Where possible the Sub-Fund will seek to invest directly rather than indirectly through a Subsidiary and/or Local Asset Owning Subsidiary. Accordingly whenever deemed necessary the Sub-Fund may create Subsidiaries. In relation to this Sub-Fund, it is not necessarily the intention that these Subsidiaries will ultimately be held by a Luxembourg Holding Company as indicated in the descriptions in the Tax section of the main Prospectus. It is not the intention for the Sub-Fund to create a Subsidiary and/or Local Asset Owning Subsidiary for each transaction invested or jurisdiction used. The Subsidiaries and/or Local Asset Owning Subsidiary, where used, will have for sole purposes (i) to comply with the tax and legal requirements imposed by the relevant jurisdiction of investment and/or incorporation; and (ii) to obtain tax and legal efficiencies that might be available and provided by the relevant jurisdiction pertinent to a specific investment.