1. Legal Aspects Related to Funds - Protected Cell Companies/Incorporated Cell Companies Jersey | Guernsey | London | Dublin | Geneva Simon Pascoe, Partner Bedell Group

2. Introduction ■ Companies (Jersey) Law ■ Protected Cell Companies ■ Incorporated Cell Companies ■ Uses

3. Content ■ Key features ■ Structure ■ Advantages ■ Practical issues ■ Comparisons with other jurisdictions

4. Key Features ■ Separate legal personality? ■ Importance of name ■ Segregation of assets and liabilities ■ Recourse of creditors ■ Taxation

5. Structure ■ Formation ■ Memorandum and Articles of Association ■ Shareholders ■ Directors

6. Co. Shareholders Cell BCell C Cell A 'A' Assets'B' Assets'C' Assets A Shareholders Protected/Incorporated Cell Company A Directors Co. Directors B Directors B Shareholders C Shareholders C Directors Structure Chart

7. Alternative ICC Structure XYZ ICC F Master ICG Master ICH Master IC I ICJ IC K Master ICL Master IC A ICB ICC ICD ICE IC

8. Advantages ■ Greater legal certainty ■ Reduced complexity ■ Flexibility ■ Administrative cost savings

9. Practical Issues ■ Different features between cells ■ Conversion from ordinary company to cell company ■ Contractual relations ■ Inter-cell contamination ■ Directors duties ■ Access to financial information ■ "The big issue" – recognition in other jurisdictions

10. Comparison with other jurisdictions ■ No restrictions as to use ■ Greater certainty ■ Separate memorandum and articles of association ■ Position of shareholders and directors ■ PCC or ICC?

11. Legal Aspects Related to Funds - Protected Cell Companies/Incorporated Cell Companies Simon Pascoe Partner Bedell Group, Jersey simon.pascoe@bedellgroup.com Jersey | Guernsey | London | Dublin | Geneva