Common use of Foreign Account Tax Compliance Clause in Contracts

Foreign Account Tax Compliance. Sections 1471 – 1474 of the Code (referred to as “FATCA”) will impose new rules with respect to certain payments to non-U.S. persons, such as the Trust, including interest and dividends from securities of U.S. issuers and gross proceeds from the sale of such securities. All such payments may be subject to withholding at a 30% rate, unless the recipient of the payment satisfies certain requirements intended to enable the IRS to identify United States persons (within the meaning of the Code) with interests in such payments. To avoid such withholding on payments made to it, a foreign financial institution (a “FFI”), such as the Trust (and, generally, other investment funds organized outside the U.S.), generally will be required to enter into an agreement (a “FFI Agreement”) with the IRS under which it will agree to identify its direct or indirect U.S. owners and report certain information concerning such U.S. owners to the IRS, or comply with the provisions of an applicable FATCA intergovernmental agreement or similar agreement if such agreement has been executed between the U.S. and the FFI‟s jurisdiction. The FFI Agreement will also generally require that a FFI withhold U.S. tax at a rate of 30% on certain payments to investors who fail to cooperate with certain information requests made by the Trust or on such payments made to investors that are FFIs that have not entered into a FFI Agreement with the IRS. FATCA withholding will be effective with respect to payments, including U.S. source dividends and interest, made after 31st December 2013 (and after 31st December 2016 with respect to payments of gross proceeds from the sale of securities giving rise to dividends and interest). The first reporting deadline for FFIs that have entered into the FFI Agreement will be 31st March 2015 with respect to 2013 and 2014 calendar years. If the Trust receives payments covered by FATCA, withholding may apply if it cannot satisfy the applicable requirements (including failure to enter into a FFI Agreement or failure to satisfy the requirements of an applicable FATCA intergovernmental agreement or similar agreement). In addition, in the event any amounts are withheld from payments made to the Trust pursuant to FATCA due to any failure by a Unitholder to provide information to the Trust necessary to avoid such withholding, the Trust may collect the withheld taxes from such Unitholder (which, at the Fund‟s discretion, may be collected from proceeds otherwise payable to the Unitholder from the redemption of Units) and/or allocate or apportion to such Unitholder the withheld taxes. Each prospective investor should consult with its own tax advisor as to the potential impact of FATCA in its own tax situation.

Foreign Account Tax Compliance. Sections 1471 – 1474 of the Code (referred to as “FATCA”) of the U.S. Internal Revenue Code of 1986, as amended (the “Code”) will impose new rules with respect to certain payments to non-U.S. persons, such as the TrustTrust and each applicable Sub-Fund, including interest and dividends from securities of U.S. issuers and gross proceeds from the sale of such securities. All such payments may be subject to withholding at a 30% rate, unless the recipient of the payment satisfies certain requirements intended to enable the IRS Internal Revenue Service (the “IRS”) to identify United States persons (within the meaning of the Code) with interests in such payments. To avoid such withholding on payments made to it, a foreign financial institution (a an “FFI”), such as the Trust and each applicable Sub-Fund (and, generally, other investment funds organized outside the U.S.), generally will be required to enter into an agreement (a an “FFI Agreement”) with the IRS under which it will agree to identify its direct or indirect U.S. owners and report certain information concerning such U.S. owners to the IRS, or comply with the provisions of an applicable FATCA intergovernmental agreement or similar agreement if such agreement has been executed between the U.S. and the FFI‟s jurisdiction. The FFI Agreement will also generally require that a an FFI withhold U.S. tax at a rate of 30% on certain payments to investors who fail to cooperate with certain information requests made by the Trust FFI or on such payments made to investors that are FFIs that have not entered into a an FFI Agreement with the IRS. FATCA withholding will be effective with respect to payments, including U.S. source dividends and interest, made after 31st December 2013 (and after 31st December 2016 with respect to payments of gross proceeds from the sale of securities giving rise to dividends and interest). The first reporting deadline for FFIs that have entered into the FFI Agreement will be 31st March 2015 with respect to 2013 and 2014 calendar years. If The Cayman Islands government announced on 15 March 2013, that it would adopt a Model 1 intergovernmental agreement (an “IGA”) with the U.S. government for the implementation of the provisions of FATCA. Under this model of IGA, the Trust and the applicable Sub-Fund will generally be relieved from the obligation to enter into an FFI Agreement and will generally not be required to withhold tax on payments made to their investors provided that the Cayman Islands government, the Trust and the applicable Sub-Fund comply with the terms of the IGA. However, if the Trust or any applicable Sub-Fund receives payments covered by FATCA, withholding may apply if it cannot satisfy the applicable requirements (including failure to enter into a FFI Agreement under the IGA or failure the Cayman Islands government is not in compliance with the IGA. The Trust will endeavour to satisfy the requirements of an applicable imposed under FATCA intergovernmental agreement or similar agreement)the IGA to avoid any withholding tax. In addition, in the event any amounts are withheld from payments made to that the Trust pursuant is not able to comply with the requirements imposed by FATCA due to any failure by a Unitholder to provide information to or the IGA and the Trust necessary to avoid such withholdingor any applicable Sub-Fund does suffer US withholding tax on its investments as a result of non-compliance, the Net Asset Value of the Trust may collect or the withheld taxes from such Unitholder (which, at the Fund‟s discretion, relevant Sub-Fund may be collected from proceeds otherwise payable adversely affected and the Trust or the relevant Sub-Fund may suffer significant loss as a result. To the extent that the Trust or any applicable Sub-Fund suffers withholding tax on its investments as a result of FATCA, the Trustee on behalf of the Trust, may, after completing due process to ascertain and confirm that the Unitholder from has failed to cooperate and provide the redemption required information, bring action against the Unitholder for losses suffered by the Trust or the relevant Sub-Fund as a result of Units) and/or allocate or apportion to such Unitholder the withheld taxeswithholding tax. Each prospective investor should consult with its own tax advisor as to the potential impact of FATCA in its own tax situation.

Foreign Account Tax Compliance. Sections 1471 – 1474 of the Code (referred to as “FATCA”) will impose new rules with respect to certain payments to non-U.S. persons, such as the TrustSub-Fund, including interest and dividends from securities of U.S. issuers and gross proceeds from the sale of such securities. All such payments may be subject to withholding at a 30% rate, unless the recipient of the payment satisfies certain requirements intended to enable the IRS to identify United States persons (within the meaning of the Code) with interests in such payments. In general, FATCA withholding will be effective with respect to payments, including U.S. source dividends and interest, made after 31st July 2014 (and after 31st December 2016 with respect to payments of gross proceeds from the sale of securities giving rise to dividends and interest). To avoid such withholding on payments made to it, a foreign financial institution (a “FFI”), such as the Trust Sub-Fund (and, generally, other investment funds organized outside the U.S.), generally will be required to enter into an agreement (a “FFI Agreement”) with the IRS under which it will agree to identify its direct or indirect U.S. owners and report certain information concerning such U.S. owners to the IRSIRS and, or if applicable, comply with the provisions of an applicable a FATCA intergovernmental agreement or similar agreement if such agreement has been executed between the U.S. and the FFI‟s FFI’s jurisdiction. The FFI Agreement will also generally require that a FFI withhold U.S. tax at a rate of 30% on certain payments to investors who fail to cooperate with certain information requests made by the Trust Sub-Fund or on such payments made to investors that are FFIs that have not entered into a FFI Agreement with the IRS. FATCA withholding will be effective with respect to payments, including U.S. source dividends and interest, made after 31st December 2013 (and after 31st December 2016 with respect to payments of gross proceeds from the sale of securities giving rise to dividends and interest). The first reporting deadline for FFIs that have entered into the FFI Agreement will be 31st March 2015 with respect to 2013 and the 2014 calendar years. The Hong Kong government has announced that it has reached in substance, and will enter into, an intergovernmental agreement with the U.S. for the implementation of FATCA (“IGA”), adopting a “Model 2” IGA arrangement. It is expected that FFIs in Hong Kong (such as the Sub-Fund) that register with the IRS and comply with the terms of an FFI Agreement generally will not be subject to the above described 30% withholding tax or be required to withhold tax on payments to non-consenting US accounts (i.e. certain accounts of which the holders do not consent to FATCA reporting and disclosure to the IRS) or close those non-consenting U.S. accounts, provided that information regarding such non-consenting account holders is reported to the IRS. Such FFIs, however, may be required to withhold tax on payments made to non-compliant FFIs. In order to comply with their FATCA obligations, the Sub-Fund, the Trustee or the Manager will be required to obtain certain information from their Unitholders in order to ascertain the US tax status of the Unitholders for purposes of FATCA. If the Trust Unitholder is a specified U.S. person, U.S.-owned non-U.S. entity, or non-participating FFI, or does not provide the requisite documentation, the Sub-Fund may need to report information on these Unitholders to the appropriate tax authority, as far as legally permitted. In cases where Unitholders invest in the Sub-Fund through an intermediary, Unitholders are reminded to check whether such intermediary is FATCA compliant. If Unitholders are in any doubt, they should consult their tax advisor, stockbroker, bank manager, solicitor, accountant or other financial adviser regarding the possible implications of FATCA on an investment in the Sub-Fund. If the Sub-Fund receives payments covered by FATCA, withholding may apply if it cannot satisfy the applicable requirements (including failure to enter into a FFI Agreement or failure to satisfy the requirements of an applicable FATCA intergovernmental agreement or similar agreement). In addition, in the event any amounts are withheld from payments made to the Trust Sub-Fund pursuant to FATCA due to any failure by a Unitholder to provide information to the Trust Sub-Fund necessary to avoid such withholding, the Trust Sub-Fund may collect the withheld taxes from such Unitholder (which, at the Fund‟s Sub-Fund’s discretion, may be collected from proceeds otherwise payable to the Unitholder from the redemption of Units) and/or allocate or apportion to such Unitholder the withheld taxes. Each prospective investor should consult with its own tax advisor as to the potential impact of FATCA in its own tax situation.

Foreign Account Tax Compliance. Sections Subject to the discussion below regarding the IGA, sections 1471 – 1474 of the Code (referred to as “FATCA”) will impose new rules with respect to certain payments to non-U.S. persons, such as the TrustCompany, including interest and dividends from securities of U.S. issuers and gross proceeds from the sale of such securities. All such payments may be subject to withholding at a 30% rate, unless the recipient of the payment satisfies certain requirements intended to enable the IRS to identify United States persons (within the meaning of the Code) with interests in such payments. FATCA withholding will be effective with respect to payments, including U.S. source dividends and interest, made after 30th June 2014 (and after 31st December 2016 with respect to payments of gross proceeds from the sale of securities giving rise to dividends and interest, as well as with respect to certain non-U.S. source payments that are attributable to such U.S. source income and gross proceeds that would be subject to FATCA withholding). To avoid such withholding on payments made to it, a foreign financial institution (a “FFI”), such as the Trust Company (and, generally, other investment funds organized outside the U.S.), generally will be required to enter into an agreement (a “FFI Agreement”) with the IRS under which it will agree to identify its direct or indirect U.S. owners and report certain information concerning such U.S. owners to the IRSIRS and in some cases withhold the above described 30% tax with respect to its account holders. The Cayman Islands government has signed a Model 1 intergovernmental agreement (an “IGA”) with the U.S. government for the implementation of the provisions of FATCA. Under this model of IGA, or the Company generally will not be subject to FATCA withholding, will be relieved from the obligation to enter into an FFI Agreement and will not be required to withhold tax on payments made to its investors provided that the Cayman Islands government and the Company comply with the provisions terms of an applicable FATCA intergovernmental agreement or similar agreement if such agreement has been executed between the U.S. IGA and the FFI‟s jurisdiction. The FFI Agreement will also generally require that a FFI withhold U.S. tax at a rate of 30% on certain payments to investors who fail to cooperate with certain information requests made by the Trust or on such payments made to investors enabling Cayman Islands laws that are FFIs that have not entered into a FFI Agreement with currently pending. Among other things, the IGA and Cayman Islands domestic laws would require the Company to identify certain of its direct and indirect U.S. owners and, beginning in 2015, report such ownership to the Cayman Islands, which in turn would report such information to the IRS. FATCA withholding will be effective with respect to payments, including U.S. source dividends and interest, made after 31st December 2013 (and after 31st December 2016 with respect to payments of gross proceeds from the sale of securities giving rise to dividends and interest). The first reporting deadline for FFIs that have entered into the FFI Agreement will be 31st March 2015 with respect to 2013 and 2014 calendar years. If the Trust receives payments covered by FATCA, withholding Company may apply suffer significant loss if it canis not satisfy the applicable requirements (including failure able to enter into a FFI Agreement or failure to satisfy the requirements of an applicable FATCA intergovernmental agreement or similar agreement)comply with such FATCA-related requirements. In addition, in the event any amounts are withheld from payments made to the Trust Company pursuant to FATCA due to any failure by a Unitholder Shareholder to provide information to the Trust Company necessary to avoid such withholding, the Trust Company may collect the withheld taxes from such Unitholder Shareholder (which, at the Fund‟s Fund’s discretion, may be collected from proceeds otherwise payable to the Unitholder Shareholder from the redemption of UnitsParticipating Shares) and/or allocate or apportion to such Unitholder Shareholder the withheld taxes. Each prospective investor should consult with its own tax advisor as to the potential impact of FATCA in its own tax situation.