Full Text Translation - 22nd July 08

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    Opinion on the Application of Securities and Futures Laws

    Opinion on the Application of Securities and Futures Laws No.3: Opinion on the Application of the Provision “No Major Change Shall Have Occurred in the Issuer's Core Business During the Most Recent Three Years” of Article 12 of the (Measures for the Administration of Initial Public Offerings of Shares and the Listing Thereof)

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     When an IPO issuer restructures identical, similar or related businesses under the same corporate controller during the reporting period, it shall pay close attention to the effect of the reorganization on its total assets, or its operating revenue or gross profit. (See full translation)

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