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Parcels will be valued at 66% of their official fiscal value as recorded in the National Registry, which is publicly accessible online.

Yes, the security package will be structured as a first-ranking mortgage, which is both feasible and legally enforceable under Costa Rican law.

No, there are no existing liabilities or obligations that could dilute investor protection; all collateral parcels will be free of liens or competing security interests.

Bond proceeds will be on‑lent or otherwise channelled from the Issuer to the Costa Rican project entities under back‑to‑back funding arrangements. The Costa Rican landholding entities will grant first‑ranking mortgages and other local security interests directly in favour of a security agent or trustee acting for the benefit of the bondholders. The ownership chain between the Issuer, any intermediate holding entities and the Costa Rican SPVs will be clearly documented so that enforcement on the collateral remains as direct and transparent as possible for investors.

The use of 66% of the official fiscal value is intended as a conservative and transparent metric based on a public, auditable reference (National Registry). Official fiscal values tend to lag market prices and are generally below recent transaction levels, so applying a 34% haircut to this already conservative baseline results in a prudent collateral coverage ratio. Independent third‑party appraisals may be commissioned to provide an additional market‑based view, but our intention is not to rely solely on potentially more volatile market valuations for minimum coverage tests.

The first‑ranking mortgages over Costa Rican land will be granted in favour of a security agent or trustee appointed under the bond documentation. This entity will act on behalf of all bondholders, allowing for coordinated enforcement and avoiding fragmented actions by individual investors.

Enforcement is expected to involve legal fees, court costs, notarial fees and potential brokerage or marketing costs for the sale of the land. We plan to structure the documentation so that such costs can be funded from (i) available cash reserves at the Issuer/project level and/or (ii) proceeds of the collateral realisation, with clear prioritisation of payments (waterfall) to preserve bondholder recovery to the greatest extent possible. More precise ranges will be provided once local counsel has finalised its cost estimates.

Upon enforcement, the intention is that the pledged parcels will be transferred either (i) directly to the security agent or a dedicated enforcement SPV, to be realised for the benefit of bondholders, or (ii) directly to bondholders on a pro‑rata basis if a more efficient structure under Costa Rican law is confirmed. The final path will be recommended by local counsel so as to balance simplicity, speed of execution and tax efficiency for investors.

Yes. A detailed list of the parcels pledged as collateral will be provided in real time at closing.
This schedule will include, for each pledged parcel:
Official cadastral reference (Registro Nacional),
Surface area,
Zoning classification,
Official fiscal value as recorded with the Costa Rican tax authorities,
Confirmation of ownership and absence of liens at the time of pledge.

The final collateral package will reflect the exact parcels legally available and free of encumbrances at closing, ensuring accuracy and enforceability. All supporting registry certificates and notarial documentation will be made available as part of the closing documentation set.