The Perfume Shop Tax Strategy
The Perfume Shop Limited (“The Perfume Shop”) is a limited company registered in England and Wales and partof the AS Watson Group of companies. The ultimate controlling parent of The Perfume Shop is CK Hutchison
Holdings Limited (“CKHH”). CKHH and its subsidiaries (the “Group” or “CKHH Group”) are committed to fullycomplying with their statutory tax obligations in all the jurisdictions in which they operate, including the payment,
reporting and recovery of taxes.
CKHH is listed on The Stock Exchange of Hong Kong. Subsidiaries of CKHH that operate in the UK are required toensure that their tax strategy is available to the public free of charge on the internet. The Perfume Shop follows
the CKHH tax strategy as set out below.
The overall governance and responsibility for the Group’s tax affairs rests with the Group’s Board of Directors
and the Group Finance Director.
Day-to-day management of the Group’s tax affairs and tax compliance obligations is delegated to theFinance Directors of the individual entities within the CKHH Group (including The Perfume Shop) and is handled
by experienced and qualified staff, with assistance from professional firms or other external legal counsel
where appropriate or necessary. These Finance Directors may also draw on the support of the Head ofGroup Taxation for the CKHH Group and other personnel within the Group who have responsibility for taxmatters, such as the AS Watson Group Tax Director (Europe).
All Group tax matters are overseen by the CKHH Group Audit Committee, which meets at least four times a year.
The Group has developed a Tax Governance Framework to provide guidance on how its tax affairs should
be managed. The Tax Governance Framework comprises several elements including the Group’s Tax
Strategy, its Tax Policy, and its approach to dealing with tax authorities. The Perfume Shop follows this Tax
Governance Framework.

CKHH Group Tax Strategy
The CKHH Group Tax Strategy may be summarised as follows:
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To comply with tax obligations in each jurisdiction in which the Group operates.
To comply with tax obligations imposed on the Group or any of its members on a multinational or
global basis;
To ensure that the Group pays the right amount of tax based on the prevailing law andregulations, both on a jurisdictional and global basis;
To comply with the Group Tax Policies; andTo ensure that the Group’s tax affairs are conducted in accordance with sound business practices
and the Group’s commitment to corporate responsibility.

CKHH Group Tax Policies
The core tax policies of the CKHH Group are as follows:•

Tax risks arising from the Group’s operations must be actively monitored and managed andmaterial risks must be reported to the Head Office tax team;••Tax compliance obligations must be properly discharged;
Robust processes and procedures must be in place to minimise tax risks and compliance errors andmust be periodically reviewed to ensure that they are updated to reflect changes in applicable lawand practice;Tax evasion or the facilitation thereof by employees or other associated persons (e.g. agents and otherpersons who perform services for or on behalf of the Group) will not be tolerated or condoned;••

All tax positions taken must be justifiable and based on applicable law and practice, with due
advice being taken from reputable professional firms or advisers where necessary;•When entering into commercial transactions, the Group may seek to obtain the benefit of tax incentives,reliefs and exemptions implemented by the relevant tax authorities and available under the applicable
tax legislation;•The tax affairs of the Group should be arranged and managed to support its business or commercialactivities;•Related party transactions must be properly managed and documented to ensure they are in compliancewith local tax law and practice; and•The Group tax team should be informed and consulted in advance on tax and business matterswhere appropriate, including the tax consequences of material commercial transactions anddecisions made with respect to such transactions.

Dealings with Tax Authorities
The CKHH Group is committed to having a transparent and constructive relationship with the relevant
tax authorities in all of the jurisdictions in which the Group has operations. Where appropriate, theGroup will seek to keep the relevant authority aware of significant transactions and businessdevelopments. All dealings with any tax authority should be conducted in a professional and courteous
manner.
The CKHH Group will seek to obtain certainty of the tax treatment of complex or uncertain issues at the earliest
opportunity. Resolution of any disputed matters will be sought through open discussion and negotiation withthe relevant Tax Authority, but the Group recognises that from time to time there will be a need tolitigate to ensure that the technical basis of a Tax Authority’s decision is correct or to establish theappropriate understanding or interpretation of the law.
The publication of this tax strategy is considered as complying with the requirements of paragraphs 19 of
Schedule 19 to Finance Act 2016 for the year ended 31 December 2023 insofar as they relate to The Perfume
Shop and its associated entities A.S. Watson (P&C UK) Limited, Merchant Retail Group Limited, MRG
Department Stores (JOP) Limited, The Perfume Shop Holdings Limited and The Cosmetic Shop Limited.
Published 16 November 2023