Company: RENEF
Filing Date: 2025-10-20
Form Type: DEF 14A
Source: 0001104659-25-100857
Chunk: 53

Company: Cartesian Growth Corp II
Filing Date: 2025-10-20
Form: DEF 14A
Chunk 53
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 will not be a PFIC for the first taxable year the corporation has gross income (the
“start-up year”) if: (1) no predecessor of the corporation was a PFIC; (2) the corporation establishes to the satisfaction
of the IRS that it will not be a PFIC for either of the first two taxable years following the start-up year; and (3) the corporation
is not in fact a PFIC for either of those years.

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PFIC Status of the Company

Based upon the composition
of our income and assets, and our expectations regarding the timing of the completion of an initial business combination, we believe
that we will not be eligible for the start-up exception and therefore that we have been a PFIC since our first taxable year.

Default PFIC Rules

If we are determined to be
a PFIC for any taxable year (or portion thereof) that is included in the holding period of a U.S. Holder and the U.S. Holder did not
make a timely and effective “qualified election fund” (“QEF”) election for our first taxable year as a PFIC in
which the U.S. Holder held Class A Ordinary Shares, a QEF election along with a purging election, or a “mark-to-market” election,
then such holder will generally be subject to special rules (the “Default PFIC Regime”) with respect to:

| · | any gain                                                                                                                             
 recognized by the U.S. Holder on the sale or other disposition of its Class A Ordinary Shares, which would include a redemption of   
 Class A Ordinary Shares if such redemption is treated as a sale under the rules discussed above; and                                 |
| · | any “excess                                                                                                                          
 distribution” made to the U.S. Holder (generally, any distributions to such U.S. Holder during a taxable year of the U.S. Holder     
 that are greater than 125% of the average annual distributions received by such U.S. Holder in respect of its ordinary shares during 
 the three preceding taxable years of such U.S. Holder or, if shorter, such U.S. Holder’s holding period for such ordinary shares),   
 which may include a redemption of Class A Ordinary Shares if such redemption is treated as a distribution under the rules discussed  
 above.                                                                                                                               |

Under the Default PFIC Regime:

| · | the U.S.                                                                                                                              
 Holder’s gain or excess distribution will be allocated ratably over the U.S. Holder’s