104 — Investor Presentation 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.  Zero debts. established: 1996. 2015): 6 million resumes,  Solid cash positions  First IPO Job Bank 70% college of NT$1.7 billion. graduated/ above, company in Taiwan: 274K corp. customers.  2006. Strong capability to generate cash even in  Average job opportunities difficult economic  First Job Bank in (2014): 529K, represents period. Taiwan to get ISO an increase of 27% YoY 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 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

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Unit: NT$’000
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 Large jobs base for job seekers with easy & accessible platform. Job Posting HR Ads Training Program Services Services Posting Services Career center & value added services for job seekers. 104 Tutor 104 Case Large and diversified resumes pool for corporate users. Outsourcing Case Tuition Posting Services Posting Services Integrated matching & HR Academy 104 Hunter 104 Temp selecting platform. Variety of integrated services HR Solutions Executive Temporary satisfy users’ needs. Search & Staffing Consultancy Services

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
Talents
Reserve Job Bank
4 minutes Groups Database
104 Consulting/ HR
Outsourcing Solutions
1.0
Job Bank
Generation
104 Tutor/ Headhunting/
104 Learn Temp-Staffing
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Revenue Trend

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

IFRS Mar A r Ma June Jul Au Se Oct Nov Dec Jan 15 Feb 15 Mar 15 p y y g p Consolidated 185,773 201,172 205,653 218,045 223,314 214,964 212,337 209,249 200,142 220,774 199,075 180,730 227,242 YoY 16.02% 9.14% 15.80% 13.95% 14.46% 7.00% 9.55% 12.95% 8.68% 18.71% -6.83% 14.06% 22.32% Online 95,880 91,581 92,727 96,974 102,624 94,803 91,695 90,828 84,488102,415 83,469 70,456 110,171 Online-YoY 8.74% 12.57% 10.29% 13.73% 8.15% -2.40% 7.06% 3.64% 9.29% 20.26% 20.29% -14.96% 14.91% Consulting 89,893 109,590 112,924 121,071 120,690 120,161 120,641 118,421 115,654 118,359 115,606 110,274 117,071 Consulting24.96% 6.43% 20.75% 14.13% 20.44% 15.80% 11.51% 21.31% 8.23% 17.40% -19.87% 45.85% 30.23% YoY 250,000 Unit: NT$’000 YoY Online-YoY Consulting-YoY 200,000 150,000 Consulting 100,000 Online

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50,000

0

1 2 3 4 5 6 7 8 9 10 11 12 13 Mar Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar

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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
Operating 45%
Consulting
margin:
55%
5.9%
Operating
margin:
50.51%
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Quarterly Unaudited Consolidated Revenue (Unit: NTD’000)

IFRS	**2015Q1 **	**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

	2014 Income Statement
	Income Statement (Unit: NT$ ‘000)	2014.12.31		2013.12.31		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$)	13 9.41 7.46 26

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2014 Balance Sheet

Balance Sheet (Unit: NT$ ‘000)	2014.12.31	2014.12.31	2013.12.31	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	14 2,156,580 100 1,904,549 100 13

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2014 Cash Flows

Statement of Cash Flows (Unit: NT$ ‘000)	2014.12.31	2013.12.31	YoY	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	15 1,716,860 1,432,549 284,311

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		Dividend Policy
	0 1 2 3 4 5 6 7 8 9
	Fiscal Year 2007 2008 2009 2010 2011 2012 2013
	Net Income 245,417 238,328 171,542 261,328 228,164 170,855 241,423
	Cash Dividend 191,363 142,763 154,237 203,996 204,079 147,709 197,991
	Payout Ratio 78% 60% 90% 78% 89% 87% 82%
	Average Stock Price 158.5 99.5 73.3 112.6 99.23 76.06 90.06
	Yield Rate (%) 3.58% 4.25% 6.23% 5.33% 6.05% 5.98% 6.66%
	Employee Cash Bonus 26,702 26,356 18,424 28,168 24,614 18,204 26,074

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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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