DECISION

PROMULGATING REGULATIONS ON CORPORATEGOVERNANCE APPLICABLETOCOMPANIESLISTED ON THE STOCK EXCHANGE ORASECURITIESTRADINGCENTRE

THE MINISTER OF FINANCE

Pursuant to theLaw on EnterprisesNo. 60/2005/QH11 dated 29November 2005; Pursuant to the Law on SecuritiesNo. 70/2006/QH11dated 29 June 2006;

PursuanttoDecreeNo.77/2003/ND-CPtheGovernmentdated1July2003onfunctions,obligationsand organizational structure of the Ministry of Finance;

On the proposal of the Chairman of the State Securities Commission;

DECIDES:

Article 1.- ToissuewiththisDecisiontheRegulationsoncorporategovernanceapplicabletocompanieslistedonthe Stock Exchange or a Securities TradingCentre.

Article 2.- ThisDecisionshallbeoffullforceandeffectfifteen(15)daysafterthedateofitspublicationintheOfficial Gazette.

Article 3.- TheHeadoftheOffice,theChairmanoftheStateSecuritiesCommission,headsofrelevantdepartments underthe Ministry ofFinance,listed companiesandorganizationsandindividuals concerned shall be responsible for implementing this Decision.

REGULATIONS

ON CORPORATE GOVERNANCE APPLICABLE TO COMPANIES LISTED ON THE STOCK EXCHANGE OR A SECURITIESTRADING CENTRE
(Issuedwith Decision 12-2007-QD-BTC of the Minister of Financedated 13 March 2007)

Chapter I

GENERAL PROVISIONS

Article 1.-Meaning andapplicablescope

TheseRegulationsshallapplytocompanieslistedontheStockExchangeoraSecuritiesTradingCentre (hereinafterreferredtoaslistedcompanies).TheseRegulationsarebasedontheprovisionsintheLawon Enterprises,theLawonSecuritiesandthebestinternationalpracticeoncorporategovernance,buthave been adjustedtoVietnams conditionsinordertoensurestabledevelopmentof thesecuritiesmarketand to contribute towards ahealthy economy.

TheseRegulationsapplythebasicrulesoncorporategovernancewithaviewtoprotectingthelegitimate rightsandinterestsofshareholders,andtoestablishingstandardsforconductandprofessionalethicsof membersoftheboardofmanagement,theboardofdirectors,theboardofcontrollersandmanagersofany listed company.

TheseRegulationsshallalsoprovidethebasisforassessingcorporategovernancecompliancebylisted companies.

Article 2.-Interpretation of terms

1. The following terms shall beconstrued as follows:

(a)Corporategovernancemeansasystemofrulestoensurethatacompanyiseffectivelyoperatedand controlled inthe interestsofshareholders and relatedpersons. Rules of corporate governanceshall:

- Ensure an effective managerial structure;

- Ensure the rights of shareholders;

- Ensure fairand impartial treatment asbetween shareholders;

- Ensure rolesof persons with related interests;

- Ensure transparency during the companys activities;

- Ensurethattheboardofmanagementandtheboardofcontrollersleadandmanagethecompany effectively.

(b)ListedcompanymeansanyshareholdingcompanyapprovedtobelistedontheStockExchangeor a SecuritiesTradingCentre within the territory of Vietnam.

(c)Affiliatedpersonmeans any individualor organizationasstipulatedinarticle 6.34 of theLawon Securities.

(d).Independentmember oftheboard ofmanagementmeansamemberwhois notthe directoror general director, deputydirectorordeputy generaldirector,chief accountant orothermanager appointed by the board of management ormajor shareholders of the company.

2. IntheseRegulations,areferencetooneormoreprovisionsorlegaltextsshallincludeamendments, supplementing or replacingdocuments.

Chapter II

SHAREHOLDERS AND GENERAL MEETING OF SHAREHOLDERS

Article 3.-Rights of shareholders

1. Shareholdersshallhave allthe rightsstipulated in theLaw onEnterprises, other laws and the company Charter, and in particular:

(a) Theright to freelytransfershares whichhavebeen paid forand recorded in the shareholders register, except for restrictionson transferstipulatedby law and the company Charter;

(b) The rightto be fullynotified of bothperiodicaland ad hoc[extraordinary] informationaboutthecompanys activities.

A listed companymay notrestrictthe number ofshareholders attendingthe general meetingof shareholders,and must create favourable conditionforshareholders toexercisetheirrightsto authorize representatives toattendthe generalmeeting ofshareholders attherequest ofsuch shareholders.

2. Shareholdersshallhavetherighttoprotecttheirlegitimateinterests.Ifaresolutionofthegeneral meetingofshareholdersorboardofmanagementbreachesthelaworbasicrightsofshareholders asstipulatedbylaw,thensuchshareholdersshallbeentitledtorequestnon-implementationofsuch resolutionpursuanttoproceduresstipulatedbylaw.Ifaresolutionordecisioninbreachcausesloss tothecompany,thentheboardofmanagement,boardofcontrollersortheboardofdirectorswhich is liablemustcompensatethecompany.Shareholdersshallhave the right, in accordance with proceduresstipulated by law, to require the company to pay compensation.

3. Shareholdersmayrefusetoexercisetheirpriorityrighttopurchasenewshares.Thisrightofrefusal shallbe clearly stated in [the relevant] resolution of the general meeting of shareholders.

4. Alistedcompanyshallberesponsibletoformulateareasonablecorporategovernancemechanism and an effective communication systemwithshareholders in orderto ensure that:

(a) Shareholders may fully exercise their rightsin accordance with law and the company Charter;

(b) Shareholders are treatedequally asbetween each other.

5. Eachshare of the sameclass shallgive eachownerthe same equivalent rights, interestsand obligations.Ifthecompanyhaspreferentialshares,thentherightsandobligationsadheringtothose preferentialsharesmustbefullyannouncedtoshareholdersandapprovedbythegeneralmeetingof shareholders.

Article 4.-Company Charterand internal rules oncorporate governance

1. AlistedcompanymustdraftitsCharterbasedonthestandardCharterstipulatedbytheMinistryof Finance.

2. A listed company shallbe responsiblefordrafting andpromulgating internalrules on corporate governance, basically consisting of:

(a) Order and procedures for conveningand voting at the general meeting of shareholders;

(b) Orderandproceduresfornominating,standingforelection,electinganddismissingmembersofthe board of management;

(c) Order and procedures for holdingmeetings of the board of management;

(d) Order and procedures for selecting,appointinganddismissing senior managers;

(e) Orderandproceduresforco-ordinationbetweentheboardofmanagement,theboardofcontrollers and the board of directors;

(f) Rulesonassessingactivities,rewardinganddiscipliningmembersoftheboardofmanagement,the board of controllers, the board of directors and other managers.

Article 5.-Mattersconcerningmajor shareholders

1. Theboard ofmanagement ofthecompany shallestablisha regular communicationsystem with majorshareholders.

2. Majorshareholdersshallnotbepermittedtoexploittheiradvantagesinordertocauseharmtothe rightsand interests of thecompany andother shareholders.

Article 6.-Annual andextraordinary sessions of the generalmeeting of shareholders

1. Alistedcompanyshallregulatetheorderandproceduresforconveningandvotingatthegeneral meeting of shareholders, including:

(a) Notice of convening the generalmeetingof shareholders;

(b) Method of registering forattending thegeneral meeting of shareholders;

(c) Method of voting;

(d) Methodofcountingvotes;inthecaseofsensitivemattersorattherequestofshareholders,alisted company shall appoint aneutralorganization to collect and count votes;

(e) Announcing voting results;

(f) Method of opposing resolutions ofthegeneral meeting of shareholders;

(g) Recording minutes of the general meeting of shareholders;

(h).Taking minutes of the general meetingof shareholders;

(i) Publishing resolutions of the generalmeeting of shareholders;

(j) Otherissues.

2. Theboardof managementshall properlyarrangethe agendaforthegeneralmeetingof shareholders and arrangea reasonabletime for discussion and voting on eachissue raised inthe agenda.

3. Shareholders shall be entitled to participate in the generalmeeting ofshareholdersdirectlyor indirectlyviaaproxy.Shareholders mayauthorizetheboard of managementor some other depositoryorganizationtobe theirrepresentativeat thegeneralmeetingofshareholders.If a depository organizationisauthorized to be a shareholder srepresentative,itmustpublishthe contentsofitsvotingauthorization.Alistedcompanyshallguideshareholdersontheproceduresto authorize, and on preparation of a power of attorney.

4. Auditorsorrepresentativesofanauditingcompanymaybeinvitedtoattendthegeneralmeetingof shareholdersin order to state their opinion on auditing issues at such meeting.

5. Inordertoincreasetheefficiencyofthegeneralmeetingofshareholders,alistedcompanymustdo itsbesttoapplythemostadvancedinformation technologysothatshareholdersmayattendthe general meeting of shareholders in thebest manner.

6. A listedcompanymustconvenethe annualgeneral meetingof shareholders whichmustnotbe convened bythe method ofcollectingshareholders opinions in writing.

7. A listed company shallstipulateinits Charter the principles,order andprocedures forcollecting shareholdersopinions in writing soas toapprovedecisions of thegeneral meeting of shareholders.

Article 7.-Report at the generalmeeting of shareholders onactivities of the board ofmanagement

Areportonactivitiesoftheboardofmanagementsubmittedtothegeneralmeetingofshareholdersmust contain at least the following contents:

- Assessment of the companys activities during the fiscal year;

- Activities of the board of management;

- Summarized contents ofmeetings of and decisions ofthe board ofmanagement;

- Result of supervision of the directoror general director;

- Result of supervision of managers;

- Proposed plan for the future.

Article 8.-Report at the generalmeeting of shareholdersonactivities of the board of controllers

A reporton activitiesofthe board ofcontrollers submitted to thegeneralmeeting ofshareholdersmust contain at least the following contents:

- Activities of the board of controllers;

- Summarized contents ofmeetings of and decisions ofthe board ofcontrollers;

- Result of supervision of activitiesand financial status of the company;

- Result of supervision of members of theboardof management, the board of directors andmanagers;

- Reportofassessmentofco-ordinationbetweentheboardofcontrollers,theboardofmanagement, the board of directors and shareholders.

Chapter III

MEMBERS OF BOARD OF MANAGEMENT AND BOARD OF MANAGEMENT

Article 9.-Running forthe post of and nominatingmembers to the board ofmanagement

1. Informationrelatingtocandidatesformembershipoftheboardofmanagement(wherecandidates havebeennominated)shall be announced a reasonable timebefore thedate ofconveningthe general meeting of shareholders, so thatshareholdersmay learnabout such candidates.

2. Candidatesfortheboardofmanagementmustcommitinwritingtothetruthfulness,accuracyand reasonableness ofpersonalinformation announced,andmustcommittoimplementingtheirdutiesas a member of the board of management in an honestmethod if elected.

3. Shareholdersor a group ofshareholders holding less than 10% ofthevoting shares fora consecutiveperiodofatleast 6 months shallbeentitled tonominateonemember;shareholders holdingfrom10%tolessthan30%shallbeentitledtonominatetwomembers;shareholdersholding from30%tolessthan50%shallbeentitledtonominatethreemembers;shareholdersholdingfrom 50%tolessthan65%shallbeentitledtonominatefourmembers;andshareholdersholdingfrom 65% upwards shall beentitled to nominate all candidates.

4. Ifthenumberofcandidateswhoarenominatedandwhostandforelectionisstillinsufficient, the incumbent[currentlyinoffice]boardofmanagementmaynominatemorecandidatesororganizefor nominationinaccordancewithamechanismstipulatedbythecompany.Thenominationmechanism orthemethodbywhichtheincumbentboardofmanagementnominatescandidatesfortheboardof management shall beclearlyannouncedand approvedbythegeneralmeetingof shareholders beforenominationsare commenced.

5. Alisted company shallregulateandgivedetailed instructionsto shareholders on votingon membershipof the boardof management bythe method of cumulative voting.

Article10.-Status as amember of the board ofmanagement

1. AmemberoftheboardofmanagementmeansapersonwhomthelawandthecompanyCharterdo not prohibitfrom beingmembersof the board of management.A member of the boardof management may not be a shareholderofthe company.

ThecompanyChartermayprovidethecriteriaformembershipoftheboardofmanagement,butthe criteria must not breach the basic rights of shareholders.

2. Inordertoensurethatthereisaseparationbetweenthesupervisoryandmanagerialrolesofthe company, a listed company shallbe requiredtolimitthe numberof membersof the boardof management whomayconcurrentlyholdotherpositionsinthe managerialapparatus of the company.

3. Amemberoftheboardofmanagementofalistedcompanymustnotconcurrentlybeamemberof the board of management of more thanfive other companies.

4. The chairman ofthe board ofmanagement mustnotconcurrentlyholdtheposition of directoror general director, unlessapproved at theannual general meeting of shareholders.

Article11.-Composition of the boardofmanagement

1. Thenumberofmembersoftheboardofmanagementshallbeatleastfiveandatmosteleven,one- third of whomshall benon-executive independent members.

2. If a memberlosesmembership status pursuant to law and the company Charter, is dismissedor cannotcontinuetobeamemberforsomereason,theboardofmanagementmayappointanother personasareplacement.Inthiscase,thereplacingmemberoftheboardofmanagementmustbe voted for andapproved at the next general meeting of shareholders.

Article12.-Rights andobligations ofmembers of the board ofmanagement

1. Membersoftheboardofmanagementshallberesponsibletoimplementtheirdutiesinanhonest and diligent method in thebest interests of the shareholdersand the company.

2. Membersoftheboardofmanagementmustattendallmeetingsoftheboardofmanagementand state theirclear opinionson issues raised for discussion.

3. Whensellingorpurchasingshares ofthecompany, members of the board of management and affiliated personsmustreportto theState SecuritiesCommission, Stock Exchange orSecurities Trading Centre and announce information about suchpurchaseandsale inaccordance with law.

4. Alistedcompanymaypurchaseliabilityinsuranceformembersoftheboardofmanagementafter obtainingapprovalfromthegeneralmeetingofshareholders.Howeversuchliabilityinsuranceshall notincludeinsuranceoftheliabilityofmembersoftheboardofmanagementforbreachoflawand the company Charter.

Article13.-Rights andobligations of the board ofmanagement

1. Theboardofmanagementshallbeaccountabletoshareholdersforthecompanysactivities.Alisted company shall formulate a corporate governance mechanism toensurethattheboard of management implements its obligations in compliancewith law and the company Charter.

2. Theboardof managementshall be responsibleforensuringthatthecompanys activities complywith lawand thecompanyCharter,ensuring equal treatmenttoallshareholdersandconsiderationof persons withinterests related to the company.

3. Theboardofmanagementshallformulateprovisionsontheorderandproceduresfornominating, standingforelection,votingforanddismissingmembersoftheboardofmanagement,andtheorder and procedure for holding meetings of the boardof management with the followingbasic contents:

(a) Orderandprocedurefornominating,standingforelection,electionanddismissalofmembersofthe board of management:

- Criteria formembership of the board;

- Method fornominatingand/orstandingforthepostofmemberoftheboardofmanagement bya nominee of a group of shareholders soqualified by law and thecompany Charter;

- Method of election of members of the board of management;

- Circumstances in which members will be dismissed;

- Notification of electionanddismissal of members ofthe board of management.

(b) Order and procedure forholding meetings of the board of management:

- Notificationofameetingoftheboardofmanagement(includingtheagenda,time,venue,relevant documents, and voting slips for members who cannotattend a meeting);

- Conditions for validity of the meeting;

- Method of voting;

- Method of approvingresolutions of theboard of management;

- Taking minutes of the meeting of the board of management;

- Approving minutes;

- Announcing resolutions of the board of management.

4. Theboardofmanagementshallformulate provisions on the orderandprocedure forselecting, appointinganddismissingseniormanagers andtheorderand proceduresforco-ordination of activities between theboardof management,theboard of directors and theboardof controllers, including:

(a) Order and procedures for selecting,appointinganddismissing senior managers:

- Criteria for selectingsenior managers;

- Appointment of senior managers;

- Signing labour contracts with senior managers;

- Cases of dismissing senior managers;

- Notification of appointment, dismissal ofsenior managers.

(b) Orderandproceduresforco-ordinationofactivitiesbetweentheboardofmanagement,theboardof controllersand the boardofdirectors:

- Orderandproceduresforconvening,invitations to,takingminutes ofandannouncingresultsofa meetingamongstalltheboardsbeingtheboardofmanagement,theboardofcontrollersandthe board of directors:

- Announcingresolutionsoftheboardofmanagementtotheboardofdirectorsandtotheboardof controllers;

- Cases in which thedirectororgeneral directorandthemajority of members of theboard of controllershavetherighttorequesttoconvenethegeneralmeetingofshareholders,andissueson which the opinion of the board of management must be consulted;

- Reportbytheboardofdirectorssubmittedtotheboardofmanagementonimplementationbythe board of directors of itsassigned rightsand obligations;

- Reviewbytheboardofmanagementofimplementationbytheboardofdirectorsofresolutionsofthe formerand ofmatters delegated to theboard of directors toperform;

- Issuesonwhich theboardof directorsmustreport andprovide information totheboardof management and the board of controllers, andthe method for providing such information;

- Co-ordinationof theactivities ofcontrol, management and supervisionbetweenmembers of the board of management, ofthe boardof controllersand of the board of directorsaccording to theirspecificduties.

5. Theboardofmanagementshallberesponsibletoformulateamechanismforassessingactivitiesof, andforrewardinganddiscipliningmembersoftheboardofmanagement,oftheboardofcontrollers and of the board of directors and other managers.

6. Theboardof management shallbe responsibleforpreparingthereport and providingitto the general meeting of shareholders asstipulated in article7 of these Regulations.

Article14.-Meetings of the board ofmanagement

1. Theboardofmanagementshallorganizeitsmeetingsinaccordancewiththeorderandprocedures stipulatedinthecompanyCharter.Ameeting,itsagendaandrelevantdocumentsshallbenotifiedin advance to members oftheboardofmanagement within the time-limitstipulated bylawandthe company Charter.

2. Minutes of a meeting ofthe board ofmanagement mustbeprepared clearlyand in detail. The secretaryandmembersoftheboardofmanagementattendingthemeetingmustsigntheminutes. Minutes ofmeetingsof the boardofmanagement mustbefiledin accordancewithlaw andthe company Charter.

Article15.-Sub-committees of the board ofmanagement

1. Theboardofmanagementmaysetupsub-committeestoassistitinitsactivities,includingasub- committeefordevelopmentpolicy,asub-committeeforinternalaudit,asub-committeeforpersonnel, a sub-committeeforsalaryandbonusesandotherspecial sub-committees in accordance with resolutions ofthe general meeting of shareholders.

2. Thesub-committeeforinternalauditmusthaveatleastonememberwhospecializesinaccounting and who isnot a person working in theaccounting/financial department of the company.

3. Theboardofmanagementshallprovidedetailedrulesonestablishmentofsub-committees,andon the responsibility of sub-committees and of each member of a sub-committee.

4. Ina casewherea company doesnotsetup sub-committees, theboardofmanagementshall nominatetheperson/stobe in chargeof eachissuesuchasauditing, salary and bonuses, and personnel.

Article16.-Secretary of the company

1. In order to assistthe companysactivitiestobe conductedeffectively, theboard of management mustappointatleastonepersontoactassecretaryofthecompany.Thesecretaryofthecompany musthaveagoodknowledgeoflaw,andmaynotconcurrentlyworkfortheauditingcompanywhich currently audits the company.

2. The role andduties of thesecretary of the companyshallcomprise:

- Organizingmeetingsoftheboardofmanagementandoftheboardofcontrollersandthegeneral meetingofshareholdersattherequestofthechairmanoftheboardofmanagementortheboardof controllers;

- Advising onprocedures for meetings;

- Taking minutes of meetings;

- Ensuring thatresolutionsofthe board ofmanagementcomply withlaw;

- Providing informationrelatingtofinanceand copies of minutes of meetings of the boardof management and other informationtomembers ofthe boardofmanagement and theboard of controllers.

3. Thesecretaryofthecompany shallbe responsiblefor maintaining confidentiality of information in accordancewith lawand the companyCharter.

Article17.-Remuneration of the board ofmanagement

1. Theremunerationoftheboardofmanagementshallbeapprovedannuallybythegeneralmeetingof shareholdersand specifically announcedto shareholders.

2. Theremunerationoftheboard ofmanagement shallbe specificallylistedintheaudited annual financial statements.

3. Ifamemberoftheboardofmanagementisconcurrentlythedirectororgeneraldirector,thenhisor her remuneration shallcomprise the salary ofthedirectoror general director plus otheritems of remuneration.

4. Detailsofremunerationand otherbenefitsand expensespaidto members oftheboard of management shallbe specifically announced in thecompanysannual report.

Chapter IV

MEMBERS OF BOARD OF CONTROLLERS AND BOARD OF CONTROLLERS

Article18.-Status as amember of the board of controllers

1. A personprohibitedbylaw and bythecompany Charter from beingamember ofthe board of controllersmustnotbeamemberoftheboardofcontrollers.Amemberoftheboardofcontrollers musthavespecializedqualificationsandexperience,anditshallnotbenecessaryforamemberof the board of controllers to also be ashareholder of thecompany.

2. Theheadoftheboardofcontrollersmusthavespecializedaccountingqualificationsandmustnot work in theaccounting/financial department and must not be the financial director of the company.

Article19.-Composition of the boardof controllers

1. The numberof membersofthe board ofcontrollers shall be at least threeandatmost five.

2. The board of controllers musthaveat leastonemember who is an accountant orauditor. This membermustnotbeamemberofstaffoftheaccounting/financialdepartmentofthecompany,and mustnotbea memberof staff of the independentauditing company which currentlyaudits the companys financial statements.

Article20.-Rights ofmembers oftheboardof controllerstoaccess information, and independence ofmembers of the board of controllers

1. Membersoftheboardofcontrollersshallbeentitledtoaccessallinformationanddocumentsrelating tothecompanysactivities.Membersoftheboardofmanagement,thedirectororgeneraldirector and managers must provide information at therequestof membersof the boardof controllers.

2. Alistedcompanyshallformulateamechanismtoensurethatmembersoftheboardofcontrollers are independent in their activities, and implement theirduties in accordance withlaw and the company Charter.

Article21.-Responsibilities and obligationsof the board ofcontrollers

1. Theboardofcontrollersshallbeaccountabletoshareholdersforitssupervisoryactivities.Theboard ofcontrollersshall be responsible to supervisethefinancialstatus ofthe company; thelegalityof actionsof themembers ofthe boardof management, of actions oftheboard ofdirectors and managers;co-ordinationbetweentheboardofcontrollerswiththeboardofmanagement,theboard of directors and shareholders; and [shall have] other duties stipulated by law and the company Charterwith a view to protecting the legitimate interests of the company and its shareholders.

2. Theboardof controllers shallmeetatleasttwiceeachyear,andthenumberofattendantsmustbeat leasttwo-thirdsofthetotalnumberofmembersofsuchboard.Minutesofameetingoftheboardof controllersmustbe prepared clearlyand in detail. The secretary and members oftheboard of controllers attending themeeting mustsignthe minutes.Minutes of a meetingoftheboard of controllersmustbefiledasimportantdocumentsofthecompanyinordertoclarifyliabilityofeach member of the board of controllers forresolutions of such board.

3. Theboardofcontrollersshallhavetherighttorequestmembersoftheboardofmanagementorof theboardofdirectors,internalauditorsandindependentauditorstoattendameetingoftheboardof controllersand answer questions on issues which concern suchboard.

4. The boardofcontrollersmayreportdirectlyto the StateSecuritiesCommissionorother State administrativebodiesifitdiscoversactswhichitconsidersbreachthelaworthecompanyCharter committed bya member ofthe board ofmanagement orof the board of directors or by a manager.

5. Theboardofcontrollersshallbeentitledtoselectanindependentauditingorganizationtoauditthe financialstatementsofthelistedcompany,andtorequestthegeneralmeetingofshareholdersto approve suchselection.

6. Theboardofcontrollers shall be responsible formakingthereportatthe general meetingof shareholdersas stipulatedin article 8 ofthese Regulations.

Article22.-Remuneration of the board of controllers

Membersoftheboard of controllersshallbepaidannual remuneration forcompleting theirduties. The calculationoftheremunerationofmembersoftheboardofcontrollersmustbespecificandtransparent, andshallbeapprovedbythegeneralmeetingofshareholders.Thetotalamountofremunerationpaidto the board of controllers shall be announced in thecompanysannual report and to shareholders.

Chapter V

PREVENTING CONFLICTS OF INTEREST AND TRANSACTIONS WITH PARTIES WITH INTERESTS RELATED TO THE COMPANY

Article23.-Responsibilityofmembers of theboardofmanagement andofthe boardofdirectors tobe honest and toavoidconflicts of interest

1. Members oftheboard of management, thedirectororgeneraldirector, managers and affiliated personsshallnotbepermittedtotakeadvantageofbusinessopportunitieswhichcouldreapbenefits forthecompany fortheirownpersonalpurposes;and shallnotbepermitted to useinformation obtained by virtue of theirposition in ordertogainany personalbenefitora benefitforother individuals and organizations.

2. Amemberoftheboardofmanagement,thedirectororgeneraldirectorandamanagermustnotify theboard of management of any contract between thecompany with suchmember or withan affiliatedpersonofsuchmember.Suchentities[thememberormanagerandanyaffiliatedperson] shallbepermittedtocontinuetoperformsuchcontractwhenmembersoftheboardofmanagement whodo nothave a relatedinterest [to thecontract] decidenot to investigate thematter.

3. Thecompanyshallnotbepermittedtomakealoanorprovideaguaranteetoamemberoftheboard of managementorof theboardof controllers, tothedirectororgeneraldirector,to amanageror affiliatedpersonortoanyotherlegalentitywithwhichtheabove-namedhaveafinancialinterest, unless otherwise decidedby the general meeting of shareholders.

4. Amemberoftheboardofmanagementshallnotbepermittedtovoteonatransactioninwhichsuch memberoranaffiliatedpersonparticipates,includingacasewheretheinterestofthememberofthe boardinthetransactionhasnotbeen confirmedandirrespectiveofwhethertheinterestismaterialor non-material.Theabove-mentionedtransactionsmustbepresentedinthefinancialstatementsfor the relevantperiodand announced in theannual financial statements.

5. Membersoftheboardofmanagement,thedirectororgeneraldirector,managersandtheiraffiliated personsshall notbepermittedto useinformation whichhasnot yetbeenannouncedinorderto reveal it to others or to carry outthe relevant transaction on theirown behalf.

6. A listed company shallstipulate ruleson how to assessactivities of, and on rewarding and discipliningmembersoftheboardofmanagement,oftheboardofcontrollersandoftheboardof directors, andof managers,toinclude the following contents:

- Formulating the assessment criteria;

- Formulating the reward and disciplinesystem;

- Organizing the apparatus making assessments and[deciding] to rewardor discipline;

- Organizationof implementation.

Article24.-Transactionswith affiliated persons

1. Whenconductingatransactionwithanaffiliatedperson,alistedcompanymustsignacontractin writingonthebasisoffairnessandvoluntaryaction.Thecontentsofthecontractmustbeclear,and the termsand conditionsonexecution,supplements, amendments,validity, priceand basis for determiningthe contractual priceshallconstitute information to be disclosed inaccordance with law.

2. Alistedcompanyshallapplynecessarymeasurestopreventaffiliatedpersonsfrominterferinginthe companysactivitiesand causing lossto thecompanysinterestsbymonopolizingselling and purchasing channelsandby riggingprices.

3. A listed company shallapplynecessary measures to prevent shareholdersand affiliatedpersons fromcarryingouttransactionswhichmaycausealossofcapital,assetsorotherresourcesofthe company. A listed companyshallnot providefinancialguarantee forshareholders and affiliated persons.

Article25.-Ensuring legitimate rightsofpersonswith interests related to the company

1. Alistedcompanymustrespectthelegitimaterightsofpersonswithinterestsrelatedtothecompany including banks, creditors, employees, consumers, suppliers, the community and others.

2. Alistedcompanyneedstoco-ordinateactivelywithpersonswithinterestsrelatedtothecompany, by:

(a) Providing sufficientnecessaryinformation tobanks and creditorssothatthey canassess activities and the financial status of the company and make adecision;

(b) Encouragingsuchpersonsorentitiestoraiseopinionsonthestatusofbusinessactivitiesand thefinancialstatusandonimportantdecisionswhichpertaintotheirinterestsbydirectcontact with the board of management, the board ofdirectors and the board of controllers.

3. A listed companymust beconcerned about welfareissues, environmental protection, thegeneral interests of the community and the social responsibility of the company.

Chapter VI

TRAINING ON CORPORATE GOVERNANCE

Article26.-Training oncorporategovernance

Membersoftheboardofmanagementandoftheboardofcontrollers,thedirectororgeneraldirectorand deputydirectorordeputy general director ofa listed company shallbe requiredtoparticipate inbasic training courses on corporategovernanceorganizedbytraininginstitutions which haverelevanttraining programs.

Chapter VII

ANNOUNCEMENT OF INFORMATION AND TRANSPARENCY

Article27.-Regularannouncement of information

1. Alistedcompanyshallbeobligedtopromptly,completelyandaccuratelyannouncebothperiodical andextraordinaryinformationaboutitsbusiness,financialstatusandcorporategovernancestatusto shareholders andthe public. Information and the method ofannouncinginformationshallbe implementedinaccordancewithlawandthecompanyCharter.Inaddition,alistedcompanymust announceotherinformationinapromptandcompletemannerifsuchinformationcouldaffectthe value of securities and could affect decision-makingbyshareholders and investors.

2. Theannouncement ofinformation shallbe implemented by amethod whichensures that shareholdersandtheinvestingpublicmayaccessitsimultaneouslyandequally.Thewordingofan announcementneedstobeclearandeasytounderstand,andshouldavoidinglanguagewhichcould cause misunderstandingbyshareholders and the investingpublic.

Article28.-Announcing information oncorporate governancestatus