7 5 7 27-9 27-29 15 (ASF)

I O N A S S O C I A T 中 華 民 國 九 十 九 年 十 月 出 版 99 S E C U R I T I E S T A I W A N

7 5 7 27-9 27-29 15 (ASF)

99 CONTENTS II 03 09 16 25 33 39 45 ECFA ( ) 49 53 58 59 65 67 68 72 75

(IMF)9.3% 8.24%1-92,023 40.6% 1-91,840 51.4% 1-9 EPS 0.710.87 (ROA) 2.34% (ROE) 5.17% ROA5% ROE15% R( ) E( ) A( ) 250% 400% 2006 2007 2008 2009 2010 1-9 EPS( ) 1.13 1.62-0.20 1.18 0.71 ROA( ) 2.87 4.94-0.77 4.20 2.34 ROE( ) 7.78 11.24-1.58 8.55 5.17 9 310 55 10 17 Ⅱ

() () 60%QDII ( ) ( )8045 20 25 30 5 ( ) 2812 1.5 100.5 12 2 ( ) ( ) Ⅲ

2007 10,000 2,00012,000 5 51 2006 2007 2008 2009 2010 1-9 2010 899 2,462 3,920 5,528 7,038 10,000 153 778 672 992 1,698 2,000 1,052 3,240 4,592 6,520 8,736 12,000 Ⅳ

MOU ECFA ECFA ECFAWTO ECFA ECFA ECFA

02 2010 TAIWAN SECURITIES ASSOCIATION

99 03 ( ) 2009( ) ( ) 60% 2008 QFII QDII 2006 2009 2009 2008 2007 1 1 4 2 2 1 3 5 2 4 4 3 5 3 7 6 6 6 7 8 5 8 10 8 9 7 9 10 9 12

04 2010 TAIWAN SECURITIES ASSOCIATION 2009 2008 A ( ) 1. 60-80% 2008 2009 2010 2010 1-6 13 8.87.12% ( ) 2. QFIIQDII 2010 6 3089 2007 2008 2009 (%) (%) (%) 1 889,510 61.48 428,220 70.70 680,156 70.49 2 1,337,764 92.46 208,809 34.48 278,430 28.86 3 1,048,687 72.48 509,106 84.06 775,874 80.41 4 879,253 60.77 402,972 66.53 639,852 66.31 5 561,224 38.79 402,040 66.38 624,005 64.67

99 05 QFII 177.22009 10 QFII8 10 QFII 1% 30% 2010 6 309 QDIIQDII 9 QDII 3. 2010 2010 3 2010 832.02 4. 2010 4 16 IB 2010 4 21 ( ) 2010 77.65 200956.09 2009 7 2009 10 3,000-4,000 IPO

06 2010 TAIWAN SECURITIES ASSOCIATION ( ) ( ) 12 13.13 71.37% 2008 ( ) 1. 2010 2010 7 39 2009 47 2. 2010 8 90 2010 ( ) 1 7 218.04 2 15 150.21 3 8 90.17 4 5 88.45 5 9 76.40 6 8 68.78 7 4 68.60 8 6 44.15 9 3 42.75 10 4 30.92 2010 2

99 07 ( ) ( ) ( ) A QFII QFII 7 0 (9) 2010 2

08 2010 TAIWAN SECURITIES ASSOCIATION MOU ECFA ECFA WTO () WTO A 2008 6 A A

99 09 2009 11 16(MOU) 2010 6 (ECFA) -- IPO A 33% 33% 2007 ( 2008 ) ( ) 2008 20 25 12 12 1998 2003 6

10 2010 TAIWAN SECURITIES ASSOCIATION (CEPA) WTO WTO CEPA 2003 6 CEPA 2009 12 3 1994 3 1999 12 12 ECFA / ( ) ( ) 1. ( 33% ) 2. ( ) 1.

99 11 2. 3. ( ) 1. 2. 20 25 3. ( ) 1. - 2. - 25%

12 2010 TAIWAN SECURITIES ASSOCIATION 3. - 4. ( ) ECFA... ( ) ( ) ( ) 1. 2. A 3. IPO 4. ( TDR) ( ) 1. A( ) A A ( ) 2. A 3. ()

99 13 ( ) 1. QFII 2. (QDII) 3. () ( ) 1. A 2. ( ) ( ) ( / ( )http:// www.noahwm.com/webpage/normal/ customer/server.jsp / /

14 2010 TAIWAN SECURITIES ASSOCIATION ) ( ) IT 1. 2. ( 2010 1 8 ) 3. 4. ( ) IPO - (2009 10 30) TDR ( )

99 15 () (100 ) ECFA (( ) ) QDII QDII ( ) (2010 4 16 ) QDII CEPA 2008

16 2010 TAIWAN SECURITIES ASSOCIATION 30 30 20 70 1978-19921993-1998 ( ) 1999 1 2001 12 2 2004 1 31 3 2120 2004 1 31 2004 7 29 2007 9 1 1998 2001 6 12 10 22 2004 1 1998 12 291999 7 12005 10 27 2 2006 3

99 17 4 WTO 1995 5 ( ) ( ) ( ) 1996 4 1996 7 WTO 6 7 (2008 6A) ( ) 11 ( ) A WTO 2002 6 1 ( ) 2007 12 28 4 (50%)( AB H 1/3)(49%) () 5 2004.9.17 2009.5 6 B 33% 3 49% 3 1/3A B H 7 2002.06.012007.12.28

18 2010 TAIWAN SECURITIES ASSOCIATION () (%) 43.35 1995 04 34.30 7.35 7.35 1996 04 46.60 1996 07 12.51 2002 01 49 * 2002 12 33.33 ** 2003 03 33.33 2004 06 SMBC 33.33 2004 11 ( ) 33 2006 12 20 4.99 2008 10 33.3 2009 07 33.3 * 2009 12 2 ** 2007 3

99 19 (1) ()( )(2) (3) () (4) AB H AB H 1/3 1/3 20% 25% (1) 12 12 (2) 8 (3) (4) (1) (2) 12 (3) (4) (5) 2008 6 A A 8

20 2010 TAIWAN SECURITIES ASSOCIATION QFII 2006 8 24 A QFII(Qualified Foreign Institutional Investor) 2010 9 30 98 QFII 174.2 2009QFII 2,89982% 2,370 QFIIA 1.4% QFII QDII 2007 4 3027 2007 7 5 2010 9 30 95 QDII Qualified Domestic Institutional Investor 640.47 QDII IT 2006 2007 100% ( ) 2010 3 31 5 31 30.5 28.28 13:1 AB 30 50 0.03%( 0.04% ) 191 2009 11 201020094% 32

99 21 A 9 2620 IPO SPO IPO IPO (PE Ratio) 60-70 ( )( ) ( ) QDII 100% 1997( BVI) 9 B 33% 3 49% 3 1/3A B H 10 2004 6 2998 2004 8 122004 9 16 2004 10 19 2004 8 121997 11 51997 11 14 11

22 2010 TAIWAN SECURITIES ASSOCIATION 1326 IPO 2003 1 WTO WTO 2001 12 WTO 9 WTO 10 MOU 11 (MOU) 2009 11MOU 2010 1MOU QFII (ECFA) ECFA 30

99 23 Know-How ( )

24 2010 TAIWAN SECURITIES ASSOCIATION ECFA ECFA ECFAECFA ( ) ECFA WTO ECFA 9

99 ECFA 25 ECFA SWOT CEPAECFA ECFA ( ) SWOT SWOT Strength 1. 2. 3. 4. 5. 6. 7. Weakness 1. 2. IPO 3. 4.

26 2010 TAIWAN SECURITIES ASSOCIATION SWOT Opportunity 1. A 2. 3. 4. 5. 6. 7. 2008 Threat 1. 2. 3. 4. 5. 6. 7. Strength 1. 2. 12 3. IB Opportunity 1. 2. 3. Weakness 1. () 2. Threat 1. 2. 3. 4. 5.

99 ECFA 27 SWOT CEPA ECFA ECFA CEPA 2003 (CEPA) 1. 2. 2ECFA () CEPA 49 CEPA 1. 2. 1/3 ETF -- 2003 CEPA CEPA ECFA ( ) ECFA 2010 6 29 ECFA ECFA 1. ( QFII) 2.

28 2010 TAIWAN SECURITIES ASSOCIATION (QDII) 3. CEPA ( ) ECFA ECFA ECFA 1. 2. CTA(commodity trading adviser ) 3. A 4. ECFA ( ) CEPA 2005 2007CEPA CEPA CEPA CEPA CEPA CEPA (2005 2007) CEPA(2004-2005 ) 1 (%) (%) (%)* 96 62 48 100 91 96 87 72 59 93 55 44 * 1 CEPA 2004 1CEPA2004 2005

99 ECFA 29 CEPA(2005-2006 ) 2 (%) (%) (%)** 91 66 100 96 88 100 60 49 100 79 42 N/A ** CEPA ( ) 1. / 2. ( ) 3. ( ) 4. ( ) ( ) 1. 2 CEPA 2004 1 2005 12006 1CEPA CEPACEPA

30 2010 TAIWAN SECURITIES ASSOCIATION 2. 3. ( ) 1. 2009 MOU 32 1022 20% ( ) ( ) / (%) 1,116,972 768,264 1,885,236 35.05 1,241,485 522,803 1,764,288 32.80 634,291 334,717 969,008 18.01 253,563 171,519 425,082 7.90 190,586 144,896 335,482 6.24 3,436,897 1,942,199 5,379,096 100.00

99 ECFA 31 (1) GDP GDP( IMF) (2) ( GDP )( IMF) (GDP) / (3) 1% 3% 5% (4) ( ) () 3 2. 4 3 2 1 (2009) 3

32 2010 TAIWAN SECURITIES ASSOCIATION 10% 5% 2010-2014 2010 49,684.15 2,484.2 2011 55,161.43 2,758.1 2012 61,586.64 3,079.3 2013 68794.12 3,439.7 2014 78192.17 3,909.6 ( )/( ) 2010 6,702.66 335.1 2011 7,441.57 372.1 2012 8,308.37 415.4 2013 9,280.70 464.0 2014 10,548.55 527.4 ( ECFA )

99 ( ) 33 ( ) 2010 9 12 ECFA ECFA WTO 693.7 61.2% 136.5 65.4%557.2 60.2% ECFA 20 2009 5 ( )2009 GDP 20,619 12% 2009GDP 11,950 12% 2010 GDP 5,761.87 15.5% MOU ECFA2010 2010 6 1326 8 -- 9 QDII QFII ( ) 1. 40

34 2010 TAIWAN SECURITIES ASSOCIATION 2. 2004 3. ( ) () ( ) 1. 2. 40% 200% 70 3. ( ) 1. 2. IMF IT1999 54.2 3. (DR)(REITs) 2005 12 REITs 200910 TDR ( ) 1. 2005 2. 2010 3

99 ( ) 35 2009 12 3. ( ) SWOT ( ) 1. SWOT (Strength) (Weakness) (Opportunities) SO WO OTC (Threats) ST WT

36 2010 TAIWAN SECURITIES ASSOCIATION SWOT (Strength) (Weakness) (Opportunities) SO WO TDR (Threats) ST WT 10+3 TDR QFII (ETF) 2009 ETF 2. 2009 8 3. WTO 2008 6 A( )WTO

99 ( ) 37 () ( ) ( ) 17 20091.4 1999 125.39 2009 23130.5 81.48% 21.6 58.18% 66.8% 33.2% 28% ( ) 1.

38 2010 TAIWAN SECURITIES ASSOCIATION 2. 2009 58.18% 81.48% 3. () ( ) ( ) 49%( ) ( ( ) )

99 39 (stress testing) 2007 AIGIKB (Fortis) IMF 10 1997-1998 1997 7 2 19 1998 8 LTCM() 1994 (FED) 3.0 5.5 1987 8 17 23 2004 3 22

40 2010 TAIWAN SECURITIES ASSOCIATION 6.68%1,596 457 1995 2(Leeson) 8.6 233 2008 1 (Kerviel) 49 (stress testing) (extreme but plausible events) 2009 2 19 (Bank Holding Co., BHCs) (The Supervisory Capital Assessment Program, SCAP)BHCs 2009 11 ( 3.3% 10% 22%) 5 719 10 746 SCAP (CEBS) 2010 6 91 7 23 91 7 6% 35

99 41 9 15 ( ) (stress testing) (extreme but plausible events) (sensitivity analysis) (scenario analysis)(severity scenarios)(reverse stress testing) (sensitivity analysis) (one risk factor or risk driver) 150 (credit spread) 100 20

42 2010 TAIWAN SECURITIES ASSOCIATION (scenario analysis) (backward-looking) (forward-looking) (severity scenarios) (reverse stress testing) ( )

99 43 (BCBS) (CEBS)(IIF) (firm-wide stress testing) (basis risk) (feedback effect) ( ) ( )

2010 TAIWAN SECURITIES ASSOCIATION 44 (infrastructure) (firm-wide stress testing) ( ) ()

99 45 3 9 4 8 99 9 3 1822 8 ( ) 99 7 38 1,017 3

2010 TAIWAN SECURITIES ASSOCIATION 46 99 7 ( () ) 98.3% 1.7% 3 38 5 151 99 7 ( ) 80.8% 17.92% 1.28% ----------------------------------------- 100% ( ) 3 (99 9 3) 3 38 5( ) 5 151

99 47 38 1,017 ( ) 33 1. 2. 3. 4. 5. 99 10 6 64( 145 18) 99 7 64 0.62% 1.7% ( 0.2% 60% ) 1.28% 3 97

48 2010 TAIWAN SECURITIES ASSOCIATION 99 9 3 2,000 ( ) 3 3 10 3 5 99 9 9 1 2

99 49 ( ) (1,000 100 ) 99 8 20 ( ) 99 7 1 7 13 2 2 ( ) 99 8 3 2 1 ( ) 8

50 2010 TAIWAN SECURITIES ASSOCIATION 99 9 21 100 10 5 ( ) 6 99 7 7 ( ) 30 2699 7 14 ( ) (TDR) TDR 10% 4899 7 14 ( ) 20% 2799 8 10 ( ) 99 5 19 99 7 14 8 20

99 51 ( ) ( ) ( ) 499 8 10 ( ) 2599 10 8 ( ) 99 7 9 () ( ) 99 8 2 9 9 ( ) 13 99 9 16 1. 2.

52 2010 TAIWAN SECURITIES ASSOCIATION ( ) 3090 1 1 12 31 12 (100) 99 8 23 -- ( ) 99 9 30 6 2 3

99 53 ( ) ( ) ( ) ( ) 1. 2. 50 3. ( ) ( ) ( ) ( ) CA-11210 ( ) 22 1. 2. 3.

2010 TAIWAN SECURITIES ASSOCIATION 54 ( ) ( ) () 48 ( ) ( )

99 55 ( ) ( ) 99 9 14 0990042998 ( ) ( ) () ( ) 3 3 ( ) IPO 99 8 31 12 6 4 21 ( ) 99 3 2ETF 1. 2. () 3. ( ) 4. 50( )50 ( )

56 2010 TAIWAN SECURITIES ASSOCIATION ( ) 99 9 7 ( ) TDR TDR TDR ( ) ( ) 100 0 60 EPS ( ) ( ) 1. 12 2.

99 57 3. ( ) ( ) ( ) ( )( ) ( ) ( ) 20% ( ) ( ) ( ) ( )

58 2010 TAIWAN SECURITIES ASSOCIATION ( ) 99 7 2099 8 2499 9 21 1. ( ) (1) (2) ( ) 98 99 10 12 ( ) (Asia Securities Forum, ASF) 2010 15(ASF) 9 27-29(SAC) 13 ( ) http://www.twsa.org.tw 1 ECFA 2 ( )

99 59 1 4 1 18 2 79 2 18 2 9 65 56 65 56 3 31 4 4 2 23 1 3 5 18 2 3 14 6 4 65 65 65 56

60 2010 TAIWAN SECURITIES ASSOCIATION 7 4 2 26 Westways XI CDO 8 18 2 11 19 9 2 2 94 95 96 10 2 2 18 3 ( ) ( ) 11 2 2 4 2 118 2 38 12 33 2 2 13 22 144 1 2 2 ( ) 56 65 56 65 56 56 65

99 61 14 2 2 99 2 15 94 3 310940104998 16 18 2 2 17 18 2 11 18 18 2 11 19 4 98 20 2 2 18 2 2334 96 98 65 56 65 56 65 56 56

62 2010 TAIWAN SECURITIES ASSOCIATION 21 2 231 4 1. 2. 22 4 23 26 1 94 2 23 ( ) ( ) 94 2 96 8 ( ) 40.63% 6% 24 6 2 25 18 2 234 (RS) 98 7 29 98 8 5 99 8 4 65 66 56 65 56

99 63 26 18 2 711193 27 2 2 18 2 17 23396 7 11 09600340632 1. 2. 3. 4. ( ) 5. 96 10 1 97 12 31 ( ) 65 56 65 56

64 2010 TAIWAN SECURITIES ASSOCIATION 28 2 2 18 2 11 29 2 2 18 2 19 30 99 9 13ETF 31 99 9 9 25,000 65 56 65 56

99 65 07 08 07 08 07 13 07 13 07 19 07 26 07 26 08 02 08 11 08 13 08 18 / / / / ETF (FTSE) 150 (MOU) 2009 2005 2010- (MOU) 1,000 71,034 66.75 ( ) (TDR) TDR 30%

66 2010 TAIWAN SECURITIES ASSOCIATION 08 30 09 08 09 15 09 16 09 20 09 23 09 28 09 28 09 29 09 30 TDR ETF12 1814734 133731 6 2013 230 2,680 (Country Classification) FIX (Facebook)(Blog)(Twitter) (Plurk) MSN 7% TDR (FTSE) 2011 1 3 (TSEC Taiwan Index Series) (FTSE TWSE Taiwan Index Series) 99 7 21 99 8 13

99 67 07 15 201098 AAA 12 AA D E 07 20 07 20 Aa2 08 12 60%(10 20%) 08 17 6 20 08 30 09 16 3 09 20 2011 2011 4 09 30 A1-9 257 3,828 18 154 85 3,828.219 29 IPO1,0381,546.8 1.06

68 2010 TAIWAN SECURITIES ASSOCIATION ( ) ( ) 99 7 99 8 99 9 993 1 23,624,251,752 22,064,386,649 35,935,145,533 81,623,783,934 2 509,769,205 497,404,131 357,145,381 1,364,318,717 3 3,863,354,583 1,240,514,752 7,257,146,369 12,361,015,704 4 4,432,749,090 7,018,818,580 5,690,202,230 17,141,769,900 5 0 0 0 0 6 25,898,117 41,249,719 8,466,882 75,614,718 7 899,628,050 1,273,644,829 1,720,428,176 3,893,701,055 8 0 2,948,488 629,282 3,577,770 9 572,444,093 657,788,617 874,459,589 2,104,692,299 10 942,894,668 821,132,350 821,954,318 2,585,981,336 11 0 0 0 0 12 0 0 0 0 13 0 0 0 0 14 0 0 0 0 15 0 0 0 0 16 0 1,051,850 34,975 1,086,825 17 222,087 483,070 0 705,157 18 5,142,202,650 5,560,650,329 4,661,988,220 15,364,841,199 19 9,822,953 11,649,109 12,850,308 34,322,370 20 1,818,459,568 3,198,966,646 2,311,216,852 7,328,643,066 21 121,149,715 500,742,394 623,944,241 1,245,836,350 22 8,565,585 16,221,848 23,979,664 48,767,097 23 8,522,482 5,646,583 14,841,441 29,010,506 24 236,408,879 453,251,338 488,318,637 1,177,978,854 25 犇 0 0 0 0 26 大 昌 0 3,266,616 0 3,266,616 27 福 邦 0 0 0 0 28 116,744,809 42,393,100 18,770,768 177,908,677 29 121,078,376 267,540,957 331,834,578 720,453,911 30 0 0 0 0 31 0 0 0 0 32 10,665,801 34,741,200 68,011,318 113,418,319 33 0 0 0 0 34 4,717,644 3,422,601 3,207,495 11,347,740 35 0 0 0 0 36 1,963,222,874 2,607,994,515 1,990,743,455 6,561,960,844 37 1,866,846 1,451,234 3,447,757 6,765,837 38 20,482,143 1,951,991 12,888,788 35,322,922 39 4,857,229,017 4,608,057,136 5,231,250,647 14,696,536,800 40 1,580,746 5,012,435 905,310 7,498,491 41 2,915,922,683 2,712,897,955 3,509,033,318 9,137,853,956 42 2,888,853,030 3,464,257,114 3,388,548,009 9,741,658,153 43 3,670,294,966 4,602,056,368 5,861,528,441 14,133,879,775 NT$58,789,002,413 NT$61,721,594,503 NT$81,222,921,982 NT$201,733,518,898

99 69 ( ) ( ) 99 7 99 8 99 9 993 555,516,234.78 658,159,121.13 599,045,984.69 1,812,721,340.60 12,400,927.96 7,621,395.20 7,013,208.66 27,035,531.82 1,687,518.00 1,399,660.00 967,123.85 4,054,301.85 315,884.18 467,070.85 864,151.58 1,647,106.61 11,230.00 0.00 9,741.35 20,971.35 10,467,232.88 9,505,241.37 10,855,807.92 30,828,282.17 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 8,153,400.65 16,063,978.40 13,579,526.74 37,796,905.79 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1,043,997.97 1,043,997.97 0.00 0.00 0.00 0.00 265,959,539.53 338,014,699.41 389,144,882.28 993,119,121.22 316,458.00 567,706.05 948,966.00 1,833,130.05 0.00 0.00 0.00 0.00 130,265,929.24 49,240,483.98 243,722,914.60 423,229,327.82 6,772,754.46 4,446,346.10 3,772,919.42 14,992,019.98 5,388,361.46 7,642,042.53 21,435,549.66 34,465,953.65 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 377,263.62 9,695,403.95 2,657,109.88 12,729,777.45 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 130,931.43 282,643.53 16,772.36 430,347.32 0.00 0.00 0.00 0.00 0.00 261,224.65 248,651.82 509,876.47 1,500.00 2,094.66 1,797.33 5,391.99 753,152,450.67 706,565,057.18 1,177,921,653.67 2,637,639,161.52 0.00 0.00 0.00 0.00 2,014,557.78 2,183,369.32 2,385,557.60 6,583,484.70 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 6,343,015.19 7,637,403.70 6,195,191.74 20,175,610.63 1,802,929.45 852,147.92 1,316,490.73 3,971,568.10 0.00 0.00 0.00 0.00 0.00 2,561,977.00 2,923,235.00 5,485,212.00 0.00 0.00 0.00 0.00

70 2010 TAIWAN SECURITIES ASSOCIATION 99 7 99 8 99 9 993 4,197,193.89 4,856,797.89 17,798,081.71 26,852,073.49 56,478,315.81 82,181,197.12 63,952,119.78 202,611,632.71 0.00 0.00 0.00 0.00 5,461,767.27 5,386,883.51 9,133,196.02 19,981,846.80 0.00 0.00 0.00 0.00 5,545,833.07 3,758,180.13 4,627,287.87 13,931,301.07 2,974,566.22 3,199,220.04 2,816,877.33 8,990,663.59 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 469,433.51 867,666.14 8,750,225.22 10,087,324.87 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 55,577.37 0.00 3,191,015.90 3,246,593.27 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 37,470.34 0.00 47,646.82 85,117.16 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00-58,777.45 0.00 58,777.45 18,168.15 0.00 0.00 18,168.15 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 268,637.59 0.00 0.00 268,637.59 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 177,745.85 2,545,114.63 588,962.92 3,311,823.40 0.00 886,440.00 198,900.00 1,085,340.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 US$1,836,762,828.35 US$1,926,909,343.84 US$2,597,175,548.42 US$6,360,847,720.61 US$61,845,040.58 US$87,263,925.21 US$69,417,133.17 US$218,526,098.96 3,952 4,094 4,192 551,564 563,901 577,496 555,516 567,995 581,688

99 71 ( ) ( ) 99 7 99 8 99 9 993 555,516,234.78 658,159,121.13 599,045,984.69 1,812,721,340.60 265,959,539.53 338,014,699.41 389,144,882.28 993,119,121.22 8,153,400.65 16,063,978.40 13,579,526.74 37,796,905.79 6,343,015.19 7,637,403.70 6,195,191.74 20,175,610.63 4,197,193.89 4,856,797.89 17,798,081.71 26,852,073.49 5,388,361.46 7,642,042.53 21,435,549.66 34,465,953.65 10,467,232.88 9,505,241.37 10,855,807.92 30,828,282.17 469,433.51 867,666.14 8,750,225.22 10,087,324.87 2,014,557.78 2,183,369.32 2,385,557.60 6,583,484.70 5,545,833.07 3,758,180.13 4,627,287.87 13,931,301.07 377,263.62 9,695,403.95 2,657,109.88 12,729,777.45 55,577.37 0.00 3,191,015.90 3,246,593.27 37,470.34 0.00 47,646.82 85,117.16 0.00 58,777.45 0.00 58,777.45 268,637.59 0.00 0.00 268,637.59 177,745.85 2,545,114.63 588,962.92 3,311,823.40 864,971,497.51 1,060,987,796.05 1,080,302,830.95 3,006,262,124.51 12,400,927.96 7,621,395.20 7,013,208.66 27,035,531.82 56,478,315.81 82,181,197.12 63,952,119.78 202,611,632.71 316,458.00 567,706.05 948,966.00 1,833,130.05 0.00 261,224.65 248,651.82 509,876.47 1,802,929.45 852,147.92 1,316,490.73 3,971,568.10 2,974,566.22 3,199,220.04 2,816,877.33 8,990,663.59 18,168.15 0.00 0.00 18,168.15 0.00 0.00 0.00 0.00 0.00 886,440.00 198,900.00 1,085,340.00 73,991,365.59 95,569,330.98 76,495,214.32 246,055,910.89 753,152,450.67 706,565,057.18 1,177,921,653.67 2,637,639,161.52 130,265,929.24 49,240,483.98 243,722,914.60 423,229,327.82 5,461,767.27 5,386,883.51 9,133,196.02 19,981,846.80 315,884.18 467,070.85 864,151.58 1,647,106.61 0.00 2,561,977.00 2,923,235.00 5,485,212.00 0.00 0.00 1,043,997,97 1,043,997,97 889,196,031,36 764,221,472,52 1,435,609,148,84 3,089,026,652,72

72 2010 TAIWAN SECURITIES ASSOCIATION 99 7 99 8 99 9 993 6,772,754.46 4,446,346.10 3,772,919.42 14,992,019.98 130,931.43 282,643.53 16,772.36 430,347.32 11,230.00 0.00 9,741.35 20,971.35 6,914,915.89 4,728,989.63 3,799,433.13 15,443,338.65 1,687,518.00 1,399,660.00 967,123.85 4,054,301.85 1,500.00 2,094.66 1,797.33 5,391.99 1,689,018.00 1,401,754.66 968,921.18 4,059,693.84 US$1,836,762,828.35 US$1,926,909,343.84 US$2,597,175,548.42 US$6,360,847,720.61 ( ) 90 52 163 3 7 91 113 211 2 4 92 126 128 1 2 93 205 130 2 7 94 102 92 0 9 95 111 99 0 11 96 185 122 0 13 97 86 61 1 1 98 127 101 0 1 99Q1 36 28 0 0 99Q2 47 18 0 2 99Q3 45 39 0 1 ( ) 99 3 ( ) ( ) (%) 1 1,107 30 33,210,000 99.07.05 1.17 2 1,800 26 46,800,000 99.07.06 3.65 3 3,780 50 189,000,000 99.07.14 2.88 4 4,250 28 119,000,000 99.07.16 3.29 5 8,500 10.75 91,375,000 99.07.16 5.59 6 3,825 57 218,025,000 99.07.21 2.62 7 510 48 24,480,000 99.07.22 0.41

99 73 ( ) ( ) (%) 8 666 51 33,966,000 99.07.27 0.62 9 714 70 49,980,000 99.07.27 0.97 10 1,360 21 28,560,000 99.07.29 1.08 11 2,805 32.50 91,162,500 99.07.30 1.86 12 675 178 120,150,000 99.08.03 0.68 13 2,125 20 42,500,000 99.08.10 1.89 14 425 26 11,050,000 99.08.20 0.61 15 595 16.25 9,668,750 99.08.20 0.71 16 1,700 20 34,000,000 99.08.20 1.30 17 1,350 22 29,700,000 99.08.23 2.25 18 850 52.88 44,948,000 99.08.27 0.78 19 684 33.50 22,914,000 99.09.01 0.67 20 850 140 119,000,000 99.09.01 1.11 21 TDR 21,900 18.80 411,720,000 99.09.02 22.56 22 1,700 11.30 19,210,000 99.09.02 3.74 23 2,130 20 42,600,000 99.09.02 2.21 24 1,122 185 207,570,000 99.09.03 0.83 25 TDR 5,100 14 71,400,000 99.09.03 7.97 26 935 21 19,635,000 99.09.06 4.06 27 5,510 35 192,850,000 99.09.06 20.79 28 5,950 67 398,650,000 99.09.07 3.99 29 621 40 24,840,000 99.09.09 0.64 30 2,550 30 76,500,000 99.09.13 3.77 31 1,020 23.50 23,970,000 99.09.15 0.79 32 3,000 21 63,000,000 99.09.20 2.37 33 255 63.50 16,192,500 99.09.20 0.26 34 5,000 50 250,000,000 99.09.20 3.18 35 1,700 85 144,500,000 99.09.24 1.01 36 2,125 13.40 28,475,000 99.09.27 1.91 37 2,312 24.31 56,204,720 99.09.27 3.14 38 945 22 20,790,000 99.09.28 0.70 39 TDR 11,250 12.15 136,687,500 99.09.30 7.96 ( ) 99 3 1 4,181 3,074 99.06.28-07.01 27-30 2 17,388 13,608 99.07.07-07.12 45-50 3 3,000 2,600 99.07.08-07.09 101-110% 4 13,250 9,425 99.07.14-07.19 52-62 5 1,000 900 99.07.15-07.16 101-110% 6 堃 3,000 2,720 99.07.20-07.22 101-110%

74 2010 TAIWAN SECURITIES ASSOCIATION 7 8,000 7,037 99.07.21-07.22 101-110% 8 6,000 5,400 99.07.26-07.27 101-110% 9 18,000 16,200 99.07.26-07.29 101-120% 10 8,000 7,053 99.07.27-07.28 101-120% 11 3,000 2,580 99.08.02-08.03 101-110% 12 3,000 2,850 99.08.05-08.05 101-110% 13 1,000 900 99.08.05-08.05 101-110% 14 TDR 80,000 72,000 99.08.05-08.06 9.30-10.50 15 5,000 4,455 99.08.06-08.09 101-105% 16 10,000 9,500 99.08.13-08.16 1.5-2% 17 9,000 8,055 99.08.13-08.17 101-105% 18 15,300 13,570 99.08.13-08.17 47-55 19 TDR 150,000 142,500 99.08.17-08.18 11.25-13.75 20 13,500 12,825 99.08.17-08.19 90-93% 21 3,000 2,700 99.08.19-08.19 101-110% 22 3,000 2,670 99.08.19-08.20 101-105% 23 10,000 8,500 99.08.20-08.24 101-130% 24 2,000 1,800 99.08.23-08.24 101-110% 25 3,000 2,850 99.08.23-08.25 101-110% 26 3,000 2,660 99.08.24-08.27 101-105% 27 4,000 3,600 99.08.25-08.27 101-130% 28 2,430 1,746 99.08.25-08.30 30-35 29 2,000 1,800 99.08.26-08.30 101-105% 30 TDR 240,000 197,100 99.08.26-08.31 17-19 31 4,107 2,985 99.08.27-09.01 175-185 32 TDR 40,000 28,900 99.08.27-09.01 11-14 33 4,500 3,957 99.08.30-09.01 101-105% 34 3,000 2,675 99.09.02-09.03 101-110% 35 2,375 1,754 99.09.02-09.07 35-40 36 2,000 1,793 99.09.03-09.06 101-105% 37 3,000 2,700 99.09.03-09.07 101-105% 38 6,000 5,100 99.09.10-09.14 101-135% 39 11,500 8,500 99.09.13-09.16 21-23 40 23,000 18,000 99.09.13-09.16 46-53 41 15,000 14,130 99.09.15-09.15 101-110% 42 10,000 9,500 99.09.17-09.20 101-105% 43 3,615 2,670 99.09.20-09.24 22-27 44 TDR 125,000 101,250 99.09.23-09.28 10-12.50 45 10,000 9,000 99.09.28-09.28 101-110% ( ) 99 3 ( ) 1 2010 4,255,000,000 99.08.11-08.12

99 75 ( ) (99 1-9 ) ( ) (%) EPS ( ) ROE (%) (%) ( ) 84 250,795,323 226,823,802 23,971,521 339,101,053 463,349,672 9.56 0.707 5.17 100.00 13.664 47 243,891,682 222,072,195 21,819,487 326,180,880 439,259,957 8.95 0.669 4.97 97.25 13.467 37 6,903,641 4,751,607 2,152,034 12,920,173 24,089,715 31.17 1.666 8.93 2.75 18.645 67 234,230,668 213,682,416 20,548,252 318,754,843 424,867,739 8.77 0.645 4.84 93.40 13.329 34 231,400,640 211,377,163 20,023,477 309,204,670 410,320,462 8.65 0.648 4.88 92.27 13.270 33 2,830,028 2,305,253 524,775 9,550,173 14,547,277 18.54 0.549 3.61 1.13 15.232 17 16,564,655 13,141,386 3,423,269 20,346,210 38,481,933 20.67 1.683 8.90 6.60 18.914 13 12,491,042 10,695,032 1,796,010 16,976,210 28,939,495 14.38 1.058 6.21 4.98 17.047 4 4,073,613 2,446,354 1,627,259 3,370,000 9,542,438 39.95 4.829 17.05 1.62 28.316 20 20 219,073,295 200,236,635 18,836,660 276,331,591 373,765,721 8.60 0.682 5.04 87.35 13.526 20 188.37 (1). 150 89 61 (2). 84 (3). Year-To-Month 99 1-9 99 10 15 (4). 9 ISM 54.4 68.210 4 4.01% 2.53% FED 9 PMI 52.9 0% (5). 99 1-9(TSE: 1,129 /OTC: 237 )98 (TSE: 1,188 /OTC: 192 )84 EPS 0.707 0.87273 119 7,616 ->8,237 8.15% 99 1-9 EPS 0.669 1.666 EPS 1.683 EPS 0.645 EPS 0.648 EPS 0.549 EPS 4.829EPS 1.058 (6). 99 1-9 20 EPS 0.682 19 EPS 1.180 20 ROE 5.04% 5.17% (7). EPS 19.63 9.37 8.40 EPS -4.53-0.92-0.33 (8). IMF 9.3% 8.24% 4.4%9 224 206.3 8 8 M1B 12.29%

76 2010 TAIWAN SECURITIES ASSOCIATION ( ) (99 1-9 ) ( ) ( ) ( ) ( ) ( ) ( ) 1 23,532,121 1 3,017,748 1 19.631 2 20,722,344 2 2,674,162 2 9.365 3 20,551,253 3 1,679,434 3 8.404 4 20,466,060 4 1,626,200 4 6.302 5 18,211,565 5 1,365,235 5 2.101 6 17,036,027 6 1,129,162 6 花 旗 環 球 2.058 7 16,787,911 7 1,126,860 7 1.791 8 14,163,332 8 1,115,082 8 1.458 9 14,142,525 9 1,069,875 9 1.399 10 12,308,835 10 1,053,834 10 1.333 ( ) ( ) ( ) ( ) ( ) ( ) 1 23,532,121 1 3,017,748 1 9.365 2 20,722,344 2 2,674,162 2 6.302 3 20,551,253 3 1,679,434 3 2.101 4 20,466,060 4 1,626,200 4 花 旗 環 球 2.058 5 18,211,565 5 1,365,235 5 1.399 ( ) ( ) ( ) ( ) ( ) ( ) 1 1,804,760 1 953,812 1 19.631 2 999,716 2 431,892 2 8.404 3 914,643 3 148,399 3 1.791 4 457,189 4 111,767 4 1.458 5 354,494 5 93,156 5 1.242 ()

99 77 ( ) (99 1-9 ( ) (%) EPS( ) ROE(%) (%) ( ) 1040 457,720 376,855 80,865 3,000,000 3,203,022 17.667 0.270 2.52 0.183 10.68 1090 4,018,351 3,719,438 298,913 4,509,765 5,238,149 7.439 0.663 5.71 1.602 11.62 1160 10,231,843 8,866,608 1,365,235 11,572,128 20,421,928 13.343 1.180 6.69 4.080 17.65 1260 875,938 893,270-17,332 4,568,388 4,204,130-1.979-0.038-0.41 0.349 9.20 1360 925,026 863,675 61,351 533,000 1,579,772 6.632 1.151 3.88 0.369 29.64 1400 139,597 207,603-68,006 150,000 1,089,566-48.716-4.534-6.24 0.056 72.64 1440 924,929 800,605 124,324 1,700,000 2,519,264 13.441 0.731 4.93 0.369 14.82 1470 680,205 614,499 65,706 1,468,210 1,718,570 9.660 0.448 3.82 0.271 11.71 1480 999,904 629,991 369,913 395,000 3,927,197 36.995 9.365 9.42 0.399 99.42 1530 856,880 510,252 346,628 550,000 1,681,010 40.452 6.302 20.62 0.342 30.56 1560 249,096 382,493-133,397 1,450,000 1,380,901-53.552-0.920-9.66 0.099 9.52 1570 4,598,359 4,457,073 141,286 1,010,000 1,302,417 3.073 1.399 10.85 1.834 12.90 1590 758,650 459,163 299,487 1,455,000 3,411,901 39.476 2.058 8.78 0.302 23.45 1650 865,436 599,658 265,778 1,265,000 1,974,164 30.710 2.101 13.46 0.345 15.61 2180 3,849,938 3,735,303 114,635 7,137,143 10,113,024 2.978 0.161 1.13 1.535 14.17 5050 399,157 281,460 117,697 2,325,836 3,330,197 29.486 0.506 3.53 0.159 14.32 5110 139,779 125,364 14,415 760,000 553,561 10.313 0.190 2.60 0.056 7.28 5180 495,568 623,326-127,758 4,165,000 2,569,723-25.780-0.307-4.97 0.198 6.17 5260 675,835 479,457 196,378 2,788,691 4,067,532 29.057 0.704 4.83 0.269 14.59 5270 20,722,344 19,668,510 1,053,834 20,375,495 23,593,704 5.085 0.517 4.47 8.263 11.58 5380 3,706,904 3,252,501 454,403 6,400,000 7,483,036 12.258 0.710 6.07 1.478 11.69 5510 20,551,253 19,498,782 1,052,471 13,969,020 22,193,573 5.121 0.753 4.74 8.194 15.89 5720 14,142,525 13,015,665 1,126,860 14,290,660 20,094,296 7.968 0.789 5.61 5.639 14.06 5820 2,229,605 2,148,852 80,753 10,827,764 10,464,852 3.622 0.075 0.77 0.889 9.66 5850 17,036,027 15,966,152 1,069,875 12,319,334 19,683,117 6.280 0.868 5.44 6.793 15.98 5920 18,211,565 17,082,403 1,129,162 14,664,610 18,849,556 6.200 0.770 5.99 7.262 12.85 6010 犇 亞 231,451 185,684 45,767 1,137,554 1,475,646 19.774 0.402 3.10 0.092 12.97 6160 中 信 託 703,892 639,542 64,350 5,357,140 5,959,192 9.142 0.120 1.08 0.281 11.12

78 2010 TAIWAN SECURITIES ASSOCIATION ( ) (99 1-9 ( ) (%) EPS( ) ROE(%) (%) ( ) 6480 115,038 126,504-11,466 2,000,000 1,783,245-9.967-0.057-0.64 0.046 8.92 6530 1,051,286 993,807 57,479 3,909,898 4,607,740 5.467 0.147 1.25 0.419 11.78 6910 342,083 266,008 76,075 1,375,500 1,441,792 22.239 0.553 5.28 0.136 10.48 7000 14,163,332 13,048,250 1,115,082 11,600,000 14,495,667 7.873 0.961 7.69 5.647 12.50 7030 483,108 343,452 139,656 2,040,600 2,824,912 28.908 0.684 4.94 0.193 13.84 7790 4,271,232 3,881,693 389,539 8,270,789 9,192,767 9.120 0.471 4.24 1.703 11.11 8150 207,825 166,829 40,996 1,030,000 1,081,263 19.726 0.398 3.79 0.083 10.50 8450 3,170,950 3,170,607 343 6,816,422 7,704,039 0.011 0.001 0.00 1.264 11.30 8560 496,340 315,032 181,308 1,360,000 1,861,009 36.529 1.333 9.74 0.198 13.68 8700 466,222 114,988 351,234 3,000,000 3,537,707 75.336 1.171 9.93 0.186 11.79 8840 796,563 616,684 179,879 3,060,000 3,517,187 22.582 0.588 5.11 0.318 11.49 8880 6,435,592 6,240,066 195,526 3,700,000 4,237,912 3.038 0.528 4.61 2.566 11.45 8890 821,004 900,376-79,372 3,000,000 3,738,947-9.668-0.265-2.12 0.327 12.46 8960 205,734 154,656 51,078 1,000,000 1,078,079 24.827 0.511 4.74 0.082 10.78 9200 23,532,121 20,857,959 2,674,162 32,072,362 46,227,527 11.364 0.834 5.78 9.383 14.41 9300 8,092,669 7,551,676 540,993 8,111,743 11,357,359 6.685 0.667 4.76 3.227 14.00 9600 20,466,060 18,786,626 1,679,434 15,130,500 30,503,230 8.206 1.110 5.51 8.160 20.16 9700 16,787,911 15,161,711 1,626,200 21,385,195 27,813,490 9.687 0.760 5.85 6.694 13.01 9800 12,308,835 9,291,087 3,017,748 46,953,133 58,173,085 24.517 0.643 5.19 4.908 12.39 1380 999,716 567,824 431,892 220,000 1,289,964 43.201 19.631 33.48 0.399 58.63 1520 1,804,760 850,948 953,812 1,135,000 4,731,309 52.850 8.404 20.16 0.720 41.69 5320 206,690 154,305 52,385 478,555 926,829 25.345 1.095 5.65 0.082 19.37 5460 51,812 48,489 3,323 312,000 317,852 6.414 0.107 1.05 0.021 10.19 5600 192,512 166,812 25,700 422,500 724,938 13.350 0.608 3.55 0.077 17.16 5660 56,411 43,222 13,189 203,400 368,915 23.380 0.648 3.58 0.022 18.14 5690 50,765 43,409 7,356 280,000 509,531 14.490 0.263 1.44 0.020 18.20 5860 50,498 28,487 22,011 268,438 519,903 43.588 0.820 4.23 0.020 19.37 5870 72,705 49,553 23,152 200,000 509,270 31.844 1.158 4.55 0.029 25.46 5960 104,211 62,672 41,539 361,538 715,301 39.860 1.149 5.81 0.042 19.78

99 79 ( ) (99 1-9 ( ) (%) EPS( ) ROE(%) (%) ( ) 6210 35,183 38,227-3,044 235,400 279,294-8.652-0.129-1.09 0.014 11.86 6380 171,236 129,638 41,598 440,783 606,841 24.293 0.944 6.85 0.068 13.77 6450 141,351 102,814 38,537 364,808 649,483 27.263 1.056 5.93 0.056 17.80 6460 457,189 345,422 111,767 900,000 1,321,647 24.447 1.242 8.46 0.182 14.68 6620 11,255 12,684-1,429 200,000 98,334-12.697-0.071-1.45 0.004 4.92 6660 28,815 29,840-1,025 200,000 208,320-3.557-0.051-0.49 0.011 10.42 6950 68,205 55,714 12,491 255,000 435,827 18.314 0.490 2.87 0.027 17.09 7020 37,383 29,291 8,092 200,000 311,742 21.646 0.405 2.60 0.015 15.59 7070 37,576 30,317 7,259 200,000 345,881 19.318 0.363 2.10 0.015 17.29 7080 52,745 60,997-8,252 250,000 216,061-15.645-0.330-3.82 0.021 8.64 7120 13,096 15,463-2,367 200,000 104,740-18.074-0.118-2.26 0.005 5.24 7530 145,010 131,967 13,043 400,000 728,054 8.995 0.326 1.79 0.058 18.20 7670 70,083 61,355 8,728 300,300 380,882 12.454 0.291 2.29 0.028 12.68 7690 22,694 19,102 3,592 200,000 234,854 15.828 0.180 1.53 0.009 11.74 7750 79,260 70,354 8,906 269,451 318,152 11.236 0.331 2.80 0.032 11.81 7780 99,842 94,972 4,870 368,000 459,394 4.878 0.132 1.06 0.040 12.48 7900 30,795 27,750 3,045 238,000 304,707 9.888 0.128 1.00 0.012 12.80 8380 119,491 93,807 25,684 370,000 618,094 21.495 0.694 4.16 0.048 16.71 8440 914,643 766,244 148,399 1,495,000 2,711,295 16.225 0.993 5.47 0.365 18.14 8490 27,084 24,583 2,501 200,000 305,366 9.234 0.125 0.82 0.011 15.27 8520 51,034 41,538 9,496 200,000 429,429 18.607 0.475 2.21 0.020 21.47 8660 17,598 12,766 4,832 230,000 222,628 27.458 0.210 2.17 0.007 9.68 8710 79,170 74,704 4,466 302,000 247,001 5.641 0.148 1.81 0.032 8.18 8770 23,170 22,977 193 200,000 230,005 0.833 0.010 0.08 0.009 11.50 8800 130,614 116,639 13,975 320,000 654,373 10.699 0.437 2.14 0.052 20.45 8850 94,545 65,383 29,162 200,000 243,629 30.845 1.458 11.97 0.038 12.18 8900 354,494 261,338 93,156 520,000 809,870 26.279 1.791 11.50 0.141 15.57

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