RE: Memorandum of Understanding signed on 5th November, 1997,
between the Commissione Nazionale per le Societa e la Borsa in
Rome and the Securities and Futures Commission in Taipei

Dear Mr Cardia,

I refer to your letter of November 18, 2005, in which you wrote
as follows:

Dear Mr Jaw-Sheng Kong,

Considering that the Commissione Nazionale per le Societa e la
Borsa, Consob, and the Securities and Futures Commission in
Taipei signed on 5th November, 1997 a Memorandum of
Understanding on the exchange of information and that the
provisions of the said Memorandum of Understanding established a
framework for the exchange of information between the two
signatories aimed at assisting each other in securing compliance
with laws and regulations of their respective jurisdictions and
in facilitating the performance of the tasks they are entrusted
with;

Considering that, on 1st July, 2004, the “Organic Act Governing
the Establishment of the Financial Supervisory Commission,
Executive Yuan”, established in Taipei the Financial
Supervisory Commission, a consolidated supervisor for the
banking, insurance, securities and futures sectors, which is now
responsible for the tasks previously performed by the Securities
and Futures Commission;

Considering that the confidentiality requirements applicable to
the Financial Supervisory Commission are equivalent to those
previously applicable to the Securities and Futures Commission;

Considering that on 21st October, 2004, you informed us that you
considered the above mentioned Memorandum of Understanding still
in effect;

By this letter I agree to apply to the Financial Supervisory
Commission all the commitments provided for under the provisions
of the above mentioned Memorandum of Understanding, limited to
the securities and derivatives instruments sector, and its side
letters formerly signed by the Securities and Futures Commission.

I would be grateful for a confirmation of the above commitment
in writing and, upon receipt of your confirmation, the MoU dated
5th November, 1997, would enter into between us.

Best regards, Lamberto Cardia

By this letter I agree to apply to the Financial Supervisory
Commission all the commitments provided for under the provisions
of the above mentioned Memorandum of Understanding, limited to
the securities and derivatives instruments sector, and its side
letters formerly signed by the Securities and Futures Commission.

Therefore, the said Memorandum of Understanding signed on 5th
November, 1997, between Consob and the Securities and Futures
Commission in Taipei shall henceforth be valid between Consob
and the Financial Supervisory Commission.

Best regards,

Jaw-Sheng Kong
Chairperson
Financial Supervisory Commission
Taiwan