Securities and Exchange Act Article 43-8

Placees and purchasers of privately placed securities may not resell the securities except under the following circumstances:1. The privately placed securities are held by persons specified in Article 43-6, paragraph 1, subparagraph 1, and no securities of the same type as those privately placed securities are traded on the centralized securities exchange market or over-the-counter markets, and the securities are transferred to persons of the same qualifications.2. At least one full year after the delivery date of the privately placed securities and within three years from the delivery date, the privately placed securities are transferred to persons conforming to Article 43-6, paragraph 1, subparagraphs 1 and 2, subject to the restrictions prescribed by the Competent Authority concerning holding period and trading quantities.3. Three full years have elapsed since the delivery date of the privately placed securities.4. A transfer occurs by operation of law or regulation;5. It is a direct transfer between private persons, the quantity of which does not exceed one trading unit of the securities, with an interval between any two such transfers of not less than three months.6. As otherwise approved by the Competent Authority.The restrictions on transfers of privately placed securities set forth in the preceding paragraph shall be conspicuously annotated on a company's share certificates and shall be stated on the relevant written documentation delivered to the placee or purchaser.