( ) ( (02) (02) (02) (02) (04) (04) (07) 3

3~4 ( ) ( ) ( ) ( ) 10 13 15 20 ( ) (http://mops.twse.com.tw) (http://www.jpmrich.com.tw) ( ) ( ) RR5

( ) ( 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 Limited ( www.jpmorgan.com) 8 21 (852) 2265-1199 State Street Bank and Trust Company ( www.statestreet.com) 8 ( 68 ) 852-2840-5388 ( ) ( ) ( ) ( www.deloitte.com) 156 12 (02) 2545-9988 ( )

3 3 7 7 8 15 20 20 21 22 25 29 48 1

57 99 101 146 155 160 2

( ) ( ) ( ) ( ) ( ) ( ETF ETF ETF) ( ) ( ) ( ) ( ) ( ) ( ETF ETF ETF) ( ) 1. ( ) ( ETF ETF ETF) ( ) 3

(Participatory Notes) ( ETF ETF ETF) ( ) (Participatory Notes) (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. 3. ( ) (1) (4) (2) (1) (4) (3) (4) (FNMA) (FHLMC) (GNMA) (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/baa2 (5) 4. ( ) Top Down Bottom Up 4

MSCI (MSCI AC Asia ex Japan) RR5 ( ) ( ) ( Interpretive Guidance and Policy Statement Regarding Compliance with Certain Swap Regulations of the Commodities Futures Trading Commission ) ( ) ( 1 4 ) ( 5 ) ( ) (i) ( ) (ii) (i) 31 (ii) 1/3 1/6 183 ( ) ( ) ( ) ( ) 1996 8 20 1996 8 19 ( ) ( 1 ) ( Controlling Persons ) ( Passive NFFE )( ( FATCA ) ( 1471 1474 ) ( IGA ) ) ( Active NFFE ) ( IGA ) 5

( ) ( ) ( ) ( ) ( ) A 5 4 5 1,428.2 A 5 16 500 35.65 A 0.3% A 500 ( ) x 35.65 ( ) x 0.3% ( ) =53 ( ) (1.75%) 6

0.26% 19~20 ( ) (84) ( ) 45842 ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 7

( ) ( ) ( ) 3~4 ( ) ( ) ( ) ( ) 1. 2. 3. 4. ( ) 2016.10~ α 2016.10~ 2016.10~ 2016.10~ 2015.10~ 2015.10~ 2015.10~ 8

2015.10~ 2015.10~ 2015.10~ 2011.02~ 2008.12~ 2008.12~2015.10 2008.12~2011.01 2006.03~2008.12 2004.02~2008.12 2004.11~2006.02 α 2002.01~2004.02 1989.10~2001.12 α 2015.10~ 2014.06~2015.10 2014.03~2014.06 2013.11~2014.03.31 2013.07~2013.11 ( ) ( ) 1. 2. 3. ( ) 4. ( ) 9

( ) 5. 6. JF (JF Asset Management Limited) 2016 9 JF 529.1 (J.P. Morgan Asset Management) 40 780 ( ) JF ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 10

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

16. 17. 18. ( ) 19. 20. 21. ( ) ( ) ( ) 22. 23. ( ) 24. 25. 26. 27. ( ) 28. 29. 30. 31. 12

32. 33. 34. 35. 36. ( ) 4 8 11 15 7 11 13 15 18 24 26 32 ( ) ( ) ( ) ( ) ( ) ( ) 1. (1) (2) A. B. C. 13

D. (3) (4) (5) 2. (1) (2) (3) (4) ( ) (5) ( ) ( ) 1. 2. ( ) 1. 2. 3. 4. (2) (3) 14

( ) ( ) ( ) ( ) ( ) ( ) ( ) (MBS) (ABS) 15

1. 2. ( ) 3. (Prepayment Risk) (Refinancing) 4. 5. ( ) 1. 2. 3. ( ) ETF 1. ETF ETF 2. 16

ETF 3. ETF 4. ETF ETF 5. ( ) ETF ETF ETF (Tracking error) (Tracking error) ( ) ETF ETF ETF (Tracking Error) ( ) ( ) ( ) ( ) ( ) 17

ETF ( ) 2014 11 17 (Shanghai-Hong Kong Stock Connect ) ( ) ( ) A ( ) A ( ) ( ) A ( ) A ( ) 18

( ) ( ) A A ( ) ( ) A ( ) A 30% 30% ( ) ( ) ( ) () ( 10%) 10% 100% 10% (Passive Foreign Investment Company ( PFIC )) (Passive Foreign Investment 19

Company ( PFIC )) PFIC 1296 1294 ( Qualified Electing Funds ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 20

1. 4 2. ( ) ( ) 1. ( ) 2. ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 21

( ) ( ) ( ) 6 ( ) ( ) ( ) ( ) 1. 2. 3. 4. 5. 6. ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 22

1.75% 0.26% 1.5% ( ) 0.3% (1) (2) ( ) $500,000( ) ( ) (1) (2) (3) (4) (5) (6) ( ) ( ) 1. 2. 23

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

5. 6. 7. ( ) 1. 2. 3. ( ) ( ) 1. 2. 3. ( ) 1. 2. 3. 4. 5. 6. 7. 8. ( ) ( ) 1. 2. 3. 4. 5. 25

6. 7. 8. 9. ( ) ( ) 3 4 ( ) 1. 2. 3. ( ) ( ) ( ) 1. 2. 12/22 12/23 12/24 12/25 12/26 2. 3. ( ) (1) 26

(2) (3) (4) (5) (6) 4. (1) (2) 5. ( ( ) ETF) (1) ( ) ETF (2) ( ) 1. 2. (1) A. B. C. D. E. 27

F. G. H. I. J. K. L. ( ) (2) (3) ( ) 1. 1 2. 2 3. 1 2 ( ) 28

( ) 105 9 30 ( ) (%) $ 800.362 15.54 1,735.001 33.64 121.815 2.36 291.377 5.65 350.141 6.80 876.482 16.99 59.902 1.16 164.664 3.19 595.774 11.56 $ 4,995.518 96.89 $ 266.163 5.16 ( ) ( 105.485) ( 2.05) ( ) $ 5,156.196 100.00 29

( ) 105 9 30 ( ( ) ( ) ) (%) 145.712 374.00 54.496 1.06 425.000 167.00 70.975 1.38 2,059.000 182.50 375.768 7.29 25.000 3,780.00 94.500 1.83 Tencent Hldgs 535.800 861.34 461.507 8.95 Ping An Insurance 1,045.500 162.56 169.960 3.30 (Group) 'H' China Merchants 1,787.500 79.02 141.243 2.74 Bank 'H' Sunny Optical 340.000 154.88 52.659 1.02 Technology Group AIA Group 1,559.800 208.46 325.158 6.31 Nexteer Automotive 2,010.000 40.84 82.094 1.59 Group Cheung Kong Property 426.000 228.88 97.504 1.89 Hldgs China Taiping Insurance 919.800 61.87 56.909 1.10 Hldgs China Resources Land 994.000 87.35 86.823 1.68 China Resources Gas 634.000 107.16 67.941 1.32 Group Techtronic Industries 542.500 122.53 66.472 1.29 Bank Central Asia 3,279.000 37.73 123.717 2.40 Telekomunikasi 15,109.000 10.36 156.495 3.04 Indonesia 'B' Tata Motors 312.680 251.95 78.781 1.53 Maruti Suzuki India 35.745 2,580.20 92.229 1.79 Ultratech Cement 75.770 1,814.36 137.474 2.67 Shriram Transport 117.930 547.69 64.589 1.25 Finance ITC Ltd 850.620 113.69 96.710 1.88 Bajaj Auto 49.915 1,332.00 66.487 1.29 IndusInd Bank 368.520 563.38 207.616 4.03 Sun Pharmaceutical 161.420 349.87 56.475 1.10 Industries KT & G 17.580 3,559.72 62.580 1.21 SK Hynix 97.000 1,144.81 111.046 2.15 30

Hyundai Marine & 87.650 1,032.32 90.483 1.75 Fire Insurance Korea Electric Power 71.880 1,537.80 110.537 2.14 LG Household & 3.707 27,196.28 100.817 1.96 Healthcare Samsung Electronics 7.921 45,507.49 360.465 6.99 Jardine Cycle & 60.800 985.24 59.902 1.16 Carriage Airports of Thailand (F) 196.200 361.16 70.860 1.37 PTT Public Co (F) 305.700 306.85 93.804 1.82 Alibaba Group Hldgs 74.880 3,318.00 248.452 4.82 ADR Silicon Motion Tech 39.660 1,624.34 64.421 1.25 ADR Netease Inc ADR 7.600 7,551.82 57.394 1.11 1% 31

( ) ( ) 105 9 30 ( ) ( ) 95 96 97 98 99 100 101 102 103 104 % 21.52 37.82-49.66 59.69 10.25-22.20 15.10 4.71 7.99-3.66 ( ) ( ) 8.76% 11.22% 13.01% 17.05% 38.59% 42.02% 336.00% ( ) (84 10 18 ) 100 101 102 103 104 2.53% 2.70% 2.58% 2.50% 2.58% ( ) 32

33

34

35

36

37

38

39

40

41

42

43

44

45

46

( ) ( ) ( ) (%) 104 Goldman Sach 2,150,471 0 0 2,150,471 647 0 0 Macquarie 2,034,921 0 0 2,034,921 829 0 0 CSFB 1,158,447 0 0 1,158,447 410 0 0 Morgan Stanley 993,453 0 0 993,453 877 0 0 Merrill Lync 990,950 0 0 990,950 355 0 0 105 1~9 Goldman Sach 595,217 0 0 595,217 179 0 0 Morgan Stanley 573,205 0 0 573,205 472 0 0 Citigroup 571,305 0 0 571,305 443 0 0 UBS 517,292 0 0 517,292 272 0 0 Instinet 509,115 0 0 509,115 286 0 0 2016 1~9 JP Morgan Securities (Taiwan) Ltd 8440 5,340,038 5,340 47

( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 1. 2. 3. 4. 5. 6. 7. ( ) 20~21 48

( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 49

( ) ( ) ( ) ( ( ) ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 50

( ) ( ) 51

( ) ( ) ( ) ( ) 1. 2. 3. 4. 5. 6. ( ) ( ) ( ) 52

3~4 ( ) ( ) ( ) 21~22 ( ) ( ) 1. 53

2. 3. 4. 5. 6. 1 2 ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 54

( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 55

( ) ( ) 24~25 27~28 56

( ) ( ) 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 57

( ) 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 58

(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% 59

( ) 1. 105 9 30 (52 ) (35 ) (3 ) (7 ) (5 ) (29 ) (13 ) (7 ) (29 ) (82 ) (60 ) (26 ) 60

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) 61

( ) ( ) ( ) (%) 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 62

( ) (%) 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 ( ) ( ) 63

( ) (%) 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 ( ) ( ) ( ) ( ) ( ) 64

( ) (%) 104/03/01 104/03/01 104/01/01 104/04/01 ( ) ( ) ( ) ( ) ( ) EMBA ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 65

( ) ( ) 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 66

( ) ( ) ( ) 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 67

( ) 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 68

( ) 104 103 1 20 (02)8726-8686 69

(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 70

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 71

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 72

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 73

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 74

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 ( ) 75

( ) 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. 76

(1) (2) 2. IFRSs ( ) 1. ( ) 2. (1) (2) ( ) 1. (1) (2) (3) (4) 2. (1) (2) (3) (4) ( ) ( ) 1. 2. 77

3. ( ) ( ) 1. ( ) 2. (1) (2) (3) (4) (5) (6) (7) (8) 3. ( ) 1. 2. ( ) 1. 2. 3. 4. 78

8 55 5~10 3~10 ( ) ( ) ( ) ( ) 1. 2. (1) (2) 3. A. ( ) B. C. 12 79

( ) 4. 1. 2. 10% 10% 3. ( ) ( ) ( ) 4. 5. ( ) JPMorgan Chase & Co. ( ) 1. 2. 3. 80

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 81

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 82

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 ) 83

(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 84

(3) 85 (%) 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 86 104 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 87

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% 88

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 ( 89

) ( ) $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 ( ) 90

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 ( ) 91

( ) 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. ( ) 92

1. (1) (2) (3) (4) 2. (1) (2) (3) 3. A. B. (1) 93

( ) (2) 94

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% 95

( ) 50% 104 103 (%) ( ) $ 25,516,763 ( $ 5,601,389 ) $ 31,118,152-556% ( ) ( ) 96

97

( ) 98

1 20 (02) 8726-8686 386 25 1 (04) 2258-8128 6 26 2 (07) 335-1799 ( ) 285 25 (02) 2252-2665 32-1 (04) 2224-5171 2 (02) 2581-7111 2 1 2 4 14 (02) 8786-9888 1 166 168 170 186 (02) 2769-5000 188 66 1 3 8 (02) 2173-6699 68 1 10 1 (02) 2561-5888 44 1 1 (02) 2326-8899 36 (02) 2506-3333 115 (02) 2175-1313 100 (02) 2563-3156 77 (02) 2311-8811 7 16 (02) 8101-2277 40 41 506 (06) 213-9171 68 (02) 2962-9170 7 71 72 (02) 8758-3101 72 1 ( ) 1 1 2 12 13 14 (02) 8729-7100 15 16 168 (07) 557-0535 7 1 (02) 8722-6666 30 (02) 2348-1111 106 1 6 7 110 (03) 524-3151 B1 4 5 123 (02) 2371-3111 2 246 1 2 (02) 2752-5252 6 6 1 6 2 225 (02) 2820-8166 ( ) 333 13 14 (02) 6633-9000 32 15 (02) 6612-9888 99

7 1 5 13 21 (02) 8722-7888 22 23 125 127 (02) 8023-9077 125 2 125 3 38 (02) 2536-2951 87 (04) 2223-6021 10 46 (02) 2348-3456 9 30 (02) 2559-7171 36 1 3 4 5 20 21 (02) 8758-7288 32 3 4 5 20 21 32 3 1 32 4 1 32 5 1 120 (02) 2349-3456 205 207 209 1 (02) 2378-6868 203 207 2 ( ) 7 12 16 17 18 (02) 8729-5555 109 1 2 (02) 2507-4066 225 13 14 (02) 2718-1234 88 9 2 10 (02) 8161-5000 698 3 700 3 (02) 2181-8888 101 4 (02) 8789-8888 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 100

101

102

103

( ) 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) 104

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) ( ) ( ) 105

( ) 1. 2. 3. ( ) 1. 2. 3 1 ( ) ( ) ( ) 106

( ) JF ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) JF ( ) ( ) 107

JF ( ) ( ) 108

JF JF ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 109

( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 110

( ) ( ) (1) (2) (3) ( ) ( ) (1) (2) (3) (4) (1.75%) (%) 111

(0.26%) ( ) ( ) ( ) ( ) ( ) ( ) ( ) (%) ( ) ( ) ( ) ( ) 112

( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 113

( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 114

( ) ( ) ( ) ( ) 1. 2. 3. (Hang Seng China-A ffiliated Corporations Index) 4. 1. Standard & Poor's Corp. BBB ( ) 94 4 22 0940107194 ( ) 94 4 22 0940107194 ( ) 115

2. Moody's Investors Service Baa2 ( ) 3. Fitch Ratings Ltd. BBB ( ) 4. twbbb ( ) 5. BBB(twn) ( ) 6. Baa2. tw ( ) 116

( ) ( ) 96 4 ( ) 30 0960013605 95 12 14 0950150873 1 2 117

97 (, ) (, ) ( ) ( ) ( ) ( ) 1. 2. 118

( ) ( ) ( ) ( ) 3. 1. 2. 3. 119

( ) ( ) ( ) ( ) ( ) 120

97 ( ) ( ) ( )~( ) ( ) ( ) ( ) ( )~( ) ( ) 1. 2. 3. (Hang Seng China- Affiliated Corporations Index 4. 97 7 14 0970035064 97 7 14 0970035064 121

100 ( ) JF ( ) ( ) ( ) JF JF JF ( ) ( ) JF ( )100 ( 9 30 ) ( ) 1000047239 ( ) 100 9 30 1000047239 100 JF 9 30 1000047239 100 9 30 1000047239 JF 122

( ) JF JF JF 100 3 1 1000006181 100 4 26 1000016358 30% 100 9 30 1000047239 123

101 ( ) ( ) ( ) ( ) ( ) JF ( ) ( ) ( ) 2 124

( ) JF JF JF ( ) 125

( ) ( ) 101 9 28 1010044662 JF 126

103 ( ) ( ) ( )102 10 21 1020036747 ( ) ( ) 1. 1 2 2. 127

( ) ( ) ( ) ( ) 128

( ) ( ) ( ) ( ETF) 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 ( ) 8 15 16 ( ) 103 3 4 1030006568 103 3 31 1030004655 129

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. 3. (1) (2) (1) (3) 130

(FNMA) (FHLMC) (GNMA) (4) 4. 10 1 1 7 10 1 4 131

( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) (Netting) ( ) ( ) 17 1 2 3 ( ) 103 10 17 10300398151 ( ) ( ) 10 1 13 132

ETF ETF ETF ( ) 10 1 10 ( ) ( ) 14 1 ( ) ( ) 1. 10 1 11 2. 103 10 17 10300398151 ETF ETF ETF 133

( ) ( ) ( ) 10 1 12 ( ) 22 ( ) 103 10 17 10300398151 ( ) ( ) 10 1 16 ( ) 10 1 17 ( ) 10 1 134

( ) ( ) ( ) 8 17 1 2 3 ( ) 10 1 18 ( ) 15 1 2 4 ( ) 15 1 3 4 ( ) 15 2 135

( ) ( ) 16 1 2 6 ( ) 16 1 3 6 ( ) 16 1 4 ( ) 16 1 5 ( ) 103 10 17 10300398151 136

( ) 17 1 ( ) 16 2 ( ) 10 1 19 ( ) 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 ( ) 137

( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 138

( ) ( ) 102 10 14 1020032875 102 10 14 1020032875 139

( ) ( ) 140

104 ( ) ( ) ( ) ( ETF ETF ETF) 1. ( ) ( ETF ETF ETF) ( ) (Participatory Notes) ( ETF ETF ETF) ( ) ( ) ( ) ( ETF) 1. ( ) ( ETF ETF ETF) ( ) (Participatory Note) ( ) ( ) ( )103 10 17 10300398151 ETF ETF 141

( ) (Participatory Notes) ( ) 5. ( ) ETF ETF ETF ( ) ETF ETF ETF ( ) 103 10 17 10300398151 ( ) 142

( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 143

( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 2 144

( ) ( ) ( ) ( ) ( ) 145

105 9 ( ) ( ) ( ) 1. (1) ( ) 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% 146

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 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 7 147

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) 148 Bloomberg ( ) 1,251.70 (2015) (INR) 6.25% (2016.10) BBB- ( ) (10 ) 345.24 (2016.9) (YOY) 7.35% (2015.9) 7.10% (2015) PMI 52.1 (2016.9) (YOY) 5.05% (2016.8) 2015 7.3% 2014 7.2% (WPI) 2014 11 2016 3 0.85% 2015 12 2,780 13 19 2015 2.1% 17.4% 2016 4 30% 25% 10% 15% 5,000 ( 75 ) 29% 8 31 4~6 (GDP) 7.1% 7% 5 Bloomberg JPMorgan Morgan Stanley CIA

2. (1) 2015.9 2015.12 2016.3 2016.6 2016.9 ( bbl) 45.09 37.04 38.34 48.33 48.24 65.59 66.15 66.25 67.53 66.62 75% (IEA) 43% 2020 46% 2035 51% 68% (2) (RBI) HDFC 7 60% (3) SMAC ( ) 2014 4 2.3% Bloomberg JPMorgan Morgan Stanley Deutsche Bank Macquarie Goldman Sachs CLSA BNP Citi Barclays 3. ( ) (1) (2) (3) (4) 149

4. 1. (1) 2. (1) 2013 53.14 68.83 61.80 2014 58.46 63.68 63.04 2015 67.10 61.41 66.15 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% 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% Bloomberg Morgan Stanley CIA 150

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 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) 151

(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 ( ) (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 4 152

2 2. (1) ( ) (2) (3) ( ) 2014 2015 2014 2015 2014 2015 2014 2015 BSE India 5,542 5,836 1,558 1,516 4,549 4,666 32 36 S&P BSE SENSEX The World Federation of Exchanges (4) 5% (5) 09:55~ 03:30 2008.4.21 ( ) 3. (1) ( ) 2014 2015 2014 2015 2014 2015 BSE India 27,499.42 26,117.54 123.2 120.8 47.36 40.83 (%) ( ) 2014 2015 2014 2015 BSE India 45.86 7.65 19.44 N/A ( ) ( ) 2014 2015 20174 2015 2014 2015 2014 2015 1,864 1,961 1,213 1,231 11,850 12,364 529 540 153

(2) COMPOSITE (3) The World Federation of Exchanges (4) 20% (5) 1988 5,000 10 1 10 100 9:30~11:30;13:00~15:00 1. 2. ( ) ( ) ( 13~14 ) ( ) 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 15.07 154

( 104 5 4 ) call put (Maturity) (Maturity) ( ) 1. ( ) ( ) 2. 3. 4. 5. 6. ( ) ( ) 1 155

7. ( ) ( ) 8. ( ) ( ) ( ) 1 9. 10. (1) (2) (3) (4) ( ) (5) (6) (7) (8) ( ) ( ) ( ) ( ) ( ) 1. ( ) ( ) 2. ( ) ( ) 1 3. ( ) ( ) 10bps( ) 10bps ( ) 156

( ) 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. ( ) ( ) 157

( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 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 ( ) ( ) ( ) 158

( ) ( ) 159

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. 160 $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 $800 161

162

163