With respect to Investment Advisory Services, a US Person is a natural person resident in the United States or a company or partnership incorporated or organized in the US, but excluding an offshore branch or agency of a US Person that operates for valid business reasons and is engaged and regulated as an insurance company or bank or a branch or agency of a foreign entity located in the US or a trust of which the trustee is a US Person, unless a non-US Person has or shares investment discretion or an estate of which a US Person is the executor or administrator, unless the estate is governed by foreign law and a non-US Person has or shares investment discretion or a non-discretionary account held for the benefit of a US Person or a discretionary account held by a US dealer or fiduciary, unless held for the benefit of a non-US Person or any entity organized or incorporated for the purposes of evading US securities laws.
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