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GTOC
                                           Exercise (EOY) (Cont’d)










                                                                    USP












                      US                                                  CFC4

                     Sub1                         CFC2                  (with US4’s              CFC9                US Sub6
                                                                           assets)



                                       80%         20%



                   DE7                                            CFC3                    DE5
                                        CFP10






                                                 Corporation




                                                 Hybrid Entity   - Disregarded Entity (DE) for US and Corporation for Foreign purposes
                                                 Hybrid Entity   - Partnership for US and Corporation for Foreign purposes           40
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