Singapore Tax Governance Framework

Compliance with Tax Laws

•  We endeavour to comply with all relevant tax laws and regulations.

•  Our business is driven by genuine commercial and economic activities. We are aware of the importance of ensuring   any tax planning opportunities are carried out within the ambit of tax laws.

Relationship with Tax Authorities

•  We maintain an open and cooperative relationship with IRAS.

•  We perform regular reviews and self-assessment programs of our tax filing positions and are committed to make   accurate and timely disclosure to IRAS.

•  Where appropriate, we will seek clarification or rulings from IRAS on material transactions or interpretation of tax   law relevant to us.

Governance for Managing Tax Risks

•  We have formalised a governance structure for tax risk managementRisk Management in the context of energy commodities trading refers to the identification, assessment, and prioritization of uncertainties followed by coordinated and economical application of resources to minimize, monitor, and..., where the roles and responsibilities are clearly   defined:

  – The Board is apprised of the company’s overall tax governance strategy and delegates responsibility of our tax   function to the Head of Tax;

  – The Head of Tax, supported by the tax function, is responsible for overseeing the company’s tax affairs, including   producing timely, accurate and reliable tax returns and paying all taxes due.

•  We maintain a sound system of risk management and internal controls to identify, assess and manage tax risks and   ensure accurate tax reporting.

•  Our internal tax team is competent in managing tax compliance, and where necessary, we would engage external   advisors to seek their advice or clarification on complex issues.

•  Any significant tax risks and issues will be escalated to the Board where appropriate.