Q&A. Please log on to pigeonhole.at and enter code EYBUDGET2018 to send your questions

Q&A Please log on to pigeonhole.at and enter code EYBUDGET2018 to send your questions Singapore's 2018 Budget focuses on laying down a strategic and integrated plan to position Singapore for the future. This Budget also reminded Singapore businesses and individuals that disruption will bring challenges and also new opportunities; and Singapore is ready to embrace these challenges and seize these opportunities. Chung-Sim Siew Moon Partner and Head of Tax, Asia-Pacific Tax Policy and Controversy Leader Ernst & Young Solutions LLP

Seminar programme Time Topics Presenters 8:30 a.m. Registration 9:00 a.m. Welcome Goh Siow Hui Partner (Emcee) 9:10 a.m. Budget 2018 overview Together, a better future 9:20 a.m. Budget 2018: Corporate tax measures I 9:50 a.m. Budget 2018: Corporate tax measures II Chung-Sim Siew Moon Partner and Head of Tax Chia Seng Chye Partner, Tax Services Chai Wai Fook Partner, Tax Services 10:30 a.m. Break 11:00 a.m. Budget 2018: Financial tax measures 11:20 a.m. Budget 2018: Goods & Services Tax (GST) Mriganko Mukherjee Partner, Financial Services Tax Yeo Kai Eng Partner, Indirect Tax GST Services 12:00 p.m. Q&A Goh Siow Hui (Moderator) Chia Seng Chye Chai Wai Fook Mriganko Mukherjee Yeo Kai Eng Pang Ai Lin Executive Director, People Advisory Services Tan Bin Eng Partner, Business Incentives Advisory Budget Seminar 2018 Ernst & Young Solutions LLP. All Rights Reserved. Ernst & Young Solutions LLP (UEN T08LL0784H) is a limited liability partnership registered in Singapore under the Limited Liability Partnerships Act (Chapter 163A). l 1

Time Topics Presenters 12:30 p.m. Lunch 1:45 p.m. 2018 Singapore Budget: Policy implications, potential growth and inclusive society (Q&A with Dr. Tan Facilitator: Goh Siow Hui, Partner) Dr. Tan will share insights into government policies and economic implications of the Budget measures 3:00 p.m. Keep up-to-date on key transfer pricing developments in Asia-Pacific 3:25 p.m. Understanding cross-border tax disputes and resolution alternatives Dr. Tan Khee Giap (Guest speaker) Co-Director, Asia Competitiveness Institute (ACI) Associate Professor of Public Policy, Lee Kuan Yew School of Public Policy, National University of Singapore Chairman, Singapore National Committee for Pacific Economic Cooperation (SINCPEC) Stephen Lam Partner, International Tax Services Transfer Pricing Luis Coronado Partner, International Tax Services Transfer Pricing 3:50 p.m. Break 4:15 p.m. Keep up-to-date on key tax developments in Asia-Pacific 4:40 p.m. Impact of US Tax Reform and other tax developments on Singapore businesses Gagan Malik International Director, Global Tax Desk Leader Asia-Pacific and India Chester Wee Partner, International Tax Services Wong Hsin Yee Partner, International Tax Services 5:05 p.m. Panel discussion and Q&A Chester Wee (Moderator) Luis Coronado Stephen Lam Gagan Malik Wong Hsin Yee The speakers, except Dr. Tan Khee Giap, are from Ernst & Young Solutions LLP. 2 Budget Seminar 2018 Ernst & Young Solutions LLP. All Rights Reserved. Ernst & Young Solutions LLP (UEN T08LL0784H) is a limited liability partnership registered in Singapore under the Limited Liability Partnerships Act (Chapter 163A).

Presenter profiles Chung-Sim Siew Moon Goh Siow Hui Chia Seng Chye Chai Wai Fook Mriganko Mukherjee Yeo Kai Eng Pang Ai Lin Tan Bin Eng Stephen Lam Luis Coronado Gagan Malik Chester Wee Wong Hsin Yee Guest speaker Dr. Tan Khee Giap Budget Seminar 2018 Ernst & Young Solutions LLP. All Rights Reserved. Ernst & Young Solutions LLP (UEN T08LL0784H) is a limited liability partnership registered in Singapore under the Limited Liability Partnerships Act (Chapter 163A). 3

Presenter profiles Chung-Sim Siew Moon is Head of the tax services in Singapore. She is also the Asia-Pacific Tax Policy and Controversy (TPC) Leader. With over 30 years of experience, she has served multinationals and local clients and worked closely with various government authorities and regulators on tax matters. Chung-Sim Siew Moon Partner and Head of Tax Asia-Pacific Tax Policy and Controversy Leader siew-moon.sim@sg.ey.com Siew Moon provides tax compliance, controversy and advisory services to her clients. She advises her clients on structuring, cross-border, as well as mergers and acquisitions transactions. She also assists her clients in negotiating and applying tax incentives, as well as applying for advanced tax rulings, tax clarifications and remissions. Increasingly, with the change in the global tax landscape, she has been active in advising her clients on tax risk management and international tax developments and the implications on their businesses. Siew Moon is also a frequent speaker at internally and externally organised seminars. In her Asia-Pacific TPC Leader role, she will work with clients and EY TPC network on managing tax controversy matters. She will also work with the EY global tax policy network to help develop and implement policy initiatives both as external and internal advisors to governments and companies. Siew Moon graduated from the National University of Singapore with a Bachelor of Accountancy (First Class Honors) degree. She is a Fellow Chartered Accountant of the Institute of Singapore Chartered Accountants (ISCA) and a Fellow of CPA Australia. She is also an Accredited Tax Advisor (Income Tax and GST) of the Singapore Institute of Accredited Tax Professionals (SIATP). In addition, she sits on the boards of SIATP and Tax Academy of Singapore. Siow Hui has more than 20 years of experience in assisting her clients on corporate income tax compliance and advisory matters. She has worked with clients in various industries including shipping and retail. She is also the Private Client Services Leader and works extensively with entrepreneurs and their businesses. Goh Siow Hui Partner Tax Services siow.hui.goh@sg.ey.com Her experience includes assisting clients with their corporate tax compliance matters in Singapore and liaising regularly with the Inland Revenue Authority of Singapore (IRAS) on various tax issues. She also regularly advises clients on tax issues relating to structuring transactions, profit repatriation strategies, crossborder transactions and the application of tax incentives. Her clients include multinational companies as well as local companies. Siow Hui graduated from the Nanyang Technological University with a Bachelor of Accountancy (Honours) degree. She is qualified as a Chartered Accountant of Singapore with ISCA and an Accredited Tax Advisor, Income Tax of the SIATP. 4 Budget Seminar 2018 Ernst & Young Solutions LLP. All Rights Reserved. Ernst & Young Solutions LLP (UEN T08LL0784H) is a limited liability partnership registered in Singapore under the Limited Liability Partnerships Act (Chapter 163A).

Presenter profiles Seng Chye has more than 20 years of experience in assisting his clients on corporate income tax advisory and compliance matters. He is the Tax Technology sector leader in EY member firm in Singapore and also the Singapore tax resident for the EY Global Technology sector. Chia Seng Chye Partner Tax Services seng.chye.chia@sg.ey.com He has worked with clients in various industries, including clients in the technology, power and utilities, infrastructure, manufacturing, construction and service industries. He regularly advises clients on tax issues relating to structuring and financing transactions including intellectual property planning and structuring, profit repatriation strategies, cross-border transactions and assists clients in conducting tax due diligence exercises, application and negotiation of tax incentives, review of financial models etc. Seng Chye graduated from the Nanyang Technological University with a degree in Bachelor of Accountancy (First Class Honours) in 1995. He is qualified as a Chartered Accountant of Singapore with ISCA and an Accredited Tax Advisor, Income Tax of the SIATP. Wai Fook has over 20 years of tax experience. He is the Tax Accounting and Risk Advisory Services leader for EY Asean and Singapore member firm of EY. Chai Wai Fook Partner Tax Services wai-fook.chai@sg.ey.com Apart from being responsible for corporate tax compliance for clients, he is also actively involved in negotiating with the IRAS for tax rulings and advising clients on international and corporate tax planning for outbound and inbound investments, and assisting clients on tax accounting. Additionally, he speaks regularly at internal and external seminars. Wai Fook has worked with clients across different sectors including technology, media and entertainment, construction and commodity trading. Wai Fook received his Bachelor degree in Accountancy (First Class Honours) from the Nanyang Technological University. He is qualified as a Chartered Accountant of Singapore with ISCA and an Accredited Tax Advisor, Income Tax of the SIATP. Budget Seminar 2018 Ernst & Young Solutions LLP. All Rights Reserved. Ernst & Young Solutions LLP (UEN T08LL0784H) is a limited liability partnership registered in Singapore under the Limited Liability Partnerships Act (Chapter 163A). 5

Presenter profiles Mriganko has over a decade of experience as an international tax consultant in India and Singapore. He has experience in providing international tax and Singapore tax advisory services to financial institutions in the wealth and asset management industry. Mriganko Mukherjee Partner Financial Services Tax mriganko.mukherjee@sg.ey.com In Singapore, Mriganko has advised numerous financial institutions on their business models, operating and management structures and applied for Singapore tax incentives from the Singapore regulators. He works closely with financial institutions to advise on Singapore tax aspects of new business lines and products. Mriganko has experience in advising and assisting financial institutions implement tax efficient structures for crossborder investments and products; structuring funds and fund management platforms; assisting and advising financial institutions in applying for tax incentives by liaising with the relevant regulatory bodies; assisting clients to seek rulings or written clarifications, including engaging the tax authorities in discussions on the proposed transactions or structures; carrying out tax due diligence reviews; advising on tax implications of mergers, acquisitions and restructuring. Mriganko is an Associate Member of the Institute of Chartered Accountants of India. He holds a Bachelor of Commerce degree (First Class Honours) from the University of Mumbai, India. Kai Eng has over 26 years of experience in the area of tax compliance, planning and consultancy work for local and multinational companies. Yeo Kai Eng Partner Indirect Tax GST Services kai.eng.yeo@sg.ey.com Kai Eng is actively involved in GST process and internal control reviews under the Assisted Compliance Assurance Programme, annual reviews of GST returns under the Assisted Self-Help Kit Programme, GST advisory and planning assignments including assisting clients in negotiations with and obtaining rulings from the IRAS on critical GST-specific transactions and refunds. He is a co-developer of the Singapore tax office s GST training materials and has conducted numerous external and customised training seminars and workshops. He also conducts GST lectures at the Tax Academy of Singapore. Kai Eng is a graduate of the University of Washington. He is an Accredited Tax Advisor (Income Tax and GST) of the SIATP. He is also a member of the American Institute of Certified Public Accountants. 6 Budget Seminar 2018 Ernst & Young Solutions LLP. All Rights Reserved. Ernst & Young Solutions LLP (UEN T08LL0784H) is a limited liability partnership registered in Singapore under the Limited Liability Partnerships Act (Chapter 163A).

Presenter profiles Ai Lin is heavily involved in expatriate tax planning and consulting work, including assisting clients with structuring tax efficient compensation packages, tax equalisation or protection arrangements and equity-based remuneration schemes. Pang Ai Lin Executive Director People Advisory Services ai-lin.pang@sg.ey.com Ai Lin has worked with local companies, expatriates, local individuals and multinational corporations across various industries, including the healthcare, construction, communication and technology, financial services, retail services and more. Ai Lin holds a Bachelor of Accountancy degree from the Nanyang Technological University. She is qualified as a Chartered Accountant of Singapore with ISCA and an Accredited Tax Advisor, Income Tax of the SIATP. Tan Bin Eng Partner Business Incentives Advisory bin-eng.tan@sg.ey.com Bin Eng currently leads the Business Incentives Advisory service and is the tax leader for the government and public sector for EY Asean. The Business Incentives Advisory service provides advisory services across various incentive programmes in ASEAN, including R&D, headquarter, investment and other discretionary incentives. Bin Eng and her team have assisted numerous companies to identify qualifying activities in Singapore and ASEAN (including R&D), prepare incentive applications and liaise government authorities on incentive discussions. Prior to joining EY, Bin Eng had more than 14 years of experience in the Singapore Civil Service dealing in areas relating to taxation and was a veteran in the area of incentives policy-making within the public sector. In addition to her significant practical experience in the area of incentives, Bin Eng also has in-depth experience in design and administration of incentive programmes, having previously worked for the Singapore Economic Development Board in the area of tax and financial incentives and the Ministry of Finance on tax-related policy matters. Bin Eng holds a Bachelor of Science (Honours) degree from the National University of Singapore, majoring in Economics and Statistics. Budget Seminar 2018 Ernst & Young Solutions LLP. All Rights Reserved. Ernst & Young Solutions LLP (UEN T08LL0784H) is a limited liability partnership registered in Singapore under the Limited Liability Partnerships Act (Chapter 163A). 7

Presenter profiles Stephen has worked in Asia since 2010, with over 14 years in advisory experience in transfer pricing. His experience includes designing, recommending and supporting tax and transfer pricing models in a variety of industries including apparel, e-commerce, fast-moving consumer goods, financial services, hi-tech, logistics, pharmaceutical and shipping. Stephen Lam Partner International Tax Services Transfer Pricing stephen.lam@sg.ey.com Stephen spent over nine years in London advising European MNCs based in Belgium, France, Germany, the Netherlands, Republic of Ireland, Sweden and the UK. He has also worked on a number of clients with operations between Europe and Asia. In addition, he spent three years in Taiwan, where he comanaged the transfer pricing team. Stephen has advised on projects including the restructuring of global supply chains for MNCs, global master file documentation projects and transfer pricing planning, financial service transactions such as cash pooling structures, valuation of a loan guarantee and intra-group lending as well as Bilateral Advance Pricing Agreement negotiations. Stephen is a frequent speaker at seminars and events on transfer pricing and operating model effectiveness. He has written numerous articles on these topics too. Stephen has a Bachelor degree in Finance and Bachelor of Accountancy from the University of Adelaide (Australia) and holds a Masters in Business Administration at the University of Durham. 8 Budget Seminar 2018 Ernst & Young Solutions LLP. All Rights Reserved. Ernst & Young Solutions LLP (UEN T08LL0784H) is a limited liability partnership registered in Singapore under the Limited Liability Partnerships Act (Chapter 163A).

Presenter profiles Luis has worked in Asia since 2005 with more than 20 years of advisory experience in international tax and transfer pricing issues. He is currently the EY Asean International Tax Leader. Luis Coronado Partner International Tax Services Transfer Pricing luis.coronado@sg.ey.com Before relocating to Asia, Luis spent several years serving domestic and multinational companies in Latin America. He has advised companies on the negotiation of bilateral advance pricing agreements and competent authority resolutions with Australia, Korea, Indonesia, Germany, Israel, Luxembourg, Singapore, Thailand, Canada, China, Japan, Malaysia, the UK, Mexico and the US. He has also served many German multinational companies and worked in Tijuana, Mexico City, Amsterdam, Washington D.C. and Shanghai. Luis is a frequent speaker at tax seminars and universities in the Americas, Asia and Europe. He was an instructor at the International Bureau of Fiscal Documentation's programme for introducing transfer pricing to Latin American governments and has also taught at the Yangzhou Taxation Institute of China's State Administration of Taxation. He frequently advises the Inter-American Development Bank on tax policy issues throughout Latin America, especially in the area of transfer pricing legislation. Luis has a Bachelor's degree in International Trade and Customs (Honours) from the Universidad Iberoamericana and a Masters in Business Administration from the University of Southern California. He is a member of the International Fiscal Association and has been voted numerous times into Euromoney's Guide to the World's Leading Transfer Pricing Advisors and Best of the Best. He is also a member of Bloomberg BNA Transfer Pricing Advisory Board. Budget Seminar 2018 Ernst & Young Solutions LLP. All Rights Reserved. Ernst & Young Solutions LLP (UEN T08LL0784H) is a limited liability partnership registered in Singapore under the Limited Liability Partnerships Act (Chapter 163A). 9

Presenter profiles Gagan has over 20 years of experience in the corporate tax, regulatory and policy areas. This includes working closely with the Indian government from time to time on formulating and evaluating foreign direct investment policy guidelines whilst he was based in India. He has worked closely with clients on structuring their overseas investments including treaty analysis on holding company jurisdictions and capital structuring. Gagan Malik International Director Global Tax Desk Leader Asia-Pacific and India gagan.malik@sg.ey.com Gagan is currently based in Singapore and leads the organisation s services to provide Indian tax and regulatory advisory services including cross-border structuring to clients in the region. Prior to this, Gagan was instrumental in establishing the India tax services in Singapore for another Indian professional services firm. He is a regular speaker on Indian tax system including crossborder structuring and dispute resolution in various international tax conferences, which includes those organised by the Tax Academy of Singapore, IBFD, CII and TEI. He has also led a number of tax director conferences in the US and authored numerous articles on taxation for internal publications as well as international tax journals. Gagan is a graduate in commerce from the University of Delhi as well as a qualified Chartered Accountant from the Institute of Chartered Accountants of India. Chester has 19 years of experience in tax compliance and reporting, managing tax controversy and providing crossborder income tax advisory. Chester Wee Partner International Tax Services chester.wee@sg.ey.com He has extensive experience in advising large MNCs and local companies on the cross-border tax aspects of inbound and outbound investments. This includes the review of holding structures and operating models, advising on tax efficient repatriation of profits, postmerger integration and cross-border financing, and identifying and managing withholding tax issues and permanent establishment risks. Chester regularly participates in EY global think tanks. He speaks regularly at conferences and seminars, both in Singapore and overseas. Chester graduated with a Bachelor of Accountancy (First Class Honours) from the Nanyang Technological University. He is qualified as a Chartered Accountant of Singapore with ISCA and an Accredited Tax Advisor, Income Tax of the SIATP. 10 Budget Seminar 2018 Ernst & Young Solutions LLP. All Rights Reserved. Ernst & Young Solutions LLP (UEN T08LL0784H) is a limited liability partnership registered in Singapore under the Limited Liability Partnerships Act (Chapter 163A).

Presenter profiles Hsin Yee has more than 17 years of experience in international tax, with a special focus in legal entity rationalisation, mergers and acquisition, post acquisition restructuring and operating model effectiveness planning. She services MNCs as well as Singapore-headquartered companies across various sectors such as e-commerce, technology and life science. Wong Hsin Yee Partner International Tax Services hsin-yee.wong@sg.ey.com She advises clients on legal entity rationalisation, crossborder structuring, mergers and acquisitions planning, intellectual property planning as well as international tax issues associated with operating model planning. She also assists clients to review their legal and operating structures in light of Base Erosion Profit Shifting and the current tax environment. Hsin Yee was based in New York from 2006 to 2012, where she advised US MNCs expanding into Asia-Pacific, on legal entity and financial restructuring, holding company planning as well as operating model planning ranging from feasibility through to implementation. She was also involved in several legal entity restructuring and operating model redesign projects involving e-commerce corporations looking to expand in Asia, with Singapore as an Asia-Pacific headquarter. Hsin Yee has a Bachelor of Accountancy (Honours) degree from the Nanyang Technological University. She is qualified as a Chartered Accountant of Singapore with ISCA and an Accredited Tax Advisor, Income Tax of the SIATP. She is also a Certified Public Accountant of the State of New York. Budget Seminar 2018 Ernst & Young Solutions LLP. All Rights Reserved. Ernst & Young Solutions LLP (UEN T08LL0784H) is a limited liability partnership registered in Singapore under the Limited Liability Partnerships Act (Chapter 163A). 11

Guest speaker profile Dr. Tan Khee Giap Co-Director, Asia Competitiveness Institute (ACI) Associate Professor of Public Policy, Lee Kuan Yew School of Public Policy, National University of Singapore Chairman, Singapore National Committee for Pacific Economic Cooperation (SINCPEC) spptkg@nus.edu.sg Tan Khee Giap is a Co-Director of the Asia Competitiveness Institute (ACI) and Associate Professor at the Lee Kuan Yew School of Public Policy, National University of Singapore. He is also the Chairman of the Singapore National Committee for Pacific Economic Cooperation. Upon graduating with a PhD from University of East Anglia, England, in 1987 under the Overseas Research Scheme awarded by the Committee of Vice-Chancellors and Principals of the Universities of the United Kingdom. He joined the banking sector as a treasury manager and served as secretary to the Assets and Liabilities Committee for three years. Thereafter he taught at the Department of Economics and Statistics, National University of Singapore, 1990-1993. Dr. Tan joined Nanyang Technological University in 1993 and was Associate Dean, Graduate Studies Office, 2007-2009. Dr. Tan has consulted extensively with the various government ministries, statutory boards and government linked companies of Singapore government including Ministry of Finance, Ministry of Trade and Industry, Ministry of Manpower, Housing and Development Board, Civil Aviation Authority of Singapore, Singapore Tourism Board, Trade Development Board, Maritime Port Authority, Ministry of Information, Culture and Arts, Economic Development Board, Ministry of National Development, Media Development Authority, Ministry of Environment and Water Resources, Singapore Design Council, Ministry of Community Development, Youth and Sports, Singapore Press Holdings, Yayasan Mendaki, StarHub, CapitaLand and Great Eastern Life. He has also served as a consultant to international agencies such as the Asian Development Bank, Asian Development Bank Institute, United Nations Industrial Development Group, World Bank Group, World Gold Council, ASEAN Secretariat, Central Policy Unit of Hong Kong, Kerzner International, Las Vegas Sands and Marina Bay Sands. Dr. Tan is the lead author for more than 20 books, serving as journal editors and published widely in international refereed journals. He is the associate editor of the journal Review of Pacific Basin Financial Markets and Policies (US) and is on the editorial advisory board of the journal Competitiveness Review (UK). His current research interests include Cost of Living and Purchasing Power Index for World s 105 Cities, Global Liveable Cities Index, Ease of Doing Business Index and competitiveness analysis on sub-national economies of China, India, Indonesia and Association of South East Asian Nations. *The above details have been provided by the individual and do not represent the views of Ernst & Young Solutions LLP. Dr. Tan was Deputy President of the Singapore Economic Society, 2004. He served in the 2002 Economic Review Committee (ERC), served as Chairman of the Task Force on Portable Medical Benefits (PMB), served as the Deputy Chairman of the IPS Forum for Economic Restructuring (IFER) in 2003 and served as a member of the Resource Panel of the Government Parliamentary Committee for Transport and Government Parliamentary Committee for Finance and Trade and Industry and Government Parliamentary Committee for Defense and Foreign Affairs since 2007. Dr. Tan is currently an Independent Director of the publicly listed BreadTalk Group, Boustead Projects, TEE Land and Chengdu Rural Commercial Bank. 12 Budget Seminar 2018 Ernst & Young Solutions LLP. All Rights Reserved. Ernst & Young Solutions LLP (UEN T08LL0784H) is a limited liability partnership registered in Singapore under the Limited Liability Partnerships Act (Chapter 163A).

Launching Interactive Q&A session

(1) Launching interactive Q&A session Launch your web browser on your smartphone, tablet or laptop (note: please enable cookies). Enter http://pigeonhole.at into the address bar. Sample screenshots Note: Supported devices include Android phones and tablets; Apple iphones and ipad; Blackberry phones; Windows Phone; and any tablets or laptops (2) Enter passcode http://pigeonhole.at Enter passcode (case sensitive): EYBUDGET2018 *Instructions and images supplied courtesy of Pigeonhole Sample screenshot 14 Budget Seminar 2018 Ernst & Young Solutions LLP. All Rights Reserved. Ernst & Young Solutions LLP (UEN T08LL0784H) is a limited liability partnership registered in Singapore under the Limited Liability Partnerships Act (Chapter 163A).

(3) Event agenda view www.pigeonhole.at Event agenda view Tap to enter each session Sample screenshot (4) Post your questions www.pigeonhole.at Q&A session Post questions by tapping here Vote for your favourite questions by tapping on the arrow Sample screenshot *Instructions and images supplied courtesy of Pigeonhole Budget Seminar 2018 Ernst & Young Solutions LLP. All Rights Reserved. Ernst & Young Solutions LLP (UEN T08LL0784H) is a limited liability partnership registered in Singapore under the Limited Liability Partnerships Act (Chapter 163A). 15

For more insights into Budget 2018, please visit ey.com/sg/budget Follow EY Follow @EY_Singapore #EYBudgetSem2018 16 Budget Seminar 2018 Ernst & Young Solutions LLP. All Rights Reserved. Ernst & Young Solutions LLP (UEN T08LL0784H) is a limited liability partnership registered in Singapore under the Limited Liability Partnerships Act (Chapter 163A).

Notes

EY Assurance Tax Transactions Advisory About EY EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we playa critical role in building a better working world for our people, for our clients and for our communities. EY refers to the global organisation, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organisation, please visit ey.com. 2018 Ernst & Young Solutions LLP. All Rights Reserved. APAC no. 12001424 ED None Ernst & Young Solutions LLP (UEN T08LL0784H) is a limited liability partnership registered in Singapore under the Limited Liability Partnerships Act (Chapter 163A). This material has been prepared for general informational purposes only and is not intended to be relied upon as accounting, tax, or other professional advice. Please refer to your advisors for specific advice. ey.com