Investor Presentaiton

Core requirements and regulatory focus Focus on recurrent income or fee streams and subject to full disclosure and proper risk warnings: No profit test or market capitalisation/revenue/cash flow requirement New properties with less than 3-year track record acceptable REIT with single property permissible Connected party transactions conducted at arm's length and on normal commercial terms allowed (eg. master lease entered into with REIT sponsor of hotel REITs) REIT sponsor may engage in a competing business (eg. REIT sponsor may own other investment properties in the same area) provided proper measures are put in place. SFC 證監會 4

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