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Will the Participating Trusts investing through the Group Trust be excluded from liability to withholding tax on dividend and interest income derived from its Australian investments in accordance with paragraph 128B(3)(jb) of the Income Tax Assessment Act 1936 (ITAA 1936)?

Yes. This ruling applies for the following periods : 1 July 20XX to 30 June 20XX The scheme commence on: 1 July 20XX

1.            An entity was established in 19XX to provide retirement benefits for a class of persons in the State of ABC, Country X. 2.            The entity administers several public pension plans (defined benefits), and a number of other benefit programs. 3.            The treasurer of the State of ABC, as fiduciary of each trust ( Participating Trusts ) entered into an agreement to establish a pooled investment trust ( Group Trust ). 4.            The Group Trust is bounded by the Group Trust agreement ( Trust Agreement ) and each Participating Trust that joins or is part of the Group Trust must meet certain criteria. 5.            The assets of the Participating Trusts are pooled together for investment purposes and is being held by the Group Trust. 6.            The Participating Trusts are financed by members contributions and investment income, and provide pension benefits upon a member's retirement.

7.            The Participating Trusts also provide early retirement benefits, disability benefits, death benefits and post-retirement health benefits. Those benefits are only accessible by members (or their beneficiary if it is a death benefit) of the Participating Trusts when they meet specified criteria set out in the relevant statues. Investments 8.            The Group Trust (investing on behalf of the Participating Trusts) derives dividend and interest income paid by Australian resident entities. In respect of the entities, the Group Trust (on behalf of the Participating Trusts): •                     holds less than 10% of the total equity interest on issue; •                     does not have influence of a kind described in subsection 128(3CD) of the ITAA 1936 in respect of these investments; •                     does not have capacity to influence (either directly or indirectly) the day-to-day management of the operations of their investments; •                     does not hold any right to appoint a person to a board, committee or similar (either directly or indirectly);

•                     has not entered into or received any side letters, arrangements or agreements; and •                     does not hold any veto rights on security holder votes. Other matters Wind up and insolvency 9.            The Group Trust and the Participating Trusts are not subject to any legislations or acts relating to the insolvency or winding-up of an entity or corporation. 10.         The Trust Agreement does not provide for winding up at a defined point in time. Tax status 11.         The Group Trust and Participating Trusts have confirmed the following: •                     the Group Trust and the Participating Trusts are indefinitely continuing funds; •                     the Group Trust and the Participating Trusts were established in a foreign country; •                     the Group Trust and the Participating Trusts are established and maintained, only to provide benefits for individuals who are not Australian residents; •                     the central management and control of the Group Trust and the Participating Trusts are carried on outside of Australia by entities none of whom is an Australian resident;

•                     the Group Trust and the Participating Trusts have not and cannot deduct amounts under either the Income Tax Assessment Act 1997 ( ITAA 1997 ) or the ITAA 1936 for amounts paid to or set aside for the Group Trust or the Participating Trusts; •                     the Group Trust and the Participating Trusts have not been allowed a tax offset or a tax offset is not allowable for an amount that have been paid to the Group Trust or a Participating Trust; and •                     the income of the Group Trust and the Participating Trusts is not non-assessable non-exempt income because of: ­        Subdivision 880-C of the ITAA 1997; or ­        Division 880 of the Income Tax (Transitional Provisions) Act 1997 (Transitional Act). 12.         A letter dated XX XX 20XX from Country X confirmed that: •                     the Group Trust is a resident of Country X for the purposes of Country X taxation and is exempt from Country X taxation; and •                     the Participating Trusts are also exempt from Country X taxation.

Income Tax Assessment Act 1936 paragraph 128B(3)(jb)