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Use of proceeds is strictly governed by the validated infrastructure plan, the project governance framework, and Advanced's control mechanisms, which condition each disbursement on the achievement of agreed milestones.

Our working assumption is to secure at least [6–12] months of interest in the DSRA at or shortly after closing, either through cash prefunding or staged funding linked to drawdowns. The exact level will be finalised with arrangers and investors, taking into account pricing, total issuance size and overall risk profile.

Interest payments are not solely dependent on land sales. A debt service reserve mechanism is embedded into the structure.

As funds are progressively raised from investors, a portion of each tranche is retained at the Luxembourg level to constitute a Debt Service Reserve Account (DSRA). This reserve is sized to secure interest payments during the initial periods, regardless of the project's commercial cash flow.

This structure ensures that investors benefit from predictable interest servicing, with funds already held in a ring-fenced account in Luxembourg, outside the operational risk perimeter of the project.

Full details on the DSRA allocation and mechanics will be disclosed in the final bond documentation.

Based on conservative assumptions, the commercial break-even thresholds are as follows:

To cover interest payments alone (fully funded via the DSRA):
The sale of less than one standard lot per month is sufficient.

To cover full principal repayment, interest, and operating expenses (over the full maturity):
The project would need to sell approximately:
• 9 premium lots (average price: €282,000), and
• 27 standard lots (average price: €125,000).

These figures are calculated using only 85% of the listed lot values, to allow for pricing flexibility and potential negotiation. They also include a reserve margin for corporate running costs.

A detailed financial model is available upon request and can be shared under confidentiality.

Yes, the final DSRA mechanics will be clearly defined and hard-coded in the bond documentation.

The documentation will specify in detail:
- The minimum reserve coverage (expressed in number of months of forward interest payments);
- The permitted uses of the DSRA, strictly limited to servicing interest (and, if applicable, principal at maturity);
- The conditions and rules for replenishment, including mandatory top-up provisions if the reserve is drawn;
- The circumstances under which the DSRA may be released.

The DSRA will be held at issuer (Luxembourg compartment) level, under Luxembourg law, and maintained in a segregated account.

Access to the DSRA will be contractually restricted and ring-fenced. Funds will not be available for operational or discretionary use and will be applied strictly in accordance with the bond terms and, where applicable, under the oversight of the security agent or bondholders’ representative.

This structure ensures that the reserve remains outside the operational perimeter of the Costa Rican project entities and fully aligned with Luxembourg securitisation principles.