Emerging Markets Rates and Currencies Handbook

Deal Management Rollover: No local law restrictions on rollover or net settlement of SGD FX trades. Unwinding: No local law restrictions on unwind or net settlement of SGD FX trades. Early Maturity: No local law restrictions on early termination or net settlement of SGD FX trades. Documentation Requirements No local law requirements on specific form or type of trade documentation to be used. Trade Flows No local law requirements on specific form or type of trade documentation to be used. Capital Flow and FDI No local law requirements on specific form or type of trade documentation to be used. Additional Comments Balance sheet and cash flow exposures hedging permissible onshore. Citi Singapore Citibank Global Markets Asia Square Tower 1 8 Marina View, #18-00 Singapore 018960 FX Sales Contact: +65 6657 2882 Tax Summary – Singapore Singapore Country Tax Deductibility and Considerations Inter-Co Debt Offshore Bank Loans Offshore Local Borrowing Derivatives Equities W/H Tax • 15% WHT • Apply only to non residents who do not carry on business in Singapore • Under certain tax treaties typically 5-15%, with further reduction possible on country by country basis • No WHT • N/A • No WHT on dividends • Certain treaties provide for a maximum WHT on dividends should Singapore impose in the future Deductibility of interests • Fully Deductible • N/A • N/A Deductibility of FX losses • Foreign exchange losses arising from capital transactions: Non-deductible • Foreign exchange losses arising from revenue transactions: Deductible • Foreign exchange losses arising from translating the financial statements: Non-deductible Other Taxes/Duties • N/A • N/A • N/A • N/A • N/A Comments • N/A • N/A • N/A • N/A • N/A Note: Citigroup Inc. and any of its affiliates do not provide accounting, tax, or legal advice. Please seek advice from a relevant licensed advisor Source: Relevant legislation, publicly available sources