Taiwan Fertilizer Co., Ltd. (1722 TT) Company Introduction

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November 22th, 2019

Table of Content

 History and Milestones

TFC Financial
Lines of Business
Fertilizer and Chemical Business
Land Development and Investment Business

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History and Milestones

1946

1980

1993

1999

2009

2013

2016

2017

2018

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TFC was established by the government and initiated to produce fertilizer & chemical products

Established a 50:50 JV, Jubail JV with SABIC Co. in Saudi Arabia to produce Urea & Ammonia

- Agreed to invest in 2 EH project in Al Bayroni and to extend JV contract until 2013

TFC was privatized, but the government is still the largest shareholder with 24% stake

Agreed to extend JV contract for another 20 years after 2013

Taichung plant was formally operated. Focus on the fertilizer chemical production business, and conducted land activation policies.

In coordination with government “the New Southbound policy” ,the Board of Directors passed the “Construction of Taichung Harbor West Dock 10” project to expand the international market.

Cooperated with government fertilizer policies, TFC has accomplished the goal of total “Biotec-organic” solution.

Cooperated with the government organization to set up the National Marine Resource Museum.

TFC won the “Platinum Award of Top 50 Corporations Sustainability Report”, and was included in the FTSE4Good Index Series .

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’ – TFC s Financial Breakdown(1)

NT$ Million

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Core Business(Operating Profit+ Jubail JV) Others
570
104
3379 410 1851 2379
1754
(859) (362) (17)
2015 2016 2017 2018 2019Q1-Q3
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NT $ Million *Year* *2015* *2016* *2017* *2018 2019Q1-Q3* *Operating Income* *2,345* *596* *1,228* *1,286* *1,104* *Jubail JV* *1,034* *(186)* *623* *1,093* *650* *Core Business* *3,379* *410* *1,851* *2,379* *1,754* *Others* *(859)* *(362)* *(17)* *570* *104* *Net Income* *2,427* *(73)* *1,619* *2,281* *1,545* Earning per share (dollar) *2.48* *(0.07)* *1.65* *2.33* *1.58*	NT $ Million *Year* *2015* *2016* *2017* *2018 2019Q1-Q3* *Operating Income* *2,345* *596* *1,228* *1,286* *1,104* *Jubail JV* *1,034* *(186)* *623* *1,093* *650* *Core Business* *3,379* *410* *1,851* *2,379* *1,754* *Others* *(859)* *(362)* *(17)* *570* *104* *Net Income* *2,427* *(73)* *1,619* *2,281* *1,545* Earning per share (dollar) *2.48* *(0.07)* *1.65* *2.33* *1.58*	NT $ Million *Year* *2015* *2016* *2017* *2018 2019Q1-Q3* *Operating Income* *2,345* *596* *1,228* *1,286* *1,104* *Jubail JV* *1,034* *(186)* *623* *1,093* *650* *Core Business* *3,379* *410* *1,851* *2,379* *1,754* *Others* *(859)* *(362)* *(17)* *570* *104* *Net Income* *2,427* *(73)* *1,619* *2,281* *1,545* Earning per share (dollar) *2.48* *(0.07)* *1.65* *2.33* *1.58*	NT $ Million *Year* *2015* *2016* *2017* *2018 2019Q1-Q3* *Operating Income* *2,345* *596* *1,228* *1,286* *1,104* *Jubail JV* *1,034* *(186)* *623* *1,093* *650* *Core Business* *3,379* *410* *1,851* *2,379* *1,754* *Others* *(859)* *(362)* *(17)* *570* *104* *Net Income* *2,427* *(73)* *1,619* *2,281* *1,545* Earning per share (dollar) *2.48* *(0.07)* *1.65* *2.33* *1.58*	NT $ Million *Year* *2015* *2016* *2017* *2018 2019Q1-Q3* *Operating Income* *2,345* *596* *1,228* *1,286* *1,104* *Jubail JV* *1,034* *(186)* *623* *1,093* *650* *Core Business* *3,379* *410* *1,851* *2,379* *1,754* *Others* *(859)* *(362)* *(17)* *570* *104* *Net Income* *2,427* *(73)* *1,619* *2,281* *1,545* Earning per share (dollar) *2.48* *(0.07)* *1.65* *2.33* *1.58*	NT $ Million *Year* *2015* *2016* *2017* *2018 2019Q1-Q3* *Operating Income* *2,345* *596* *1,228* *1,286* *1,104* *Jubail JV* *1,034* *(186)* *623* *1,093* *650* *Core Business* *3,379* *410* *1,851* *2,379* *1,754* *Others* *(859)* *(362)* *(17)* *570* *104* *Net Income* *2,427* *(73)* *1,619* *2,281* *1,545* Earning per share (dollar) *2.48* *(0.07)* *1.65* *2.33* *1.58*
*Year*	*2015*	*2016*	*2017*	*2018*	*2019Q1-Q3*
*Operating Income*	*2,345*	*596*	*1,228*	*1,286*	*1,104*
*Jubail JV*	*1,034*	*(186)*	*623*	*1,093*	*650*
*Core Business*	*3,379*	*410*	*1,851*	*2,379*	*1,754*
*Others*	*(859)*	*(362)*	*(17)*	*570*	*104*
*Net Income*	*2,427*	*(73)*	*1,619*	*2,281*	*1,545*
Earning per share (dollar)	*2.48*	*(0.07)*	*1.65*	*2.33*	*1.58*

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’ – TFC s Financial Breakdown(2)

Total Revenue Gross Profit

2019Q1-Q3: 9.54Billion

2019Q1-Q3: 1.97Billion

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Others Others
1%
3%
Real Estate
Real Estate
18% 38%
Fertilizer&
Fertilizer&
Chemical Chemical
79% 61%
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2018: 12.22 Billion

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Others
3%
Real Estate
13%
Fertilizer&
Chemical
84%
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2018: 2.8 Billion

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Others
2%
Real Estate
26%
Fertilizer&
Chemical
72%
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– TFC’s Financial Overseas investment

-  Saudi Arabia Jubail JV

- Four Main Products: Urea, Ammonia, 2 EH, DOP

Share of profits of Jubail JV(TFC Account)

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NT $ million
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1,093
1,500
1,034
650
1,000 623
500
0
2015 2016 2017 2018 2019Q1-Q3
(500)
(255)
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TFC Dividend Polic y

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EPS(NT$) DPS(NT$)
3.13
2.59 2.33
2.48
2.20
2.00 2.20 2.10 2.10 2.10
1.65
2013 2014 2015 2016 2017 2018
(0.07)
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TFC historically maintained a high cash payout ratio.
Dividend policy: stable growth and mainly paid out with cash dividend.

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Production ca acit &Location p y

Business	Factory	Product Item	Capacity (mt/kl)
Fertilizer & Chemical	Taichung	nitrate-based compound fertilizer	325,000
		cerium-phosphorus compound fertilizer	140,000
		ammonium sulfate	150,000
		superphosphate	120,000
		nitric acid(65%)	165,000
	Miaoli	organic compound fertilizer	6,000
		instant compound fertilizer	3,500
		biotechnology nutrient solution	600
		phosphoric acid	5,500
		NMP	3,000
		electronic-grade nitric acid	7,200
		electronic-grade ammonia water	7,200
Real estate & Investment	Hualien	Deep Ocean Water	600,000
		Deep Ocean Water Production Park
	(Former Nangang )	Nangang Business-Trade Park
	(Former Hsinchu)	Hsinchu Tech Business Park
	(Former Kaohsiung)	Kaohsiung Multifunctional Commerce & Trade Park

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Fertilizer & Chemical Business

Fertilizer Business in Taiwan

 What we — supply

Compound and single nutrient fertilizer . products

 Where our market—

Fully supply to domestic farmers

 Who we are—

Leading company in fertilizer market, taking 70% of market share in general.

Chemical Business in Taiwan

 What we — supply

Ammonia, sulfamic acid, untreated urea, nitric acid, electronic and precision chemicals, oleum, melamine, etc .

 Where our market—

Except some portions of sulfamic acid and nitric acid products sold to overseas, mainly for domestic industries in Taiwan.

— New Directions

Construction of Taichung Harbor West Dock 10 Project
Seeking logistic & trading Opportunities in Southeast Asia

 New Southbound Policy

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Production & Sales

Fertilizer Production and sales trend chart (thousand tons)

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900 Output Sales volume
600 439.70
463.40
300
0
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019Q3
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Chemical Production and sales trend chart (thousand tons)
Output Sales volume 131.20
159.1
200
150
100
50
0
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019Q3
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Construction of Taichung Harbor West Dock 10 Project

— Purpose

1.Supplying compound fertilizer for domestic market , and in coordination with government New Southbound Policy.
2.Seeking new investment opportunities in logistic & trading business, engaged in chemical trading market.

— Area

TFC set up the new subsidiary enterprise of Pei Feng Technological Co., Ltd. , the Corporation leased from the Taichung Harbor Bureau, a 43,000-square meter lot in a special petrochemical industry zone in Taichung.

— Schedule

Construction period : 2016.11~2020.6

Scheme Ⅰ: Land leasing ， preparing and allocation plan. Scheme Ⅱ: Set up the utility system ， chemical tanks ， storage and transportation system. Scheme Ⅲ: Apply for the factory registration.

— Scope

Including Fertilizer & Chemical Products.

— Total Investment

Total Investment:2.367 Billion

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Source from: Google earth

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– Land Development Ma of Si nificant Pro ects p g j

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Hsinchu Tech Business Park
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Taichung Relocation Plant
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Kaohsiung Multifunctional Commerce and Trade Park

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Nan-Gang
( 南港 ) ‧
Keelung Medical Park
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Nangang Nangang Business-Trade Business-Trade Hualien Deep Ocean Park No.C2 Park No.C4 Water Production Park Project Project

List of Land Assets

Location Lot of land	size(㎡)
Taipei City 74	114,240.78
New Taipei City 109	54,602.56
Keelung City 227	238,763.12
Ilan County 8	4,116.75
Hsinchu City 52	210,146.13
Taipei ~~City~~ 6.86% New ~~Taipei~~ City 3.28% Keelung City 14.35% Ilan ~~County~~ 0.25% Hsinchu City 12.63% Miaoli County 18.30% Taichung City 0.03% Yunlin County 1.05% ~~Kaohsiun~~ g City ~~9.60%~~ Hualien ~~City~~ 33.65% Taipei ~~City~~ 6.86% New Taipei City… Keelung ~~City~~ 14.35% Ilan County ~~0.25%~~ Hsinchu City 12.63% Miaoli ~~County~~ Taichung ~~City~~ Yunlin ~~County~~ Kaohsiun g City Hualien ~~City~~ 33.65% Miaoli County 112 Taichung City 1 Yunlin County 1 Kaohsiung City 22 Hualien County 44	304,530.33 581.62 17,510.00 159,735.68 560,082.00
18.30% 0.03% 1.05% 9.60% Total 650 1,664,308.97

Remarks : The data collection date is September,30, 2019.

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2019 Land Development Plan

Area	Size(ping)	Size( ㎡ )	Current Status
Nangang Business-Trade Park No.C2 (Taipei)	7,051	23,310	1. All leased out. 2. Building permit approved. Diaphragm wall construction completed. Building under construction.
Nangang Business-Trade Park No.C3 (Taipei)	12,565	41,537	The right of superficies has been given to Taiwan Life Insurance Co., Ltd. For 45 years.
Nangang Business-Trade Park No.C4 (Taipei)	2,091	6,911	1. Construct and operate the Commercial building by TFC 2. The architectural design and urban design are under review.
Hsinchu Tech Business Park No.D7 (Hsinchu)	17,790	58,810	1. TFC ONE is well constructed and now leasing. 2. Remaining land is still in the planning stage.
Keelung Medical Park (Keelung City)	9,448	31,235	Planning for a Medical Park, it’s now under negotiation.
Kaohsiung Multifunctional Commerce and Trade Park (Kaohsiung City)	48,779	161,253	“Urban land Readjustment ” implemented by Kaohsiung City government.
Hualien Deep Ocean Water Production Park (Hualien Factory)	138,734	458,627	Focusing on the program of Deep Ocean Water Production, and inviting the investment.

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Note: 1 ping equals to 3.3 ㎡

Location of Nangang

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Taipei Main Station
Zhongxiao E. Rd. Songshan Airport
Xinyi Planned Area Neihu Technology Park
Nangang
Great Taipei Area
R13
R17
R5
C6-9
C4 R4
Nangang C3
Business-Trade C2
Park
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Significant Developments in Nangang - Business Trade Park

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Nangang Software Park I&II Nangang Software Park lll
N
National Freeway
R13-1
China Trust R5
Headquarter C4 R4
Nangang Exhibition
MRT Hall II
C3
Bannan Line
Nangang Exhibition
Hall I C2
MRT
Wenhu Line
Railroad Expressway
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Nangang Business Trade Park No.C2 Development — Plan Hotels and Commercial Buildin g

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Land size： 23,310 ㎡ (7,051ping) Plot Ratio：440％

Building Coverage Ratio: 60％ Program：

GFA：Around 199,172.15㎡ (around 60,000 ping)
Tower A：Hotel/26F
Tower B：Business Office/ 28F
Tower C：Hotel/ 17F
4 Floors below ground
Strategy：Rental Management/Develop by TFC Status：
Building permit approved in 2017.
Diaphragm wall construction completed in May, 2018. Main structure is under
- construction. The whole project is estimated to be completed in 2023.
3.All leased out.

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Nangang Business Trade Park No.C4 — Develo ment Plan Commercial Buildin p g

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Land Size ： 6,911 ㎡ (2,091 ping) Plot Ratio ： 360%

Building Coverage Ratio: 60 ％

Total Floor area : 59,541.87㎡ (about 18,011.4 ping) ; 24 floors /5 floors below ground.

Policy ： Rental Management/Develop by TFC Status:

1.The project is planning to build one commercial building and the architectural design and urban design review is permit. Whole project’s estimated to be done in 2024. 2. Connecting bridge will be designed to connect MRT Nangang Software Park Station, the base of C3 and C4.

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C4
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Location of Hsinchu Science Park

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Taipei
Hsinchu
City Center
K.D.
Interchange
Hsinchu
Science Park
Taichung
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— Hsinchu Science Park Urban Land Consolidation

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一期重劃區
二期重劃區
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Land Size ： 269,115 ㎡ (81,407ping) Land reservation for public facilities ：

78,534 ㎡ (23,756 ping)

Plot Ratio/Coverage Ratio ： 210 ％、 65 ％ Status ： Urban Land Readjustment Implemented by the Private Sector

1.First stage of Readjustment (D3,D4,D7)

Financial settlement and announcement of readjustment committee by HsinChu City Government are complete.
Regain the land lot of TFC, land no.11 and the rest 9 lands, and working on the disposition of 1 offset-Expenditure land and profits.

2.Second stage of Readjustment (D5,D6)

The city government had already put off the examination of engineering planning drawing and budget document because this readjustment area has been involved to Plan X and the plan of Forward-Looking Infrastructure.

Hsinchu Science Park D7 Block

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Hsinchu Tech Business Park(D3 D7) Land Size ： 162,578 ㎡ (49,180 ping) Plot Ratio ： 210 ％ Building Coverage Ratio : 65 ％

Hsinchu Tech Business Park(D7 A) Land Size ： 70,756 ㎡ (21,404 ping) Plot Ratio ： 210 ％ Building Coverage Ratio : 65 ％ Program ： Office 、 Residence Status ：

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D
7
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D7-A
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D7-A construction was completed and the lease has been completed almost 90%
The remaining land is still at the planning stage.

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Hsinchu Science Park
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D3 Mobile City (short term use) Land Size ： 22,715.29 ㎡ (6,871 ping) Plot Ratio ： 210 ％ Building Coverage Ratio: 65 ％ Program ： Mobile showroom & basic maintenance station

Status ：

All leased, to Audi, Toyota, Volkswagen, etc.
Current annual rental income is

about NTD $ 37 million.

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Keelun Medical Park g

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Land Size ： 31,235 ㎡ (9,448 ping) (Type Yi Industrial land) Plot Ratio ： 150 ％

Building Coverage Ratio : 60 ％

Program ： plan for the Medical Park due to city government policy Status ：

Our company, city government and vendors have constituted a professional team to discuss the project.
The expected occupier has applied for the evaluation of feasibility of relocation, the financial affair is under evaluation. Now, it’s still under negotiation because the policy of city government and occupier is still up in the air.

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Kaohsiung Multifunctional Commerce &
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Land Area
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Land Size ： 161,253 ㎡ (48,779 ping)

Trade 7C (16.91 HA) Land size of TFC:158,008 ㎡ (account for 93.58% of whole area)
Trade 7D (7.09 HA) Land size of TFC:3,245 ㎡ (account for 4.57% of whole area)

Plot Ratio ： 490 ％ Building Coverage Ratio: 60 ％

Program: Mall, Office, Hotel and Cultural Construction Status ：
Trade Park 7C & 7D area have been torn down and cleared. Trade Park 7C is now developing “Urban Land Readjustment” ” implemented by Kaohsiung City government and working on the procedure of Replotting Specification and dispute resolution, expected to be finished in 2020 .
Land registration of Trade Park 7D is done, already gained the lot of the land number 9, the land size is 1,605.58 ㎡ . Currently, it’s for renting.

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Hualien Dee Ocean Water Production Park p

Land Size： About 46 hectare in Hualien Factory Summary： Using the features of ocean deep water to develop diversified products and related value-added industry, and also to activate the land in Hualien factory.

Program： Manufacturing and sale of bottled drink water、salt 、、 manufacturing processed food additives cosmetics and functional food ; aquaculture and its processing.

Status ：

President Tsai Ing-Wen, Hsin-Hong Kang, the Chairman of TFC and TFC colleagues standing in front of Discovery Center of DOM.

1. First Stage(2005~2011)：

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TFC invested 0.482 billion to draw deep ocean water by setting up drawing pipe and related facilities and established “Taiwan Yes Deep Ocean Water Co., Ltd. "in September,2006. TFC is running the business of bottled drink water, DOM salt, Nigari Concentrate and Cosmetics.
Second Stage(2011~2018)：
Starting the program of Deep Ocean Water Production Park from April,2011, developing stage by stage.

• To draw the attention of investors, it’s mainly divided into aquaculture area, manufacturing and processing area, experience area. At the same time, we are working on multiple-stage aquaculture and deep ocean water production through industry-university cooperative research project. We are dedicating to achieving three one-hundred-percent goals.

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On December 2, 2016 and October 3, 2017, the Premier Lai and President Tsai inspected the park respectively, expected to combine and upgrade the development of Hualien’s tourism industry and marine resources industry.
The image promotion area in the park had been selected as the reservation for the National Marine Resource Museum and the center of Hualien Deep ocean water industry corridor by Executive Yuan. It is currently under the early-stage plan coordinating with the National Academy of Marine Research.

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Thank You !

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AI assistant

TFC — Annual Report 2019

51902_rns_2019-11-21_f19d143b-152e-4693-92c6-d796e44bdc42.pdf

Table of Content

 History and Milestones

History and Milestones

’ – TFC s Financial Breakdown(1)

’ – TFC s Financial Breakdown(2)

Total Revenue Gross Profit

2019Q1-Q3: 1.97Billion

2018: 12.22 Billion

2018: 2.8 Billion

– TFC’s Financial Overseas investment

-  Saudi Arabia Jubail JV

- Four Main Products: Urea, Ammonia, 2 EH, DOP

TFC Dividend Polic y

Production ca acit &Location p y

Fertilizer & Chemical Business

Fertilizer Business in Taiwan

 What we — supply

 Where our market—

 Who we are—

 What we — supply

 Where our market—

— New Directions

Production & Sales

Fertilizer Production and sales trend chart (thousand tons)

Construction of Taichung Harbor West Dock 10 Project

— Purpose

— Area

— Schedule

— Scope

— Total Investment

– Land Development Ma of Si nificant Pro ects p g j

List of Land Assets

2019 Land Development Plan

Location of Nangang

Significant Developments in Nangang - Business Trade Park

Nangang Business Trade Park No.C2 Development — Plan Hotels and Commercial Buildin g

Nangang Business Trade Park No.C4 — Develo ment Plan Commercial Buildin p g

Location of Hsinchu Science Park

— Hsinchu Science Park Urban Land Consolidation

1.First stage of Readjustment (D3,D4,D7)

2.Second stage of Readjustment (D5,D6)

Hsinchu Science Park D7 Block

Keelun Medical Park g

Hualien Dee Ocean Water Production Park p

Status ：

1. First Stage(2005~2011)：

Thank You !

More from TFC

TFC Annual Report 2019