Regulations Governing the Public Offering or Private Placement of REIT and REAT Beneficiary Securities by a Trustee Article 4

A trustee that publicly offers or additionally offers a closed-end REIT fund or REAT beneficiary securities shall, prior to approval by the Competent Authority, obtain a consent letter for exchange listing or OTC listing issued by the Taiwan Stock Exchange Corporation (“TSEC”) or Gretai Securities Market (“GTSM”). The preceding provision does not apply to a trustee that plans to make public offering or additional public offering of beneficiary certificates overseas.