UNITED KINGDOM TAX STRATEGY
1.ScopeThis strategy applies to Hankyu Hanshin Express UK Ltd (HHE UK), headed byHankyu Hanshin Holdings, Japan; in accordance with paragraphs 19 and 25 of the Schedule 19
to the Finance Act 2016.
The strategy has been published in accordance with paragraph 16(4) of the Schedule.
This strategy applies from the date of publication until it is superseded. References to‘UK Taxation’ are to the taxes and duties set out in paragraph 15(1) of the Schedule, which
include Income Tax, Corporation Tax, PAYE, NIC, VAT, Insurance Premium Tax, and Stamp Duty
Land Tax. References to ‘tax’, ‘taxes’ or ‘taxation’ are to UK taxation and to all corresponding
worldwide taxes and similar duties in respect of which HHE UK has legal responsibilities.
2.AimHankyu Hanshin Express UK Ltd is committed to full compliance with all statutory obligations
and full disclosure to relevant tax authorities. HHE UK’s tax affairs are managed in a way whichtakes into account the Company’s wider corporate reputation in line with HHE UK’s overall highstandards of governance.
3.Governance in relation to UK Taxation
1) Ultimate responsibility for HHE UK’s tax strategy and compliance rests with the Board ofHHE UK;
2) The Managing Director is the Board member with executive responsibility for taxmatters;
3) Day to day management of HHE UK’s tax affairs is delegated to the Managing Director
who reports to the Board;4) The Finance team is staffed with appropriately qualified individuals;
5) The Board ensures that HHE UK’s tax strategy is one of the factors considered in allinvestments and significant business decisions taken.
4.Risk Management
1) HHE UK operates and monitors a system of tax risk assessment and controls;2) HHE UK seeks to reduce the level of tax risk arising from its operations as far as isreasonably practicable by ensuring that reasonable care is applied in relation to allprocesses which could materially affect its compliance and its tax obligations;
3) Processes relating to different taxes are allocated to appropriate process owners, whocarry out a review of activities and processes to identify key risks and mitigating controls
in place. These key risks are monitored for business and legislative changes which may
impact them and changes to processes or controls are made when required;
4) Appropriate training is carried out for staff who manage or process matters which havetax implications;5) Advice is sought from external advisers where appropriate.
5. Attitude toward tax planning and level of risk
HHE UK manages risks to ensure compliance with legal requirements in a manner which
ensures payment of the right amount of tax.
When entering into transactions, HHE UK seeks to take advantage of available tax incentives,reliefs and exemptions in line with, and in the spirit of, tax legislation.
HHE UK does not undertake tax planning unrelated to such commercial transactions.
The level of risk which HHE UK accepts in relation to UK taxation is consistent with its overall
objective of achieving certainty in the company’s tax affairs. At all times, HHE UK seeks tocomply fully with its regulatory and other obligations and to act in a way which upholds its
reputation as a responsible corporate citizen. In relation to any specific issue or transaction, theBoard is ultimately responsible for identifying the risks, including tax risks, which need to beaddressed and for determining what actions should be taken to manage the risks, having regard
to the materiality of the amounts and obligations in question.

6.Relationship with HMRC
HHE UK seeks to have a transparent and constructive relationship with HMRC.
HHE UK ensures that HMRC is kept aware of significant transactions and changes in thebusiness and seeks to discuss any tax issues arising at any stage. When submitting tax
computations and returns to HMRC, HHE UK discloses all relevant facts and identifies any
transactions or issues where it considers that there is potential for the tax treatment to be
uncertain.
Any inadvertent errors in submissions made to HMRC are fully disclosed as soon as reasonably
practicable after they are identified.

Date published 31/12/2022

HANKYU HANSHIN EXPRESS (UK) Limited