Enforcement Rules of The Real Estate Securitization Act

These Rules are enacted in accordance with Article 67 of the Real EstateSecuritization Act (hereinafter referred to as the “Act”).

The alterations of the real estate investment trust plan and the realestate asset trust plan, which has no significant influence on therights and interests of the beneficiaries, as described under theprovisos of Article 9, Paragraph 2 and Article 32, Paragraph 2 of theAct refers to the following situations:1. the shortening of the duration of the real estate investment trustfunds or the real estate asset trust contract after the real estateinvestment trust contract or the real estate asset trust contractis terminated and the cash from the disposition of the trustproperty is allocated;2. alterations are made by a written consent of the entirebeneficiaries in accordance with the entry in the real estateinvestment trust plan or a real estate asset trust plan;3. amendments or supplements as agreed by the contracting parties ofthe real estate investment trust contract or the real estate assettrust contract, where they involve alterations to the requisiteitems to be included in the real estate investment trust plan orthe real estate asset trust plan. However, the amendments orsupplements are limited to those for which an attorney-at-lawissued legal opinions to determine that they corrected obviousmistakes in the original agreement, clarified ambiguity in theoriginal agreement, or made supplements that did not contradictother agreements, and declared that there were no major influenceon the beneficiaries; or4. other events as determined by the competent authority.When an alteration of a real estate investment trust plan or a realestate asset trust plan has no significant influence on the rights andinterests of the beneficiaries, the Trustee shall inform thebeneficiaries or make an announcement of such plan pursuant to Article41 of the Trust Enterprise Law.

A trustee shall submit the settlement statement and report regardingthe real estate investment trust plan or the real estate asset trustplan to the competent authority within thirty (30) days after theimplementation of said plan is complete.The format of the settlement statement and report referred to in thepreceding paragraph shall be drafted by the Trust Association andsubmitted to the competent authority for approval.

Pursuant to Article 10, Subparagraph 17 and Article 33, Subparagraph14 of the Act, real estate investment trust contracts and real estateasset trust contracts shall contain the name or title of the beneficiaryas specified in Article 19, Paragraph 1 of the Trust Enterprise Law.If a beneficiary is still not confirmed at the time of signing saidcontracts, but may be confirmed thereafter, the identification of thebeneficiary may be specially processed in accordance with thespecifications by the trustor.

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The term “principal office” as mentioned in Article 19, Paragraph 3,Article 22, Paragraph 4, Article 26, Paragraphs 1 and 6, Article 55,Paragraph 2, and Article 56, Paragraph 4 of the Act refers to thelocation of the company or the registered location of the businesslicense where a bank concurrently engages in trust business.

When processing a trust registration, a real estate investment trustshall make the registration in the name of the Trustee and state realestate investment trust funds and property in the column of otherregistration matters of the registration book.

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The documents and information of trust property provided by a trustorpursuant to Article 29, Paragraph 3 of the Act shall contain theindication regarding trust property, nature of rights, legalappropriation, permit or control, the specification of debt related totrust property, and the encumbrance of trust property.

The written documents regarding the specification of debt provided bythe Trustor pursuant to Article 30, Paragraph 3 of the Act shall containthe following items:1. the debt secured by trust property;2. the balance of debt; and3. the specification of debt regarding a direct or indirectrelationship of the creditor’s rights and debt concerning othercommitments, guarantees, or loans made between the trustor and athird party, which may have influence on the implementation effectsof trust matters if not performed.

The term “encumbrance of trust property” as mentioned in Item 2, Subparagraph 4, Paragraph 1 of Article 31 of the Act means the rights of a third party to make direct claim on trust property, such as superficies, easements, mortgage, dien, or leasehold.

When beneficiaries exercise their voting rights, redeem theirprincipals and receive profits, interests, or other proceeds accruedtherefrom pursuant to the Act, whether they are required to presentBeneficial Securities shall be processed in accordance with theagreements in the real estate investment trust contract or the realestate asset trust contract.

The trustee, Trust Supervisor, or the Trustor of a real estateinvestment trust plan or a real estate asset trust shall not functionas a certification agency for the Beneficial Securities issued inaccordance with the real estate investment trust plan or the real estateasset trust plan.The lead underwriter shall not function as the certification agency forthe same series of Beneficial Securities issued in accordance with thereal estate investment trust plan or real estate asset trust plan.Securities concurrently issued in the same series in accordance withthe real estate investment trust plan or real estate asset trust planshall be certified by the same agency.

These Enforcement Rules shall be enforced as of the date ofpromulgation.If the translations of the texts differ from the original Chinese texts, theoriginal texts are preferential.