Risk disclosure

Termination of the usufruct right: the real estate benefit may end upon expiry of the fixed term, or through early termination of the contract for any contractual or regulatory reason.

Return volatility: investment returns are not guaranteed, and the value of shares or expected returns may decline due to market or demand shifts.

Operating and management risk: the property may be affected by mismanagement or neglect by the asset owner, the usufruct holder, or the entity managing the property.

Tenant default: there is a possibility of tenants delaying or defaulting on rent payments, negatively affecting the investor's cash flows.

Invalidation or termination of the benefit: the right or benefit may be terminated unexpectedly due to cancellation of the underlying agreement, a legal defect, or similar cause.

Maintenance costs: maintenance costs may rise, or unforeseen expenses may arise, affecting net returns.

Regulatory or judicial restrictions: the property may become subject to judicial rulings or administrative restrictions that prevent disposal of it or hinder the usufruct.

Regulatory or fee changes: regulatory amendments, new taxes, or fines may affect the property or the viability of the investment in it.

Expropriation for public benefit: in some cases, ownership of the property may be expropriated, or the usufruct right withdrawn by competent authorities for public purposes, which may result in partial or total loss of the investment, despite potential statutory compensation.