese banks - Philippines: Invest 22.7% stake in RCBC* - Indonesia: Invest 24.9% stake in Bank Mayapada* Life - Life (Vietnam) has performed steadily - Continued to expand agent force - Increase footprints to extend offshore business United Bank Life Century Singapore Indonesia Century - Continue to expand local channels to enhance growth momentum Note: Investments in RCBC and Bank Mayapada are funded by Life. 13 FHC in China Life (China) United Bank Century (China) Securities Szechwan Conning Asia Pacific Limited Beijing Hubei Tianjin CDBS Asset Management Company Liaoning Shandong Jiangsu Shanghai Zhejiang Fujian Guangdong Hong Kong United Bank - Each business line has performed steadily in Shanghai branch - Planned to open Shenzhen branch in 2H16 - Life (China) - solvency ratio 275% - Reported pre-tax profits of 58MN RMB in Century (China) - Strong premium income growth of 14% YoY - Obtained approval for the capital injection from Ant Financial Securities (HK) - Each business line has performed steadily JV with China Development Bank Securities (CDBS Asset Management) - Continued to launch new products, mainly focus on fixed income funds Conning Asia Pacific Limited - Continued to expand asset management business 14

8 Agenda Introduction of FHC Business Overview Overseas Expansion Business Performance Summary United Bank Life Century s CSR Efforts M&A Key Highlights Appendix 15 United Bank Loan & deposit breakdown Loan breakdown Credit Card related Consumer Mortgage Corporate 13% 1, % 7.1% 41.3% 1, % 7.6% 41.1% Deposit breakdown Demand Deposit Time Deposit 1, , % 59.9% 1, , % % % % % Note: Totals may not sum due to rounding. 16

9 2.15% 2.13% 2.08% 2.06% 2.04% 2.03% 1.99% United Bank Interest yields Avg. rate of interest-earning assets Interest spread Net interest margin Funding cost 1.95% 1.96% 1.81% 1.78% 1.70% 1.79% 1.79% 1.79% 1.84% 1.84% 1.83% 1.84% 1.83% 1.75% 1.71% 1.26% 1.26% 1.42% 1.39% 1.33% 1.24% 1.23% 1.23% 1.20% 1.07% 1.05% 0.69% 0.70% 0.73% 0.74% 0.75% 0.82% 0.81% 0.80% 0.79% 0.74% 0.73% FY12 FY13 1Q14 1H14 FY14 1Q15 9M15 FY15 1Q16 Note: Credit card related loans are included in the calculation of interest spread. 17 United Bank Credit quality NPL & Coverage ratio NPL ratio Coverage ratio 9.01% 901% 9.39% 939% Gross provision Gross provision Recovery % 0.16% Mortgage NPL 0.07% 0.06% 1083% 10.83% % 539% % 0.14% FY14 FY15 FY14 FY15 Mortgage NPL 0.04% 0.04% 18

10 United Bank SME & FX loans SME loans Foreign currency loans FY12 FY13 FY14 FY15 As % of total loans FY12 FY13 FY14 FY % 10.5% 10.5% 10.6% 9.7% 15.1% 16.1% 16.6% 13.3% 12.1% Note: Total loans exclude credit card revolving balance. 19 United Bank Offshore earnings Offshore earnings As % of CUB pre-tax profits 9% % 42.7% % % % % 42.4% 46.1% 36.3% FY12 FY13 FY14 FY15 FY12 FY13 FY14 FY15 20

11 United Bank Fee income Fee income breakdown (quarterly) Fee income breakdown (annual) Others Syndicated loans FX Wealth management Cards related % 8.2% 10.9% 2.9% 53.5% % 6.9% 2.2% 58.5% Others Syndicated loans FX Wealth management Cards related 19% % % % % Note: Totals may not sum due to rounding. FY12 FY13 FY14 FY15 21 United Bank Wealth management fee Wealth management fee breakdown (NT$MN) FY13 FY14 FY15 Wealth Management Fee Income 4,528 5,388 5,163 6,673 8,779 YoY growth (%) 60.3% 19.0% 32.6% 29.2% 31.6% FY13 FY14 FY15 6,097 4,473 3,010 3,862 1, Mutual Funds Structured products & Securities Trust & Custody Insurance 2,386 2,307 2,038 Mutual Funds Structured products & Securities Trust & Custody 2,532 Insurance Note: (1) Wealth management fee excludes revenue from DCI, SI and others. (2) Totals may not sum due to rounding. 22

12 Agenda Introduction of FHC Business Overview Overseas Expansion Business Performance Summary United Bank Life Century s CSR Efforts M&A Key Highlights Appendix 23 Life Total premium Total premium (quarterly) 0.0% 19.1% 2.9% 14.4% % Interest sensitive annuity Investment-linked (non-vul) 0.0% 7.8% 2.4% 14.4% Investment-linked (VUL) Health, accident and others Traditional life 25.2% 4.3% 5.4% 13.1% Total premium (annual) % 17.9% 2.7% 14.6% 63.5% % 52.0% % FY10 FY12 FY13 FY14 FY15 Note: Totals may not sum due to rounding. 24

13 Life FYP & FYPE First Year Premium Interest sensitive annuity Investment-linked (non-vul) Investment-linked (VUL) Health, accident and others Traditional life single paid Traditional life regular paid % 0.0% 52.7% 0.1% 3.8% 1.7% 41.7% % 24.6% 0.1% 4.4% 1.0% 69.8% Annualized First Year Premium Interest sensitive annuity Investment-linked (non-vul) Investment-linked (VUL) Health, accident and others Traditional life % % 53% % % % 13.1% 0.2% 8.5% 78.2% % Note: Totals may not sum due to rounding. 25 Life Regular paid policies remain as focus Breakdown of Traditional FYP Traditional life single paid Traditional life - 2 year regular paid Traditional life - 3 year and above regular paid Value for New Business Profit Margin VNB/FYP 26% 39% VNB/FYPE 59% 53% 6.1% 3.0% 1.4% 3.9% 2.9% % % 42.8% 93.1% 95.7% 5.0% 51.1% 34.4% FY12 FY13 FY15 Note: Totals may not sum due to rounding. Profit Margin FY12 FY13 FY14 FY15 VNB/FYP 19% 26% 23% 27% VNB/FYPE 54% 70% 75% 57% 3% 4% % 57.6 FY12 FY13 FY14 FY15 26

14 Life Cost of liability Cost of liability (quarterly) Cost of Liability (annual) 5.40% 4.54% 5.07% 4.43% 4.41% 4.38% 4.34% 4.33%4.31% 4.83% 4.78% 4.63% 4.54% 4.43% 4.33% 4.29% FY13 FY14 1Q15 9M15 FY15 1Q16 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 Note: The figures of cost of liability are reserve-based. 27 Life Investment portfolio 4Q13 4Q14 4Q15 Total investments (1) 3, , ,785.6 Weight Weight Weight Amount Weight Amount Yield Cash & Cash equivalents 3.7% 3.2% 1.3% % % Equity- Domestic 8.9% 8.4% 7.4% % % Equity- International (2) 4.9% 5.0% 6.2% % % Bond- Domestic 14.4% 11.0% 8.0% % % Bond- International (1)(2) 38.9% 43.6% 50.6% 2, % 2, % Mortgage & Secured loans 12.2% 12.7% 10.2% % % Policy loans 4.7% 4.0% 3.6% % % Real estate 10.6% 10.5% 10.5% % % Others 1.7% 1.6% 2.1% % 95.7 Note: (1) Total assets excluded separate account assets; international bond includes foreign currency deposit and related adjustments (2) Yields of international equity and international bond are pre-hedge investment yields. 28

15 Life Investment performance highlight After-hedging investment yield After-hedging investment yield (annual) 4.1% 4.4% 5.1% 3.8% 3.9% 4.4%* 4.1% 4.3% 4.2% 1H13 1H14 FY12 FY13 FY14 FY15 Note: FY13 (4.4% ) was pro forma adjusted number of fair value method on investment property. 29 Life Investment performance highlight Pre-hedging recurring yield Pre-hedging recurring yield 3.6% 3.4% 3.2% 3.3% 3.1% 2.9% 3.0% 3.2% 3.3% (2) FY12 FY13 FY14 FY15 Currency Hedging Structure 1H13 1H14 FX policy 30% Proxy & Open 16% Note: (1) Pre-hedging recurring income doesn t include capital gains but rental, interest revenue and cash dividend. Most dividend will be recognized in 2Q & 3Q. (2) FY13 (3.3%) was pro forma adjusted number of fair value method on investment property. FX risk Exposure 70% FX Asset NT$2.83 TR AFS 23% Currency Swap & NDF 61% Hedging Cost 0.67% 30

16 Life Cash dividend & Overseas fixed income by region Cash dividend Overseas Fixed Income by Region* Others Asia Pacific Europe North America 15% 11% 12% 14% % 24% 24% 24% % 20% 18% 19% 7.3 July % 44% 45% 43% FY13 FY14 FY15 7M16 FY13 FY14 FY15 Note: Exclude overseas deposit and equity. 31 Life Book value & Unrealized G/L of AFS financial assets Book value Impact to book value from fair value method on investment property Unrealized G/L of AFS financial assets FY13 FY14 FY FY13 FY14 FY15 7M16 (Unaudited) Note: FY13 figures reflected the impact from applying fair value method on investment property 32

17 Life Distribution channel First Year Premium Annualized First Year Premium 1.3% 1.8% 25.2% 19.7% Others Bancassurance-CUB Tied agents 1.8% 2.1% 19.5% 16.9% 73.5% 78.5% 78.7% 81.0% Note: Totals may not sum due to rounding. 33 Life Operational indicators Persistency ratio Expense ratio 97.6% 98.0% 95.4% 90.6% 10.1% 10.3% 13 months 25 months 34

18 Agenda Introduction of FHC Business Overview Overseas Expansion Business Performance Summary United Bank Life Century s CSR Efforts M&A Key Highlights Appendix 35 Century Premium income Premium income % 16.7% 2.7% 4.0% 16.2% % 2.4% 3.3% 15.1% Premium income (annual) Others Engineering Marine Fire % Auto % 15.4% % 3.7% % 5.8% % % % 57.7% % Market share 12.2% 13.0% Retention 74.3% 74.3% FY12 FY13 FY14 FY % 74.3% 13.4% 76.1% 13.6% 13.3% 76.9% 74.9% Note: Totals may not sum due to rounding. 36

19 Century Distribution Distribution channel Distribution channel (annual) Affiliate channels P&C agents group channel 0.1% 0.1% 0.3% 0.3% 0.3% 0.3% 39.0% 38.2% 37.6% 37.3% 37.8% 38.3% 60.9% 61.7% 62.1% 62.4% 61.9% 61.4% FY12 FY13 FY14 FY15 Note: Totals may not sum due to rounding. 37 Century Combined ratio Gross combined ratio Gross expense ratio Gross loss ratio Retained combined ratio Retained expense ratio Retained loss ratio 85.2% 32.8% 52.4% 111.7% 30.4% 81.3% 94.7% 91.7% 37.8% 35.0% 56.9% 56.7% 90.7% 85.3% 31.1% 32.3% 59.6% 53.0% 99.3% 93.2% 35.8% 37.1% 63.5% 56.1% FY14 FY15 FY14 FY15 38

20 Agenda Introduction of FHC Business Overview Overseas Expansion Business Performance Summary United Bank Life Century s CSR Efforts M&A Key Highlights Appendix 39 Continuous efforts in CSR Recognized the highest ranking of IDTR in A++ A++ Ranked Top 7 of Taiwan Corporate Citizenship Award Top 7 among Taiwan companies Top 2 in Financial sector in Taiwan A A- A CDP disclosure score exceeded the worldwide industry average The leader to be recognized by DJSI and Equator Principles Top 1 among Taiwan life insurance companies Top 2 in Taiwan financial sector Top 1 in Taiwan Top 6 in Asia Note: 1. Information Disclosure and Transparency Ranking (IDTR) is an important evaluation initiated by TWSE. 2. Taiwan Corporate Citizenship Award is ranked by Taiwan Common Wealth Magazine. 3. CDP has the largest database of corporate climate change related information. 40

21 Incorporate in the DJSI emerging markets index FHC has been selected as a DJSI Emerging Markets Component in Sep FHC is committed to develop ESG in the long term. The company attained the highest rating of A++ from TWSE Information Disclosure and Transparency Ranking, and became one of the top 5% of listed companies in Corporate Governance Evaluation of Taiwan DJSI in the World Dow Jones Sustainability Index (DJSI) launched in 1999, which is based on an analysis of corporate economic, environmental and social performance and select top 10% performers in each industry as its index components. The DJSI now is the most recognized sustainability index in the world. 41 CUB is the first EPFI in Taiwan EPFIs in the World 82 Equator Principles Financial Institutions (EPFIs) in 36 countries have officially adopted the EP as of March of EPFIs are Asian financial institutions. North Latin Middle Region Europe Africa Oceania Asia America America East EPFIs no China - 1 Japan - 4 India - 1 Taiwan

22 Agenda Introduction of FHC Business Overview Overseas Expansion Business Performance Summary United Bank Life Century s CSR Efforts M&A Key Highlights Appendix 43 M&A Transaction: Conning in USA Life acquired 100% stake of Conning Holdings Corporation in 2015 for US$240 million. P/AuM was 0.26% upon announcement FHC expected to expand its global presence in asset management and realize Banking + Insurance + Asset Management strategy Conning Asset Management Founded in 1912, Conning is a leading global investment management firm focusing on insurers and pension funds. It ranks as top 10 globally in insurance mandate with $103.5 billion AuM (1Q16) Conning operates through its offices in North America, Europe and Asia Assets by Client Type (US$BN) Assets Property-Casualty 42.5 Life 43.6 Managed CLO Funds 8.7 Pension Plans 3.2 Healthcare 1.6 Banks 1.6 Others 2.3 Total AUM Assets by Region (US$BN) Assets North America 78.0 United Kingdom 5.5 Bermuda 1.3 Continental Europe 2.4 APAC 16.2 Other 0.2 Total AUM Note: Totals may not sum due to rounding. 44

23 M&A Transaction: RCBC in Philippines Life invested in 20% shares of Rizal Commercial Banking Corporation ( RCBC ) with 3 board seats of the company in Total investment was PHP17.92 billion (c. US$400 million). Post-money P/B was c.1.57x upon announcement Life may increase its investment in RCBC via placement or open market purchase, up to 30% RCBC s Performance RCBC is one of the large private-owned banks in terms of total assets, with 448 branches and about 6,000 employees Total loan ROE ROA (PHP$BN) % 1.6% % 11.0% 9.4% 9.8% 9.2% 9.3% 8.8% 1.4% 1.3% 1.0% 1.2% 1.2% 1.1% 1.1% FY13 FY14 FY15 FY13 FY14 FY15 FY13 FY14 FY15 RCBC Industry RCBC Industry 45 M&A Transaction: Bank Mayapada in Indonesia Life is in the process of acquiring a 40% stake in PT Bank Mayapada International, Tbk ( Bank Mayapada ) Stage 1 acquire 24.9% stake (USD 164 mn) completed in Stage 2 acquire 15.1% stake subject to OJK s approval Total investment will be ~IDR3.52tn (USD 295 million), representing a ~3.15x P/B multiple upon announcement Bank Mayapada s Performance Total loan ROE ROA (IDR$TR) % 18.1% 16.7% 16.5% 17.7% 22.8% 13.6% 13.1% 2.3% 1.9% 2.1% 1.6% 2.2% 1.8% 1.8% 1.4% FY13 FY14 FY15 FY13 FY14 FY15 FY13 FY14 FY15 Bank Mayapada Industry Bank Mayapada Industry 46

24 Embedded Value & Appraisal Value Valuation date 2014/12/ /12/31 In-force business investment yield Future one year s new business investment yield 4.01% ~ Year % for NTD policies 4.40% ~ Year % for USD policies 2.75% ~ Year % for Interest crediting annuity (Equivalent investment yield: 4.46% rolling over to 2015: 4.49%) 2.54%~ Year % for NTD policies 4.47% ~ Year % for USD policies 2.19% ~ Year % for Interest crediting annuity 3.95% ~ Year % for NTD policies 4.67% ~ Year % for USD policies 2.77% ~ Year % for Interest crediting annuity (Equivalent investment yield: 4.40%) 2.96%~ Year % for NTD policies 4.37% ~ Year % for USD policies 1.98% ~ Year % for Interest crediting annuity Risk discount rate 10% 10% Adjusted net worth Value of in-force business Cost of capital (CoC) Value of in-force business (After CoC) Embedded Value (EV) EV / per share (56.4) (58.5) Appraisal Value (AV) 1,191 1,249 Value of future one year s new business (After CoC) AV / per share (94.8) (99.4) Note: (1) EV/AV calculation does not include business of Life in China and Vietnam. (2) per share = per share of Life; (per share) = per share of FHC (3) The outstanding shares of Life and FHC are 5.3bn and 12.6bn,respectively. (4) May not sum to total due to rounding. 47 Summary Embedded value Valuation date Growth rate 1Q16 Equity % -- Adjusted net worth % -- Value of in-force business % -- Cost of capital (CoC) % -- Value in-force business (after CoC) % -- Value of one year s new business Appraisal value (20 years NB) Basic Value per share Embedded value % -- First year premium (FYP) % 52.1 First year premium equivalent (FYPE) % 39.8 Value of one year s new business (V1NB) % 20.5 Profit margin (V1NB/FYP) 23% 27% -- 39% Profit margin (V1NB/FYPE) 75% 57% -- 51% Profit margin (V1NB/FYP)(investmentlinked(non-VUL)is excluded) 53% 53% -- 50% Multiple Appraisal value 1,191 1,249 5% -- EV / per share of FHC % -- AV / per share of FHC % -- Note: (1) Basic EV and AV per share is based on weighted average of outstanding shares 12.6bn. (2) Totals may not sum due to rounding. 48

25 Economic Assumptions: In-force business investment yield Investment return assumptions for the value of in force business of NTD-denominated policies as of the end of 2014 & Investment return assumptions for the value of in force business of USD-denominated policies as of the end of 2014 & Economic Assumptions: Future one year s new business investment yield Investment return assumptions for the value of future one year s new business of NTDdenominated policies as of the end of 2014 & Investment return assumptions for the value of future one year s new business of USDdenominated policies as of the end of 2014 & Policy Year Policy Year 50

26 Fair Value of Insurance Contracts: Risk-free Rate (NTD) Calculate 3-yr daily MA yield curve based on the zero coupon yield curve announced by OTC (Svensson) and use the extrapolation method provided by EU Solvency II QIS 5 to contruct the complete yield curve. 5.00% 4.50% 4.00% Construct Yield Curve Based on Spot Rates of Year 1-10 Spot Rate (incl. liquidity premium 3.50% Spot Rate 3.00% 2.50% 2.00% 1.50% 1.00% 10-yr Spot Rate 1.44% 30-yr Spot Rate 2.72% 100-yr Spot Rate 3.73% Single Equivalent Discount Rate 2.76% Calculated Based on Net Cash Flows as of Dec. 31, % 0.00% Note:The Spot Rate mentioned above refers to 3-yr daily MA yield curve. 51 Fair Value of Insurance Contracts: Liquidity Premium If insurers apply fair value model for investment property, their insurance liabilities should also be assessed under fair value basis. Taiwan adopts a relatively strict standard of liquidity premium compared to the international level of 0.5%~1%. NTD 4% : 1.50% NTD 4% : 0.80% 4% : 0.25% 4% : 0.25% Mandatory 0.5% ~ 1.0% Non-NTD 0.25% Non-NTD 0.25% NT Equivalent Level 0.57% Based on Life s product structure and the regulations on liquidity premium, the equivalent level is 0.57%. According to the regulations on liquidity premium mentioned above, Life s reserve is enough and allowed to recognize after tax full amount of investment property appraisal gain under fair value method into shareholder s equity. 52

27 Special reserve of unrealized gains on property (20%) Retained as special reserve in liability 44.3 (80%) Recovered over 5 years (capped at NT$10bn per year). Such accounting profit is restricted from dividend payout. (2) Net unrealized gains on investment property (1) Negative impact of first adoption Special reserve of unrealized gains on property Note: (1) Net unrealized gains on investment property is calculated by discounting rental income at industry average WACC(3.29%), net of related taxes. The amount is therefore well below the property market value. (2) The recovery of such special reserve is subject to regulatory approval each year. Hence, the actual recovery depends on the fair valuation results each year. 53 Illustration of 2013 pro forma BV of FHC Financial Holdings Life United Bank Appraisal gain based on fair value method on 2013/1/1 Appraisal gain from property reclassification Additional property appraisal gain in 2013 Impact to CUB from fair value method Intercompany adjustments Consolidated impact to FHC (Original) FHC book value (New) Pro forma FHC book value Note: Totals may not sum due to rounding. 54

28 Capital adequacy FHC CAR (%) CUB Capital Adequacy (%) BIS Tier Tier FY13 FY14 FY15 Life RBC(%) FY13 FY14 FY FY13 FY14 FY15 55 Life Overseas bond breakdown by currency and rating Overseas bond by currency () Overseas bond by rating () Euro, 0.4% KRW, 0.4% AUD, 1% Others, 1% CNH, 4% Non-IG, 5% Fully hedged to USD USD, 92% IG, 95% Note: Totals may not sum due to rounding. 56

29 Financial Holdings FY15/ / 2Q16/ (NT$MN) FY14 2Q15 Income Statement Data (Consolidated) FY14 FY15 % Chg % Chg 2Q15 2Q16 % Chg Operating Income Net interest income 125, ,962 12% 66,310 76,073 15% 33,431 38,486 15% Net commission and fee 369 (4,480) -1313% (1,299) (3,694) 184% (1,636) (683) -58% Net earned premium 488, ,858 10% 247, ,944 23% 134, ,013 18% Change in liability reserve (290,800) (306,598) 5% (159,253) (200,572) 26% (88,887) (106,242) 20% Net claims payment (285,869) (309,104) 8% (133,480) (147,989) 11% (68,744) (74,663) 9% Investment income 75,751 63,734-16% 43,534 19,660-55% 30,984 10,660-66% Contribution from associates-equity method 168 1, % % % Other net non-interest income 3,449 14, % 14,445 10,816-25% 3,760 5,196 38% Bad debt expense (2,982) (2,467) -17% (167) (2,310) 1285% (55) (1,673) 2968% Operating expense (57,477) (65,067) 13% (28,412) (35,938) 26% (14,638) (18,903) 29% Income before taxes 56,058 67,132 20% 49,078 19,752-60% 29,172 11,451-61% Income taxes (6,427) (9,250) 44% (7,844) (5,509) -30% (6,047) (5,546) -8% Net income 49,631 57,882 17% 41,234 14,243-65% 23,125 5,905-74% EPS (NT$) Dividend Payout Cash dividend per share Stock dividend per share Weighted average outstanding shares 12,563 12,563 12,563 12,563 (Millions of shares) Balance Sheet Data Total assets 6,944,837 7,568,975 7,122,539 7,807,699 Total shareholders' equity 439, , , ,655 Operating Metrics ROAE (Consolidated) 12.10% 12.86% 18.91% 6.21% ROAA (Consolidated) 0.76% 0.80% 1.17% 0.37% Double leverage ratio(inc. preferred stock) 113% 111% 115% 111% Capital Adequacy Metrics Capital Adequacy Ratio 144% 151% 136% 130% Notes: (1) All data and information on this page is provided for informational purposes only, and may subject to adjustment. For more details, please refer to our official financial reports. (2) Starting from 2015/1/1, FHC adopted IFRS 2013 version and has adjusted FY14 financial data to pro-forma basis. FY14 total assets, liabilities, and shareholders' equity have also been adjusted accordingly. (3) Total may not sum due to rounding.

30 Life FY15/ / 2Q16/ (NT$MN) FY14 2Q15 Income Statement Data (Consolidated) FY14 FY15 % Chg % Chg 2Q15 2Q16 % Chg Net written premium 472, ,014 10% 239, ,023 23% 130, ,385 18% Net earned premium 471, ,250 10% 239, ,969 23% 129, ,037 19% Reinsurance commission earned 4, % % % Fee income 5,943 5,762-3% 3,108 2,726-12% 1,460 1,379-6% Recurring investment income 124, ,977 14% 62,672 76,056 21% 33,159 40,627 23% Gain on disposal of investment Realized gain (loss)-equity 23,357 30,072 29% 34,690 3,941-89% 16,129 (1,641) -110% Realized gain (loss)-debt 12,828 14,804 15% 10,530 7,133-32% 2,901 2,063-29% Gain on investment property 16,579 11,074-33% 11,311 5,351-53% 11,327 5,115-55% FX and others, net (7,166) (13,101) 83% (11,684) (2,367) -80% (3,618) 1, % Investment income, net 169, ,827 8% 107,519 90,114-16% 59,899 47,295-21% Other operating income % 6 2, % 1 1, % Separate account revenues 115,040 17,303-85% 6,157 19, % , % Net claims payment (275,195) (298,102) 8% (129,007) (142,445) 10% (65,607) (71,644) 9% Changes in liability reserves (290,109) (305,864) 5% (158,815) (200,198) 26% (88,788) (105,974) 19% Acquisition and commission expense (32,405) (33,238) 3% (16,117) (18,119) 12% (8,923) (7,831) -12% Other operating costs (4,544) (5,541) 22% (2,459) (3,206) 30% (1,347) (1,538) 14% Financial cost (106) (296) 179% (438) (164) -62% (161) (150) -7% Separate account expense (115,040) (17,303) -85% (6,157) (19,908) 223% (242) (12,426) 5043% Operating expense (16,869) (23,021) 36% (8,763) (15,579) 78% (4,790) (8,696) 82% Net non-operating income 1,482 1,265-15% % % Income taxes (2,810) (5,710) 103% (6,014) (2,990) -50% (5,450) (3,917) -28% Net income 31,734 38,447 21% 29,380 7,818-73% 16,879 5,138-70% Balance Sheet Data Total assets 4,704,976 5,180,081 4,813,402 5,336,165 General account 4,242,710 4,699,512 4,347,890 4,847,690 Separate account 462, , , ,475 Reserves for life insurance liabilities 3,770,679 4,228,117 3,909,142 4,377,792 Total liabilities 4,376,595 4,831,846 4,484,962 4,989,690 Total shareholders' equity 328, , , ,476 Operating Metrics First Year Premium(FYP) 233, , , ,559 First Year Premium Equivalent(FYPE) 71, ,002 48,842 74,635 Expense ratio 9.9% 10.3% 10.1% 10.3% 13-M persistency ratio 97.9% 97.6% 97.6% 98.0% 25-M persistency ratio 94.9% 91.8% 95.4% 90.6% ROAE 10.54% 11.36% 17.89% 4.50% ROAA 0.71% 0.78% 1.23% 0.30% Capital Adequacy Metrics RBC ratio (Standalone) 287% 305% 295% 288% Notes: (1) All data and information on this page is provided for informational purposes only, and may subject to adjustment. For more details, please refer to our official financial reports. (2) Starting from 2015/1/1, Life adopted IFRS 2013 version and has adjusted FY14 financial data to pro-forma basis. FY14 total assets, liabilities, and shareholders' equity have also been adjusted accordingly. (3) Total may not sum due to rounding.

31 United Bank FY15/ / 2Q16/ (NT$MN) FY14 2Q15 Income Statement Data (Consolidated) FY14 FY15 % Chg % Chg 2Q15 2Q16 % Chg Operating Income Net interest income 25,779 26,729 4% 13,375 12,331-8% 6,729 6,121-9% Fee income 11,806 14,344 21% 7,432 7,982 7% 3,863 3,680-5% Investment income 7,326 5,599-24% 2,875 4,142 44% 1,399 1,888 35% other income 1,064 1,380 30% % % Net operating income 45,975 48,052 5% 24,458 25,214 3% 12,268 11,887-3% Operating expenses (22,804) (24,851) 9% (11,625) (12,657) 9% (6,024) (6,491) 8% Pre-provision profit 23,170 23,201 0% 12,834 12,557-2% 6,244 5,396-14% Net provisions for possible losses (2,471) (1,922) -22% (66) (1,933) 2833% 120 (1,213) -1111% Income before taxes 20,700 21,279 3% 12,768 10,624-17% 6,364 4,183-34% Income tax (2,885) (2,513) -13% (1,484) (1,176) -21% (613) (381) -38% Net income 17,814 18,767 5% 11,284 9,447-16% 5,752 3,803-34% Balance Sheet Data Total assets 2,243,958 2,383,377 2,304,831 2,458,952 Loans, net 1,119,281 1,127,807 1,121,224 1,275,704 Financial assets 649, , , ,748 Total liability 2,096,340 2,226,608 2,156,709 2,302,570 Deposits 1,739,023 1,881,657 1,782,017 1,941,807 Financial Debenture Payable 67,614 51,900 67,195 51,900 Total shareholders' equity 147, , , ,382 Operating Metrics Cost income ratio 49.60% 51.72% 47.53% 50.20% ROAE 12.71% 12.33% 15.26% 12.07% ROAA 0.84% 0.81% 0.99% 0.78% Assets Quality NPL 3,277 1,599 1,794 1,991 NPL ratio 0.29% 0.14% 0.16% 0.16% NPL provisions 17,675 17,323 16,166 18,704 Coverage ratio 539% 1083% 901% 939% Capital Adequacy Metrics BIS ratio (Standalone) 16.2% 16.4% 15.9% 15.2% Tier I Ratio (Standalone) 11.5% 12.0% 11.6% 11.3% Notes: (1) All data and information on this page is provided for informational purposes only, and may subject to adjustment. For more details, please refer to our official financial reports. (2) Starting from 2015/1/1, United Bank adopted IFRS 2013 version and has adjusted FY14 financial data to pro-forma basis. FY14 total assets, liabilities, and shareholders' equity have also been adjusted accordingly. (3) Total may not sum due to rounding.

32 Century FY15/ / 2Q16/ (NT$MN) FY14 2Q15 Income Statement Data (Consolidated) FY14 FY15 % Chg % Chg 2Q15 2Q16 % Chg Premium income 21,279 22,449 5% 10,413 12,011 15% 5,809 6,329 9% Net written premium 16,080 17,254 7% 7,937 9,139 15% 4,435 4,692 6% Net earned premium 15,626 17,169 10% 8,027 8,897 11% 4,143 4,531 9% Reinsurance commission earned % % % Fee income % % % Investment % % % Interest income % % % Other investment income, net % % % Other operating income % % (3) 1-140% Net claims payment (8,747) (9,292) 6% (4,189) (4,747) 13% (2,239) (2,247) 0% Changes in liability reserves (691) (734) 6% (438) (374) -15% (99) (268) 171% Commissions and other operating costs (1,218) (1,402) 15% (642) (753) 17% (362) (405) 12% Operating expenses (5,823) (6,197) 6% (2,948) (3,230) 10% (1,558) (1,676) 8% Operating income 801 1,095 37% % % Net non-operating income 29 (4) -114% (7) (3) -56% (2) 3-216% Income taxes (174) (287) 65% (132) (112) -15% (74) (66) -10% Net income % % % Balance Sheet Data Total assets 35,863 42,106 36,091 44,970 Total shareholders' equity 6,829 7,219 7,265 7,673 Operating Metrics Gross Combined ratio 90.7% 85.3% 85.2% 111.7% Net Combined ratio 99.3% 93.2% 94.7% 91.7% ROAE 10.71% 11.44% 13.52% 10.28% ROAA 1.94% 2.06% 2.65% 1.76% Capital Adequacy Metrics RBC ratio (Standalone) 324% 359% 354% 365% Notes: (1) All data and information on this page is provided for informational purposes only, and may subject to adjustment. For more details, please refer to our official financial reports. (2) Starting from 2015/1/1, Century adopted IFRS 2013 version and has adjusted FY14 financial data to pro-forma basis. FY14 total assets, liabilities, and shareholders' equity have also been adjusted accordingly. (3) Total may not sum due to rounding.

33

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