UCI should be used in plural, as there can be more than one UCI. Each of the foreign direct Investors may have its individual UCI. Consequently, the resident affiliate may have up to ten ultimate beneficiaries, but only one UCI. Allocation to ultimate beneficiaries simply means replacing the country of the immediate Investor by the country of the ultimate Investor for each of the Investors.Therefore a 20% share held by a Dutch Holding Company that belongs to a US MNE, will be shown either as Dutch (immediate) or as US (Ultimate), even if it is only a minority Holding.