2015 ANNUAL REPORT 1 O 4

2 4 13 21 22 23 24 27 31 104 5 104

104 91 6 18 5 60 62 6 63 64 12 3 3 81 5 82 10 83 8 84 84 90 84 7 3 10 5 85 4 8 91 9 84 87 13 16 88 90 91 92 95 6 95 12 97 97 4 5 99 8 100 1 8 91 7 91 57 92 93 94 95 2

2015 Annual Report 96 97 99 99 4 17 99 5 ( ) 101 4 102 4 ( ) 104 104 42 93 10 6 94 2 8 96 97 98 100 7 101 2 3 4 (104 6 ) 102 4 4 104 8 42 4 54 97 3 104 57 17 5 6 : Bills Finance Association of the Republic of China 3

104 104 6.9 % 25 2.5% 103 3.3% 6 4% 12 0.25% 105 2016 IMF International Monetary Fund 105 3.4 IHS Global Insight 105 1 105 2.7 1.9 3.8 104 (PMI) 5 50% 104 0.75 105 1.47 104 104 3 6 (CPI) 104 9 12 0.125 1.625% 2% 3.875% 30 104 0.6% 0.35%~0.40% 104 103 104 30 ( ) 0.55~0.58% 1~2bp 9 104 12 0.39~0.41% 104 103 5 10 20 54 104 158 104 24 65 121 4

2015 Annual Report 104 6 15 5 2 104 NCD DVP 103 28% 30% 30% 30% Bills Finance Association of the Republic of China 5

104 ( ) 104 5 1 104 11.51 103 6.20 % 2 1 104 90.56% 103 7.23% 3 100 3.39 103 4.14 104 150 103 51 4.09 104 4 104 73% 103 5% 104 104 103 1.33% 27% 1 5 ( % ) 100(2011) 74,240 3.97 101(2012) 81,877 10.29 102(2013) 98,090 19.80 103(2014) 108,406 10.52 104(2015) 115,128 6.20 2 5 ( ) ( % ) ( % ) ( % ) ( % ) 100(2011) 62,705 84.46 8,022 10.81 301 0.41 3,212 4.33 74,240 101(2012) 73,116 89.30 5,869 7.17 242 0.30 2,650 3.24 81,877 102(2013) 88,274 89.99 6,335 6.46 234 0.24 3,246 3.31 98,090 103(2014) 99,195 91.50 6,422 5.92 241 0.22 2,449 2.26 108,406 104(2015) 104,260 90.56 8,323 7.23 208 0.18 2,337 2.03 115,128 6

2015 Annual Report 1 104 7.23% 2.03% 0.18% 90.56% 3 104 150,969 34,453 4.38 86,831 22,385 3.88 101,368 26,652 3.80 30,501 7,005 4.35 27,198 6,471 4.20 34,601 8,809 3.93 28,042 6,367 4.40 19,113 4,901 3.90 478,622 117,044 4.09 Bills Finance Association of the Republic of China 7

104 4 2 104 103 ( % ) ( % ) 2,282,821 8 2,357,881 7 1,647,146 6 1,555,440 4 1,747,313 6 1,840,634 5 382,953 1 418,273 1 381,313 1 330,380 1 623,994 2 671,662 2 433,432 2 438,173 1 206,699 1 196,873 1 7,705,671 27 7,809,316 22 20,575,272 73 27,105,587 78 28,280,943 100 34,914,903 100 ( ) 104 5 33.26 103 6.76% 6 5 7 104 31.20 2 8 104 5 5 ( % ) 100(2011) 396,139 6.61 101(2012) 386,884-2.34 102(2013) 365,545-5.52 103(2014) 356,760-2.40 104(2015) 332,633-6.76 8

2015 Annual Report 6 2 104 103 ( % ) ( % ) 8,126,422 21 8,363,843 21 4,487,192 11 4,348,147 11 5,256,952 13 5,968,681 15 715,679 2 731,039 2 972,595 2 947,917 2 1,640,965 4 1,771,588 4 1,051,616 3 995,393 2 1,195,340 3 1,075,087 3 23,446,759 59 24,201,695 60 16,001,356 41 16,453,351 40 39,448,115 100 40,655,046 100 7 5 ( % ) ( % ) ( % ) ( % ) 100(2011) 357,381 90.22 20,652 5.21 78 0.02 18,028 4.55-396,139 101(2012) 354,495 91.63 16,470 4.26 74 0.02 15,845 4.10-386,884 102(2013) 337,358 92.29 19,362 5.30 73 0.02 8,563 2.34 189 365,545 103(2014) 331,097 92.81 21,766 6.10 140 0.04 3,592 1.01 165 356,760 104(2015) 311,984 93.79 17,986 5.41 80 0.02 2,582 0.78-332,633 8 2 104 103 ( % ) ( % ) 84,113 25 87,148 24 41,512 12 41,175 12 10,855 3 15,401 4 11,121 3 12,010 3 164,057 49 169,913 48 2,176 1 2,394 1 18,800 6 28,719 8 332,633 100 356,760 100 Bills Finance Association of the Republic of China 9

104 103~104 30 2 104 6 103 1.6% 10 1% 8 1% 0.8% 104 104 5 0.6175% 48 10 1.012% 59 20 1.581% 55 2 30 30 103 104 ( ) 2.00 1.80 1.60 1.40 1.20 1.00 0.80 0.60 0.40 0.20 0 1.60 1.40 1 2 3 4 5 6 7 8 9 10 11 12 1 2 3 4 5 6 7 8 9 0 10 11 12 1.20 1.00 0.80 0.60 0.40 0.20 2.00 1.80 ( ) 101~102 9 104 103 ( ) 10 104 9,376 8,205 103 14.6% 16.2% 1,170 103 4.5% 10

2015 Annual Report 9 104 ( ) 103 ( % ) 55,920 59,067-5.3 34,738 30,170 15.1 32,888 25,701 28.0 11,019 25,687-57.1 6,555 6,368 2.9 21,350 17,870 19.5 10,894 9,739 11.9 5,684 4,757 19.5 179,048 179,359-0.2 10 104 103 ( % ) ( % ) ( % ) 937,572 100 818,143 100 119,429 14.6 820,528 88 706,189 86 114,339 16.2 117,044 12 111,954 14 5,090 4.5 ( ) 104 11 104 103.32 103 10.89 12% 11 104 103 ( ) ( % ) ( % ) ( % ) 3,506 34 3,427 37 79 2 1,917 19 1,658 18 259 16 2,221 21 1,932 21 289 15 498 5 475 5 23 5 447 4 320 3 127 40 700 7 546 6 154 28 562 5 563 6-1 0 480 5 321 3 159 50 10,332 100 9,243 100 1,089 12 Bills Finance Association of the Republic of China 11

104 ( ) 12 104 4,786 103 149 2.67 103 0.14 0.06% 103 0.01% 12 104 103 267 253 14 478,622 463,691 14,931 % 0.06 0.05 0.01 104 104 104 104 105 12

2015 Annual Report 104 104 1990 (IMF) (The World Bank) (104 ) 104 6 105 2 9 2 1.625% 2% 3.875% 30 104 1 0.387% 0.6% 12 0.275% 0.39% 104 104 1 2 CPI 0.65% 2.96% 1.09% CPI 0.87% 3 4 103 104 CPI 0.31% 1 CPI Core CPI ( / ) 100 1.42 1.26 4.32 3.80 1.875( 2 ) 101 1.93 1.00-1.16 2.06 1.875( ) 102 0.79 0.66-2.43 2.20 1.875( ) 103 1.20 1.26-0.57 3.92 1.875( ) 104-0.31 0.79-8.84 0.75 1.625( 2 ) 1-0.59 1.12-8.51 4.04 1.875( ) 2-0.70 0.62-9.41 0.57 1.875( ) 3-0.26 0.64-9.47-0.80 1.75 ( ) 4 0.33 0.77-7.98-0.52 1.625( ) Bills Finance Association of the Republic of China 13

104 CPI 0.79% WPI 8.82% 9.54% 12.90% 4.64% 1 3 2 3 4 4 7 (PMI) 6 (NMI) 104 0.75% 104 104 1 4,276 1,952 2,324 5.14% 2 469 1,191 3 6,356 5,013 1,326 4.23% 5.03% 4 2,795 2,253 2 / 98 420 296 134-31 -103-541 99 385 251-5 -91-207 -402 100 399 266-322 -147-357 -62 101 490 299-318 -99-421 -155 102 553 355-429 -107-288 -113 103 654 415-531 -98-443 -130 104 762 533-680 -124-577 -150 104 214 135-198 -18-95 -38 104 160 127-146 -42-103 -42 104 188 134-116 -33-230 -57 104 200 138-220 -30-149 -13 14

97 98 99 100 101 102 103 104 2015 Annual Report 104 1 220 188.4 2 165.5 153 3 196.7 161.5 141.3 85.3 4 200.1 29.7 148.7 184.0 3 ( ) (%) (%) (%) (%) 97 4,961 6.47 2,557 3.60 2,405 9.80 152-45.90 98 3,781-23.79 2,037-20.30 1,744-27.50 293 97.60 99 5,258 39.09 2,746 34.80 2,512 44.10 234-20.30 100 5,897 12.14 3,083 12.26 2,814 12.02 268 14.79 101 5,717-3.06 3,012-2.30 2,705-3.90 307 14.50 102 5,753 0.64 3,054 1.41 2,699-0.21 355 15.75 103 5,877 2.15 3,137 2.70 2,740 1.53 397 11.61 104 5,094-13.32 2,805-10.6 2,289-16.5 516 29.97 1 800 800 700 700 541 600 541 600 500 402 402 500 400 263 400 300 155 300 200 155 130 62 113 113 130 150 200 62 100 100 0 0-100 -100-200 -200-300 -300-400 -400-500 -500-600 -600 263 Bills Finance Association of the Republic of China 15

104 104 104 12 1 0.25% 0.50% 7 (ECB) 3 600 105 9 5 14 1.625% 2% 3.875% 105 M2 2.5% 6.5% 2 104 NCD 30 NCD NCD ( ) 104/2 104/3 104/4 104/5 104/9 104/10 104/11 104/12 ( ) ( ) 0 104/6 104/7 104/8 1,000 0.0 1.0 600 0.6 900 800 700 0.9 0.8 0.7 104/1 500 400 300 200 100 0.5 0.4 0.3 0.2 0.1 104 1 2 443 0.387% 2 4 5 6 1 375 291 0.387% 3 0.32% 294 3 4 0.275% 343 16

2015 Annual Report 1-30 1 0.79% 6 0.80% 0.60% 0.58% 31-90 0.86% 0.87% 0.64% 0.61% 3 364 NCD 1,200 1,300 3 4 NCD 1-30 7 0.78% 12 0.67% 0.54% 0.39% 31-90 0.85% 0.69% 0.62% 0.43% 4 % / 1-30 31-90 91-180 1-30 31-90 91-180 1-30 31-90 100 0.341 0.79 0.85 0.97 0.66 0.70 0.81 0.818 0.879 101 0.428 0.85 0.90 0.92 0.76 0.79 0.85 0.870 0.930 102 0.386 0.78 0.81 0.77 0.67 0.69 0.73 0.870 0.930 103 0.387 0.77 0.80 0.78 0.60 0.62 0.69 0.870 0.930 104 0.353 0.76 0.82 0.73 0.52 0.58 0.63 0.870 0.930 104/1 0.387 0.79 0.86 0.83 0.60 0.64 0.78 0.870 0.930 104/2 0.388 0.79 0.87 0.80 0.58 0.64 0.72 0.870 0.930 104/3 0.387 0.78 0.87 0.79 0.58 0.63 0.70 0.870 0.930 104/4 0.387 0.78 0.87 0.80 0.57 0.65 0.71 0.870 0.930 104/5 0.387 0.77 0.82 0.78 0.57 0.64 0.67 0.870 0.930 104/6 0.387 0.80 0.87 0.71 0.58 0.61 0.64 0.870 0.930 104/7 0.387 0.78 0.85 0.74 0.54 0.62 0.68 0.870 0.930 104/8 0.367 0.78 0.85 0.72 0.53 0.58 0.59 0.870 0.930 104/9 0.320 0.77 0.80 0.65 0.49 0.53 0.55 0.870 0.930 104/10 0.301 0.71 0.77 0.69 0.44 0.49 0.56 0.800 0.860 104/11 0.301 0.67 0.75 0.63 0.40 0.45 0.48 0.800 0.860 104/12 0.275 0.67 0.69 0.60 0.39 0.43 0.42 0.730 0.790 Bills Finance Association of the Republic of China 17

104 5 (TAIBIR) % / / ( TAIBIR01 ) ( TAIBIR02 ) 30 90 180 30 90 180 104/1/30 1.1247 1.2633 1.4453 0.7640 0.8475 0.9687 104/2/26 1.1247 1.2633 1.4453 0.7673 0.8515 0.9687 104/3/31 1.1247 1.2633 1.4453 0.7640 0.8515 0.9653 104/4/30 1.1247 1.2633 1.4453 0.7630 0.8515 0.9653 104/5/29 1.1247 1.2633 1.4453 0.7630 0.8515 0.9653 104/6/30 1.1247 1.2633 1.4453 0.7630 0.8515 0.9653 104/7/31 1.1280 1.2633 1.4453 0.7597 0.8488 0.9613 104/8/31 1.0940 1.2207 1.3953 0.7110 0.8052 0.9240 104/9/30 1.0620 1.1887 1.3547 0.6810 0.7665 0.8880 104/10/30 1.0520 1.1740 1.3420 0.6643 0.7462 0.8630 104/11/30 1.0427 1.1627 1.3307 0.6497 0.7328 0.8527 104/12/31 1.0073 1.1240 1.2887 0.6043 0.6900 0.8097 104 5 20 23 8 15 ( ) 2 0.386% 0.275% M2 104 M1B M2 M1B M2 3 M1B M2 6.62% 6.58% 3 4 M1B M2 M1B M2 M2 M1B M1B 6.10% M2 6.34% 10 M2 2.5%~6.5% 18

2015 Annual Report 6 M1A M1B M2 / M1A ( % ) M1B ( % ) M2 ( % ) 97 0.97-2.94 2.67 98 13.37 16.54 7.21 99 14.51 14.93 4.53 100 8.08 7.16 5.83 101 3.55 3.45 4.17 102 9.15 7.27 4.78 103 9.25 7.96 5.66 104 6.53 6.10 6.34 104/1 4.61 5.03 6.51 104/2 7.09 6.12 6.57 104/3 6.23 5.87 6.53 104/4 5.97 5.85 6.81 104/5 5.94 6.18 6.53 104/6 6.81 6.09 6.06 104/7 6.34 5.66 6.01 104/8 6.73 5.86 6.50 104/9 7.52 6.62 6.58 104/10 6.54 6.75 6.39 104/11 6.95 6.73 5.68 104/12 7.59 6.37 6.51 104 2 105 (IS) 104 Bills Finance Association of the Republic of China 19

104 5 2 104 20

2015 Annual Report Bills Finance Association of the Republic of China 21

104 5 104 12 晋 5 104 12 22

2015 Annual Report 105 1 蔡佳晋 Bills Finance Association of the Republic of China 23

104 104 91 6 18 104 8 46 3 57 104 104 8 104 8 104 9 104 9 106 1 1 10 104 8 104 6 NCD 104 6 104 6 104 6 104 12 AAA OTC104 11 104 10 BBB- 24

2015 Annual Report 104 6 104 7 104 12 104 12 104 7 104 3 104 7 104 5 104 10 20 104 10 104 ( )104 10 20 10 ( )104 12 27 5000 ( )104 12 2015 5 104 2 10 104 3 104 100 Bills Finance Association of the Republic of China 25

104 104 ( ) ( ) 104 7 104 10 104 11 104 10 36 105 23 104 6 104 6 15 5 2 106 104 65 39 98% 36 104 7 61 10 22 104 425 358 26

2015 Annual Report 104/1/5 5 2 104/1/16 5 1 104/1/22 104/1/22 1 1 104/1/22 104/1/22 104/1/28 104/2/4 104/2/10 5 3 104/2/17 104/3/4 50 104/3/16 104/3/18 3 104/3/26 1.875% 2.25% 4.125% 104/3/27 5 5 104/4/9 (S&P) 2015 AA- 104/4/14 104 5 1 104/4/22 104/5/8 105 1 1 5 5 Bills Finance Association of the Republic of China 27

104 104/5/11 5 5 104/5/15 30 84 40 105 1 1 104/5/28 ( ) 104/5/29 104/6/5 104/6/5 104/6/9 47 1 104/6/11 104 7 1 104/6/12 104 5 28 28

2015 Annual Report 104/6/15 104 6 29 104/6/15 5 2 106 104 5 6 104/6/25 1.875% 2.25% 4.125% 104/6/25 104 7 104/6/29 104/6/29 104/7/10 (Moody's) 2015 Aa3 104/7/16 7 7 104/7/18 ( ) 104/7/27 ( ) 104/7/31 ( NCD) 104/8/10 5 7 104/8/13 104/8/14 104/8/20 10 104/8/25 104/8/27 (FATCA) W-8 104/8/31 104/9/16 Bills Finance Association of the Republic of China 29

104 104/9/24 0.125 1.75% 2.125% 4% 9 25 104/9/24 104/10/2 104/10/12 5 8 104/10/12 A+ 104/10/27 104/11/2 5 10 104/11/14 ( ) 104/11/16 1/3 105 104/11/16 104/11/17 105 1 1 IPO 104/11/24 104/12/7 5 9 104/12/17 Fed 0.25 2008 0~0.25 QE 104/12/17 0.125 1.625% 2% 3.875% 104 12 18 105 M2 2.5% 6.5% 104/12/24 104/12/30 104/12/31 30

2015 Annual Report 105 4 02-23831616 91 5 http://www.megabills.com.tw 02-25181688 2 167 9 11 http://www.ibfc.com.tw/ 02-27991177 99 4 http://www.cbf.com.tw/ 02-27785577 88 4 4-1 4-2 4-3 http://www.dcbf.com.tw/ 02-25167968 2 123 3 http://www.etfc.com.tw/ 02-87802801 4 560 11 http://www.grandbill.com.tw/ 02-25816666 152 14 http://www.bill.taching.com.tw/ 02-25221656 2 85 87 14 http://www.tcb-bills.com.tw 02-23493456 1 120 http://www.bot.com.tw/ 02-23483456 46 http://www.landbank.com.tw/ 02-23118811 77 http://www.tcb-bank.com.tw/ 02-23481111 1 30 http://www.firstbank.com.tw/ 02-23713111 123 19 http://www.hncb.com.tw/ 02-25362951 2 57 http://www.chb.com.tw/ ( ) 02-87269600 1 15 http://www.citibank.com/ 02-25817111 1 2 http://www.scsb.com.tw/ 02-27716699 4 169 17 http://www.taipeifubon.com.tw/ 02-87226666 7 1 http://www.cathaybk.com.tw/ 07-5570535 2 168 http://www.bok.com.tw/ 02-25633156 100 http://www.megabank.com.tw/ 03-5245131 168 170 http://www.standardchartered.com.tw/ 04-22236021 87 http://www.tcbbank.com.tw/ 02-23895858 1 66 26 http://www.skbank.com.tw/ 02-28208166 255 http://www.sunnybank.com.tw/ 02-29629170 2 68 http://www.bop.com.tw/ 02-25568500 1 105 http://www.ubot.com.tw/ 02-21736699 1 66 1 3 5 8 68 1 2 https://www.yuantabank.com.tw/ 02-21751313 3 115 117 http://www.esunbank.com.tw/ 02-27011777 364 1 2 1 https://www.kgibank.com/ Bills Finance Association of the Republic of China 31

104 02-23268899 4 118 13 http://www.taishinbank.com.tw/ 02-87869788 5 2 14 http://www.tcbank.com.tw/ 02-25615888 1 10 http://www.jihsunbank.com.tw/ 02-27189999 3 126 http://www.entiebank.com.tw/ 02-27222002 168 http://www.chinatrust.com/ 02-87583101 5 7 71 (A B E ) 72 72 1(A B C ) http://www.bnpparibas.com 02-27166261 168 http://www.standardchartered.com 02-27175252 167 16 http://www.ca-cib.com/ 02-25597171 30 http://www.tbb.com.tw/ 02-25063333 3 36 http://www.banksinopac.com.tw/ 02-25073275 121 http://www.bbl.com.tw/ 02-27259800 5 106 3 8 9 108 3 8 http://www.jpmorgan.com/ 02-66312988 1 333 13 http://www.hsbc.com.tw/tw/chinese/ 02-87227888 7 1 5 13 21 22 23 http://www.ubs.com/ 06-2141271 1 506 http://www.ktb.com.tw/ 02-21924666 4 296 10 http://www.db.com/taiwan/ 02-81011288 5 7 48 http://www.bankofamerica.com/ 02-27525252 33 12 http://www.hwataibank.com.tw/ ( ) 02-66339000 1 333 13 14 http://www.hsbc.com.tw/ ( ) 02-66129889 32 36 15 16 17 http://www.dbs.com/tw/zh/pages/ index.aspx ( ) 02-87225000 7 12 16 17 18 http://anz.tw/ 02-27181234 3 225 11 14 http://www.yuanta.com.tw/ 02-23465123 1 2 7 8 18 http://securities.sinopac.com/ 02-23255818 2 97 22 http://www.masterlink.com.tw/ 02-87898888 101 14 http://www.capital.com.tw/ 02-23813939 2 10 http://www.jcic.org.tw/ 02-26319800 81 http://www.fisc.com.tw/ 02-27195805 363 11 http://www.tdcc.com.tw/ 32

104 2 137 13 13F, No 137, Sec.2, Nanking E. Rd., Taipei 104, Taiwan, R.O.C. 02-2516-7416 02-2517-6423 www.tbfa.org.tw E-mail:tbfa@tbfa.org.tw