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Independence from business relationship with holder and REIT managed or operated by holder

Securities and Futures (Licensing and Conduct of Business) Regulations

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—(1) For the purposes of regulations 13D(7)(b)(ii) and 13E(a)(ii) and (b)(i)(B), a director of a holder of a capital markets services licence for real estate investment trust management is independent from any business relationship with the holder and the REIT that is managed or operated by the holder if the director does not have a business relationship with any of the following persons (each called in this regulation a relevant person):(a)the holder of the capital markets services licence;(b)a related corporation of the holder;(c)the trustee of the REIT that is managed or operated by the holder;(d)an officer of a person mentioned in sub-paragraph (a), (b) or (c).(2) For the purpose of paragraph (1), a director has a business relationship with a relevant person if —(a)any of the following persons has in the current or immediately preceding financial year of the holder, made any payment to, or received any payment from, the relevant person:(i)a corporation that carries on business for purposes of profit of which the director is a substantial shareholder, a director or an executive officer;(ii)a partnership that carries on business for purposes of profit of which the director is a partner;(iii)the director in his capacity as a sole proprietor of a business carried on for purposes of profit; or(b)the director is receiving or has received any payment from the relevant person at any time during the current or immediately preceding financial year of the holder, other than —(i)in the case where the relevant person is the holder of the capital markets services licence —(A)fees received for the director’s service as a director of the holder; and(B)salary received for the director’s service as an employee of the holder; or(ii)in any other case, salary received for the director’s service as an employee of the relevant person.

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