The Risk Factors below do not represent a comprehensive list of the risks to which PPLA Participations is subject. For further clarification, see Section 4 of PPLA Participations’ Reference Form.

1. Risk Factors relating to PPLA Participations

• PPLA Participations relies on its Senior Partners and the exit of any Senior Partner may impair its ability to execute its business strategies, investment policies and growth.
• PPLA Participations’ ability to retain its professionals is essential to its success, and its ability to grow and continue to compete effectively may depend on its ability to attract new Partners and key professionals.
• PPLA Participations may not be able to identify, conclude, integrate or realize the benefits that we expect from our asset acquisitions or disposals.
• Failure to obtain financing or dispose of assets may impair PPLA Participations Ltd’s liquidity.
• The downgrading of PPLA Participations’ credit ratings may impair its liquidity and competitiveness, as well as increase its borrowing costs.
• Investigations concerning the ongoing anti-corruption initiatives in Brazil may adversely affect PPLA Participations.
• PPLA Participations is subject to possible contingencies that may have an adverse effect on its businesses.
• PPLA Participations Ltd is controlled by the Controlling Partners, whose interests may differ from the interests of the Unit holders.
• PPLA Participations may invest in other companies in the future and will not be able to ensure that any of these investments will be successful.

2. Regarding PPLA Participations’ industry

• Stock market fluctuations may reduce the value of the assets managed by the Company.
• PPLA Participations is exposed to certain risks that are specific to the markets in which it operates.