( ) ( ) 3~4 ( ) ( ( ) ( ) ( ) ( ) ( ) ( ( ( ) RR2

( ) ( ) 3~4 ( ) (http://www.jpmrich.com.tw) ( ) ( ) ( ) ( ) 14 15 16 19 ( ) (http://mops.twse.com.tw) (http://www.jpmrich.com.tw) ( ) RR2

( ) ( www.jpmrich.com.tw) 1 20 (02) 8726-8686 (02) 8786-8976 285 25 (02) 2252-2665 (02) 2251-4125 386 25 1 (04) 2258-8128 (04) 2258-8148 6 26 2 (07) 335-1799 (07) 335-6880 ( service.jpmrich@jpmorgan.com) (02) 8726-8686 ( www.bot.com.tw) 120 (02) 2349-3456 ( ) JF JF Asset Management ( www.jpmorgan.com) 8 21 (852) 2265-1199 JPMorgan Chase Bank ( www.chase.com) 270 1-888-6924273 ( ) ( ) ( ) ( www.deloitte.com.tw) 156 12 (02) 2545-9988 ( )

3 3 8 ( ) ( ) ( ) 8 11 ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 16 19 19 ( ) ( ) ( ) ( ) 21 ( ) ( ) ( ) ( ) ( ) ( ) 22 ( ) ( ) ( ) ( ) 26 29 46 1

51 51 53 62 62 91 91 92 94 94 96 97 100 138 143 2

( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ETF) ( ) ( ) 1. ( ) ( ETF) ( ) (1) A. ( ) ( ) ETF B. ( ) 3

C. ( ) ( ) ( ETF) (2) 2. ( ) 1. ( ) ( ) ETF 2. (1) A). B). C). (2) (share) 4

( ) ( ) ( ) ( ETF) RR2 ( ) ( ) ( ) ( Interpretive Guidance and Policy Statement Regarding Compliance with Certain Swap Regulations of the Commodities Futures Trading Commission ) ( ) ( 1 4 ) ( 5 ) 1. (i) () (ii) (i) 31 (ii) 1/3 1/6 183 2. ( ) 3. 4. 1996 8 20 1996 8 19 5. ( 1 ) ( Controlling Persons ) ( Passive NFFE )( ( FATCA ) ( 1471 1474 ) ( IGA ) ) ( Active NFFE ) ( IGA ) ( ) 99 12 12 ( ) ( ) 1. 2. (1) ( ) 5

(2) 3. (3%) 300 0~1.5% 300 ( ) ~ 500 0~1.0% 500 ( ) 0~0.8% 0 4. 0~1.5% ( ) ~ 0~1.0% ( ) ~ 0~0.5% 0 ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 6

( ) ( ) 2010 10 1 10 7 (0.1%) ( ) ( ) (1.0%) ( ) (0.13%) ( ) ( ) 1. 2. 3. ( ) 4. 5. 6. 7. 7

8. 101 5 6 7 252,000.0 6 252,000.0 1,678,912.30 0.150 ( ) ( ) 99 11 15 0990064780 ( ) ( ) ( ) 1. ( ) 2. ( ) 1. 2. 3. 8

4. 5. 6. 7. 8. (1) (2) (3) (4) (5) (6) 9. 10. 11. ( ) 12. 13. 14. 15. 16. 17. 18. 9

19. ( ) ( ) 1. 2. (1) (2) (3) 3. 4. 5. 6. 7. (1) A. B. C. D. E. (2) 10

(3) 8. 9. 10. 11. 12. 13. 14. 15. 16. ( ) 3~4 ( ) ( ) ( ) 1. (1) (2) 11

(3) (4) 2. (1) (2) (3) (4) 3. 2014.11~ 2014.02~ 2013.11~ 2013.2~ 2012.9~ 2011.9~ 2011.4~ 2010.10~ 2010.10~ 2014.10~2015.06 2010.10~2013.9 2010.10~2013.2 2009.2~2010.10 2007.2~2010.6 α 2005.9~2006.4 2005.7~2008.1 2004.9~2004.11 2002.3~2004.9 12

2014.02~ 2010~2014.02 4. ( ) (1) (2) (3) ( ) (4) ( ) ( ) (5) (6) ( ) ( ) 13

JF (JF Asset Management Limited) 2015 6 JF 533.2 (J.P. Morgan Asset Management) 40 780 ( ) JF 1. 2. 3. 4. 5. 6. ( ) 1. 2. ( ) 3. 4. 5. 6. 7. (1) (2) (3) (4) (5) 14

(6) (7) (8) (9) (10) ETF (11) 8. (6) (8) (10) 9. 7 7 ( ) ( ) 1. (1) i. ii. (2) i. ii. iii. iv. (ii) (iii) 2. (1) (2) i. 15

ii. ( ) ( ) ( ) ( ) (SWAP) (CCS) ( ) ( ) ( ) 1. 2. ( ) ( ) 1. (1) (2) 2. 16

3. 4. 5. ( ) 6. (ABS) (CMBS) ( ) ( ) (reinvestment risk) (Prepayment Risk) 7. (TIPS) TIPS 8. ETF ETF 17

ETF ETF ETF (1) ETF ETF (2) ETF ETF ETF 9. 10. (Due Diligence) ( ) 1. 2. 3. ETF ( ) ( ) ( FATCA ) ( HIRE ) FATCA FATCA 2014 6 30 ( ( ) ) 2016 12 31 ( ( ) ) 30% (FFI) (IRS) FATCA ( FATCA 5 ) (Model II) ( IGA ) FATCA ( IGA FATCA ) FATCA 18

IGA FATCA FATCA 30% 2017 FATCA FATCA FATCA FATCA 30% FATCA ( ) FATCA FATCA ( ) FATCA FATCA FATCA ( ) (Passive Foreign Investment Company ( PFIC )) (Passive Foreign Investment Company ( PFIC )) PFIC 1296 1294 ( Qualified Electing Funds ) ( ) ( ) 7~8 ( ) ( ) 1. 2. 3. 19

4. 5. (1) 4 (2) ( ) 1. (1) (2) A. ( ) B. C. (3%) ( 6 ) (3) ( ) ( ) 2. ( ) ( ) 1. 20

2. (1) (2) ( ) ( ) ( ) 1. 2. 3. ( ) 1. ( ) 2. ( ( ) 1. ) 3. ( ( ) 2. ) 4. 5. 6. 7. 7 ( ) 21

( ) 1. (1) (2) 2. ( ) ( ) ( ) 1. 2. (1) (2) (3) (4) ( ) ( ) ( ) ( ) ( ) 1. (1) (2) ( ) (3) (4) 2. (1) (2) (3) ( ) 3. 4. ( ) 22

(1.0%) (0.13%) (3%) 6 ( ) 0.1% (1) (2) ( ) ( ) (1) (2) (3) (4) (5) ( ) ( ) (6) (7) ( ) (8) ( 23

) ( ) 1. (1) (2) 2. (1) (2) 0.1% (3) 3. (1) 10% (2) (3) 4. 5. 6. (1) 27 (2) 24

7. () ( ) ( 10%) 10% 100% 10% ( ) 1. (1) (2) (3) (4) (5) (6) (7) 2. (1) (2) (3) ( ) 3. 25

(1) (2) (3) 4. ( ) 1. (1) (2) (3) ( ) 2. (1) (2) (3) (4) (5) (6) ( ) (7) 3. (1) (2) (3) (4) (5) (6) (7) 4. (1) (2) (3) 26

( ) A. B. C. (Reuters) (Reuters) (Bloomberg) (Reuters) (Bloomberg) ( ) 1. 2. (1) i ii iii (2) i ii iii iv v vi vii viii ix x 3. (1) 1 27

(2) 2 (3) 1 2 4. 5. 6. (1) (2) (3) ( ) 7. (www.jpmrich. com.tw) (www.sitca.org.tw) 28

( ) 1. 104 6 30 ( ) (%) $ $ $ $ 1,030.845 94.54 49.989 4.59 ( ) 9.404 0.87 ( ) $ 1,090.238 100.00 29

2. 104 6 30 (%) (%) 1.50 0.23 JPMIF-Global High Yield 'A' JPMORGAN ASSET Robert Cook / 0.85 0.30 (mth)-usd MANAGEMENT (EUROPE) Thomas Hauser S.A.R.L. JPMF-Emerging Mkt Debt 'A' JPMORGAN ASSET Danny Sage / 1.15 0.30 (mth)-usd MANAGEMENT (EUROPE) Pierre-Yves Bareau S.A.R.L. JPMF Global Corp Bond 'A' JPMORGAN ASSET Lisa Coleman 0.80 0.20 (mth)-usd MANAGEMENT (EUROPE) S.A.R.L. JPMF Global Short Du Bd 'A' JPMORGAN ASSET Iain Stealey / 0.60 0.20 (acc)-usd MANAGEMENT (EUROPE) Linda Raggi S.A.R.L. (%) 809,920,562.7300 NT$ 9.8695 18,877,485.500 17.09 T+5 JPMIF-Global High Yield 'A' 178,695,695.5300 US$ 97.26 88,812.239 24.62 T+3 (mth)-usd JPMF-Emerging Mkt Debt 'A' 93,783,164.2400 US$ 13.77 124,747.424 4.90 T+3 (mth)-usd JPMF Global Corp Bond 'A' 117,199,560.5200 US$ 100.27 81,132.721 23.19 T+3 (mth)-usd JPMF Global Short Du Bd 'A' 27,258,585.0000 US$ 10.85 796,743.708 24.64 T+3 (acc)-usd 1% 30

( ) 99 12 20 1. 104 6 30 ( ) ( ) 2. (1) (2) 94 95 96 97 98 99 100 101 102 103 N/A N/A N/A N/A N/A N/A N/A 0.032 0.375 0.369 3. 94 95 96 97 98 99 100 101 102 103 % N/A N/A N/A N/A N/A 0.194-0.2605 8.4568-0.4244 1.7985 94 95 96 97 98 99 100 101 102 103 % N/A N/A N/A N/A N/A 0.194-0.2605 8.4575-0.4256 1.8004 31

4. ( ) % -0.92-0.74-0.48 5.91 N/A N/A 9.06 ( ) (99 12 20 ) ( ) % -0.92-0.74-0.48 5.91 N/A N/A 9.06 ( ) (99 12 20 ) ( ) 99 100 101 102 103 0.03% 0.33% 0.19% 0.17% 0.20% ( ) 32

( ) 33

34

35

36

37

38

39

40

41

42

43

44

( ) ( ) ( ) 2015 1~6 JPMorgan Asset Management (Taiwan) Limited A11 87,103,935 JPMAM (Europe) S.a.r.l J.P. Morgan Securities PLC London D011 JPM03 391,926,635 2,317,321,107 47,788 * * 45

3 ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 1. 2. 3. 4. 5. 6. 7. ( ) 19~21 3 20~21 46

( ) ( ) ( ) ( ) ( ) 1. 2. 3. 4. ( ) 5. 6. 7. ( ) 8. ( ) ( ) 22~24 22~26 8~10 10~11 3~4 7~8 21~22 ( ) ( ) 26~27 47

( ) 1. 2. ( ) ( ) 1. 2. 3. 4. ( ) ( ) ( ) ( ) ( ) 1. 2. 3. 4. 5. 6. ( ) ( ) ( ) ( ) ( ) 1. 48

2. 3. 4. 5. 6. 7. 8. ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 1. 2. 3. 4. 5. ( ) ( ) 49

( ) ( ) ( ) ( ) ( ) ( ) 25~26 27~28 ( ) 50

( ) ( ) 104 6 30 81.9 10 31,254,115 312,541,150 31,254,115 312,541,150 ( ) 1. 2. 3. 4. 5. 6. 7. ( ) 1. 104 6 30 ( ) 99/07/20 1,534,267,536 99/12/20 979,022,278 99/12/20 111,215,331 100/04/27 498,303,728 100/04/27 831,196,583 100/09/29 1,863,072,303 100/09/29 6,467,697,594 101/09/26 602,967,836 101/09/26 659,217,340 102/06/26 A 3,984,452,038 103/06/19 1,605,769,341 103/06/19 1,414,348,241 103/10/15 4,991,683,011 103/10/15 4,699,111,270 104/04/17 6,554,751,146 104/04/17 3,024,086,782 ( ) 103/03/13 ( ) 6,057,178.12 103/06/19 ( ) 14,844,232.95 103/10/15 ( ) 61,077,100.13 104/04/17 ( ) 84,241,377.19 51

( ) 103/10/15 ( ) 1,038,330,569.93 103/10/20 ( ) 48,275,567.79 104/01/07 ( ) 6,301,613.61 104/04/17 ( ) 261,173,938.05 2. ( ) 3. (1)85.11.23. 1,500,000 (2)86.04.17 7,500,000 (3)86.06.11. 7,200,000 (4)86.06.11. 875,000 (5)87.03.25 3,000,000 (6)87.04.23 1,500,000 (7)87.06.05 13 240,000 (8)87.06.10 3 40,000 (9)87.06.12 15,000 (10)87.09.30 3,000,000 (11)89.08.24 23,370,000 (12)89.08.25 1,500,000 (13)89.09.13 3,600,000 (14)90.05.30 1,000 JF ASEAN MANAGEMENT LIMITED (15)90.05.30 1,000 JF UNIT TRUST MANAGEMENT LIMITED 52

(16)90.05.30 7,000 JF INVESTOR SERVICES LIMITED (17)90.05.30 1,000 JFIM (KOREA) LIMITED (18)90.05.30 10,000 JF ASSET MANAGEMENT INTERNATIONAL LIMITED (19)90.05.30 10,000 JF ASSET MANAGEMENT LIMITED (20)91.05.06 JF UNIT TRUST MANAGEMENT LIMITED 1,000 JF ASSET MANAGEMENT INTERNATIONAL LIMITED (21)94.05.05 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 (22)98.01.16 JPMorgan Funds (Asia) Limited JPMorgan Asset Management (Asia) Inc. (23)102.11.1 JPMorgan Asset Management (Asia) Inc. ( ) 1,254,115 4. ( ) 1. 104 6 30 0 0 0 1 0 1 0 0 0 31,254,115 0 31,254,115 (%) 0 0 0 100 0 100 2. 104 6 30 JPMorgan Asset Management (Asia) Inc. 31,254,115 100% 53

( ) 1. 104 6 30 (78 ) (4 ) (34 ) (6 ) (10 ) (25 ) (6 ) (33 ) (7 ) (11 ) (97 ) (25 ) 54

2. (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) 55

( ) ( ) ( ) (%) 102/06/13 101/02/01 101/02/01 101/02/01 101/02/01 ( ) Pace University, Master of Science ( ) ( ) Man Investments-Associate Director ( ) ( ) New Jersey Institute of Technology, Engineering Management ( ) ( ) ( ) 104 6 30 56

( ) (%) 101/02/01 101/02/01 101/02/01 102/06/01 102/12/05 103/08/08 101/02/01 102/03/05 ( ) ( ) ( ) ( ) Syracuse University, Master of Business Administration ( ) ( ) Manchester Business School, Master of Business Administration ( ) University of Exeter, Finance & Management ( ) ( ) ( ) ( ) 57

( ) (%) 102/07/01 101/04/01 102/11/06 102/11/06 103/07/01 98/02/01 103/02/01 ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) Segment & Product (SPC) ( ) ( ) ( ) 58

( ) (%) 104/03/01 104/03/01 104/03/01 104/03/01 104/01/01 The University of Houston, Business Administration ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) EMBA ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 59

( ) (%) 104/04/01 ( ) ( ) ( ) ( ) 60

( ) ( ) 104 6 30 104.01.16 107.01.15 31,254,115 100% 31,254,115 100% Lisa Hsi 104.06.15 107.01.15 31,254,115 100% 31,254,115 100% 104.01.16 107.01.15 31,254,115 100% 31,254,115 100% 104.01.16 107.01.15 31,254,115 100% 31,254,115 100% ( ) ( ) Master of Science in Accountancy from Bentley College JF Vice President Pace University, Master of Science ( ) The National University of Singapore / Business Administration ( ) JPMorgan Asset Management (Asia) Inc JPMorgan Asset Management (Asia) Inc JPMorgan Asset Management (Asia) Inc JPMorgan Asset Management (Asia) Inc 61

( ) ( ) ( ) 104 6 30 JPMorgan Asset Management (Asia) Inc. 5% ( ) 104 6 30 α - - 35 ( ) 82.03.04 83.04.07 84.01.21 84.03.23 84.06.15 84.10.18 85.10.15 86.01.29 86.09.08 87.06.01 87.08.19 88.10.20 89.09.28 92.07.07 92.12.09 93.11.12 94.05.23 94.05.23 95.04.04 95.07.25 96.04.03 96.08.20 97.01.25 97.06.25 97.09.22 98.12.01 99.02.02 64,097.9 38,830.3 62,930.5 98,257.9 249,022.2 119,566.9 270,016.6 249,423.6 127,071.0 264,397.0 74,827.3 35,625.3 116,684.0 55,116.1 101,539.3 168,870.3 180,581.8 33,843.7 169,001.0 524,031.3 86,541.9 29,137.1 168,456.4 113,636.4 49,280.0 288,158.4 114,363.9 ( ) 684,414 1,705,297 1,313,389 4,288,772 4,028,586 5,135,656 4,036,166 7,032,160 3,145,236 4,474,333 1,646,629 597,405 3,049,730 610,192 1,441,465 2,720,109 2,317,537 387,219 1,989,693 5,774,723 950,904 355,784 1,542,120 1,549,289 917,814 3,532,286 1,964,328 ( ) 10.6800 43.9200 20.8700 43.6500 16.1776 42.9500 14.9478 28.1900 24.7500 16.9200 22.0100 16.7700 26.1400 11.0710 14.1961 16.1100 12.8337 11.4414 11.7700 11.0200 10.9900 12.2100 9.1500 13.6300 18.6200 12.2600 17.1800 62

( ) A 99.07.20 99.12.20 99.12.20 100.04.27 100.04.27 100.09.29 100.09.29 101.09.26 101.09.26 102.06.26 103.06.19 103.06.19 103.10.15 103.10.15 104.04.17 104.04.17 157,307.7 89,774.6 11,180.2 48,074.8 97,541.7 153,363.7 655,324.0 57,658.8 70,782.7 239,618.4 148,106.1 134,481.0 478,142.2 457,929.4 683,880.0 315,495.3 ( ) 1,534,268 979,022 111,215 498,304 831,197 1,863,072 6,467,698 602,968 659,217 3,984,452 1,605,769 1,414,348 4,991,683 4,699,111 6,554,751 3,024,087 ( ) 9.7500 10.9053 9.9475 10.3652 8.5215 12.1481 9.8695 10.4575 9.3133 16.6300 10.8400 10.5200 10.4397 10.2617 9.5847 9.5852 ( ) ( ) ( ) ( ) ( ) 103.03.13 103.06.19 103.10.15 104.04.17 617.1 1,459.1 5,958.8 8,762.9 ( ) 6,057 14,844 61,077 84,241 ( ) 9.8162 10.1700 10.2499 9.6135 ( ) ( ) 103.10.15 ( ) 103.10.20 ( ) 104.01.07 ( ) 104.04.17 100,056.2 4,647.5 615.7 27,039.2 ( ) 1,038,331 48,276 6,302 261,174 ( ) 10.3775 10.3900 10.2341 9.6590 63

( ) 103 102 1 20 (02)8726-8686 64

(104) 14003650 103 12 31 102 12 31 103 102 1 1 12 31 1010053706 103 12 31 102 12 31 103 102 1 1 12 31 102 11 1 104 3 19 65

103 102 12 31 1031231 1021231 % % ( ) $ 3,566,611,937 88 $ 3,592,050,042 87 ( ) 163,806,493 4 157,775,009 4 1,493,111 1,493,111 12,538,437 10,498,723 3,744,449,978 92 3,761,816,885 91 ( ) 7,000,000 7,000,000 ( ) 109,629,066 3 148,335,920 4 ( ) 50,000,000 1 55,000,000 1 ( ) 84,492,228 2 58,468,228 2 ( ) 37,102,503 1 49,168,008 1 45,822,933 1 53,021,669 1 334,046,730 8 370,993,825 9 $ 4,078,496,708 100 $ 4,132,810,710 100 $ 1,502,623 $ 1,776,590 ( ) 373,483,559 9 376,397,825 9 15,696,711 1 125,602,484 3 7,102,938 6,834,274 397,785,831 10 510,611,173 12 45,822,933 1 53,021,669 2 ( ) 31,155,540 1 91,576,192 2 ( ) 892,746 475,657,050 12 655,209,034 16 ( ) 312,541,150 8 312,541,150 7 ( ) 115,288,524 3 115,331,583 3 ( ) 326,044,516 8 326,044,516 8 499,292,794 12 499,292,794 12 2,349,672,674 57 2,224,391,633 54 3,602,839,658 88 3,477,601,676 84 $ 4,078,496,708 100 $ 4,132,810,710 100 104 3 19 66

103 102 1 1 12 31 103 102 % % $ 1,689,731,352 100 $ 2,097,825,485 100 ( ) ( 1,495,507,704 ) ( 88 ) ( 1,467,207,847 ) ( 70 ) 194,223,648 12 630,617,638 30 5,792,297 5,240,625 2,488,591 1,991,670 4,502,672 73,136,754 4 ( 123,336 ) ( 539,526 ) ( 5,601,389 ) ( 2,762,830 ) 7,058,835 77,066,693 4 201,282,483 12 707,684,331 34 ( ) ( 88,755,222 ) ( 6 ) ( 169,015,769 ) ( 8 ) 112,527,261 6 538,668,562 26 ( ) 15,366,000 1 47,115,000 2 ( 2,612,220 ) ( 8,009,550 ) ( ) 12,753,780 1 39,105,450 2 $ 125,281,041 7 $ 577,774,012 28 $ 534,086,216 26 4,582,346 $ 538,668,562 26 $ 573,191,666 28 4,582,346 $ 577,774,012 28 104 3 19 67

102 103 102 1 1 12 31 102 1 1 $ 300,000,000 $ 3,208,589 $ 326,044,516 $ 386,719,438 $ 1,763,773,323 $ 170,991,279 $ 2,950,737,145 102 4,741,405 ( 4,741,405 ) 112,573,356 ( 112,573,356 ) ( 56,076,000 ) ( 56,076,000 ) 102 534,086,216 4,582,346 538,668,562 ( 94,995 ) ( 94,995 ) 12,541,150 112,217,989 ( 4,741,405 ) ( 120,017,734 ) 5,261,514 5,261,514 39,105,450 39,105,450 102 12 31 $ 312,541,150 $ 115,331,583 $ 326,044,516 $ 499,292,794 $ 2,224,391,633 $ $ 3,477,601,676 103 103 1 1 $ 312,541,150 $ 115,331,583 $ 326,044,516 $ 499,292,794 $ 2,224,391,633 $ $ 3,477,601,676 ( 43,059 ) ( 43,059 ) 103 112,527,261 112,527,261 12,753,780 12,753,780 103 12 31 $ 312,541,150 $ 115,288,524 $ 326,044,516 $ 499,292,794 $ 2,349,672,674 $ $ 3,602,839,658 104 3 19 68

103 102 1 1 12 31 103 102 $ 201,282,483 $ 707,684,331 45,952,272 42,768,648 ( 43,059 ) ( 94,995 ) 123,336 539,526 12,451,734 28,220,113 ( 6,031,484 ) 47,646,930 775,875 ( 2,039,714 ) 235,219 ( 26,024,000 ) ( 13,374,377 ) 7,198,736 ( 8,214 ) ( 273,967 ) 233,648 268,664 ( 3,537,395 ) 5,000,000 ( 7,198,736 ) 8,214 ( 60,420,652 ) ( 43,178,231 ) ( 57,377,151 ) ( 188,314,964 ) ( 67,956,615 ) ( ) ( 18,069,351 ) 642,585,526 ( 7,368,754 ) ( 41,608,970 ) ( 7,368,754 ) ( 41,608,970 ) ( 56,076,000 ) ( 56,076,000 ) ( ) ( 25,438,105 ) 544,900,556 3,592,050,042 3,047,149,486 $ 3,566,611,937 $ 3,592,050,042 104 3 19 69

103 102 70 ( ) 81 9 26 98 7 9 0980030573 100 9 30 10000047239 102 8 26 1020035562 ( ) 102 10 17 102 11 1 104 3 19 ( ) ( ) ( ) 104 2013 ( 9 ) 13 1 19 2010 2009-2011 102 1 1 102 7 1 102 1 1 100 1 1 102 1 1 2013 1. 19 ( )

2. 1 ( ) 2013 9 10 28 11 14 15 1 16 38 16 41 19 27 36 39 21 2010-2012 2011-2013 2012-2014 107 1 1 105 7 1 105 1 1 105 1 1 106 1 1 105 1 1 105 1 1 105 1 1 103 7 1 105 1 1 103 1 1 103 1 1 103 7 1 103 7 1 103 7 1 105 1 1 ( ) ( IFRSs) 1010053706 71

( ) 1. 2. IFRSs ( ) 1. ( ) 2. (1) (2) ( ) 1. (1) (2) (3) (4) 2. (1) (2) (3) (4) ( ) ( ) 72

( ) 1. ( ) 2. (1) (2) (3) (4) (5) (6) (7) (8) 3. ( ) 1. 2. ( ) 1. 2. 3. 4. 8 55 5~10 3~10 73

( ) ( ) ( ) ( ) 1. 2. ( ) (1) (2) A. ( ) B. (3) 1. 2. 10% 10% 3. 74

( ) ( ) ( ) 4. 5. ( ) JPMorgan Chase & Co. ( ) 1. 2. 3. ( ) 1. ( ) 75 103 12 31 102 12 31 $ 40,000 $ 40,000 95,240,878 117,259,200 67,831,059 21,250,842 3,403,500,000 3,453,500,000 $ 3,566,611,937 $ 3,592,050,042

( ) 103 12 31 102 12 31 $ 143,154,864 $ 139,925,638 5,846,929 5,799,582 14,804,700 12,049,789 ( ) $ 163,806,493 $ 157,775,009 103 12 31 102 12 31 $ 7,000,000 $ 7,000,000 ( ) 103 1 1 $ 275,677,718 $ 135,273,529 $ 410,951,247 ( 189,172,133 ) ( 73,443,194 ) ( 262,615,327 ) 103 1 1 12 31 $ 86,505,585 $ 61,830,335 $ 148,335,920 1 1 $ 86,505,585 $ 61,830,335 $ 148,335,920 6,012,980 1,355,774 7,368,754 ( 81,829,739 ) ( 81,829,739 ) 81,706,403 81,706,403 ( 32,027,487 ) ( 13,924,785 ) ( 45,952,272 ) 12 31 $ 60,367,742 $ 49,261,324 $ 109,629,066 103 12 31 $ 199,860,959 $ 136,629,303 $ 336,629,303 ( 139,493,217 ) ( 87,367,979 ) ( 226,861,196 ) $ 60,367,742 $ 49,261,324 $ 109,629,066 102 1 1 $ 2,043,453 $ 296,417,331 $ 123,489,526 $ 13,079,874 $ 435,030,184 ( 2,043,453 ) ( 219,842,172 ) ( 67,381,727 ) ( 289,267,352 ) 102 1 1 12 31 $ $ 76,575,159 $ 56,107,799 $ 13,079,874 $ 145,762,832 1 1 $ $ 76,575,159 $ 56,107,799 $ 13,079,874 $ 145,762,832 33,502,236 8,016,629 9,090,737 50,609,602 ( 2,043,453 ) ( 60,383,639 ) ( 7,549,086 ) ( 3,685,707 ) ( 73,661,885 ) 2,043,453 59,828,134 7,549,086 69,420,673 76

6,141,790 11,316,460 ( 18,484,904 ) ( 1,026,654 ) ( 29,158,095 ) ( 13,610,553 ) ( 42,768,648 ) 12 31 $ $ 86,505,585 $ 61,830,335 $ $ 148,335,920 102 12 31 $ $ 275,677,718 $ 135,273,529 $ $ 410,951,247 ( 189,172,133 ) ( 73,443,194 ) ( 262,615,327 ) ( ) $ $ 86,505,585 $ 61,830,335 $ $ 148,335,920 103 12 31 102 12 31 $ 50,000,000 $ 55,000,000 84,492,228 58,468,228 37,102,503 49,168,008 45,822,933 53,021,669 $ 217,417,664 $ 215,657,905 1. $25,000,000 98 $25,000,000 102 $5,000,000 103 12 31 102 12 31 $50,000,000 $55,000,000 2. ( ) 103 102 $ 53,021,669 $ 53,013,455 7,165,525 7,481,445 797,610 4,787,939 2,265,397 1,689,835 ( 16,017,005 ) ( 6,652,773 ) ( 1,410,263 ) ( 7,298,232 ) $ 45,822,933 $ 53,021,669 103 12 31 102 12 31 $ 159,240,607 $ 167,764,150 56,180,010 44,233,236 7,143,740 7,202,512 28,254,289 27,378,534 3,770,933 3,721,884 79,586,498 80,747,208 39,307,482 45,350,301 $ 373,483,559 $ 376,397,825 77

( ) 1. 94 7 1 6 15 ( ) 15 45 2% (1) 103 12 31 102 12 31 ( $ 178,033,000 ) ( $ 257,414,000 ) 149,082,000 167,928,000 ( $ 28,951,000 ) ( $ 89,486,000 ) (2) 103 102 1 1 $ 257,414,000 $ 282,340,000 9,068,000 11,324,000 5,402,000 4,413,000 ( 11,540,000 ) ( 45,895,000 ) ( 35,569,000 ) ( 22,011,000 ) 1,181,000 27,243,000 12 31 $ 225,956,000 $ 257,414,000 (3) 103 102 1 1 $ 167,928,000 $ 149,545,000 3,333,000 2,960,000 3,826,000 1,067,000 8,383,000 8,471,000 ( 35,569,000 ) ( 21,358,000 ) 1,181,000 27,243,000 12 31 $ 149,082,000 $ 167,928,000 (4) 103 102 $ 9,068,000 $ 11,324,000 5,402,000 4,413,000 ( 3,333,000 ) ( 2,960,000 ) $ 11,137,000 $ 12,777,000 (5) 103 102 $ 15,366,000 $ 47,115,000 $ 30,317,000 $ 14,951,000 78

(6) 103 102 101 ( $ 178,033,000 ) ( $ 257,414,000 ) ( $ 282,340,000 ) 149,082,000 167,928,000 149,545,000 ( ) ( $ 28,951,000 ) ( $ 89,486,000 ) ( $ 132,795,000 ) $ 15,164,000 $ 29,377,000 ( $ 29,664,000 ) $ 3,826,000 $ 1,067,000 $ 3,240,000 (7) (%) 103 12 31 102 12 31 23.03% 29.67% 53.96% 26.47% 21.67% 42.42% 1.34% 1.44% 100.00% 100.00% (8) ( ) 103 12 31 102 12 31 ( ) (9) 103 102 2.00% 2.15% 4.00% 4.00% 2.00% 2.00% 5 2. 94 7 1 6% 103 102 1 1 12 31 $12,976,878 $12,255,458 79

( ) 102 11 1 1,254,115 103 12 31 102 12 31 $312,541,150 10 31,254,115 ( ) 102 4 17 1020008405 103 12 31 102 12 31 $ 3,070,535 $ 3,113,594 112,217,989 112,217,989 ( ) $ 115,288,524 $ 115,331,583 1. 10% 2. 50% 3. 97 1 11 0960071550 4. 5. 103 6 30 102 102 $534,068 6. 87 ( ) 10% ( ) 103 102 $ 487,662,749 $ 498,278,792 5,221,747 5,145,870 27,818,149 28,301,677 2,534,596 3,146,741 80

380,676 557,787 32,511,479 36,112,050 ( ) $ 556,129,396 $ 571,542,917 103 102 $ 45,952,272 $ 42,768,648 ( ) ( ) 103 102 $ 49,412,436 $ 50,949,377 41,825,825 50,486,235 15,672,346 17,496,150 337,615,802 336,138,285 16,213,732 18,040,280 249,201,477 229,288,533 183,484,418 150,497,422 $ 893,426,036 $ 852,896,282 1. 103 102 $ 80,463,764 $ 168,277,263 ( ) ( 2,054,573 ) 2,500,570 78,409,191 170,777,833 10,346,031 ( 1,762,064 ) 10,346,031 ( 1,762,064 ) $ 88,755,222 $ 169,015,769 2. 103 102 ( $ 2,612,220 ) ( $ 8,009,550 ) 3. 103 102 $ 34,218,022 $ 120,306,336 ( ) ( 2,054,573 ) 4,345,424 ( 727,394 ) ( 661,814 ) 10% 57,319,167 45,025,823 $ 88,755,222 $ 169,015,769 81

4. : 103 1 1 12 31 $ 39,996,867 ( $ 29,850,715 ) ( $ 2,612,220 ) $ 7,533,932 9,171,141 20,397,430 29,568,571 $ 49,168,008 ( $ 9,453,285 ) ( $ 2,612,220 ) $ 37,102,503 ( 892,746 ) ( 892,746 ) $ 49,168,008 ( $ 10,346,031 ) ( $ 2,612,220 ) $ 36,209,757 102 1 1 12 31 $ 51,842,439 ( $ 3,836,439 ) ( $ 8,009,550 ) $ 39,996,867 7,023,606 2,147,535 9,171,141 $ 58,866,045 ( $ 1,688,487 ) ( $ 8,009,550 ) $ 49,168,008 ( 989,222 ) 989,222 $ 57,876,823 ( $ 699,265 ) ( $ 8,009,550 ) $ 49,168,008 5. 103 12 31 102 12 31 87 $ 2,349,672,674 $ 2,224,391,633 6. 103 12 31 102 12 31 $869,929,950 $681,249,175 103 102 44.95% 31.03% 7. 101 ( ) 1. 2. 103 12 31 102 12 31 33,955 36,044 US$47.19 US$41.06 82

3. 103 102 $10,709,738 $20,411,413 $39,307,482 $38,219,191 103 12 31 102 12 31 $3,070,535 $3,113,594 ( ) 1. JF Asset Management Limited ( ) 2. 93 ( ) 50% ( ) 3. 95 ( ) 4. 99 JPMorgan Asset Management Limited JPMorgan Taiwan Fund ( ) 5. 100 JPMorgan Asset Management (UK) Limited ( ) 6. 102 ( ) 7. 103 8 21 ( ) ( ) 103 5 31 $489,340,398 ( ) JPMorgan Asset Management (Asia) Inc. 100% JPMorgan Chase & Co 83

( ) 1. 103 12 31 $ 3,300,000,000 $ 3,300,000,000 0.15%~0.52% $ 4,855,005 $ 265,188 102 12 31 $ 3,350,000,000 $ 3,350,000,000 0.15% $ 4,372,498 $ 73,740 2. 103 12 31 102 12 31 $ 4,227,052 $ 4,301,992 3. 103 12 31 102 12 31 $ 11,620,000 $ 3,000,000 4. 103 12 31 102 12 31 $ 2,774,247 $ 679,784 5. 103 12 31 102 12 31 $ 21,666,009 $ 19,634,391 ( ) 6. 103 12 31 102 12 31 $ 33,000,000 $ 27,122,000 ( ) 7. 103 12 31 102 12 31 $ 39,307,482 $ 45,350,301 ( ) 8. 103 103 $ 14,856,283 $ 324,840,256 84

9. 103 102 $ 53,133,019 $ 37,460,834 ( ) 10. 103 102 $ 1,824,268 $ 1,938,108 11. 103 102 $ 11,461,065 $ 48,540,269 12. 103 102 $ 287,097,032 $ 291,273,396 ( ) 13. 103 102 $ 711,000 $ 732,000 14. 103 102 $ 2,064,255 $ 62,674 15. 103 102 $ 126,567,234 $ 117,514,895 ( ) ( ) 103 102 $ 208,265,802 $ 233,139,828 1. 103 12 31 102 12 31 2. (1) 1 6 103 12 31 102 12 31 85

86 103 12 31 102 12 31 1 $ 46,990,117 $ 42,646,952 1 5 66,080,066 70,368,307 $ 113,070,183 $ 113,015,259 ( ) 1. (1) 2. ( ) 1. (1) (2) (3)

(4) 2. (1) (2) (3) 3. ( ) A. B. (1) (2) 87

103 103 1. 103 12 31 2. 3. 4. 5. 103 12 31 ( ) ( ) 100% 100% 100% 100% 100% 100% 103 103 102 (%) 12% 30% -60% 88

( ) 50% ( ) 50% 103 102 $ 4,502,672 $ 73,136,754 ( $ 68,634,082 ) -94% ( ) ( ) 89

90

( ) 91

1 20 (02) 8726-8686 386 25 1 (04) 2258-8128 6 26 2 (07) 335-1799 ( ) 285 25 (02) 2252-2665 32-1 (04) 2224-5171 2 (02) 2581-7111 2 1 2 4 14 (02) 8786-9888 1 166 168 170 186 (02) 2769-5000 188 66 1 3 8 (02) 2173-6699 68 1 10 1 (02) 2561-5888 44 1 1 (02) 2326-8899 36 (02) 2506-3333 115 (02) 2175-1313 100 (02) 2563-3156 77 (02) 2311-8811 7 16 (02) 8101-2277 40 41 506 (06) 213-9171 68 (02) 2962-9170 7 71 72 (02) 8758-3101 72 1 ( ) 1 1 2 12 13 14 (02) 8729-7100 15 16 168 (07) 557-0535 7 1 (02) 8722-6666 30 (02) 2348-1111 106 1 6 7 110 (03) 524-3151 B1 4 5 123 (02) 2371-3111 2 246 1 2 (02) 2752-5252 6 6 1 6 2 225 (02) 2820-8166 ( ) 333 13 14 (02) 6633-9000 32 15 (02) 6612-9888 92

7 1 5 13 21 (02) 8722-7888 22 23 125 127 (02) 8023-9077 125 2 125 3 38 (02) 2536-2951 87 (04) 2223-6021 10 46 (02) 2348-3456 9 30 (02) 2559-7171 36 1 3 4 5 20 21 (02) 8758-7288 32 3 4 5 20 21 32 3 1 32 4 1 32 5 1 120 (02) 2349-3456 205 207 209 1 (02) 2378-6868 203 207 2 ( ) 7 12 16 17 18 (02) 8729-5555 109 1 2 (02) 2507-4066 225 13 14 (02) 2718-1234 88 9 2 10 (02) 8161-5000 698 3 700 3 (02) 2181-8888 101 4 (02) 8789-8888 111 3 4 (02) 2504-8888 55 (02) 2321-4311 1 20 (02) 8726-8686 386 25 1 (04) 2258-8128 6 26 2 (07) 335-1799 285 25 (02) 2252-2665 38 (02) 2536-2951 36 (02) 2506-3333 93

94

95

96

( ) 1. ( ( ) ) 2. ( ) 1. ( ( ) ) 2. ( ) JPMorgan Asset Management (Asia) Inc JPMorgan Asset Management (Asia) Inc JPMorgan Asset Management (Asia) Inc ( ) 1. (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) 2. ( ) Lisa Hsi JPMorgan Asset Management (Asia) Inc 1. 2. 3. 4. (1) (2) (3) 97

5. ( ) 1. 2. (1) (2) (3) ( ) 3. 4. ( ) 104 6 30 7 2 ( ) (Risk Control Committee, RCC) (Investment Director) (Compliance) (Legal) (Middle Office & Risk Control) 1. (1) (2) 2. (1) (2) (3) (4) (5) (6) (7) (8) / (9) (10) 98

( ) ( ) ( ) 1. 2. 3. ( ) 1. 2. 3 1 ( ) ( ) ( ) 99

( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 100

( ) 2 ( ) 101

( ) ( ) ( ) ( ETF) 102

( ) ( ) ( ) ( )( ) ( ) ( ) ( ) 7 103

( ) ( ) ( ) 104

( ) ( ) ( ) ( ) ( ) ( ) ( ) (3%) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 105

( ) 18 106

( ) ( ) ( ) ( ) 107

( ) ( ) ( ) 108

( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 109

( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 16 1 110

( ) 111

( ) ( ) ( ) (1) (2) (3) (4) ( ) (1), 2 (2) (3) (4), 112

( ) ( ETF) ( ) ( ) 1. ( ) ( ) ( ) ( )( ) ( ) ( ) ( ) ( ) 113

ETF 2. ( ) 3. ( ) ( ) ( ETF) ( ) ( ) ( ) 97 ( ) 6 6 0970016151 114

( ) ( ) ( ) ( ) (Hang Seng China-Affiliated Corporat ions Index) ( ) 115

( ) 97 3 17 18 97 7 14 0970035064 10% 116

ETF ( ) ( ) ( ) ( ) ( ) ( ) 99 3 15 09900095592 ( ) (1.0%) (0.13%) (%) (%) 117

( ) 97 3 17 18 118

( ) 119

( ) ( ) ( ) ( ) ( ) ( ) ( ) 120

( ) (Reuters) (Reuters) (Bloomberg) ( ) 121

( ) (Reuters) (Bloomberg) ( ) ( ) ( ) 122

( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 123

( ) 124

100 ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( )100 ( 9 30 ) ( ) 1000047239 ( ) ( ) 100 9 30 1000047239 100 9 30 1000047239 100 9 30 1000047239 125

( ) ( ) ETF 100 9 30 1000047239 ( ) ( ) ETF 100 3 1 1000006181 30% 126

(1.0%) (1.0%) 127

101 ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 128

( ) ( ) ( ) (3%) ( ) ( ) ( ) ( ) ( ) (3%) ( ) 129

( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 130

(1) (2) (3) (4) (5) ( ) (1) (2) (3) (4) ( ) ( ) ( ) 131

( ) ( ) ( ) ( ) 132

133

( ) ( ) ( ) 134

( ) ( ) 135

103 102 10 21 1020036747 136

104 2 137

104 6 ( ) ( ) 1. (1) ( ) 316.44 (2014) (USD) 0.25% (2015.7) AA+ ( ) (10 ) 39.52 (2015.6) (YOY) -0.20% (2015.3) 5.30% (2015.6) PMI 53.5 (2015.6) (YOY) 0.44% (2015.5) 2014 PMI ( ) 50 JP Morgan GDP 2.2% 1.5% 3.0% 2.5% 2009 (Fed) Bloomberg CIA 2. (1) 2013 12 12 2013 2007 2009 50% 1,040 2013 1,560 2012 7.6% 1,600 12 2014 12 12 23.0157 6% 12 21.8058 2% 138

16.1007 6% 2007 2013 280 7% 250 11% 180 9% 220 7% (2) (2012) GDP 2012 1.8% 1,910 2013 4.7% 2014 6.2% 2,090 (ACC) 2012 ACC 100 40 1,320 44 2014 2.3% AIA ACC R.L. Polk 3. ( ) 4. (DXY) 2012 84.005 78.273 79.769 2013 84.580 79.125 80.035 2014 90.269 79.093 90.269 1. (1) Bloomberg ( ) 63.74 (2014) (GBP) 0.50% (2015.7) AAA ( ) (10 ) 92.69 (2015.5) (YOY) 0.40% (2015.3) 5.50% (2015.4) PMI 51.4 (2015.6) (YOY) 0.20% (2015.5) 2008 JP Morgan 2015 GDP 2014 2014 GDP 2.6% 2.7% 2015 2016 139

Bloomberg CIA 2. (1) Teesside Humber 150 93 R&D 210 SABIC 3 (polyethylene) Ensus 2 23 (2) 100 5 1 50 30% Pfizer Novartis Eli Lilly Merck 100 45% 240 2,000 1,000 Roslin Institute 30% TAITRA 3. ( ) 4. 2012 1.6279 1.5318 1.6255 2013 1.6557 1.4867 1.6557 2014 1.7166 1.5517 1.5577 ( ) 1. (1) Bloomberg ( ) ( ) 2013 2014 2013 2014 2013 2014 2013 2014 2,371 2,466 17,950 19,351 1,932 N/A 6,258 N/A 140

(2) ( ) 2013 2014 2013 2014 2013 2014 16,576.66 17,823.07 13,700 N/A 1.001 N/A The World Federation of Exchanges (3) (4) 1933 1934 1933 (5) (NYSE) (AMEX) (NASDAQ) ( ) 9:30~16:00 (1) (2) (1) (2) 1 (1) (2) (3) 3 S&P 500 2. (1) ( ) ( ) 2013 2014 2013 2014 2013 2014 2013 2014 2,736 2,752 4,429 4,013 21,486 N/A 1,097 N/A 141

(2) FTSE 100 The World Federation of Exchanges (3) (4) Criminal Justice Act (1993) (5) 8:30~16:30 SEAQ TAURUS(Transfer and automated Registration of Uncertified Stocks) 1. 2. ( ) ( ) ( 15~16 ) ( ) 2013 2014 2013 2014 2013 2014 6,749.09 6,566.09 2,233 N/A 3,953.0 N/A 142

( 104 5 4 ) call put (Maturity) (Maturity) ( ) 1. ( ) ( ) 2. 3. 4. 5. 6. ( ) ( ) 1 143

7. ( ) ( ) 8. ( ) ( ) ( ) 1 9. 10. (1) (2) (3) (4) ( ) (5) (6) (7) (8) ( ) ( ) ( ) ( ) ( ) 1. ( ) ( ) 2. ( ) ( ) 1 3. ( ) ( ) 10bps( ) 10bps ( ) 144

( ) 1. 94 12 31 ( ) 95 1 1 ( ) (1) (2) (3) (4) (5) ( ) ( ) 1 2. 94 12 31 ( ) 95 1 1 ( ) 95 1 1 ( ) (1) 20bps( ) 20bps 20bps A. (Maturity) 1 1 call put B. (A) + - ( A-A+ A) (B) (C) (2) ( ) 2 3. ( ) ( ) 145

( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 1. ( ) 2. ( ) ( ) ( ) ( ) 1. 94 12 31 ( ) 95 1 1 ( ) ( )1 3 2. 94 12 31 ( ) 95 1 1 ( ) 95 1 1 ( ) 3 ( ) ( ) 1. 94 12 31 ( ) 2. 95 1 1 ( ) ( ) ( ) 146

( ) ( ) 147

148

149