# Moderate scenario
The investor's return in the moderate scenario will result as shown in the following table.
In **Year 1**, only those investors who hold the Tokens for one year (as described at the beginning of the annex) will receive the loyalty reward, proportional to the number of tokens they hold, at 10% of the value of the investment made in Beself Brands.
Starting from **Year 2**, all investors who hold Tokens will receive a dividend proportional to the number of tokens they possess.
The table below shows that: considering the placement of all the Tokens and the results of the moderate scenario, the projected overall return for the investor who participates and holds their Tokens for the 6 years planned for the proposed project will yield a cumulative return of 17.2%. The particular return for each investor will vary depending on the phase and subphase in which they acquire the Tokens, being higher if acquired in subphase 1 of Phase 1 and lower if acquired in subphase 2 of Phase 2.
The return indicated in the previous paragraph is based on the average income that new investors would earn if they hold the tokens from the initial sale until the distribution of benefits in Year 6. This return of 17.2% is achieved as follows:
The return indicated does not account for the variation in the Token’s value in the secondary market (Exchange), which, considering the expected projection in this moderate scenario, with a **34% increase in equity** and the **€500,000 liquidity fund** defined in the investment distribution section of this document, is expected to be positive. (\*)
*(\*) The return derived from the variation in the Token's value in the secondary market is defined by factors that could not be considered in the calculation due to their complexity. Once the **BeTokens** are launched on the secondary market, the company will develop marketing actions to maintain awareness and interest in them, as well as facilitate the trading of investors. Beself Brands will continue working on incorporating new exchanges as they obtain the necessary regulations, with the aim of expanding the reach and increasing the appeal of the **SECURITY TOKEN**.*
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