These Regulations are adopted pursuant to the Real Estate Securitization Act ("the Act"), Article 15, paragraph 3 and Article 36 by mutatis mutandis application of Article 15, paragraph 3.

The basic principles governing the preparation of prospectuses are as follows:
1.All of the content recorded in a prospectus must be detailed, truthful, clear, and unambiguous. Its wording shall be concise and easy to understand, and it may not contain misrepresentations, nondisclosures, or omissions.
2.Information published in a prospectus shall be timely and up to date. Trades or other events sufficient to influence the judgment of an interested party that occur before printing shall be disclosed.

The following items shall be printed in the order below on the cover of the prospectus:
1.Name and seal of the trustee.
2.Name of the real estate management institution.
3.Name of the promoter of the real estate investment trust ("REIT"), or the name of the trustor of the real estate asset trust ("REAT").
4.Name of the arranger.
5.Name of trust supervisor.
6.Name of the beneficial securities.
7.Basic investment policy of the REIT.
8.Date of issuance, maturity date, type, duration, issuance amount, coupon rate, and terms and conditions of issuance of the REAT beneficial securities.
9.The types of trust assets [owned by] the REAT.
10.The credit rating of the beneficial securities, and any credit enhancement provided.
11.The following texts shall be printed prominently:
A."The trustee does not guarantee the value of trust assets."
B."The subscriber shall carefully consider the risks of this beneficial securities (record the page number where risk disclosure is made). Only those subscribers who fully understand, and are capable of assuming, these risks should invest in these beneficial securities."
C.If a REIT is permitted to invest in developmental real estate or real estate-related rights, the following shall be printed: "Subscribers: Please note that this beneficial security is permitted to invest in developmental real estate or real estate-related rights, which entail considerable risk."; and the percentage limits on investment in developmental real estate or real estate-related rights shall be specified.
D.If a REIT is permitted to invest in offshore real estate or real estate-related rights, the following shall be printed: "Subscribers: Please note that this beneficial security is permitted to invest in offshore real estate or real estate-related rights, which entail considerable risk."; and the percentage limits on investment in offshore real estate or real estate-related rights shall be specified.
E."Approval of these beneficial securities in no way indicates that it is without risk; the trustee may not cite such approval in publicity as verification of application particulars or as a guarantee of the value of the securities."
F."The trustee, promoter or trustor, arranger, real estate management institution, their responsible person(s), and other persons that have signed or affixed their seals to this prospectus shall be held legally responsible for misrepresentations or nondisclosures herein."
G.Web addresses for inquiries regarding this prospectus, including the web address of the information reporting website designated by the Financial Supervisory Commission (FSC) of the Ministry of Finance, and the web address where the trustee discloses the relevant prospectus data.
12.The date of printing.
A prospectus prepared in order to apply to offer beneficial securities shall on its front cover clearly note that it is a draft version for application purposes.

The issuance-related information listed below shall be printed in the following order on the inside front cover of the prospectus:
1.Name, address, web address, and telephone number of the trustee and the real estate management institution.
2.Name, address, web address, and telephone number of the promoter or trustor.
3.Name, address, web address, and telephone number of the arranger.
4.Name, address, web address, and telephone number of the trust supervisor.
5.Name, address, web address, and telephone number of any credit enhancement institution.
6.Name, address, web address, and telephone number of the credit rating institution of the beneficial securities.
7.Name, address, web address, and telephone number of the professional appraiser.
8.Names of the certified public accountant and attorney who issue written opinions, and the names, addresses, web addresses, and telephone numbers of their firms.
9.Name, address, web address, and telephone number of the certification institution.
10.Name, address, web address, and telephone number of the securities underwriter.
11.Prospectus distribution plan: Inform where the prospectus will be displayed, its distribution method, and the method by which it may be obtained upon request.
12.Names, titles, contact telephone numbers, and e-mail addresses of the spokesperson and deputy spokesperson.

A majority of the directors, and the general manager, of the trustee shall sign their names or affix their signatures to the back cover of the prospectus. When engaging in securities underwriting in accordance with the law, the securities underwriter and its responsible person shall sign their names or affix their seals to the sections of the prospectus for which they are responsible.

Information to be recorded in the prospectus pursuant to the provisions of these Regulations shall all be printed therein, and a table of contents and index prepared. If required information is not available or the FSC approves an omission, then add the annotation "Not available" or "Omitted," respectively, after that item.
Where an item to be recorded in the prospectus is repeated, it need only be recorded in one place, with annotations in other places giving a page reference.