CFS

Sociedades limitadas are private companies.   Sociedades limitadas are not subject to the same regulatory requirements as sociedades anônimas, including requirements to provide certain periodic and standardized pricing and valuation information to their investors.  Readers should note the following: sociedades limitadas represent speculative investments and involve a high degree of risk.  Investors could lose all or a substantial portion of their investments.  Past performance may not be indicative of future results.  Any projections of estimated future results are just approximations and are no guarantee of actual performance.  Any investment in sociedades limitadas should be discretionary capital set aside strictly for speculative purposes.  Investments in sociedades limitadas are not suitable for all investors.  Sociedades limitadas may be leveraged and sociedades limitadas’ performances can be volatile; owners of sociedades limitadas typically have total authority over their sociedades limitadas.  Some sociedades limitadas may have a lack of diversification and higher risk.  Some sociedades limitadas may not have business outside of the domestic market, thus subjecting foreign investors to foreign exchange risk.  Investments in sociedades limitadas may be illiquid and there are significant restrictions on transferring interests in sociedades limitadas.  Sociedades limitadas’ fees and expenses, which may be substantial regardless of any positive return, will offset the sociedades limitadas’ profits.  Sociedades limitadas’ expenses may be higher than expenses for sociedades anônimas.  Some sociedades limitadas may involve complex tax structures and delays in distributing important tax information.  This summary is not a complete list of the risks and other important disclosures involved in investing in sociedades limitadas and is subject to the more complete disclosures contained in each sociedade limitada’s documentation, which should be reviewed carefully.