2014 Cathay Financial Holdings Annual Report

Cathay Financial Holdings Contents... 04...05...06...06...07...07 2015...08

Contents...10...11...13 2015...14...30...31...33 2015...33...16...17...19 2015...20...34...34 2015...35...22...23...24 2015...25...36...38...40...42 2013.12.31 NTD / USD 29.83:1 2014.12.31 NTD / USD 31.60:1...26...27...28 2015...29 2014 Annual Report

Letter to Shareholders Cathay Financial Holdings 2014 2014 US$15.8 NT$3.94 US$10.1 US$73.9 US$201.3 US$22.5 US$5.6 US$135.7 2014 2014 2014 10 31 2014 21 10 8 6 (Conning Holdings Corp.) + + + + 2015 4

Overview of Cathay Financial Holding Co., Ltd. 2001 12 31 US$39.8 740 1,200 2014 Annual Report US$ 2,198 US$ 15.75 876 1,245 4.5 5

6 Cathay Financial Holdings

Overview of Cathay Financial Holding Co., Ltd. M.B.A., Baruch College, City University of New York, USA ( ) / / / / / / / / / / 12,563,210 US$3,975,699 2014 Annual Report 7

Cathay Financial Holdings 2015 2015 (Conning Holdings Corp.) Rizal Commercial Banking Corporation(RCBC) PT Bank Mayapada International(Bank Mayapada) 2014 (Conning Holdings Corp.) 2014 2014 8

Overview of Cathay Financial Holding Co., Ltd. 1. 2. 2008 2009 200 ( ) ( ) 2014 2014 Annual Report 9

Cathay Financial Holdings 2014 2 e (TTQS) 2014 US$22.5 19.1% US$201.3 23.0% US$10.1 16 AsianInvestorAsianInvestor Institutional Excellence Awards (E) (S) (G) 2015 10

Cathay Life Insurance Co., Ltd. 1962 10 1964 11 2014 US$201.3 US$1,484.5 780 20052008 29,570 43.4 12.0 2014 Annual Report 11

Cathay Financial Holdings M.B.A., Baruch College, City University of New York, USA ( ) 12

Cathay Life Insurance Co., Ltd. 2014 2014 (%) 14,854.15 61.5 5,331.97 22.1 3,638.03 15.0 338.05 1.4 24,162.20 100.0 ( / 31.60/1) 2014 Annual Report 2014 13

Cathay Financial Holdings 2015 1. 2. 3. 4. 1. 2. 3. 4. 1. (1) (2) 2. (1) (2) (3) 1. 2. 3. 3. (1) (2) 2014 WSBL 2014 14

Cathay Life Insurance Co., Ltd. 2015 20,219 ( / 31.60/1) 2014 2014 Annual Report 15

Cathay Financial Holdings 2014 2014 5.6 40 - - - - (The Banker) 2014 The Asset2014 Triple A - (Trade Finance) (IDC Financial Insights) 2014 TTQS - 165 2014 5 10 ( ) 5 2014 3 7 10 2014 9 2014 12 10 8 - - 0.3% 16

Cathay United Bank Co., Ltd. 11 348 7 2015 7,637 36.75 9.03 1975 5 20 39 671 165 10 ( ) 5 2000 (Indovina Bank) 36 100% SBC ( CUBC )5 10 16 1,900 2014 (The Banker)2014 (Bank of the Year 2014 in Taiwan) TTQS(Talent Quality-management System) 2014 Annual Report 17

Cathay Financial Holdings M.B.A., Baruch College, City University of New York, USA ( ) 18

Cathay United Bank Co., Ltd. 1. ( ) 2. 3. ( ) 4. 5. ( ) 6. 7. 8. 9. 10. ( ) 11. 12. 13. ( ) 14. 15. 16. 17. 18. ( ) 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. 31. 32. 33. 34. 35. 36. 37. 38. 39. 40. 41. 42. 43. 44. 45. 46. 47. 48. 49. 50. 51. 2014 Annual Report 19

Cathay Financial Holdings 2014 (%) 783 55 369 26 138 10 63 5 6-34 2 (4) - 33 2 1,422 100 ( / 31.60/1) 2015 IT 20

Cathay United Bank Co., Ltd. VIP 3.0 2015 56,668 ( ) 39,153 500 ( / 31.60/1) 2014 Annual Report 21

Cathay Financial Holdings 2014 (3.74%) 2013 (2.11%) 12% 8.9% 2013 5.9% 13.4% 13.6% 8.0% 2014 Moody's A3S&P A-twAA+ 2014 - - - (The Stevie Awards)- - - <<World Finance>> 2014 19 21 2014 2014 41 400 1 2015 22

Cathay Century Insurance Co., Ltd. 1993 2002 2007 2008 2010 ISO9001 twaa+s&pa- MoodysA3 2014 - - World Finance 2,030 37.1 7.5 2014 Annual Report 23

Cathay Financial Holdings M.B.A.,Baruch College,City University of New York,USA ( ) 24

Cathay Century Insurance Co., Ltd. 2014 % 426.93 93.81 12.37 2.72 1.19 0.26 14.62 3.21 455.11 100.00 ( / 31.60/1) 2015 1. 2. 1. 2. 3. 1. 2. 3. 3. OIU 1. 2. 3. 2015 6.08 2014 Annual Report 25

Cathay Financial Holdings 2014 8% 8,612 9,307 1,200 2014 EPS 0.84 3.97 1.44% 2013 21% IPO SPO 12 917 2014 App App 2015 2015 2014 26

Cathay Securities Corporation 1.49 542 10 23 2015 OSU 542 38.2 3.7 APP 2014 ETF - 2014 Maybank MOU 2014 Annual Report 27

Cathay Financial Holdings M.B.A., Baruch College, City University of New York, USA ( ) 1. 2. 3. 4. 5. 6. 8. ( ) 9. - 10. - 11. 12. 13. 7. 28

Cathay Securities Corporation 2015 1. 2. 3. 4. 5. 6. 7. 2015 1.65% 14 792 2014 Annual Report ( ) 29

Cathay Financial Holdings 2014 2 52.9% 11 2015 2014 US$135.7 Asia Asset Management Best of Best Awards2014 (Best Institutional House)2014 (Best Domestic Equity Fund) ETF OECD UCITS Funds 2000 2 2015 30

Cathay Securities Investment Trust Co., Ltd. 2000 2 US$50 258 US$135.7 80 12 5 2005 35 2015 258 39 5.6 2014 Annual Report 31

Cathay Financial Holdings Mankato State University 32

Cathay Securities Investment Trust Co., Ltd. 1. 2. 3. 4. 5. 2015 1. 2. / 3. 2015 US$144.6 2014 2014 Annual Report NBA Youth Madness 33

Cathay Financial Holdings 34

Cathay Venture Inc. 2014 (%) 277.98 3.06 8,791.49 96.78 14.59 0.16 9,084.06 100.00 ( / 31.60/1) 2015 1. 2. 3. 4. 2014 Annual Report 35

Cathay Financial Holdings ( ) 1168 B 19 200122 86-21-61006168( ) 86-21-61001682 Website: www.cathaylife.cn 8 A 20 210009 86-25-83718688( ) 86-25-83197171 72 10 310020 86-571-28039899( ) 86-571-28033189 8 2# 10 01 350003 86-591-87401668( ) 86-591-87824373 15 4 100062 86-10-59620678( ) 86-10-59620988 29 6 615 250014 86-531-86931688 ( ) 86-531-81671168 57 D 22-122-2 110013 86-24-22566866 ( ) 86-24-22566766 85 B1 11 300040 86-22-58366900 86-22-58366909 1032 A 16 361001 86-592-2276136 86-592-2276135 9 B 6 02 100020 86-10-83913425 86-10-83913427 31 20 852-2877-5488 ext123 852-2527-0966 1-15-6 KN Building 10F 81-3-3566-3199 81-3-3566-3099 ( ) The World Center Building 9th floor, 46-48-50 Pham Hong Thai Street, District 1, Ho Chi Minh City, Vietnam : 84-8-6255 6699 : 84-8-6255 6399 Website: www.cathaylife.com.vn 6th floor, Sacombank Building, 130-132 Bach Dang Street, Hai Chau District, Da Nang City : 84-511-6252 888 : 84-511-6253 288 6th floor, 11B Hoa Binh Boulevard, Tan An Ward, Ninh Kieu District, Can Tho City : 84-710-625 1999 : 84-710-620 0160 42C Nguyen Ai Quoc, Tan Tien Ward, Bien Hoa, Dong Nai City : 84-61-629 3558 : 84-61-629 2575 4th floor Sacombank Building, 62-64 Ton Duc Thang Street, Le Chan District, Hai Phong City : 84-31-625 5160 : 84-31-625 5150 Los Angeles Agency 707 Wilshire Blvd., Suite 3200, Los Angeles, CA 90017, U.S.A. 1-213-243-1234 1-213-627-6817 Labuan Branch Level 3(C), Main Office Tower, Financial Park Labuan Complex, Jalan Merdeka, 87000, Labuan F. T., Malaysia 60-87-452168 60-87-453678 Singapore Branch 6 Raffles Quay, #20-06, Singapore 048580 65-6593-9280 65-6324-1959 Chu Lai Branch No. 123, Tran Quy Cap, Tam Ky City, Quang Nam Province, Vietnam 84-510-3813035~42 84-510-3813043~44 Shanghai Branch Suite 1905, BEA Finance Tower, No.66 Huayuanshiqiao Road, Pudong New District, Shanghai 200120, China 86-21-6886-3785 86-21-6886-3787 Shanghai Minhang Sub-Branch Room 101, 1F, Nikos Building, No.528 Hongxu Road, Minhang District, Shanghai 201103,China 86-21-6491-9929 86-21-5434-0590 Shanghai Pilot Free Trade Zone Sub-Branch Room 713, No.26, Jia Feng Road, Pudong New Area, Shanghai, China 86-21-5036-2929 86-21-5867-9976 Qingdao Branch Room 2305-2307, 23F, No.26, Hong Kong Middle Road, Shinan District, Qingdao, Shandong 266071, China 86-532-5576-9888 86-532-5578-5898 Vientiane Capital Branch No. 40, Tut Mai Rd., Hatsady Village, Chanthabouly District, Vientiane Capital, Laos PDR 856-21-255688 856-21-255686 233 5 ( ) 510180 86-20-83545288( ) 86-20-83553405 167 Bui Thi Xuan, Hai Ba Trung Dist., Ha Noi City : 84-4-6278 7888 : 84-4-6278 7887 Hong Kong Branch 20th Floor, LHT Tower, No.31 Queen's Road Central, Central, Hong Kong 852-2877-5488 852-2527-0966 Kuala Lumpur Marketing Office Lot 13A, 13th Floor, UBN Tower, 10, Jalan P. Ramlee, 50250, Kuala Lumpur, Malaysia 60-3-2070-6729 60-3-2078-9057 36

Overseas Branches and Offices Manila Representative Office Unit 5A, 5/F, Citibank Center 8741 Paseo de Roxas Makati City 1226, Metro Manila, Philippines 63-2-751-1161 63-2-751-1163 Bangkok Representative Office 13 Fl. Sathorn City Tower 175, South Sathorn Rd. Tungmahamek, Sathorn Bangkok 10120, Thailand 66-2-679-5316~7 66-2-679-5318 Hanoi Representative Office 7F, 88 Hai Ba Trung Street, Hoan Kiem District, Hanoi, Vietnam 84-4-3936-6566 84-4-3936-6568 HCMC Representative Office 5F, 46-48 Pham Hong Thai Street, District 1, HCMC, Vietnam 84-8-3825-8761~63 84-8-3825-8700 Yangon Representative Office #1607, 16th Floor, Sakura Tower, 339, Bogyoke Aung San Road, Kyauktada Township, Yangon, Republic of the Union of Myanmar 95-1-255-129 95-1-255-165 ( ) Cathay United Bank (Cambodia) Corporation Limited No. 68 Samdech Pan Street (St. 214) Khan Daun Penh, Phnom Penh, Kingdom of Cambodia 855-23-211211 855-23-212121 ( ) 1168 A 15 200122 86-21-61032288 86-21-61911677 705 A 11 200033 86-21-60101150 86-21-33563613 128 D 317 210008 86-25-83715188 86-25-83191728 8 2 215300 86-512-57300300 86-512-57302588 66 3B 215125 86-512-62555058 86-512-62520913 156 3 350003 86-591-87275828 86-591-87273066 609 8 361010 86-592-5370288 86-592-5066160 1 H 362000 86-595-28015288 86-595-28073288 8 363000 86-592-5370288 86-596-2899058 A 2 352100 86-593-2803108 86-593-2803108 233 10 510180 86-20-83960060 86-20-83543392 B 501 523008 86-769-23020610 86-769-22855970 9 517000 86-762-3339298 86-762-3339273 141 1 310004 86-571-28072288 86-571-28712188 157 2 250014 86-531-83192688 86-531-83192687 29 19 266071 86-532-55728299 86-532-80913825 1 1F 276034 86-539-3122288 86-539-3122022 8 4 10 100052 86-10-59336888 86-10-89043020 8 2 22 610016 86-28-82801666 86-28-66338959 69 13 430021 86-27-83537945 86-27-85586762 430062 027-83537945 027-85586762 ( ) 6F, 46-48-50 Pham Hong Thai Str., District 1, Ho Chi Minh City, Vietnam 84-8-62888385 84-8-62909890 6F, 167 Bui Thi Xuan Str., Hai Ba Trung Dist., Ha Noi City, Vietnam 84-4-63252333 84-4-62782922 2014 Annual Report 37

Cathay Financial Holdings 1 2014 1 2014 ATM 3 OSU 4 2014 5 2014 3 3 2014 E 6 103 7 ( ) 2 8 2014 2014 NBA Youth Madness 3 3 (Crédit Agricole Corporate & Investment Bank) 10 OSU 9 ( MyBank MyB2B) App 10 24hr (Delta-Plus) 2014 11 App Android App 2014 8 ( ) ( ) 38

The Year in Review 2014 12 Maybank MOU Moody's S & P Baa3 BBB+ TwAA Baa2 A- TwAA+ A2 A- TwAA+ A3 A- TwAA+ -- -- TwA+ 2015 1 2014 Annual Report App APP 39

Cathay Financial Holdings 2 (IDC Financial Insights ) (Financial Insights Innovation Awards 2014FIIA 2014) (Analytics and customer insights) Global Banking & Finance Review 2014 (Best Cross-Border Trade Bank Taiwan 2014)2014 (Leading Counterparty Bank Taiwan 2014) 3 2014 Celent 2014-4 30 2014 Young 5 ISO14001 (The Asian Banker) 2014 (The Asian Banker Promising Young Banker Awards 2014) WSBL 21 5 (Asia-Pacific Stevie Awards) 2014 2014 2014 2013 2014 2013 1 1~100 1 1 2014 ETF - 6 2014 1 2014 (Trade Finance Magazine)2014 The Best Trade Bank in Taiwan) (The Asian Banker)2014 (The Taiwan Retail Financial Services Awards Programme- The Best Employee Engagement) 7 A++ (Asiamoney Magazine)2014 (The Best Cash Management Bank in Taiwan) (Institutional Investor) 2014 ( ) (2014 All-Asia Executive Team) (Most Honored Company) 8 2014 - (The Asset) (Best Structured Product House,Taiwan) - (Best Private Bank-Rising Star) 40

2014 Honors and Accolades 2014 Global Banking & Finance Review 2014 ATM (Most Innovative ATM Platform Taiwan 2014) 9 (The Asian Banker)2014 (The Strongest Bank in Taiwan 2014) 6 (BSI) ISO14064-1 10 11 (The Asset)2014 Triple A - (The Greater China Awards for Best in Financial Services- Wealth Advisory 2014) World Finance The Stevie Awards- - - 11 CSR Top 50 - ( ) 2014-2014 - (The Banker)2014 (Bank of the Year 2014 in Taiwan) TTQS - MILSTE2015 (The Best Wealth Management Product in Taiwan 2015) 12 103 AsianInvestorAsianInvestor Institutional Excellence Awards 2015 2014 2014 CSR CSR- - - - - - - 103 2014 Annual Report 41

Cathay Financial Holdings 2014... 43... 44... 45... 46... 47...48-51...52-68 42

0970038990 (90) ( ) 100690 2014 Annual Report 43

103 12 31 102 12 31 102 1 1 % % % 11000 $435,006,606 6 $331,666,078 5 $313,663,386 6 11500 151,289,044 2 151,945,066 2 109,003,762 2 12000 223,007,168 3 244,023,246 4 146,746,672 3 12100-1,405,300,159 20 1,357,106,776 22 1,302,743,262 23 12300 665,390-1,300,914-2,362,366-12500 56,515,170 1 12,960,817-15,749,244-13000 - 134,368,376 2 169,590,966 3 109,911,278 2 13200 7,374,177-5,585,301-3,597,490-13300 - - - 81,950 - - - 13500-1,812,773,579 26 1,667,391,682 27 1,521,712,123 28 13700 6,377,012-5,740,684-14,641,999-14500 - 81,658,512 1 54,970,153 1 24,380,985-15000 - 4,546,723-3,153,320-2,235,874-15500 - 2,131,815,297 31 1,724,797,817 28 1,605,300,209 29 18000-338,336,979 5 292,314,597 5 251,035,241 5 18500-92,877,629 2 103,394,363 2 113,460,664 2 19000-9,283,025-9,223,432-9,393,007-19300 - 16,245,526-15,062,222-19,065,855-19500 - 37,561,436 1 26,963,277 1 24,726,997-19999 $6,945,001,808 100 $6,177,272,661 100 $5,589,730,414 100 21000 $58,816,432 1 $56,985,225 1 $56,934,246 1 21500 1,585,900-1,497,500-1,456,800-22000 108,286,154 2 28,754,621-9,086,346-22300 - - 5,148 - - - 22500 62,021,921 1 60,931,600 1 22,046,517-22600 - 26,790,000-10,050,000-5,540,000-23000 50,417,151 1 37,548,440 1 60,740,926 1 23200 237,634-37,003-104 - 23500 1,702,302,143 25 1,585,031,001 26 1,458,392,976 26 24000 107,613,949 1 92,417,213 2 89,831,007 2 24600 3,801,526,910 55 3,477,440,832 56 3,175,688,291 57 25500 543,279,993 8 413,414,217 7 348,229,937 6 29300 27,171,794-18,936,804-19,843,268-29500 16,630,845-14,712,855-18,548,681 1 29999 6,506,680,826 94 5,797,762,459 94 5,266,339,099 94 31000 31100 31101 125,632,102 2 119,649,621 2 108,653,851 2 31500 88,782,304 1 89,063,184 1 78,508,148 1 32000 32001 19,784,401-16,922,773-15,222,599-32003 82,305,614 1 82,314,780 1 82,314,780 2 32011 61,107,449 1 37,287,956 1 16,296,275-32500 55,069,268 1 30,091,548 1 25,823,918 1 32600 - - - - (7,179,872) - 39500 5,639,844-4,180,340-3,751,616-39999 438,320,982 6 379,510,202 6 323,391,315 6 $6,945,001,808 100 $6,177,272,661 100 $5,589,730,414 100 44

103 102 % % 41000 $141,353,891 35 $128,631,189 33 51000 (16,271,075) (4) (14,073,643) (4) 49600 125,082,816 31 114,557,546 29 49700 49800 369,206-790,862-49810 202,458,185 50 213,301,740 54 49820 (47,375,592) (12) (28,805,639) (7) 49825 26,194,212 6 15,537,918 4 49830 43,743,777 11 34,241,006 9 49840 4,591-3,134-49870 53,400,038 13 35,548,670 9 49880 (118,038) - (174,671) - 49890 167,505-157,038-49900 3,448,803 1 6,972,108 2 407,375,503 100 392,129,712 100 58100 (2,982,412) (1) (1,484,068) - 58300 (290,799,984) (71) (293,569,577) (75) 58500 58501 (35,106,064) (9) (34,297,866) (9) 58503 (2,526,728) (1) (2,907,416) (1) 58599 (19,717,595) (5) (17,071,429) (4) (57,350,387) (15) (54,276,711) (14) 61000 56,242,720 13 42,799,356 11 61003 (6,458,083) (2) (4,778,984) (1) 61005 49,784,637 11 38,020,372 10 69500 69501 1,602,548-733,397-69511 26,656,341 7 (6,879,955) (2) 69521 (241,911) - (714,659) - 69541 88,452 - (14,204) - 69551-913,058-10,805,816 3 69591 (2,832,840) (1) 439,624-69500 ( ) 26,185,648 6 4,370,019 1 69700 $75,970,285 17 $42,390,391 11 69900 : 69901 $49,522,447 $37,816,036 69903 262,190 204,336 $49,784,637 $38,020,372 69950 : 69951 $75,312,384 $42,083,666 69953 657,901 306,725 $75,970,285 $42,390,391 70000 70001 $3.94 $3.12 2014 Annual Report 45

( ) - 102 1 1 ( ) $108,653,851 $78,508,148 $15,222,599 $82,314,780 $16,296,275 $(1,082,097) $25,930,563 $976,682 $- $(1,230) $(7,179,872) $319,639,699 $3,751,616 $323,391,315 101 ( 1) 1,700,174 (1,700,174) - - (7,465,770) (7,465,770) (7,465,770) 7,465,770 (7,465,770) - - 102 ( ) 37,816,036 37,816,036 204,336 38,020,372 102 554,063 (5,700,072) (594,376) 10,007,738 277 4,267,630 102,389 4,370,019 102 ( ) - - - - 37,816,036 554,063 (5,700,072) (594,376) 10,007,738 277-42,083,666 306,725 42,390,391 3,530,000 9,178,000 12,708,000 12,708,000 29,142 (192,641) (163,499) (163,499) 203,408 203,408 203,408 121,999 121,999 1,144,486 7,179,872 8,324,358 8,324,358 102 12 31 ( ) $119,649,621 $89,063,184 $16,922,773 $82,314,780 $37,287,956 $(528,034) $20,230,491 $382,306 $10,007,738 $(953) $- $375,329,862 $4,180,340 $379,510,202 103 1 1 ( ) $119,649,621 $89,063,184 $16,922,773 $82,314,780 $37,287,956 $(528,034) $20,230,491 $382,306 $10,007,738 $(953) $- $375,329,862 $4,180,340 $379,510,202 102 ( 2) 2,861,628 (2,861,628) - - (17,947,443) (17,947,443) (17,947,443) 5,982,481 (5,982,481) - - (9,166) 9,166 - - (13,665) (13,665) (13,665) IFRS (267,215) 267,215 - - 103 49,522,447 49,522,447 262,190 49,784,637 103 1,129,820 24,027,155 (201,853) 835,299 (484) 25,789,937 395,711 26,185,648 103 - - - - 49,522,447 1,129,820 24,027,155 (201,853) 835,299 (484) - 75,312,384 657,901 75,970,285-801,603 801,603 812,217 (812,217) - - 103 12 31 $125,632,102 $88,782,304 $19,784,401 $82,305,614 $61,107,449 $601,786 $44,257,646 $180,453 $10,030,820 $(1,437) $- $432,681,138 $5,639,844 $438,320,982 1101 5,400 1,494 2102 3,300 2,394 46

103 102 103 102 ( ) 20,216,488 (72,458,618) $56,242,720 $42,799,356 137,045,682 126,241,756 16,357,817 14,799,076 (14,631,379) (13,294,354) 2,201,638 2,535,152 (4,422,173) (3,503,624) 325,090 372,264 154,566,435 51,784,236 2,982,412 1,484,068 52,807,475 33,184,214 (1,483,000) (225,000) 16,271,075 14,073,643 215,009 475,769 (141,353,891) (128,631,189) (876,690) (990,013) (16,154,452) (14,644,454) 1,136,624 801,792 317,641,171 295,470,955 85,420 208,750 6,364,225 6,211,326-200,000 (167,505) (157,038) (1,380,025) (472,953) ( ) (29,699) 5,384 39,854 217,537 ( ) (2,080,366) 144,560 - (338,612) (35,320,897) (30,792,422) - (465,975) - (131,174) 22,625 13,067 89,573 206,620 65,981-28,465 - (1,375,506) (2,036,594) - (31,949) 58,740 28,596 49,327 14,746 - (50,000) - 203,372-25,000 (16,731,241) (9,234,839) - (2,121) - 203,408 866 9,615 186,922,400 170,486,647 (19,470) (15,905) / 8 9 (236,460) (158,394) (2,977,965) (4,890,404) (29,496,226) (11,646,282) ( ) 82,138,671 (82,415,269) 12,830,422 261 ( ) 4,599,536 (37,201,490) (9,477,543) (2,650,131) 393,612 346,794 69,097 37,496 ( ) 40,428,188 (56,140,162) (29,820,274) (17,034,088) (147,551,421) (146,695,438) ( ) (610,827) 8,959,387 900,000 - (26,576,197) (30,802,249) 88,400 3,099,980 (313,018,342) (64,933,396) 16,740,000 4,510,000 (2,547,715) (339,066) - (1,299,728) (365,722,460) (414,111,293) 15,196,735 9,898,582 ( ) 232,615 (297,268) ( ) 1,368,524 (177,381) ( ) 572,913 (201,356) (31,042,678) (26,292,724) (17,947,445) (7,465,771) ( ) (5,148) 5,148 966,820 12,708,000 857,706 39,182,351 16,750,038 20,952,439 ( ) 10,694,822 (25,450,568) 1,826,420 595,059 116,000,041 125,951,868 143,322,619 56,297,646 ( ) 106,383 (9,343) 453,686,200 397,388,554 (140,760) (59,443) $597,008,819 $453,686,200 43,697,193 18,718,967 ( ) 1,237,745 (3,502,203) $435,006,606 $331,666,078 142,773,828 128,366,672 (222,948,632) (285,744,621) 105,487,043 109,059,305 (36,026,232) (115,257,974) 56,515,170 12,960,817 $597,008,819 $453,686,200 2014 Annual Report 47

103 12 31 102 12 31 102 1 1 % $3,420,967 1 $3,464,767 1 $6,482,973 2-706,037-556,865-529,796-500,871-465,060-658,625 - - 4,626,627 1 3,731,473 1 2,858,180 1 7,373,549 2 5,584,675 1 3,596,184 1-31,000,000 6 31,000,000 7 31,000,000 8-455,721,914 90 384,108,973 89 328,085,643 88-6,728-6,245-4,739 - - 22,607 - - - - - - 1,248,649-1,265,131 1 967,668 - - 146,133-170,126-161,978 - $504,774,082 100 $430,353,315 100 $374,345,786 100 $- - $- - $549,745 1-20,350,000 4 5,960,000 1 - - 10,849,206 2 8,340,650 2 5,940,873 2 176,336-37,003 - - - 40,000,000 8 40,000,000 9 47,312,376 12 707,839-671,562-864,469-22 - 1-35,202-9,541-14,237-3,422-72,092,944 14 55,023,453 12 54,706,087 15 125,632,102 25 119,649,621 28 108,653,851 29 88,782,304 18 89,063,184 21 78,508,148 21 19,784,401 4 16,922,773 4 15,222,599 4 82,305,614 16 82,314,780 19 82,314,780 22 61,107,449 12 37,287,956 9 16,296,275 4 55,069,268 11 30,091,548 7 25,823,918 7 - - - - (7,179,872) (2) 432,681,138 86 375,329,862 88 319,639,699 85 $504,774,082 100 $430,353,315 100 $374,345,786 100 48

103 102 % % $51,177,269 98 $40,273,078 97 986,929 2 1,081,922 3 52,164,198 100 41,355,000 100 (602,769) (1) (777,226) (2) (1,360,304) (3) (3,064,775) (7) (1,963,073) (4) (3,842,001) (9) 50,201,125 96 37,512,999 91 ( ) (678,678) (1) 303,037 1 49,522,447 95 37,816,036 92 49,522,447 95 37,816,036 92 149,172-48,505-25,662,587 49 4,228,291 10 (21,822) - (9,166) - ( ) 25,789,937 49 4,267,630 10 $75,312,384 144 $42,083,666 102 $3.94 $3.12 2014 Annual Report 49

( ) - 102 1 1 ( ) $108,653,851 $78,508,148 $15,222,599 $82,314,780 $16,296,275 $(1,082,097) $25,930,563 $976,682 $- $(1,230) $(7,179,872) $319,639,699 101 ( 1) 1,700,174 (1,700,174) - (7,465,770) (7,465,770) 7,465,770 (7,465,770) - 102 ( ) 37,816,036 37,816,036 102 554,063 (5,700,072) (594,376) 10,007,738 277 4,267,630 102 ( ) - - - - 37,816,036 554,063 (5,700,072) (594,376) 10,007,738 277-42,083,666 3,530,000 9,178,000 12,708,000 29,142 (192,641) (163,499) 203,408 203,408 1,144,486 7,179,872 8,324,358 102 12 31 ( ) $119,649,621 $89,063,184 $16,922,773 $82,314,780 $37,287,956 $(528,034) $20,230,491 $382,306 $10,007,738 $(953) $- $375,329,862 103 1 1 ( ) $119,649,621 $89,063,184 $16,922,773 $82,314,780 $37,287,956 $(528,034) $20,230,491 $382,306 $10,007,738 $(953) $- $375,329,862 102 ( 2) 2,861,628 (2,861,628) - (17,947,443) (17,947,443) 5,982,481 (5,982,481) - (9,166) 9,166 - (13,665) (13,665) IFRS (267,215) 267,215-103 49,522,447 49,522,447 103 1,129,820 24,027,155 (201,853) 835,299 (484) 25,789,937 103 - - - - 49,522,447 1,129,820 24,027,155 (201,853) 835,299 (484) - 75,312,384 812,217 (812,217) - $125,632,102 $88,782,304 $19,784,401 $82,305,614 $61,107,449 $601,786 $44,257,646 $180,453 $10,030,820 $(1,437) $- $432,681,138 1101 5,400 1,494 2102 3,300 2,394 50

103 102 $50,201,125 $37,512,999 1,446 1,322 3,989 - - 1,685,578 1,240,359 1,226,551 (979,168) (1,001,814) (51,177,269) (40,273,078) 328 133 ( ) (99) 36,003-203,372-203,408 (50,910,414) (37,918,525) - 21,436 33,823 31,854 ( ) 23,533 (6,247) 57,356 47,043 - (182,100) 2,508,556 2,398,255 ( ) 36,277 (192,907) ( ) (4,696) 11,963 2,540,137 2,035,211 2,597,493 2,082,254 (48,312,921) (35,836,271) 1,888,204 1,676,728 50,192 96,667 (1,240,359) (1,171,061) (2,333,537) (1,990,282) (1,635,500) (1,387,948) - (89,010) (2,257) (2,960) (26,596) - ( ) 459 (1,901) 5,913,249 405,535 5,884,855 311,664 14,390,000 5,960,000 - (1,299,728) (17,947,443) (7,465,770) - 12,708,000 (700,000) (12,001,986) (4,257,443) (2,099,484) 99 (36,003) (7,989) (3,211,771) 3,929,827 7,141,598 $3,921,838 $3,929,827 $3,420,967 $3,464,767 500,871 465,060 $3,921,838 $3,929,827 2014 Annual Report 51

103 12 31 102 12 31 102 1 1 $330,476,291 $280,220,355 $362,775,487 53,670,316 47,362,820 57,308,138 61,350,401 73,022,597 72,429,213 1,297,762,857 1,272,046,334 1,221,734,264 212,898 453,713 1,142,094 32,732,273 9,039,485 7,144,025 1,252,861,836 1,020,141,716 814,453,830 24,092,675 - - 39,200,000 40,900,000 23,500,000 389,821,829 363,191,672 312,615,668 693,036,495 635,816,106 518,169,293 234,239 327,397 9,162,513 25,991,832 35,862,947 44,800,678 92,132 102,258 147,816 13,287,147 12,221,216 16,106,670 14,372,124 17,185,550 15,417,746 461,938,772 375,890,055 329,200,798 $4,691,134,117 $4,183,784,221 $3,806,108,233 103 12 31 102 12 31 102 1 1 $23,251,477 $18,300,775 $37,262,033 49,783,588 16,148,024 2,079,457-5,148-30,000,000 30,000,000 30,000,000 3,693,113,630 3,375,731,754 3,078,719,365 50,140,033 52,911,209 56,461,371 16,846,406 10,482,181 4,270,856 3,760,112 3,919,223 3,812,483 28,753,996 21,254,376 20,217,430 8,516,824 8,576,689 11,301,227 461,938,772 375,890,055 329,200,798 4,366,104,838 3,913,219,434 3,573,325,020 53,065,274 53,065,274 53,065,274 13,029,142 13,038,791 13,009,649 218,719,393 169,837,067 142,238,530 40,215,470 34,623,655 24,469,760 325,029,279 270,564,787 232,783,213 $4,691,134,117 $4,183,784,221 $3,806,108,233 103 102 $763,525,423 $674,612,450 (715,252,009) (629,986,028) (15,343,740) (14,529,595) 32,929,674 30,096,827 1,505,533 1,152,106 34,435,207 31,248,933 (2,656,244) (3,650,396) 31,778,963 27,598,537 31,778,963 27,598,537 22,695,178 10,153,895 $54,474,141 $37,752,432 $5.99 $5.20 52

103 12 31 102 12 31 102 1 1 $6,897,830 $6,998,187 $5,025,506 3,375,267 3,540,497 3,160,638 1,303,979 1,172,111 385,460 7,583,753 6,391,927 7,750,552 3,747 10,022 17,134 1,111,548 825,721 679,562 2,761,546 1,897,332 1,172,459 2,348,632 1,668,787 2,512,011 397,313 422,521 522,080 4,721,960 4,388,987 5,118,300 169,014 202,393 101,738 9,610 10,110 21,323 85,089 77,223 80,750 640,448 655,369 780,458 $31,409,736 $28,261,187 $27,327,971 103 12 31 102 12 31 102 1 1 $2,470,745 $2,333,838 $2,098,220 176,626 28,352-1,000,000 1,000,000 1,000,000 20,720,649 19,159,600 19,080,300 235,740 236,272 247,950 58,441 24,404 17,949 584,442 317,734 366,509 25,246,643 23,100,200 22,810,928 2,721,879 2,721,879 2,522,950-1,929 1,929 3,364,426 2,532,547 1,956,035 76,788 (95,368) 36,129 6,163,093 5,160,987 4,517,043 $31,409,736 $28,261,187 $27,327,971 103 102 $14,381,459 $13,043,250 (8,659,085) (7,786,817) (4,701,120) (4,249,666) 1,021,254 1,006,767 (15,904) (13,013) 1,005,350 993,754 (173,471) (218,313) 831,879 775,441 831,879 775,441 172,156 (131,497) $1,004,035 $643,944 2014 Annual Report $3.06 $2.85 53

103 12 31 102 12 31 102 1 1 $1,184,590 $1,352,570 $1,792,193 314,712 264,320 399,447 868,464 870,101 370,475 4,776,082 2,442,558 4,652,993 3,705,711 3,208,260 2,450,786 1,847,955 1,619,138-45,080 36,277 32,347 53,402 356,060 7,683 108,625 131,182 128,242 65,424 81,713 94,237 1,943,532 1,226,970 1,195,782 328,004 362,681 356,448 $15,241,581 $11,951,830 $11,480,633 103 12 31 102 12 31 102 1 1 $232,615 $- $297,268 542,063 916,486 714,954 4,954,666 4,685,240 4,889,501 5,167,627 4,467,636 3,634,056 83,540 37,277 19,354 328,004 362,681 356,448 11,308,515 10,469,320 9,911,581 7,067,795 5,134,155 5,134,155 (3,848,524) (3,999,591) (3,916,879) 713,795 347,946 351,776 3,933,066 1,482,510 1,569,052 $15,241,581 $11,951,830 $11,480,633 103 102 $3,190,054 $2,617,974 (2,037,063) (1,773,299) (988,417) (929,400) ( ) 164,574 (84,725) (13,507) 2,013 ( ) 151,067 (82,712) - - ( ) 151,067 (82,712) ( ) 151,067 (82,712) 365,849 (3,830) $516,916 $(86,542) 54

103 12 31 102 12 31 102 1 1 $297,319 $289,253 $615,771 224,703 202,001 79,948 3,569,578 2,863,231 932,943 13,589 11,456 9,305 21,233 6,096 18,322 63 119 5,742 39,711 47,203 43,714 $4,166,196 $3,419,359 $1,705,745 103 12 31 102 12 31 102 1 1 $43,258 $11,837 $14,581 456,400 380,516 305,830 499,658 392,353 320,411 3,424,930 3,424,930 1,940,080 199,541 38,869 (81,404) 42,067 (436,793) (473,342) 3,666,538 3,027,006 1,385,334 $4,166,196 $3,419,359 $1,705,745 103 102 $507,469 $399,437 (110,810) (107,784) (174,787) (170,744) 221,872 120,909 (11,925) 8 209,947 120,917 (49,275) (644) 160,672 120,273 160,672 120,273 478,860 36,549 $639,532 $156,822 2014 Annual Report 55

( ) 103 12 31 102 12 31 102 1 1 $288,212 $204,339 $411,418 6,882,448 3,011,107-671,993 669,348 3,276,008 $7,842,653 $3,884,794 $3,687,426 103 12 31 102 12 31 102 1 1 $22,726 $5,559 $5,377 97,312 27,256-102,121 13,588-222,159 46,403 5,377 7,223,435 3,773,774 3,773,774 (121,537) (194,090) (57,490) 518,596 258,707 (34,235) 7,620,494 3,838,391 3,682,049 $7,842,653 $3,884,794 $3,687,426 103 102 $270,699 $17,141 ( ) - - (100,866) (155,861) ( ) 169,833 (138,720) (30,482) 2,120 ( ) 139,351 (136,600) (66,798) - ( ) 72,553 (136,600) ( ) 72,553 (136,600) 259,889 292,942 $332,442 $156,342 56

Cathay Woolgate Exchange Holding 1 Limited 103 12 31 $1,205,715 15,187,475 $16,393,190 103 12 31 $137,087 137,087 16,654,013 131,587 (529,497) 16,256,103 $16,393,190 Cathay Woolgate Exchange Holding 1 Limited 103 $307,977 (1) (114,883) 193,093-193,093 (61,506) 131,587 131,587 (529,497) $(397,910) 2014 Annual Report Cathay Woolgate Exchange Holding 1 Limited 57

Cathay Woolgate Exchange Holding 2 Limited 103 12 31 $12,139 153,409 $165,548 103 12 31 $1,792 1,792 168,222 876 (5,342) 163,756 $165,548 Cathay Woolgate Exchange Holding 2 Limited 103 $3,111 (1,614) 1,497-1,497 (621) 876 876 (5,342) $(4,466) Cathay Woolgate Exchange Holding 2 Limited 58

( ) 103 12 31 102 12 31 102 1 1 $1,100,841 $1,101,188 $405,943 199,929 141,935 141,039 210,164 139,915 51,813 672,852 842,974 653,940 512,268 74,208 70,112 874,262 493,754 308,462 75,741 74,974 44,380 15,854 18,176 6,998 870,306 661,007 403,365 $4,532,217 $3,548,131 $2,086,052 103 12 31 102 12 31 102 1 1 $388,420 $268,756 $119,446 2,639,751 2,465,042 1,292,161 94,155 114,110 73,865 3,122,326 2,847,908 1,485,472 3,707,999 2,717,129 1,745,942 (2,510,663) (2,158,102) (1,265,328) 212,555 141,196 119,966 1,409,891 700,223 600,580 $4,532,217 $3,548,131 $2,086,052 ( ) 103 102 $2,526,754 $1,752,590 (1,882,389) (1,679,403) (1,041,747) (987,746) (397,382) (914,559) 44,821 21,785 (352,561) (892,774) - - (352,561) (892,774) (352,561) (892,774) 71,359 21,230 $(281,202) $(871,544) 2014 Annual Report 59

103 12 31 102 12 31 102 1 1 $24,441 $95,397 $245,601 74,541 43,082 34,975 85,500 82,200 80,700 298,631 287,150-493,149 174,485 42,774 13,978 25,998 38,271 690 745 7,434 38,926 24,860 16,766 $1,029,856 $733,917 $466,521 103 12 31 102 12 31 102 1 1 $38,602 $28,970 $19,796 583,471 228,948 68,138 40 1 356 1,141 1,218 449 623,254 259,137 88,739 645,585 645,585 517,502 (152,363) (67,778) (34,576) (86,620) (103,027) (105,144) 406,602 474,780 377,782 $1,029,856 $733,917 $466,521 103 102 $102,712 $100,845 (106,082) (43,557) (81,252) (90,645) (84,622) (33,357) 75 (205) (84,547) (33,562) ( ) (38) 360 (84,585) (33,202) (84,585) (33,202) 16,407 2,117 $(68,178) $(31,085) 60

103 12 31 102 12 31 102 1 1 $140,351,360 $66,775,540 $33,496,114 143,753,829 140,479,847 98,844,688 151,712,443 162,997,211 67,796,967 448,745 837,179 1,203,138 33,059,521 7,645,763 - - 78,809,457 120,044,971 50,728,353 - - 81,950 - - 1,096,487,685 1,013,723,116 986,516,412 84,008,468 67,046,565 63,186,407 51,147,071 50,711,678 20,542,870 7,427,895 5,836,126 5,038,973-9,678 22,154 13,619-369,327,713 280,272,013 424,043,663-22,190,496 22,240,641 21,896,653-4,308,182 4,479,508 4,439,924-7,050,372 7,045,413 7,164,320 1,579,398 1,456,529 1,550,746-19,393,789 7,143,444 4,542,369 $2,211,066,102 $1,958,839,648 $1,791,005,216 103 12 31 102 12 31 102 1 1 $57,797,121 $50,630,112 $51,891,103 1,585,900 1,497,500 1,456,800 57,705,513 11,271,187 4,967,738 59,689,306 58,681,600 20,369,249 21,438,383 14,795,810 21,225,349 1,711,904,075 1,596,302,557 1,520,735,366 67,613,949 52,417,213 42,518,631 79,842,351 36,145,158 17,426,191 2,119,266 2,035,564 2,009,384 1,457,439 618,631 634,704 5,429,000 4,719,433 4,114,007 2,066,582,303 1,829,114,765 1,687,348,522 67,112,762 64,668,494 52,277,026 23,969,412 23,971,498 15,213,292 49,455,600 39,956,742 34,763,003 3,946,025 1,128,149 1,403,373 144,483,799 129,724,883 103,656,694 $2,211,066,102 $1,958,839,648 $1,791,005,216 2014 Annual Report 61

103 102 $38,679,541 $32,973,623 (13,944,268) (12,051,044) 24,735,273 20,922,579 20,199,432 15,795,786 44,934,705 36,718,365 (2,324,557) (577,765) (22,165,037) (19,616,450) 20,445,111 16,524,150 (2,783,300) (1,990,081) 17,661,811 14,534,069 17,661,811 14,534,069 2,802,484 (275,224) $20,464,295 $14,258,845 $2.63 $2.25 62

Indovina Bank Limited 103 12 31 102 12 31 102 1 1 $857,659 $571,307 $816,727 10,390,361 12,450,373 12,404,089 65,171 62,346 140,920 2,463,366 861,559 768,190-266,886 793,781 369,539-20,208,091 16,301,693 15,808,657 1,923,546 683,400 1,126,103-445,688 403,407 281,343-378,451 5,216 10,001 - - 171 15,769-101,848 416,020 353,101 $37,101,067 $32,549,273 $32,094,439 103 12 31 102 12 31 102 1 1 $4,743,090 $7,570,029 $8,116,896 9,313 - - 926,822 427,360 1,295,180 194,013 43,062 26,548 23,827,032 17,453,353 17,219,063 9,950 - - 44,421 58,961 19,949-118,528 75,672 29,754,641 25,671,293 26,753,308 6,094,911 6,094,911 5,269,493 1,183,884 1,141,007 638,078 67,631 (357,938) (566,440) 7,346,426 6,877,980 5,341,131 $37,101,067 $32,549,273 $32,094,439 Indovina Bank Limited 103 102 $1,924,777 $2,073,619 (1,004,295) (1,147,918) 920,482 925,701 112,385 156,005 1,032,867 1,081,706 (62,126) 54,701 (491,168) (432,374) 479,573 704,033 (106,266) (201,104) 373,307 502,929 373,307 502,929 425,569 208,502 $798,876 $711,431 2014 Annual Report Indovina Bank 63

( ) 103 12 31 102 12 31 102 1 1 $1,445,313 $909,957 $678,535 728,988 392,546 521,843 812 766 - - 47,649 59,212 52,289-2,585,327 1,080,512 858,125 - - - 728-144,150 136,791 136,718-11,007 7,647 5,971-130,852 121,802 27,248 $5,094,098 $2,709,233 $2,281,457 103 12 31 102 12 31 102 1 1 $31,873 $179,847 $143 84,768 52,664 38,488 1,133 1,175-3,292,159 2,104,552 1,819,637 340 607 5,183 3,410,273 2,338,845 1,863,451 1,783,202 494,836 495,312 (203,413) (133,869) (77,205) 104,036 9,421 (101) 1,683,825 370,388 418,006 $5,094,098 $2,709,233 $2,281,457 103 102 $163,562 $99,314 (40,198) (32,142) 123,364 67,172 58,913 58,109 182,277 125,281 (84,025) (18,446) (165,303) (166,962) (67,051) (60,127) ( ) (2,493) 3,463 (69,544) (56,664) ( ) (69,544) (56,664) 94,615 9,522 $25,071 $(47,142) $(3.04) $(4.17) 64

103 12 31 102 12 31 102 1 1 $20,099,651 $15,409,801 $14,366,771 18 18 18 1,075,677 1,010,746 802,854 176,373 163,055 113,495 60,022 27,861 12,128 5,454 5,774 313,808 492,380 473,523 445,339 $21,909,575 $17,090,778 $16,054,413 103 12 31 102 12 31 102 1 1 $15,705,347 $12,000,481 $11,061,728 33,897 253 317,912 11,064 8,353 7,823 15,750,308 12,009,087 11,387,463 4,700,000 3,982,027 3,866,660 491,766 291,766 291,766 750,430 610,174 499,055 217,071 197,724 9,469 6,159,267 5,081,691 4,666,950 $21,909,575 $17,090,778 $16,054,413 103 102 $1,867,310 $1,435,627 (72,663) (48,073) (670,084) (573,592) 27,306 39,137 (780,065) (639,849) 24,804 21,475 396,608 234,725 (38,379) (8,239) 358,229 226,486 358,229 226,486 19,347 188,255 $377,576 $414,741 $0.84 $0.54 2014 Annual Report 65

103 12 31 102 12 31 102 1 1 $482,414 $398,984 $663,149 2,401,843 2,370,304 1,207,167 150,822 64,028 228,616 282 479 306 9,487 13,325 18,881 837 837 680 $3,045,685 $2,847,957 $2,118,799 103 12 31 102 12 31 102 1 1 $5,649 $5,331 $4,874 3,147 4,704 3,216 2,075 1,207 478 10,871 11,242 8,568 2,174,236 2,000,000 2,000,000 322,574 242,128 205,204 538,004 594,587 (94,973) 3,034,814 2,836,715 2,110,231 $3,045,685 $2,847,957 $2,118,799 103 102 $287,056 $249,374 (20,107) (40,407) (13,255) (10,135) 2,701 319 256,395 199,151 (1,713) (5,556) 254,682 193,595 254,682 193,595 (56,583) 689,560 $198,099 $883,155 $1.17 $0.89 66

103 12 31 102 12 31 102 1 1 $1,880,731 $1,681,323 $1,677,761 126,726 143,232 128,032 - - 200,000-2,500 11,250-279,825 298,036-15,699 18,466 19,952 12,666 15,191 10,475 9,955 9,614 9,406 306,818 277,676 244,064 $2,632,420 $2,446,038 $2,300,940 103 12 31 102 12 31 102 1 1 $290,016 $261,437 $183,517 173,112 152,978 121,447 463,128 414,415 304,964 1,500,000 1,500,000 1,500,000 13,908 13,908 13,908 636,504 500,730 480,079 18,880 16,985 1,989 2,169,292 2,031,623 1,995,976 $2,632,420 $2,446,038 $2,300,940 103 102 $1,349,944 $1,248,468 (943,677) (907,030) 406,267 341,438 14,724 (12,060) 420,991 329,378 (75,261) (59,862) 345,730 269,516 345,730 269,516 1,895 14,996 $347,625 $284,512 $2.30 $1.80 2014 Annual Report 67

103 12 31 102 12 31 102 1 1 $2,940,798 $2,876,356 $2,516,674 245,580 222,738 30,500 57,507 59,267 59,026 285,084 283,749 281,347 9,242 2,212 1,311 168,291 169,110 151,316 $3,706,502 $3,613,432 $3,040,174 103 12 31 102 12 31 102 1 1 $2,657,908 $2,595,410 $2,230,012 6,253 5,736 5,794 1,447 1,446 1,439 2,665,608 2,602,592 2,237,245 650,000 650,000 650,000 176,462 170,628 152,929 214,432 190,212-1,040,894 1,010,840 802,929 $3,706,502 $3,613,432 $3,040,174 103 102 $138,482 $122,151 (148,517) (134,691) (10,035) (12,540) 47,815 56,067 37,780 43,527 (4,632) (4,386) 33,148 39,141 33,148 39,141 24,220 190,212 $57,368 $229,353 $0.51 $0.60 68

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