104 — Interim / Quarterly Report 2015

May 21, 2015

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® 104 人力銀行

104 Corporation (TSE:3130)

A Total Solution Provider in Chinese HR Services Market

May 2015

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Safe Harbor Statement

This presentation contains some forward-looking statements that are subject to substantial risks and uncertainties. Typically, these statements contain words such as “anticipate," “believe,” “could,” “estimate,” “expect,” “intend,” “plan,” ‘’forecast,” “project,” “predict,” “potential,” “continue,” “may,” “should,” “will” and “would” or similar words. You should consider these forward-looking statements carefully because such statements are only our expectations or projections about future events; and actual results may differ materially from those expressed or implied by such statements.

You should be cautioned that the forward-looking statements are not the guarantees of our future performance. The forward-looking statements contained in this presentation are made only as of the date of this presentation and we undertake no obligation to update the forward-looking statements to reflect subsequent events or circumstances, except as required by law.

This presentation and the information contained herein is the property of 104 Corporation.

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Agenda

Company Profile Leading Market Role Management Team Products and Services Review of Operational & Financial Results Dividend Policy

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Company Profile

Market Position

Core Competence[Operating Strengths ]

 104 Job Bank was  Strong database (Apr. 2015):  Zero debts. established: 1996. 6 million resumes, 70% college  Solid cash positions of graduated/ above, NT$1.7 billion.  First IPO Job Bank 274K corp. customers. company in Taiwan:  Strong capability to Strong capability to 2006.

 Strong capability to Strong capability to generate cash even in difficult economic period.

•  Online job opportunities (May, 2015): 650K, represent

•  First Job Bank in Taiwan an increase of 19% YoY

• to get ISO 27001.

• High satisfaction &

• recognition of 104 brand & services.

 Comprehensive range of HR related services.

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Leading Market Role

Comparing competitors, 104 is the most frequent searched keyword on Google.

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Management Team

Rocky Yang – Founder and Chairman

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BA, English Literature, National Cheng-Kong University, Taiwan. 1992-1994 Vice President, Sunrex Computer Corporation (TSE: 2387). 1985-1991 Sales Manager, American Research Corporation.

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Simon Juan – President

MA, European Studies, Katholieke Universiteit Leuven, Belgium BS, Naval Architecture Engineering, National Taiwan Ocean University. 1998-2000 Sales Director-China/HK, Philips China, Digital Video Systems. 1995-1997 Marketing Manager-Far East, Philips Digital Video Systems.

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Steven Su – G.M. of Executive Search and Temporary Staffing Business Group and Chief Legal Officer Master of Laws, Law Center, University of Houston, USA. Bachelor of Laws, Fu-Jen Catholic University, Taiwan. 1996-2000, Attorney-at-Law, Su and Associates. 1993-1996, Manager-Administration, Taipei Computer Association.

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Source: Company data

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History of Business Expansion

Unit: NT$’000

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104+ beta
Dream Cradle
Mobile app
104 Consulting
104 Mini Job, 104 Super
Listed in TSE & expanded
into China
100% subsidiary 104 HR Consulting
Inc. /Temp Staffing
104
Market 104 Case
104 Tutor, Boss
Learn
104
No. 1 in
Hunter, eHR
Taiwan Market
104 Job Bank
established
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revenue / year

Source: company information

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Full Range Services and Products

Job Banks 104 Ads 104 Learn Job Posting HR Ads Training Program Services Services Posting Services 104 Tutor 104 Case

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Outsourcing Case Tuition Posting Services Posting Services HR Academy 104 Hunter 104 Temp

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HR Solutions Executive Temporary Search Staffing & Consultancy Services

Large jobs base for job seekers with easy & accessible platform.

Career center & value added services for job seekers.

Large and diversified resumes pool for corporate users.

Integrated matching & selecting platform.

Variety of integrated services satisfy users’ needs.

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Source: company information

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Concept of 2[nd] Generation Products and Services

C.M.O.S.

C：Cloud

M：Mobile

O： Open Platform

S： Social Networking

Open Social Mobile Cloud

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2[nd] Generation Services and Products Roadmap

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Individual Corporate
Customers Customers
Dream
Employee
Cradle
Interactive
104 + HR Portal
2.0 Platform
Green
Generation
Tutor
Career
Reserve Job Talents
4 minutes Groups
Bank Database
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104 Consulting/ HR
Outsourcing Solutions
1.0
Job Bank
Generation
104 Tutor/ 104 Headhunting/
Learn Temp-Staffing
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Revenue Trend

Unaudited Revenue Trend (thousands NTD): April 2014- 2015

IFRS Apr May June July Aug Sep Oct Nov Dec Jan-15 Feb-15 Mar-15 Apr-15 Consolidated 201,172 205,653 218,045 223,314 214,964 212,337 209,249 200,142 220,774 199,075 180,730 227,242 213,860 YoY 9.14% 15.80% 13.95% 14.46% 7.00% 9.55% 12.95% 8.68% 18.71% -6.83% 14.06% 22.32% 6.31% Online 91,581 92,727 96,974 102,624 94,803 91,695 90,828 84,488 102,415 83,469 70,456 110,171 95,088 Online-YoY 12.57% 10.29% 13.73% 8.15% -2.40% 7.06% 3.64% 9.29% 20.26% 20.29% -14.96% 14.91% 3.83% Consulting 109,590 112,924 121,071 120,690 120,161 120,641 118,421 115,654 118,359 115,606 110,274 117,071 118,722 Consulting-YoY 6.43% 20.75% 14.13% 20.44% 15.80% 11.51% 21.31% 8.23% 17.40% -19.87% 45.85% 30.23% 8.38%

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Unit: NT$’000
250,000 50.00%
40.00%
200,000
30.00%
20.00% Consulting
150,000
Online
10.00%
YoY
100,000 0.00% Online-YoY
Consulting-YoY
-10.00%
50,000
-20.00%
0 -30.00%
Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar Apr 1 2 3 4 5 6 7 8 9 10 11 12 13
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Analysis of Operating Performances

Online Services:

Revenue by Business Sectors, 2014

• Job Bank Listing / Ads

• Value-added Services

Consulting Services:

• Head-Hunting

• Temp-Staffing

• HR Academy

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Online
45%
Operating Consulting Operating
55%
margin: margin:
5.4% 49.4%
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Quarterly Unaudited Consolidated Revenue

(Unit: NTD’000)

IFRS	**2015 Q1 **	**2014Q4 **	2014Q3	**2014Q2 **	**2014Q1 **
Consolidated	607,047	630,166	650,615	624,870	557,883
YoY	8.8%	13.46%	10.31%	12.94%	14.96%
Online	264,096	277,731	289,123	281,284	248,117
YoY	6.44%	11.05%	4.12%	12.20%	13.53%
Consulting	342,951	352,434	361,491	343,586	309,766
YoY	10.71%	15.44%	15.80%	13.56%	16.12%

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Source: Company data

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2015 Q1 Operating Results

2015 Q1 Operating Results
(Unit: NTD ‘000) Q1 2015 % Q1 2014 % Net Sales 607,092 100% 557,904 100% Cost 308,497 51% 292,615 52%	YoY Change 8.82% 5.43%
Gross Profit 298,595 49% 265,289 48%	12.55%
Operating Expenses 221,386 37% 202,656 36%	9.24%
Sales & Marketing 152,102 25% 142,066 25% Operating & Administrative 28,231 5% 24,306 4% Research & Development 41,053 7% 36,284 7%	7.06% 16.15% 13.14%
Operating Income 77,209 12% 62,633 12%	23.27%
Net Non-Operating Income (Loss) 3,685 1% 2,676 - Income Before Tax 80,894 13% 65,309 12%	37.71% 23.86%
Net Income 68,004 11% 53,535 10%	27.03%
Other comprehensive Income (394) - (366) - Net comprehensive Income 67,610 11% 53,169 10%	7.65% 27.16%
Net Income Parent Shareholding 68,544 52,265 NetIncomeMinorityInterest (540) 1,270

**As of 31 March, 2015, the company had 33,112 thousand outstanding shares.

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2015 Q1 Consolidated Balance Sheet

Unit: NTD’000	03. 31, 2015		03. 31, 2014
	Amount	%	Amount	%
Cash & Cash Equivalents	1,699,023	79%	1,445,996	77%
AR & NR	213,739	10%	204,806	10%
Total Current Assets	1,929,910	90%	1,697,978	90%
Net PP & E	171,445	8%	161,876	8%
Intangible Assets	13,801	1%	17,522	1%
Total Assets	2,147,290	100%	1908,275	100%
AP/NP/Other Payables	318,355	15%	267,798	14%
Sales Revenue Received in Advance	334,495	16%	298,087	16%
Total Current Liabilities	741,736	35%	631,977	33%
Total Liabilities	744,767	35%	636,860	33%
Shareholders' Equity	1,402,523	65%	1,271,415	67%

Source: Company data

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2015 Q1 Analysis of Cash Flows

Unit: NTD’000	2015 1Q	2014 1Q
	Amount	Amount
From Operating Activities	(6,534)	13,909
Income Before Tax	80,894	65,309
Depreciation and Amortization	17,249	14,417
Other Account Payable	(136,858)	(80,368)
From Investing Activities	(10,936)	(103)
Acquisitions of PP&E	(7,475)	(1,065)
Acquisitions of Intangible Assets	(2,375)	(768)
Other Investing Sources / (Uses)	(1,503)	(478)
Cash and cash equivalents at the beginning of January 1 2015	1,716,860	1,432,549
Cash and cash equivalents at the end of March 31 2015	1,699,023	1,445,996

Source: Company data

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2014 Income Statement

Income Statement (Unit: NT$ ‘000)	2014 FY	2014 FY	2013 FY	2013 FY	YoY
	Amounts	%	Amounts	%	%
Net Sales	2,472,325 100 2,208,095 100 12
Cost	1,247,158 51 1,123,542 51 11
Gross Profit	1,215,620 49 1,074,419 49 13
Operating Expenses	873,994 35 790,204 36 11
Sales & Marketing	595,620 24 556,654 25 7
Operating & Administrative	108,664 4 88,891 4 22
Research & Development	169,710 7 144,659 7 17
Operating Income	341,626 14 284,215 13 20
Income Before Tax	370,177 15 292,451 14 27
Net Income	313,002 13 244,318 12 28
Other Comprehensive Income	(5,071) - 8,085 - (169)
Net Income – Parent Shareholding	310,589 13 241,423 12 29
EPS(NT$)	16 9.41 7.46 26

2014 Balance Sheet
Balance Sheet (Unit: NT$ ‘000)	2014.12.31		2013.12.31		Diff.
	Amounts	%	Amounts	%	%
Cash & cash equivalents	1,716,860 76 1,432,549 76 20
Account receivable/ Note receivable	218,110 10 214,781 11 2
Total current assets	1,951,822 91 1,689,980 89 2
PP&E	158,328 7 160,807 9 (2)
Total non-current assets	204,758 9 214,569 11 (5)
Total Assets	2,156,580 100 1,904,549 100 13
Account payable/ Note & other payable	434,912 18 337,934 18 29
Sales received in advance	305,215 14 268,545 14 14
Total current liabilities	820,811 38 681,027 36 21
Total liabilities	824,318 38 686,303 36 20
Shareholders’ equity attribute to parent	1,325,634 62 1,214,273 64 9
Total shareholders’ equity	1,332,262 62 1,218,246 64 9
Total liability & Shareholders’ equity	17 2,156,580 100 1,904,549 100 13

	2014 Cash Flows
	Statement of Cash Flows (Unit: NT$ ‘000)	2014 FY	2013 FY	YoY
		Amounts	Amounts	Amounts
	Income before tax	370,177 292,451 77,726
	Depreciation & amortization expenses	64,006 60,475 3,531
	Cash inflow from operating activities	511,680 364,071 147,609
	Acquisition of PP&E	(44,880) (34,044) (10,836)
	Acquisition of intangible assets	(10,465) (10,433)			(32)
	Cash outflow from investing activities	(23,314) (34,532) 11,218
	Cash Dividends	(197,991) (147,709) (50,282)
	ESOP	- 45,904 (45,904)
	Acquisition of treasury stocks	- (18,138) 18,138
	Cash outflow from financing activities	(197,991) (127,633) (70,358)
	Source: Company data Net cash flows	284,311 204,225 80,086
	The ending balance of cash & cash equivalents	18 1,716,860 1,432,549 284,311

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		Dividend Policy
	0.00 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.00
	Fiscal Year 2007 2008 2009 2010 2011 2012 2013 2014
	Net Income 245,417 238,328 171,542 261,328 228,164 170,855 241,423 310,589
	Cash Dividend 191,363 142,763 154,237 203,996 204,079 147,709 197,991 231,782
	Dividend Payout Ratio 78% 60% 90% 78% 89% 87% 82% 75%
	Average Stock Price 158.5 99.5 73.3 112.6 99.23 76.06 90.06 122.2
	Yield Rate (%) 3.58% 4.25% 6.23% 5.33% 6.05% 5.98% 6.66% 5.73%
	Employee Cash Bonus 26,702 26,356 18,424 28,168 24,614 18,204 26,074 33,544

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The cash dividend of NTD 7 per share requires to be approved during the shareholder meeting in June, 2015.

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Thank you

For more information, please contact: Brenda Shih, CIO 886-2-2912-6104 ext. 9688 brenda.shih@104.com.tw Shirley Ho, IR 886-2-2912-6104 # 9698 shirley.ho@104.com.tw

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