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Taipei Fubon Commercial Bank Co., Ltd Taipei Fubon Commercial Bank Co., Ltd. Financial Statements for the Years Ended December 31, 2008 and 2007 and Independent Auditors’ Report INDEPENDENT AUDITORS’ REPORT The Board of Directors and Stockholders Taipei Fubon Commercial Bank Co., Ltd. We have audited the accompanying balance sheets of Taipei Fubon Commercial Bank Co., Ltd. (the “Bank”), as of December 31, 2008 and 2007, and the related statements of income, changes in stockholders’ equity and cash flows for the years then ended. These financial statements are the responsibility of the Bank’s management. Our responsibility is to express an opinion on these statements based on our audits. We conducted our audits in accordance with the Rules Governing the Audit and Certification of Financial Statements of Financial Institutions by Certified Public Accountants and auditing standards generally accepted in the Republic of China. Those rules and standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, based on our audits, the financial statements referred to in the first paragraph present fairly, in all material respects, the financial position of Taipei Fubon Commercial Bank Co., Ltd. as of December 31, 2008 and 2007, and the results of its operations and its cash flows for the years then ended, in conformity with the Criteria Governing the Preparation of Financial Reports by Public Banks, Criteria Governing the Preparation of Financial Reports by Futures Commission Merchants, requirements of the Business Accounting Law and Guidelines Governing Business Accounting relevant to financial accounting standards, and accounting principles generally accepted in the Republic of China. - 1 - We have also audited the consolidated financial statements of the Bank and its subsidiaries as of and for the years ended December 31, 2008 and 2007 and have issued an unqualified opinion thereon in our report dated March 6, 2009. March 6, 2009 Notice to Readers The accompanying financial statements are intended only to present the financial position, results of operations and cash flows in accordance with accounting principles and practices generally accepted in the Republic of China and not those of any other jurisdictions. The standards, procedures and practices to audit such financial statements are those generally accepted and applied in the Republic of China. For the convenience of readers, the auditors’ report and the accompanying financial statements have been translated into English from the original Chinese version prepared and used in the Republic of China. If there is any conflict between the English version and the original Chinese version or any difference in the interpretation of the two versions, the Chinese-language auditors’ report and financial statements shall prevail. - 2 - TAIPEI FUBON COMMERCIAL BANK CO., LTD. BALANCE SHEETS DECEMBER 31, 2008 AND 2007 (In Thousands of New Taiwan Dollars and Shares, Except Par Value) % % 2008 2007 Increase 2008 2007 Increase ASSETS Amount Amount (Decrease) LIABILITIES AND STOCKHOLDERS’ EQUITY Amount Amount (Decrease) CASH AND CASH EQUIVALENTS (Notes 4 and 30) $ 18,685,817 $ 15,059,774 24 DUE TO THE CENTRAL BANK AND OTHER BANKS (Notes 17 and 30) $ 56,759,880 $ 71,610,295 (21 ) DUE FROM THE CENTRAL BANK AND CALL LOANS TO OTHER FINANCIAL LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS BANKS (Notes 5, 30 and 31) 246,099,480 205,109,450 20 (Notes 2, 6, 30 and 33) 31,045,314 8,241,773 277 FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS SECURITIES SOLD UNDER AGREEME NTS TO REPURCHASE (Notes 2, 30 (Notes 2, 6, 30 and 33) 41,950,036 20,958,704 100 and 32) 16,679,414 58,747,528 (72 ) RECEIVABLES, NET (Notes 2 and 7) 57,622,267 64,115,653 (10 ) PAYABLES (Notes 2, 18 and 26) 25,474,808 25,822,315 (1 ) RECEIVABLES - RELATED PARTIES (Note 30) 998,242 1,971,834 (49 ) DEPOSITS AND REMITTANCES (Notes 19 and 30) 968,177,982 817,128,646 18 DISCOUNTS AND LOANS, NET (Notes 2, 8 and 30) 753,846,935 657,030,190 15 BANK DEBENTURES (Note 20) 46,596,053 38,760,256 20 AVAILABLE-FOR-SALE FINANCIAL ASSETS, NET (Notes 2, 9, 31, OTHER FINANCIAL LIABILITIES (Notes 2 and 21) 1,672,015 2,814,179 (41 ) 32 and 33) 59,393,517 85,559,042 (31 ) OTHER LIABILITIES (Notes 2, 22 and 26) 2,232,106 1,837,338 21 HELD-TO-MATURITY FINANCIAL ASSETS, NET (Notes 2, 10, 31 and 33) 8,472,109 5,883,418 44 Total liabilities 1,148,637,572 1,024,962,330 12 EQUITY INVESTMENTS UNDER THE EQUITY METHOD, NET (Notes 2, STOCKHOLDERS' EQUITY (Note 23) 11 and 33) 1,241,994 1,110,570 12 Capital stock, NT$10 par value Authorized and issued 4,358,988 thousand shares as of OTHER FINANCIAL ASSETS, NET (Notes 2 and 33) December 31, 2008; 3,962,716 thousand shares as of Financial assets carried at cost (Note 12) 1,571,713 1,473,183 7 December 31, 2007 43,589,883 39,627,167 10 Debt instruments with no active market, net (Note 13) 20,624,490 24,682,377 (16 ) Capital surplus Others (Note 14) 3,376,393 2,001,726 69 Additional paid-in capital - issue of shares in excess of par value 23,367 3,986,083 (99 ) Other financial assets, net 25,572,596 28,157,286 (9 ) Donated capital 305 305 - Others 17,948,824 17,948,824 - PROPERTIES AND EQUIPMENT (Notes 2 and 15) Total capital surplus 17,972,496 21,935,212 (18 ) Cost Retained earnings Land 6,904,904 6,930,174 - Legal reserve 9,820,883 8,814,811 11 Buildings 5,378,027 5,402,222 - Special reserve 1,285,676 1,285,676 - Machinery and computer equipment 3,539,389 3,556,215 - Unappropriated 6,021,557 3,358,345 79 Transportation equipment 193,432 210,569 (8 ) Total retained earnings 17,128,116 13,458,832 27 Office and other equipment 2,046,172 2,076,250 (1 ) Others Total cost 18,061,924 18,175,430 (1 ) Cumulative translation adjustments 173,040 13,298 1,201 Less: Accumulated depreciation 5,549,934 5,243,461 6 Unrealized gains on financial instruments 430,388 298,980 44 12,511,990 12,931,969 (3 ) Unrealized gains (losses) on cash-flow hedge 127,997 (239,058 ) 154 Construction in progress and prepayment for equipment 232,792 329,141 (29 ) Total others 731,425 73,220 899 Net properties 12,744,782 13,261,110 (4 ) Total stockholders' equity 79,421,920 75,094,431 6 INTANGIBLE ASSETS (Notes 2 and 3) 746,718 651,951 15 OTHER ASSETS (Notes 2, 16 and 26) 684,999 1,187,779 (42 ) TOTAL $ 1,228,059,492 $ 1,100,056,761 12 TOTAL $ 1,228,059,492 $ 1,100,056,761 12 The accompanying notes are an integral part of the financial statements. - 3 - TAIPEI FUBON COMMERCIAL BANK CO., LTD. STATEMENTS OF INCOME YEARS ENDED DECEMBER 31, 2008 AND 2007 (In Thousands of New Taiwan Dollars, Except Earnings Per Share) 2008 2007 Amount Amount % NET INTEREST (Notes 2 and 30) Interest revenues $ 37,755,471 $ 37,040,654 2 Interest expenses 19,780,355 19,859,484 - Total net interest 17,975,116 17,181,170 5 NET REVENUES OTHER THAN INTEREST (Note 2) Commission and fee revenues, net (Notes 2, 14 and 30) 5,331,084 7,268,451 (27 ) Gains on financial assets and liabilities at fair value through profit or loss (Notes 6, 25 and 30) 330,926 580,804 (43 ) Realized gain from available-for-sale financial assets (Notes 2 and 33) 568,545 1,322,939 (57 ) Income from equity investments under the equity method, net (Note 11) 721,823 544,652 33 Foreign exchange gains 703,976 322,875 118 Impairment losses on assets (Notes 9, 10, 12 and 13) (308,025 ) (921,643 ) (67 ) Other noninterest net revenues (Note 30) 693,579 441,320 57 Total net revenues other than interest 8,041,908 9,559,398 (16 ) TOTAL NET REVENUES 26,017,024 26,740,568 (3 ) PROVISION FOR BAD DEBTS (Notes 2, 7, 8 and 14) 5,511,518 10,302,780 (47 ) OPERATING EXPENSES (Notes 2, 27, 29 and 30) Personnel expenses 6,179,827 5,847,510 6 Depreciation and amortization 1,056,769 1,036,197 2 Others 5,439,966 5,505,612 (1 ) Total operating expenses 12,676,562 12,389,319 2 INCOME BEFORE INCOME TAX 7,828,944 4,048,469 93 INCOME TAX EXPENSE (Notes 2 and 26) (1,808,185 ) (694,895 ) 160 NET INCOME $ 6,020,759 $ 3,353,574 80 2008 2007 Pretax After Tax Pretax After Tax EARNINGS PER SHARE (Note 28) Basic $ 1.80 $ 1.38 $ 0.93 $ 0.77 The accompanying notes are an integral part of the financial statements. - 4 - TAIPEI FUBON COMMERCIAL BANK CO., LTD. STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY YEARS ENDED DECEMBER 31, 2008 AND 2007 (In Thousands of New Taiwan Dollars, Except Dividends Per Share) Capital Surplus (Notes 2 and 23) Additional Other Adjustment (Notes 2 and 21) Issued and Outstanding Capital Paid-in Capital Unrealized Unrealized Stock - Share Issuance Retained Earnings Cumulative Gains (Losses) Gains (Losses) Total Shares in Excess of Special Unappropriated Translation on Financial on Cash-flow Stockholders' (Thousands) Amount Par Value Donation Others Total Legal Reserve Reserve Earnings Total Adjustments Assets Hedge Equity BALANCE, JANUARY 1, 2007 3,962,716 $ 39,627,167 $ 3,986,083 $ 305 $ 17,948,824 $ 21,935,212 $ 8,682,875 $ 1,285,676 $ 439,785 $ 10,408,336 $ 48,762 $ 788,505 $ (528,900 ) $ 72,279,082 Appropriation of the 2006 earnings Legal reserve - - - - - - 131,936 - (131,936 ) - - - - - Bonus to employees - - - - - - - - (3,078 ) (3,078 ) - - - (3,078 ) Cash dividends - NT$0.08
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