Investment Fund Analysis & Strategy

Belgian vehicles: Non-AIF, Unregulated AIF, Private PRICAF & ELTIF No specific tax regime Non AIF (holding, club deal, family office s.s) Unregulated AIF Private PRICAF Specific tax regime ELTIF Eligible investments No restrictions (for holdings participations) No restrictions Diversification, concentration and leverage No restrictions Eligible investors Marketing and offer Term Professional investors, HNWI (min. 100k or 250k) Private placement and private offer only No restrictions Professional investors, HNWI (min. 100k or 250k). Min. 2 Private placement and private offer only Limited or unlimited Equity (quasi-equity) or debt instruments issued by unlisted companies, other funds (with same investment. objective) No quantitative limits but some diversification required Professional and private investors (25k). Min. 6 Private placement and private offer only 12 years, renewable 3 years x 2 Small-size AIFM Equity (quasi-equity) debt instruments issued by unlisted companies or small cap listed companies, real assets, Quantitative diversification, concentration and leverage requirements Professional and retail investors. Min. 2 European passport and public offer Long term Full AIFM (depositary bank) Limited or unlimited AIFM N/A Small-size AIFM Authority N/A No supervision Ministry of finance Compartments No No Yes Yes FSMA PwC 13

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