Wistron Corporation –A Technology Service Provider

Investor Presentation

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DisclaimerThis presentation is private and confidential and is being made available to the recipient on the express understanding that it will be kept confidential and that the recipient shall not copy, reproduce, distribute or pass to third parties this presentation in whole or in part at any time. This presentation is the property of Wistron Corporation (“Wistron”) and the recipient agrees that it will, on request, promptly return this presentation and all other information supplied in connection with the ideas and concepts presented herein, without retaining any copies.This presentation has been prepared by Wistron and is being delivered to the recipient and is for general reference only. The sole purpose of this presentation is to assist the recipient in understanding Wistron. This presentation is not intended to form the basis of a decision to purchase securities or any other investment decision and does not constitute an offer, invitation or recommendation for the sale or purchase of securities. Any decision to purchase securities in any offering of Wistron should be made solely on the basis of the information contained in a prospectus which may be published or distributed in due course in connection with such offering, if any. Neither the information contained in this presentation nor any further information made available in connection with the subject matter contained herein will form the basis of any contract.This presentation does not purport to be comprehensive or to contain all the information about Wistron, its business, its current or historical operating results or its future business prospects. The information contained herein is based on publicly available information and sources, which we believe to be reliable, but we do not represent it is accurate or complete. The recipient of this presentation must make its own investigation and assessment of the ideas and concepts presented herein. No representation, warranty or undertaking, express or implied, is or will be made or given and no responsibility or liability is or will be accepted by Wistron or by any of its directors, officers, employees, agents or advisers, in relation to the accuracy or completeness of this presentation or any other written or oral information made available in connection with the ideas and concepts presented herein. Any responsibility or liability for any such information is expressly disclaimed.In furnishing this presentation, Wistron undertakes no obligation to provide the recipient with access to any additional information, or to update, or to correct any inaccuracies which may become apparent in, this presentation or any other information made available in connection with the ideas and concepts presented herein.

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Table of contents

Section 1 Company Overview

Section 2 Financial Summary

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Company OverviewSection 1

5

Company overview

2006

2007

2008

“Best Overall Corporate Governance in Taiwan –Asia Money

Company snapshot

A major ICT ODM & TSP (technology service provider) company

More than 25 sites in the world

More than 60,000 employees

Key financials (NT$bn)

NT$Bn 2010 2011 2012 Q1'13*

Revenue 615.2 658.4 657.8 158.2Growth (%) 12.6% 7.0% -1.2% -10.6%

Gross profit 34.5 32.3 31.9 8.1Gross margin (%) 5.6% 4.9% 4.9% 5.1%

Operating profit 13.8 10.6 8.2 1.7Operating margin (%) 2.2% 1.6% 1.3% 1.1%

Net income 12.0 9.1 6.7 1.6Net margin (%) 2.0% 1.4% 1.0% 1.0%* In accordance with TIFRS

2009

Busin “Global Info Tech 100” and “Taiwan Info Tech 100” – Business Week

Asian Fabulous 50 “The Best of Asia-Pacific's Biggest Listed Companies” – Forbes

2010

“Info Tech 100 Asia” and “Info Tech 100 Taiwan” –BusinessNext

2011 Global 2000 “Global High Performers” in technology

& equip industry category – Forbes

“Excellence in Corporate Social Responsibility” in Larges Enterprises – CommonWealth Magazine

Spun off from Acer to take over its Design, Manufacturing & Services division

Acer current shareholding - 2.08%

Listed on Taiwan Stock Exchange2003

2002

2004

2005

“Fortune Global 500” – Fortune2012

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NB, Tablet, e-Reader,Rugged NB/HH andSmartphone

DT, AIO, LCD TV, monitor, thin client, and media player

Cloud Computing, Container Server, Blade Server, VoIP,Storage and IPC

Reverse logistics & repair service,Green recycling

Productsand

Services

MobileBusiness Group

Digital ConsumerBusiness Group

Enterprise Business Group

Services &Green Recycling

A leading ‘Industrial Brand Name’ for ICT products

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Investment highlights

Well diversified product portfolio

Good execution, efficient operation and learning

organization

Leading innovation supported by strong R&D

strategy

Diverse top-tier customer base

Strong financial track record

Ability to create synergy of existing organization & outside opportunities

1

2

34

5

6

8

63 80 107 142 169 201 208 201 194

2005 2006 2007 2008 2009 2010 2011 2012 2013E

Global NB shipments (mm)

610 12

2632 ~3031

27.5

22

2005 2006 2007 2008 2009 2010 2011 2012 2013E

Wistron NB shipments (mm)

Well established top 3 market position in global NB ODM industry and maintain competitive and profitable in the relatively slow market.

Global notebook shipments (mm units) Solid position in NB ODM

Maintain Top 3 notebook ODM

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Global synchronized manufacturing and service infrastructure

Global manufacturing

and service footprint

CTO/BTO Capability

Global system to fully integrate various functions around the globe

ProductionResearch & Development Service

Kunshan, China Dallas, US

Tokyo, Japan

Production Research and Development ServiceTaipei, Taiwan

Source: Company

Brno, Czech Republic

Juarez, Mexico

Juarez, Mexico

Dallas, US

Tilburg, Netherlands

Brno, Czech RepublicChiba, Japan

Kunshan, China

Shanghai, China

Zhongshan, China

Taipei, TaiwanHeadquarters,

Global R&D center

Hsinchu, Taiwan

Subic Bay, the PhilippinesBangalore, India

Singapore

Taizhou, China

Istanbul, Turkey

Bogota, Columbia

Sao Paulo, Brazil

Mexico City, Mexico

Service Center Hong KongService Center & Manufacturing SiteManufacturing Site

Chengdu, ChinaChongqing, China

Service Center & R&D Center

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Leading innovation , R&D Centric

R&D Expenses in NT$bn R&D Expenses / Sales

$9.9$11.3 $12.0

$8.3$6.4

$4.4$3.0

1.35%1.54% 1.44% 1.52%

1.61%1.72% 1.82%

2006 2007 2008 2009 2010 2011 2012

Current key R&D focuses Sustained R&D spending

Achievements

• Connected/Smart Homes

• Cloud Computing

• Green Initiatives

Tablet PC 3D NB Container Data Center

Industrial Handheld Devices

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Financial performance (1)

Sales Operating Profit

*In accordance with TIFRSSource: Company consolidated financials

547

615658 657

158*

0

100

200

300

400

500

600

700

2009 2010 2011 2012 Q1'13

Sal

es N

T$B

YoY 55.2% 22.8% 12.5% 7.0% -10.6%

10,749

13,759

10,582

8,221

1,740*

0

2000

4000

6000

8000

10000

12000

14000

2009 2010 2011 2012 Q1'13

Ope

ratin

g P

rofit

NT$

M

YoY 7.4% 24.7% 28.0% -23.1% -23.4%

12

5.32

6.15

4.36

3.06

0.74*

0

2

4

6

2009 2010 2011 2012 Q1'13

EP

S N

T$

20.321.9

15.3

11.710.2*

0

10

20

2009 2010 2011 2012 Q1'13

RO

E %

Financial performance (2)

ROE EPS

*In accordance with TIFRSSource: Company consolidated financials

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Total assets 254,498 272,472 277,774

Net debt 10,942 16,075 39,358(= Total debt - Cash& ST investments)

Shareholders' equity 61,550 61,998 64,951

LT investments 8,548 8,387 5,291

Superior balance sheet management

Efficient utilisation of equity

* In accordance of TIFRSSource: Company consolidated financials

(NT$M) 2011/12/31 2012/12/31 2013/3/31*

11.810.1 10.8 10.7 10.6

2008 2009 2010 2011 2012

Sal

es/E

quity

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2008 2009 2010 2011 2012PBT (NT$M) 8,857 11,496 15,345 11,628 9,180 PAT (NT$M) 6,878 9,135 12,030 9,065 6,666 Cash Bonus (NT$M) - 1,196 1,475 1,087 - Stock Bonus (000' Shares) 20,182 - - - - Market value of Bonus (NT$M) 982 - - - 640 Closing price 48.7 55.0Employee Bonus / PBT 11.1% 10.4% 9.6% 9.3% 7.0%Employee Bonus / PAT 14.3% 13.1% 12.3% 12.0% 9.6%

2008 2009 2010 2011 2012Stock (NT$) 1.08 0.5 0.5 0.5 0.5Cash (NT$) 1.08 2.7 3.2 2.2 1.5Diluted EPS (NT$) 4.57 5.23 6.15 4.36 3.06Total Dividend Payout (%) 47% 61% 60% 85% 65%Cash Dividend Payout (%) 24% 52% 52% 50% 49%

Historical earning distribution

• Employee Bonus Dilution

• Dividend

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Financial SummarySection 2

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NT$ M 2008 2009 2010 2011 2012

Net Revenue 445,118 546,666 615,185 658,367 657,845Realized gross profit 24,866 5.59% 29,949 5.48% 34,524 5.61% 32,326 4.91% 31,927 4.85%

Operating Expenses Selling (7,654) -1.72% (8,651) -1.58% (8,548) -1.39% (8,524) -1.39% (9,953) -1.62% Administrative (2,171) -0.49% (2,263) -0.41% (2,334) -0.38% (1,883) -0.31% (1,798) -0.29% Research and Development (6,428) -1.44% (8,287) -1.52% (9,883) -1.61% (11,338) -1.84% (11,956) -1.94%Total Operating Expenses (16,253) -3.65% (19,200) -3.51% (20,765) -3.38% (21,745) -3.53% (23,707) -3.85%

Operating Income 8,613 1.94% 10,749 1.97% 13,759 2.24% 10,582 1.61% 8,221 1.25%

Non-operating Income/(Loss)

Interest Expense, net (662) (294) (104) 113 73 Investment Income/(Loss) 239 341 333 365 269 Exchange Gain/(Loss), net (38) 211 256 379 421 Other Income/(Expense) 705 489 1,101 189 196

PBT 8,857 11,496 15,345 11,628 9,180Tax (1,958) -22.11% (2,325) -20.23% (3,305) -21.54% (2,563) -22.04% (2,519) -27.44%Minority Interest (21) (36) (10) - 6 PAT 6,878 9,135 12,030 9,065 6,666Outstanding Shares (M) 1,517 1,864 1,981 2,085 2,198

Historical Income statements

Source: Company consolidated financials

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Income Statement (Q1’13 vs. Q4’12 & Q1’12)Q1'13 Q4'12 Q1'12

NT$ M (TIFRS) (R.O.C. GAAP) QoQ (TIFRS) YoY

Net Revenue 158,196 168,722 -6.24% 176,900 -10.57%Realized gross profit 8,057 5.09% 8,281 4.91% -2.70% 7,566 4.28% 6.50%

Selling (2,696) -1.70% (2,669) -1.58% 1.00% (1,977) -1.12% 36.39%Administrative (479) -0.30% (438) -0.26% 9.33% (421) -0.24% 13.75%Research & Development (3,142) -1.99% (3,090) -1.83% 1.70% (2,897) -1.64% 8.45%Total Operation Expenses (6,318) -3.99% (6,198) -3.67% 1.94% (5,296) -2.99% 19.30%Operating Income 1,740 1.10% 2,083 1.23% -16.50% 2,270 1.28% -23.37%

Non-operating Income/(Loss)

Interest Expense, net (155) (60) (105) LT Investment Income/(Loss), net 48 91 36 Exchange Gain/(Loss), net 405 386 171 ECB Mark-to-Market Gain/(Loss) (39) (101) Other Income/(Expense) 106 (28) 16

PBT 2,104 2,474 -14.93% 2,287 -7.99%

Tax (489) -23.24% (694) -28.04% -29.49% (603) -26.35% -18.84%Minority Interest (2) - -

PAT 1,614 1,786 -9.63% 1,684 -4.21%

EPS 0.74 0.82 -9.76% 0.77 -3.90%

* Due to newly adopted TIFRS, Wistron booked interest expenses and mark-to-market evaluation loss of NT$175.57 million and NT$ 214.71 million in Q1’13 and Q1’12 for ECB USD 280 million respectively

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NT$M 2013/3/31 2012/12/31 2012/3/31

Cash & ST Investments 48,820 18% 72,582 27% 52,177 20%

A/R 113,182 41% 93,705 34% 105,150 41%

Inventory 53,906 19% 46,224 17% 41,066 16%

Other current Assets 6,343 2% 7,505 3% 6,594 3%

Total Current Assets 222,251 80% 220,016 81% 204,987 80%

LT equity investments 5,291 2% 5,265 2% 5,383 2%

Property, plant and equipment 35,180 13% 34,164 13% 32,297 13%

Other assets 15,053 5% 13,646 5% 11,979 5%

Total Assets 277,774 100% 273,091 100% 254,646 100%

ST Borrowing 75,728 27% 76,327 28% 48,069 19%

Current Portion of LT Debt 212 0% 684 0% 20 0%

A/P 104,540 38% 104,602 38% 116,006 46%

Other current liabilities 13,865 5% 13,251 5% 14,448 6%

Total Current Liabilities 194,345 70% 194,864 71% 178,543 70%

Bonds Payable 7,522 3% 7,183 3% 6,982 3%

LT Debt 4,716 2% 3,629 1% 742 0%

Other liabilities 6,239 2% 5,488 2% 12,979 5%

Total Liabilities 212,823 77% 211,163 77% 192,264 76%

Shareholders' Equity 64,951 23% 61,928 23% 62,382 24%

Balance Sheets

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NT$M Q1'13 Q1'12

Cash* (Beginning of period) 72,582 45,561

Cash flow from OperationConsolidated PBT 2,104 2,287Depreciation & amortization 1,786 1,585(Income)/loss from equity method (54) (37)Changes in A/R (16,374) 6,782Changes in A/P (2,144) 3,011Changes in inventories (6,523) (2,441)Others 1,016 (1,666)

Cash provided by operating activities (20,189) 9,520

Cash flow from InvestmentCapex (1,243) (1,912)Others (1,419) (1,142)

Cash provided by investing activities (2,662) (3,055)

Cash flow from FinanceIncrease (decrease) in ST borrowings (3,452) (7,600)LT debt 659 299Payment on cash dividends (0) - Payment on directors' and supervisors' remuneration - - Employee stock option 1 5 Issuance of ECB - 8,277ECB buy-back - - Others 709 296

Cash provided by financing activities (2,083) 1,278Effect of exchange rate change & subsidiaries consolidated 1,172 (1,128)Cash (End of period) 48,820 52,177

* Cash = Cash + Cash equivalent + ST financial instruments* Capex = Additions to property, plant and equipments + Increase in long-term equity investment + Increase in advance payments for investment

Cash Flows