2

3

20-40%

20-40%

4

NASDAQ10%25%

7988

5 : IR magazine

6

7 !

8

9

(

(

IR

)

10

11

12

13

2013

IR

14

IR

15

Note: Example Only, Sources: Company websites

16

IR

17

18

?

19

/

20

-

1996 1st plant in Suzhou

1969 Hon Chuan established in Chuanghwa, Taiwan

Company Milestone Taiwan Development China Development Southeast Asia Development

2003 listed on Taiwanese stock market

2003 set up holding company in China to facilitate regional expansion

2006 1st plant established for Aseptic co-packing services in Taichung

2006 Hon Chuan (Vietnam) established, set up in-house plant with Tribeco

2008 Coca-Cola Taoyuan plant (in-house), CKW Pingdong plant (in-house) established

2008 Jing Mai Lang Changchun plant (in-house) and Coca-Cola Tianjin plant (in-house) established

2009 set up Tainan plant 2009 set up Guangdong, Xian, Uni-

President Zhengzhou (in-house) plant

2010 set up Heysong Chungli (in-house) and Kuangchuan Jiayi (in-house) plants

2010 set up Pepsi Kunming (-in-house) and Lanzhou (in-house) plant

2010 set up PT Futami (in-house) plant

2011 Jing Mai Lang Zhengzhou (in-house) plant

2011 set up Malaysia Cocaland (in-house) plant, Vietnam plant

2011 2nd Aseptic plant in Taichung

2012 1st Aseptic filling plant in China (Zhangzhou)

1969

2001

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2004 set up regional HQs in Taiwan, China and SE. Asia

2004 1st in-house strategic alliance with Uni-President (Yangmei and Ruifang factories) and Coca-Cola (Yanchao)

21

-

Description Order on an as-

needed basis

Guaranteed contract

Enable customers to timely respond to market dynamics

Guaranteed orders and contract prices

Enable customers to timely respond to market dynamics

Investment return based on the agreed investment amount by both parities

Duration Contract basis 3 5 years 5 10 years X to X years

Financial Implications Order flows: volatile

Volume guarantee: no

Gross margin: varies

Order flows: stable Volume guarantee:

yes Gross margin: 20%

- 25%

Order flow: stable Volume

guarantee: yes Gross margin:

25% - 30%

Order flow: Volume guarantee: Gross margin:

Strategic

alliance Contract

Production In-house

Strategic

Partner

Hon Chuan is moving towards long-term contracts, which generate stable gross margin and better profitability

Order

Production

22

23

24

(DnB NOR)

(CLSA Capital Partners)

(Merrill Lynch)

Sectorbase.com

(/)

25

-

2005125

NT$33.50

NT$27.30

0

10

20

30

40

50

60

/

Invesco Fidelity APS Blackrock Citadel JP Morgan GIC UBS and others

Economic Daily Commercial Times Asian Wall Street Journal Financial Times South China Morning Post Taipei Times Liberty Times China Post Dow Jones Newswires CNBC Bloomberg News Bloomberg TV Reuters ChannelNewsAsia Today

JP Morgan UBS Morgan Stanley BAS-Merrill Lynch Goldman Sachs CLSA Barclays Credit Suisse Deutsche Bank

26

27

Teddy is a smart person and very knowledgeable in shipping and is detailed in his approach. I like

him and he can provide excellent service. I strongly recommend him for any advisory work

especially in shipping. - Experienced Transportation & Energy Logistics Executive

I find that his research is thorough and well-prepared, his delivery is clear, but more importantly he brings a fresh, intelligent perspective - Director at Marine Money

Teddy's work ethic is of the highest standard and as a result produced insightful and impactful research that clients responded to favourably. His presentation skills are excellent as he was able

to convey his ideas and difficult concepts in a simple and easy-to-understand manner. - Regional

Head of Oil and Gas / Head of Research - Singapore at Daiwa Capital Markets

He has a very deep understanding of the industry dynamics and operations, especially when it comes to shipping companies with an Asian angle. In addition, he is able to frame his thoughts and

ideas well and convey them in a very understandable manner. Corporate Finance Analyst

Ted is trustworthy, in depth and professional in his job. CEO of a Leading Taiwan-based Transportation Company

-

13 Analysts

2012/4/ 30

10%

50%

MCL ( )

/

Excel

29

-

30

Comprehensive Financial Education Program

Analytical Tools & Techniques

Policies & Procedures

Market Insights

31

32

33

MCL 46

MCL 44

MCL 191

MCL 56

MCL 381

34

35

36

-

2013/03/19

-0.51% -4.10% -6.88% -0.20% -2.03% -2.33%

Name Return Name Return

1535 -2.10% 6176 4.35%

1717 -1.60% 2013 2.04%

3017 -1.57% 6207 1.96%

2524 -1.14% 6269 1.85%

1512 -1.03% 2059 1.40%

vs ()

-0.50% 0.50% 1.50% 2.50% 3.50% 4.50%

6176 2013

6207 6269 2059

2316 3144

2038 1569 3010

-2.50% -2.00% -1.50% -1.00% -0.50% 0.00%

1535 1717 3017 2524 1512 2702 6509 5478 9924 2428

207.47 -0.53(0.51%)

75

80

85

90

95

100

105

3/19/12 5/19/12 7/19/12 9/19/12 11/19/12 1/19/13 3/19/13

Kaohsiung index TWSE

(Teddy H. Tsai) (02) 5574-6225 0910-723-698 teddy.tsai@markis.tw

- (Teddy Tsai) - (Patrick Yu) - (Stacy Fang) (Synthia Wu) (Eric Hu)

(FAQ) ?

- $561,000 - $336,000 - $160,000

? 18%$1.5

29%11%16%

0-3 ?

?

/9-122-3/

? - 4.3 - 5.2 59% CFO

: IR magazine 38

(Teddy H. Tsai) (Director & CEO) 801 2092 : +886-7-241-2329 123 : 0910-723-698 : teddy.tsai@markis.asia : http://markis.tw