Investment Fund Analysis & Strategy

Management investment plan - Co-investment PwC Managers, co-investors, family and friends Feeder Fund LP Master HoldCo BidCos Co-investment • • Investment of the Managers under the same terms as other investors Purpose: alignment of the Managers of the Fund with the risk profile of the investors Form: investment in a Partnership or a Holding O Co-investment at Fund level, O Co-investment at Master HoldCo level, ○ Co-investment at subholdings level (BidCos), • Co-investment at Targets level. Risk that the tax authorities consider that the structure of the co- investment does not meet the conditions for normal management of private assets Targets 31

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