GAIN on the SALE (or REDEMPTION) OF PUBLICLY-TRADED SECURITIES and OTHER INVESTMENTS U.S. Taxation of the Foreign Investor ______________________________

The Gain or Distribution from the following Assets is Exempt from U.S. Income Tax (or U.S. Withholding Tax), but the Assets are Not Exempt from U.S. Estate Tax*: 

• Short term or long term gain on the sale or redemption of the publicly traded shares of Stock in U.S. Company (regardless of where certificates are physically located) (NOT in mutual fund that is a regulated investment company ("RIC")) 
• Distribution in respect to Shares or Units of a Mutual Fund holding only shares of publicly traded stock of U.S. companies (not qualified under 20-80 exemption) that is a regulated investment company ("RIC") designated by the Fund as solely "short term capital gain dividends" 
• Distribution in respect to Shares or Units in a U.S. Mutual Fund that is a regulated investment company ("RIC") holding shares of stock of U.S. companies and other securities designated by the Fund as "long-term capital gains" 
• Gain on the sale or exchange of Currency or Tangible Personal Property Contents held for investment in a U.S. Safe Deposit Box or otherwise located in the U.S.
  _________

The following Assets are Exempt from U.S. Estate Tax and the Gain on the sale of such Assets are Exempt from U.S. Income Tax (or U.S. Withholding Tax)*: 

• Gold, Jewelry, Art and Antiques: 
• Physically located in U.S. in transit or loaned for exhibition 
• Physically located outside U.S.

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NOTES:

* The information provided herein is based upon the following assumptions: 

1. The Foreign Investor has timely submitted IRS Form W-8BEN (and W-8IMY or W-8EXP, if applicable) to Withholding Agent; 
2. The Asset is owned directly for or by Foreign Investor; and 
3. The Asset is held for Investment (and NOT effectively connected with Foreign Investor's U.S. trade or business).