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18.117. Real estate investments are relatively illiquid

Real Estates are relatively illiquid. Such illiquidity may affect Investment Compartment’s ability to vary its portfolio or dispose of or liquidate part of its portfolio in a timely fashion and at satisfactory prices in response to changes in economic, real estate market or other conditions or the exercise by tenants of their contractual rights such as those which enable them to vacate properties occupied by them prior to, or at, the expiry of the originally agreed term. This could have an adverse effect on the Investment Compartment’s financial condition and results of operations, with a consequential adverse effect on the market value of the Investment Compartment’s shares or on the Investment Compartment’s ability to make expected distributions to its shareholders.