Singapore legislation

Regulation 2

of Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 6) Notification 2018

Regulation 2

Exemption

Subregulation 1

The interest payable by Grand Blue Shipping Pte Ltd —

(a)

to the lenders mentioned in the first column of the following table;

(b)

in respect of the respective loan amounts mentioned in the second column of the table used to finance the construction of the ship “Sunny Putney”; (c)under the respective novation agreements mentioned in the third column of the table; and

(d)

that is due and payable during the respective periods mentioned in the fourth column of the table,is exempt from tax:First columnSecond columnThird columnFourth columnLenderLoan amount in JPYNovation agreementPeriod (both dates inclusive)The Kagawa Bank, Ltd885,000,000Novation agreement dated 30 November 20164 January 2017 to 2 March 2020The Tokushima Bank, Ltd885,000,000Novation agreement dated 30 November 20164 January 2017 to 2 March 2020

Subregulation 2

The exemption under sub‑paragraph (1) is subject to the conditions specified in the letter of approval dated 11 April 2018 and addressed to Grand Blue Shipping Pte Ltd.