Regulations Governing the Public Offering or Private Placement of REIT and REAT Beneficiary Securities by a Trustee Article 9

A trust supervisor who is a natural person shall meet one of the following qualifications:1.Having previously held the position of assistant manager or above or an equivalent position at the head office of a real estate management institution or financial institution, and possessing not less than 5 years of experience in real estate or trust business, and having a good performance record.2.Having obtained a CPA, lawyer, or real estate appraiser license, and possessing not less than 5 years of practical work experience.3.Having taught architecture, civil engineering, land administration, management, finance, accounting, law, or trust related courses at the junior college level or higher, domestically or abroad, for not less than 5 years.4.Having not less than 2 years of experience in an administrative management position at a real estate or trust related business, and having previously served as a civil servant of not less than recommended appointment grade 9, or an equivalent level position.5.Possessing other experience sufficiently evidencing the ability to effectively execute the official duties of a trust supervisor and protect the rights and interests of beneficiaries.Juristic persons holding the position of trust supervisor shall be confined to real estate management institutions and trust enterprises.A trust supervisor may not be an interested party, staff member, or employee of the trustee, or be the trustor of the REAT.A trustee that manages and disposes of trust property itself shall appoint a trust supervisor.