The Murex group (“Murex”) develops and distributes proprietary software solutions and provides related services to customers worldwide. It is the leading provider of Front-to-Back-to-Risk integrated solutions for the capital markets industry.

Murex is a privately held group, with its main affiliate based in Paris. Murex conducts its activities in a large number of jurisdictions across the world, including in the UK where it has one subsidiary, Murex (UK) Ltd.

Murex wants to ensure the highest standard of compliance with UK tax regulations when managing its tax affairs, aware that this is an area of important stakeholder expectations and part of its corporate responsibility as well as a legal requirement.

The purpose of this document is to describe Murex’s tax strategy in the UK, the approach taken towards tax matters in the UK in terms of governance, tax risk management and compliance as well as the approach taken when working with the HMRC.

Our UK tax strategy is closely aligned with the responsible and sustainable way Murex carries out its business operations worldwide.

This document has been approved by the Board of Directors for the financial year ending September 30th, 2025 and will be regularly reviewed by Murex Chief Financial Officer (“CFO”) in close coordination with the Murex tax department (the “Tax department”).

The Murex group (“the Group”) considers that this publication satisfies the UK legislative requirement under paragraph 22(2) Sch. 19 FA 2016 to publish a tax strategy in the current financial year.

Recital

Our tax strategy is based on four key components:

Governance

The Murex Tax Department and the CFO are the central decision-making body for tax and related matters at Murex and they are responsible for supervising and monitoring Murex compliance with its tax obligations. The Tax Department is responsible, in particular, for establishing and implementing the Murex taxation strategy groupwide and for ensuring that tax resources are efficiently deployed.

The Tax Department’s objective is to ensure compliance with applicable laws, disclosure requirements and regulations, while protecting Murex’s reputation and brand. The Tax Department will develop close partnerships with other Murex departments and provide clear, relevant and timely guidance on tax matters.

Lastly, the Murex Tax Department is responsible for implementing effective, properly documented and controlled processes designed to ensure compliance with tax disclosure and filing obligations, and for ensuring that all tax-related decisions are based on rigorous documentation.

The Tax Department will also endeavour to:

• where tax law is subject to interpretation, seek, as applicable, written advice or confirmation from third-party advisers in support of the decision-making process,
• apply diligent professional care and judgment in order to reach well-reasoned conclusions,
• develop and foster good working relationships with authorities, government officials, ministries and bodies and other related third parties,
• undertake all dealings with tax authority’s government officials, ministries, and bodies and other related third parties in a professional, courteous and timely manner. 

The Tax department also relies on the support of Regional Finance Controllers based in Murex regional offices located in France, Singapore, Luxembourg, Lebanon and the United States, and the Murex Finance and Legal departments.

Tax risk management and compliance

The Murex tax strategy addresses two main types of tax risks:

• Risks arising from changes and complexity in legislation: The Tax department and divisional finance departments work collaboratively together with other business areas to ensure the correct tax treatment of transactions. 
• Compliance and reporting risks: The Tax department is responsible for tax compliance and tax risk management. Murex uses a combination of checklists and timetables to ensure that all compliance and reporting obligations are met in line with statutory requirements.

Murex dedicates significant resources to identify such risks and takes action to reduce them, taking into account the likelihood of occurrence and scale of impact of each tax risk.

Murex’s policy is to manage tax risks through the following principles, which are implemented under the responsibility of the Tax department and the supervision of the CFO:

• engaging in transactions that have genuine economic substance and in the event of conflict, commercial considerations must take precedence over the quantified tax consequences of a transaction,
• maintaining a robust set of documented controls,
• conducting all intra-group transactions on an arm’s length basis and in compliance with the OECD guidelines (i.e., by including the relative risks taken and the added economic value by each of the parties to the transaction),
• documenting and understanding the tax positions of Murex in respect of relevant transactions,
• monitoring transactional risk and ensuring consistency within Murex,
• for significant transactions, having the CFO sign off on the tax position,
• employing appropriately qualified and trained tax professionals with the right level of tax expertise and understanding of Murex’s business, and by seeking advice from appropriately qualified professionals where the uncertainty or the value of a transaction is material or where particular local expertise is required.

Tax planning

Murex operates in a dynamic multinational environment as a financial software provider in the capital markets sector. The tax treatment of transactions is considered to be part of the overall commercial assessment of a business opportunity.

Murex targets to pay the right amount of tax at the right time on the profits made and in the countries where the value created generates these profits.

Any transfer pricing is always calculated using the “arm’s-length” principle and in accordance with current OECD principles.

Murex does not use contrived or abnormal tax structures that are intended for tax avoidance, have no commercial substance, or do not meet the spirit of local or international law.

Furthermore, Murex does not tolerate the facilitation of tax evasion by anyone working for or on behalf of Murex.

Working with tax authorities and Murex approach to transparency

Murex strives to obtain the highest levels of tax compliance, ethic, and integrity in connection with the conduct of its operations and in respect of all types of transactions and interactions in which Murex may be involved.

Accordingly, Murex is firmly committed to fulfilling its tax obligations in accordance with UK tax law, sound practices and applicable reporting requirements and standards (such as IFRS).

Murex is also committed to dealing with HMRC in an open and honest manner and to maintaining a cooperative working relationship with tax authorities based on the disclosure of all relevant facts and circumstances to resolve issues before returns are filed where possible.

Murex shall seek an open and constructive dialog with tax authorities based on the disclosure of all relevant facts and circumstances. Should a dispute arise with tax authorities with regards to the interpretation and application of tax law, Murex will seek to address the matter promptly and resolve the matter with the tax authority in an open and constructive manner.

Murex UK Tax Strategy

The purpose of this document is to describe the Murex group’s tax strategy in the UK, the approach taken towards tax matters in the UK in terms of governance, tax risk management and compliance as well as the approach taken when working with the HMRC.

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Modern Slavery Act

Murex S.A.S. (“Murex”) and its affiliates (collectively, the “Murex group”) are dedicated to upholding the highest standards of integrity and ethics in the countries where they operate. Pursuant to Section 54 (Part 6) of the United Kingdom Modern Slavery Act (2015), this statement outlines the steps Murex takes to ensure forced labor and human trafficking are not present in its supply chain or any part of its business. Murex takes its compliance seriously.

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