Regulations Governing the Administration of Credit Rating Agencies Article 14

A credit rating agency shall prepare its financial reports in accordance with the International Financial Reporting Standards (IFRS), International Accounting Standards (IAS), and Interpretations developed by the International Financial Reporting Interpretations Committee (IFRIC) or the former Standing Interpretations Committee (SIC), as endorsed by the FSC.A credit rating agency shall, within three months after the end of each fiscal year, report to the FSC financial statements certified by a certified public accountant, passed by the board of directors, and recognized by the supervisor(s). The agency shall also report the following matters:1.The name, content, and amount of operating revenue of each type of businesses in the previous fiscal year.2.The number of credit rating cases of each class of credit ratings, and the total issuance amount of each type of instruments being rated in the previous fiscal year.In the event the aforesaid financial statements shall be different from the financial statements recognized by the shareholders meeting, it shall report to the FSC within two (2) days after occurrence.Where an internationally recognized credit rating agency receives approval to establish branch offices in the Republic of China pursuant to the provisions of Article 5, the financial statements of its branch office(s) shall be prepared in accordance with the provisions of paragraphs 1 and 2. However, said branch office(s) may be exempted from the requirement that the financial statements be passed by the board of directors and recognized by the supervisor(s) and the general shareholders meeting.