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Qualifying Debt Securities (“QDS”) Scheme enhanced and renewed

03 June 2008

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The Qualifying Debt Securities Scheme (the “QDS Scheme”) was first initiated in 1998 as a tax incentive to promote the development of an active bond market. Under the QDS Scheme, subject to certain conditions being met, qualifying income (such as interest, discount income, break cost, prepayment fee, and redemption premium) derived from QDS is:

(i)	exempt from tax (including withholding tax) if derived by a person who is not resident in Singapore and who does not use funds from such person’s operations through a permanent establishment in Singapore (if any) to acquire the QDS; and

(ii)	taxed at a concessionary rate of 10 per cent. if derived by companies and bodies of persons in Singapore.

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Allen & Gledhill LLP (Registration No. LL0700925W) is registered in Singapore under the Limited Liability Partnerships Act (Chapter 163A) with limited liability, and was converted from a firm (with the name “Allen & Gledhill”) to a limited liability partnership on and as from 1 July 2007. A list of the partners and their professional qualifications may be inspected at the address specified above.