Ultimate Beneficial Owner

The UBO of a U.S. affiliate is that person, proceeding up the affiliate's
ownership chain beginning with and including the foreign parent, that is
not owned more than 50 percent by another person. The UBO consists of only
the ultimate owner, other affiliated persons are excluded. If the foreign
parent is not owned more than 50 percent by another person, the foreign parent and the
UBO are the same. A UBO, unlike a foreign parent, may be a U.S. person.