This document sets out the strategic tax objectives of Hoya Corporation Europe Branch. Our tax strategy is reviewed annually. The branch and their advisers are responsible for management of the tax affairs of the branch.

This tax strategy applies from the date of publication until it is superseded. References to "UK taxation" are to taxes and duties in the UK which include:

• Corporation tax
• VAT
• PAYE
• National Insurance
• Stamp Duty Land Tax
• Any other applicable tax matters

The tax strategy is approved by the branch management and advisers of Hoya Corporation Europe Branch.

Group Policy

As part of a multinational group we are aligned with and follow the Hoya Corporation business conduct guidelines.

Tax Planning

We undertake tax planning as part of our commercial business strategy. Professional advice is sought on a transactional basis, with the level of such advice being decided by our assessment of the risk and taxes involved.

We ensure that the Branch's affairs are carried out in a tax efficient manner whilst remaining complaint with all relevant laws.

We do not engage in any artificial and aggressive tax arrangements where the sole purpose is to obtain a tax advantage.

Tax Risk Management

The management of the Hoya Corporation Europe Branch tax affairs is provided by the branch's tax advisers.

Processes relating to different taxes are allocated to appropriate specialist advisers who have the skills to deal with the approrpriate tax. The tax advisers carry out a review of activities and processes to identify risks. These risks are monitored for changes in business and legislation and processes and controls are updated accordingly.

Hoya Corporation Europe Branch utilises tax reliefs and allowances available in the manner intended by HMRC and the UK Government. There will be circumstances where guidance may not be clear. The branch will use its best judgement and advice to determine the appropriate course of action and liaise with HMRC as required.

Our appetite for tax risk is low and we are conscious of the negative publicity attracted through non-compliance and artificial and aggressive tax arrangements.

We structure our affairs on the commercial needs in accordance with Hoya business conduct guidelines and relevant tax legislation.

Approach towards dealing with HMRC

We are committed to the principles of openness and fairness when dealing with HMRC and commit to:

• Complete returns in an accurate, fair and timely manner. Deal with all HMRC correspondence and information requests promptly and accurately.
• Aim to resolve matters with HMRC in a timely manner and if possible, to resolve disagreements with HMRC by agreement.
• Be fair and open about governance, tax planning and decision making.
• Ensure all relevant laws are interpreted in a reasonable and consistent manner.
• Conduct all dealing with HMRC in a fair and professional manner.
• Fully disclose any inadvertent errors in submission of tax returns and tax computations to HMRC as soon as reasonably possible after they have been identitifed.

Hoya Corporation Europe Branch.