Regulations Governing Public Tender Offers for Real Estate Investment Trust Beneficiary Securities Article 15

The public tender offeror shall mandate an institution which may lawfully conduct shareholder services business to be responsible for matters such as accepting deposit of the real estate investment trust beneficiary securities of the tenderers, delivery of the public tender offer prospectus, and receipt and delivery of funds and securities for the public tender offer.The mandated institution shall set up a segregated account for the receipt and delivery of funds and securities under the preceding paragraph and use specific funds only for their specific purpose, and it shall perform its fiduciary duties faithfully and with due care.The mandated institution shall meet the qualifications and requirements specified in the Regulations Governing the Administration of Shareholder Services of Public Companies, and shall not have received any official reprimand or more severe disciplinary action by the FSC in connection with public tender offer business within the last year. This restriction need not apply, however, if concrete steps have been taken to correct the infraction and the FSC has recognized the improvement.When the mandated institution accepts deposit of a tenderer's real estate investment trust beneficiary securities, it shall issue a receipt to the tenderer with the name of the real estate investment trust fund and the number of securities deposited.When the mandated institution accepts deposit of beneficiary securities by means of a book-entry transfer made by a tenderer through a securities firm or a custodian bank, it shall comply with the regulations of the central securities depository.