Income in the Netherlands is categorised into boxes. The above table relates to Box 1 income.

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1 Worldwide personal tax guide The Netherlands Local information Tax Authority Website Tax Year Tax Return due date Is joint filing possible Are tax return extensions possible Belastingdienst 1 January to 31 December 1 April No, except for certain sources of income for those taxed as residents Yes 2013 Income Tax Rates Taxable Income Band National Income Tax Rates 1 19, % 19,646 33, % 33,364 55,991 42% 55, % Income in the Netherlands is categorised into boxes. The above table relates to Box 1 income. Income from Box 2 is subject to tax at a rate of 25%. Income from Box 3 is subject to tax at a rate of 30%. This document has been prepared based on the legislation and practices of the country concerned as of 1 July 2013 by EY and published in its Worldwide personal tax guide, Tax legislation and administrative practices may change, and this document is a summary of potential issues to consider. This document should not be used as a substitute for professional tax advice which should be sought for the country of arrival and departure in advance of moving in order to discuss your circumstances. It is your responsibility to disclose your income to the tax authorities. This information is provided by EY in accordance with their Terms and Conditions. Neither HSBC nor EY accepts any responsibility for the accuracy of any of this information. By using this information you are accepting the terms under which EY is making the content available to you. Who is liable? Residents are subject to income tax in the Netherlands on their worldwide income. Non-residents are subject to tax on specific Netherlands-source income only. Residence for tax purposes Residence is determined based on circumstances. For Dutch residency, it is essential to determine whether the individual has permanent personal ties with the Netherlands. For this purpose, specific circumstances (social, economic and legal) are not decisive; all personal ties are relevant.

2 Non-resident taxpayers may elect to be taxed as a resident taxpayer of the Netherlands. Furthermore, the 30% facility provides the option for residents of the Netherlands to be taxed as a partial nonresident taxpayer. Income subject to tax Netherlands income tax is levied on 3 categories (boxes) of income. Each box has its own rules to calculate taxable income, its own tax rates and exemptions. In general, negative income from one box may not be offset against positive income from another box. Box 1 income Box 1 income includes employment income, business profits and income from a primary residence. Profits received from personal business operations, from independent personal services and from certain shares of partnership income are taxed as business profits. Employment income - Employment income includes salaries, wages, pensions, stock options, bonuses and allowances (for example, home leave and cost-of-living). Housing allowances may be taxable in certain situations. Some allowances for expenses may be paid as a tax-free allowance, subject to certain limitations and restrictions. Income and gains derived by private equity managers and other individuals from investments in which they are deemed to have a so-called lucrative interest is subject to the progressive income tax rates up to a maximum of 52% in a manner similar to entrepreneur income (the 30% facility is not applicable). A non-resident individual receiving income from employment actually carried on in the Netherlands is subject to Dutch income tax. In certain situations the so-called 60-days rule applies. Under this rule, the Netherlands gives up its right to levy tax on employment income if the employee works in the Netherlands less than 60 days in any 12-month period. A non-resident who is employed by a Dutch public entity is also subject to Dutch income tax, even if the employment is carried on outside the Netherlands. A non-resident who is employed by a Dutch employer and is working in the Netherlands for part of the time may be liable to tax in the Netherlands on the full remuneration received from the employer. However, tax treaties generally do not allow the Netherlands to tax income related to non- Dutch workdays. Self-employment income - Annual profit derived from a business must be calculated in a consistent manner and in accordance with sound business practices. Annual profit is reduced by related business expenses, and taxable income is then determined by subtracting available deductions and the personal allowances. A non-resident individual earning income from an enterprise carried on through either a permanent establishment or a permanent representative in the Netherlands is subject to Dutch income tax. Profits of permanent establishment are calculated on the same basis as profits of resident taxpayers. Individual taxpayers may carry losses related to Box 1 back for 3 years or forward for 9 years. In general, positive income of one box may not be offset by negative income of another box. Directors fees - Directors fees are treated as ordinary employment income. An employee who is a 5% or greater shareholder is deemed to earn a salary of at least 43,000 a year. A lower amount may be taken into account for shareholders who can prove that their actual salaries at arm s length are less than 43,000. A non-resident receiving income as a director of a company resident in the Netherlands is subject to Dutch income tax. Tax treaties entered into by the Netherlands generally grant the right to tax this income in the resident country of the company that pays the directors fees.

3 Income from a primary residence - The owner of a primary residence is taxed on the deemed rental value of the residence which is determined based on the so-called real estate valuation act, which aims to reflect fair market value. For dwellings with a value exceeding 75,000, in general, a rate of 0.60% applies to calculate the deemed rental value. For dwellings with a value exceeding 1,040,000, a rate of 1.55% applies on the excess. This rate will increase gradually to 2.35% in In principle, income from a second residence or rental income is taxed as Box 3 income. Box 2 income Box 2 income includes profits from a substantial shareholding, which is a shareholding of at least 5% of a certain class of shares of a company resident in or outside the Netherlands. Both capital gains and regular income (dividends) are taxed. Tax is levied at a fixed rate of 25%. Non-residents are taxable on capital gains and regular income from a substantial interest of a company resident in the Netherlands. Box 3 income Box 3 income includes income from savings and investments. The taxpayer s net value of savings and investments, including shares and bank accounts (excluding the value of loans with respect to a primary residence), on 1 January of the calendar year, is deemed to yield income at a rate of 4%. This income is taxed at a fixed rate of 30%, resulting in a tax burden of 1.2% of the net value. Specific exemptions apply for certain assets, including art and certain life insurance policies. A general exemption of 21,139 applies for each resident taxpayer. Dutch resident taxpayers are taxed on their worldwide income, including income from savings accounts maintained outside the Netherlands. European Union (EU) member states in which savings accounts are maintained must inform the EU member state where the beneficial owner of the savings account resides about the existence of this savings account. This notification is made annually. Consequently, the Dutch tax authorities are aware of savings accounts maintained outside the Netherlands, but within the EU. For Austria, Belgium and Luxembourg, a transitional rule applies. These 3 countries are not required to exchange information on savings accounts if they apply a withholding tax to savings income. The rate of this withholding tax is 35%. Non-residents are only taxable on the net value of real estate located in the Netherlands or on profit rights in an enterprise resident in the Netherlands. A dividend withholding tax is imposed on dividends paid by resident companies to resident or nonresident recipients. The withholding tax rate is 15%, unless reduced or eliminated by an applicable tax treaty. Resident individuals may credit domestic withholding tax against their total income tax due. A credit may be granted against Dutch income tax for foreign taxes paid on dividends and interest. A 15% withholding tax is levied on dividends derived by non-residents, unless the rate is reduced by an applicable double tax treaty. Non-resident taxpayers cannot credit the Dutch dividend withholding tax against the final income tax payable. No further tax is imposed unless the shares constitute a substantial interest, in which case, income tax may be levied and dividend withholding tax may be credited. Interest and royalties derived by a non-resident are not subject to withholding tax. However, interest is included in taxable income if the recipient holds a substantial interest in the payer. Taxation of employer-provided stock options - In general, stock options are taxed at the moment of exercise. The taxable gain arising at exercise is the fair market value of the shares on the exercise date less the exercise price.

4 Capital gains Capital gains generally are exempt from tax. However, exceptions apply to the following assets: Capital gains realised on the disposal of business assets (including real estate) and on the disposal of other assets that qualify as income from independently performed activities Capital gains on liquidation of a company Capital gains derived from the sale of a substantial interest in a company (that is, 5% of the issued share capital) Non-residents are subject to income tax at normal rates on capital gains derived from the disposal of business assets and on capital gains derived from transfers of shares in a domestic corporation if the shares constitute a substantial interest. 30% facility Expatriates in the Netherlands may qualify for a special tax facility, the 30% facility. This facility enables an employer to pay an employee a tax-free allowance of up to 30% of present employment income and a tax-free reimbursement of school fees for children attending international schools. On request, the employee may be considered a non-resident taxpayer of the Netherlands for certain items of income (partial non-resident status). Inheritance and gift taxes Inheritance tax and gift tax are levied on all property inherited from or donated by an individual who was a resident or deemed to be a resident of the Netherlands at the time of death or donation. Dutch individuals who emigrate from the Netherlands are deemed to be resident in the Netherlands for 10 years after emigration. A gift made by a former Dutch resident, regardless of nationality, who left the Netherlands less than one year before making the gift is subject to Dutch gift tax. Tax is levied on an heir or a gift recipient, regardless of his or her place of residence. Inheritance and gift tax rates range from 10% to 40% of the value of a taxable estate or donation after deductions, depending on the applicable exemptions and the relationship of the recipient to the deceased or donor. Non-residents inheriting assets from an individual who was a resident or a deemed resident of the Netherlands at the time of death are subject to inheritance taxes. To provide relief from double taxation, the Netherlands has entered into inheritance tax treaties. The Netherlands has concluded inheritance tax treaties with 10 countries. All treaties cover inheritance tax with respect to bequests. Only 5 of the treaties also cover gift tax. If no tax treaty applies, Dutch unilateral law for the avoidance of double taxation applies, but, in practice, it does not always prevent double taxation completely. Social security The Social Security Acts can be classified into 2 categories, which are National Insurance Acts and Employee Insurance Acts (excluding health insurance). National Insurance Acts provide benefits to all Dutch residents. National Insurance contributions are payable on taxable income of up to 33,363 and are not deductible for tax purposes. The maximum annual National Insurance contribution payable by an employee is 8,244 (after taking into account the social security credit). Employee Insurance Acts provide additional benefits for wage earners. Employee Insurance contributions (excluding health insurance) are 0 for the employee and approximately 4,900 for the employer.

5 Every individual who is socially insured in the Netherlands must take out an individual health insurance policy. Every individual aged 18 and older pays a standard contribution averaging 1,128 for health insurance. Insurance claims up to 350 per year are for the own risk of the individual. Any insurance claims in excess of 350 are paid by the health insurer. In addition to this standard contribution, an income-related contribution is payable at a rate of 7.75% (for self-employed persons, a 5.65% rate applies), capped at an income of 50,853.The 7.75% contribution for employees is fully paid by their employers. This employers contribution is not considered taxable income to the employee. Resident individuals who are not socially insured in the Netherlands must register with a care insurer in the Netherlands to retain their right to medical care. Tax filing and payment procedures Employers withhold tax and national insurance premiums (combined) on wages from employees under the Pay-As-You-Earn (PAYE) system. Any additional income tax and national insurance premiums due must normally be paid within 2 months after receipt of an assessment rather than when filing the tax return. Double tax relief and tax treaties The Decree for the Avoidance of Double Taxation provides proportional relief from Dutch income tax on foreign-source Box 1 income taxed in the country of source and applies in the absence of an applicable tax treaty. Most double tax treaties concluded by the Netherlands provide for double taxation relief, regardless of whether the income is subject to income tax abroad. The relief must be calculated separately for each box of income. The Netherlands has entered into double tax treaties with 95 jurisdictions. The Netherlands has started or will start double tax treaty negotiations with 4 further jurisdictions

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