Regulations Governing Investment of Postal Savings in Bonds, Bills and Notes Article 3

Postal savings may be invested in the following domestic and foreign short-term bills and notes (hereinafter called bills and notes):1. Treasury bills and Central Bank of China certificates of deposit.2. Negotiable certificates of deposit.3. Commercial paper or bills of exchange issued by corporations and public enterprises.4. Beneficial securities or asset-backed securities categorized as short-term bills and notes in accordance with the Financial Asset Securitization Act.The commercial paper or bills of exchange as mentioned in subparagraph 3 of the preceding paragraph must be guaranteed or accepted by a financial institute; or the issuer is considered as being able to meet its financial obligations regarding its short-term debt or be rated a certain grade or above by a credit rating agency that is either recognized by the FSC. Investments made before the implementation of the regulations hereof with the approval of the Executive Yuan are exceptions..When investing in bills and notes as mentioned in the first paragraph, if the bills and notes are overseas securities, the investment shall be handled in accordance with the relevant regulations of the FSC and the CBC.