Legal

Risk Summary

Summary of the principal risks. It is not exhaustive; the definitive offering documents contain the complete risk factors.

General

An investment in FM-RWA units is speculative and illiquid and is suitable only for professional investors who can bear the loss of their entire investment.
Target returns, distributions and exit values are not guaranteed. Projections reflect the sponsor's base case and may not be achieved.

Bolivian law sets land-holding limits, border-zone restrictions and productive-use (FES) requirements; the holding structure is designed to comply, but changes in law or interpretation may affect it.
Title defects, overlapping claims or permit refusals may delay or prevent development of an estate.
Changes in agricultural, export, tax or foreign-investment policy may reduce value.

Drought, fire, disease, yield shortfalls and input-cost inflation can reduce cash flows; crop insurance availability is limited.
Commodity prices and exchange rates (BOB, USD, EUR) affect results and valuations.
Returns are sensitive to the exit valuation; the market for large estates can be thin and an exit may take time or require a discount.
Later programme funding may not be raised as planned, which could slow development.

Political, regulatory and expropriation risk in Bolivia.
Capital controls or banking restrictions may delay or prevent repatriation of proceeds; investment-treaty protection may be limited.

The region is subject to deforestation scrutiny; EU Deforestation Regulation compliance affects EU market access and valuation.
Climate change may increase the frequency of droughts and fires.

Smart contracts may contain defects despite independent review and testing.
Loss or compromise of a wallet key requires a registrar recovery procedure, which may cause delays.
Blockchain networks can be congested or unavailable; stablecoins can lose their peg or be frozen by their issuer.
Transfers are restricted by on-chain compliance rules and lock-ups; units may be frozen or force-transferred where legally required. There may be no secondary market.
The regulatory treatment of tokenized securities may change.

Tax treatment depends on each investor's individual circumstances and may change. Investors should obtain independent tax advice.