propotion to total asset value Execution of transactions small X < 10% at REIT Manager's discretion medium 10% ≤ X < 30% requiring an approval from the board of directors of the REIT Manager
. 15/2563 Re: Application for and Approval of Offer for Sale of Newly Issued Shares (No.8) dated February 28,2020, requiring companies offering for sale of shares to the public to separate the roles and
appropriate. (2) Matters involving shared responsibility of the board and management are matters requiring joint consideration between the board and management. The board must closely monitor these matters