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REPORT STRUCTURE

Milan , April 2008

MATERIALE NPV – RIPRODUZIONE VIETATA


REPORT STRUCTURE

Current state of SRI in APAC emerging markets


 SRI Funds at a glance:
 Why SRI is in China, Hong Kong, Taiwan and Vietnam
 Role, drivers and opportunities for SRI in the different countries
 Types of SRI fund providers: mutual funds, exchange traded funds, closed-end funds, alternative investment funds,

other pooled products


 Number of funds
 Main players
 SRI assets; breakdown by sector

 Criteria used by SRI funds to screen companies they invest in


 Emphasis on: financial performance and earnings growth, sustainability of the business model, corporate

governance, corporate strategy and attitude towards social responsibility


 Sample of companies that are object of the investment

 Main indexes used by SRI funds

 SRI trends
 Factors determining growth of SRI

 Starting activities in China


 Legal process for a company like ECP that wants a presence in the Chinese market
 ECP competitors analysis

2008 04 – REPORT STRUCTURE MATERIALE NPV – RIPRODUZIONE VIETATA


REPORT STRUCTURE
 Macroeconomics analysis of the financial sector in : China, Vietnam, Hong Kong and Taiwan

 Main features of financial market


 Asset trend
 Regulatory framework
 Relevant political, economic, social and technological factors that have implications for the development of the
industry
 Market dynamics; opportunities and challenges of the industry
 Prospective areas of investment for the banks in the near future

 Supply side
 Overview of the main kind of financial institutions; focus on institutions offering “climate change” and working with

bio fuel industry


 Overview of products and with a more evident approach to sustainability
 Overview (products and services description), key facts, financials and stock performance of the main players in the

industry
 Benefits of considering business related to environmental issues
 Analysis of hedge funds presence: by kind of institution and investment

 Demand side
 Savings: trend and geographical presence
 Demand breakdown by products and services
 Customer concentration by types of financial institution
 Overview of fast growing areas with business opportunities ( in order to see if some areas can be considered

“socially responsible”)
 Understanding where the money from retail savings are invested (studying the flow: people savings-life insurance-

mutual funds-socially responsible investments)


 Analysis of money flow, understanding if there are any restrictions

2008 04 – REPORT STRUCTURE MATERIALE NPV – RIPRODUZIONE VIETATA


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2008 04 – REPORT STRUCTURE MATERIALE NPV – RIPRODUZIONE VIETATA


Country Profile - Taiwan
Territory
- 31,688 km2
Population
- 22.95 million in 2007.12
Capital
-Taipei
Government System
- Two main parties : KMP and DPP, DPP has govern for the last 8 years
- KMP won the president election at March 20th,2008
President
- Chen Shui-Bian ( current)
- Ma Ying-Jeou ( start from May,20th, 2008)
Currency
- TWD
Languages
- Mandarin, Taiwanese
Ethnicities
- Han (98%)
Religion
Buddhism, Islam, Taoism, Christianity

Source : China Statistical Yearbook , NPV analysis


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2008 04 – REPORT STRUCTURE MATERIALE NPV – RIPRODUZIONE VIETATA


Economy

GDP : 383,303 million $USD (2007) , 21th in the world (2006, IMF)
GDP per capita : 16274 $USD, 36th in the world (2006, IMF)
Foreign exchange reserves : 286.86 billion $USD, 5th in the world (2008, March)

Stable and constant growth for the last ten years


GDP
(million US)

365,503 383,303
355,958
321,230 331,007
300,005 298,757 291,694 297,668 305,624
276,105

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007

2008 04 – REPORT STRUCTURE MATERIALE NPV – RIPRODUZIONE VIETATA


STOCK MARKET

MATERIALE NPV – RIPRODUZIONE VIETATA


TSEC Market Overview (1)
TSEC Securities Market Major Statistics and Economic Indicators for Sep. 2007
 Listing for Stocks (End of Sep. 2007)
    1) No. of Listed Companies : 680
    2) No. of Listed Issues : 684
    3) Total Capital Amount : US$173.57 billion (NT$5,654.93 billion)
    4) Total Market Capitalization : US$725.17 billion (NT$23,625.93 billion)
    5) Market Capitalization/GDP : 189.14%

 Trading for Stocks in Sep. 2007


    1) TAIEX : 9,476.52 (end of Sep. 2007)
    2) TSEC Taiwan 50 Index : 6,673.76 (end of Sep. 2007)
    3) Total Trading Value : US$75.90 billion (NT$2,472.72 billion)
     Accumulated Trading Value : US$750.66 billion (NT$24,456.35 billion) (up to end of Sep.)
    4) Average Daily Trading Value : US$4.22 billion (NT$137.37 billion)
    5) Average Daily Trading Volume : 3,435 million shares
    6) No. of Average Daily Transactions : 884 thousand transactions
    7) Volume Turnover Rate : 123.70% (up to the end of Sep. 2007); 133.97%(2006)
    8) P/E Ratio : 19.51 (end of Sep. 2007); 18.98 (end of 2006)

 Historical Record High


    1) TAIEX : 12,495.34 (Feb. 10, 1990)
    2) Daily Trading Value : US$10.64 billion (NT$326.46 billion) (Jan. 11, 2000)
    3) Daily Trading Volume : 11,631 million shares (Mar. 05, 2004)
    4) No. of Daily Transactions : 1,981 thousand transactions (Jul. 26, 2007) Source: TSEC
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TSEC Market Overview (2)

 Securities Brokerage Firms (End of Aug. 2007)


    1) Head Office : 98 (branch offices: 991)
    2) Investors' Aggregated Accounts : 14,549,526 accounts
    3) Number of Investors with trading accounts : 8,095,490

 Major Economic Indicators


    1) Population : 23 million
    2) Area : 36,000 sq. km. or 13,899 sq. mi.
    3) Economic Growth : 4.58%(2007f); 4.68% (2006); 4.07% (2005)
    4) Per Capita Income : US$17,077 (2007f); US$16,471 (2006); US$16,067 (2005)
    5) Prime Rate (Base on Bank of Taiwan) : 6.156% (end of Sep.)
    6) Savings Ratio : 28.94% (2007f); 27.79% (2006); 26.10% (2005)
    7) Foreign Exchange Reserves : US$261.4 billion (end of Aug. 2007)
    8) Exchange Rate ($NT/US$) : 32.580 (end of Sep.)

Source: TSEC

2008 04 – REPORT STRUCTURE MATERIALE NPV – RIPRODUZIONE VIETATA


Taiwan Stock Exchange Capitalization Weighted Stock Index, Trading Volume and Value

( Base Year : 1996)


Trading Volume
Trading Value

Source: TSEC

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2008 04 – REPORT STRUCTURE MATERIALE NPV – RIPRODUZIONE VIETATA


Stock market Overview 2007

Year No. of Listed No. of Total Par Total Market Trading Trading Total Amount of
Companies Shares Value Value at Year- Volume Value Capital Increase
Listed (NT$Million) End (NT$Million) (1,000 Shs.) (NT$1,000) (NT$1,000)
  (Million Shs.)
2000 531 363,018 3,630,183 8,191,474 630,868,034 30,526,566,297 388,770,195
2001 584 406,400 4,063,998 10,247,599 606,420,171 18,354,935,757 387,395,798
2002 638 441,040 4,410,399 9,094,936 856,189,751 21,873,950,631 259,173,037
2003 669 470,551 4,705,514 12,869,101 917,579,432 20,333,237,368 232,474,763
2004 697 503,132 5,031,317 13,989,100 987,573,775 23,875,366,203 333,307,829
2005 691 538,995 5,389,951 15,633,858 663,512,192 18,818,901,753 347,272,520
2006 688 549,493 5,494,930 19,376,975 732,510,321 23,900,362,445 229,420,909
2007 698 555,864 5,558,644 21,527,298 887,185,870 33,043,848,421 222,120,525

Source: TSEC

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2008 04 – REPORT STRUCTURE MATERIALE NPV – RIPRODUZIONE VIETATA


Stock market Overview 2007

Year TAIEX
  Yearly Average Yearly High Date Yearly Low Date
2000 7,847.21 10,202.20 2/17 4,614.63 12/27
2001 4,907.43 6,104.24 2/15 3,446.26 10/3
2002 5,225.61 6,462.30 4/22 3,850.04 10/11
2003 5,161.90 6,142.32 11/5 4,139.50 4/28
2004 6,033.78 7,034.10 3/4 5,316.87 8/4
2005 6,092.27 6,575.53 12/29 5,632.97 10/28
2006 6,842.04 7,823.72 12/29 6,257.80 7/17
2007 8,509.56 9,809.88 10/29 7,344.56 3/5

Source: TSEC

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2008 04 – REPORT STRUCTURE MATERIALE NPV – RIPRODUZIONE VIETATA


FINANCIAL DATA OF LISTED COMPANIES BY INDUSTRIES GROUP FOR 2006
Electronics, Finance and Plastics are the three main industries in Taiwan Source: TSEC

Industry Sale Revenue Net Profit Before Tax Total Asset (A) Total Net Worth (B) B/A (%) Capital
Total 12,403,781,123 1,179,583,327 40,867,411,520 10,220,966,786 25.01 5,524,246,217
Cement 50,830,231 18,884,728 237,751,974 171,135,624 71.98 82,664,152
Foods 130,021,007 7,500,384 181,061,603 112,381,678 62.07 80,813,031
Plastics 1,174,844,639 182,211,079 1,563,188,848 963,177,605 61.62 352,387,011
Textiles 242,762,314 16,118,322 439,228,517 279,169,006 63.56 186,024,009
Electric Machinery 151,983,134 14,614,573 241,119,331 134,597,786 55.82 76,231,433
Electrical and Cable 150,651,679 11,344,992 181,496,235 115,892,042 63.85 75,863,859
Chemical, Biotechnology
& Medical Care 160,171,863 19,679,357 258,170,348 183,698,905 71.15 97,506,535
Glass & Ceramics 26,320,662 4,479,862 64,211,187 48,616,982 75.71 26,638,602
Paper & Pulp 58,510,934 3,159,922 102,615,954 65,608,615 63.94 44,514,205
Iron & Steel 481,837,320 75,064,923 530,043,480 347,047,000 65.48 207,245,101
Rubber 51,948,623 8,773,073 108,920,098 77,320,294 70.99 45,260,381
Automobile 183,948,762 14,437,058 190,047,559 143,344,082 75.43 44,772,377
Electronics 7,431,200,755 682,159,248 7,741,920,619 4,757,759,796 61.45 2,370,119,118
Building Material and
Construction 142,961,105 21,171,405 422,724,689 189,692,057 44.87 139,998,628
Shipping and
Transportation 432,604,665 19,739,014 734,403,328 329,240,615 44.83 206,742,397
Tourism 8,187,346 2,793,707 35,941,772 25,206,904 70.13 12,216,551
Finance 1,147,605,282 39,962,774 27,346,360,361 1,999,128,055 7.31 1,282,445,558
Trading and
Consumers' Goods 161,461,603 8,381,799 148,345,949 74,477,372 50.21 52,620,389
Others 215,929,199 29,107,107 339,859,668 203,472,368 59.87 140,182,880 13

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Source of capital of listed company 2007
• Domestic Individual and Domestic Corporation are the two main source of capital of listed company, account for 61.85%
• Foreign Trust Fund and Foreign Juridical Person accounts for 24.09% of total

Share Buy-back, 0.58% Domestic Financial


Institution , 4.26%
Foreign Individual, 0.60% Government Agency, 4.24%
Domestic Trust Fund,
1.29%

Domestic Individual, Domestic Corperation,


39.98% 21.87%

Other Juridical Person,


2.54%
Foreign Financial Institution,
0.55%
Foreign Juridical Person,
Foreign Trust Fund, 12.67% 11.42%

Source: TSEC
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2008 04 – REPORT STRUCTURE MATERIALE NPV – RIPRODUZIONE VIETATA


SUMMARY OF TOTAL LISTED SHARES WITH THEIR TOTAL MARKET VALUE (By Year)

Unit : NT$ Million 、 Million Shares

Shares Listed Market Value

Government-Owned Government-Owned
Total Private Enterprises Total Private Enterprises
Enterprises Enterprises

8,191,47 7,467,89
2000 363,018   9,948   353,071   4   723,579   5  

Year 10,247,5 9,742,99


2001 406,400 9,948   396,452   99   504,606   3  
9,094,93 8,598,07
2002 441,040   9,648   431,392   6   496,858   8  
12,869,1 12,393,4
2003 470,551 9,648   460,904   01   475,633   68  
13,989,1 13,321,8
2004 503,132   11,856   491,275   00   667,252   48  
15,633,8 15,633,8
2005 538,995 0   538,995   58   0   58  
19,376,9 19,376,9
2006 549,493   0   549,493   75   0   75  
21,527,2 21,527,2
2007 555,864   0   555,864   98   0   98  

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2008 04 – REPORT STRUCTURE MATERIALE NPV – RIPRODUZIONE VIETATA


SECURITY INVESTMENT TRUST &
CONSULTING MARKET

MATERIALE NPV – RIPRODUZIONE VIETATA


Market Analysis – Development of SITE and SICE Industry
SITE ( Security Investment Trust Enterprise)
SICE ( Security Investment consulting Enterprise)

 Taiwanese investors’ zeal on offshore funds is partly fueled up by the expanding interest rate
differentials between domestic and foreign markets and the relatively weak performance of Taiwan
stock market in 2006.
 The four government-managed funds and most insurance companies have gradually beefed up their
holdings of offshore funds in a hope to raise the overall performance of their investments.
 The statistics of the Central Bank showed an annual net outflow of US$44.1 billion, or roughly NT$1.44
trillion, in the international balance of payment for 2006, mainly as a result of the record high annual
overseas investments by Taiwanese people.
 The SITEs issued a total of 63 new funds in 2006. Among them, most were of the three categories of the
international funds for making investments on foreign equities, Fund of funds (over 60% were fixed-income
Fund of funds), and the securitized funds (including the real estate securitization and the financial
securitization).
 The three categories accounted for over a 80% of the total market value of all the new funds issued in
2006,
and five of them have seen over NT$10 billion in fund’s market value.
 The monthly offshore fund sales kept steady growth. The Taiwanese investment on offshore funds
exceeded NT$1.3 trillion in 2006.

Source : SITCA ANNUAL REPORT 2006

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Historical Statistics of Fund AUM

AUM (ASSET UNDER MANAGEMENT )


26668

24813
Fund Size : 100 million NTD
21812

19631 19665

17776

10590 10967

7460

5570
4749

2495 2518
1875
420 714 543 771 736
35 92 204

1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 2001 2002 2003 2004 2005 2006
1997 1998 1999 2000

Source : SITCA ANNUAL REPORT 2006

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SITE & SICE INDUSTRY OVERVIEW

FUND SIZE

• Mutual Funds is the biggest sector in terms of


fund size, accounts for 42.92% of the entire fund size.

Number of Fund

Mutual Funds
Offshore Funds 21%
33%
Private Funds • Discretionary Investment is the biggest sector in terms of
6%
number of fund , accounts for 40% of the entire fund size.

Discretionary
Investment
40% Source: Securities investment trust & consulting association of the ROC,2008 , March
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OVERVIEW OF MUTUAL FUND BY TYPE

Types of Mutual Fund Number of Funds Fund Size (NTD) Number of Units Number of Investors Market Share %
Closed-End Funds 1 5,489,870,977 500,000,000.00 9,285 0.28%
Open-Ended Funds 176 239,498,077,579 14,184,783,609.21 789,046 12.18%
Domestic Equity Funds
2 10,783,262,728 29,174,918.80 2 0.55%
(Foreign Capital)
Int’l Equity Funds 79 231,813,236,877 18,405,216,556.82 392,381 11.79%
Balanced Funds 82 100,784,728,931 8,429,727,870.41 93,672 5.13%
Domestic Bond
2 46,185,943,105 3,185,560,868.76 2,969  
(Funds-Current)
Domestic Bond
6 10,887,592,795 844,773,441.88 1,212 56.19%
(Funds-Fixed Income)
Domestic Bond
Funds-Quasi Money 69 1,044,347,375,127 74,410,346,797.96 67,581  
Market Fund
Int’l Bond Funds 13 19,267,770,901 1,868,141,876.73 6,580 0.98%
Fund of Funds 61 155,477,682,847 14,249,511,321.67 72,460 7.91%
Exchange-Traded Funds 3 40,660,846,926 747,000,000.00 9,967 2.07%
Principal Guaranteed Funds 3 3,504,519,483 201,469,149.86 2,949 0.18%
Money Market Fund 2 10,846,151,923 748,103,327.47 1,799 0.55%
Index Funds 1 425,978,990 31,748,115.90 648 0.02%
Securitized 8 46,550,507,337 4,024,612,991.30 13,664 2.37%
Total 508 1,966,523,546,526 141,860,170,846.77 1,464,215 100.00%

Source : SITCA ANNUAL REPORT 2006

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Onshore Funds Overview (1)
TYPE Number of Funds Fund Size(TWD)

Domestic Equity Fund 182 408,059,657,250

International Equity Fund 102 369,879,036,335

Subtotal 284 777,938,693,585

Domestic Balanced Fund 51 59,413,575,284

International Balanced Fund 21 37,008,253,950

Subtotal 72 96,421,829,234

Domestic Bond Fund - Quasi Money Market Fund 52 912,827,055,445

Subtotal 52 912,827,055,445

Domestic Fixed-income Fund 2 3,796,025,648

International Fixed-income Fund 9 13,110,326,023

Financial Asset Securitization Fund 4 7,345,520,836

Subtotal 15 24,251,872,507

Domestic Money Market Fund 0 0

International Money Market Fund 3 11,618,636,908

Source: Securities investment trust & consulting association of the ROC,2008 , March
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Onshore Funds Overview (2)
TYPE Number of Funds Fund Size(TWD)

Domestic Fund of Funds 3 697,653,697

International Fund of Funds - Equity Fund 13 28,361,565,425

International Fund of Funds - Bond Fund 19 50,985,106,400

International Fund of Funds - Balanced Fund 32 46,821,146,016

International Fund of Funds - Others 0 0

Subtotal 67 126,865,471,538

Principal Guaranteed Fund 1 235,588,393

Subtotal 1 235,588,393

REITs Fund 13 35,301,802,457

Subtotal 13 35,301,802,457

Exchange Traded Fund 10 53,194,922,218

Subtotal 10 53,194,922,218

Index Fund 1 1,822,199,894

Subtotal 1 1,822,199,894

Total 518 2,040,478,072,179

Umbrella Fund(20Sub-funds) 8 25,478,089,334


Source: Securities investment trust & consulting association of the ROC,2008 , March
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OFFSHORE FUND OVERVIEW

Amount of Domestic
Classification Detail   %
Investors Holdinf (NTD)

Type of Beneficiary Individual Beneficiaries   111,962,811,542 8.21%


  Institutional Beneficiaries Non-Omnibus Accounts 69,603,003,474 5.10%
    Omnibus Accounts 1,182,083,677,314 86.69%
Type of Fund Equity   799,322,806,275 58.62%
  Bond   512,342,382,253 37.57%
  Balance   37,000,199,601 2.71%
  Money Market   9,376,096,033 0.69%
  Other   5,608,008,169 0.41%
Investment Area Global   540,397,603,746 39.63%

  Single Country   322,647,470,845 23.66%


  Regional America 38,055,248,420 2.79%
    Europe 265,397,883,824 19.46%
    Asia 114,829,592,945 8.42%
    Emerging Markets 82,321,692,548 6.04%
Base Currency USD   947,647,746,505 69.49%
  EUR   291,201,975,316 21.35%
  JPY   110,768,480,412 8.12%
  Other   14,031,290,096 1.03%

Source : SITCA ANNUAL REPORT 2006


Omnibus account : An account that one futures commission merchant carries for another in which the transactions of multiple
individual account holders are combined. The identities of the individual account holders are not revealed to the holding merchant 23

2008 04 – REPORT STRUCTURE MATERIALE NPV – RIPRODUZIONE VIETATA


Major Regulation
Lisa, plz check which regulation you are interested in
I will check what you need.

ACT
 Securities Investment Trust and Consulting Act
 Money Laundering Control Act
REGULATION
 Regulations Governing Securities Investment Trust Funds
 Regulations Governing Offshore Funds
 Regulations Governing Securities Investment Trust Enterprises
 Regulations Governing Securities Investment Consulting Enterprises
 Regulations Governing Information to be Published in Prospectuses by Securities Investment Trust Ente
 Regulations Governing Information to be Published in Private Placement Memoranda by Securities Inves

SELF-REGULATION
 Guidelines for Anti-Money Laundering Noticeable Items
 The Self-Regulatory Code of SITCA

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SUPPLY SIDE

MATERIALE NPV – RIPRODUZIONE VIETATA


SRI UBS Global Asset Management Fund in Taiwan

 13 funds which are related to JIH SUN FUND environmental issues


 9 financial institutions offer related products
- Foreign (7 ) : UBS Global Asset Management / Pictet Asset Management / KBC Asset Management /

BlackRock / ABN AMRO Investment Funds / Allianz Global Investors / ING FUND
- Domestic (2 ) : HUA NAN INVESTMENT TRUST / JIH SUN FUND

 2 major fund type


- Global (2) : UBS / JIN SUN
- Energy and Natural Resource (11)

 UBS (Lux) Equity Fund - Eco Performance B is the first SRI fund related to environmental issues in Taiwan

 BFG New Energy (A2 EUR) has the best performance of all from long-term point of view.

Source : NPV China


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SRI Fund List in Taiwan
Launch
Fund Manager Fund Name
Date

UBS Global Asset Management UBS (Lux) Equity Fund - Eco Performance B 1997/6/1

Pictet Asset Management Pictet Funds (LUX) Water(EUR) 2000/3/1

KBC Asset Management KBC Alternative Energy Fund 2000/11/8

KBC Asset Management KBC WATER 2000/12/10

BlackRock BGF New Energy Fund(A2 USD) 2001/4/6

BlackRock BGF New Energy (A2 EUR) 2001/4/6

ABN AMRO Investment Funds ABN AMRO Sustainable Global Equity Fund Class A(USD) 2001/12/3

BlackRock BGF New Energy (C2USD) 2002/7/1

Pictet Asset Management Pictet Fund(LUX) Water(USD) 2006/5/29

Allianz Global Investors Allianz Global Investors Global Eco Trends Fund 2006/10/6

HUA NAN INVESTMENT TRUST Hua Nan Global Agribusiness And Water Fund 2007/12/14

JIH SUN FUND JIH SUN ANTI-GLOBAL WARMING FUND 2008/1/17

ING FUND ING Climate Change Fund 2008/1/18

Source : NPV China


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Fund Performance Analysis

The year tures


Fund Name 1week 1 month 3 month 6 month 1 year 3 year 5 year
sigma

UBS (Lux) Equity Fund - Eco Performance B 0.85 2.57 -5.06 -18.73 -17.32 23.58 54.77 14.03

Pictet Funds (LUX) Water(EUR) 1.05 3.94 -0.83 -12.32 -- -- -- 17.04

KBC Alternative Energy Fund -0.51 6.48 1.26 -13.23 6.19 128.4 244.85 24.32

KBC WATER 2.13 4.27 -0.72 -14.31 -7.88 58.26 153.2 11.74

BGF New Energy Fund(A2 USD) -0.58 4.76 0.7 -10.26 8.08 132.4 305.79 22.89

BGF New Energy (A2 EUR) 0.18 5.34 0.99 -9.65 8.56 133.58 308.81 22.77

ABN AMRO Sustainable Global Equity Fund


Class A(USD) 0.24 5.84 0.94 -12.74 -10.14 -- -- 12.85

BGF New Energy (C2USD) -0.59 4.67 0.41 -10.84 6.7 125.26 281.96 22.8

Pictet Fund(LUX) Water(USD) 1.25 3.72 -1.31 -12.47 -- -- -- 17.03

Allianz Global Investors Global Eco Trends Fund -0.93 2.77 0.27 -14.46 7.69 -- -- 23.64

Hua Nan Global Agribusiness And Water Fund -0.77 3.1 2.59 -- -- -- -- --

JIH SUN ANTI-GLOBAL WARMING FUND -1.12 4.22 5.57 -- -- -- -- --

ING Climate Change Fund 0.49 2.7 2.19 -- -- -- -- --

Source : NPV China


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UBS (Lux) Equity Fund - Eco Performance B (1)

 Fund Manager:
UBS Global Asset Management
 Fund Name:
UBS (Lux) Equity Fund - Eco Performance B
 Launch Date:
Jun-97
 Screening (except economy):
Environmental and/or social performance

 KEY Characteristics:
"The fund invests worldwide in companies that generate above-average environmental, social and economic performance,
and offer interesting growth potential. The investment universe comprises both leaders and innovators.
 Leaders are mostly large companies that offer the best environmental and/or social performance in their respective sectors.
By continually improving their environmental performance, these companies can cut costs and save resources while reducing
their environmental impacts. The ecological analysis covers corporate environmental policy and strategy, process data and
product development. The social analysis assesses corporate social policy and management systems, public commitment
and relationships with key stakeholders. Innovators are mostly smaller and younger companies, whose products and services
offer proven environmental benefits and high resource efficiency. These companies are primarily selected on the basis of
their product ranges. In addition to the ecological, social and financial analysis, the companies are also put through an
external plausibility test using independent sources."

Source : ASrlA

29

2008 04 – REPORT STRUCTURE MATERIALE NPV – RIPRODUZIONE VIETATA


UBS (Lux) Equity Fund - Eco Performance B (2)

Currency CHF

Net Asset Value 2007 / 10 / 29 – 2008 / 4 / 29 Currency ( TWD )


575.56
(NAV)
Fund Return Index Same Type Fund Average Index
NAV Date 2008/4/29

Administration
2.04% / per year
Fee

Fund Size n/a

The year tures


14.03
sigma

Sharp Ratio -0.27

Beta Coefficient 1.04

Net Asset Value


Establish Date 1997/6/18

Fund Type Global

Invest Region Global

Invest subject Eco

Register Place Luxembourg

Fund Stock n/a

Source : UBS Global Asset Management

30

2008 04 – REPORT STRUCTURE MATERIALE NPV – RIPRODUZIONE VIETATA


UBS (Lux) Equity Fund - Eco Performance B (3)

Accumulated Return Rate (%) --Till 2008/4/29

  1week 1 month 3 month 6 month 1 year 3 year 5 year Till Now

Closing 3.09 6.8 -4.11 -22.62 -22.22 11.33 34.39 15.87

Currency(TWD) Closing 0.85 2.57 -5.06 -18.73 -17.32 23.58 54.77 76.09

Same Type Average--TWD 0.53 4.09 -2.64 -15.35 -11.31 35.15 69.42 104.58

Annual Return Rate (%) -- Till 2008/4/29

  2008 2007 2006 2005 2004 2003 2002

Closing -16.46 -1.7 10.82 21.79 4.66 15.9 -34.96

Currency(TWD) Closing -15.22 6.24 18.2 8.72 6.96 26.87 -22.61

Same Type Average --TWD -11.83 9.48 17.31 12.6 5.38 27.16 -18.95

Source : UBS Global Asset Management

31

2008 04 – REPORT STRUCTURE MATERIALE NPV – RIPRODUZIONE VIETATA


Allianz Global Investors Global Eco Trends Fund (1)

 Fund Manager:
Allianz Global Investors
 Fund Name:
Alliance RCM Global Eco Trends Fund
 Launch Date:
Oct-06
 Screening (except economy):
Environmental performance

 KEY Characteristics:
Registered in Taiwan and investing globally, the Allianz RCM Global Eco Trends Fund offers access to three environment-
related sectors: (1) "EcoEnergy" e.g., alternative energy and energy efficiency, (2) "Pollution Control" e.g., environmental
quality, waste management and recycling, and (3) "Clean Water" e.g., water treatment and supply. The fund seeks for
companies throughout the whole supply-chain of the above-mentioned sectors, plus companies that are newly expanding
their business into those sectors. Fund managers will continuously look into research reports on these companies and
undertake constant interviews with corporate management. In addition, the fund also applies the bottom-up approach looking
at the areas such as growth potential, financials and the state of cash flow of the target companies. The fund is an "interval"
fund, a type of closed-end fund that is designed to give the manager more flexibility in managing the underlying assets, so
that the manager can invest a greater portion of the fund's assets in smaller, potentially less liquid securities, which are part
of the fund's investment universe.

Source : ASrlA

32

2008 04 – REPORT STRUCTURE MATERIALE NPV – RIPRODUZIONE VIETATA


Allianz Global Investors Global Eco Trends Fund (2)

Currency TWD

NAV 14.99
2007 / 10 / 29 – 2008 / 4 / 29 Currency ( TWD )
NAV Date 2008/4/25
Fund Return Index Same Type Fund Average Index
Administration
1.8% / per year
Fee

TWD 40597.8 million


Fund Size
(2008/3)

The year tures


24.21
sigma

Sharp Ratio 1.04

Beta Coefficient 1.35

Establish Date 2006/10/11

Fund Type Open-ended Fund Net Asset Value

Invest Region Global

Invest subject Stock

Register Place Taiwan

• VESTAS WIND
SYSTEMS(8.9%) /
GAMESA CORP TECN
Fund Stock (8.13%) / FIRST SOLAR INC
(6.42%) / IBERDROLA
RENOVABLES (4.18%) /
STERICYCLE INC (4.01%)

Source : Allianz Global Investors


33

2008 04 – REPORT STRUCTURE MATERIALE NPV – RIPRODUZIONE VIETATA


Allianz Global Investors Global Eco Trends Fund (3)

Accumulated Return Rate (%) --Till 2008/4/29

  1week 1 month 3 month 6 month 1 year 3 year 5 year Till Now

Closing -0.8 5.58 2.89 -14.02 7.78     49.6

Same Type Average--TWD -2.21 5.92 5.62 -5.51 16.02 133.73 281.9 49.03

Annual Return Rate (%) -- Till 2008/4/29

  2008 2007 2006 2005 2004 2003 2002

Closing -18.34 65.49          

Same Type Average --TWD -5.52 40.96 23.05 44.93 10.1 43.68 1.62

Source : Allianz Global Investors

34

2008 04 – REPORT STRUCTURE MATERIALE NPV – RIPRODUZIONE VIETATA


ABN AMRO Sustainable Global Equity Fund Class A (1)

Currency USD
2007 / 10 / 29 – 2008 / 4 / 29 Currency ( TWD )
NAV 54.85 Fund Return Index Same Type Fund Average Index

NAV Date 2008/4/25

Administration
1.5% / per year
Fee

Fund Size  

The year tures


11.75
sigma

Sharp Ratio -1.55

Beta Coefficient 1 Net Asset Value

Establish Date 2001/12/3

Fund Type Global

Invest Region Global

Invest subject Stock

Register Place Luxembourg

Fund Stock n/a

Source : ABN AMRO Investment Funds


35

2008 04 – REPORT STRUCTURE MATERIALE NPV – RIPRODUZIONE VIETATA


ABN AMRO Sustainable Global Equity Fund Class A (2)

Accumulated Return Rate (%) --Till 2008/4/29


  1week 1 month 3 month 6 month 1 year 3 year 5 year Till Now
Closing 0.55 5.27 5.94 -7.45 -1.79      

Currency(TWD) Closing 1.05 5.44 0 -13.07 -10.27      

Same Type Average--TWD 0.42 4.29 -2.06 -15.03 -10.98 35.41 69.2 44.38

Annual Return Rate (%) -- Till 2008/4/29


  2008 2007 2006 2005 2004 2003 2002
Closing -4.9 8.27          

Currency(TWD) Closing -10.78 7.83          

Same Type Average --TWD -11.66 9.48 17.31 12.6 5.38 27.16 -18.95

Source : ABN AMRO Investment Funds

36

2008 04 – REPORT STRUCTURE MATERIALE NPV – RIPRODUZIONE VIETATA


KBC Alternative Energy Fund (1)

Currency EUR
2007 / 10 / 29 – 2008 / 4 / 29 Currency ( TWD )
NAV 471.3
Fund Return Index Same Type Fund Average Index
NAV Date 2008/4/29

Administration
n/a
Fee

Fund Size n/a

The year tures


24.06
sigma

Sharp Ratio -0.28

Beta Coefficient 1.31 Net Asset Value

Establish Date 2000/11/8

Energy and
Fund Type Natural
Resource

Invest Region Global

Invest subject New Energy

Register Place Belgium

Source : KBC Asset Management


37

2008 04 – REPORT STRUCTURE MATERIALE NPV – RIPRODUZIONE VIETATA


KBC Alternative Energy Fund (2)

Accumulated Return Rate (%) --Till 2008/4/29

  1week 1 month 3 month 6 month 1 year 3 year 5 year Till Now

Closing 1 7.77 1.94 -14.36 1.43 95.6 178.84 -5.83

Currency(TWD) Closing -0.51 6.48 1.26 -13.23 6.19 128.4 244.85 60.4

Same Type Average--TWD -2.37 8.1 7.76 -4.48 18.35 138.52 291.51 301.72

Annual Return Rate (%) -- Till 2008/4/29

  2008 2007 2006 2005 2004 2003 2002

Closing -16.08 44.88 15.54 48.18 14.04 8.69 -43.6

Currency(TWD) Closing -16.9 61.36 27.3 33.45 15.32 27.67 -34.04

Same Type Average --TWD -3.59 40.96 23.05 44.93 10.1 43.68 1.62

Source : KBC Asset Management 38

2008 04 – REPORT STRUCTURE MATERIALE NPV – RIPRODUZIONE VIETATA


KBC WATER (1)

Currency EUR
2007 / 10 / 29 – 2008 / 4 / 29 Currency ( TWD )
NAV 623.93 Fund Return Index Same Type Fund Average Index

NAV Date 2008/4/30

Administration Fee n/a

Fund Size n/a

The year tures


13.67
sigma

Sharp Ratio -1.56

Beta Coefficient 0.61 Net Asset Value

Establish Date 2000/12/8

Energy and Natural


Fund Type
Resource

Invest Region Global

Invest subject Water

Register Place Belgium

Source : KBC Asset Management


39

2008 04 – REPORT STRUCTURE MATERIALE NPV – RIPRODUZIONE VIETATA


KBC WATER (2)

Accumulated Return Rate (%) --Till 2008/4/29

  1week 1 month 3 month 6 month 1 year 3 year 5 year Till Now

Closing 3.67 5.54 -0.05 -15.43 -12 35.54 104.74 24.67

Currency(TWD) Closing 2.13 4.27 -0.72 -14.31 -7.88 58.26 153.2 101.35

Same Type Average--TWD -2.37 8.1 7.76 -4.48 18.35 138.52 291.51 310.69

Annual Return Rate (%) -- Till 2008/4/29

  2008 2007 2006 2005 2004 2003 2002

Closing -9.59 3.4 17.04 28.9 23.16 14.05 -31.31

Currency(TWD) Closing -10.47 15.16 28.95 16.09 24.54 33.96 -19.67

Same Type Average --TWD -3.59 40.96 23.05 44.93 10.1 43.68 1.62

Source : KBC Asset Management


40

2008 04 – REPORT STRUCTURE MATERIALE NPV – RIPRODUZIONE VIETATA


Pictet Funds (LUX) Water (USD) – (1)

Currency USD
2007 / 10 / 29 – 2008 / 4 / 29 Currency ( TWD )
NAV 209.08 Fund Return Index Same Type Fund Average Index

NAV Date 2008/5/5

Administration Fee 2.3% / per year

Fund Size n/a

The year tures


17.72
sigma

Sharp Ratio -1.33

Beta Coefficient 0.6


Net Asset Value
Establish Date 2006/5/29

Energy and Natural


Fund Type
Resource

Invest Region Global

Invest subject Water

Register Place Luxembourg

Source : Pitect Asset Management


41

2008 04 – REPORT STRUCTURE MATERIALE NPV – RIPRODUZIONE VIETATA


Pictet Funds (LUX) Water (USD) – (2)

Accumulated Return Rate (%) --Till 2008/4/29

  1week 1 month 3 month 6 month 1 year 3 year 5 year Till Now

Closing 0.76 3.27 3.93 -6.91        

Currency(TWD) Closing 1.25 3.72 -1.31 -12.47        

Same Type Average--TWD -0.35 8.52 5.73 -3.76 18.92 138.98 290.56 44.73

Annual Return Rate (%) -- Till 2008/4/29

  2008 2007 2006 2005 2004 2003 2002

Closing -5.82            

Currency(TWD) Closing -11.64            

Same Type Average --TWD -3.4 40.96 23.05 44.93 10.1 43.68 1.62

Source : Pitect Asset Management


42

2008 04 – REPORT STRUCTURE MATERIALE NPV – RIPRODUZIONE VIETATA


Pictet Funds (LUX) Water(EUR) – (1)

Currency EUR
2007 / 10 / 29 – 2008 / 4 / 29 Currency ( TWD )
NAV 135.11 Fund Return Index Same Type Fund Average Index

NAV Date 2008/5/5

Administration Fee 2.3% / per year

Fund Size n/a

The year tures


17.37
sigma

Sharp Ratio -2.98

Beta Coefficient 0.6


Net Asset Value
Establish Date 2000/3/1

Energy and Natural


Fund Type
Resource

Invest Region Global

Invest subject Water

Register Place Luxembourg

Source : Pitect Asset Management

43

2008 04 – REPORT STRUCTURE MATERIALE NPV – RIPRODUZIONE VIETATA


Pictet Funds (LUX) Water(EUR) – (2)

Accumulated Return Rate (%) --Till 2008/4/29

  1week 1 month 3 month 6 month 1 year 3 year 5 year Till Now

Closing 2.21 4.19 -0.37 -13.48        

Currency(TWD) 1.05 3.94 -0.83 -12.32        

Same Type Average--TWD -0.35 8.52 5.73 -3.76 18.92 138.98 290.56 365.93

Annual Return Rate (%) -- Till 2008/4/29

  2008 2007 2006 2005 2004 2003 2002

Closing -10.72            

Currency(TWD) -11.43            

Same Type Average --TWD -3.4 40.96 23.05 44.93 10.1 43.68 1.62

Source : Pitect Asset Management


44

2008 04 – REPORT STRUCTURE MATERIALE NPV – RIPRODUZIONE VIETATA


Hua Nan Global Agribusiness And Water Fund (1)

Currency TWD
2007 / 10 / 29 – 2008 / 4 / 29 Currency ( TWD )
NAV 10.31 Fund Return Index Same Type Fund Average Index

NAV Date 2008/5/2

Administration
2% / per year
Fee

TWD 4911.49 million


Fund Size
(2008 March)

The year tures


n/a
sigma

Sharp Ratio n/a

Beta Coefficient n/a Net Asset Value

Establish Date 2007/12/14

Energy and Natural


Fund Type
Resource

Invest Region Global

Invest subject Sotck

Register Place Taiwan

Source : HUA NAN Investment Trust


45

2008 04 – REPORT STRUCTURE MATERIALE NPV – RIPRODUZIONE VIETATA


Hua Nan Global Agribusiness And Water Fund (2)

Accumulated Return Rate (%) --Till 2008/4/29

  1week 1 month 3 month 6 month 1 year 3 year 5 year Till Now

Closing -0.77 3.1 2.59         3.1

Same Type Average--TWD -0.14 7.55 6.16 -2.45 19.14 137.65 288.16 -0.05

Annual Return Rate (%) -- Till 2008/4/29

  2008 2007 2006 2005 2004 2003 2002

Closing 2.79            

Same Type Average --TWD -3.01 40.96 23.05 44.93 10.1 43.68 1.62

Source : HUA NAN Investment Trust


46

2008 04 – REPORT STRUCTURE MATERIALE NPV – RIPRODUZIONE VIETATA


ING Global Climate Change Fund (1)

Currency TWD
2007 / 10 / 29 – 2008 / 4 / 29 Currency ( TWD )
NAV 10.28 Fund Return Index Same Type Fund Average Index

NAV Date 2008/5/2

Administration Fee 2.0 % / per year

TWD 5156.75 million


Fund Size
(2008 March)

The year tures


- - 
sigma

Sharp Ratio - - 

Beta Coefficient - -  Net Asset Value

Establish Date 2008/1/18

Energy and Natural


Fund Type
Resource

Invest Region Global

Invest subject Stock

Register Place Taiwan

Source : ING Fund


47

2008 04 – REPORT STRUCTURE MATERIALE NPV – RIPRODUZIONE VIETATA


ING Global Climate Change Fund (2)
FUND STOCK LIST
Share
( Share
Stock Name Stock Name Stock Name Share (%)
% (%)
)
BG GROUP PLC 2.59% ARCHER-DANIELS 1.21% CALGON CARBON CORP 0.57%
MONSANTO CO 2.59% OEST ELEKTRIZITATSWI 1.21% *CHINA WATER AFAIRS GROUP 0.52%
UMICORE 2.45% EMERSON ELECTRIC CO 1.20% DOOSAN HEAVY INDUSTR 0.52%
VESTAS WIND SYSTEMS 2.29% COVANTA HOLDING 1.12% COSAN SA INDUSTRIA 0.51%
ALSTOM 2.13% AQUA AMERICA INC 1.10% DAIKIN INDUSTRIES 0.50%
FPL GROUP INC 1.97% *CIA SANEAMENTO-ADR 1.09% DELTA(Taiwan) 0.49%
VEOLIA ENVIRONNEMENT 1.93% SCOTTISH & SOUTHERN 1.06% MOTECH(Taiwan) 0.49%
SIEMENS 1.82% ROPER INDUSTRIES INC 0.97% KURITA WATER INDUSTR 0.47%
HONEYWELL INTERNATIONAL
1.80% RPS GROUP PLC 0.91% RENEWABLE ENERGY 0.45%
INC
Everlight Electronic
GAMESA CORP TECNOLOG 1.79% 0.89% JOHNSON CONTROLS INC 0.40%
(Taiwan)
SCHNEIDER ELECTRIC 1.76% SUNPOWER CORP-CLASS 0.76% IBERDROLA RENOVABLES 0.39%
WASTE MANAGEMENT 1.68% ITRON INC 0.66% SAFT GROUPE SA 0.34%
CLIMATE EXCHANGE 1.65% ORMAT TECHNOLOGIES 0.62% PYEONG SAN CO LTD 0.30%
HYFLUX LTD 1.61% MEMC ELECTRONIC 0.62% VELCAN ENERGY 0.20%
TOYOTA MOTOR 1.55% BADGER METER INC 0.60% TRADING EMISSIONS PL 0.20%
FIRST SOLAR INC 1.40% Q-CELLS AG 0.59% ENERNOC INC 0.17%
ABB LTD-REG 1.38% THEOLIA 0.58% *BIOPETROL INDUSTR 0.09%
ABENGOA SA 1.31% BALLARD POWER SYSTEMS 0.57% Total 12.05%

Source : ING Fund 48

2008 04 – REPORT STRUCTURE MATERIALE NPV – RIPRODUZIONE VIETATA


ING Global Climate Change Fund (3)

Accumulated Return Rate (%) --Till 2008/4/29

  1week 1 month 3 month 6 month 1 year 3 year 5 year Till Now

Closing 0.49 2.7 2.19          

Same Type Average--TWD -0.14 7.55 6.16 -2.45 19.14 137.65 288.16 10.21

Source : ING Fund


49

2008 04 – REPORT STRUCTURE MATERIALE NPV – RIPRODUZIONE VIETATA


JIH SUN ANTI-GLOBAL WARMING FUND (1)

Currency TWD
2007 / 10 / 29 – 2008 / 4 / 29 Currency ( TWD )
NAV 10.62
Fund Return Index Same Type Fund Average Index
NAV Date 2008/4/30

Administration Fee 2.0% / per year

TWD 4494.37 million


Fund Size
(2008 March)
The year tures
n/a
sigma
Sharp Ratio n/a

Beta Coefficient n/a

Establish Date 2008/1/17


Net Asset Value
Fund Type Global

Invest Region Global

Invest subject Stock

Register Place Taiwan

Q-CELL AG(2.42%) /
VESTAS WIND
SYSTEMS(2.07%)/
Fund Stock
DANAHER CORP(2.06%)
/ PRAXAIR INC(2.02%) /
SUNPOWER(2.02%)

Source : JIN SUN FUND


50

2008 04 – REPORT STRUCTURE MATERIALE NPV – RIPRODUZIONE VIETATA


JIH SUN ANTI-GLOBAL WARMING FUND (2)

Accumulated Return Rate (%) --Till 2008/4/29

  1week 1 month 3 month 6 month 1 year 3 year 5 year Till Now

Closing -1.12 4.22 5.57         6.2

Same Type Average--TWD 0.42 4.23 -2.12 -15.08 -11.03 35.33 69.09 -3.14

Source : JIN SUN FUND


51

2008 04 – REPORT STRUCTURE MATERIALE NPV – RIPRODUZIONE VIETATA


BGF New Energy Fund(A2 USD) - (1)

Currency USD
2007 / 10 / 29 – 2008 / 4 / 29 Currency ( TWD )
NAV 14.64
Fund Return Index Same Type Fund Average Index

NAV Date 2008/5/5

Administration Fee 1.75% / PER YEAR

Fund Size  

The year tures


23.47
sigma

Sharp Ratio 0.63

Beta Coefficient 1.43

Net Asset Value


Establish Date 2001/4/6

Energy and Natural


Fund Type
Resource

Invest Region Global

Energy and Natural


Invest subject
Resource

Register Place Luxembourg

Source :
52
Source : BlackRock

2008 04 – REPORT STRUCTURE MATERIALE NPV – RIPRODUZIONE VIETATA


BGF New Energy Fund(A2 USD) - (2)

Accumulated Return Rate (%) --Till 2008/4/29

  1week 1 month 3 month 6 month 1 year 3 year 5 year Till Now

Closing -0.95 4.51 6.02 -4.45 18.2 138.73 363.81 46.1

Currency(TWD) Closing -0.58 4.76 0.7 -10.26 8.08 132.4 305.79 35.12

Same Type Average--TWD -0.14 7.55 6.16 -2.45 19.14 137.65 288.16 303.71

Annual Return Rate (%) -- Till 2008/4/29

  2008 2007 2006 2005 2004 2003 2002

Closing -9.2 56.52 31.63 21.09 31.63 46.71 -55.99

Currency(TWD) Closing -14.79 55.88 30.61 25.3 22.92 43.38 -56.28

Same Type Average --TWD -3.01 40.96 23.05 44.93 10.1 43.68 1.62

Source : BlackRock
53

2008 04 – REPORT STRUCTURE MATERIALE NPV – RIPRODUZIONE VIETATA


BGF New Energy (A2 EUR) – (1)

Currency EUR
2007 / 10 / 29 – 2008 / 4 / 29 Currency ( TWD )
NAV 9.47 Fund Return Index Same Type Fund Average Index

NAV Date 2008/5/5

Administration Fee 1.75% / PER YEAR

Fund Size  

The year tures


23.66
sigma

Sharp Ratio -0.09

Beta Coefficient 1.43


Net Asset Value
Establish Date 2001/4/6

Energy and Natural


Fund Type
Resource

Invest Region Global

Energy and Natural


Invest subject
Resource

Register Place Luxembourg

Source : BlackRock
54

2008 04 – REPORT STRUCTURE MATERIALE NPV – RIPRODUZIONE VIETATA


BGF New Energy (A2 EUR) – (2)

Accumulated Return Rate (%) --Till 2008/4/29

  1week 1 month 3 month 6 month 1 year 3 year 5 year Till Now

Closing 0.64 6.03 2.15 -10.05 4.17 101.06 238.93 -14.96

Currency(TWD) Closing 0.18 5.34 0.99 -9.65 8.56 133.58 308.81 35.03

Same Type Average--TWD -0.14 7.55 6.16 -2.45 19.14 137.65 288.16 303.71

Annual Return Rate (%) -- Till


             
2008/4/29

  2008 2007 2006 2005 2004 2003 2002

Closing -13.41 40.51 18.18 39.53 21.59 22.33 -62.94

Currency(TWD) Closing -14.69 56.49 30.21 25.67 22.96 43.68 -56.65

Same Type Average --TWD -3.01 40.96 23.05 44.93 10.1 43.68 1.62

Source : BlackRock
55

2008 04 – REPORT STRUCTURE MATERIALE NPV – RIPRODUZIONE VIETATA


BGF New Energy (C2USD) – (1)

Currency USD
2007 / 10 / 29 – 2008 / 4 / 29 Currency ( TWD )
NAV 13.52 Fund Return Index Same Type Fund Average Index

NAV Date 2008/5/5

Administration Fee 1.75% / PER YEAR

Fund Size n/a

The year tures


23.38
sigma

Sharp Ratio 0.56

Beta Coefficient 1.4

Net Asset Value


Establish Date 2002.7.1

Energy and Natural


Fund Type
Resource

Invest Region Global

Energy and Natural


Invest subject
Resource

Register Place Luxembourg

Source : BlackRock
56

2008 04 – REPORT STRUCTURE MATERIALE NPV – RIPRODUZIONE VIETATA


BGF New Energy (C2USD) – (2)

Accumulated Return Rate (%) --Till 2008/4/29

  1week 1 month 3 month 6 month 1 year 3 year 5 year Till Now

Closing -0.95 4.41 5.72 -5.07 16.7 131.39 336.57 153.1

Currency(TWD) Closing -0.59 4.67 0.41 -10.84 6.7 125.26 281.96 129.86

Same Type Average--TWD -0.14 7.55 6.16 -2.45 19.14 137.65 288.16 261.58

Annual Return Rate (%) -- Till


             
2008/4/29

  2008 2007 2006 2005 2004 2003 2002

Closing -9.58 54.61 29.88 19.65 29.92 46.18  

Currency(TWD) Closing -15.15 53.99 28.88 23.81 21.31 42.86  

Same Type Average --TWD -3.01 40.96 23.05 44.93 10.1 43.68 1.62

Source : BlackRock
57

2008 04 – REPORT STRUCTURE MATERIALE NPV – RIPRODUZIONE VIETATA


Taiwan Photovoltaic Industry

MATERIALE NPV – RIPRODUZIONE VIETATA


Taiwan Photovoltaic Industry Overview
These information are useful, but
with supply side I mean financial
institutions focusing on climate
 According to Industrial Technology Research Institute, Taiwan photovoltaic market value has grown from
change products and working with
21.2 billion $NTD in 2006, the 5th in the world to more than 50 billion
bio$NTD, the 4th largest in the world.
fuel industry
 Taiwan has always been a major place for thin-film technology and the semiconductor industry. Big players
in the Taiwanese industry are now using this experience to explore and start new thin-film silicon solar
production initiatives. (SolarPlaza)
 The share of thin-film in the global supply of solar cells and modules is likely to grow from around 8% in
2007 towards 20% or more in 2010. (SolarPlaza)
 After the year 2010, the production capacity in Taiwan could exceed 1 GW per year. This will make Taiwan
one of the leading suppliers of thin-film silicon cells and modules in the multi- billion euro global market.
(SolarPlaza)
 Main player : E-Ton, Motech, Gintech and Green Energy Technology.
 The Taiwan government is supporting the growth of its solar energy industry and has designated solar
energy as a strategic industry for Taiwan.It forecasts that the total value will hit US$12.5 billion in 2015,
compared to US$652 million in 2006 (Taipei Times report)
 Taiwan's External Trade Development Council (TAITRA) expects the nation to account for 7 percent of
global solar-power generation equipment by 2015 ( Taipei Times report )

Which part can I put for this information? Supply side/


Demand side or others? Do u need more info about this sector?

59

2008 04 – REPORT STRUCTURE MATERIALE NPV – RIPRODUZIONE VIETATA


Motech
Company Name MOTECH INDUSTRIES INC
Do u need this?
Industry Optoelectronic
Symbol MOTECH
Code 6244
Date of Listing 2003/5/15
Market Type OTC-Listed
Chairman TSUO,YUAN-HUAI
General Manager TSUO,YUAN-HUAI
Spokesman CHEN CHIA CHI
Title of Spokesman Assistant to Chairman
Capital NT$2,031,688,710  
Fiscal Year_end 31-Dec
Accounting Firm KPMG CERTIFIED PUBLIC ACCOUNTANTS
CPA (Chartered Public Accountant)1 CHANG CHIA HSIN
CPA (Chartered Public Accountant)2 CHEN MEI YEN
Number of employees   958
Address 6F,No.248,Sec.3,Pei-Shen Rd.,Shen-Keng Hsiang
  Taipei Hsien,Taiwan
Telephone (02)26625093
Fax (02)26625097
Email Address jacy@motech.com.tw
Web Address www.motech.com.tw

60

2008 04 – REPORT STRUCTURE MATERIALE NPV – RIPRODUZIONE VIETATA


MOTECH
Do u need this?
Vision :
 To become a worldwide leader in the renewable energy and energy efficiency industry by providing
products and services of high quality and value.
Business description
 Create high quality products, from testing and measuring instruments to solar cells.
 3 business units – Instrument , Solar, Power
Product/Service
 Solar cells
 Test and Measurement instrument
 PV Inverters and Charge Controller
 Solar power system
Production Capacity
 Reached at 176 MW in 2007
News
 Become the 6th largest solar cell manufacturer in the world in 2007
 The first ISO 14001:2004 and the OHSAS 18001: 1999.certified Solar Cell Manufacturer in Taiwan in 2007.
 Motech received solar system installation order from Marshall.

61

2008 04 – REPORT STRUCTURE MATERIALE NPV – RIPRODUZIONE VIETATA


E-TON SOLAR
Company Name E-TON SOLAR TECH. CO., LTDDo u need this?
Industry Optoelectronic
Symbol E-TON SOLAR
Code 3452
Date of Listing 2006/3/8
Market type OTC-listed  
Chairman Stephen Wu
General Manager Chin-Yao Tsai
Spokesman Reynold Hsu
Title of Spokesman vice president
Capital 607,000,000
Fiscal Year_end 31-Dec
Accounting Firm ERNST & YOUNG
CPA (Chartered Public Accountant)1 Huang Chung Hui
CPA (Chartered Public Accountant)2 Huang Shih Chieh
Number of employees 649
Address 3F NO.498, Sec. 2, Bentian Rd.,
  Tainan, 709 Taiwan R.O.C.
Telephone (06)3840777
Fax (06)3840872
Email Address allen_chen@e-tonsolar.com
Web Address http://www.e-tonsolar.com

Source: TSEC 62

2008 04 – REPORT STRUCTURE MATERIALE NPV – RIPRODUZIONE VIETATA


E-TON SOLAR
Do u need this?
 Company
Mono-crystalline Solar Cell Providers The advancement of solar cell technology; and accordingly, our
superb high efficiency cells are used to create the Top Power Producing Module in the world. We are
devoted to developing high efficiency solar cells with innovative technologies such as AR coating and in-
line PECVD.
 Product / Service
- 5” Monocrystalline Cell
- 6” Monocrystalline Cell
- 6” Multicrystalline Cell
 Production capacity:
- current 200 MW per annum
- 320MW (the end of 2008)

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2008 04 – REPORT STRUCTURE MATERIALE NPV – RIPRODUZIONE VIETATA


Green Energy Technology
Company Name GREEN ENERGY TECHNOLOGY INC. Do u need this?
Industry Optoelectronic
Symbol GET
Code 3519
Date of Listing 2008/1/25
Market type Listed company
Chairman LIN WEI-SHAN
General Manager LIN HUR-LON
Spokesman LING HAN-CHANG
Title of Spokesman Director Of Marketing Division
Capital NT750,000,000
Fiscal Year_end 31-Dec
Accounting Firm ERNST & YOUNG
CPA (Chartered Public Accountant)1 Hsiu-Mei Lin
CPA (Chartered Public Accountant)2 CHANG TING-MING
Number of employees 290
Address 22,Chungshan North Road,Sec.3,
  Taipei ,Taiwan,R.O.C
Telephone 03-4160207
Fax 03-4160211
Email Address greenenergy@getinc.com.tw
Web Address www.getinc.com.tw

Source: TSEC 64

2008 04 – REPORT STRUCTURE MATERIALE NPV – RIPRODUZIONE VIETATA


GINTECH
Company Name GINTECH ENERGY CORPORATION Do u need this?
Industry Optoelectronic
Symbol GINTECH
Code 3514
Date of Listing 2007/11/2
Market type Listed companies
Chairman C.T.Kuo
General Manager Ellick Guo-Rong Liao
Spokesman Martin Kuo
Title of Spokesman Vice General Manager
Capital NT1142,080,000  
Fiscal Year_end 31-Dec
Accounting Firm Deloitte & Touche
CPA (Chartered Public Accountant)1 Lucas Lin
CPA (Chartered Public Accountant)2 Alice Huang
Number of employees 1016
Address No.21, Kebei 1st Rd., Zhunan Town, Miaoli County 350, Taiwan (R.O.C.)
  Taipei 350 Taiwan
Telephone 02-26562000
Fax 02-26560594
Email Address @gintech.com.tw
Web Address http://www.gintech.com.tw

Source: TSEC 65

2008 04 – REPORT STRUCTURE MATERIALE NPV – RIPRODUZIONE VIETATA


GINTECH
Do u need this?

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2008 04 – REPORT STRUCTURE MATERIALE NPV – RIPRODUZIONE VIETATA

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