Standards Governing the Establishment of Securities Investment Trust Enterprises Article 45

A SITE meeting the following conditions may apply to establish a branch unit:1.Has been in operation for at least a full year. Such restriction does not apply, however, to the establishment of a branch unit as a result of merger or transfer.2.Has net worth per share of not less than par value, as shown in the CPA-audited and certified financial report for the most recent period.3.Has not, during the last 3 months, been sanctioned under Article 103, subparagraph 1 of the SITC Act or Article 66, subparagraph 1 of the Securities and Exchange Act.4.Has not, during the last half year, been sanctioned under Article 103, subparagraph 2 or 3 of the SITC Act or Article 66, subparagraph 2 of the Securities and Exchange Act.5.Has not, during the last year, been sanctioned under Article 103, subparagraph 4 of the SITC Act or Article 66, subparagraph 3 of the Securities and Exchange Act.6.Has not, during the last 2 years, been sanctioned under Article 103, subparagraph 5 of the SITC Act or Article 66, subparagraph 4 of the Securities and Exchange Act.A SITE that does not meet the conditions of subparagraphs 3 to 6 of the preceding paragraph but that has made concrete improvement in the circumstances of its non-compliance and has received approval from the FSC is not subject to the provisions of those subparagraphs.