Samsung Securities Co., Ltd.

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1 Samsung Securities Co., Ltd. 2Q 2017 Earnings Release August 2017 Investor Relations

2 Contents Income Statement (summary) Net revenues Brokerage Financial product sales Trading & interest income Investment banking Operating expenses Wealth management client base Appendix SAMSUNG SECURITIES

3 Income Statement (summary) (KRW billon) Consolidated Separate 2Q17 1Q17 2Q16 QoQ YoY 2Q17 1Q17 2Q16 QoQ YoY Net revenues % +8% % +9% Brokerage ¹ % +5% % +7% Financial product sales ² (4%) +4% (4%) +4% Trading & Interest Income (10%) (14%) (14%) (19%) Investment banking % +201% % +201% Other ³ % +40% % +54% Commission expenses (7.4) (5.3) (5.1) +40% +47% (9.7) (7.8) (8.0) +25% +21% Operating expenses % (2%) % (2%) Personnel expenses % % +1% Amortization & depreciation % (6%) % (7%) G&A expenses % (5%) (5%) Operating income % +30% % +32% Non-operating income (81%) 0.2 (2.0) (45%) Pretax income % +28% % +32% Income tax expense % +28% % +31% Net income % +27% % +32% (Attributable to shareholders) % +28% Return on equity 6.4% 5.6% 6.1% +0.8%p +0.3%p 6.1% 5.6% 5.6% +0.5%p +0.5%p Major Changes (Separate basis) Brokerage commission increased on strong trading activity and market share expansion (+21% QoQ) Financial product sales revenue decreased due to weak OTC derivatives and trust sales (-4% QoQ) Trading & Interest income decreased owing to decline in fixed income trading revenue (-14% QoQ) Investment banking revenue increased significantly as ECM and M&A showed improvements (+120% QoQ) Revenue breakdown Others 4% Investment Banking 10% Trading & Interest Income 14% 39% Financial Product Sales 34% Brokerage Cost-to-income ratio 62.8% 65.7% 69.1% (2.9%p) (6.3%p) 62.7% 64.6% 69.4% (2.0%p) (6.7%p) ¹ Brokerage revenue excluding related costs ² Net revenues from financial product sales includes mutual funds, wrap accounts, OTC derivative products, bancassurance and trust(fixed income sales credit included in trading income) ³ Interest on securities borrowing expenses, card related commissions(separate basis includes dividend from subsidiaries) SAMSUNG SECURITIES 3

4 Separate 별도기준 basis Brokerage: W78.4bn (+21% QoQ, +7% YoY) Brokerage commission increased on strong trading activity Domestic brokerage commission increased as both individual and domestic institutional turnover improved Especially, individual equity turnover M/S improved to 6.6% (2Q16 6.1% 1Q17 6.2% 2Q17 6.6%) Overseas equity sales commission increased as we expanded overseas market coverage with better research alliances (SSS) Brokerage Commission (SSS) Equity turnover (KRW trillion) (SSS) Overseas equity assets (KRW trillion) % +65% +43% +19% Other Overseas equity Domestic equity 5.6% 5.6% 5.7% M/S % +60% -8% +21% +22% Other Foreigner Domestic Institution Individual +7% 1, % +14% % etc America Asia 2Q16 1Q17 2Q17 Source : Samsung Securities Source : Samsung Securities, KOSPI, KOSDAQ, ETF & KONEX Source : Samsung Securities SAMSUNG SECURITIES 4

5 Separate 별도기준 basis Financial product sales: W91.9bn (-4% QoQ, +4% YoY) Financial product sales revenue decreased due to weak OTC derivatives and trust sales Mutual fund sales revenue improved amid global market recovery (W14.3bn, +6% YoY) OTC Derivatives revenue decreased -4% QoQ due to slow down in ELS sales and early termination (W68.2bn, +YoY +19%) ELS early termination revenue: W19.4bn in 2Q16 W50.5bn in 1Q17 W47.3bn in 2Q17 Financial products balance increased to W37tn on gains from mutual funds, wrap accounts etc. (SSS) Financial product sales revenue (SSS) OTC derivatives sales (SSS) Financial products balance (KRW trillion) (KRW trillion) % % % % 14.3 Trust, etc Wrap Account Fund 10.2% 13.2% 11.6% M/S % % -4% +10% OTC derivatives Wrap Account % 68.2 OTC derivatives % % 15.7 Fund Trust, etc Note : Net of related expenses Note: : Samsung Securities, Excluding DC-type retirement pension Note : End balance SAMSUNG SECURITIES 5

6 Separate 별도기준 basis Trading & interest income: W31.6bn (-14% QoQ, -19% YoY) Trading & interest income decreased due to decline in fixed income trading revenue Trading income down due to decline in Inflation-linked government bond trading income Client cash deposit and margin loan up 5%, 3% QoQ, respectively (SSS) Trading & interest income (SSS) Trading income related assets (SSS) Deposit & margin loan balance (KRW trillion) (KRW trillion) Client cash deposit -14% % DLS ELS 1.6 Margin loan % RP Source: Samsung Securities Note : End balance of client asset balance Note : Average balance SAMSUNG SECURITIES 6

7 Separate 별도기준 basis Investment banking: W22.4bn (+120% QoQ, +201% YoY) IB revenue increased significantly as ECM and M&A showed improvements ECM and M&A revenue increased sharply as big deals were closed in 2Q17 * ING life * SK shipping In 1H17, accumulated WM related IPO mandates are 11 deals, which is a sharp increase from 3 deals in 2016 Corporate loan balance down as a few short term loans were redeemed Supply of alternative investments for retail and wholesale clients continues (SSS) Investment banking revenue (SSS) Corporate loan balance (SSS) Structured product supply # of loans # of products supplied +120% +84% DCM ECM % -20% M&A Structured Products Note : Structured financing includes structured products related revenue, Note : Average balance Note : Total balance SAMSUNG foreign SECURITIES currency securities etc. 7

8 Separate 별도기준 basis Operating expenses W140.5bn (+4% QoQ, -2% YoY) Operating expenses increased due to regular annual pay raise and improved earnings Cost-to-income ratio improved on strong earnings (SSS) Operating expenses (SSS) Cost-to-Income ratio (SSS) Branches & employees % +9% Fixed exp. / % 65% 66% operating exp Variable personnel exp. 2,198 2,178 2,172 # of branches % Fixed personnel exp % 58.5 Service charge SG&A 69% 65% 63% # of employees Note : Fixed expense includes personnel expenses, IT expenses, Note : Including employees in overseas offices depreciation cost, rent and maintenance costs SAMSUNG SECURITIES 8

9 Separate 별도기준 basis Wealth management client base: W181tn (+11% QoQ, +5% YoY) Client assets increased due to both strong net inflow and valuation gains HNWI clients asset up +12% QoQ Total number of HNWI clients and average asset per client both increased to 9.7 thousand persons and W1,020mn (SSS) Client assets (KRW trillion) (SSS) Number of HNWI clients ( 000 person) (SSS) Return on client assets Net inflow Asset per Person (W100 mn) Institutions bps Individuals (HNWI) Note : W266tn including institutions Note : W10.1mn including institutions Note : Based on retail clients SAMSUNG SECURITIES 9

10 Appendix Company overview Net revenue breakdown Financial statements Balance sheet Income statement Client assets under management SAMSUNG SECURITIES

11 Company Overview Appendix CEO Mr. Yong-Am Yoon Number of employees 2,172 Market Cap. (Jun 30, 2017) W3.7tn Key Financials (consolidated) (Financial Advisors) 742 1H Total assets 35,413 33,230 30,994 Shareholders equity 4,254 3,827 3,524 (Majority interest) 4,254 3,827 3,524 Net income (Majority interest) ROE(annualized, %) 6.1% 4.7% 7.9% Shareholder composition Samsung Life insurance(29.4%), other affiliates(0.2%), National Pension Service(8.4%), foreign investors(22.3%), other institutional and individual investors(39.7%) Oversea branches Seoul Hong Kong New York London Beijing Tokyo Founded Shareholders equity Separate basis Number of branches 68 4, Company History 1982 Founded as Hanil Investment Finance 1988 Listed in Korea Exchange 1992 Joined Samsung Group and renamed Samsung Securities 2000 Merged with Samsung Investment Trust and Securities 2003 Adopted wealth management business model 2006 Ranked #1 in all categories of Asiamoney s Brokers Poll Signed cooperation agreement with Rothschild UK Named Best Research in Korea by Institutional Investor for three consecutive years 2010 Named Best Broker in Korea by Institutional Investor 2011 Signed MOU with China Asset Management (China AMC) Named Best Broker, Research, Equity in Korea by Asiamoney 2012 Named Best Private Bank and Broker by FinanceAsia for five consecutive years 2013 Named Best Fund Distributor in Korea by AsianInvestors 2014 Signed cooperation agreement with Pioneer Investments and Neuberger Berman 2015 Signed cooperation agreement with Woori Bank and CITIC Securities Included in Dow Jones Sustainability World Index for six consecutive years 2016 Signed cooperation agreement with KGI Securities 2017 Signed cooperation agreement with HSC Securities Signed cooperation agreement with SMBC Nikko Securities SAMSUNG SECURITIES 11

12 Net revenue breakdown Appendix Net revenue breakdown Net revenue classification Brokerage commission Net brokerage commission after deducting trading commissions 4% 6% 4% 3% 4% 7% 16% 26% 15% Others Underwriting/ M&A Trading & interest income Sales commission from financial products Net wrap account fee after deducting commission for external advisory firms Fund sales commission and management fee Includes early termination revenue and day 1 profit from OTC derivatives Trading gains/losses related to securities 29% 40% 42% Financial product sales Trading & interest income Sales commissions of fixed income Gains/losses from proprietary trading Interest income related to trading(interest on fixed income, repo, swap, etc.) Gains/losses on valuation of clients deposits Distribution income 38% 35% 32% Brokerage Investment banking Underwriting commissions on securities, foreign securities and debentures M&A commission H 17 Others Trust fees, stock lending commission, etc. Dividend income from subsidiaries Separate basis SAMSUNG SECURITIES 12

13 Consolidated balance sheet Appendix 2Q 17 (QoQ) (YoY) 1Q 17 4Q 16 3Q 16 2Q 16 1Q 16 4Q 15 3Q 15 2Q (YoY) Total Asset 35,413 +5% +4% 33,690 33,230 33,265 34,104 32,816 30,994 31,091 32,264 33,230 30,994 +7% I. Cash and cash equivalents 1,148-9% +41% 1,262 1, , % II. Financial assets at Fair Value 19,580 +5% -5% 18,697 19,389 19,994 20,704 20,307 20,370 20,685 20,856 19,389 20,370-5% III. Financial assets available for sale 6,132 +2% +43% 6,023 5,755 4,664 4,282 3,651 3,302 2,463 2,419 5,755 3, % IV. Loans and receivables 8, % +4% 7,516 6,822 7,496 8,085 8,095 6,529 7,189 7,971 6,822 6,529 +4% V. Financial assets held to maturity VI. Investments in associates 12-2% % VII. Fixed assets 52 +5% -16% % VII Investments in real estate IX. Intangible assets 96-1% -2% % X. Prepaid tax % -99% % XI. Deferred income tax assets - +2% +417% % XII. Other Assets 11-38% +6% % Total liabilities 31,160 +6% +2% 29,521 29,403 29,768 30,631 29,412 27,471 27,462 28,690 29,403 27,471 +7% I. Financial liabilities at Fair Value 10,592 +3% +4% 10,328 10,313 9,788 10,167 10,366 9,219 9,628 9,189 10,313 9, % II. Deposits 5,212 +8% +10% 4,806 4,557 4,551 4,732 4,820 4,522 4,468 5,309 4,557 4,522 +1% III. Borrowings 13,068 +9% +2% 12,018 12,955 12,940 12,790 11,664 11,569 10,986 11,576 12,955 11, % IV. Debenture issued % % V. Defined benefit liabilities % +118% % VI. Reserve for contingent liabilities % +19% % VII. Accrued income taxes 44 +1,661% +1,694% % VIII. Deferred income tax liabilities % -64% % IX. Other liabilities 1,689-7% -27% 1, ,883 2,326 1,962 1,572 1,802 2, ,572-37% Total equity 4,254 +2% +22% 4,168 3,827 3,497 3,473 3,404 3,524 3,629 3,574 3,827 3,524 +9% I. Share capital % II. Capital surplus 1, % 1,743 1,471 1,508 1,508 1,508 1,508 1,508 1,508 1,471 1,508-2% III. Capital adjustment (59) - - (59) (59) (408) (408) (408) (330) (233) (233) (59) (330) -82% IV. Accumulated OCI % -10% % VI. Retained earnings 1,963 +4% +8% 1,896 1,889 1,864 1,814 1,762 1,785 1,763 1,718 1,889 1,785 +6% VII. Minority interest SAMSUNG SECURITIES 13

14 Separate balance sheet Appendix 2Q 17 (QoQ) (YoY) 1Q 17 4Q 16 3Q 16 2Q 16 1Q 16 4Q 15 3Q 15 2Q (YoY) Total Asset 33,846 +5% +3% 32,341 31,941 31,992 32,909 31,700 29,923 29,952 31,333 31,941 29,923 +7% I. Cash and cash equivalents 1,138-9% +47% 1,250 1, , % II. Financial assets at Fair Value 19,729 +5% -5% 18,823 19,478 20,077 20,832 20,364 20,278 20,528 20,702 19,478 20,278-4% III. Financial assets available for sale 6,104 +2% +46% 5,996 5,714 4,623 4,190 3,566 3,227 2,389 2,356 5,714 3, % IV. Loans and receivables 6, % -3% 5,847 5,264 6,003 6,641 6,812 5,269 5,945 6,911 5,264 5, % V. Financial assets held to maturity VI. Investments in associates 252-1% -7% % VII. Fixed assets 49 +6% -19% % VII Investments in real estate IX. Intangible assets 92-1% -3% % X. Prepaid tax % XI. Deferred income tax assets XII. Other Assets 10-41% +6% % Total liabilities 29,623 +5% +1% 28,199 28,148 28,516 29,460 28,316 26,419 26,337 27,763 28,148 26,419 +7% I. Financial liabilities at Fair Value 10,590 +3% +4% 10,328 10,311 9,788 10,167 10,365 9,207 9,608 9,177 10,311 9, % II. Deposits 3, % +8% 3,498 3,302 3,309 3,576 3,716 3,470 3,472 4,461 3,302 3,470-5% III. Borrowings 12,901 +7% +1% 12,040 12,979 12,962 12,813 11,708 11,614 11,032 11,619 12,979 11, % IV. Debenture issued % % V. Defined benefit liabilities % +136% % VI. Reserve for contingent liabilities % +19% % VII. Accrued income taxes VIII. Deferred income tax liabilities % -65% % IX. Other liabilities 1,668-7% -27% 1, ,856 2,292 1,931 1,543 1,650 1, ,543-37% Total equity 4,223 +2% +22% 4,143 3,793 3,476 3,449 3,385 3,504 3,615 3,571 3,793 3,504 +8% I. Share capital % II. Capital surplus 1, % 1,743 1,471 1,508 1,508 1,508 1,508 1,508 1,508 1,471 1,508-2% III. Capital adjustment (36) - -91% (36) (36) (386) (386) (386) (307) (210) (210) (36) (307) -88% IV. Accumulated OCI % -9% % VI. Retained earnings 1,914 3% 8% 1,851 1,845 1,822 1,776 1,728 1,752 1,737 1,695 1,845 1,752 +5% SAMSUNG SECURITIES 14

15 Consolidated income statement Appendix 2Q 17 (QoQ) (YoY) 1Q 17 4Q 16 3Q 16 2Q 16 1Q 16 4Q 15 3Q 15 2Q (YoY) Net revenues % +8% % Brokerage commissions % +5% % Financial product sales % +4% % (Wrap account) % -33% % (Fund) % -4% % (OTC derivatives) % +19% % (Others) % -46% % Trading and interest income % -14% % Investment banking % +201% % Other income % +40% % Commission expenses (7.4) +40% +47% (5.3) (4.8) (4.6) (5.1) (5.5) (4.6) (5.9) (5.2) (19.9) (20.7) -4% Operating expenses % -2% % Personnel expenses % % Depreciation & Amortization % -6% % G&A expenses % -5% % (IT expenses) % +4% % (Rent) % +12% % (Advertisement) % +73% % (Others) % -18% % Operating income % +30% % Non-operating revenues % (1.7) (1.3) (1.3) (0.3) (7.9) 18.2 (11.8) - Pretax income % +28% % Tax % +28% % Net income from discontinued operations Net income % +27% % (Majority share) % +28% % SAMSUNG SECURITIES 15

16 Separate income statement Appendix 구분 2Q 17 (QoQ) (YoY) 1Q 17 4Q 16 3Q 16 2Q 16 1Q 16 4Q 15 3Q 15 2Q (YoY) Net revenues % +9% % Brokerage commissions % +7% % Financial product sales % +4% % (Wrap account) % -33% % (Fund) % -4% % (OTC derivatives) % +19% % (Others) % -46% % Trading and interest income % -19% % Investment banking % +201% % Other income % +54% % Commission expenses (9.7) +25% +21% (7.8) (7.1) (7.5) (8.0) (6.5) (7.4) (9.9) (8.0) (29.2) (32.4) -10% Operating expenses % -2% % Personnel expenses % +1% % Depreciation & Amortization % -7% % G&A expenses % % (IT expenses) % +4% % (Rent) % +12% % (Advertisement) % +77% % (Others) % -18% % Operating income % +32% % Non-operating revenues % (2.0) (2.3) (6.7) (14.0) (7.6) 17.3 (27.4) - Pretax income % +32% % Tax % +31% % Net income % +32% % SAMSUNG SECURITIES 16

17 Client assets under management Appendix Client asset breakdown (KRW trillion) 2Q 17 1Q 17 4Q 16 3Q 16 2Q 16 Client assets Equity Investment products Fund Fixed Income Other Pension OTC derivatives Repo Trust Trust OTC derivatives Pension Other (CP, cash, etc.) Client cash deposits RP Fixed income 2Q 17 1Q 17 4Q 16 3Q 16 2Q 16 Client assets Individuals Mutual funds (HNWIs) # of HNWI clients 96,828 92,019 90,003 93,822 91,683 2Q 16 3Q 16 4Q 16 1Q 17 2Q 17 SAMSUNG SECURITIES 17

18 Disclaimer This presentation includes forward-looking statements about Samsung Securities Co., Ltd. All statements that address expectations or projections about the future are forward-looking statements. Although they reflect our current expectations, these statements are not guarantees of future performance, but involve a number of risks, uncertainties, and assumptions. Samsung Securities assumes no obligation to provide revisions to any forward-looking statements should circumstances change.

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