Company: RENEF
Filing Date: 2025-10-20
Form Type: DEF 14A
Source: 0001104659-25-100857
Chunk: 49

Company: Cartesian Growth Corp II
Filing Date: 2025-10-20
Form: DEF 14A
Chunk 49
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 administration of such trust and one or more U.S. persons have the    
 authority to control all substantial decisions of the trust or (2) it has a valid election in place to be treated as a U.S. person. |

Redemption of Class A Ordinary Shares

Subject to the PFIC rules
discussed below under “PFIC Considerations,” if a U.S. Holder’s Class A Ordinary Shares are redeemed pursuant
to the redemption provisions described in this proxy statement, the U.S. federal income tax consequences to such holder will depend on
whether the redemption qualifies as a sale of such shares redeemed under Section 302 of the Code or is treated as a distribution under
Section 301 of the Code.

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If the redemption qualifies
as a sale of Class A Ordinary Shares, a U.S. Holder will be treated as described below under the section entitled “Gain or Loss on Sale, Taxable Exchange or Other Taxable Disposition of Class A Ordinary Shares.” If the redemption does not qualify as a
sale of Class A Ordinary Shares, a U.S. Holder will be treated as receiving a distribution with the tax consequences described below
under the section entitled “Taxation of Distributions.”

The redemption of Class A
Ordinary Shares will generally qualify as a sale of the Class A Ordinary Shares that are redeemed if such redemption (i) is “substantially
disproportionate” with respect to the redeeming U.S. Holder, (ii) results in a “complete termination” of such U.S.
Holder’s interest, or (iii) is “not essentially equivalent to a dividend” with respect to such U.S. Holder. These tests
are explained more fully below.

For purposes of such tests,
a U.S. Holder takes into account not only ordinary shares actually owned by such U.S. Holder, but also ordinary shares that are constructively
owned by such U.S. Holder. A redeeming U.S. Holder may constructively own, in addition to ordinary shares owned directly, ordinary shares
owned by certain related individuals and entities in which such U.S. Holder has an interest or that have an interest in such U.S. Holder,
as well as any ordinary shares such U.S. Holder has a right to acquire by exercise of an option, which would generally include shares
which could be acquired pursuant to the exercise of the warrants.

The redemption of ordinary
shares will generally be “substantially disproportionate” with respect to a redeeming U.S.