Introduction

This Tax Strategy is applicable to OCBC, London Branch (the “Branch”) for the year ending 31 December 2025 and 2026. This statement meets the requirement for the Branch to publish its Tax Strategy as required by section 19(2) of Schedule 19 and section 161 of the United Kingdom (UK) Finance Act 2016. In developing this Tax Strategy, we have aimed to align the four tax principles below to our commitment to uphold the highest ethical standards in all our business relationships.

1. 1. Our Approach

   We are committed to complying with the UK tax laws, regulations and requirements and respects the intent of the laws and regulations by paying our fair share of taxes across all countries in which we operate. These include all taxes that we incur on our business operations, as well as tax that we collect on behalf of the government, such as withholding taxes.

2. 2. Tax Governance

   OCBC Group CFO, assisted by the Head of Group Tax Advisory, oversees the tax function which is responsible for tax compliance and tax risk management. Given that tax legislation is complex, tax risk can arise due to differences in the interpretation of such legislation. To address this, we apply our Tax Risk Management (TRM) Framework which is designed to help us monitor, manage and mitigate our tax risks in a structured manner. The TRM Framework applies to OCBC Head Office, its subsidiaries and branches. Updates are provided to relevant stakeholders when changes to the Framework are made. The Framework is updated when there are material changes or at least once every three years. The TRM Framework is approved by Group CFO, endorsed by Group CEO, with the Audit Committee having oversight of the Framework (as delegated by the Board). The UK finance team works closely with the Head Office Group Tax Advisory team with respect to UK taxation matters.

3. 3. Tax Risk Management

   Our TRM Framework is founded on the following principles:

   • Defining Roles and Responsibilities to Manage Tax Risks
     We have a robust tax governance framework with defined roles, qualified in-house professionals, and strong controls to manage tax risks and ensure compliance. We stay updated on tax changes, seek third party advice when needed, and provide guidance across the Branch to uphold sound tax practices.
   • Setting Tax Risk Tolerance Level
     We do not tolerate tax avoidance or evasion, undertaking only commercially driven transactions and paying taxes where value is genuinely created, without using artificial structures, including in the UK.
   • Managing Tax Risk Management Process
     Our TRM process comprises risk identification, mitigation, and monitoring, supported by controls, periodic reviews, and escalation protocols. This structured approach ensures tax positions are sound, risks are promptly addressed, and significant exposures are reported to senior leadership.
   • Compliance
     We maintain up-to-date tax policies and seek expert or authority guidance to ensure clarity and compliance with evolving tax laws.

4. 4. Dealings with HMRC

   The UK finance team has primary responsibility for the timely filing of statutory tax returns and making tax payments to HMRC. We seek to maintain a collaborative and transparent relationship with HMRC. Our dealings with HMRC are regular and based on mutual trust, transparency and respect. We respond to tax queries in a timely manner and are forthcoming with information. Where appropriate and possible, we seek to enter Into an early dialogue with HMRC or apply for advanced rulings where there is significant uncertainty about how the tax rules apply to our business.

   This statement is approved by the Management Committee of OCBC, London Branch.