National Development Fund

The Introduction of theNational Development Fund 行政院國家發展基金管理會簡介

The National Development Fund, Executive Yuan, R.O.C.December 31, 2010

行政院國家發展基金管理會中華民國 99 年 12 月 31 日

National Development Fund2

I 、 Introduction 前言II 、 Direct Investment 投資業務III 、 Venture Capital Investment 創投業務IV 、 Loan Financing 融資業務

2

Contents目 錄

National Development Fund3

I 、 Introduction前 言

National Development Fund4

(I) Mission of the NDF 國發基金任務1. Date Established ( 設立時間 )

1973 ( 民國 62 年 )

2. Governing Regulations ( 法源依據 )• 1973 – 1990: “The Statute for Encouragement of Investments” §76

民國 62-79 年：「獎勵投資條例」第 76 條• 1991-2010: “The Statute for Upgrading Industries” §21

民國 80-99 年：「促進產業升級條例」第 21 條• Since 2010: “Industrial Innovation Act ” §29

民國 99 年迄今：「產業創新條例」第 29 條3. Purpose of Establishment ( 設立目的 )

To accelerate industrial innovation and to promote economic transition and national development.加速產業創新加值，促進經濟轉型及國家發展

5 National Development Fund

(I) Mission of the NDF 國發基金任務NDF was set up in accordance with “Industrial Innovation Act” § 29

國發基金設立依據：產業創新條例第 29 條一、 To comply with government industrial development policies, NDF mainly invests in

industrial innovation, high-tech, energy regeneration, and green energy industries as well as certain businesses that will increase industrial benefit or improve industry structure.

配合國家產業發展策略，投資於產業創新、高科技發展、能資源再生、綠能產業、技術引進及其他增加產業效益或改善產業結構有關之重要事業或計畫。二、 NDF also provides loan financing to industries that focus on energy saving, pollution

prevention, and the reduction of greenhouse effect, as well as other counseling plans which will increase industrial benefit or improve industry structure.

配合國家產業發展策略，融貸資金於產業永續發展、防治污染、節約能源、降低溫室效應及其他增加產業效益或改善產業結構有關之輔導計畫。

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(I) Mission of the NDF (continued) 國發基金任務 ( 續）NDF was set up in accordance with “Industrial Innovation Act” § 29

國發基金設立依據：產業創新條例第 29 條三、 To assist central industry competent authority to process investment, loan financing, or

technical cooperation related expenditure. 協助各中央目的事業主管機關辦理有關計畫之投融資或技術合作支出。四、 To assist central industry competent authority to process economic development, cultural

and creative industry development, training and industry structure improvement related expenditure.

協助各中央目的事業主管機關為經濟發展、農業科技發展、社會發展、文創意發展、引進技術、加強研究發展、發展自有品牌、培訓人才、改善產業結構及相關事項所推動計畫之支出。五、 Other special projects which are approved by Executive Yuan. 其他經行政院專案核准者。

National Development Fund7

(II) Organization Chart 組織架構Management

Committee

Executive SecretaryVenture Capital Investment

Review CommitteeInvestment Review

Committee

Deputy Executive Secretary

Deputy Executive Secretary

General

Affairs

Auditing

Business

Accounting

Chairman

管理會主任委員

執行秘書投資評估審議委員會創業投資審議委員會

開發基金副執行秘書 中美基金副執行秘書

業務組 總務組 會計組 稽核組

National Development Fund8

Investmentin VC

PortfolioManagement

DirectInvestment

LoanFinancing

Operations業務內容

融資業務

投資業務 投資管理

創投業務

(III) Major Activities 國發基金主要業務

National Development Fund9

委託經濟部中小企業處執行100 億元投資

轉介創投或文建會投資國內創投： 42 家國外創投： 15 家

總計畫金額 ( 億元 )Total Amount of the Investment Program (NTD$500M)

(IV) Investment Strategy of the NDF 國發展基金之投資策略 (by Amount Applied for investment 依投資規模金額分類 )

國發基金結合大型 法人或業者直接投資或投資創投公司Co-invest with well-know

foreign/local firms and VCIEs invested by NDF

Entrusting the Small andMedium Enterprise Administration of the MOEA to investment of NTD$10billion

Investment through VCIEs or CCA(Council for Cultural Affairs) introduced by NDFLocal VCIEs :42Foreign VCIEs :15

擬申請投資金額

Total Am

ount Applied

for Investment

國發基金多層級投資方式 Multi-level Investment Strategy of NDF ：

1 億元NTD$100M

5 千萬元NTD$50M

5 億元 NTD$500M 2 億元 NTD$200M

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(V) Activities Supporting Government Policy 國發基金配合推動之相關政府政策

國家建設六年計畫

Six-year National D

evelopment

Plan 加強生物技術產業推動方案Prom

otion Plan for the Biotechnology Industry

促進東部地區產業發展計畫Prom

otion Plan for Eastern Area D

evelopment

挑戰二○○八國家重點計畫

Challenge ２００８: N

ational D

evelopment Plan

1995 20021990 199719911986

航太工業發展方案

Aerospace Industry D

evelopment Plan

超大型積體電路工廠計畫

Very Large Scale Integration (V

LSI) M

anufacturing Factory Developm

ent Plan

台灣生技起飛鑽石行動方案

Diam

ond Promotion Plan for the

Biotechnology Industry

20092007 2010

加強投資中小企業實施方案

Investment Enhancem

ent Plan on Small &

M

edium Enterprise

文化創意產業發展方案

Cultural &

Creative Industry D

evelopment

Plan

11 National Development Fund

(VI) Investment Performance of the NDF 國發基金投資績效

資料日期： 99.12.31

Data Date: 2010.12.31

基金規模變化及對國庫貢獻

Original Government Funding: USD $725 million

原始撥款 NTD$213.31億元

1973 年（民國 62 年）

Accumulated paid back to National Treasury:

USD$ 7 billion (48.8%)

19.75 倍19.75X

Net Asset of the NDF: USD$ 7.3 billion (51.2%)

繳庫數48.8％

2056.43 億元

基金淨值51.2％

2,156.67 億元合計

NT$4,213.10億元Total: USD$ 14.3 billion

37 年 2010 年（民國 99 年）

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資料日期： 99年 12 月 31日Data date: December 31, 2010

Total Assets: USD$7.34 Billion Total Assets: USD$7.34 Billion 總資產：總資產： $2,157.99$2,157.99 億億元元Direct Investments Direct Investments 直接投資直接投資 (40(40 家家 ))USD $5.64 billion ($1,659.09 億元 )

(76.88%)

Current Assets Current Assets 流動資產流動資產USD$ 748.34 million

($220.10 億元 )(10.20 %)

Loan FinancingLoan Financing融資計畫融資計畫 (13(13 項項 ))USD $564 million

($166.06 億元 )(7.70 %)

Other Other 其他其他USD $11.87 million

($3.49 億元 )(0.16%)

(VII) Asset Allocation 基金資產分配情形

Venture Capital Investments Venture Capital Investments 創投投資創投投資 (57(57 家家 ))USD $309.87 million

($91.14 億元 ) (4.22%)

Government Policy LoanGovernment Policy Loan協助主管機關協助主管機關辦理投資辦理投資 (( 加強投資中小企業加強投資中小企業 ))

USD $61.57 million($18.11 億元 )

(0.84%)

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II 、 Direct Investment投資業務

14 National Development Fund

(I) Investment Strategy 投資策略原則 　　　1. Do not act as lead investor原則上不擔任主導性投資人

2. Invest in fund raising projects with raising amount above NTD$ 500 million 當次募資總金額超過新台幣 5億元3. Participate in projects that government shares in aggregate is not over 49%公股比例合計不超過 49％

National Development Fund15

13

52 2 2 2 1 1

43 23

0

3

6

9

12

15

Biotech

Aerosp

ace

Finance

Semico

nductor

s

Optoelec

tronics

Digital

conte

nt, C

ult...

Touris

m

Transpo

rtatio

n

Commun

icatio

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Venture

Capita

lStee

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Mac

hinery

生技

As of December 31, 2010, industry breakdown for equity investment is as follow:截至 99.12.31 ，投資標的計 40 家，產業分類如下：

航太 金融 半導體 光電

數位與文

化創意 觀光 運輸 通訊 創投

鋼鐵 機械

(II) Investment Focus 投資重點

Data Date ： December 31, 2010

資料日期： 99.12.31

National Development Fund16

申請File

由學者、專家及相關機關人員組成Composed of

Scholars 、 Experts and officers

一般民間申請投資專案Applicator

Business Plan

請外部專家提供評估意見External Experts Opinions

行政院專案核准案件Project Approved by Prime Minister

面談或聽取簡報Interview

/Presentation本基金分析評估

Analysis/Evaluation

投資評估審議會審查通過 ?Investment Review

Committee Review

管理會審核通過 ?Management

Committee Review

結案Reject

結案Reject

否N

否N

是Y

是Y 本基金參加投資

NDF makethe investment

(III) Application for Direct Investment Flow Chart 國家發展基金目前參與投資之投資流程一般性投資案件審查流程

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III 、 Venture Capital Investment創投業務

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(I) Application for VCs Investment Flow Chart國家發展基金創投申請投資流程圖

Introduce to other investors

Supplement move information

Analysis

Outside opinion

EvaluationNDFBoardRe-view

Clarification Reject***

Sign up Memorandum

Preliminary review

VCInvestmentCommittee

Review

Reject

N

N

N

Y

Y

N

N

Y Y

Application Process is approximately 3 months

* Proof of a source for 20% of total fund size which is already sought** Alien applicant (VCs) also need to negotiate the “strategic alliance agreement” with MegaBank and NDF*** May appeal but only for one time

申請流程約三個月

Processing by MegaBank (NDF’s Trustee)

Processing by NDF

Alien Applicant (VCs) also see **

創投申請案投資說明會

國發基金創投審議會

撥款Preliminary discussion with NDF

Applicator Business Plan (PPM) or 20% LOI*

Interview W / Applicant

Data** Gathering

Due Diligence

National Development Fund19

Series 1 Series 1 Series 1Series 1 Series 1 Series 1Series 2Series 2 Series 2 Series 2 Series 2

Series 3Series 3

Series 3Series 3

0

2

4

6

8

10

12

1990 1997 2001 2002 2003 2010

0.38(4)

7.63(44)

1.24(12)

9.11(57)

5.74(38)

3.82(31)

年Note 1: VC investment Series 1 started from Sep. 17, 1985; Series 2 started from Feb. 26, 1991; Series 3 started from Jan. 8, 1998.Note 2: Number of investment showed in ().

Unit: N

TD

$ Billion

單位：新台幣十億元

- Number of VC & Total Amount Invested Data Date: Dec. 31, 2010 資料日期： 99.12.31

(II) Accumulated Investment in VCs 國發基金累計歷年投資創投業之資金及家數變化

National Development Fund20

IV 、 Loan Financing融資業務

21 National Development Fund

(I) Loan Financing Flow Chart 融資業務作業流程 　　　Government agency submits an application to NDF.主管機關提出申請

ex ：工業局

NDF performs evaluation process.

本基金評估

Discussed at management committee

管理會討論ex ：確認是否違反

WTO

Rejected不通過 Close the case

結案Approved通過

招標遴選經理銀行 Select intermediate bank through public bidding

透過銀行貸放Making loan through the intermediate bank

Principal for loan financing 融資原則a) Making loan through intermediate bank in

accordance with government policy

透過金融機構通路及融資專業達成政策服務。b) No risk by providing indirect financing.

間接融資且不承擔風險。

National Development Fund22

As of December 31,2010, USD $24.64 billion had been approved for 52,955 applications in 4 categories. ( 迄民國 99 年 12 月 31 日止，核貸件數 52,955 件，累計核貸金額達新台幣 7,247 億元，計分四類。 )

(II) Achievements 融資成效

Data Date ： December 31, 2010資料日期： 99.12.31

Category 貸款項目Total

Amount貸款總額度

Fund by NDF本基金搭配出資額度

AccumulatedApproved

Cases累計核准件數

AccumulatedApprovedAmount

累計核准金額

I For improving industrial competitiveness為改善產業結構，促進產業升級者

$ 7,340 $ 1,321 49,768 $ 5,896

IIFor environmental protection & energyconservation配合推動環保及能源政策者

830 210 1,332 627

IIIFor strengthening R&D & infrastructuredevelopment plans協助加強研發及支援經建會計畫者

403 274 1,116 389

IV From other government agencies配合其他主管機關者

642 230 739 335

Total合計 9,215$ 2,035$ 52,955 7,247$

Currency unit: NTD$100million; 貨幣單位 : 新台幣億元