Regulations Governing the Public Offering or Private Placement of REIT and REAT Beneficiary Securities by a Trustee Article 20

After obtaining approval for a public offering or additional public offering of beneficiary securities, a trustee shall proceed in accordance with the following provisions:1.It shall begin the offering and make a public announcement, and collect the payments from subscribers and purchasers and provide a prospectus, within three (3) months from the date on which the approval letter is served; provided that prior to the expiration of that time period, those with legitimate reason may apply to the Competent Authority for an extension; an extension may not be longer than three months, and shall be limited to one time. The offering shall be fully subscribed within thirty (30) days after it begins.2.Within five (5) business days after the completion of the offering, the trustee shall submit to the Competent Authority for recordation a written opinion issued by a lawyer stating that the current offering has not been materially discrepant from the content of the REIT plan or REAT plan at the time the trustee applied to the Competent Authority for approval.3.In addition to submitting the documentation required in the preceding subparagraph, a trustee that publicly offers REAT beneficiary securities shall also submit to the Competent Authority for recordation a written opinion issued by a lawyer stating that the registration of the trust property transfer has been completed and is free of defect.4.The trustee shall deliver the beneficiary securities by book entry transfer within thirty (30) days from the date on which the public offering is completed.5.A trustee that publicly offers REAT beneficiary securities may not remit proceeds from the public offering to the trustor before the trustor has completed the registration of the trust transfer.