Dear Client,

• Cancellation of our service suspension for US Publicly Traded Partnerships (PTP) Securities as announced earlier
• New withholding tax on US Publicly Traded Partnerships (PTP) Securities still applies

According to The U.S. Internal Revenue Service (IRS) has issued a new provision under Section 1446(f) of the Internal Revenue Code (IRC) that primarily impacts Non-U.S. Residents who invest in PTP Securities. Unless an exception applies, a 10% withholding tax applies to

1) Gross proceeds from the sale of a PTP and

2) Certain PTP distributions

This new withholding tax will be applied on trades of PTP Securities with effect from 1 January 2023. And the above withholding tax is over and above the existing withholding tax of 37% on PTP distributions.

While we continue to engage our foreign broker regarding this new IRC provision, TISCO will continue to accept only sell orders for PTP securities until 28 December 2022.

Please note that with effect from 1 January 2023, there may be an additional 10% withholding tax applied on gross consideration on sales of PTP securities to you as per IRC Section 1446(f). If you are holding any PTP securities, we suggest that you review your investment portfolio and take appropriate actions to avoid the possible impact of holding such securities from 1 January 2023.

Please refer to the attached possible list of PTP securities obtained from external sources. Kindly note that it is not an exhaustive list of all PTP securities that are in scope for Section 1446(f). The list may be subject to change from time to time without prior notice. TISCO assumes no responsibility for the timeliness, accuracy and completeness of this list. If the sale of security (from 1 January 2023 onwards) is not listed in the provided PTP list but falls under PTP classification, TISCO reserves the right to claim the withholding tax from you to satisfy IRS withholding requirements.

Disclaimer

TISCO does not provide any advice and is not liable for any loss or liabilities arising from the use of the information, including the links and files, in this announcement. When in doubt, please consult your tax advisor for independent advice.