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Dividend Policy

After taxes are paid and losses from earlier years are recovered, if there is a surplus after each year's final accounts, a 10% legal reserve must be set aside. This is not the case if the accumulated legal reserve reaches the Company's total capital. If there is still a surplus, the special legal reserve must be provided for or reversed, and the unadmitted surplus from the previous period may be combined with the remaining surplus. After reserving a sum in accordance with operating needs, the board of directors must develop a surplus distribution plan. A distribution resolution must be submitted to the shareholders meeting if new shares are being issued. The Company shall distribute dividends and bonuses, capital surplus or legal reserve, in whole or in part, if such distribution is made in the form of cash, with the presence of at least two-thirds of the board of directors and the approval of a one-two of the directors present, and shall report the same to the shareholders' meeting.

Based on the Company's operating demands and to maximize shareholders' equity, the Company will adopt a dividend balancing policy and will pay stock dividends or cash dividends appropriately based on its estimated expenses and capital requirements. No less than 30% of the distributable earnings for the year must be allocated each year as dividends to shareholders, with the exception that the entire amount may be shifted to retained earnings and not dispersed if the distributable earnings for the year are less than 3% of the paid-in capital. Each year, more than 30% of the distributable earnings for the year shall be appropriated as dividends to shareholders, except that if the distributable earnings for the year is less than 3% of the paid-in capital, the entire amount may be transferred to retained earnings and not distributed.

Allocation of Dividends