Clauses of the Real Estate Securitization Act Article 9

The trustee shall operate the REIT business in accordance with the REIT plan approved by or effectively registered with the competent authority.The trustee, after publicly offering or privately placing REIT beneficiary securities, shall not alter the REIT plan unless with the resolution of the beneficiaries’ meeting as well as the approval of, or effective registration with the competent authority. However, if the alteration has no significant impact on the rights and interests of the beneficiaries, such alteration may be made with the approval of, or effective registration with the competent authority.The application or registration as referred to in the preceding paragraph shall be made in an application form or registration form, which shall expressly state the contents of and reasons for the alteration, together with the following documents:1. The REIT plans before and after the alteration as well as the corresponding comparison table;2. Minutes of the beneficiaries’ meeting, which is exempted if the alteration meets the condition prescribed in the proviso of the preceding paragraph;3. Evaluation and expert opinions on whether or not the alteration has any significant impact on the rights and interests of the beneficiaries; and4. Other documents as required by the competent authority.The competent authority shall consult with the central competent authority in charge of the target enterprise concerned for written opinions when examining the documents as prescribed in the preceding paragraph.Any additional amount of REIT fund to be publicly offered or privately placed by the trustee beyond the total amount approved by or effectively registered with the competent authority shall obtain the resolution of the beneficiaries’ meeting, and in such event, the provisions in Article 6 herein, instead of the provisions in the preceding three paragraphs shall apply.