Enforcement Rules of the Estate and Gift Tax Act Article 28

The valuation of marketable securities having already being traded on a stock exchange (hereinafter exchange listed) or over the counter of securities houses (hereinafter OTC listed, or emerging company) shall be based upon the closing price of the exchange listed securities or the OTC listed securities on the date of inheritance or gift, or the weighted average dealing price on the date the emerging company securities was traded. Where no dealing price of said securities was available on such date, the valuation of such securities shall be based upon the closing price of the exchange listed, OTC listed securities or the weighted average dealing price of emerging company securities traded on the last date immediately preceding the date of inheritance or gift. In the event of a sharp price fluctuation, the average of all the closing prices of the exchange listed or OTC listed securities, or the weighted average dealing price of emerging company securities, traded one month preceding the date of inheritance or gift shall be used in determination of the value.For securities initially offered on the market, or over the counter, the valuation of such securities for the period from the date of approval as exchange listed and OTC listed securities by the competent security authority, or from the date of agreement as an emerging company securities by Gretai Securities Master, to the date of initial quoted trading, shall be based upon the underwriting price or the subscription price recommended by the authority-in-charge.