Regulations Governing Public Tender Offers for Real Estate Investment Trust Beneficiary Securities Article 33

The following risks associated with participation in the tendering shall be noted in prominent text:1. The risk that the public tender offer case could be suspended pursuant to Article 43-5, paragraph 1, subparagraphs 1 to 3 of the Act.2. The risk that a competent authority might otherwise deny approval, suspend registration, reject filing, or revoke approval.3. The risk that the competent authority, acting pursuant to the provisions set out in Article 43-5, paragraph 2, of the Act, might order the public tender offeror to re-file and publicly announce a previously filed and publicly announced public tender offer.4. The risk that the time, method, or place for the payment of the tender offer consideration may be changed due to a natural disaster or emergency event pursuant to Article 8, paragraph 2.5. The risk that the time for the tenderer to receive the tender offer consideration may be postponed because the public tender offeror extends the public tender offer period pursuant to Article 19, paragraph 2.6. The risk that a tender may not be canceled after the conditions of the tender are achieved and publicly disclosed, unless under a circumstance set forth in Article 20, paragraph 6.7. The risk that the quantity tendered may not meet the minimum intended purchase quantity.8. The risk that not all beneficiary securities tendered can be sold.9. Any other material risk that the public tender offeror knows could affect the purchase process.