1. 台灣 CDO 證券化市場現況 Taiwan CDO Securitization Market July 14, 2006 張 華 平 Hwa-Ping Chang

2. 1 Types: Cash-Flow Securitization –CLO, CBO, Cash Type CDO Synthetic Securitization –Synthetic CDO Market-Value Securitization Etc… Type Review

3. 2 CDO Asset Securitization Types in Taiwan Market (Up to 6/30/2006) Financial Asset Securitization --- from 2002.07.24 Total Transactions: 35 Total Amount: 316 billion (NTD) CDO Related: CLO: 8 deals (40.6 billion (NTD) ) CBO: 10 deals (122.4 billion (NTD)) ABCP: 6 deals (81.7 billion (NTD))

4. 3 Senior Trust Certificate twA IBT Originator and Servicer Obligors Investors Underwriters SPT (Land Bank) Loans Asset Securitization Structure in Taiwan ABS: IBT CLO Structure Proceeds of Senior Trust Certificate Sub Trust Certificate Senior Trust Certificate Proceeds of Senior Trust Certificate Senior Trust Certificate Proceeds of Senior Trust Certificate

5. 4 Barriers of the CDO Development in Taiwan Market Tax and Regulation, e.g. RP tax Restriction of Off-shore Assets, e.g. index link, management type CDO Approval Procedures Underwriting Capability and Market Risk

6. 5 International Recognitions Accorded to IBT CLO “ BEST DOMESTIC ASSET-BACKED SECURITIZATION – 2003 ” in Asia “ BEST DOMESTIC SECURITIZATION – 2003 ” in Asia “ BEST SECURITIZATION DEAL OF THE YEAR – 2003 ” in Asia “ 最佳商品設計獎 ”

7. 6 Q & A