U.S. Institutional Investor

For purposes of this web site a U.S. institutional investor is defined as any of the following (or similar) entities incorporated or organized in the U.S. or having a U.S. trustee, or an account held for the benefit of the following entities:

• Corporation
• Partnership
• Trust
• Bank
• Investment adviser
• Employee benefit plan
  

U.S. Third Party Servicing Agent

For purposes of this web site a U.S. servicing agent is defined as any of the following:

• Bank providing intermediary services
• U.S. broker-dealer registered with the U.S. Securities and Exchange Commission (SEC)
• U.S. investment adviser registered with the SEC or exempt from registration under SEC rules and regulations

Non-U.S. Investor

For purposes of this web site a non-U.S. investor is defined as any entity that is NOT:

• A natural person resident in the U.S.
• A corporation or partnership incorporated or organized in the U.S., (excluding an offshore branch or agency of a U.S. person that operates for valid business reasons and is engaged and regulated as an insurance company or bank)
• A branch or agency of a foreign entity located in the U.S.
• A trust of which the trustee is a U.S. person (unless a non-U.S. person has or shares investment discretion)
• An estate of which a U.S. person is the executor or administrator (unless the estate is governed by foreign law and a non-U.S. person has or shares investment discretion)
• A non-discretionary account held for the benefit of a U.S. person
• A discretionary account held by a U.S. dealer or fiduciary (unless held for the benefit of a non-U.S. person)
• Any entity organized or incorporated for the purpose of evading U.S. securities laws