Company: PENG
Filing Date: 2025-03-24
Form Type: PRE 14A
Source: 0001193125-25-060930
Chunk: 74

Company: Penguin Solutions, Inc.
Filing Date: 2025-03-24
Form: PRE 14A
Chunk 74
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 U.S. Treasury Regulations until final U.S. Treasury Regulations are issued.

Prospective investors should consult their tax advisors regarding the potential application of withholding under FATCA to their
investment in shares of Penguin Solutions Delaware common stock.

THE U.S. FEDERAL INCOME TAX CONSIDERATIONS SUMMARIZED ABOVE ARE FOR GENERAL INFORMATION ONLY. EACH STOCKHOLDER SHOULD CONSULT HIS OR HER TAX ADVISOR AS TO THE PARTICULAR CONSEQUENCES THAT MAY APPLY TO SUCH STOCKHOLDER.

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Cayman Tax Considerations

The following is a discussion of certain Cayman Islands income tax consequences of transferring ordinary shares of Penguin Solutions Cayman
pursuant to the Scheme of Arrangement. The discussion is a general summary of current law, which is subject to prospective and retroactive change. It is not intended as tax advice, does not consider any investor’s particular circumstances, and
does not consider tax consequences other than those arising under Cayman Islands law.

Under Existing Cayman Islands Laws

Any gains derived from the disposal of the Penguin Solutions Cayman ordinary shares pursuant to the Scheme of Arrangement will not be subject
to Cayman Islands income or corporate tax. The Cayman Islands currently has no income, corporate or capital gains tax and no estate duty, inheritance tax or gift tax.

No stamp duty is payable in respect of the transfer of Penguin Solutions Cayman ordinary shares pursuant to the Scheme of Arrangement. An
instrument of transfer in respect of a Penguin Solutions Cayman ordinary share is stampable if executed in or brought into the Cayman Islands.

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Penguin Solutions Cayman has been incorporated under the laws of the Cayman Islands as an exempted company with limited liability and, as such, has applied for and received an undertaking from the Governor in Cabinet of the Cayman Islands in a form substantially similar to the following: “The Tax Concessions Act (2011 Revision) Undertaking as to Tax Concessions In accordance with the provision of Section 6 of The Tax Concessions Act (2011 Revision), the Governor in Cabinet undertakes with the Company:

| 1. | that no law which is hereafter enacted in the Islands imposing any tax to be levied on profits, income, gains 
 or appreciations shall apply to the Company or its operations; and                                            |

| 2. | in addition, that no tax to be levied on profits, income, gains or appreciations or which is in the nature of 
 estate duty or inheritance tax shall be payable:                                                              |

|