Investor PresentationFFHC 1H 2009 - audited

Sep. 2009Deutsche Bank NYC

2

Disclaimer

This presentation is provided by First Financial Holding Co., Ltd. (“FFHC”). The information contained within is not reviewed or reviewed by any accountant or any independent third party. Users should read this material in conjunction with all other public financial and operational information filed to the competent authorities by FFHC. While we endeavor to provide accurate, complete and consistent information herein, FFHC makes no guarantee or warranties as to the accuracy or correctness of all the material contained. After this presentation is released to the public, we undertake no obligation to update any relevant data to reflect any change hereafter.

Users should also notice that this presentation may contain forward-looking statements. Statements that are not historical facts, including statements relating to the implementation of strategic initiatives, future business development and economic performance are forward-looking statements. By their nature, forward-looking statements involve uncertainties, risks, assumptions and other factors that could cause actual developments and results to differ materially from our statement in this presentation. These factors include, but not limited to, regulatory developments, competitive conditions, technological developments, general economic conditions and management changes.

The information, statements or opinions in this presentation do not constitute a public offer under any applicable legislation or an offer to sell or solicitation of an offer to buy any securities or financial instruments or any advice or recommendation respect to such securities or other financial instruments. First Group and all its affiliates representatives, no matter for their negligence or any other reasons, should not be liable for any loss or damages arising from the use of or interpretation by others of information contained within this presentation or any matter related to this document.

3

Contents

- Company Overview

- Financial Highlight

- Asset Quality Review

- Operating Result

- Appendix

Company Overview

5

Overview of First Financial HoldingFirst Commercial Bank (“FCB”) was founded in 1899First Financial Holding formed in January 2003 with First Bank as its flagship entity.

Net Revenue 12,977Total assets 1,863,640Equity 86,955

Net Income 43Total assets 965Equity 867

Net Income (88)Total assets 13,072Equity 1,500

Net Revenue NT$14,340Pre-tax income 3,690Total assets 1,896,913Shareholders’ equity 101,295

First Commercial Bank First Securities First Sec. Investment Trust First-Aviva Life Insurance

FFHC Ownership ProfileFFHC Ownership Profile

Government (Direct 14.91%; Indirect: 16.56%) 31.47% Other Investors: 48.23%

Foreign Institution: 20.30%

Loan mkt shares

Deposit mkt shares

FFHC asset size

SME

Mortgage

Trade Finance

Mutual fund sales in mkt

Custodian mkt shares

Bank branches

6.1% 6.4%Top 5Top 2Top 5Top 3 Top 2No. 1

191 domestic / 25 overseas

in NT$ mn

Net Income 419Total assets 13,913Equity 6,688

All figures are as end of 1H 2009

in NT$ mn

6

FB Customer Reach - Taiwan

Taiwan, also known as Formosa, meaning "beautiful (island)", is an island located in East Asia between the South China Sea and the East China Sea off the southeastern coast of mainland China.

Population of Taiwan:23 mn

FB customer base:over 5 mn

191 domestic branches25 overseas branches & Rep. offices

1 Rep. Office in Shanghai, China

Northern region: 98

North-Western region: 9

Central region: 19

Southern region (2): 32

Southern region (1): 33

Taipei

Hsin Chu

Tainan

Taichung

Kaohsiung

7

FB Customer Reach – Overseas

This wide distribution network has allowed First Commercial to capture significant market share in lending, deposit and other banking services.

Australia:Brisbane branch – new open in Sep.

(4) North America: New York, LA, Vancouver, Toronto(1) Europe: London(20) Pan-Asia & Others: FCB(USA), HK, Tokyo, Singapore, Ho Chi Minh, Phnom Penh, Guam, Palau, El Salvador, Bangkok, Hanoi, Shanghai, Brisbane*

8

Peer Comparison

第一金

2007中信金

2007兆豐金

2007

ROAE (%)

EPS (in NT$)

FFHC ROAE & EPS07: 12.05%, 2.0408: 6.86%, 1.2

2008 average ROAE: 6.13%2008 average EPS: 0.93%

-13

-8

-3

3

8

13

18

0 1 2 3 4

Chinatrust08: 12.43%; 1.51HuaNan08: 10.02%; 1.49

Cathay1.2%; 0.23

Mega0.16%; 0.02

Fubon08: 7.0%; 1.4

FFHC08: 6.86%; 1.2

FFHC ranked No. 5 by EPS as end of 1H 2009

1H 2009 Financial Highlight-audited

10

1H 2009 Financial Highlight

EPS(in NT$)

ROAE

0.471H08: 0.98

5.84%1H08: 11.78%

Book Value Per Share(in NT$)

16.311H08: 16.53

Net Income Trend (in NT$ mn)

2,943

12,48510,662

14,175

6,1157,077

2005 2006 2007 2008 1H08 1H09

-52%

11

1H 2009 Key Figures

BankingNT$2,655; 90.2%

SecuritiesNT$419; 14.2%

Investment TrustNT$43; 1.5%

OthersNT$(86); -2.9%

1H09

2,9431

1,896,913

0.47

16.31

61,647

5.84%

0.32%

123.71%

99.43%

7.72%

YoY

%

51.9%

12.6%

52.0%

1.3%

1.2%

50.4%

56.7%

19.4%

2.9%

5.8%

1. Based on the classification of specific company’s business units, financial information by business segments should be listed individually.2. Annualized figures.3. CAR is updated semi-annually4. Double Leverage = Long-term Equity Investment / Shareholder Equity5. Non-Consolidated basis

1H08

6,115

1,684,065

0.98

16.53

60,916

11.78%

0.74%

103.60%

102.37%

13.58%

InsuranceNT$(88); -3.0%

Net Income

Total Assets

EPS

Book per share

Capital Stock

ROAE2

ROAA2

Group CAR3

Double Leverage4

Debt Ratio5

Key Figures ( in NT$ dollar, NT$ mn, mn shares or %) 1H09 Earnings Breakdown1 ( in NT$ mn)

12

Net Revenue OperatingExpenses

Provision Income Tax Net Income

1H 2009 Consolidated Income & Loss (in NT$ mn)

1H 2009 Net Income Overview

1H 2008 Consolidated Income & Loss (in NT$ mn)

14,340 (7,871)

(2,779)(747)

22,813 (9,057) (5,464)(2,177) 6,115

Net Revenue OperatingExpenses

Provision Income Tax Net Income

Bank (1,646)Insurance (3,818)

2,943

Bank (2,978)Insurance 198

13

1H08 1H09

2,943

6,115

1H08 1H09

FFHC Net Income (in NT$ mn ) FB Net Income (in NT$ mn)

-51.8% -61.8%

ROAE1 6.02% ROAE1 5.84%

1. Annualized ROAE2. Minority interests included

Total Asset: 1,863,640 Total Equity: 86,955

Profitability-After Tax 1H 2009 FFHC & Major Subsidiaries

6,948

2,655

Total Asset: 1,896,913 Total Equity: 101,295

14

First Sec Net (in NT$ mn )

ROAE1 12.94 %

1. Annualized ROAE2. Joint venture of First-Aviva, FFHC claims 51% while Aviva claims 49% of its operating results

Profitability-After Tax 1H2009 FFHC & Major Subsidiaries

9,022

8,961

Brokerage Mkt Share:1.68%

Total Equity: 6,688

First Securities Net (in NT$ mn ) FSITC Net (in NT$ mn ) First-Aviva2 Net (in NT$ mn )

(41)

1H08 1H09 1H091H08 1H09

FFHC (45)Aviva (43)

FFHC 51%5,886

AUM: 107,115

AUM Ranking: 6

(88)

ROAE1 9.40 %

Total Asset: 13,072

ROAE1 (12.44%)

419

78

43

1H08

(138)

1H 2009 Asset Quality Review -FB

16

16,137 15,956 17,080 16,234 15,761 15,293 15,644 16,916 17,665 17,380

8,174 8,428 8,776 8,740 8,539 8,361 9,130 9,365 9,623 9,536

3M 07 6M 07 9M 07 2007 3M 08 6M 08 9M08 2008 3M 09 6M09

FB 1H09 Asset Quality

50.66% 52.82% 51.38% 53.84% 54.18% 54.67%58.36% 55.36% 54.47% 54.87%

NPL Amount, Reserve, Coverage (in NT$ mn or % )

NPLNPL Ratio NPL ReserveCoverage Ratio△△

1.55%1.45%1.36%1.40%1.49%1.50%1.64%1.55%1.63% 1.56%

17

FB NPL Migration (1) Domestic NPL Overseas NPL*

NPL by Regions (in NT mn or %)

15,480 15,005 14,535 14,392 14,333 15,407 14,530

2,8502,2582,5831,253757756752

4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09

Domestic NPL Overseas NPL*

0.53% 0.54% 0.51%

1.36%

1.65% 1.63% 1.54% 1.47%

1.43%

1.58%

1.51%1.53%

1.87%

0.75%

*OBU balance is included in “Overseas Pool”.

18

1.41%1.52%

1.42% 1.44% 1.47%

1.66% 1.66%1.54%

2.36%

2.12%2.00% 2.00% 2.00%

2.31%

1.50%1.59%

1.38%1.43%1.30%1.26%1.24%1.28%1.21%

1.55%1.66%

1.60%1.82%

2.22%

4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09

FB NPL Migration(2)

IndividualSME Mortgage**Large Corp.

NPL by Sectors (in %)

**Mortgage is included in Individual pool balance.

19

New NPL Influx Breakdown

750 1,0241,382 1,349

919 883 945

2,991

1,451 1,226606 843

2,506

503 446 4151,297

4,262

2,200

9411,1551,886

4Q06 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09

New NPL Influx ( in NT$ mn or %)

Item 1H09

New NPL Influx--Domestic 1,803

New NPL Influx--Overseas 1,338

Total Loan 1,094,291

Cumulative Ratio 0.29%

NPL (in NT$ mn）

Write-off New NPL Influx New NPL Influx / Total Loan

Item 1H08 1H09

Year-begin. NPL Bal. 16,234 16,916

Write-off-- Domestic -1,801 -1,606

Write-off-- Overseas -1 -1,071

end NPL Bal. 15,293 17,380

0.06%

0.19%0.08%

0.24%

0.05% 0.04% 0.04%0.11%

0.36%

0.19%0.29%

3,141

1H 2009 Operating Results- audited

21

Cumulative Net Income Annualized ROAE

Annualized ROAE ( % )

Net Income

Minority interests included

FFHC Profitability-After Tax

Quarterly Net Income (in NT$ mn)

2,9555,449

9,86712,485

3,4266,115

8,151 7,077

1,597 2,943

3M 07 6M 07 9M 07 2007 3M 08 6M 08 9M 08 2008 3M 09 6M 09

1,597

2,9552,494

4,418

3,426 2,6892,036

1,346

2,618

(1,074)

1Q 07 2Q 07 3Q 07 4Q 07 1Q 08 2Q 08 3Q 08 4Q 08 1Q 09 2Q 09

11.53% 10.85% 12.83% 12.05% 12.68% 12.34% 10.68%6.86% 6.36% 5.84%

22

Quarterly Net Income (in NT$ mn )

Cumulative Net Income Annualized ROAE

Annualized ROAE ( % )

Net Income

FB Profitability-After Tax

2,701

5,765

9,409

3,530

6,9489,022 8,965

1,615

12,026

2,655

3M 07 6M 07 9M 07 2007 3M 08 6M 08 9M 08 2008 3M 09 6M 09

2,7013,064

3,614

2,617

3,530 3,418

2,0741,615

1,040 (57)

1Q 07 2Q 07 3Q 07 4Q 07 1Q 08 2Q 08 3Q 08 4Q 08 1Q 09 2Q 09

12.23% 13.39% 12.23% 13.60%15.37% 15.90% 15.37%

10.01%7.12% 6.02%

23

FB 1H 2009 Revenue

- 0.8%-----0.8%Gain on ST stock invest.1

100.0%

2.9%4.0%5.2%5.6%

15.7%65.8%1H08 Change1H09Item

100.0%

0.3%3.2%

10.6%8.9%

13.5%63.5%

Cumulative Net Revenue

- 2.6%Gain on LT stock invest.1-0.8%Others+5.4%Gain on other fin. pr.1+3.3%Recovery- 2.2%Net Fee-2.3%NII

1H08 1H09 1H08 1H09 1H08 1H09 1H08 1H09 1H08 1H09 1H08 1H09 1H08 1H09

18,113

12,977

1H08 1H09Cumulative Net Revenue

1H 2009 Cumulative Net Revenue (in NT$ mn or %)

FB 1H 2009 Cumulative Net Revenue Breakdown ( in NT$ mn)

NII Net Fee Income Gain on ST stock invest 1Gain on LT

stock invest. 1Gain on other fin

product 1Recovery Others

* Including channel fee for bancassurance.

-28.4%

% of Cumulative Net Revenue

2,848142

534 9421,006

719*

8,241

1,752

(3)1,078 422

115

1,372↓30.9%

↓38.4%11,923

z

↑45.7%↑7.2%

24

306.0

8.8 104.8

451.2

205.7

6.2

137.6

446.1

189.4

314.9

1H 08 1H 09 1H 08 1H 09 1H 08 1H 09 1H 08 1H 09 1H 08 1H 09

↑2.9%

↓1.1%

↓7.9%

↑31.3%

SME2

342.3

SME2

324.5

FB 1H 2009 Loan Book Mix

1H 2009 Loan Book1 (in NT$ bn or %)

1H 2009 Loan Book1 Breakdown (in NT$ bn )

Mortgage Other Consumer Loan Gov./SOE LoanCommercial

Loan F/X Loan

1. Loan Book does not include NALs2. SME as defined by the “Act for Development of Small & Medium Enterprises; both NTD & Foreign currency loan included

1,076.5

1,094.2

1H08 1H09Loan Book1

+1.6%

Item 1H08 1H09 ChangeConsumer 29.2% 29.4% + 0.2%

Mortgage 28.4% 28.8% + 0.4%Other Consumer Loan 0.8% 0.6% - 0.2%

Corporate Banking 70.8% 70.6% - 0.2%Commercial Loan 42.0% 40.8% - 1.2%

F/X Loan 19.0% 17.3% - 1.7%

Gov./SOE Loan 9.8% 12.5% + 2.7%

Loan Book1 100.0% 100.0%

% of Loan Book1

Overseas

150.3

25

↑4.3%

↑17.2%↑36.8%

SME2

317.0

SME2

305.0

FB 1H 2009 Mortgage Book MixMortgage by location (in %)

TPE Metro.

Taichung

Kaohsiung

Taoyuan,Hsinchu,

Mioli

East Area

306.0

+2.9%

53%

17%9%

10%

8%

3%

1H09 Mortgage Book (in NT$ bn or %)

1H08 1H09

Tainan

Loan-to-value of new mortgage (3-month) at 65~70%

Avg. loan-to-value at 50-53%

Selective growth strategy

314.9

Mortgage NPL: 1.38% (1H09)

26

Major Exposures to Specific Industries

*OBU and overseas balance excluded

△

▲

End of 1H 2009* - % of Loan to industries

Total Domestic Loan Bal.1: NT$1,001.0 bn

Petro-chemical5.91%

ManufacturingLoan: 27.62%

Petro-chemical Loan: 6.03%

Tech. Loan: 7.48%

Tech.

TFT-LCD

2.28%

DRAM

1.45%

Real Estate2.63%

Construction2.49%

Wholesale & Retail

9.38%

27

NPL Ratios by Specific Industries

*OBU and overseas balance excluded

△

▲

End of 1H 2009* - NPL ratios to industries

Petro-chemical5.91%

Manufacturing1.63%

Petro-chemical 0.67%

Tech. 2.83%

Construction2.26%

Wholesale & Retail

2.55%

End of 1H 2009 NPL ratio: 1.56%

Real Estate0.89%

Tech.

Components2.30%

FinishedGoods5.12%

28

NTD Interest Yields Overview ( in % )

Deposit Rate (NTD)Loan Rate (NTD)

NTD Deposit Structure (in % )

FB 1H 2009 NT Dollar Deposit Mix

47% 50%49%47% 51% 53% 50% 47%

50%47%49%50%51%53%53%

3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09

Time Deposit Demand & other deposit

△△

53%

49.6% 49.3% 50.0% 49.3% 49.3%

56.5% 57.1% 54.70%fixed rate of time deposit

0.72%0.84%1.24%

1.47%1.43%1.38%1.32%1.63%1.24%

3.06% 3.24% 3.35% 3.31% 3.35% 3.38% 3.00%

1.91% 1.80%

2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09

29

FX Interest Yields Overview ( in % )

Deposit Rate (FX)Loan Rate (FX)

FX Deposit Structure (in % )

FB 1H 2009 FX Deposit Mix

61% 63% 68% 69% 67% 68% 67% 67%

39% 37% 32% 31% 33% 32% 33% 33%

3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09

Time Deposit Demand & other deposit

△△

0.65%1.52%1.73%

2.25%2.27%2.49%3.24%3.31%

5.65% 5.73% 4.51% 3.87% 3.96% 3.88%3.46%

2.47%

3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09

30

3,7964,4455,9846,0475,9216,0025,217 5,573 5,9765,175

1Q 07 2Q 07 3Q 07 4Q 07 1Q 08 2Q 08 3Q08 4Q08 1Q09 2Q09

Quarterly NII / Spread / NIM ( in NT& mn or % )

Quarterly NII NIM3Spread3

992.4 1,079.91,042.31,030.5 1,060.0 1,092.41,147.4 1,169.5 1,141.3 1,111.9

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09

Total Loan & LDR (in NT$ bn or % )

FB 1H 2009 Total Loan & NIM

1. Total Loan = loan + import/export negotiation + NALs2. LDR = Total loan / Total deposit (total deposit includes post office deposit)3. Annual cumulative Average Spread and NIM

Total Loan1 LDR2

△△

1.47% 1.45% 1.47% 1.50% 1.61% 1.59% 1.56% 1.55%

1.09% 0.98%

1.93% 1.90% 1.94% 1.98% 2.02% 1.96% 1.92% 1.91%

1.32% 1.25%

78.94% 80.74%82.34% 83.89% 82.35% 84.68% 84.54%

78.19%73.65%

84.54%

31

1,028 917 942 846242

852

-3,614

7291,0531,113

1,1971,987

-875

2,7744,4674,6453,4944,4664,2433,469

1Q 07 2Q 07 3Q 07 4Q 07 1Q 08 2Q 08 3Q08 4Q08 1Q09 2Q09

29.60% 21.60% 19.10%

70.6%36.7%23.6%24.0%27.0%

8.7%

FB 1H 2009 Overseas Profits

1H09 Cumulative Overseas PTP ( in NT$ mn)

Overseas Overseas PTP to FCB total PTPTotal

2,166

1,575

1H 08 1H 09Overseas PTP

Item 1H 08 1H 09

Overseas PTP 23.8% 49.4%

Domestic PTP 76.2% 50.6%

Total pre-tax profit 100.0% 100.0%

% of Cumulative Overseas PTP

Quarterly Overseas & Total PTP (in NT$ mn or %)

-27.29%

32

↑3.0%

FB 1H 2009 Fee Income Breakdown1H 2009 Cumulative Net Fee Income (in NT$ mn or %)

1H 2009 Cumulative Net Fee Breakdown ( in NT$ mn )

1H08 1H09 1H08 1H09 1H08 1H09 1H08 1H09 1H08 1H09

WM Fee 1 Loan-related F/X Credit Card

1. WM Fee = Custodian Fee + Trust-related Fee + Bancassurance Fee 2. Other represents network service fee, including overseas branches

2,8481,752

1H08 1H09Net Fee Income

Item 1H08 1H09 Change

WM1 59.9% 34.9% - 25.0%

F/X 15.1% 21.6% +6.5%

Other 12.4% 22.9% +10.5%

Loan-related 8.9% 15.1% +6.2%

Credit card 3.7% 5.5% +1.8%

Cumulative Net Fee 100.0% 100.0%

% of Cumulative Net Fee

↓ 23.7%

-38.5%

1,566

286482

118396266 378

96400

612

2

Other 2

↓61.0%

↓21.5%↓7.0%

33

3,371 3,467 3,599 3,763 3,675 3,680 3,658 3,426 3,393 3,4235,871

7,1066,384

8,0828,9369,177*8,6828,234 9,116

9,902

1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09

40.94% 38.03% 36.35% 43.34% 40.05% 41.18% 45.26%53.67% 47.74%

58.30%

FB 1H 2009 Cost-to-Income Ratio1H08 Operating Expense (in NT$ mn )

Quarterly Operating Expense & Cost-to-Income Ratio ( in NT$ mn or % ) Operating Expense Cost-to-Income RatioNet Revenue

7,355

6,816

1H08 1H09

Operating Expense

-7.33%

Item 1H08 1H09 Change

Net Revenue 100.0% 100.0%

Operating Expense - 40.6% - 52.5% +11.9%

Provision - 9.1% - 22.9% +13.8%

Income Tax - 12.0% - 4.1% -7.9%

Net Income 38.3% 20.5% -17.8%

% of Cumulative Cost-to-Income Ratio

*Effective from Jan.1 ‘08, employee bonus is recorded as expense in Taiwan. An employee bonus of NT$370 mn is included in 1H2008.

1H 2009 Cumulative Operating Expense (in NT$ mn )

34

CAR & Credit Rating

123.71%120.19%

103.60%109.54%

122.05%117.59% 119.35%

107.81%

2H 0

5

1H 0

6

2H 0

6

1H 0

7

2H 0

7

1H 0

8

2H08

1H09

10.24% 10.50% 11.00% 10.54% 10.80%10.75% 10.88% 10.91%

8.33% 8.36% 8.38% 6.90% 7.30% 7.03% 7.10% 7.08%

2H 0

5

1H 0

6

2H 0

6

1H 0

7

2H 0

7

1H 0

8

2H08

1H09

statutory CAR 100%

CAR

CAR

Tier 1

FB CAR & Credit Rating S & P: BBB+ / A-2/ Stable / C+Twn Ratings: twAA-/twA-1+/StableMoody’s: A3

1. Refers to FFHC credit rating2. CAR is updated semi-annually

FFHC Group CAR & Credit Rating1

Fitch: BBB+ / F2/ Stable

35

Shareholder Return

2004 2005 2006 2007 2008

Cash dividend 0.75 1.25 1.00 1.70 0.50

Stock dividend 0.50 0.25 0.20 0.12 0.25

Total dividend 1.25 1.50 1.20 1.82 0.75

Payout ratio 67.20% 61.73% 67.04% 88.78% 62.50%

1.25 1.821.20 0.751.50

1.86 2.052.43* 1.79

1.20

2004 2005 2006 2007 2008

FFHC Earnings Per Share ( in NT$ dollar )

EPSDividend

FFHC Dividend History ( in NT$ dollar )

* In 3Q2005, FFHC received a one-time disposal gain of NT$5.4 bn for the sale of subsidiary Mingtai P&C. If including the one-time disposal gains, FFHC net income and EPS for 2005 were NT$14.2 bn and NT$2.43 respectively. If excluding the one-time disposal gains, FFHC net income and EPS were NT$8.8 bn and NT$1.51 respectively

Appendix

37

FFHC consolidated Income Statement FFHC Consolidated Incom e Statem ent Summaryin NT$ million, NT$, or %

2005 2006 2007 2008 Q1 Q2 1H08 1H09 Change

In terest income 37,979 43,428 49,354 50,080 8,385 6,993 24,950 15,378 -38.36%Less: Interest expenses (17,794) (22,746) (26,963) (25,350) (3,838) (3,080) (12,777) (6,918) -45.86%

Net interest income 20,185 20,683 22,392 24,730 4,547 3,913 12,172 8,460 -30.50%

Net service fee & commission 5,104 6,032 8,765 6,194 1,040 1,364 3,594 2,404 -33.11%

Net Insurance revenue 0 0 0 10,718 412 (698) 3,816 (286) -107.49%

Gain on financial assets measured 1,142 1,801 2,828 (990) 4,450 (1,545) (1,416) 2,905 -305.16% at fa ir va lue through P/L

Gain on AFS financial assets 340 395 770 682 3 54 475 57 -88.00%

Gain on HTM f inancial asse ts 0 8 11 7 0 4 6 4 -33.33%

Income from equity invest . 297 434 319 5 13 (1) 72 12 -83.33%

Net gain on F/X 1,483 881 298 972 (3,267) 2,357 2,422 (910) -137.57%

Others 4,585 4,344 4,311 2,319 869 825 1,672 1,694 1.32%

Net non-interest income 12,950 13,895 17,302 19,907 3,520 2,360 10,641 5,880 -44.74%

Net revenues 33,136 34,577 39,693 44,637 8,067 6,273 22,813 14,340 -37.14%

Provision for credit losses (4,334) (4,736) (6,062) (7,130) (1,726) (1,251) (1,646) (2,977) 80.86%

Reserve for insurance 0 0 0 (11,240) (490) 688 (3,818) 198 105.19%

Operating expenses (16,392) (15,949) (16,960) (17,111) (3,886) (3,985) (9,056) (7,871) -13.09%

Other expenses 0 0 0 0 0 0 0 0 --

Income from continued op. before tax 12,410 13,892 16,672 9,156 1,965 1,725 8,293 3,690 -55.50%

Income tax expenses (3,627) (3,883) (4,187) (2,079) (368) (379) (2,178) (747) -65.70%

Income from continued op. a fter tax 8,783 10,009 12,485 7,077 1,597 1,346 6,115 2,943 -51.87%

Income from discoun tinued op., ne t of tax 5,392 0 0 0 0 0 0 0 --

Cummulative effect of change 0 653 0 0 0 0 0 0 --

in accounting principleConsolida ted net income 14,175 10,662 12,485 7,077 1,597 1,346 6,115 2,943 -51.87%

EPS1(NT$) 2.33 1.75 2.04 1.20 0.27 0.20 0.98 0.47 -52.04%

Net income a ttribu table to parent 0 0 12,550 7,391 1,648 1,338 6,183 2,986 --

M inority interests 0 0 (65) (314) (51) 8 (68) (43) --

1. EPS is adjusted retroactively for stock dividends

2009 Quarterly Full Year Resu lts Half-year Comparison

38

FFHC Non-consolidated Income Statement

FFHC Non-consolidated Income Statement Summaryin NT$ million, NT$, or %

2005 2006 2007 2008 Q1 Q2 1H08 1H09 Change

Operating revenues

Income from long-term investment 9,209 10,904 12,873 8,513 1,774 1,378 6,388 3,152 -50.66%

Other income1 70 380 394 280 7 244 53 251 373.58%

Total revenues 9,279 11,284 13,267 8,792 1,781 1,622 6,441 3,403 -47.17%

Loss from long-term investment (248) (6) (68) (1,057) (69) 7 (112) (62) -44.64%

Operating expenses (170) (135) (134) (214) (48) (70) (123) (118) -4.07%

Other expenses and losses (141) (141) (140) (141) (35) (35) (70) (70) 0.00%

Income from continued op. before tax 8,720 11,002 12,925 7,381 1,629 1,525 6,136 3,154 -48.60%

Income from continued po. after tax 8,783 10,662 12,550 7,391 1,648 1,338 6,183 2,986 -51.71%

Income from discontinued op., net of tax 5,392 0 0 0 0 0 0 0 --

Net income 14,175 10,662 12,550 7,391 1,648 1,338 6,183 2,986 -51.71%

EPS2(NT$) 2.33 1.75 2.04 1.20 0.27 0.20 0.98 0.47 -52.04%

1. Including income other than long-term investment2. EPS is adjusted retroactively for stock dividends

Full Year Results Half-year Comparison 2009 Quarterly

39

FFHC Balance Sheet

FFHC Balance Sheet Summaryin NT$ million or million shares

2005 2006 2007 2008 Q1 Q2 1H08 1H09 Change

Non-consolidated Balance Sheet Data

Long-term investment 87,542 98,224 99,502 97,985 100,184 99,988 103,087 99,988 -3.01%

Total non-consolidated assets 96,377 106,598 110,476 104,664 106,795 109,203 116,588 109,203 -6.33%

Total liabilities 5,043 5,413 5,410 5,217 5,263 8,432 15,834 8,432 -46.75%

Total shareholders' equity 91,334 101,185 105,066 99,447 101,533 100,771 100,754 100,771 0.02%

Conolidated Balance Sheet Data

Total consolidated assets 1,535,443 1,600,903 1,682,097 1,800,114 1,857,062 1,896,913 1,684,065 1,896,913 12.64%

Total liabilities 1,444,109 1,499,718 1,575,993 1,700,017 1,754,879 1,795,618 1,582,425 1,795,618 13.47%

Total shareholders' equity 91,334 101,185 106,104 100,097 102,183 101,295 101,640 101,295 -0.34%

Parent's shareholders' equity 91,334 101,185 105,066 99,447 101,533 100,560 100,701 100,560 -0.14%

Minority interests 0 0 1,038 650 650 735 939 735 --

Current shares outstanding 58,265 59,722 60,916 61,647 61,647 61,647 60,916 61,647 1.20%

2009 QuarterlyFull Year Results Half-year Comparison

40

FFHC Key Ratios

FFHC Key Ratios

2005 2006 2007 2008 3M 6M 1H08 1H09 Change

After-tax ROAA (Annualized ratio) 0.93% 0.68% 0.76% 0.41% 0.36% 0.32% 0.74% 0.32% -56.76%

After-tax ROAE (Annualized ratio) 16.73% 11.08% 12.05% 6.86% 6.36% 5.84% 11.78% 5.84% -50.42%

Double leverage1 95.85% 97.07% 98.43% 102.47% 102.53% 99.43% 102.37% 99.43% -2.87%

Group CAR2 122.05% 119.35% 109.54% 120.19% 120.19% 123.71% 103.60% 123.71% 19.41%

1. Double leverage ratio = Long-term investment / Equity2. Group CAR ratio is updated semi-annually

Full Year Results Half-year Comparison 2009 Quarterly

41

FB Income Statement

FB Income Statement Summaryin NT$ million or %

Full Year Results2005 2006 2007 2008 Q1 Q2 1H08 1H09 Change

Net revenue

Net interest income 19,612 20,381 21,941 24,235 4,445 3,796 11,923 8,241 -30.88%

Net fee income 3,759 4,495 6,884 5,041 807 945 2,848 1,752 -38.48%

Net gain on ST invest. (578) 316 413 (200) 7 108 142 115 -19.01%

Net gain on LT invest. 1,766 830 1,446 900 11 (14) 534 (3) -100.56%

Net gain on other fin. products 2,426 2,089 1,757 (658) 990 382 942 1,372 45.65%

Bad debts recovery 4,014 3,612 3,019 2,518 682 396 1,006 1,078 7.16%

Other net income 708 291 472 743 164 258 719 422 -41.31%

Net revenue 31,706 32,015 35,934 32,579 7,106 5,871 18,114 12,977 -28.36%

Operating expenses (13,785) (13,586) (14,200) (14,439) (3,393) (3,423) (7,355) (6,816) -7.33%

Provision (4,321) (4,736) (6,062) (7,130) (1,726) (1,252) (1,646) (2,978) 80.92%

Income before tax 13,601 13,694 15,672 11,011 1,987 1,196 9,112 3,184 -65.06%

Income tax (3,382) (3,340) (3,646) (2,046) (373) (156) (2,164) (529) -75.55%

Income after tax 10,219 10,354 12,026 8,965 1,615 1,040 6,948 2,655 -61.79%

Cummulative effect of change 0 563 0 0 0 0 0 0 --

in accounting principle

Net income 10,219 10,918 12,026 8,965 1,615 1,040 6,948 2,655 -61.79%

2009 Quarterly Half-year Comparison

42

FB Balance SheetFB Balance Sheet Summaryin NT$ million or %

2005 2006 2007 2008 Q1 Q2 1H08 1H09 ChangeAssets

Cash/due from banks 157,635 178,988 165,118 179,084 213,400 201,088 169,313 201,088 18.77%Fin. Assets measured 37,418 42,795 37,202 53,304 52,072 43,392 36,602 43,392 18.55% at fair value through P/L

AFS financial assets 87,316 82,636 61,258 51,998 55,545 55,535 56,049 55,535 -0.92%HTM financial assets 235,943 213,747 217,898 229,985 272,915 374,402 212,383 374,402 76.29%LT investments under 2,231 2,369 2,362 2,322 2,411 2,309 2,199 2,309 5.00% equity method

Account receivables 22,450 21,295 21,876 39,871 50,580 41,720 44,886 41,720 -7.05%Loans, net 890,592 972,045 1,071,171 1,160,173 1,131,717 1,102,643 1,084,080 1,102,643 1.71%Properties and 23,849 23,387 23,601 23,211 23,052 22,977 23,415 22,977 -1.87% equipments, net

Others 43,614 36,761 25,862 71,992 20,871 19,574 22,739 19,574 -13.92%Total assets 1,501,047 1,574,022 1,626,348 1,811,940 1,822,563 1,863,640 1,651,666 1,863,640 12.83%

Liabili tiesDeposit and remit. 1,144,642 1,219,889 1,260,175 1,384,753 1,434,700 1,485,189 1,264,103 1,485,189 17.49%Other liabilities 279,563 267,008 276,431 337,696 296,377 291,496 297,807 291,496 -2.12%Total l iablities 1,424,204 1,486,897 1,536,607 1,722,449 1,731,077 1,776,685 1,561,910 1,776,685 13.75%

Stockholders ' equity 76,843 87,125 89,741 89,491 91,487 86,955 89,756 86,955 -3.12%Total liabilities and 1,501,047 1,574,022 1,626,348 1,811,940 1,822,563 1,863,640 1,651,666 1,863,640 12.83%

stockholders ' equity

Full Year Results 2009 Quarterly Half-year Comparison

43

FB Key RatiosFB Key Ratios

2005 2006 2007 2008 3M 6M 1H08 1H09 Change

Loan to deposit spread 2.22% 2.04% 1.98% 1.91% 1.32% 1.25% 1.96% 1.25% -0.71%

Net Interest Margin 1.51% 1.51% 1.50% 1.55% 1.09% 0.98% 1.59% 0.98% -0.61%

Cost to income ratio1 44.35% 42.43% 39.52% 52.02% 47.74% 52.50% 40.61% 52.50% 11.89%

Loan to deposit ratio2 75.76% 78.25% 83.89% 84.54% 78.19% 73.65% 84.68% 73.65% -11.03%

NPL ratio 1.72% 1.57% 1.50% 1.45% 1.55% 1.56% 1.40% 1.56% 0.16%

Coverage ratio 52.37% 52.15% 53.84% 55.36% 54.47% 54.87% 54.67% 54.87% 0.20%

CAR3 10.24% 11.00% 10.80% 10.88% 10.88% 10.91% 10.75% 10.91% 0.16%

Tier 13 8.33% 8.38% 7.30% 7.10% 7.10% 7.08% 7.03% 7.08% 0.05%

1. Before 2006, cost to income ratio = operating expenses / operating income; after 2006, cost to income ratio = operating expenses / net revenue2. Loan to depoist ratio = total loan / total deposit3. Updated semi-annually

Half-year Comparison Full Year Results 2009 Quarterly

44

FB Loan Quality

FB NPL Migrationin NT$ million or %

2005 2006 2007 2008 Q1 Q2 1H08 1H09 Change

NPL- beginning 18,597 15,482 15,406 16,234 16,916 17,665 16,234 16,916 4.20%

Net new NPL influx 769 3,557 5,738 6,420 2,199 942 861 3,141 264.81%

Net write-offs (3,884) (3,633) (4,910) (5,738) (1,450) (1,227) (1,802) (2,677) 48.56%

NPL- ending balance 15,482 15,406 16,234 16,916 17,665 17,380 15,293 17,380 13.65%

Allowance for loan loss- beginning 8,038 8,108 8,035 8,740 9,365 9,623 8,740 9,365 7.15%

Provis ions for loan loss 3,850 3,534 5,602 6,517 1,668 1,172 1,495 2,840 89.97%

Net write-offs (3,884) (3,633) (4,910) (5,738) (1,450) (1,227) (1,802) (2,677) 48.56%

Others 104 26 14 (155) 41 (32) (72) 9 112.50%

Allowance for loan loss- ending 8,108 8,035 8,740 9,365 9,624 9,536 8,361 9,536 14.05%

NPL ratio 1.72% 1.57% 1.50% 1.45% 1.55% 1.56% 1.40% 1.56% 0.16%

Coverage ratio 52.37% 52.15% 53.84% 55.36% 54.47% 54.87% 54.67% 54.87% 0.20%

1. Non-consolidated basis

Full Year Results 2009 Quarterly Half-year Comparison

45

First Sec Operating ReportFirst Sec Financial Results Summary

in NT$ million or %

2005 2006 2007 2008 Q1 Q2 1H08 1H09 ChangeFirst Sec Income Statement SummaryTotal operating income

Brokerage commission 758 943 1,294 731 144 300 481 444 -7.69%Net interest income 304 365 561 423 55 82 280 137 -51.07%Underwriting commission 12 11 76 24 3 5 11 8 -27.27%Priciple transaction gains, net 401 126 972 (632) 164 345 (94) 509 641.49%Other operating income 149 50 8 139 35 (2) (33) 33 0.00%Total operating income 1,624 1,495 2,911 685 401 730 645 1,131 75.35%

Total operating expenses (1,470) (1,475) (1,668) (1,183) (297) (419) (642) (716) 11.53%Non-operating income 91 207 (42) (67) 25 13 (14) 38 171.43%Income before tax 245 277 1,200 (565) 129 324 (11) 453 4018.18%Income tax (157) (125) (100) (72) (7) (27) (30) (34) 13.33%Cummulative effect of change in accounting principles 0 72 0 0 0 0 0 0 --Net income 88 224 1,100 (637) 122 297 (41) 419 921.95%

First Sec Balance Sheet SummaryTotal assets 15,760 16,582 16,316 14,283 12,987 13,913 16,462 13,913 -15.48%Total liabil ities 10,091 10,758 9,406 8,014 6,571 7,225 9,666 7,225 -25.25%Total shareholers ' equity 5,669 5,824 6,910 6,269 6,416 6,688 6,796 6,688 -1.59%

First Sec Key RatiosROAE (Annualized) 1.57% 3.90% 17.28% -9.67% 7.68% 12.94% -1.18% 12.94% 1196.61%ROAA (Annualized) 0.60% 1.39% 7.28% -3.93% 3.40% 5.94% -0.48% 5.94% 1337.50%Brokerage market share 1.92% 2.07% 1.54% 1.51% 1.67% 1.68% 1.32% 1.68% 0.36%Margin loan market share 2.16% 2.15% 2.09% 2.15% 2.22% 2.13% 1.91% 2.13% 0.22%

1. Non-consolidated basis

Full Year Results 2009 Quarterly Half-year Comparison

46

FSITC Operating ReportFSITC Income Statement Summaryin NT$ million or %

2005 2006 2007 2008 Q1 Q2 1H08 1H09 Change

Total operating incomeManagement fee 522 553 600 444 84 104 265 188 -29.06%

Sales service fee 6 9 13 4 0 1 3 1 -66.67%

Total operating income 528 562 613 448 84 105 268 189 -29.48%

Operating expenses (294) (297) (328) (273) (60) (72) (154) (132) -14.29%

Non-operating income (390) 29 22 (38) 2 0 (6) 2 133.33%

Income before tax (156) 294 307 137 26 33 108 59 -45.37%

Income tax (66) (67) (73) 32 (6) (10) (30) (16) -46.67%

Income after tax (222) 226 234 169 20 23 78 43 -44.87%

Cummulative effect of change in accounting principles 0 1 0 0 0 0 0 0 --

Net income (222) 227 234 169 20 23 78 43 -44.87%

FSITC Balance Sheet SummaryTotal assets 1,079 1,167 1,185 1052 1,067 965 1,257 965 -23.23%Total liabil ities 328 186 183 78 74 98 391 98 -74.94%Total shareholers ' equity 752 981 1,003 973 993 867 865 867 0.23%

FSITC Key Data & RatiosAUM 117,612 121,130 100,667 91,238 103,445 107,115 88,154 107,115 21.51%

AUM Rank ing 4 4 12 7 8 6 12 6 --ROAE(Annual ized ratio) -23.41% 26.20% 23.58% 16.95% 8.12% 9.40% 16.62% 9.40% -43.44%

ROAA(Annual ized ratio) -18.37% 20.21% 19.89% 14.95% 7.52% 8.56% 12.72% 8.56% -32.70%

1. Non-consol idated basis

Full Year Results 2009 Quarterly Half-year Comparison

47

First –Aviva Operating ReportFirst-A viva F in ancia l Results S um m aryin NT $ m ill ion o r %

Q 1 Q 2 Q 3 Q 4 tota l Q 1 Q 2 1H08 1H09 Chang eIncome Statement SummaryOperating Revenue 908 3 ,596 4,368 2 ,778 11 ,650 520 250 4 ,504 770 -82 .9% Prem iu m incom e 935 3 ,554 4,374 2 ,744 11 ,607 446 107 4 ,489 553 -87 .7% O ther insurance income 0 28 (4) 2 26 0 1 28 1 -- Net Inve stm en t Incom e (27 ) 14 (2) 32 17 74 142 (13 ) 216 --Operating Cost (905 ) (3 ,588 ) (4,351) (3 ,076 ) (11 ,920) (538 ) (178) (4 ,493 ) (716) 84 .1%　Reinsurance com mission 0 0 0 0 0 0 0 0 0 --　Reserves (895 ) (3 ,553 ) (4,241) (2 ,851 ) (11 ,540) (497 ) 626 (4 ,448 ) 129 102 .9%　Claim s 0 (1 ) (83) (167 ) (251 ) (31 ) (797) (1 ) (828) --　Com m ission (10 ) (34 ) (27) (58 ) (129 ) (10 ) (6) (44 ) (16) -63 .6% Others 0 0 0 0 0 0 (1) 0 (1) --

Operating Expenses (67 ) (82 ) (90) (132 ) (371 ) (88 ) (55) (149 ) (143) -4 .0%　Sa les related exp enses (2 ) (7 ) (8) (34 ) (51 ) (5 ) (7) (9 ) (12) 33 .3%　Ma nagem en t expenses (65 ) (75 ) (82) (98 ) (320 ) (82 ) (49) (140 ) (131) -6 .4%Profit/Loss of Operation (64 ) (74 ) (73) (430 ) (641 ) (105 ) 16 (138) (89) -35 .5%Non-Operating Profit 13 (13 ) 0 0 0 1 0 0 1 --

Profit/Loss Before Tax (51 ) (87 ) (73) (430 ) (641 ) (104 ) 16 (138) (88) -36 .2%Incom e tax 0 0 0 0 0 0 0 0 0 --Net Income after tax (51 ) (87 ) (73) (430 ) (641 ) (104 ) 16 (138) (88) -36 .2%

Balance Sheet SummaryTota l A sse ts 13 ,208 13 ,532 13,072 6 ,778 13,072 92 .9%

Tota l S hareho lders' Equ ity 1 ,327 1 ,327 1,500 1 ,917 1,500 -21 .8%

RO A E(Annual ized ra tio ) -48 .30% -31 .40% -12.44% -13 .72% -12.44% -9 .3%

RO A A(Annual ized ra tio ) -4 .85% -3 .12% -1.34% -6 .08% -1.34% -78 .0%

1.Unaudited figu res2. FFH C cla im s 51% o f F irst-Av iva opera ting resu lts, a ne t los s of NT$ 45 m n was recognized in 1H 09 .

2008 Q uarte rly Ha lf -year Com parison2009 Q uarterly

投影片編號 1DisclaimerContents投影片編號 4Overview of First Financial HoldingFB Customer Reach - TaiwanFB Customer Reach – Overseas Peer Comparison投影片編號 9 1H 2009 Financial Highlight 1H 2009 Key Figures 1H 2009 Net Income OverviewProfitability-After Tax �1H 2009 FFHC & Major SubsidiariesProfitability-After Tax �1H2009 FFHC & Major Subsidiaries投影片編號 15FB 1H09 Asset QualityFB NPL Migration (1) FB NPL Migration(2) New NPL Influx Breakdown 投影片編號 20FFHC Profitability-After TaxFB Profitability-After TaxFB 1H 2009 RevenueFB 1H 2009 Loan Book MixFB 1H 2009 Mortgage Book MixMajor Exposures to Specific IndustriesNPL Ratios by Specific IndustriesFB 1H 2009 NT Dollar Deposit MixFB 1H 2009 FX Deposit MixFB 1H 2009 Total Loan & NIMFB 1H 2009 Overseas ProfitsFB 1H 2009 Fee Income BreakdownFB 1H 2009 Cost-to-Income RatioCAR & Credit Rating Shareholder Return投影片編號 36投影片編號 37投影片編號 38投影片編號 39投影片編號 40投影片編號 41投影片編號 42投影片編號 43投影片編號 44投影片編號 45投影片編號 46投影片編號 47