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|Name||Risk Rating||Minimum Transaction Amount||Profitability
|FII BRASIL PLURAL ABSOLUTO FUNDO DE FUNDOS||-||-||-||-||-||6/1/2013|
|Characteristic||Investment via FII||Direct investment in real estate|
|Tax||No tax is payable on the income received by an individual investor from a FII1.||Individuals pay income tax (IRPF) on income from rented property they own at up to 27.5% depending on the vehicle.|
|Liquidity||Fund units are traded in the secondary market, which is managed by BM&FBOVESPA.||Selling depends on several variables and may take a long time to close.|
|Affordability||Investors in FIIs participate in the income from property developments without needing to disburse the substantial amount required to acquire a share in the property itself.||Direct purchase or investment in partnership with other relatively wealthy individuals, of whom there are few by definition.|
|Simplicity||Fund units are bought via a brokerage house, subject to the liquidity of each fund. Brokers may charge commissions. Online trading is available via the "Home Broker" platform.||Investors in real estate must concern themselves with title deeds, certificates, property transfer tax, leasing, vacancy, rent collection, renovation etc.|
|Management||FIIs have professionals who specialize in real estate and will recommend ways to optimize returns.||Owners of real estate typically lack the time to manage their properties on a day-to-day basis or find ways of improving profitability.|
Notes: 1. The law exempts individual investors from withholding tax on income distributed by the Fund and annual income tax based on their taxpayers annual return provided (i) the investor holds fund units representing less than ten per cent (10%) of the total number of units issued by the Fund and entitling the investor to receive less than ten per cent (10%) of the total income earned by the Fund, (ii) fund units are admitted for trading only on exchanges or the organized over-the-counter market, and (iii) the Fund has at least fifty (50) unit holders. The fund administrator cannot guarantee or effectively control compliance with (i) and (ii). As for (iii), the administrator keeps all fund units registered for trading in the secondary market solely on BM&FBOVESPA.
*The art work is not marked-to-market but priced according to the original purchase.
**Local assets are marked-to-market on a daily basis. Investments offshore in the Plural Capital Global Macro Segregated Portfolio Fund are marked-to-market and disclosed on a monthly basis along with the fund's NAV.