Please be informed that The US Internal Revenue Service has issued a new provision under Section 1446(f) of the Internal Revenue Code.

A 10% withholding tax will apply to:

1. Gross proceeds from the sale of a Publicly Traded Partnership (PTP) securities

2. Certain PTP distributions

Exception applies.

The new provision primarily impact non-US residents who invest in PTP securities on the Gross proceeds from sale of a PTP and certain PTP distribution.

With effect from 1 January 2023, this new withholding tax will be applied on trades of PTP Securities, over and above the existing withholding tax of 37% on PTP distributions.

In view of the above and in consideration of its impact to PTP holders:

Click here for a list of PTP securities. Kindly note that this is NOT an exhaustive list of all PTP securities that are in scope for this new 1446(f) regulation and should only serve as reference.

list may be subject to change from time to time without prior notice and UOBKH does not warrant the accuracy, reliability and completeness of this list.

Also, UOBKH reserves the right to claim the withholding tax from the customer to satisfy IRS withholding requirements.

Please contact your Trading Representatives if you need further clarification.