At closing, the pledged collateral will represent a total value that is approximately 150% of the bond principal, resulting in an effective loan-to-value (LTV) ratio of approximately 66%.

This means that the secured land assets will provide a 50% buffer above the total bond issuance, offering substantial over-collateralization to protect investors in the event of default or forced asset realization.

The final valuation basis will reflect a conservative and verifiable approach, relying either on official fiscal values, certified appraisals, or a combination of both—depending on investor preferences and legal enforceability requirements.

Full supporting documentation will be provided at closing.