CMT — Investor Presentation 2021

Dec 23, 2021

Stock Code：2612 TT

Investor Presentation

By: Ban-Jen Tarng Spokesperson

23[rd] December 2021

Summar of Presentation y

 Capesize Market Outlook

• Dry Bulk Shipping Market Trends

• The Company Overview

• Appendices

==> picture [228 x 36] intentionally omitted <==

1

Dec/2021 Investor Presentation

Outlook

==> picture [610 x 327] intentionally omitted <==

==> picture [228 x 36] intentionally omitted <==

Ca esize Market Outlook p

Freight Rates Rose Further in Q4 2021

• 5TC average reached highest level of the year at US$ 86,953 in October; spot rate averaged US$ 33,545 in 2021

• Iron ore price reached 10-year high in Q2 but fell to $87 amid concerns over restriction of steel production in PRC

PRC’s Demand for Iron Ore

==> picture [177 x 111] intentionally omitted <==

• PRC import volume between January and November decreased by 3.3% y-o-y

• Major port stockpile built up during last 3 months but low prices should stimulate further stocking

Net Fleet Growth Eases in 2022

• 84 new ships joined the fleet so far in 2021, while demolition is set to continue in coming years

==> picture [177 x 130] intentionally omitted <==

• Capesize net fleet growth is 3.98% between January and November 2021

Short-term Outlook

• PRC steel production is likely to contract in Q1 2022 while environmental and other trade policies are to be closely monitored

• Owing to Covid-19 restrictions and extreme weather, tighter supply of tonnages should provide support to both spot and period rates in near term

==> picture [228 x 36] intentionally omitted <==

==> picture [175 x 124] intentionally omitted <==

Dec/2021 Investor Presentation 3

Newbuilding Program

• To expand its fleet size, CMT has contracted with Qingdao Beihai Shipbuilding to construct four 210k DWT Newcastlemaxes for delivery in 2023 and 2024. First pair’s contract price is US$ 58.5 million and the second pair’s contract price is US$ 63 million

• As part of the global maritime community’s efforts to protect the environment, we have upgraded ships’ specifications including shaft generators, LNG dual fuel-ready, AMP-ready and other energy saving devices

• Four energy saving ships will meet the IMO EEDI Phase III requirement and relevant emission standards

• During construction, the company will enhance ships' fuel efficiency, smart ship technology and cyber security to improve fleet’s competitive advantage

==> picture [228 x 36] intentionally omitted <==

4

Dec/2021 Investor Presentation

Focal Points of Q4 2021

==> picture [332 x 248] intentionally omitted <==

==> picture [51 x 49] intentionally omitted <==

----- Start of picture text -----

1
----- End of picture text -----

==> picture [51 x 50] intentionally omitted <==

----- Start of picture text -----

2
----- End of picture text -----

==> picture [52 x 53] intentionally omitted <==

----- Start of picture text -----

3
----- End of picture text -----

==> picture [52 x 56] intentionally omitted <==

----- Start of picture text -----

4
----- End of picture text -----

Covid-19 Fallout

Covid-19 variants continue to invade all countries but with Chinese economy set to improve from last year, global GDP likely to grow by more than 6% in 2021

Global Demand for Coal

PRC’s boycott of Australian coal continues and market is paying close attention to improvement of bilateral relationships, while looking for signs of Europe to continue importing more coal from other exporting countries such as Columbia

PRC Steel Production Cuts

The government has set target to cap steel production at last year’s level dampening demand for iron ore but should stabilize post Winter Olympics

Effects of Port Delays

Due to port restrictions and delays during the pandemic, market anticipates tighter tonnage balance arising from extra days in ports

==> picture [228 x 36] intentionally omitted <==

5

Dec/2021 Investor Presentation

PRC Ke Econom Indicators y y

• PRC’s gross domestic product in first nine months of 2021 grew by 9.8% y-o-y, while full year guidance is around 8.1%

• PRC’s crude steel production between January and November reached 946 million tons, down by 2.6% y-o-y; the country exported about 62 million tons between January and November, up by 26.7% y-o-y

• China Steel Price Index (CSPI) soared by 6.7% in end-November to 132.37 points, reflecting stronger than expected demand both domestically and abroad

• The country imported 1,037 million tons of iron ore between January and November, down by about 3.3% y-o-y, while coal imports reached 291 million tons, up by about 10.0% y-o-y

==> picture [228 x 36] intentionally omitted <==

6

Dec/2021 Investor Presentation

Shi in Market Outlook - Demand pp g

==> picture [266 x 223] intentionally omitted <==

----- Start of picture text -----

Iron Ore
----- End of picture text -----

==> picture [264 x 222] intentionally omitted <==

----- Start of picture text -----

Coal
----- End of picture text -----

Clarksons Platou forecasts Chinese iron ore imports to drop by 3% in 2021 while Brazilian export volume is expected to raise by 5% and Australian export volume

increases by 1%; global iron ore demand is projected to grow by 1% in 2021

Clarksons Platou forecasts Chinese coal imports to increase by 11% in 2021 while Australian export volume is expected to remain the same level and Indonesian export volume raise by 7%; global coal demand is projected to grow by 6% in 2021

==> picture [228 x 36] intentionally omitted <==

7

Dec/2021 Investor Presentation

Shi in Market Outlook - Su l pp g pp y

==> picture [266 x 223] intentionally omitted <==

----- Start of picture text -----

Newbuildings
----- End of picture text -----

==> picture [264 x 222] intentionally omitted <==

----- Start of picture text -----

Ship Scrapping
----- End of picture text -----

According to IHS Markit, about 88 newbuildings (100-400k DWT) are projected to be delivered in 2021 while fleet net growth is estimated at 4% for this year; 66 large bulkers (100-400k dwt) are expected to be delivered in 2022

Demolition quantity of large bulkers (100-400k DWT) reached 56 in 2020 while more vintage bulkers are to be recycled this year - 20 units are expected to be scrapped in 2021

==> picture [228 x 36] intentionally omitted <==

8

Dec/2021 Investor Presentation

Dry Bulk Shipping Market Trends

==> picture [610 x 327] intentionally omitted <==

==> picture [228 x 36] intentionally omitted <==

BDI 2019-2021

==> picture [670 x 394] intentionally omitted <==

----- Start of picture text -----

Baltic Exchange Dry Index
BDI Avg. 7/Oct/2021
BDI: 5,650
Year 2019 1,353
4950
Year 2020 1,066
Year 2021 2,955
3950
6/Oct/2020
2950 10/Feb/2021 BDI: 2,097
BDI: 1,303
1950
950
14/May/2020
BDI: 393
-50
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2019 BDI 2020 BDI 2021 BDI
Source: Clarksons Platou
----- End of picture text -----

==> picture [228 x 36] intentionally omitted <==

Dec/2021 Investor Presentation 10

BCI 2019-2021

Baltic Exchange Capesize Index

==> picture [609 x 326] intentionally omitted <==

----- Start of picture text -----

11200
5TC Avg. BCI Avg.
Year 2019 18,025 2,261 7/Oct/2021
BCI: 10,485
9200 Year 2020 13,070 1,450
Year 2021 33,545 4,045
7200
9/Mar/2020
BCI: -372
3/Jul/2020
5200
BCI: 4,440
12/Feb/2021
3200 BCI:1,242
1200
-800
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2019 BCI 2020 BCI 2021 BCI
----- End of picture text -----

Source: Clarksons Platou

==> picture [228 x 36] intentionally omitted <==

11

Dec/2021 Investor Presentation

==> picture [649 x 360] intentionally omitted <==

----- Start of picture text -----

Spot TCE (US$)
90,000
80,000
Capesize 5TC (180K)
2021/12/20 - US$23,283
70,000
60,000
Kamsarmax 5TC (82K)
2021/12/20 - US$21,204
50,000
40,000
Supra/Ultramax 10TC (58K)
30,000 2021/12/20 - US$26,792
20,000
Handysize 7TC (38K)
10,000 2021/12/20 - US$27,685
0
Capesize 5TC (180K) Kamsarmax 5TC (82K) Supra/Ultramax 10TC (58K) Handysize 7TC (38K)
----- End of picture text -----

Source: Clarksons Platou

==> picture [228 x 36] intentionally omitted <==

Dec/2021 Investor Presentation 12

Global Economy Recovers from 2020

• IMF projects global GDP to grow by 5.9% in 2021

• Clarksons Platou forecasts dry bulk seaborne trade to increase by 4.1% in 2021

==> picture [565 x 300] intentionally omitted <==

----- Start of picture text -----

14
12.5
12
10
8
6.3
6 5.4 5.8 5.8 5.6 5.9
4.3 3.8 4 4.1
4 3.5 3.5 3.5 3.4 3.3 3.5
2.7 2.8
2 1.4
0.5
0.2
0
-2
-1.6
-3.2
-4
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021(f)
Global GDP Growth (%) Dry Bulk Trade Growth (%)
----- End of picture text -----

Source: IMF & Clarksons Platou

==> picture [228 x 36] intentionally omitted <==

13

Dec/2021 Investor Presentation

ects to Grow b 4.1% Dry Bulk Seaborne Trade Exp y

==> picture [516 x 352] intentionally omitted <==

----- Start of picture text -----

Million Tons YOY
Cape Focus
Iron Ore 1,524 1.5%
Coal 1,238 6.3%
Bauxite 145 0.0%
Capesize focus cargoes total 2,907 3.4%
Grain 527 2.9%
Forest Products 386 5.8%
Steel Products 379 7.1%
Fertilizer 190 1.6%
Agribulks 177 3.5%
Cement 153 7.7%
Scrap 100 11.1%
Petroleum Coke 71 1.4%
Sugar 64 -3.0%
Salt 55 5.8%
Nickel Ore 56 14.3%
Manganese Ore 47 2.2%
Others 266 5.6%
2021(E) Total Dry Bulk 5,378 4.1%
----- End of picture text -----

Source: Clarksons Platou

==> picture [228 x 36] intentionally omitted <==

14

Dec/2021 Investor Presentation

Dry Bulk Seaborne Trade vs Fleet Growth

==> picture [659 x 307] intentionally omitted <==

Source: Arrow

==> picture [228 x 36] intentionally omitted <==

15

Dec/2021 Investor Presentation

==> picture [175 x 250] intentionally omitted <==

----- Start of picture text -----

% of Dry Bulk Cargoes
Minor Bulks
26% Iron Ore
33%
Grain
14%
Coal
27%
----- End of picture text -----

	Handysize	Supramax	**Panamax **	Capesize	Total
Coal Iron Ore Agricultural goods Alumina / Bauxite Steel Products Fertilizers Minerals Minor Ores Semi-Processed Biomass Construction Wood Products Other Other Ferrous	10% 24% 51% 19% 2% 7% 8% 76% 25% 16% 27% 0% 4% 4% 6% 4% 16% 7% 0% 0% 12% 8% 1% 0% 7% 6% 1% 0% 5% 8% 1% 0% 5% 5% 0% 0% 3% 6% 1% 0% 5% 5% 2% 0% 5% 0% 0% 0% 1% 1% 0% 0% 1% 1% 0% 0%				27% 33% 14% 5% 4% 4% 3% 3% 2% 2% 3% 1% 0% 1%

Source: Maersk Broker

==> picture [228 x 36] intentionally omitted <==

Dec/2021 Investor Presentation 16

orts Global Iron Ore/Coal Ex p

Clarksons Platou forecasts global iron ore exports to increase by 1% while coal exports to increase by 6% in 2021

Iron Ore

Coal

Million Tons

Million Tons

==> picture [298 x 243] intentionally omitted <==

----- Start of picture text -----

1600 1502 1524
1476 1456
1400
1200
1000
867 874
835 836
800
600
387
348 340 358
400
200
0
2018 2019 2020 2021(f)
Brazil Australia Total
----- End of picture text -----

==> picture [310 x 244] intentionally omitted <==

----- Start of picture text -----

1600
1400 1264 1284
1238
1165
1200
1000
800
600
380422 383 457 360 404 359 433
400
200
0
2018 2019 2020 2021(f)
Australia Indonesia Total
----- End of picture text -----

Source: Clarksons Platou

==> picture [228 x 36] intentionally omitted <==

Dec/2021 Investor Presentation 17

Vale’s Iron Ore Production Outlook

==> picture [640 x 302] intentionally omitted <==

==> picture [228 x 36] intentionally omitted <==

Source: Vale

Dec/2021 Investor Presentation 18

Iron Ore Price Fluctuates Violentl y

==> picture [645 x 252] intentionally omitted <==

----- Start of picture text -----

240
220 May 2021
February 2011 US$ 233.10/MT
200 US$ 193.00/MT
180
160
140
120
100
80
60
40
December 2015 Nov 2021
20 US$ 37.00/MT US$ 87.20/MT
0 62% FE CFR China, US$/MT
Jan-11 Jan-12 Jan-13 Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19 Jan-20 Jan-21
----- End of picture text -----

Source: SSY

==> picture [228 x 36] intentionally omitted <==

Dec/2021 Investor Presentation 19

PRC Crude Steel Price Trend

==> picture [608 x 277] intentionally omitted <==

----- Start of picture text -----

250 7500
200 6700
150 5900
100 5100
50 4300
0 3500
1-Jan-2021 1-Mar-2021 1-May-2021 1-Jul-2021 1-Sep-2021 1-Nov-2021
62% FE CFR China, US$/mt Hot Roll Steel Plate (SPHC), RMB/mt
62% FE CFR China, US$/mt
Hot Roll Steel Plate (SPHC), RMB/mt
----- End of picture text -----

Source: SSY & MarcoMicro

==> picture [228 x 36] intentionally omitted <==

Dec/2021 Investor Presentation 20

Global Steel Production

PRC’s y-o-y growth rate in 2020: +6.9%; Full year y-o-y projection for 2021: -2.2%

==> picture [613 x 325] intentionally omitted <==

Source: World Steel Association

==> picture [228 x 36] intentionally omitted <==

21

Dec/2021 Investor Presentation

Australian Coal Price

==> picture [568 x 370] intentionally omitted <==

Source: IHS McCloskey & Howe Robinson

==> picture [228 x 36] intentionally omitted <==

22

Dec/2021 Investor Presentation

PRC Commodit Im orts y p

 PRC’s demand for iron ore is estimated to decrease by 3% in 2021 to 1.1 billion tons

 PRC’s demand for coal imports is projected to increase by 11% in 2021 to 260 million tons

Iron Ore

Coal

==> picture [570 x 226] intentionally omitted <==

----- Start of picture text -----

Million Tons Million Tons
1400 78% 300 25%
1200 76%
250
% 20%
1000 74%
200
800 72% 15%
150
600 70%
10%
100
400 68%
5%
200 66% 50
0 64%
0 0%
2014 2015 2016 2017 2018 2019 2020 2021(f)
2014 2015 2016 2017 2018 2019 2020 2021(f)
Chinese Iron Ore Import % of global imports Chinese Coal Import % of global imports
----- End of picture text -----

Source: Clarksons Platou

==> picture [228 x 36] intentionally omitted <==

23

Dec/2021 Investor Presentation

PRC Iron Ore Im orts p

Million Tons

0 10 20 30 40 50 60 70 80 90 100 110 120
	Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2020 2021

Source: Thurlestone Research

==> picture [228 x 36] intentionally omitted <==

24

Dec/2021 Investor Presentation

Iron Ore Stockpiles at PRC Ports

==> picture [620 x 356] intentionally omitted <==

----- Start of picture text -----

165
152
139
126
113
100
Inventory Average 2018 Average 2019 Average 2020
Million tonnes
Jan 18 Mar 18 May 18 Jul 18 Sep 18 Nov 18 Jan 19 Mar 19 May 19 Jul 19 Sep 19 Nov 19 Jan 20 Mar 20 May 20 Jul 20 Sep 20 Nov 20 Jan 21 Mar 21 May 21 Jul 21 Sep 21 Nov 21
----- End of picture text -----

Source: Drewry Maritime Research

==> picture [228 x 36] intentionally omitted <==

25

Dec/2021 Investor Presentation

PRC Coal Im orts p

Million Tons

350

==> picture [583 x 282] intentionally omitted <==

----- Start of picture text -----

300
250
200
150
100
50
0
Australia Indonesia Russia Mongolia Philippines All origins
2019 2020 Jan-Oct/2021
----- End of picture text -----

Source: PRC Customs

==> picture [228 x 36] intentionally omitted <==

Dec/2021 Investor Presentation 26

Bulker Newbuilding Orders are Shrinking

Capesize Orderbook

==> picture [263 x 186] intentionally omitted <==

----- Start of picture text -----

No.
140
120
100
80
60
40
20
0
Delivered in Remaining 2021 2022 2023
Nov 2021 2021
----- End of picture text -----

Dry Bulk New Ship Ordering

==> picture [320 x 190] intentionally omitted <==

----- Start of picture text -----

% of Fleet (DWT)
100% 91%
81%
80%
62%
60%
37%
40%
[24%]
20% 17% [21%] 18% 13% [15%] [16%] 13%
7% 7%
0%
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Oct
2021
Capesize Ordering (100,000 + dwt) Total Bulk Fleet Ordering
----- End of picture text -----

	ORDERBOOK AS % OF EXISTING FLEET	AVERAGE AGE	OVER 20 YEARS	OLD	JAN-OCT 2021 SCRAPPING AS % OF EXISTING FLEET	JAN-OCT 2021 SCRAPPING AS % OF EXISTING FLEET
Handysize (10,000 - 40,000 dwt)	5%	12.2	13%		0.45%
Handymax (incl. Supramax & Ultramax)	6%	10.6	8%		0.27%
(40,000 - 65,000 dwt)
Panamax (incl, Kamsarmax) (65,000 - 100,000 dwt)	8%	10.7	11%		0.25%
Capesize (100,000 + dwt)	7%	9.0	2%		0.83%
Total Dry Bulk > 10,000 dwt	7%	10.9	7%		0.52%

Source: Clarksons Platou

==> picture [228 x 36] intentionally omitted <==

27

Dec/2021 Investor Presentation

Ca esize Fleet Growth Decelerates p

Capesize Supply Development

==> picture [569 x 315] intentionally omitted <==

----- Start of picture text -----

Million DWT
25.00
25 6.00%
20 18.13
4.00%
15
3.76% 3.98%
10
2.00%
5
0 0.00%
-5 3.21
-2.00%
-10
11.40
-15
-4.00%
-20
-25 -6.00%
2016 2017 2018 2019 2020 Jan-Nov 2021
Scrapping New Deliveries Net Fleet Growth
----- End of picture text -----

Source: Clarksons Platou

==> picture [228 x 36] intentionally omitted <==

28

Dec/2021 Investor Presentation

Newbuildin /2[nd] Hand Sale Prices g

TYPE	TYPE	PRICE (IN US$ MILLION)	PRICE (IN US$ MILLION)	PRICE (IN US$ MILLION)	PRICE (IN US$ MILLION)	PRICE (IN US$ MILLION)
YEAR		2019	2020		DEC 2021
208,000 DWT	NB	54.5	52.0	-5%	66.5	28%
180,000 DWT	NB	49.5	46.5	-6%	60.3	30%
180,000 DWT (ECO)	5-YR	37.5	35.5	-5%	47.0	32%
180,000 DWT	10-YR	22.0	19.5	-11%	33.0	69%
176,000 DWT	15-YR	13.5	12.8	-5%	21.0	64%

==> picture [228 x 36] intentionally omitted <==

Source: Clarksons Platou & Internal Assessment

29

Dec/2021 Investor Presentation

The Company Overview

==> picture [610 x 327] intentionally omitted <==

==> picture [228 x 36] intentionally omitted <==

Com an Profile p y

==> picture [163 x 157] intentionally omitted <==

==> picture [163 x 157] intentionally omitted <==

==> picture [163 x 157] intentionally omitted <==

==> picture [163 x 157] intentionally omitted <==

Shipping ：

CMT owns and manages a fleet of 10 capesize bulkers to offer dedicated services to customers for transportation of dry bulk commodities around the globe

Trucking ：

Associated Transport Inc. is one of Taiwan’s largest intermodal container trucking operators that provides container drayage and related services island-wide

Terminals ：

CMT Logistics Co., Ltd. operates two containers terminals in northern Taiwan with great access the country’s major ports to offer import/export express services to customers

Air & Tourism ：

CMT Air Cargo Department is the General Sales Agent (GSA) of Saudi Arabian Airlines in Taiwan

==> picture [228 x 36] intentionally omitted <==

31

Dec/2021 Investor Presentation

CMT Ca esize Fleet p

==> picture [683 x 347] intentionally omitted <==

----- Start of picture text -----

China Peace China Progress China Pride China Triumph China Prosperity China Pioneer China Fortune
中華和平輪 中華富進輪 中華榮耀輪 中華光輝輪 中華鴻運輪 中華先鋒輪 中華偉運輪
174,413 DWT 174,322 DWT 177,856 DWT 203,028 DWT 203,028 DWT 206,079 DWT 206,061 DWT
2005 2006 2009 2011 2012 2012 2013
2024 2024 2023 2023 2017 2017 2016
China Honour China Enterprise China Harmony
Newbuilding Newbuilding Newbuilding Newbuilding
中華名望輪 中華偉業輪 中華和諧輪
210,000 DWT 210,000 DWT 210,000 DWT 210,000 DWT
179,562 DWT 207,986 DWT 179,505 DWT
----- End of picture text -----

==> picture [228 x 36] intentionally omitted <==

Dec/2021 Investor Presentation 32

Entities Revenue Ratio for Q1-Q3 2021

==> picture [679 x 384] intentionally omitted <==

----- Start of picture text -----

49%
Shipping
Trucking and
50%
Terminals
Agency and
1%
Travel
----- End of picture text -----

==> picture [228 x 36] intentionally omitted <==

33

Dec/2021 Investor Presentation

2016-2021 Financial Hi hli hts g g

Expressed in millions of New Taiwan Dollars

Year	2016	2017	2018	2019	2020	2021 1-3Q
Revenue	3,295	3,218	3,820	3,763	3,131	2,545
Net Profit/(Loss)	48	98	514	324	329	775
EPS	0.21	0.50	2.60	1.64	1.67	3.96
Cash and cash equivalents	3,686	2,940	3,345	3,288	3,742	2,364
Total liabilities	11,148	10,652	10,237	10,022	9,734	7,791
Total equity	10,323	9,427	10,187	9,934	9,750	10,359
ROE %	0.5%	1.0%	5.2%	3.2%	3.3%	10.3%
ROA %	0.9%	1.3%	3.5%	2.5%	2.3%	5.9%
Liability %	52%	53%	50%	50%	50%	43%

==> picture [228 x 36] intentionally omitted <==

34

Dec/2021 Investor Presentation

Dividends Distribution

Year	Year	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020
Cash dividends/ Capital Reduction (NT$)		2.00	1.00	1.50	1.30	2.50	0.50 *	0.50	1.60	0.80	1.60
EPS (NT$)		3.92	2.23	1.55	1.30	1.30	0.21	0.50	2.60	1.64	1.67
0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50	2.00 1.00 1.50 1.30 ~~0.20~~ 0.50 0.50 1.60 0.80 1.60 2.30 51% 45% 97% 100% 192% 238% 100% 62% 49% 96% 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 0% 50% 100% 150% 200% 250% Cash Dividend Caital Reduction Dividend Paout Ratio *

*Cash dividend NT$ 0.20 plus capital reduction NT$2.30 = NT$2.50

==> picture [228 x 36] intentionally omitted <==

35

Dec/2021 Investor Presentation

Appendix 1：Condensed Balance Sheet

	Expressed in millions of New Taiwan Dollars	Expressed in millions of New Taiwan Dollars	Expressed in millions of New Taiwan Dollars
Assets	Sep 30, 2021	Dec 31, 2020	Sep 30, 2020
Current assets	3,736	5,152	4,722
Property, plant and equipment	11,949	12,108	12,644
Intangible assets	9	10	10
Other non current assets	2,456	2,273	2,458
Total assets	18,150	19,543	19,834
Liabilities and Equity
Current liabilities	2,634	3,506	3,533
Non Current liabilities	5,157	6,229	6,442
Total liabilities	7,791	9,735	9,975
Equity attributable to owners of parent
Common stock	1,975	1,975	1,975
Capital surplus	53	53	53
Retained earnings	9,061	8,606	8,622
Other equityinterest	(750)	(884)	(851)
Non-controllinginterests	20	58	60
Total equity	10,359	9,808	9,859
Total liabilities and equity	18,150 19,543 19,834

==> picture [228 x 36] intentionally omitted <==

Dec/2021 Investor Presentation 36

： Appendix 2 Condensed Statement of Comprehensive Income

	Expressed in thousands of New Taiwan Dollars	Expressed in thousands of New Taiwan Dollars	Expressed in thousands of New Taiwan Dollars
	2021 1-3Q	2020	2020 1-3Q
Operating Revenues	2,544,707	3,131,115	2,338,990
Operating costs	2,060,992	2,583,263	1,931,940
Gross profit	483,715	547,852	407,050
Operating expenses	304,838	376,341	290,823
Net operating income	178,877	171,511	116,227
Non operating income and expenses	644,210	180,548	234,199
Profit before tax	823,087	352,059	350,426
Less: tax expenses	48,355	23,020	18,093
Profit	774,732	329,039	332,333
Other comprehensive income, net	125,667	(355,480)	(316,211)
Comprehensive income	900,399	(26,441)	16,122
Earnings per share	3.96 1.67 1.71

==> picture [228 x 36] intentionally omitted <==

37

Dec/2021 Investor Presentation

： Appendix 3 Corporate Bonds Issuance

Tranche	2017	2020-1	2020-2
Amount (NT$ 100M)	８	15	10
Tenor	5 Years	5 Years	5 Years
Due Date	10-Apr-2022*	28-Aug-2025	28-Aug-2025
Interest Rate	1.13%	0.64%	0.66%
Interest Payment	Annually	Annually	Annually
Guarantee Bank	Shanghai Commercial Bank	Mega Bank	Shanghai Commercial Bank

*** Amount of NTD 400 million was repaid in APR 2020**

==> picture [228 x 36] intentionally omitted <==

38

Dec/2021 Investor Presentation

Disclaimer

The information and opinions in this report were prepared by CMT. Though the information herein is believed to be reliable and has been obtained from market sources believed to be reliable, CMT makes no representation as to its accuracy or completeness.

The material and the information contained herein are provided for general information purposes, and may not be reproduced without the written permission of CMT. CMT shall not be liable to the recipient or any third party for any loss, liability or damage, cost or expense including without limitation, direct, indirect, consequential loss or damage, any loss of profit, loss of use, loss of or interruption in business, loss of goodwill, loss of data arising out of, or in connection with, the use of and the reliance on the information whether in contract, tort, negligence, bailment, breach of statutory duty or otherwise, even if foreseeable. This disclaimer shall be governed by and construed in accordance with Laws of Taiwan, R.O.C.

We undertake no obligation to publicly update or revise any forward looking statement contained in this presentation, whether as a result of new information, future events or otherwise, except as required by law. In light of the risks, uncertainties and assumptions, the forward looking events discussed in this presentation might not occur, and our actual results could differ materially from those anticipated in these forward-looking statements.

Contact Information

Web Site: www.cmt.tw

Head Office:

15 Jinan Road Sect 1 Taipei Taiwan R.O.C. Tel:+886(0)2 2396 3282 Fax:+886(0)2 2391 6165

Investor Relations:

Spokesperson: BJ Tarng, Vice President Tel: +886(0)2 2397 6670 Fax: +886(0)2 2356 8085 Email: inv.rel@agcmt.com.tw

==> picture [299 x 201] intentionally omitted <==

==> picture [228 x 36] intentionally omitted <==

39

Dec/2021 Investor Presentation

Thank You ！

==> picture [630 x 275] intentionally omitted <==

==> picture [300 x 125] intentionally omitted <==