( ) ( ) 4~5 ( ) ( ) (http://www.jpmrich.com.tw) ( ) 5% Rule 144A 144A ( ) RR3 ( ) ( ) 15 18 20 25 ( ) (http://mops.twse.com.tw) (http://www.jpmrich.com.tw) ( )
( ) ( 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.chb.com.tw) 57 12 (02) 2536-2951 ( ) JF JF Asset Management ( www.jpmorgan.com) 8 21 (852) 2265-1199 ( www.chase.com) 270 ( ) ( ) ( ) 1-888-692473 ( www.pwc.com) 333 27 (02) 2729-6666 ( )
3 3 9 ( ) ( ) ( ) 9 12 ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 20 25 25 ( ) ( ) ( ) ( ) 27 ( ) ( ) ( ) ( ) ( ) ( ) 28 ( ) ( ) ( ) ( ) 32 37 70 1
77 77 79 87 87 118 118 119 121 121 123 124 127 197 209 214 2
( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) (NASDAQ) ( ) ( ETF ETF ETF) ( ) (Participatory Note) ( Rule 144A ) ( ) 3
( ) 1. ( ) ( ) ( ) ( ) ( ) ( ) 2. (1) ( )( ) (NASDAQ) ( ) ( ETF ETF ETF) ( ) (Participatory Note) A. B. A.M. Best Company, Inc. DBRS Ltd. Fitch, Inc. Japan Credit Rating Agency, Ltd. Moody's Investor Services, Inc. Rating and Investment Information, Inc. Standard & Poor's Rating Services Egan-Jones Rating Company Kroll Bond Rating Agency Morningstar,Inc. a(a.m.best Company, Inc.) /A/A2(Moody's Investor Services, Inc.) (2) ( Rule 144A ) (3) ( ) (4) 3. ( ) ( ) MSCI (MSCI AC Asia Pacific ex Japan Index) 4
( ) ( ) 4. 5. 6. (4) ( ) 6. (1) (4) (2) (1) (4) (3) (REATs) (4) (4) A.M. Best Company, Inc. DBRS Ltd. Fitch, Inc. Japan Credit Rating Agency, Ltd. Moody's Investor Services, Inc. Rating and Investment Information, Inc. Standard & Poor's Rating Services Egan-Jones Rating Company Kroll Bond Rating Agency Morningstar, Inc. bbb-/bbb-/baa3 ( ) ( ) MSCI (MSCI AC Asia Pacific ex Japan Index) ( ) 1. 2. 3. ( ) 5
( ) RR3 ( ) ( ) ( ) ( 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 ) ( ) 94 5 6 94 5 6 94 5 15 ( ) ( ) 6
1. 2. (1) ( ) (2) 3. ( ) ( ) ( ) ( ) ( ) 1. 2. 3. ( ) ( ) ( ) ( ) ( ) A 5 4 5 1,428.2 A 5 16 500 35.65 A 7
0.3% A 500 ( ) x 35.65 ( ) x 0.3% ( ) =53 ( ) ( ) ( ) 1. (1.5%) 2. ( ) (0.18%) ( ) ( ) 1. 2. (1) ( ) ( ) (2) ( ) 3. ( ) ( ) 4. 5. 6. 8
7. ( ) 8. 101 6 6 10 252,000.0 6 252,000.0 1,678,912.30 0.150 ( ) ( ) 94 4 1 3 0940111996 ( ) ( ) ( ) 1. 2. ( ) 1. 9
2. 3. 4. 5. 6. 7. (1) (2) (3) (4) (5) (6) 8. 9. 10. 11. ( ) 12. 13. 14. 15. 10
16. 17. 18. 19. ( ) ( ) ( ) 1. 2. 3. 4. (1) (2) (3) 5. 6. 7. 8. (1) I. 11
II. III. IV. V. (2) (3) 9. ( ) 10. 11. 12. 13. 14. 15. 16. ( ) ( ) 4~5 ( ) ( ) ( ) 1. (1) (advisor) (2) (advisor) 12
(3) (4) 2. 2015~ 2014.07~ 2014.05~ 2012.02~ 2008.12~ 2003~ 2011.03~2014.07 2008~2014.01 2005.02~2012.01 2007~2008 2003.02~2005.01 2000~2003 1999~2001 1988~1998 2008~ (University of Bradford) 2016.10~ 2016.10~ 2016.10~ 2016.10~ 2015.10~ 2015.10~ A 2015.10~ 13
2015.10~ 2014.10~ 2015.08~ 35 2013~ 2015.09~2015.10 2015.06~2015.10 2013~2014.10 2007~2013 2007~2007 2004~2007 1998~2002 35 A 2016.10~ 2015.06~2016.10 2014.10~2015.10 2014.08~2014.10 2013.09~2014.08 3. ( ) (1) (2) (3) ( ) (4) ( ) ( ) 14
(5) (6) ( ) ( ) JF (JF Asset Management Limited) 2016 9 JF 529.1 (J.P. Morgan Asset Management) 40 780 ( ) JF 1. 2. 3. 4. 5. 6. ( ) 1. ( ) 2. 3. 4. 5. 15
(ETF) 6. (1) (2) (3) (4) (5) (6) (7) (8) ( ) ( ) ( ) (9) ( ) ( ) ( ) ( ) (Netting) (10) ( ) ( ) (11) (12) (13) (14) (15) ETF ETF ETF (16) 16
(17) (18) (19) (20) ( ) (21) (22) ( ) ( ) ( ) (23) (24) (25) ( ) (26) (27) (28) (29) ( ) (30) (31) (32) (33) Rule 144A (34) (35) 17
7. (5) (9) (12) (16) (8) (12) (14) (18) (20) (26) (28) (31) (33) 8. 6 6 9. ( ) 1. (1) A. B. a. b. c. d. C. D. E. 18
(2) A. B. C. D. ( ) E. 2. ( ) 1. (1) I. II. (2) I. II. III. IV. (ii) (iii) 2. (1) (2) i. ii. 19
( ) ( ) ( ) ( ) ( ) ( ) ( ) 1. 2. ( ) ( ) 1. 2. 3. ( ) 20
(MBS) (ABS) (1) (2) ( ) (3) (Prepayment Risk) (Refinancing) (4) (5) 4. (1) (2) (3) 5. 21
6. Rule 144A 144A 7. ETF (1) ETF ETF (2) ETF (3) ETF (4) ETF ETF (5) 8. ETF ETF ETF (Tracking error) (Tracking error) 9. ETF ETF ETF (Tracking Error) 10. ( ) 22
11. ( ) (ETF) ( ) ( ) ( ) ( ) 1. 2. A 3. A ( ) 4. A 5. A 6. ( ) 7. 23
A A 8. 9. A 10. A 30% 30% 11. 12. 13. () ( 10%) 10% 100% 10% ( ) ( FATCA ) ( HIRE ) FATCA FATCA 2014 6 30 ( ( ) ) 2016 12 31 ( ( ) ) 30% 24
(FFI) (IRS) FATCA ( FATCA 6 ) (Model II) ( IGA ) FATCA ( IGA FATCA ) FATCA 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 ) ( ) ( ) 8~9 ( ) ( ) 1. 2. 3. 25
4. 5. (1) 4 (2) ( ) 1. (1) (2) A. a. ( ) b. B. C. (3) ( ) 2. ( ) ( ) 1. 2. 26
( ) 1. 2. (1) (2) ( ) ( ) ( ) 1. 2. 3. 4. ( ) 1. ( ) 2. ( ( ) 1. ) 3. ( ) ( ( ) 2. 3. ) 4. 27
5. 6. 7. 7~8 ( ) ( ) 1. (1) (2) 2. ( ) ( ) ( ) 1. 2. (1) (2) (3) (4) 3. ( 32 ) ( ) ( ) ( ) ( ) ( ) ( ) 1. (1) 28
(2) ( ) (3) (4) 2. (1) (2) (3) ( ) 3. 4. ( ) 1. (1) (1.5%) (2) (0.18%) (3) (1) (2) 2. (1) (2) (3) (4) (5) (6) ( ) (7) ( ) ( ) 3. 29
(1) (1.5%) (2) (0.18%) 2% ( ) 0.3% (1) (2) ( ) ( ) 1. (1) (2) 2. (1) (2) 0.1% (3) 30
3. (1) 10% (2) (3) 4. 5. 6. (1) 27 (2) ( ) 1. (1) (2) (3) (4) (5) (6) (7) 2. (1) 31
(2) (3) ( ) 3. (1) (2) (3) ( ) 1. (1) (2) (3) ( ) 2. (1) (2) ( ) (3) (4) (5) (6) (7) 3. (1) (2) (3) (4) 32
(5) (6) (7) (8) 4. (1) (2) 12/22 12/23 12/24 12/25 12/26 (3) A. a. ( ) ( ) b. 33
c. d. e. f. ( ) ( ) g. ( ) ( ) h. B. C. D. a. ( ) b. ( ) ( ) c. E. a. b. 34
c. d. e. ( ) ( ) f. F. G. ( ) H. I. J. K. L. M. N. a. b. 35
(4) ( ( ) ETF) A. ( ) ETF B. ( ) 1. 2. (1) A. B. C. D. E. F. G. H. I. J. (2) (3) 3. ( ( ) 1. ) ( ) 36
( ) 1. 105 9 30 ( ) (%) $ 362.558 17.85 242.777 11.96 219.323 10.79 58.058 2.86 116.902 5.75 103.318 5.09 10.599 0.52 4.957 0.24 $ 1,118.492 55.06 12.882 0.63 ( ) 47.282 2.33 6.507 0.32 16.046 0.79 39.197 1.93 50.065 2.47 46.753 2.30 17.696 0.87 33.200 1.63 14.486 0.71 46.105 2.27 119.709 5.89 6.456 0.32 146.597 7.22 13.546 0.67 6.455 0.32 13.071 0.64 $ 636.053 31.31 101.399 4.99 65.190 3.21 $ 166.589 8.20 37
108.279 5.33 ( ) 2.246 0.10 ( ) $ 2,031.659 100.00 38
2. 105 9 30 ( ( ) ( ) ) (%) 201.000 182.50 36.683 1.81 3,026.278 11.20 33.894 1.67 Spotless Group 859.303 25.68 22.068 1.09 AMP Ltd-AU List 295.078 126.73 37.394 1.84 Australia & NZ Bkg 40.486 663.16 26.849 1.32 Group-AU List Amcor Ltd 67.411 363.62 24.512 1.21 Macquarie Group 16.392 1,966.67 32.238 1.59 QBE Insurance Group 137.670 222.97 30.697 1.51 Westpac Banking 39.307 708.28 27.840 1.37 CK Hutchison Hldgs 131.000 398.72 52.233 2.57 China Mobile 148.500 379.52 56.358 2.77 CNOOC Ltd 629.000 38.90 24.469 1.20 Yuexiu Transport 1,076.000 21.47 23.105 1.14 Infrastructure Huaneng Power Intl 'H' 1,642.000 19.61 32.204 1.59 HSBC Hldgs-HK List 244.680 231.11 56.547 2.78 LG Uplus 151.946 334.61 50.843 2.50 Korea Electric Power 43.335 1,537.80 66.641 3.28 SK Innovation 5.262 4,599.16 24.201 1.19 DBS Group Hldgs 78.743 354.02 27.877 1.37 Bangkok Bank NVDR 300.300 147.09 44.171 2.17 1% 39
3. 105 9 30 (%) (%) Westfield Corp Stapled Sec Westfield Corp Westfield Corp N/A N/A Goodman Group Stapled Sec Goodman Group Goodman Group N/A N/A Dexus Property Group Stapled Sec Dexus Property Group Dexus Property Group N/A N/A (%) Westfield Corp Stapled Sec 2,078,089,686 AUD 9.73 145,756.000 1.68 T+3 Goodman Group Stapled Sec 967,947,692 AUD 7.28 129,340.000 1.11 T+3 Dexus Property Group Stapled Sec 1,789,121,143 AUD 9.15 103,831.000 1.12 T+3 1% 40
( ) 1. 105 9 30 ( ) ( ) 2. (1) (2) 95 96 97 98 99 100 101 102 103 104 N/A N/A N/A N/A N/A N/A 0.191 0.408 0.448 0.455 3. 95 96 97 98 99 100 101 102 103 104 % 2.7247 8.0761-21.9426 15.1364 3.6725-3.3427 9.3276 1.0679 9.7165-2.8027 95 96 97 98 99 100 101 102 103 104 % 2.7247 8.0761-21.9426 15.1364 3.6725-3.3427 9.3340 1.0790 9.7114-2.8149 41
4. ( ) 3.72% 3.44% 8.07% 12.56% 27.95% 24.95% 30.11% ( ) (94 5 23 ) ( ) 3.71% 3.44% 8.06% 12.55% 27.96% 24.96% 30.13% ( ) (94 5 23 ) ( ) 100 101 102 103 104 1.85% 2.03% 2.02% 1.99% 1.96% ( ) 42
( ) 43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
( ) ( ) ( ) ( ) (%) 104 Macquarie 496,343 0 52,634 548,977 165 0 0 Goldman Sach 458,425 6,363 66,197 530,985 161 0 0 UBS 153,507 279,714 24,399 457,620 57 0 0 Deutsche 342,877 58,936 38,986 440,799 124 0 0 JP Morgan 369,249 0 34,513 403,762 123 0 0 105 1~9 Citigroup 156,955 33,315 60,927 251,197 166 0 0 Morgan Stanley 193,039 19,684 37,335 250,058 70 0 0 UBS 128,284 51,879 27,886 208,049 48 0 0 Macquarie 164,096 0 26,110 190,206 57 0 0 Deutsche 124,248 24,492 31,691 180,431 64 0 0 ( ) ( ) 2016 1~9 JP Morgan Secs (Asia Pacific) Ltd JPM08 14,833,264 22,249 69
3 ( ) ( ) ( ) 1. 2. 3. 4. 5. 6. 7. 8. 9. (1) (2) (3) (4) (5) (6) (7) 10. 25~27 3 27 70
( ) ( ) ( ) ( ) ( ) 1. 2. 3. 4. ( ) 5. 6. 7. ( ) 8. ( ) ( ) ( ) ( ) 1. 2. 3. 4. 5. 6. 7. 5 ( ) 1 3 ( ) ( ) ( ) 71
28~32 9~11 11~12 4~5 8~9 25 27~28 ( ) ( ) 33~36 ( ) 1. 2. ( ) ( ) 1. 2. 3. 4. ( ) ( ) ( ) ( ) ( ) 1. 2. 3. 4. 72
5. ( ) ( ) ( ) ( ) ( ) 1. 2. 3. 4. 5. 6. 7. 8. ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 1. 2. 73
3. 4. 5. ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 1. 2. 3. 4. 5. 6. 7. ( ) ( ) ( ) 1. 2. 3. 74
( ) ( ) ( ) 1. 2. 3. 4. 5. 6. ( ) 7. ( ) 1. 2. 3. 4. 5. 6. 7. 8. 9. ( ) ( ) 1. 2. (1) A. B. C. D. E. F. G. H. I. J. (2) 75
(3) ( ) 1. 2. 3. ( ) ( ) 76
( ) ( ) 105 9 30 81.9 10 31,254,115 312,541,150 31,254,115 312,541,150 ( ) 1. 2. 3. 4. 5. 6. 7. ( ) 1. 105 9 30 ( ) 100/09/29 2,292,329,355 100/09/29 5,088,798,704 101/09/26 514,623,476 101/09/26 451,833,906 102/06/26 A 5,987,491,748 103/06/19 818,240,204 103/06/19 902,152,323 103/10/15 3,543,275,718 103/10/15 4,207,037,061 104/04/17 1,725,056,251 104/04/17 834,930,005 104/08/25 1,485,352,768 104/08/25 1,031,307,412 105/03/29 860,508,679 105/03/29 1,104,459,649 ( ) 103/03/13 ( ) 5,079,689.89 103/06/19 ( ) 10,714,088.39 103/10/15 ( ) 27,887,303.11 104/04/17 ( ) 11,006,500.93 104/10/20 A ( ) 16,059,024.55 105/03/29 ( ) 25,693,629.06 77
( ) 103/10/15 ( ) 686,262,282.42 103/10/20 ( ) 38,004,676.52 104/01/07 ( ) 20,700,840.33 104/04/17 ( ) 62,909,459.09 104/08/25 ( ) 18,411,448.01 104/08/25 ( ) 59,209,837.22 105/03/29 ( ) 67,915,367.23 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 78
(15)90.05.30 1,000 JF UNIT TRUST MANAGEMENT LIMITED (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. 105 9 30 0 0 0 1 0 1 0 0 0 31,254,115 0 31,254,115 (%) 0 0 0 100 0 100 2. 105 9 30 JPMorgan Asset Management (Asia) Inc. 31,254,115 100% 79
( ) 1. 105 9 30 (52 ) (35 ) (3 ) (7 ) (5 ) (29 ) (13 ) (7 ) (29 ) (82 ) (60 ) (26 ) 80
2. (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) (16) (17) (18) (19) AML KYC AML KYC (20) (21) 81
( ) ( ) ( ) (%) 102/06/13 101/02/01 101/02/01 101/02/01 ( ) Pace University, Master of Science ( ) ( ) Man Investments-Associate Director ( ) ( ) ( ) / / 105 9 30 ( ) Institutional Pension & Insurance Business JF Asset Management Limited Institutional Pension & Insurance Business 82
( ) (%) 101/02/01 101/02/01 101/02/01 102/06/01 102/12/05 103/08/08 101/02/01 105/04/01 ( ) ( ) ( ) ( ) Syracuse University, Master of Business Administration ( ) ( ) Manchester Business School, Master of Business Administration ( ) University of Exeter, Master of Finance & Management ( ) ( ) Heriot-Watt University, Master of Business Administration ( ) ( ) 83
( ) (%) 102/07/01 101/04/01 105/04/01 98/02/01 103/02/01 103/07/01 105/07/01 104/03/01 ( ) ( ) EMBA ( ) ( ) Tamkang University, Master of Business Administration ( ) ( ) ( ) ( ) ( ) Segment & Product (SPC) Purdue University, Master of Science ( ) The University of Houston, Business Administration ( ) ( ) ( ) ( ) ( ) 84
( ) (%) 104/03/01 104/03/01 104/01/01 104/04/01 ( ) ( ) ( ) ( ) ( ) EMBA ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 85
( ) ( ) 105 9 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 86
( ) ( ) ( ) 105 9 30 JPMorgan Asset Management (Asia) Inc. 5% ( ) 105 9 30 α - - 35 ( ) 82.03.04 83.04.07 84.01.21 84.03.23 84.10.18 85.10.15 86.01.29 86.09.08 87.06.01 87.08.19 89.09.28 92.12.09 93.11.12 94.05.23 94.05.23 95.04.04 95.07.25 96.04.03 97.01.25 97.06.25 97.09.22 98.12.01 99.02.02 99.07.20 99.12.20 99.12.20 46,174.29 30,184.10 61,633.58 85,889.61 118,259.40 433,973.49 244,776.81 129,564.15 238,219.62 59,535.14 85,630.34 104,303.38 165,654.81 135,112.48 24,815.54 100,702.69 546,973.45 52,744.72 163,636.91 102,226.90 45,425.73 307,061.37 121,931.44 159,032.90 116,486.03 9,442.05 ( ) 549,433 1,385,582 1,300,027 4,238,317 5,156,196 6,509,139 6,389,096 3,631,154 3,733,113 1,483,753 2,191,891 1,547,511 2,599,691 1,757,997 273,663 1,200,383 6,064,997 561,413 1,433,236 1,412,244 791,048 3,194,331 2,397,144 1,523,848 1,308,197 92,592 ( ) 11.9 45.9 21.09 49.35 43.6 14.9989 26.1 28.03 15.67 24.92 25.6 14.8366 15.69 13.0114 11.0279 11.92 11.09 10.64 8.76 13.81 17.41 10.4 19.66 9.58 11.2305 9.8063 87
( ) A 100.04.27 100.04.27 100.09.29 100.09.29 101.09.26 101.09.26 102.06.26 103.06.19 103.06.19 103.10.15 103.10.15 104.04.17 104.04.17 104.08.25 104.08.25 105.03.29 105.03.29 111,363.16 61,074.20 179,550.86 523,520.05 47,040.12 48,865.58 508,298.70 77,136.98 92,231.93 330,538.41 420,908.32 184,850.22 94,932.70 144,442.73 104,112.12 88,774.00 115,488.83 ( ) 1,253,975 531,780 2,292,329 5,088,799 514,623 451,834 5,987,492 818,240 902,152 3,543,276 4,207,037 1,725,056 834,930 1,485,353 1,031,307 860,509 1,104,460 ( ) 11.2602 8.7071 12.767 9.7204 10.9401 9.2465 11.78 10.61 9.78 10.7197 9.9951 9.3322 8.795 10.2833 9.9057 9.69 9.56 ( ) ( ) ( ) ( ) ( ) A ( ) ( ) 103.03.13 103.06.19 103.10.15 104.04.17 104.10.20 105.03.29 522.87 1,143.21 2,776.18 1,249.93 1,765.42 2,581.10 ( ) 5,080 10,714 27,887 11,007 16,059 25,694 ( ) 9.7151 9.37 10.0452 8.8057 9.1 9.95 ( ) ( ) 103.10.15 ( ) 103.10.20 ( ) 104.01.07 ( ) 104.04.17 ( ) 104.08.25 ( ) 104.08.25 ( ) 105.03.29 65,847.99 3,910.51 1,955.93 6,891.01 1,656.10 5,588.58 6,809.01 ( ) 686,262 38,005 20,701 62,909 18,411 59,210 67,915 ( ) 10.4219 9.72 10.5836 9.1292 11.1174 10.5948 9.97 88
( ) 104 103 1 20 (02)8726-8686 89
(105) 15003328 104 12 31 103 12 31 104 103 1 1 12 31 1010053706 104 12 31 103 12 31 104 103 1 1 12 31 0930005641 105 3 18 90
104 103 12 31 1041231 1031231 % % ( ) $ 3,935,992,961 80 $ 3,566,611,937 88 ( ) 18,193,650 ( ) 590,454,181 12 163,806,493 4 1,493,111 12,230,314 12,538,437 4,556,871,106 92 3,744,449,978 92 ( ) 7,000,000 7,000,000 ( ) 124,756,547 3 109,629,066 3 ( ) 80,000,000 2 50,000,000 1 ( ) 47,969,541 1 84,492,228 2 ( ) 58,409,593 1 37,102,503 1 ( ) 71,437,038 1 45,822,933 1 389,572,719 8 334,046,730 8 $ 4,946,443,825 100 $ 4,078,496,708 100 $ 2,097,284 $ 1,502,623 ( ) 737,799,728 15 373,483,559 9 91,331,604 2 15,696,711 1 11,777,370 7,102,938 843,005,986 17 397,785,831 10 71,437,038 1 45,822,933 1 ( ) 97,722,942 2 31,155,540 1 ( ) 1,851,683 892,746 1,014,017,649 20 475,657,050 12 ( ) 312,541,150 6 312,541,150 8 ( ) 115,288,524 3 115,288,524 3 ( ) 326,044,516 7 326,044,516 8 499,292,794 10 499,292,794 12 2,679,259,192 54 2,349,672,674 57 3,932,426,176 80 3,602,839,658 88 $ 4,946,443,825 100 $ 4,078,496,708 100 91
104 103 1 1 12 31 104 103 % % $ 3,229,063,767 100 $ 1,689,731,352 100 ( ) ( )( ) ( 2,835,088,826 ) ( 88 ) ( 1,495,507,704 ) ( 88 ) 393,974,941 12 194,223,648 12 5,422,341 5,792,297 ( ) ( 264,669 ) 2,488,591 1,689,705 2,505,026 4,502,672 ( 3,728,954 ) ( 123,336 ) ( ) 25,516,763 1 ( 5,601,389 ) 31,140,212 1 7,058,835 425,115,153 13 201,282,483 12 ( ) ( 88,236,255 ) ( 3 ) ( 88,755,222 ) ( 6 ) 336,878,898 10 112,527,261 6 ( ) ( 8,786,000 ) 15,366,000 1 ( ) 1,493,620 ( 2,612,220 ) ( ) ( 7,292,380 ) 12,753,780 1 $ 329,586,518 10 $ 125,281,041 7 92
104 103 1 1 12 31 103 103 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 $ 3,602,839,658 104 104 1 1 $ 312,541,150 $ 115,288,524 $ 326,044,516 $ 499,292,794 $ 2,349,672,674 $ 3,602,839,658 104 336,878,898 336,878,898 ( 7,292,380 ) ( 7,292,380 ) 104 12 31 $ 312,541,150 $ 115,288,524 $ 326,044,516 $ 499,292,794 $ 2,679,259,192 $ 3,932,426,176 93
104 103 1 1 12 31 104 103 $ 425,115,153 $ 201,282,483 48,596,012 45,952,272 ( 1,704,205 ) ( 43,059 ) 3,733,954 123,336 ( 16,489,445 ) ( 426,647,688 ) ( 6,031,484 ) 355,530,169 12,451,734 1,493,111 308,123 ( 2,039,714 ) 36,522,687 ( 26,024,000 ) ( 25,614,105 ) 7,198,736 594,661 ( 273,967 ) 4,674,432 268,664 ( 30,000,000 ) 5,000,000 25,614,105 ( 7,198,736 ) 66,567,402 ( 60,420,652 ) ( 31,455,895 ) ( 188,314,964 ) ( ) 436,838,471 ( 18,069,351 ) ( 67,457,447 ) ( 7,368,754 ) ( 67,457,447 ) ( 7,368,754 ) ( ) 369,381,024 ( 25,438,105 ) 3,566,611,937 3,592,050,042 $ 3,935,992,961 $ 3,566,611,937 94
104 103 ( ) 81 9 26 98 7 9 0980030573 100 9 30 10000047239 102 8 26 1020035562 ( ) 102 10 17 102 11 1 103 10 13 103 11 3 104 3 1 105 3 18 ( ) ( ) 103 4 3 1030010325 104 2013 ( 9 ) 2013 IFRSs 1. 19 ( ) 2. 1 ( ) 95
( ) 2013 9 10 28 11 14 15 16 1 7 12 16 38 16 41 19 27 36 39 21 2010-2012 2011-2013 2012-2014 107 1 1 105 1 1 105 1 1 106 1 1 108 1 1 105 1 1 106 1 1 106 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 ( ) 1. 96
(1) (2) 2. IFRSs ( ) 1. ( ) 2. (1) (2) ( ) 1. (1) (2) (3) (4) 2. (1) (2) (3) (4) ( ) ( ) 1. 2. 97
3. ( ) ( ) 1. ( ) 2. (1) (2) (3) (4) (5) (6) (7) (8) 3. ( ) 1. 2. ( ) 1. 2. 3. 4. 98
8 55 5~10 3~10 ( ) ( ) ( ) ( ) 1. 2. (1) (2) 3. A. ( ) B. C. 12 99
( ) 4. 1. 2. 10% 10% 3. ( ) ( ) ( ) 4. 5. ( ) JPMorgan Chase & Co. ( ) 1. 2. 3. 100
1. ( ) 104 12 31 103 12 31 $ 40,000 $ 40,000 102,123,251 95,240,878 580,329,710 67,831,059 3,253,500,000 3,403,500,000 $ 3,935,992,961 $ 3,566,611,937 ( ) 104 12 31 103 12 31 $ 16,489,445 $ 1,704,205 ( ) $ 18,193,650 $ 104 12 31 103 12 31 $ 125,177,910 $ 143,154,864 462,356,490 5,846,929 2,919,781 14,804,700 ( ) $ 590,454,181 $ 163,806,493 104 12 31 103 12 31 $ 7,000,000 $ 7,000,000 ( ) 104 1 1 $ 199,860,959 $ 136,629,303 $ 336,490,262 ( 139,493,217 ) ( 87,367,979 ) ( 226,861,196 ) $ 60,367,742 $ 49,261,324 $ 109,629,066 101
104 1 1 12 31 1 1 $ 60,367,742 $ 49,261,324 $ 109,629,066 47,374,286 20,083,161 67,457,447 ( 22,881,381 ) ( 40,634,957 ) ( 63,516,338 ) 22,025,002 37,757,382 59,782,384 ( 33,857,455 ) ( 14,738,557 ) ( 48,596,012 ) 12 31 $ 73,028,194 $ 51,728,353 $ 124,756,547 104 12 31 $ 224,353,864 $ 116,077,507 $ 340,431,371 ( 151,325,670 ) ( 64,349,154 ) ( 215,674,824 ) $ 73,028,194 $ 51,728,353 $ 124,756,547 103 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 $ 336,490,262 ( 139,493,217 ) ( 87,367,979 ) ( 226,861,196 ) ( ) $ 60,367,742 $ 49,261,324 $ 109,629,066 104 12 31 103 12 31 $ 80,000,000 $ 50,000,000 47,969,541 84,492,228 58,409,593 37,102,503 71,437,038 45,822,933 $ 257,816,172 $ 217,417,664 1. $25,000,000 98 $25,000,000 104 $30,000,000 104 12 31 103 12 31 $80,000,000 $50,000,000 102
2. ( ) 104 103 $ 45,822,933 $ 53,021,669 9,862,114 7,165,525 28,825,645 797,610 2,265,397 ( 12,326,112 ) ( 16,017,005 ) ( 639,530 ) ( 108,012 ) ( 1,410,263 ) $ 71,437,038 $ 45,822,933 104 12 31 103 12 31 $ 237,510,005 $ 159,240,607 210,974,234 56,180,010 12,097,223 7,143,740 23,394,700 28,254,289 5,497,785 3,770,933 201,927,022 79,586,498 46,398,759 39,307,482 ( ) $ 737,799,728 $ 373,483,559 1. 94 7 1 6 15 ( ) 15 45 2% (1) 104 12 31 103 12 31 ( $ 290,922,000 ) ( $ 178,033,000 ) 196,685,000 149,082,000 ( $ 94,237,000 ) ( $ 28,951,000 ) 103
(2) 104 1 1 $ 178,033,000 ( $ 149,082,000 ) $ 28,951,000 10,422,000 10,422,000 ( ) 5,376,000 ( 3,977,000 ) 1,399,000 15,798,000 ( 3,977,000 ) 11,821,000 2,597,000 2,597,000 ( ) 8,120,000 8,120,000 ( 1,931,000 ) ( 1,931,000 ) 6,189,000 2,597,000 8,786,000 ( 10,550,000 ) ( 10,550,000 ) ( 20,771,000 ) 20,771,000 111,673,000 ( 56,444,000 ) 55,229,000 12 31 $ 290,922,000 ( $ 196,685,000 ) $ 94,237,000 103 1 1 $ 257,414,000 ( $ 167,928,000 ) $ 89,486,000 9,068,000 9,068,000 ( ) 5,402,000 ( 3,333,000 ) 2,069,000 14,470,000 ( 3,333,000 ) 11,137,000 ( 3,826,000 ) ( 3,826,000 ) ( ) 3,624,000 3,624,000 ( 15,164,000 ) ( 15,164,000 ) ( 11,540,000 ) ( 3,826,000 ) ( 15,366,000 ) ( 8,383,000 ) ( 8,383,000 ) ( 83,492,000 ) 35,569,000 ( 47,923,000 ) 1,181,000 ( 1,181,000 ) 12 31 $ 178,033,000 ( $ 149,082,000 ) $ 28,951,000 104
(3) 105 (%) 104 12 31 103 12 31 24.90% 23.03% 54.42% 53.96% 20.31% 21.67% 0.37% 1.34% 100.00% 100.00% (4) ( ) 19 142 104 12 31 103 12 31 ( ) (5) 104 103 1.75% 2.00% 4.00% 4.00% 5 0.25% 0.25% 0.25% 0.25% 104 12 31 ( 8,120 ) 8,466 8,390 ( 8,082 ) 105 $10,972,000 2. 94 7 1 6% 104 103 1 1 12 31 $19,942,121 $12,976,878
( ) 102 11 1 1,254,115 104 12 31 103 12 31 $312,541,150 10 31,254,115 ( ) 102 4 17 1020008405 106 104 12 31 103 12 31 $ 3,070,535 $ 3,070,535 112,217,989 112,217,989 ( ) $ 115,288,524 $ 115,288,524 1. 10% 2. 50% 3. 97 1 11 0960071550 4. 5. 104 6 29 103 6. 87 ( ) 10% ( ) 104 103 $ 716,558,677 $ 487,662,749 6,963,777 5,221,747 39,275,643 27,768,302 4,843,596 2,534,596 2,452,257 380,676 38,439,774 32,511,479 $ 808,533,724 $ 556,079,549
1. 0.01% 2. 104 5 20 3. 104 103 ( ) $125,281 $534,086 4. 104 0.01% $125,281 5. 103 0.1% 103 103 ( ) 104 103 $ 48,596,012 $ 45,952,272 ( ) ( ) 104 103 $ 73,260,677 $ 49,412,436 72,177,241 41,825,825 14,397,103 15,672,346 345,586,114 337,615,802 18,970,304 16,213,732 1,115,505,924 249,201,477 338,061,727 183,534,265 $ 1,977,959,090 $ 893,475,883 1. 104 103 $ 109,073,920 $ 80,463,764 ( 1,983,132 ) ( 2,054,573 ) 107,090,788 78,409,191 ( 18,854,533 ) 10,346,031 ( 18,854,533 ) 10,346,031 $ 88,236,255 $ 88,755,222 107
2. 104 103 $ 1,493,620 ( $ 2,612,220 ) 3. 104 103 $ 77,982,577 $ 34,218,022 ( 1,983,132 ) ( 2,054,573 ) ( 291,294 ) ( 727,394 ) 10% 12,528,104 57,319,167 $ 88,236,255 $ 88,755,222 4. 104 1 1 12 31 $ 7,533,932 $ 6,992,749 $ 1,493,620 $ 16,020,301 29,568,571 12,820,721 42,389,292 $ 37,102,503 $ 19,813,470 $ 1,493,620 $ 58,409,593 ( 892,746 ) ( 958,937 ) ( 1,851,683 ) $ 36,209,757 $ 18,854,533 $ 1,493,620 $ 56,557,910 103 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 5. 104 12 31 103 12 31 87 $ 2,679,259,192 $ 2,349,672,674 6. 104 12 31 103 12 31 $899,708,393 $869,929,950 104 103 32.81% 44.95% 108
7. 102 ( ) 1. 2. 104 12 31 103 12 31 30,794 33,955 US$54.00 US$47.19 3. 104 103 $18,082,176 $10,709,738 $46,398,759 $39,307,482 104 12 31 103 12 31 $3,070,535 ( ) 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. 103 ( ) 7. 103 8 21 ( 109
) ( ) $510,497,749 ( ) JPMorgan Asset Management (Asia) Inc. 100% JPMorgan Chase & Co ( ) 1. 104 12 31 $ 3,150,000,000 $ 3,150,000,000 0.15% $ 4,478,498 $ 179,600 103 12 31 $ 3,300,000,000 $ 3,300,000,000 0.15%~0.52% $ 4,855,005 $ 265,188 2. 104 12 31 103 12 31 $ 457,760,262 $ 4,227,052 3. 104 12 31 103 12 31 $ $ 11,620,000 4. 104 12 31 103 12 31 $ 2,019,530 $ 2,774,247 5. 104 12 31 103 12 31 $ 19,830,092 $ 21,666,009 ( ) 6. 104 12 31 103 12 31 $ $ 33,000,000 ( ) 110
7. 104 12 31 103 12 31 $ 46,398,759 $ 39,307,482 ( ) 8. 104 103 $ 1,492,727,911 $ 11,170,279 14,856,283 $ 1,503,898,190 $ 14,856,283 9. 104 103 $ 43,170,943 $ 53,133,019 ( ) 10. 104 103 $ 266,098 $ 1,824,268 11. 104 103 $ 25,231,127 $ 7,635,812 683,793 3,825,253 $ 25,914,920 11,461,065 12. 104 103 $ 305,715,955 $ 287,097,032 ( ) 13. 104 103 $ 110,000 $ 711,000 14. 104 103 $ 2,299,216 $ 2,064,255 15. 104 103 $ 22,942,553 $ 126,567,234 ( ) 111
( ) 104 103 $ 363,966,766 $ 208,265,802 1. 104 12 31 103 12 31 2. (1) 1 6 104 12 31 103 12 31 104 12 31 103 12 31 1 $ 67,596,515 $ 46,990,117 1 5 67,696,489 66,080,066 $ 135,293,004 $ 113,070,183 ( ) 1. (1) 2. ( ) 112
1. (1) (2) (3) (4) 2. (1) (2) (3) 3. A. B. (1) 113
( ) (2) 114
104 104 1. 104 12 31 2. 3. 4. 5. 104 12 31 ( ) ( ) 100% 100% 100% 100% 100% 100% 104 104 103 (%) 12% 12% 0% ( ) 50% 115
( ) 50% 104 103 (%) ( ) $ 25,516,763 ( $ 5,601,389 ) $ 31,118,152-556% ( ) ( ) 116
117
( ) 118
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 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 7 1 5 13 21 (02) 8722-7888 22 23 119
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 209 1 3 (02) 2325-5818 111 3 4 (02) 2504-8888 55 (02) 2321-4311 169 (02) 2771-6699 54 4 4 2 (02) 2545-6888 4 12 5 7 3 7 9 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 120
121
122
123
( ) 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) 124
5. ( ) 1. 2. (1) (2) (3) ( ) 3. 4. ( ) 105 9 30 6 2 ( ) (GIM(Taiwan)Risk Control Committee) (Investment Director) (Compliance) (Legal) (Oversight & Control) 1. (1) (2) 2. (1) (2) (3) (4) (5) (6) (7) (8) / (9) (10) ( ) ( ) 125
( ) 1. 2. 3. ( ) 1. 2. 3 1 ( ) ( ) ( ) 126
( ) JF ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) JF 127
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( ) ( ) ( ) JF JF ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 130
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( ) ( ) ( ) ( ) (1) (2) (3) (4) ( ) (1) (2) (3) (4) 134
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( ) ( ) ( ) ( ) ( ) ( ) ( ) 1. ( ) ( ) (NASDAQ) ( ) ( ) ( ) 1. ( ) ( ) 2. ( ) ( ) ( ) 136
( ) ( ) ( ) 2. (1) Standard & Poor's Corp. BBB ( ) (2) Moody's Investors Service Baa2 ( ) (3) Fitch Ratings Ltd. BBB ( ) (4) ( ) ( ) 137
( ) MSCI (MSCI AC Asia Pacific Index) ( ) ( ) ( ) 138
(ETF) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 139
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( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 141
( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 142
( ) ( ) ( ) 1. 2. 3. (Hang Seng China - Affiliated Corporations Index) 4. ( ) ( ) ( ) ( ) ( ) ( ) ( ) 143
1. Standard & Poor's Corp. BBB ( ) 2. Moody's Investors Service Baa2 ( ) 3. Fitch Ratings Ltd. BBB ( ) 4. twbbb ( ) 5. BBB(twn) ( ) 6. Baa2.tw ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 144
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( ) ( ) ( ) ( ) ( ) ( ) 154
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( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 156
( ) ( ) ( ) ( ) ( ) 157
( ) ( ) ( ) ( ) ( ) ( ) 158
( ) ( ) ( ) ( ) 1. 2. 3. 4. ( ) ( ) 159
( ) ( ) ( ) ( ) JF ( ) ( ) ( ) ( ) 160
( ) ( ) 161
162
( ) 96 4 30 0960013605 95 12 14 0950150873 163
97 (, ) (, ) ( ) ( ) ( ) ( ) ( ) 1. 2. 164
( ) ( ) ( ) ( ) 3. 1. 2. 165
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97 ( ) ( ) ( ) ( ) 1. ( ) ( ) (NASDAQ) ( ) ( ) ( ) 1. ( ) ( ) (NASDAQ) ( ) ( ) ( ) ( )~( ) ( )~( ) 167
( ) ( ) 1. 2. 3. (Hang Seng China - Affiliated Corporations Index) 4. 97 7 14 0970035064 168
100 ( ) JF ( ) ( ) ( ) ( ) JF JF ( ) ( ) JF ( )100 ( 9 30 ) ( 1000047239 ) ( ) ( ) 100 9 30 JF 1000047239 100 9 30 1000047239 100 JF 9 30 1000047239 169
JF JF ( ) 100 9 30 1000047239 JF JF 100 3 1 1000006181 100 4 26 1000016358 30% 170
101 2 ( ) ( ) 171
( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 172
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178
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101 ( ) ( ) ( ) ( ) ( ) ( ) JF ( ) ( ) ( ) ( ) JF JF 181
( ) JF JF 16 1 ( ( ) ) ( ) 182
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103 ( ) ( ) ( ) ( )103 10 21 10300403665 ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 102 10 21 1020036747 103 10 17 10300398151 ( ) 185
1. ( ) ( ETF ETF ETF) ( ) (Participatory Note) (1) (2) A.M. Best Company, Inc. DBRS Ltd. Fitch, Inc. Japan Credit Rating Agency, Ltd. Moody's Investor Services, Inc. Rating and Investment Information, Inc. Standard & Poor's Rating Services Egan-Jones Rating Company Kroll Bond Rating Agency Morningstar,Inc. a(a. M.Best Company, Inc.) / A/A2(Moody's Investor Services, Inc.) 2. ( 1. ( ) ( ) (NASDAQ) ( ) ( ) ( ) 2. (1) Standard & Poor's Corp. BBB ( ) (2) Moody's Investors Service Baa2 ( ) (3) Fitch Ratings Ltd. BBB ( ) (4) 1. 103 3 4 1030006568 1 3 103 3 31 1030004655 2. 103 3 31 10300046551 186
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( ) ( ) ( ) 1. 2. 1 ( ) ( ) ( ) 103 3 31 10300046551 ( ) 103 3 31 10300046551 188
3. (REATs) 10 1 1 7 10 1 4 ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 189
( ) ( ) (Netting) ( ) ( ) ETF ETF ETF ( ) 103 10 17 10300398151 ( ) 14 1 1. 10 1 11 2. 103 10 17 10300398151 190
ETF ETF ETF ( ) 10 1 12 22 ( ) 103 10 17 10300398151 ( ) 10 1 17 191
( ) 103 10 17 10300398151 ( ) 9 11 Rule 144A ( ) 103 3 31 10300046551 Rule 144A ( ) 10 1 19 ( ) ( ) ( ) ( ) ( ) ( ) 192
1. Standard & Poor's Corp. BBB ( ) 2. Moody's Investors Service Baa2 ( ) 3. Fitch Ratings Ltd. BBB ( ) 4. twbbb ( ) 5. BBB(twn) ( ) 6. Baa2. tw ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 7 ( ) 193
( ) 102 10 14 1020032875 102 10 14 1020032875 ( ) 194
104 195
104 ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 104 3 9 1040002962 196
105 9 ( ) ( ) ( ) 1. (1) ( ) 22.75 (2015) (AUD) 1.50% (2016.10) AAA ( ) (10 ) 39.67 (2016.8) (YOY) 3.30% (2016.6) 5.60% (2016.8) PMI 49.8 (2016.9) (YOY) 1.00% (2016.6) 2 (GDP) 3.3% 4 25 1 GDP 0.5% 2 15.5% 7.4% GDP 25 1981 2008 26.5 2. (1) 197 Bloomberg CIA JPMorgan Citi 2015.6 2015.9 2015.12 2016.3 2016.6 113.4% 114.7% 114.7% 114.3% 114.9% (ANZ Banking Group) (Commonwealth Bank) (National Australia Bank) (Westpac Banking Corporation) 75-80% 20 60%
(2) 2015.9 2015.12 2016.3 2016.6 2016.9 ( ) 56 44 54 55 57 ASX 200 20% 50% 2015 36% 2% Bloomberg JPMorgan Citi Morgan Stanley 3. ( ) 4. 2013 0.9436 1.1285 1.1217 2014 1.0530 1.2337 1.2239 2015 1.4471 1.2157 1.3723 1. (1) 198 Bloomberg ( ) 7.14 (2015) (HKD) 0.25% (2016.8) AAA ( ) (10 ) 362.70 (2016.8) (YOY) 1.70% (2016.6) 3.40% (2016.8) PMI 49.3 (2016.9) (YOY) 4.30% (2016.8) ( ) (1) 1.7% 0.8% ( ) 1.2% 2.4% (2) 1.6% 0.5% ( 0.4%)
2. (1) Bloomberg CIA Bank of China (Hong Kong) 2016.4 2016.5 2016.6 2016.7 2016.8 ( ) 7.23 7.32 7.12 6.67 6.53 2014.12 2015.3 2015.6 2015.9 2015.12 (NIM) 1.40% 1.33% 1.32% 1.32% 1.32% 2.4% 3.1% 0.7% 19,694 21,622 20,794 0.1% (2) 2016 (3) 2015.6 2015.9 2015.12 2016.3 2016.6 ( ) 57,116 54,602 55,061 56,389 51,864-12.17% -4.40% 0.84% 2.41% -8.02% 2013 83% (Sands China Limited) (Galaxy Entertainment Group) 2015 3,071.5 2.6% 4.0% 2,041.1 951.9 0.5% 1.7% 653.5 1,665 199
15.0% 2015 34.3% 2,318.1 895.7 34.5% (4) 2016.4 2016.5 2016.6 2016.7 2016.8-7.50-8.30-8.90-7.70-10.50-16.50-18.60-20.40-26.20-26.60-6.80-5.90-10.50-6.90-10.70 2016 8 339 2015 10.5% 2016 7 7.7% 2015 2016 8 10.2% Bloomberg (HKTDC) 3. ( ) 4. 2013 7.7503 7.7651 7.7540 2014 7.7500 7.7693 7.7551 2015 7.7708 7.7498 7.7507 1. (1) Bloomberg ( ) 49.12 (2015) (KRW) 1.25% (2016.9) AA- ( ) (10 ) 375.46 (2016.8) (YOY) 3.30% (2016.6) 3.80% (2016.8) PMI 47.6 (2016.9) (YOY) 1.20% (2016.9) 2014 3.3% 2015 2.6% 3 2014 3.1% 2015 3.8% 2014 3.1% 2015 2.8% 2014 4.0% 2015 1.4% ( ) 2016 GDP 2015 6 3.5% 2015 12 3.1% 2015 0.7% 2016 1 2016 2015 10 1.7% 1.4% 2.5% 3.5% 2.0% 200
2016 2 1.5% 2014 Manufacturing Innovation 3.02016 5G 2016 1.1 ( 9.14 ) 2015 57% 2016 GDP 0.7% 0.5% 0.2 GDP 3.2% 2.8% 2.9% 2. (1) Bloomberg Morgan Stanley CIA 2010 2011 2012 2013 2014 GDP 3.6% 3.7% 4.0% 4.3% 4.2% 2015.9 2015.12 2016.3 2016.6 2016.9.30 1,185 1,172 1,144 1,152 1,101 LED GDP 2000 2.3% 2013 4.3% 2012 (2) 2011 2012 2013 2014 2015 27.96% 4.17% 3.04% 0.59% -11.62% 1.06% -2.87% 1.22% 0.11% -5.85% (Hyundai Motor) (KIA) 2015 801 820 2015 2016 2016 (3) (MoLIT) 2014 201
2015 GDP 2015 81.6 30% 2006 2015 1,130.5 2016 2016 2015 2016 Bloomberg Morgan Stanley Deutsche Bank Goldman Sachs CLSA MOTIE BNP Citi Barclays 3. ( ) (1) (MOFE) (2) (3) (Non-Resident Cash Account opened Exclusively for Securities Investments) 4. 2013 1,161 1,050 1,050 2014 1,118 1,009 1,091 2015 1,204 1,069 1,175 1. (1) Bloomberg ( ) 67.98 (2015) (THB) 1.50% (2016.9) BBB+ ( ) (10 ) 172.04 (2016.9) (YOY) 3.50% (2016.6) 0.93% (2016.8) PMI N/A (YOY) 0.38% (2016.9) 2016 3.5% 3.2% 2016 8 0.29% 2015 2016 9 1.5% 2015 (Board of Investment) (2015-2021) 2010 10.8 2014 30.8 3 74 112 202
2016 3.1% 510 7.8% 2016 7 35.65 4.8% 59.38 3.6% 2. (1) Bloomberg, CIA, Royal Thai Government 2011 2012 2013 2014 2015 6.05% 1.97% 0.71% 3.05% 2.37% 6.20% 1.00% 0.51% 1.84% 1.69% 2015.9 2015.12 2016.3 2016.6 2016.9 36.31 36.08 35.19 35.14 34.67 SET 12.5% (Petroleum Authority of Thailand,PTT) SET 6.6% 2014 PTT PTT PTT 2016 1 166 (2) 2002 1,090 2001 1,010 7.3% 6% 2007 1,400 2008 ~2009 2009 H1N1 2009 16% 2009 1,400 2008 4% (3) 203
2016 (4) 2012 2013 2014 2015 2016 7.08% 6.93% 6.83% 6.58% 6.33% 2015.6 2015.9 2015.12 2016.3 2016.6 2.74% 2.44% 2.21% 1.62% 2.45% * Bangkok Bank, Krung Thai Bank, Kasikornbank, Siam Commercial Bank, Bank of Ayudhya ** 2016 Bloomberg 4 Bloomberg Morgan Stanley JPMorgan UBS HSBC Deutsche Bank Goldman Sachs CLSA BNP Citi BarclaysMinistry of Tourism and Sports Thailand Bankok Post CEPA 3. ( ) (1) 3 (2) 4. 2013 28.67 32.84 32.71 2014 31.76 33.08 32.91 2015 36.50 32.35 36.03 Bloomberg REITs (Listed Property Trusts LPTs) (Managed Investment Act MIA) 1971 LPT LPTs 10% LPTs LPTs 1990 2008 LPT A-REIT 2016 4 21 55 (Australian Stock Exchange ASX) 1,303 (LPTs) (Shopping Centers) (Diversified) (Office Property) (Hotel / Leisure) Scentre Group 245 2016 204
4.69% Westfield (WDC) 212 3.27% ( Bloomberg) REITs (MAS Monetary Authority of Singapore) 1999 5 (SREIT, Singapore REIT) Retail REITs REITs CapitaMall Trust REITs 2016 4 21 75 2016 5.4% 2016 4 21 36 580 ( MAS, CBRE, Bloomberg, SGX) REITs (Capitaland) CapitaLand Mall Trust CapitaLand Commercial Trust Ascott Residence Trust CapitaLand Retail China Trust 149 CapitaMalls Malaysia Trust (Mapletree) Mapletree Logistics Trust Mapletree Industrial Trust Mapletree Commerical Trust Mapletree Greater China Commercial Trust 20 REITs ( :Bloomberg) ( ) 1. (1) ( ) (2) (3) ( ) 2014 2015 20174 2015 2014 2015 2014 2015 Australian SE 2,073 2,108 1,289 1,187 N/A N/A N/A N/A ASX/S&P 50 ( ) 2014 2015 2014 2015 2014 2015 Australian SE 5,563.39 5,347.69 807.8 799.0 2.81 2.12 (%) ( ) 2014 2015 2014 2015 Australian SE 57.7 63.04 20.16 N/A The World Federation of Exchanges (4) (5) 205
10:00~16:00 2. (1) ( ) (2) (3) ( ) 2014 2015 20174 2015 2014 2015 2014 2015 1,752 1,866 3,233 3,185 640 762 124 97 HANG SENG ( ) 2014 2015 2014 2015 2014 2015 23,605.04 21,914.40 1,520.9 2,125.9 0.79 1.21 (%) ( ) 2014 2015 2014 2015 46.26 59.25 10.94 9.9 The World Federation of Exchanges (4) ( ) 1973 (SFC) 1989 10% 5 (5) 9 30 10 10 12 30 12 30 2 30 2 30 4 2 206
3. (1) ( ) (2) (3) ( ) 2014 2015 20174 2015 2014 2015 2014 2015 1,864 1,961 1,213 1,231 11,850 12,364 529 540 COMPOSITE ( ) 2014 2015 2014 2015 2014 2015 1,915.59 1,961.31 1,350.4 1,929.6 1,325 1,582 (%) ( ) 2014 2015 2014 2015 106.28 147.54 15.32 15.07 The World Federation of Exchanges (4) 20% (5) 1988 5,000 10 1 10 100 9:30~11:30;13:00~15:00 207
4. (1) ( ) (2) (3) The World Federation of Exchanges (4) ( ) A. 10% B. (5) 9:55~12:30 14:30~16:30 EQOS 30% Foreign Board 1. 2. ( ) ( ) ( 18~19 ) ( ) 2014 2015 2014 2015 2014 2015 2014 2015 613 639 430 349 569 493 5 9 ( ) 2014 2015 2014 2015 2014 2015 1,497.67 1,288.02 314.2 285.8 0.01 0.00 (%) ( ) 2014 2015 2014 2015 75.01 69.79 17.81 22.57 208
( 104 5 4 ) call put (Maturity) (Maturity) ( ) 1. ( ) ( ) 2. 3. 4. 5. 6. ( ) ( ) 1 209
7. ( ) ( ) 8. ( ) ( ) ( ) 1 9. 10. (1) (2) (3) (4) ( ) (5) (6) (7) (8) ( ) ( ) ( ) ( ) ( ) 1. ( ) ( ) 2. ( ) ( ) 1 3. ( ) ( ) 10bps( ) 10bps ( ) 210
( ) 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. ( ) ( ) 211
( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 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 ( ) ( ) ( ) 212
( ) ( ) 213
101 4 3 1010000481 ( ) 0.125%( ) ( ) 0.25%( ) ( ) 0.5%( ) ( ) 0.25%( ) ( ) 7 20 ( ) 1. 2. 3. $800 NAV:$8 100 100 NAV:$8 $800 ( ) 1. 2. 3. 214 $800 NAV:$10 80 100 NAV:$10 $1000 $800 $1000 $200
$800 NAV:$8 80 100 NAV:$10 $1000 $800 NAV:$8 100 100 NAV:$8 $800 ( ) ( ) ( ) / ( ) ( ) ( ) 7 20 ( ) ( ) $800 $800 215
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