Regulations Governing Investment in Securities by Overseas Compatriots and Foreign Nationals Article 5

The domestic issuing companies whose securities may be invested in by overseas compatriots and foreign nationals may be exempted from the prohibitions and restrictions on investment by overseas compatriots and foreign nationals in specific industries as set forth in the Executive Yuan's negative list, except where a law prohibits investment by foreign nationals or other laws or regulations impose a ceiling on the percentage of investment by overseas compatriots or foreign nationals.Where other laws or regulations impose a ceiling on the percentage of investment by overseas compatriots or foreign nationals in a domestic issuing company, if the total amount of investments by overseas compatriots and foreign nationals in any of the following instruments issued by the issuing company does not reach the maximum amount required by law, the issuing company may, with respect to the difference between the total amount and the maximum amount above, privately place or register to offer and issue overseas convertible corporate bonds and overseas corporate bonds with warrants, issue overseas stocks, or sponsor issuance of overseas depositary receipts:1. Domestic stocks.2. Convertible, exchangeable, or subscribable shares and bond conversion entitlement certificates of domestic corporate bonds whose underlying instruments for conversion, exchange, or subscription are company stocks.3. Convertible, exchangeable, or subscribable shares of overseas corporate bonds whose underlying instruments for conversion, exchange, or subscription are company stocks.4. Shares represented by overseas depositary receipts.5. Overseas stocks.