Stock Code:2812 2013 · 2019-06-05 · 2. KPI: Key Performance Indicator Indicators 2013 Capital...

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We Do Our Best For You 2013 Stock Code:2812 Date of publication:March 2014 Website:http://www.tcbbank.com.tw M.O.P.S:http://mops.twse.com.tw Annual Report

Transcript of Stock Code:2812 2013 · 2019-06-05 · 2. KPI: Key Performance Indicator Indicators 2013 Capital...

  • 總行臺 中 市 西 區 民 權 路 8 7 號   電 話 : 0 4 - 2 2 2 3 6 0 2 1 No.87, Min-Chuan Road, Taichung, Taiwan, R.O.C.

    We Do Our Best For You

    2013Stock Code:2812

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    Printed on recycled paper. Date of publication:March 2014 Website:http://www.tcbbank.com.tw M.O.P.S:http://mops.twse.com.tw

    Annual Report

  • Taichung Commercial Bank

    Chairman : Jin-Fong Soo

    Taichung Commercial Bank Company LimitedNo. 87, Min Chuan Road, Taichung, Taiwan, R.O.C.Tel.:(04)2223-6021Website:http://www.tcbbank.com.tw

    Company SpokesmanName:Jr-Chyuan Fang Job title:Executive Vice PresidentTel.:(04)2223-6021Email:[email protected]

    Acting SpokesmanName:Hsueh-Hsien LiaoJob title:Executive Vice PresidentTel.:(04)2223-6021Email:[email protected]

    Shares RegistrarName:by internal functionAddress:11F., No. 50, Sec. 1, XinSheng South Road, ZhongZheng District, Taipei, Taiwan, R.O.C.Website:http://www.tcbbank.com.twTel.:(02)2395-7388

    Credit Rating AgencyName:Fitch Ratings Limited, Taiwan BranchAddress:Suite 1306, 13F., No. 205, Tun Hwa N. Road, Taipei, Tawian, R.O.C. Tel.:(02)8175-7600

    External Auditors in the Most Recent YearName of CPA firm:Deloitte & ToucheName of CPA:Min-Xian Yang & Tzu-Chun WangAddress:12F., No. 156, MinSheng East Road, Sec. 3, Song Shan District, Taipei, Taiwan, R.O.C.Website:http://www.deloitte.com.twTel.:(02)2545-9988

    Name of any exchanges where the Company's securities are traded overseas, and the method by which to access information on said offshore securities : None

  • Table of Contents I. LETTER TO SHAREHOLDERS ................................................................................................ 1

    II. A PROFILE OF TAICHUNG BANK ......................................................................................... 7

    III. CORPORATE GOVERNANCE REPORT ................................................................................ 9

    A. ORGANIZATION ................................................................................................................................ 9

    B. PROFILES OF DIRECTORS, SUPERVISORS, PRESIDENT, EXECUTIVE VICE PRESIDENTS, ASST. VP,

    AND SUPERVISORS OF THE VARIOUS DEPARTMENTS AND BRANCHES ............................................... 12

    C. STATUS OF CORPORATE GOVERNANCE ........................................................................................... 44

    D. DISCLOSURE OF THE ACCOUNTANT’S FEE ....................................................................................... 70

    E. CHANGES OF ACCOUNTANTS .......................................................................................................... 71

    F. DISCLOSE THE NAMES AND JOB TITLE OF THE CHAIRMAN, PRESIDENT, FINANCIAL AND ACCOUNTING

    MANAGER OF THE BANK WHO HAS WORKED WITH THE CPA FIRM WHO CONDUCTS THE AUDIT OF THE

    BANK OR THE AFFILIATES TO SUCH FIRMS IN THE MOST RECENT ONE YEAR, AND THE DURATION OF

    THEIR EMPLOYMENT IN THE CPA FIRM AND ITS AFFILIATE. ............................................................. 71

    G. CHANGES IN SHAREHOLDINGS BY DIRECTORS, SUPERVISORS, AND MANAGERS THROUGH TRANSFER

    AND PLEDGED UNDER LIEN AND THOSE REQUIRED TO BE DECLARED PURSUANT TO ARTICLE 25-3 OF

    THE BANKING ACT FROM THE RECENT YEAR UNTIL THE DATE THE ANNUAL REPORT WAS PRINTED. 71

    H. THE TOP 10 SHAREHOLDERS BY PROPORTION OF SHAREHOLDING AND INFORMATION ON THEIR

    AFFILIATIONS. ................................................................................................................................. 77

    I. QUANTITY OF SHAREHOLDINGS OF THE SAME INVESTEE BY THE BANK AND DIRECTORS,

    SUPERVISORS, PRESIDENTS, EXECUTIVE VICE PRESIDENTS, ASST. EXECUTIVE VICE PRESIDENTS,

    SUPERVISORS OF THE VARIOUS DEPARTMENTS AND BRANCHES, AND DIRECT OR INDIRECT

    SUBSIDIARIES IN PROPORTION TO THE COMBINED HOLDINGS OF ALL ............................................... 79

    IV. STATUS OF CAPITAL PLANNING ........................................................................................ 80

    A. SHARES AND DIVIDENDS ................................................................................................................ 80

    B. ISSUANCE OF FINANCIAL BONDS .................................................................................................... 85

    C. ISSUANCE OF PREFERRED STOCKS. ................................................................................................. 96

    D. ISSUANCE OF OVERSEAS DEPOSITORY RECEIPTS ............................................................................ 96

    E. EMPLOYEE STOCK OPTIONS ........................................................................................................... 96

    F. ACQUISITION OR ASSIGNMENT OF OTHER FINANCIAL INSTITUTIONS. ............................................ 96

    G. IMPLEMENTATION OF FUND UTILIZATION PLAN .............................................................................. 96

    V. OPERATION PROFILE ............................................................................................................ 99

    A. BUSINESS CONTENTS ...................................................................................................................... 99

    B. EMPLOYEES .................................................................................................................................. 114

    C. ENTERPRISE RESPONSIBILITIES AND ETHICAL BEHAVIOR ............................................................ 119

  • 1

    I. Letter to Shareholders

    A. Operating performance in 2013

    a. Domestic and foreign financial environment

    International economic performance remained stable in 2013 along with the alleviation of

    the U.S. financial problems, the gradual recovery from recession of EURO community, and

    the improvement of global economy. Observing the situation of the major economies at the

    end of 2013, the strength of the U.S. economic growth strengthened, the EURO community

    index bounced back from the bottom, “Abenomics” of Japan stimulated the economy

    effectively, and China’s economic restructuring started showing good results to activate the

    positive development of global economy and the domestic economic upturn.

    Directorate-General of Budget, Accounting and Statistics, Executive Yuan, R.O.C. (Taiwan)

    predicts our economic growth to reach 2.82% in 2014.

    b. Changes to the organization

    1. “Taichung Commercial Bank Securities Co., Ltd.” is setup for the operation of

    securities business and with 100% shareholding held directly by the Bank to expand

    the scope of operations through cross-marketing and to exercise co-promotion for

    operating synergies.

    2. The Division of Compliance was setup in 2013 to establish a well-defined and

    appropriate a law and regulation conveying, consultation, coordination, and

    communication system. The “Regulatory of Compliance Department” was setup in

    January 2014 to substantiate the execution of law and regulations compliance system.

    3. Adjust the delinquent account collection function of each original district center. The

    overdue loan is to be coordinated and handled by the Dept. of Debt Collection and

    Asset Recovery in order to simplify the collection of the delinquent account process

    and to exercise the effect of a centralized operation. The “Division of Precaution” is

    established under the Dept. of Debt Collection and Asset Recovery to execute the

    precautionary process of loan operations and to exercise the credit risk control

    mechanism.

    c. Implementation results of business plans and strategies

    1. Although domestic economic growth indicator had been adjusted down several times

    in 2013, the Bank’s overall business development and performance was as outstanding

    as the year of 2012 with the operating performance achieved, including 12% growth of

    deposit and loan in the scale of operation, 17% growth of foreign exchange business

    volume, 26% growth of wealth management service fee income, and 28% growth of

    net income.

    D. IT EQUIPMENT .............................................................................................................................. 119

    E. LABOR-MANAGEMENT RELATIONS .............................................................................................. 121

    F. MAJOR AGREEMENTS

    G. SECURITIZED PRODUCTS AND RELATED INFORMATION ................................................................. 123

    VI. FINANCIAL STATUS .............................................................................................................. 124

    A. THE CONSOLIDATED BALANCE SHEET AND COMPREHENSIVE INCOME STATEMENT WITHIN THE LAST

    YEARS - INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) ......................................... 124

    B. BALANCE SHEET AND INCOME STATEMENT FROM THE MOST RECENT YEARS – R.O.C. GAAP ..... 127

    C. FINANCIAL ANALYSIS FOR THE MOST RECENT YEARS ................................................................... 130

    D. SUPERVISORS’ REVIEW REPORT ON THE FINANCIAL STATEMENT OF 2013 ................................... 142

    E. CONSOLIDATED FINANCIAL STATEMENTS 2013 ............................................................................ 142

    F. FINANCIAL STATEMENTS 2013 ..................................................................................................... 142

    G. IN THE CASE OF ANY INSOLVENCY OF THE BANK AND ITS AFFILIATES, SPECIFY ITS EFFECT ON THE

    FINANCIAL STATUS OF THE BANK ................................................................................................ 142

    VII. REVIEW AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS; RISK

    MANAGEMENT MATTERS .................................................................................................. 143

    A. FINANCIAL ANALYSIS ................................................................................................................... 143

    B. OPERATION RESULT ANALYSIS ..................................................................................................... 145

    C. CASH FLOWS ................................................................................................................................. 146

    D. THE MATERIAL EFFECT ON FINANCIAL STRUCTURE FROM SUBSTANTIAL CAPITAL EXPENDITURE IN

    THE LAST FEW YEARS .................................................................................................................... 147

    E. DIRECT INVESTMENT POLICY, THE MAIN REASONS FOR PROFIT OR LOSS, AND CORRECTIVE

    ACTION PLAN IN THE MOST RECENT YEAR, AND INVESTMENT PLAN IN THE NEXT YEAR ................. 149

    F. RISK MANAGEMENT ..................................................................................................................... 150

    G. CRISIS MANAGEMENT MECHANISM ............................................................................................... 163

    H. THE FOLLOWING METHODS AND HYPOTHESES FOR THE VALUATION OF FAIR VALUE OF FINANCIAL

    INSTRUMENTS ARE APPLIED .......................................................................................................... 163

    I. OTHER IMPORTANT NOTES ............................................................................................................ 165

    VIII. SPECIAL NOTES ..................................................................................................................... 166

    A. SPECIAL NOTES ............................................................................................................................ 166

    B. CONDITIONS THAT WILL MATERIALLY AFFECT SHAREHOLDERS’ EQUITY OR PRICE OF SECURITIES

    ..................................................................................................................................................... 176

    C. MATERIAL INTERNAL INFORMATION OPERATING PROCEDURE OF THE COMPANY ........................... 176

    IX. BRANCHES OF TAICHUNG COMMERCIAL BANK AT A GLANCE .......................... 177

    ....................................................................................................................

  • 1

    I. Letter to Shareholders

    A. Operating performance in 2013

    a. Domestic and foreign financial environment

    International economic performance remained stable in 2013 along with the alleviation of

    the U.S. financial problems, the gradual recovery from recession of EURO community, and

    the improvement of global economy. Observing the situation of the major economies at the

    end of 2013, the strength of the U.S. economic growth strengthened, the EURO community

    index bounced back from the bottom, “Abenomics” of Japan stimulated the economy

    effectively, and China’s economic restructuring started showing good results to activate the

    positive development of global economy and the domestic economic upturn.

    Directorate-General of Budget, Accounting and Statistics, Executive Yuan, R.O.C. (Taiwan)

    predicts our economic growth to reach 2.82% in 2014.

    b. Changes to the organization

    1. “Taichung Commercial Bank Securities Co., Ltd.” is setup for the operation of

    securities business and with 100% shareholding held directly by the Bank to expand

    the scope of operations through cross-marketing and to exercise co-promotion for

    operating synergies.

    2. The Division of Compliance was setup in 2013 to establish a well-defined and

    appropriate a law and regulation conveying, consultation, coordination, and

    communication system. The “Regulatory of Compliance Department” was setup in

    January 2014 to substantiate the execution of law and regulations compliance system.

    3. Adjust the delinquent account collection function of each original district center. The

    overdue loan is to be coordinated and handled by the Dept. of Debt Collection and

    Asset Recovery in order to simplify the collection of the delinquent account process

    and to exercise the effect of a centralized operation. The “Division of Precaution” is

    established under the Dept. of Debt Collection and Asset Recovery to execute the

    precautionary process of loan operations and to exercise the credit risk control

    mechanism.

    c. Implementation results of business plans and strategies

    1. Although domestic economic growth indicator had been adjusted down several times

    in 2013, the Bank’s overall business development and performance was as outstanding

    as the year of 2012 with the operating performance achieved, including 12% growth of

    deposit and loan in the scale of operation, 17% growth of foreign exchange business

    volume, 26% growth of wealth management service fee income, and 28% growth of

    net income.

    1

  • 3

    e. Financial income and expenditure, and profitability analysis:

    1. The earnings before taxation in 2013 amounted to NTD 3.537 billion, which was an

    increase of 5.38% from the same period of 2012. Corporate earnings in the same period

    amounted to NTD 3.060 billion, which was an increase of 9.13% from the same period

    of 2012.

    2. KPI: Key Performance Indicator

    Indicators 2013

    Capital adequacy ratio (BIS) 11.91

    Return on Assets (ROA) 0.65

    Return on Equity (ROE) 10.38

    Earnings Per Share (EPS) NTD1.23

    NPL ratio 0.58

    Coverage ratio 209.71

    3. Information about the most recent credit rating

    Rating agency Date of ratingCredit rating

    Long-term Short-term Outlook

    Fitch Ratings Limited Taiwan

    Branch 2013.10.7 A-(twn) F2(twn) Negative

    f. Research and development status

    1. Substantiate the well management of client’s assets, strengthen personal information

    management system, introduce the “BS10012: 2009 Personal Information

    Management System (PIMS)” international standard operation, and promote

    information security technology for international connection.

    2. Add an integrated “credit precautionary mechanism” system check function, work

    with the credit precautionary account classification mechanism, substantiate the

    initiative pre-assessment management, take immediate relative measures, and exercise

    precautionary mechanism to reduce credit risk.

    3. For enhancing the operating efficiency of the job processing center, update the “notes

    collection system” to integrate the coherent treatment of management and billing,

    enhance the active management capabilities and strengthen compliance with

    information security standards in order to dramatically reduce operational risk.

    4. Optimize the “credit investigation management system” to shorten the operating

    procedures in order to accelerate the credit review timeliness and improve the

    information supplementary tool processing efficacy.

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    2. The bank was performed exceedingly well in “SME finance” and “Regional finance”

    and was rated by the Financial Supervisory Commission(FSC) as the top-performing

    bank in “Strengthening of SME Loans by Domestic Banks(8th Term)” and ranked in

    the first place of the special award for balanced regional development in Central

    Taiwan.

    3. Committed to the development of “diversified finance” enterprise value. After sixty

    years of operation, the Bank has invested to have “Taichung Commercial

    Bank Leasing (Suzhou) Co., Ltd.” and “Taichung Commercial Bank Securities

    Co., Ltd.” established to construct an overall financial organization, branch out into

    the Greater China market, and root the foundation for a sustainable operation.

    4. For enhancing resilience in response to adverse economy and substantiating risk-based

    loan management, strengthen the Bank’s Tier I loan assets ratio, lower NPL ratio, and

    improve the Capital Adequacy ratio in accordance with the supervision standards of

    the “Regulations Governing the Enhancement of Domestic Bank Loan Risk” of the

    government.

    5. Compete to deploy the ninth branch in Taipei Metropolitan with the use and

    adjustment of the existing channel. The “Fuxing Branch” is established in Taipei that

    helps add one more business station in northern Taiwan.

    6. Construct the “second generation E-commerce” system, enhance personal convenient

    e-financial services and corporate cash flow management, and arrange credit card

    business and mobile banking APP software online service in accordance with the

    concept of product innovation, in which, the mobile banking allows customers to

    access to online banking account, credit card, and investment and wealth management

    services by Smartphone or tablet PC in order to closely link with customer’s lifestyles

    and create business value.

    d. Budget execution in 2013

    1. The average deposit balance (including foreign currency) amounted to NTD 427.464

    billion. The budget achievement rate was 101.51%, representing 11.92% growth from

    the NTD 381.938 billion in 2012.

    2. The average deposit balance (including foreign currency) amounted to NTD 362.926

    billion. The budget achievement rate was 101.75%, representing 13.21% growth from

    the NTD 320.567 billion in 2012.

    3. Foreign exchange amounted to US$12.309 billion. The budget achievement rate was

    109.58%, representing 17.21% growth from the US$10.502 billion in 2012.

    4. Wealth management service fees amounted to NTD 0.819 billion, representing 26.58%

    growth from the NTD 0.647 billion in 2012.

    2

  • 3

    e. Financial income and expenditure, and profitability analysis:

    1. The earnings before taxation in 2013 amounted to NTD 3.537 billion, which was an

    increase of 5.38% from the same period of 2012. Corporate earnings in the same period

    amounted to NTD 3.060 billion, which was an increase of 9.13% from the same period

    of 2012.

    2. KPI: Key Performance Indicator

    Indicators 2013

    Capital adequacy ratio (BIS) 11.91

    Return on Assets (ROA) 0.65

    Return on Equity (ROE) 10.38

    Earnings Per Share (EPS) NTD1.23

    NPL ratio 0.58

    Coverage ratio 209.71

    3. Information about the most recent credit rating

    Rating agency Date of ratingCredit rating

    Long-term Short-term Outlook

    Fitch Ratings Limited Taiwan

    Branch 2013.10.7 A-(twn) F2(twn) Negative

    f. Research and development status

    1. Substantiate the well management of client’s assets, strengthen personal information

    management system, introduce the “BS10012: 2009 Personal Information

    Management System (PIMS)” international standard operation, and promote

    information security technology for international connection.

    2. Add an integrated “credit precautionary mechanism” system check function, work

    with the credit precautionary account classification mechanism, substantiate the

    initiative pre-assessment management, take immediate relative measures, and exercise

    precautionary mechanism to reduce credit risk.

    3. For enhancing the operating efficiency of the job processing center, update the “notes

    collection system” to integrate the coherent treatment of management and billing,

    enhance the active management capabilities and strengthen compliance with

    information security standards in order to dramatically reduce operational risk.

    4. Optimize the “credit investigation management system” to shorten the operating

    procedures in order to accelerate the credit review timeliness and improve the

    information supplementary tool processing efficacy.

    3

  • 5

    industry in Taiwan. In this regard, the Bank will expand the scope of cross-strait exchange business and enhance the extent of financial internationalization. The business development and profitability of the Bank within the year is promising.

    C. Development strategies In response to the challenge of facing a severe and constantly changing financial environment, the mid-term and long-term development is based on the principle of “steady volume and increasing profit” and “stable growth,” and implement the business strategies of “structural adjustment,” “interest spreads increase,” “cash flows,” and “revenue increase” to maintain a sound business development and gradually expand the scale of operations domestically and internationally. a. Adjust the source of earnings structure and improve the reasonable level of deposit and

    loan interest spreads. b. Ensure stable growth of operation in scale and optimize the quality of credit asset. c. Enhance asset and liability management and enhance risk management and control

    ability. d. Improve the capital adequacy ratio and expand credit assets coverage ratio. e. Secure SMEs financial advantage and expand the scope of business. f. Enhance the functionality of electronic financial products and plan cross-border

    business platform. g. Actively promote the parent company and subsidiary integrated marketing and enhance

    operating synergy. h. Follow in the footsteps of Taiwan investors and strengthen the overseas market

    deployment and territory. i. Demonstrate dedications and devotions and pursue excellent service and charity. j. Construct a comprehensive compliance system and create a good corporate image.

    D. Highlights of business operation plans for 2014

    Adjusting business structure and qualitative and quantitative profit model, substantiating capital structure and risk management mechanism, and developing E-commerce and expanding the scale of foreign exchange operation are the three primary objectives. Operational policies as follows: a. Diversify the development of new money flow channels, stably enhance demand

    deposit ratio, enrich foreign exchange working capital, and expand the scale of foreign exchange business.

    b. Substantiate credit policies and pricing strategies, maintain the scale of loans with “steady volume and increasing profit,” emphasize sound banking supervision data and credit indicators balanced development, and ensure the quality of loan assets.

    c. Observe the relaxation of cross-industry marketing specifications by the competent authorities, exercise the existing advantages of the organization, enhance the integrated marketing of the parent company and subsidiary and develop wealth management business, root reinvestment business and product operating synergies, realized the “We

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    B. Impact of the external competitive environment, regulatory environment, and macroeconomic

    environment a. External competitive environment

    Financial environment is constantly under the pressure of competition. The problems of low interest spreads and profitability structure are also frequently experienced. With the continuous relaxation of cross-strait cooperation and domestic financial deregulation, the question is how to maintain a sound operation and financial structure, and reduce duplication of resources deployment and exercise organizational efficiency in order to readily adjust the operational direction in response to the rapidly changing financial environment. With the Economic Cooperation Framework Agreement (ECFA) and Cross-Strait Service Trade Agreement signed by Taiwan and China, and the commitments made by China that are broader than the scope defined by the World Trade Organization (WTO), it will help the Bank handle RMB business and provide more quality financial services to SMEs Taiwan businessmen in China. In addition, our government has relaxed the business scope of financial institutions to provide financial services to the non-resident and the professional investors. The Bank will integrate the structure and development of RMB instruments and create new engine of profitability for developing the Bank’s wealth and assets management business.

    b. Regulatory environment 1. In response to the implementation of Personal Information Protection Law and its

    enforcement rules, establish a personal information management system, substantiate the protection of privacy in the working process, and demonstrate the determination for good faith management and customer interest protection.

    2. In order to protect the interests of consumers, comply with financial consumer protection law, and substantiate the Bank’s “consumer protection policy” for having financial consumption disputes resolved fairly, reasonably, and effectively, the standard contract terms are set based on the principle of equality, reciprocation, and good faith in order to improve consumer’s confidence in the Bank and promote the sound development of the financial market.

    3. Set the “Guidelines for Handling Internal Material Information” to establish the Bank’s excellent internal information handling and disclosure mechanisms, and ensure the consistency and correctness of the information released to the public.

    c. Macroeconomic environment 1. Despite the global economic recovery back on track, we should move cautiously. The

    monetary policy of the United States that is the world leader, the fiscal reformation measures of Japan, and the subsequent success of China’s economic policies will affect the economic performance of the world and Taiwan.

    2. The establishment of cross-strait currency settlement mechanism and the initiation of various RMB business is not only a significant progress in the history of the cross-strait communication but also brings new business opportunities to the financial

    4

  • 5

    industry in Taiwan. In this regard, the Bank will expand the scope of cross-strait exchange business and enhance the extent of financial internationalization. The business development and profitability of the Bank within the year is promising.

    C. Development strategies In response to the challenge of facing a severe and constantly changing financial environment, the mid-term and long-term development is based on the principle of “steady volume and increasing profit” and “stable growth,” and implement the business strategies of “structural adjustment,” “interest spreads increase,” “cash flows,” and “revenue increase” to maintain a sound business development and gradually expand the scale of operations domestically and internationally. a. Adjust the source of earnings structure and improve the reasonable level of deposit and

    loan interest spreads. b. Ensure stable growth of operation in scale and optimize the quality of credit asset. c. Enhance asset and liability management and enhance risk management and control

    ability. d. Improve the capital adequacy ratio and expand credit assets coverage ratio. e. Secure SMEs financial advantage and expand the scope of business. f. Enhance the functionality of electronic financial products and plan cross-border

    business platform. g. Actively promote the parent company and subsidiary integrated marketing and enhance

    operating synergy. h. Follow in the footsteps of Taiwan investors and strengthen the overseas market

    deployment and territory. i. Demonstrate dedications and devotions and pursue excellent service and charity. j. Construct a comprehensive compliance system and create a good corporate image.

    D. Highlights of business operation plans for 2014

    Adjusting business structure and qualitative and quantitative profit model, substantiating capital structure and risk management mechanism, and developing E-commerce and expanding the scale of foreign exchange operation are the three primary objectives. Operational policies as follows: a. Diversify the development of new money flow channels, stably enhance demand

    deposit ratio, enrich foreign exchange working capital, and expand the scale of foreign exchange business.

    b. Substantiate credit policies and pricing strategies, maintain the scale of loans with “steady volume and increasing profit,” emphasize sound banking supervision data and credit indicators balanced development, and ensure the quality of loan assets.

    c. Observe the relaxation of cross-industry marketing specifications by the competent authorities, exercise the existing advantages of the organization, enhance the integrated marketing of the parent company and subsidiary and develop wealth management business, root reinvestment business and product operating synergies, realized the “We

    5

  • 7

    II. A profile of Taichung Bank: Formerly a cooperative savings company in Taichung established in April 1953, the

    predecessor of Taichung Bank started its operation in savings and loans in August 1st of the same year. The scope of business then covered Taichung City, Taichung County, Chang Hwa County and Nantou County. The Bank has reorganized as “Taichung Small and Medium Business Bank” in 1978 in responding to the promulgation of the Banking Act and business development needs. On May 15, 1984, the Bank went public and expanded its scale of operations, and has successfully been listed on the centralized market.

    In September 1995, the Taipei Branch was established with business covering different districts, which set a new milestone of the operation of the Bank. The Bank continued to relocate its branches, which were previously located in central Taiwan, to northern and southern Taiwan. After this process of expansion, the Bank has banking locations across western Taiwan. With the effort of all, the Bank prospered in business, and has officially reorganized as “Taichung Business Bank” on December 9 1998. Since then, the Bank has emerged as a national commercial bank. The Company awarded by the Financial Supervisory Commission in April 2013 as the “Class A Outstanding Bank” for loans to SMEs. The Fuxing Branch was established in September 2013, which was the ninth business station in Taipei Metropolitan. Fuxing Branch operates in Taipei City, the economic hub of Taiwan that helps make the financial core services market even more comprehensive and improve the operational value of channels.

    The capital of the Bank has increased from NTD 500,000 at its initial stage of operation to NTD 25.345 billion as of December 31 2013. The Bank also expanded to 80 branches and 1 OBU from 5 branches at the time of its establishment. After sixty years of dedication to the business operation, “Taichung Commercial Bank Consolidated Securities Co., Ltd.,” and “Taichung Commercial Bank Finance Lease (Suzhou) Co., Ltd.” were invested and established in 2013 to work with “Taichung Commercial Bank Lease Enterprise,” “Taichung Commercial Bank Insurance Broker Co., Ltd.,” and “Reliance Securities Investment Trust Co., Ltd.,” to construct the quasi-holding organizational structure, refine the Bank’s competitive advantages of “local finance,” “SMEs finance,” and “diversified finance,” realize the mission of sustainable operation, and to achieve the extension of overseas deployment and territory. The scope and volume of business of the Bank multiplied over the years. The variety and size of the operation far exceeded that at the time of its establishment as a cooperative saving company. The achievement was the feedback of the whole-hearted operation of the Bank. The growth and the excellence in operation of Taichung Commercial Bank have been witnessed by the public.

    Massive transactions or changes in equity shares by Directors, Supervisors, or shareholders holding more than 1% of the total outstanding shares in the most recent year: None. Changes in the management in the most recent year: None. Major events affecting the rights and privileges of the investors and the effect on the Bank:

    None. Reinvested affiliate: Taichung Commercial Bank Insurance Broker Co., Ltd., Reliance

    6

    do our best to manage” and fulfill the multi-faceted asset allocation demand of customers.

    d. Uphold the stability and flexibility of the financial operation, pursue maximize efficiency of the fund utilization, and enhance the overall investment operating efficiency.

    e. Construct the “second generation E-commerce” system platform in accordance with the “corporate banking” “personal banking” and “e-ATM” service demand model and plan to connect corporate money flow management and comprehensive collection system for enhancing the advantage of online banking channel.

    f. Expected business objectives Scope of business Objective by the end of 2014

    Deposits (including foreign currencies) Average balance amounted to NTD

    445.044 billion.

    Lending (including foreign currencies) Average balance amounted to NTD

    377.94 billion. Foreign Exchanges Operations Annual amount USD12.72 billion

    Trust Operations The average balance of trust assets

    amounted to NTD 38.7 billion After sixty years of dedication to the business operation, in the year of 2013 that is the turning

    point of diversified operation, in addition to “Taichung Commercial Bank Insurance Broker Co., Ltd.” and “Reliance Securities Co., Ltd.,” were also invested and established “Taichung Commercial Bank Securities Co., Ltd.,” “Taichung Commercial Bank Lease Enterprise,” and “Taichung Commercial Bank Leasing (Suzhou) Co., Ltd.” ,to construct the quasi-holding organizational structure and achieve the extension of overseas deployment and territory. In the future, the Bank will continue to grow steadily and realize a triple-win situation for shareholders, employees, and customers; also, will strive to achieve the vision of becoming a regional bank in the Greater China market.

    Best regards, To All Shareholders

    May I wish you all good health and good luck.

    President Chairman

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  • 7

    II. A profile of Taichung Bank: Formerly a cooperative savings company in Taichung established in April 1953, the

    predecessor of Taichung Bank started its operation in savings and loans in August 1st of the same year. The scope of business then covered Taichung City, Taichung County, Chang Hwa County and Nantou County. The Bank has reorganized as “Taichung Small and Medium Business Bank” in 1978 in responding to the promulgation of the Banking Act and business development needs. On May 15, 1984, the Bank went public and expanded its scale of operations, and has successfully been listed on the centralized market.

    In September 1995, the Taipei Branch was established with business covering different districts, which set a new milestone of the operation of the Bank. The Bank continued to relocate its branches, which were previously located in central Taiwan, to northern and southern Taiwan. After this process of expansion, the Bank has banking locations across western Taiwan. With the effort of all, the Bank prospered in business, and has officially reorganized as “Taichung Business Bank” on December 9 1998. Since then, the Bank has emerged as a national commercial bank. The Company awarded by the Financial Supervisory Commission in April 2013 as the “Class A Outstanding Bank” for loans to SMEs. The Fuxing Branch was established in September 2013, which was the ninth business station in Taipei Metropolitan. Fuxing Branch operates in Taipei City, the economic hub of Taiwan that helps make the financial core services market even more comprehensive and improve the operational value of channels.

    The capital of the Bank has increased from NTD 500,000 at its initial stage of operation to NTD 25.345 billion as of December 31 2013. The Bank also expanded to 80 branches and 1 OBU from 5 branches at the time of its establishment. After sixty years of dedication to the business operation, “Taichung Commercial Bank Consolidated Securities Co., Ltd.,” and “Taichung Commercial Bank Finance Lease (Suzhou) Co., Ltd.” were invested and established in 2013 to work with “Taichung Commercial Bank Lease Enterprise,” “Taichung Commercial Bank Insurance Broker Co., Ltd.,” and “Reliance Securities Investment Trust Co., Ltd.,” to construct the quasi-holding organizational structure, refine the Bank’s competitive advantages of “local finance,” “SMEs finance,” and “diversified finance,” realize the mission of sustainable operation, and to achieve the extension of overseas deployment and territory. The scope and volume of business of the Bank multiplied over the years. The variety and size of the operation far exceeded that at the time of its establishment as a cooperative saving company. The achievement was the feedback of the whole-hearted operation of the Bank. The growth and the excellence in operation of Taichung Commercial Bank have been witnessed by the public.

    Massive transactions or changes in equity shares by Directors, Supervisors, or shareholders holding more than 1% of the total outstanding shares in the most recent year: None. Changes in the management in the most recent year: None. Major events affecting the rights and privileges of the investors and the effect on the Bank:

    None. Reinvested affiliate: Taichung Commercial Bank Insurance Broker Co., Ltd., Reliance

    7

  • 8

    Securities Investment Trust Co., Ltd., Taichung Commercial Bank Lease Enterprise, and Taichung Commercial Bank Securities Co., Ltd.

    8

  • 9

    III. Corporate Governance Report A. Organization a. Organizational Structure

    Risk M

    anagement C

    omm

    ittee

    Rem

    uneration Com

    mittee

    NPL M

    anagement C

    omm

    ittee

    Financial Products Review

    Com

    mittee

    Investment C

    omm

    ittee

    Personal Evaluation Com

    mittee

    Loan Supervision Com

    mittee

    Trust Assess A

    ssessment C

    omm

    ittee

    Asset and Liability M

    anagement

    Com

    mittee

    Business Development Dept

    International Banking Dept

    Trust Dept.

    Information Dept.

    Risk Management Dept.

    Treasury Dept.

    General Affairs Dept.

    Human Resource Dept.

    Accounting Dept.

    Corporate Finance Dept.

    Wealth Management Dept.

    Department of Debt Collection and Asset

    Recovery

    Regulatory of Compliance Dept.

    Loan Administration Dept,

    Shareholder's Meeting

    Board of D

    irectors

    Executive Vice Presidents

    Chairm

    an

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    hairman

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    anaging D

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    Assistant V

    P

    Supervisor's meeting

    Supervisor Resident

    Audit Office of the Board

    Office of the Board of Directors

    Chief A

    uditor

    District Center

    Business units (include B

    usiness Dept.), O

    BU

    9

  • 11

    and promotion, supervision and management of wealth management customers’ investment in the financial planning business.

    14. Loan Administration Dept.: Administer the planning, review, management, research, analysis and consultation service of the various credit extensions, investigations and consumer banking.

    15. Dept. of Debt Collection and Asset Recovery: Administer the precautionary and review after granting loan, and planning, executing, supervision and statistic analysis of the collection of delinquent accounts, performance appraisal of the collection, review of writing off non-performing loans, examination and management of Collaterals Assumed, participation and cooperation in the process of resolving legal issues, retaining of external attorneys-at-law.

    16. Regulatory of Compliance Dept.: Handle the drafting, promotion, supervision, and performance appraisal of the compliance system; maintain an effective and adequate internal control system; confirm the Bank’s operations and management rules are updated in accordance with the relevant laws and regulations in a timely manner. When the business units in executing business operation or daily transactions are in doubt, the Regulatory of Compliance Department is the inquiry and communication window of the Bank to give interpretations and to provide the personnel of each unit with appropriate and expedient regulatory training.

    17. Business Dept.: Administer the operation of different types of deposits, loans, foreign exchange settlements and banking matters.

    18. District Center: administer the lending (except consumer loans, cash card, and credit card), review and approval of foreign exchange financing, banking supervision.

    19. Offshore Banking Branch: Administer the planning, promotion, management and operation of international banking.

    10

    b. Operations & Functions 1. Auditing Office of Board: Administer the general auditing of the Bank, including

    operation audit, computer information audit, internal self-audit, internal audit, corrective actions as per the requests of competent authority, and related reporting.

    2. Office of the Board of Directors: Call for sessions and elections of the Standing Committee of the Board, the Board of Directors and Supervisors, General Meeting of the Shareholders, shares registration and related matters, public relations, press release.

    3. Business Development Dept.: Administer the study and development of the operational strategies and the overall business development plan, the planning and development of the deposits and remittances, e-banking and credit card business, and customer telephone service, phone collection, marketing, and customer relationship management.

    4. International Banking Dept.: Administer the planning, promotion, management and operation of foreign exchanges.

    5. Trust Dept.: Administer the planning, management and operation of trust business. 6. Information Dept.: Administer the planning, configuration and operation of IT system

    and banking information package software. 7. Risk Management Dept.: Administer the draft of the Bank’s overall risk management

    policies, the planning of risk strategies and risk control mechanism, the monitoring and control of the business risk exposures and other risk management related matters.

    8. Treasury Dept.: Administer the appropriation of funds and investments of the whole bank and other financial matters.

    9. General Affairs Dept.: Administer the articles of incorporation, organization, important documents and corporate seals, business affairs, cashier service, general purchase, custody of assets, procurement and lease of real properties, improvement and repair of properties, and labor safety & health issues, security protection drill and management and supervision, property insurance, and any matters other than those administered by the other departments/offices.

    10. Human Resources Dept.: Administer human resources management and review, and employee welfare, and also administer employee continuing education and training, library management, and publication and printing of journals.

    11. Accounting Dept.: Administer accounting affairs, management accounting, annual budget settlement, and inter-branch transactions.

    12. Corporate Finance Department: administer the planning, formulation, supervision and assessment of the all forms of corporate financing, account receivables, syndicated loans, and financing of Taiwan enterprises in overseas investment.

    13. Wealth Management Dept.: Administer the planning and execution of the financial planning businesses throughout the nation, management of financial planning staff, preparation and revision of the wealth management policy and operating procedure,

    10

  • 11

    and promotion, supervision and management of wealth management customers’ investment in the financial planning business.

    14. Loan Administration Dept.: Administer the planning, review, management, research, analysis and consultation service of the various credit extensions, investigations and consumer banking.

    15. Dept. of Debt Collection and Asset Recovery: Administer the precautionary and review after granting loan, and planning, executing, supervision and statistic analysis of the collection of delinquent accounts, performance appraisal of the collection, review of writing off non-performing loans, examination and management of Collaterals Assumed, participation and cooperation in the process of resolving legal issues, retaining of external attorneys-at-law.

    16. Regulatory of Compliance Dept.: Handle the drafting, promotion, supervision, and performance appraisal of the compliance system; maintain an effective and adequate internal control system; confirm the Bank’s operations and management rules are updated in accordance with the relevant laws and regulations in a timely manner. When the business units in executing business operation or daily transactions are in doubt, the Regulatory of Compliance Department is the inquiry and communication window of the Bank to give interpretations and to provide the personnel of each unit with appropriate and expedient regulatory training.

    17. Business Dept.: Administer the operation of different types of deposits, loans, foreign exchange settlements and banking matters.

    18. District Center: administer the lending (except consumer loans, cash card, and credit card), review and approval of foreign exchange financing, banking supervision.

    19. Offshore Banking Branch: Administer the planning, promotion, management and operation of international banking.

    11

  • 12

    B.

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    12

  • 13

    Title

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    13

  • 15

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    n R

    epre

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    e:

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    2011

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    s 20

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    nive

    rsity

    Vice

    Cha

    irman

    , Chi

    na

    Man

    -Mad

    e Fi

    ber

    Co.

    , Ltd

    .; C

    hairm

    an,

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    Com

    mer

    cial

    B

    ank

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    s Co.

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    . ;;C

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    e M

    i Fan

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    orpo

    ratio

    n; V

    ice

    Cha

    irman

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    hem

    ical

    Cor

    pora

    tion

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    n A

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    al

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    ef

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    itor,

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    perv

    isor

    of T

    aich

    ung

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    mer

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    N

    one

    Non

    e N

    one

    14

    Title

    N

    ame

    Elec

    tion

    (App

    oint

    men

    t) D

    ate

    Dur

    atio

    n In

    augu

    ratio

    n da

    te

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    t Ele

    ctio

    n C

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    areh

    oldi

    ng

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    rent

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    eld

    by S

    pous

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    le o

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    ajor

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    ee) e

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    ienc

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    urre

    nt B

    ank

    & O

    ther

    po

    sitio

    ns

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    er C

    hief

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    perv

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    Offi

    ce; N

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    nive

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    Gen

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    Res

    pons

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    of J

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    Insp

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    grat

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    ervi

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    . N

    one

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    e N

    one

    14

  • 15

    Title

    N

    ame

    Elec

    tion

    (App

    oint

    men

    t) D

    ate

    Dur

    atio

    n In

    augu

    ratio

    n da

    te

    Shar

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    t Ele

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    n C

    urre

    nt sh

    areh

    oldi

    ng

    Cur

    rent

    Sha

    res H

    eld

    by S

    pous

    e &

    D

    epen

    dent

    s

    Shar

    ehol

    ding

    und

    er th

    e tit

    le o

    f a th

    ird p

    arty

    M

    ajor

    (aca

    dem

    ic

    degr

    ee) e

    xper

    ienc

    eC

    urre

    nt B

    ank

    & O

    ther

    po

    sitio

    ns

    Oth

    er C

    hief

    , Su

    perv

    isor

    s or

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    Pre

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    orp.

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    stm

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    g K

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    Lim

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    apita

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    djun

    ct

    Ass

    ista

    nt P

    rofe

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    at T

    amka

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    Uni

    vers

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    nd

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    ef S

    enio

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    ce P

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    of

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    ecur

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    orp.

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    Asi

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    C

    orpo

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    n R

    epre

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    e:

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    n-Sh

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    /6/2

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    190,

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    k;

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    nal

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    emen

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    Pres

    iden

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    ng

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    61,7

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    Cha

    irman

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    na

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    ber

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    .; C

    hairm

    an,

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    B

    ank

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    e M

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    orpo

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    ice

    Cha

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    pora

    tion

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    n A

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    aich

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    mer

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    one

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    one

    15

  • 16

    Title

    N

    ame

    Elec

    tion

    (App

    oint

    men

    t) D

    ate

    Dur

    atio

    n In

    augu

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    n da

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    res H

    eld

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    epen

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    M

    ajor

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    dem

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    ee) e

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    urre

    nt B

    ank

    & O

    ther

    po

    sitio

    ns

    Oth

    er C

    hief

    , Su

    perv

    isor

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    elat

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    io o

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    Ti

    tleN

    ame

    Rel

    atio

    n

    Cor

    pora

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    Rep

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    ntat

    ive:

    H

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    ng

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    wan

    ; M

    aste

    r in

    Land

    A

    dmin

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    tion,

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    atio

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    sing

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    Ban

    k Le

    ase

    Ente

    rpris

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    Dire

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    Cho

    u C

    hang

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    o., L

    td.

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    rese

    ntat

    ive:

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    iang

    Lin

    2012

    /6/8

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    year

    s 20

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    iden

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    wa

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    orpo

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    irman

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    evel

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    Dire

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    ng

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    stm

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    . R

    epre

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    Chi

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    sin

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    ng

    2011

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    year

    s 20

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    0.00

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    00

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    V.P.

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    . N

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    ntat

    ive:

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    2011

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    year

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    0 0

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    Mas

    ter o

    f Sci

    ence

    , U

    nive

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    ham

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    Cha

    irman

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    o Fa

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    onst

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    o., L

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    4,80

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    16

  • 17

    Title

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    tion

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    17

  • 19

    Corporate shareholder Name Major Shareholders of Corporate Shareholders:

    Tai Yi Investment Co., Ltd.

    Pan Asia Investment Co., Ltd. (41.80%), Ta Fa Investment Co., Ltd. (38.17%), Tsung Hao Enterprise Co., Ltd. (9.93%), Kuei-Hsien Wang (6.31%), Sian-Jhang Syu (2.53%), Guei-Lian Jheng (1.26%).

    Chung Chien Investment Co., Ltd.

    Ta Fa Investment Co., Ltd. (28.08%); Pan Asia Chemical Corporation (17.67%); Chin-Yuan Huang (14.72%); Tung Hao Enterprises Corp. (14.70%); Hsuan Deh Consultants Co., Ltd. (9.76%); Chun Foo Development Co., Ltd. (7.55%); Kuei-Hsien Wang (1.70%); Hsu Tian Investment Co., Ltd. (2.02%), Kuei-Fong Wang (1.55%); Yu Hui Limited (1.47%).

    Pan Asia Investment Co., Ltd. Tai Yi Investment Co., Ltd. (47.42%), Ta Fa Investment Co., Ltd. (42.63%), Tsung Hao Enterprise Co., Ltd. (9.44%), Kuei-Hsien Wang (0.51%)

    Sheng Jen Knitted Textiles Co., Ltd.

    Chung Chien Investment Co., Ltd. Co., Ltd. (93.87%), Chao-Chang Wang (5.57%), Kuei-Hsien Wang (0.25%), Shang-Jr Chiang (0.15%), Shi-Yi Chiang (0.10%), Chao-Ching Wang (0.05%).

    Deh Hsing Investment Co., Ltd. China Man-Made Fiber Corporation (100%).

    Yu Hui Limited Kuei-Hsien Wang (100%).

    Ke Yi Bao Investment Co., Ltd. Yun-Jyun Deng (99.99%).

    Pan Asia Employee Welfare Committee Not applicable.

    Chou Chin Industrial Co., Ltd.

    China Man-Made Fiber Co., Ltd. (45.81%); Ta Fa Investment Co., Ltd. (32.35%), Ching-Chun Kuan (7.4%), Kuei-Hsien Wang (6.00%), Deh Hsing Investment Co., Ltd. (2.45%), Reliance Securities (1.44%), Special adjustment account (1.04%), Nurske County Investment Account at HSBC Taipei Branch (0.64%), Chou Chin Industrial Co., Ltd. treasury stock (0.64%), Chung-Yi Chen (0.40%)

    Chou Heui Investment Co., Ltd.

    Li-Kai Chuang (21.36%), Hsin-Yi Chuang (13.49%), Chien-Huei Chuang (13.43%), Man-Yen Chuang Chen (12.14%), Teng-Hsin Chuang (8.17%), Lai-Zi Kuo (5.01%)

    Ge Ling Co., Ltd.

    Chou Chin Industrial Co., Ltd. (89.78%), Chou Chang Co., Ltd. (5.74%), Ching-Long Tu (1.72%), Tsui-Chueh Chan (0.20%), Chiung-Er Wang (0.17%), Shu-Chin Kuo (0.17%), Shu-Yun Hsu Chu (0.12%), Chi-Chien Chan (0.08%), Rong-Li Chen (0.08%), Mei-Keui Lin (0.07%)

    GIUM CO., LTD GIUM CO., LTD (100%).

    18

    2. Major Shareholders of Corporate Shareholders: Feb. 28, 2014

    Corporate shareholder Name Major Shareholders of Corporate Shareholders

    Pan Asia Chemical

    Corporation

    China Man-Made Fiber Co., Ltd. (42.89%); Sheng Jen Knitted

    Textiles Co., Ltd. (5.99%); Chung Chien Investment Co., Ltd.

    (4.95%); Deh Hsing Investment Co., Ltd. (4.53%); Yu

    Hui Limited (3.26%); Tai Yi Investment Co., Ltd. (2.28%);

    Ya-Ying Jhu (0.73%); Ke Yi Bao Investment Co., Ltd (0.73%); Pan

    Asia Investment Co., Ltd. (0.61%); Pan Asia Employee Welfare

    Committee (0.60%).

    I Joung Investment Co., Ltd.

    Yi-Jen Chen (33.17%), Yi-Der Chen (27.77%), Yee-Fan Chen

    (12.37%), Ching-Shuan Chen Ting (6.47%), Hsiun-Fan Lo

    (5.51%), Yee-Chen Chen (4.7%), Min-Yuan Yeh (0.56%)

    Chou Chang Co., Ltd.

    Chou Chin Industrial Co., Ltd. (48.24%), Pan Asia Investment

    Co., Ltd. (36.39%), Deh Hsing Investment Co., Ltd. (14.78%),

    Chou Huei Investment Co., Ltd. (0.25%), Ge Ling Co., Ltd.

    (0.19%), Tai Yi Investment Co., Ltd. (0.05%), Hsiun-Ching Hsu

    (0.05%), Chung-Yi Chen (0.02%), Chung-Tien Hsu (0.01%),

    Yun-Ling Chen (0.01%)

    Ho Yang Management

    Consultant Co., Ltd. Shu-Cyong Zen (81%), Chen-Hai Lin (19%)

    Xin Rui Investment Co., Ltd. You-Ciang Yang (34.8%), Ying-Huei Liou (32.4%), Mei-Jyuan

    Syong (26.8%)

    Tai Jiunn Enterprise Co., Ltd. Yi-Jen Chen (46.13%), GIUM CO., LTD (42.84%), Ming-Yuan

    Yeh (0.69%), Ching-Shuan Chen Ting (0.21%)

    3. The major shareholder of the juristic person shareholder is a juristic person Feb. 28, 2014

    Corporate shareholder Name Major Shareholders of Corporate Shareholders:

    China Man-Made Fiber Co., Ltd.

    Pan Asia Chemical Corporation (14.97%), Sheng Jen Knitted