Avamprogetto (Accordo en)

because the collective investment vehicle has issued physical shares in bearer form, provided that:

a. The collective investment vehicle has not issued, and does not issue, any physical shares in bearer form after December 31, 2012, or, if the collective investment vehicle has issued any such shares after December 31, 2012, the collective investment vehicle has redeemed all such shares prior to the entry into force of this Agreement;

b. The collective investment vehicle (or a Reporting Swiss Financial

Institution) performs due diligence outlined in Annex I and reports any information required to be reported with respect to any such shares when they are presented for redemption or other payment; and

c. The collective investment vehicle has in place policies and procedures to force redemption of such shares as soon as possible, and in any event prior to January 1, 2017.

III. Exempt Products. The following categories of accounts and products established in Switzerland and maintained by financial institutions incorporated in Switzerland or a branch in Switzerland of a financial institution incorporated outside Switzerland shall not be treated as Financial Accounts, and therefore shall not be U.S. Reportable Accounts, under the

Agreement:

A. Certain Retirement Accounts or Products

1. Retirement accounts or products held by one or more exempt beneficial owners.

2. Vested benefits insurances according to Article 10 paragraph 2 of the Federal Vested Benefits Ordinance (FZV)

3. Restricted pension plan insurances (pillar 3a) according to Article 1 paragraph 1 of the Federal Ordinance on the Tax Deductibility of Contributions to Restricted Pension Plans (BVV 3)

B. Certain Other Tax-Favored Accounts or Products

Accounts or products held by one or more exempt beneficial owners.