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Duff & Phelps UK Tax Strategy and Disclosure Statement

Fiscal Year Ended December 31, 2018

This Tax Strategy and Disclosure Statement applies to Duff & Phelps International Holdings (UK) Ltd, Duff & Phelps Ltd., Duff & Phelps Securities Ltd. UK, Duff & Phelps Compliance Consulting LLP, Duff & Phelps Risk Services Ltd., Trueform Trading Limited (UK), Kroll Holdings Limited, Kroll Associates UK Limited, Kroll Information (UK) Ltd, and American Appraisal (UK) Ltd., the UK-based entities of Duff & Phelps (“Company”). Duff & Phelps regards this document as complying with its duty under Para (16)(2), Schedule 19 of the Finance Act 2016. This Statement covers Duff & Phelps' approach to the planning, execution and disclosure of its tax matters.

Background

Deerfield TopCo Corporation is the ultimate parent company of the private U.S.-based Duff & Phelps. Duff & Phelps International Holdings (UK) Ltd, Duff & Phelps Ltd., Duff & Phelps Securities Ltd. UK, Duff & Phelps Compliance Consulting LLP, Duff & Phelps Risk Services Ltd., Trueform Trading Limited (UK), Kroll Holdings Limited, Kroll Associates UK Limited, Kroll Information (UK) Ltd, and American Appraisal (UK) Ltd. (collectively, the “Duff & Phelps UK Group”) are indirect wholly owned UK subsidiaries of Deerfield TopCo Corporation.

Commitment to Compliance

The Duff & Phelps UK Group is committed to complying with UK tax law. All members of the Duff & Phelps UK Group ensure that they pay all the tax they owe on a timely basis. The Duff & Phelps UK Group, in coordination with Duff & Phelps’ U.S.-based Tax Department (“Duff & Phelps Tax”), also fully discloses all relevant facts and circumstances to the UK tax authorities and takes advantage of whatever relief and incentives are available and appropriate.

Positive Approach to Tax Planning

The Duff & Phelps UK Group, in coordination with Duff & Phelps Tax, structures its tax affairs to be compliant with all UK tax laws and to employ tax law in a way that is sustainable for Duff & Phelps and all related stakeholders. Duff & Phelps seeks to deploy tax strategy that is value-added, but is at the same time fully disclosed and transparent. Tax strategy is evaluated through a lens that ensures the Company is comfortable with the way a given strategy will look from every perspective.

Tax Risk Management and Governance

Duff & Phelps seeks to identify all significant tax risks as early as possible, and to monitor these risks over time, consistent with the Company’s tolerance for the level of risk. Risks are managed by ensuring that appropriate steps are taken, including but not limited to: obtaining proper professional advice on complex transactions; ensuring that fact patterns are accurately depicted in any such advice; and being fully transparent with respect to complex transactions. In order to ensure all significant tax risks are appropriately disclosed and dealt with internally, corporate governance policies require all tax matters be referred to the Global Head of Tax, who, in carrying out governance policy, escalates tax risk matters to executive management and/or the Board as appropriate.

Relationship and Approach to HMRC

Duff & Phelps takes a thoroughly professional and forthright attitude in its dealings with Her Majesty's Revenue and Customs (HMRC). This begins with quality compliance, which includes full transparency in all matters, and securing professional advice where appropriate. All tax positions are thoroughly researched and documented to be sure they do not pose any significant tax or reputational risks to the Company.

Board Oversight and Ownership

This strategy was published on December 31, 2019 and the Duff & Phelps UK Group regards this publication as complying with its duty under paragraph 16(2) Schedule 19 FA 2016 in its financial year ended December 31, 2018. This Statement covers Duff & Phelps’ approach to the planning, execution and disclosure of its tax matters.