Regulations Governing the Offering and Issuance of Securities by Securities Issuers Article 33

The conversion of convertible bonds to stocks is not subject to the restriction of Article 140 of the Company Act that the issuing price of the stocks may not be below par value.The conversion price for convertible bonds issued by an emerging stock company may not be lower than the weighted average trade price for the company's common shares during the period preceding the price determination date, nor may it be lower than the company's net value per share as reported in the financial reports for the most recent fiscal period, audited and attested (or reviewed) by CPAs, and a recommending securities firm shall be retained to give an opinion on the reasonableness of the issuing price.The issuing and conversion price for convertible bonds issued by a company whose shares are neither listed on an exchange nor traded on an OTC market shall not be lower than the company's net value per share as reported in the financial reports for the most recent fiscal period, audited and attested (or reviewed) by CPAs, and a CPA shall be retained to give an opinion on the reasonableness of the issuing price.