Depositary Delegate Sub-delegate Level Segregation of accounts Assets of AIF 1 Assets of AIF 2 Assets of UCITS 1 Assets of UCITS 2 Assets of Other client Own assets of depositary Depositary Assets of AIF 3 Assets of AIF 4 Assets of UCITS 3 Assets of UCITS 4 Assets of Other client Assets of AIF (1+ 2+3+4) in the name of depositary Assets of UCITS (1+2+3+4) in the name of depositary Assets held by the depositary for other clients Own Assets of depositary Own assets of delegate Assets of delegate’s others clients Delegate Assets of AIF (1+ 2+3+4) in the name of delegate Assets of UCITS (1+2+3+4) in the name of delegate Assets held by the delegate for other clients Own Assets of delegate Own assets of sub-delegate Assets of sub-delegate’s others clients Sub-delegate Assets held by the depositary for other clients in the name of delegate Own Assets of depositary in the name of delegate