Re: Guidelines for the Book Building and the Determination of Offering Price to Public and Individual

Re: Guidelines for the Book Building and the Determination of Offering Price to Public and Individual (No. 2)

individual investor. A combined amount sold to individual investors must be no more than four times of shareholders’ equity or no more than 70% of total amount offered.    Digital asset exchanges, brokers and

made at more than 80% of the project. 3. Investment must not be in small units such as individual houses or condominium units. 4. Asset appraisal must be made by an asset appraiser determined by SEC. In

following manners: (a) a spouse or a minor child of such person; (b) an individual or a company holding majority shares of such person, which means: 1. an individual or a company holding shares of such person

spouse or a minor child of such person; (b) an individual or a company holding majority shares of such person, which means: 1. an individual or a company holding shares of such person in a number exceeding

underwriter in the following manners: (a) a spouse or a minor child of such person; (b) an individual or a company holding majority shares of such person, which means: 1. an individual or a company holding

; (b) an individual or a company holding majority shares of such person, which means: 1. an individual or a company holding shares of such person in the number of exceeding fifty percent of the total

relationship with a director, an executive, a major shareholder or a controlling person of a securities underwriter in the following manners: (a) a spouse or a minor child of such person; (b) an individual or a

marginal part, which represents the dynamic behaviour of each individual marginal, and the copula part, which represents the joint dependence among those individual components. Specifically, the REITs