Securities and Exchange Act Article 28-3

A public company that publicly offers or issues stock warrants, preferred shares with warrants, or corporate bonds with warrants shall, when subscribers exercise the warrant rights in accordance with the subscription rules prescribed by the company, be obligated to issue the shares to them, and the restrictions of paragraph 7 of Article 156 of the Company Act requiring the issuance price to be the same and of paragraphs 1, 2, and 3 of Article 267 of the same Act regarding preemptive subscription rights of employees and existing shareholders shall not apply.The number of shares that may be subscribed under the subscription rules prescribed by a company referred to in the preceding paragraph shall be specified in the company's articles of incorporation in advance and shall not be subject to the restrictions of paragraphs 1 and 2 of Article 278 of the Company Act.