Investment Fund Analysis & Strategy

Overview of most common fund vehicles in Belgium, France, UK and Luxembourg Legal Form French FCPR UK LLP Jersey LP Luxembourg SICAR or SIF Luxembourg ScSp Belgian PRICAF privée Belgian ELTIF Belgian SC(A) No legal personality Co- ownership of securities Legal personality Limited liability No legal personality Limited liability • Legal personality No Legal personality Limited liability Limited liability Tax treatment Transparent for tax purposes • Transparent • for tax purposes Transparent • for tax purposes Subject to specific tax regime Transparent for tax purposes Legal personality Limited liability Limited liability Legal personality Legal personality Limited liability Subject to specific tax Subject to specific tax Subject to regime regime normal tax regime • Flow through • Flow through for DRD under conditions for DRD • under conditions Eligible for DRD Open/close- end • Open-end Open-end • Open-end Open-end Open-end or close-ended • Semi-Open- • Close-end end Open-end or close-ended Manager if Manager if Regulated • Yes • No • No • Yes • Yes • ☐ Yes AIF AIF PwC 17

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