Investment Fund Analysis & Strategy

Investment vehicle – Pricaf privée PwC LP Belgian resident No-Belgian resident Foreign Co BelCo 1 BelCo 2 GP Pricaf Portfolio Custody principle enshrined in law ✓ tax neutrality achievable but subject to conditions (exemption of the vehicle and specific WHT exemption foreseen) × Tax exemption restricted by eligible investments Foreign investor: depends on local tax law- Pricaf is not a European vehicle No yearly tax on undertakings × Can be subject to asset net (not always) 18

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