JFS is committed to managing its world-wide tax affairs in a responsible and transparent manner, to comply with all relevant UK and International tax legislation and to have due regard for the Group’s wider reputation and its corporate social responsibilities.  In order to achieve this, processes are in place to deliver:

• Clear lines of accountability and responsibility for compliance through the Group’s Operational Framework.
• Compliance with all applicable tax laws and regulations in line with our stakeholders’ expectations.
• Management of the Group’s tax expense and tax risk in a way that is consistent with our values and protects value for the Group.
• Transparent working relationships with tax authorities.

The Board has ultimate responsibility for tax governance. Executive responsibility rests with the Chief Financial Officer who reports to the Board as required.

In fulfilling its responsibilities in relation to tax, JFS employs an experienced team of tax professionals (“Group Tax”). The Group Tax team ensures that tax policies and procedures are adopted and followed consistently across JFS. When the need arises, the expertise of our Group Tax team is supplemented by the use of suitably qualified global external advisers.

Certain tax responsibilities are devolved to individual business units within JFS. These units are required to comply with Group policies and financial controls and certify compliance to Group Tax and the Chief Financial Officer.  

JFS seeks to reduce the level of tax risk arising from its global operations as far as is reasonably practicable by ensuring that reasonable care is applied to all processes which could materially affect compliance with our tax obligations.

Significant tax risks are monitored and reviewed on a regular basis, and the operational processes that ensure compliance, manage tax risks, establish controls and monitor their effectiveness are documented.

JFS actively considers the implications of its tax principles on the Group’s stakeholders. JFS strives to act with responsibility in relation to tax compliance and manages the Group’s tax expense in a way that is consistent with its values and its legal obligations in all relevant jurisdictions. JFS seeks to ensure compliance with all applicable tax laws and regulations with the aim of paying the right amount of tax in the right territory. 

The Group interprets relevant tax laws in a reasonable way using its best judgement and does not engage in any artificial tax structuring that is contrary to the intentions of the relevant legislation and guidance. JFS does not tolerate activities designed to facilitate tax evasion offences.

Arm’s-length principles are applied in the pricing of all intra-group transactions of goods and services in accordance with domestic legislative requirements and the Organisation for Economic Co-operation and Development guidelines. The Group seeks to ensure that everything it does is aligned to its commercial operations and has appropriate economic substance. The Group utilises tax reliefs and incentives made available by governments where appropriate.

JFS promotes collaborative professional engagement with tax authorities in order to build open, transparent and trusted relationships. Where available in the relevant territory, JFS engages in co- operative working arrangements with tax authorities on the basis that those tax authorities will also work in accordance with, and in the spirit of, such arrangements. 

In such cases, JFS seeks to engage in open and early dialogue with tax authorities to discuss tax compliance and risk, and disclose any significant uncertainties in relation to tax matters. JFS seeks to resolve issues in real time and before returns are filed where possible.

Where a tax authority has a diverging view from JFS on a tax issue, it works to resolve issues by agreement. JFS encourages tax authorities to do the same. Where such agreement is not possible, JFS shall defend its position as necessary.

JFS is open and transparent with regard to decision-making, governance and tax principles in its business, keeping stakeholders informed as appropriate. 

When the Group is subject to tax audits, a provision is made in the Group’s Financial Statements for known issues based on management’s interpretation of country-specific legislation and the likely outcome of a dispute.

The Group seeks to make fair, accurate and timely disclosures in tax returns, reports and documents that it files with, or submits to, tax authorities.

This strategy was approved by the JFS Board on 4 February 2026 and will be reviewed annually.