Regulations Governing Securities Investment Trust Funds Article 85

After application for a merger of funds receives FSC approval, the SITE shall immediately make a public announcement of the following matters and notify the beneficiaries of the surviving and non-surviving funds:1. The date and reference number of the FSC letter of approval.2. The name of the surviving fund, the fund's manager, and the fund's investment strategy.3. The name of the non-surviving fund.4. The purpose of the merger and expected benefits.5. The record date of the merger.6. The method of calculating the number of beneficiary certificate units of the non-surviving fund exchanged for those of the surviving fund.7. A declaration that, from the date of announcement until two days prior to the record date of merger, beneficiaries not consenting to the merger may apply to the SITE for redemption of certificates of beneficial interest.8. A declaration that, from the day before the record date of merger until the date on which the entire assets of the non-surviving fund have been transferred to the surviving fund, the SITE will cease accepting subscriptions to or redemptions of the non-surviving fund's certificates of beneficial interest.9. The period, method, and locations for the issuance of new certificates of beneficial interest.10. Other matters prescribed by FSC regulations.The period between the announcement and the record date of merger as referred to in the preceding paragraph may not be less than 15 business days. However, for a merger conducted pursuant to the proviso of Article 83, under which approval of the beneficiaries meeting is not required, the above period may not be less than 30 business days.The provisions of paragraph 2 regarding announcement do not apply to privately offered funds.