Announced on behalf of Taiwan Life Insurance Co., Ltd. for the change in accounting estimated approach after the start date of fiscal year 2022.

1.Date of the board of directors' resolution:2022/08/18

2.Nature of the change:In accordance with Article 6 of “Regulations Governing

the Preparation of Financial Reports by Insurance Enterprises”, Taiwan Life

planned to change the accounting estimates for the BOT of the Cultural and

Creative Centre Co-constructed with Kaohsiung General Library.

3.Reason for the change:The contract period for the BOT of the Cultural and

Creative Centre Co-constructed with Kaohsiung General Library was extended

for 2 years. To reflect the economic substance of the assets, Taiwan Life

planned to re-evaluate its useful life and amortization period for the

assets.

4.Changed period for retrospective application of the new accounting policy:

NA

5.The line items affected and the actual effect for the year

before accounting change:NA

6.Actual effect on the opening balance of retained earnings for

the past accounting year:NA

7.The reasonableness and necessity for the change in accounting policy

or accounting estimate after the beginning of the accounting year:Kaohsiung

City Government has agreed to extend the contract period from 50 years to 52

years for the BOT of the Cultural and Creative Centre Co-constructed with

Kaohsiung General Library. Taiwan Life planned to change the amortization

period of the intangible asset and the useful life of the property in

accordance with the date of signing the extension contract with Kaohsiung

City Government in order that the economic benefit of the assets would be

consistent with its useful life.

8.If the decided effect is impracticable, specify the reasons

why retrospective application is impracticable, and how and from

when the accounting policy change will be applied:NA

9.If the decided effect is impracticable, the opinion provided by the CPA

 about the effect of the audit opinion for the accounting year

preceding the accounting change:NA

10.Opinion expressed by the CPA regarding itemized analysis

of reasonableness:According to the CPA’s reviewed opinion, it is reasonable

and necessary regarding the change in estimates.

11.Objection or reservation opinion from the independent directors:None

12.Countermeasures:None

13.Any other matters that need to be specified:Changes in accounting estimates

by the relevant board resolutions are subject to approval by the competent

authority.