Article 47(b): Conditions for Offering REITs

b) The fund manager must comply with the following at all times:

1) Investment policy: the fund's investments value in constructionally developed real estate, and qualified to generate periodic rental income must not be less than (75%) of the fund's total assets value according to the last audited financial statements.

2) Distributions: the distributed profits on unitholders must not be less than (90%) of the fund's net profits annually.

3) Asset restrictions:

a) the fund manager may not invest in white lands. the fund manager is allowed to invest up to 25% of the fund's total assets value, according to the last audited financial statements, in any of the following:

1. Real estate development, whether the real estate is owned by the fund manager or not. If a REIT traded in the parallel market, it may invest in real estate development upon the establishment of the fund without adhering to the stated percentages in Investment Policy and Asset restrictions as stipulated in Paragraph (b) of this Article

2. Renovation and re-development of real estate.

3. Real estate re-purchase agreements.

4. Cash and such, units of investment funds licensed by the Authority and real estate companies.

5. In case of RIETs traded in the Main market, Usufruct rights.

6. Treasury units

7. Debt instruments

b) The manager of REIT traded in the parallel market must, upon completion of the development of the real estate under investment, ensuring that the real estate becomes a constructionally developed asset capable of generating rental and periodic income, comply with the investment in real estate development shall not exceed )25%( of the total value of the fund's assets, whether or not owned by it.