Investor Presentaiton

Clarity on tax >> Does tax legislation needs to be amended to provide more certainty to taxation of trusts in Hong Kong? Yes No Not sure 0% 10% Source: Joint KPMG and HKTA survey 20% 30% 40% 50% 60% A trust has no separate legal personality and is not deemed a person under section 2 of the IRO. The general scholarly consensus is that trust profits falling within section 14 of the IRO are chargeable to profits tax in the hands of the trustee. KPMG ©2017 KPMG, a Hong Kong partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved. Printed in Hong Kong. Document Classification: KPMG Confidential 8

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