Regulations Governing Securities Investment and Futures Trading in Taiwan by Mainland Area Investors Article 15

Under any of the circumstances listed below, an Institutional Investor investing in Taiwan securities shall be deemed to be making an outward remittance of investment capital. The custodian institution shall record all remittances in the account books specified in Article 21, report them within five days to the competent authority for foreign exchange business, and at the same time provide the information to the TWSE for registration:1. The investor invests in depositary receipts issued in Taiwan by a foreign issuer, and subsequently asks the depository institution to redeem such depositary receipts for the underlying securities they represent.2. The investor invests in stock issued in Taiwan by a foreign issuer and denominated and settled in NT Dollars, and subsequently sells those stocks in an overseas securities market.3. The investor invests in NT Dollar-denominated corporate bonds issued in Taiwan by a foreign issuer, and subsequently makes a request to redeem the bonds, or convert them into stock, overseas.4. The investor uses its securities holdings for purposes of a Taiwan issuing company sponsoring the overseas issuance or private placement of depositary receipts, or the investor reissues Overseas Depositary Receipts in accordance with the provisions of Article 31, paragraph 1.