GANT Tax Strategy

Maus Frères Group Tax Management Principles

1. Our tax policy and objectives are to comply across all direct and indirect taxes, as a company and employer, with all applicable tax laws and obligations in all countries where we operate, as well as with international treaties and international tax guidelines (OECD). As our group operates in many countries with very different and fast changing tax legislations and interpretations, we make important efforts and take action to monitor, adjust and improve our tax compliance. We identify and fix proactively any compliance gap or error that could happen, or adjustments that could arise upon tax audits and settlements.

2. We recognize that all taxes that we pay and collect for governments are an integral element of our corporate social responsibility.

3. We pay the right amount of taxes in each country. We do not accept to pay taxes that are not legally due or that are claimed based on an unprincipled or unjustified basis.

4. We pay our taxes locally, in the countries where our organisations and operations are located, where our actual economic and business activities take place, and in accordance with the way we actually operate our businesses (business models).

5. We do not take tax positions that are not defendable under full disclosure. We do not engage in tax evasion, artificial or high risk transactions.

6. We engage in open and respectful dialogue, cooperation and transparency with tax authorities, whenever possible and reciprocal. We use appropriate mechanisms to clear in advance the tax impact of major transactions with relevant tax authorities.

7. We defend ourselves and take all actions available, whenever we have a strong business and tax position. We seek to anticipate and resolve disputes without recourse to courts wherever possible.

8. We do protect the reputation of the company. We consider the interests of key stakeholders, such as shareholders, employees, consumers, customers, authorities and the communities where we operate.

9. We develop and improve the efficiency of our Tax Organization in terms of adequate personnel, resources, up-to-date expertise, and training, and by developing tax awareness across the Group functions and businesses.

10. We maintain and operate our tax affairs within a Control Framework in accordance with the Group Tax Strategy and Group Tax Management Principles.

Maus Frères Group Tax Strategy

1. We have a duty vis-à-vis our shareholders to manage and plan our total tax costs of doing business, in compliance with laws, the above Tax Management Principles, taking into account potential impacts on stakeholders and on Maus Frères Group reputation.

2. Our Tax Organization, as a business partner function, aims to create and protect shareholders’ value and minimize tax risks through proactive tax management of our business operations. Value creation is about managing responsibly and sustainably our total tax costs of doing business within clear risk parameters and in line with the Group business operations and strategies.

3. We engage in responsible and sustainable planning, i.e. analysing and managing the tax impacts of current and future business operations and transactions, based on genuine business rationale and with a long term view of sustainability and predictability.

4. We do responsible and sustainable, business-driven planning related to the Group’s business models, its supply and value chains, its structure, its organizations, its assets, its investments and its financing. We do take advantage of tax benefits, incentives and low tax rates available under applicable laws, as long as they are justified legally and from a business standpoint.

5. Our Transfer Pricing policy aims to reflect adequately the allocation of profits among countries and our subsidiaries, based on their economic and value contribution (functions, decision making, assets, risks), in compliance with local and international laws. We do recognize that the Maus Frères Group is predominantly decentralised in terms of its structure, organisation and operations, yet with globally and regionally managed businesses and functions located in Switzerland and other countries.