Investor Presentaiton

Energy and Energy Related Tax regime measure K Overview of Fiscal measures Energy and Energy Related Tax regime Measure Increase in the threshold for the imposition of the Supplemental Petroleum Tax (SPT) for small onshore oil producers to US$75 per barrel. Similar incentives to be done for small offshore producers. Commentary SPT was originally introduced as a windfall tax so that it is only applicable when oil prices reached or exceeded US$50 a barrel. Under its current structure, SPT is levied on revenue and not profit thus, as soon as prices average above US$50 per barrel in a quarter SPT becomes payable. The small independent petroleum companies who operate under farmouts/lease operatorships with very narrow profit margins have been vociferous about their level of dissatisfaction with the current structure of the SPT regime highlighting that the SPT is a disincentive and they have better cash flows when prices average under US$50 per barrel rather than when they are in the US$50-60 per barrel range. What's Inside 2 Click to Navigate Territory Leader's message Tax Leader's thoughts Budget overview Budget fundamentals - 2021 Historical economic data Energy and energy related tax regime Corporation tax Value Added Tax & other indirect taxation Personal Income tax Stamp Duty Summary of other measures Let's talk About PwC PwC | Trinidad and Tobago 2021 national budget 29 29

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