Investor Presentaiton

11. Appendix: enhanced tax exemption conditions for private funds (effective since 1 April 2019) ■ Profits tax exemption available for onshore and offshore funds alike ■ Enhanced profits tax exemption for OFC: - - No more "non-closely held" test (i.e. minimum number of corporate and individual investors) Expanded classes of transactions that are exempted from profits tax Clearer conditions for exemption regarding investment in private companies ■ Major breakthrough: profits tax exemption applies regardless of the domicile, structure, capital and size of the private fund SFC 證監會 45

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